FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2024
===== SIDA 1 ===== ===== SIDA 2 ===== INTERIM REPORT APRIL – JUNE 2024 Humble Group AB Interim Report April - June 2024 Stockholm, July 24, 2024 INCREASED GROSS PROFIT AND STRENGHTENED MARGIN Financial information Second quarter • Net sales amounted to MSEK 1,861 (1,710), an increase with 9% compared to the corresponding period last year. The organic growth for the period was 9%. • EBITA amounted to MSEK 139 (129). • EBIT amounted to MSEK 90 (83). • Adjusted EBITA amounted to MSEK 141 (120), an increase with 18% compared to the corresponding period last year. • Cash flow from operating activities amounted to MSEK - 49 (445). • Profit and loss after tax amounted to MSEK 32 (0). • Earnings per share before and after dilution amounted to SEK 0.07 (0.00). Six months • Net sales amounted to MSEK 3,699 (3,303), an increase with 12% compared to the corresponding period last year. The organic growth for the period was 10%. • EBITA amounted to MSEK 272 (259). • EBIT amounted to MSEK 176 (168). • Adjusted EBITA amounted to MSEK 268 (223), an increase with 20% compared to the corresponding period last year. • Cash flow from operating activities amounted to MSEK 11 (627). • Profit and loss after tax amounted to MSEK 55 (-4). • Earnings per share before and after dilution amounted to SEK 0.12 (-0.01). Significant events During the second quarter • Humble Group completed the second and last part of the sale of properties, which is structured as a sale and leaseback transaction. See Note 5 for more information. • Humble Group held the annual general meeting on May 22, 2024. The election committee 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. • Humble Group has expanded its existing credit facility agreement with a total of MSEK 300, whereas MSEK 150 is a short-term loan and MSEK 150 is an extension of the existing revolving credit facility. After the quarter • Humble Group invites to Capital Markets Day on September 19th, 2024. Financial overview Last Twelve M onths Full year MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 Net sales 1 ,861 1,710 3,699 3,303 7,446 7,050 Gross profit 586 501 1,15 2 986 2,295 2,1 29 Gross margin 3 1% 29% 3 1% 30% 3 1% 30% EBITDA 16 6 15 8 323 3 13 669 659 Adjusted EBITDA 16 8 14 9 3 19 277 659 6 17 EBITA 13 9 12 9 272 259 561 547 Adjusted EBITA 14 1 12 0 268 223 551 505 EBIT 90 83 176 16 8 326 3 18 Adjusted EBIT 91 74 172 13 2 3 16 276 Cash flow from operating activities -49 445 11 627 472 1 ,088 Earnings per share before dilution (SEK) 0.07 0.00 0 .12 -0.01 - 0 .14 -0.28 See page 26 for definition and calculation of key ratios Six monthsSecond quarter ===== SIDA 3 ===== | COMMENTS FROM THE CEO Humble Group AB Interim Report April - June 2024 3 INCREASED GROSS PROFIT AND STRENGHTENED MARGIN The second quarter implied a continued increase in sales with an organic growth that amounted to 9%, despite a somewhat weaker consumer market and negligible impact from pricing and ingredient sales. It is particularly gratifying to see how the work to strengthen the gross margin is yielding results. The gross margin amounted to 31.5% (29.3%) and the gross profit increased by 17%. Combined with good cost control, the adjusted EBITA margin strengthened to 7.6% (7.0%) and the adjusted EBITA result amounted to SEK 141 million (120), which corresponds to an increase of 18%. Considering that we completed the sale of the property assets, which reduced the adjusted EBITA result by SEK 4 million compared to the same period last year, the relative improvement for the period was 22%. During the period, we have continued to invest strategically in our operations with new machines and product series to meet the demand and order intake that we have for the autumn and 2025. The strategic investments are also reflected in the working capital tie-up of SEK 199 million in inventory, where SEK 175 million is concentrated in seven companies, that we assess will have an extra high growth going forward. We have had strong momentum during the last weeks of June and the beginning of July with many ongoing initiatives in a scale-up phase, which contributes to an exciting autumn ahead. Operations We are leaving an intense second quarter behind us characterized by operational consolidation, optimization of process flows and increasing to additional shifts in our factories. The work continues but has been affected by some delivery delays of machines and equipment. The delays have meant that some of the capacity increases and the start-up of new production lines have only had a marginal impact during the period. The objective is for the majority of the strategic initiatives for capacity development to be implemented during the third quarter and in full production before the year end. This creates good conditions for continuous growth organically in 2025 and secures that we are able meet the delivery pace of products that our brands and B2B customers demand. Some highlights for the period are the expanded capacity for sugar-free sweets at Grahns, production and launch of True Dates, which has already sold for SEK 10 million in just a few weeks, as well as our own softbar, which is manufactured at Bars Production and sold under the Pro Brands brand. We have received several significant listings of the new products for the autumn trade window in the convenience and grocery, which provides us with favourable conditions to capitalize on the development projects that we have already invested in during the past two years. Several of our most prominent brands have also continued to grow internationally. We started to work on a US expansion a year ago and now the first products are in transit, where the launch is planned to be initiated after the summer. The US market is huge and has a high consumer acceptance for this type of better-for-you products. The response from trade show participation and the retail chains that we have established a dialogue with, have been overwhelmingly positive. At the same time, it is an opportunity that we approach with caution, given the size of the market and the complexity that both launching and managing the supply chain entails. Ordinary Swedish confectionery have recently received a remarkable boost and recognition among younger consumers on social media internationally. During the quarter, we have therefore acquired the domain swedishcandy.com with the aim of launching a new venture with Swedish candy in both the US and Europe. Our B2B exposure with contract manufacturing and private label continues to gain market share and we receive more and more inquiries from companies and food retailers who see Humble as a partner to deliver quality products at an attractive price. The proven B2B business model of our group companies, such as Solent with its rapid market expansion, is a counterweight to our premium brands and we see interesting opportunities to expand with the model in the Scandinavian and Central European markets. Results Net sales continued to develop well with a volume-driven organic growth of 9%. The price development was for the first time in many quarters negligible. The early Easter had a positive impact on the second quarter with 3% and the organic growth for the first half of the year amounted to 10%. Sweden had a slightly weaker development as an effect of product changes and pricing in manufacturing and raw materials. Consumers showed some weakness during the period but recovered strongly in the second half of June. The investments in our international expansion are paying off and sales abroad increased by 17% for the quarter and 15% during the first half of the year. The gross margin has been a major focus to recover since macroeconomic conditions deteriorated in 2022 and 2023. It is gratifying to see how we have achieved a consistent improvement for the third quarter in a row. Freight prices from Asia have seen a sharp increase during the first half of the year, but with favourable contracts and efficient execution, we have managed to keep them at attractive levels relative to the market. For the international shipping, we have started a major consolidation project where we see an upside in gathering additional group-volume under a joint agreement and benefiting from economies of scale such as better pricing and increased volume availability. As a result of strategic investments in new product lines and market launches, as well as an approaching high season for several of our companies, we had a weak development in cash flow after change in working capital. We are vigilant regarding the working capital tie-up and aim for it to normalize over time in line with historically lower levels relative to net sales. During the period and the first half of the year, we have significantly increased the marketing efforts of our products and brands, which are activities that will benefit us in a few years' time. We have also invested in future growth for our factories which initially drive costs before the capacity improvements are in full utilization. Despite this, we have managed to increase the profitability margin measured as adjusted EBITA by 9% sequentially and 8% compared to the previous year. The improvement is primarily driven by the increased gross profit and good cost control. With continued growth, there is more margin to be gained from the economies of scale that our platform offers. A large part of the earn outs has now been paid, which contributes to improving the net interest cost going forward. We appreciate the support with extended credit facilities from our banks, who wants to be involved and contribute to Humble's development. Outlook The preparations for the list change from First North to Nasdaq Stockholm's main market have proceeded according to plan and if nothing unforeseeable occurs, the ambition is that our application for the list change will be approved and thus carried out during the third quarter of 2024. In addition, we invite you to Humble's capital market day on Thursday the 19th of September 2024 in central Stockholm, where the participants will have the opportunity to meet members of the group management and get to know our four business segments better. The second half of the year has started out well and we are now entering the most intensive period with full focus to ensure success during the important months of August-November. Additionally, we have a target to further strengthen the balance sheet organically and expect a cash flow release from working capital during the fourth quarter. With a strong order intake and confidence in high demand, we have invested in a well-filled inventory and intend to be able to deliver more products to the market than ever before. Simon Petrén CEO Humble Group Stockholm, July 24, 2024 Humble Group is a leading FMCG Group comprising 47+ entrepreneurial driven entities, with focus on health and well-being in a sustainable way ===== SIDA 4 ===== | CONSOLIDATED DEVELOPMENT Humble Group AB Interim Report April - June 2024 4 HUMBLE GROUP’S FINANCIAL DEVELOPMENT SECOND QUARTER REVENUES Net sales Net sales for the quarter amounted to MSEK 1,861 (1,710), an increase of 9% compared to the corresponding period last year. The change is attributable to organic growth for the wholly owned subsidiaries in both periods of 9% and currency impact was 0%. EXPENSES Other external expenses Other external expenses for the quarter amounted to MSEK -225 (-190), which corresponded to 12% (11) of net sales. Acquisition related costs for the period amounted to MSEK -5 (0). Personnel expenses Personnel expenses for the quarter amounted to MSEK -211 (-199), which corresponded to 11% (12) of net sales. Personnel expenses were negatively impacted by consideration linked to employment (stay-on-bonus and lock-in penalties) of MSEK -6 (-12). For more details, please refer to Note 6 Items affecting comparability. Depreciation and amortization Total depreciation and amortization for the quarter amounted to MSEK -77 (-76), which corresponded to a change of 1% compared with the corresponding period last year. Depreciation of right-of- use assets amounted to MSEK -20 (-17) for the quarter. Amortization of assets related to acquisitions, of which a vast majority related to customer relations, amounted to MSEK -39 (-37). Financial expenses Financial expenses for the period amounted to MSEK -61 (-89). Interest expense related to unwinding of discounting effect of contingent considerations and other liabilities presented at fair value amounted to MSEK -7 (-23). Such interest expense has no cash effect in the quarterly result. For more details, please refer to Note 7 Financial expenses. RESULTS Gross margin The gross margin for the second quarter increased to 31.5% (29.3), a relative increase by 7.5%. The gross margin was positively impacted by group-wide freight contracts to lower cost than market price. EBITA EBITA for the quarter amounted to MSEK 139 (129), a change of MSEK 10 compared with the corresponding period last year. Adjusted EBITA amounted to MSEK 141 (120), which corresponded to a change of MSEK 21 and +18% for the period. For more details, please refer to Note 6 Items affecting comparability. EBIT EBIT for the quarter amounted to MSEK 90 (83), which corresponded to a change of MSEK 7 compared with the corresponding period last year. Adjusted EBIT amounted to MSEK 91 (74), which corresponded to a change of MSEK 17 and +23% for the period. CASH FLOW Cash flow from operating activities Cash flow from operating activities amounted to MSEK -49 (445). Cash flow from operations was negatively impacted by net working capital increase, mainly in inventory of MSEK -129 (-24). The Group continue the work with several strategic initiatives to optimize the net working capital usage going forward. During Q2 2023, tax deferments of total MSEK 260 was recognised as short term liabilities and had a positive impact on the cash flow for the period. The Groups intention is to apply for an instalment plan of 36 months for the tax deferral during the third quarter. Cash flow from financing activities Cash flow from financing activities amounted to MSEK 128 (110). During the quarter, the Group expanded its existing credit facility agreement with a total of MSEK 300, whereas MSEK 150 is a short-term loan and MSEK 150 is an extension of the existing revolving credit facility. The Group amortized MSEK 82 of the long- term loan during the second quarter and the cash flow impact from paid contingent consideration amounted to MSEK 295. OTHER 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. ===== SIDA 5 ===== | CONSOLIDATED DEVELOPMENT Humble Group AB Interim Report April - June 2024 5 SIX MONTHS REVENUES Net sales Net sales for the first six months amounted to MSEK 3,699 (3,303), an increase of 12% compared to the corresponding period last year. The change is attributable to completed business acquisitions of 2%, organic growth for the wholly owned subsidiaries in both periods of 10% and currency impact was 1%. EXPENSES Other external expenses Other external expenses for the first six months amounted to MSEK -466 (-398), which corresponded to 13% (12) of net sales. Acquisition related costs for the period amounted to MSEK -6 (-5). Personnel expenses Personnel expenses for the first six months amounted to MSEK - 409 (-382), which corresponded to 11% (12) of net sales. Personnel expenses were negatively impacted by consideration linked to employment (stay-on-bonus and lock-in penalties) of MSEK -14 (-24). Remaining increase is mainly explained by additional employees in the Group through the acquired subsidiaries. For more details, please refer to Note 6 Items affecting comparability. Depreciation and amortization Total depreciation and amortization for the first six months amounted to MSEK -148 (-146), which corresponded to a change of 1% compared with the corresponding period last year. Depreciation of right-of-use assets amounted to MSEK -37 (-31) for the period. Amortization of assets related to acquisitions, of which a vast majority related to customer relations, amounted to MSEK -75 (-72). Financial expenses Financial expenses for the first six months amounted to MSEK - 123 (-173). Interest expense related to unwinding of discounting effect of contingent considerations and other liabilities presented at fair value amounted to MSEK -26 (-36). Such interest expense has no cash effect in the result for the period For more details, please refer to Note 7 Financial expenses. RESULTS Gross margin The gross margin for the first six months amount to 31.1% (29.9). a relative increase by 4.3%. The gross margin was positively impacted by group-wide freight contracts to lower cost than market price. EBITA EBITA for the first six months amounted to MSEK 272 (259), which corresponded to a change of MSEK 13 compared with the corresponding period last year. Adjusted EBITA amounted to MSEK 268 (223), which corresponded to a change of MSEK 45 and +20% for the period. For more details, please refer to Note 6 Items affecting comparability. EBIT EBIT for the first six months amounted to MSEK 176 (168), which corresponded to a change of MSEK 8 compared with the corresponding period last year. Adjusted EBIT amounted to MSEK 172 (132), which corresponded to a change of MSEK 40 and +30% for the period. CASH FLOW Cash flow from operating activities Cash flow from operating activities amounted to MSEK 11 (627). Cash flow from operations was negatively impacted by net working capital increase, mainly in inventory, of MSEK -199 (-35). The Group continue the work with several strategic initiatives to optimize the net working capital usage going forward. During Q2 2023, tax deferments of total MSEK 260 was recognised as short term liabilities and had a positive impact on the cash flow for the period. The Groups intention is to apply for an instalment plan of 36 months for the tax deferral during the third quarter. Cash flow from financing activities Cash flow from financing activities amounted to MSEK 29 (80). During the second quarter 2024, the Group expanded its existing credit facility agreement with a total of MSEK 300, whereas MSEK 150 is a short-term loan and MSEK 150 is an extension of the existing revolving credit facility. The Group amortized MSEK 178 of the long-term loan during the first six months and the cash flow impact from paid contingent consideration amounted to MSEK 295. OTHER 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. ===== SIDA 6 ===== | SEGMENT INFORMATION Humble Group AB Interim Report April - June 2024 6 SEGMENT REPORT - FUTURE SNACKING SEGMENT OVERVIEW This quarter, Future Snacking has experienced substantial progress and strategic advancements. We have initiated additional shifts in specific production units, optimized production schedules and workflows, and enhanced coordination among our Arena Confectionary subsidiaries. These efforts, along with targeted machine investments, are designed to meet the rising demand efficiently. We have introduced new product innovations such as ProBrands and True Dates, which have secured listings in both service and grocery trade channels. These products are now produced in- house, aligning with our mission to own the value chain and setting a precedent for future production. Margins have shown significant improvement across all levels, highlighting the effectiveness of our initiatives. Furthermore, Pändy has achieved its first orders in the US, while our European sales and marketing efforts are yielding positive results. These developments are consistent with our strategy to internationalize key brands. To sustain and drive growth, further investments in capacity expansion remain essential. Overall, this quarter reflects our dedication to innovation, operational excellence, and strategic global growth. SEGMENT UPDATE The most significant events and initiatives for the segment during the quarter comprise, among others: Capacity in production facilities at Grahns and Franssons has been increased from mid-June through extended shifts and certain mechanical investments. Further efficiency initiatives are being made across production units with coordinated purchasing and streamlined workflows to optimize production. True Gum completed set up of production for True Dates, which have been successfully launched in Denmark, Sweden and Norway so far. FCB introduced the ProBrands Soft Bar, which is developed and produced by Bars Production I Gråbo. Pändy has entered the US market with the first order secured. SALES AND PROFITABILITY Net sales increased by 7% and amounted to MSEK 250 (234) for the second quarter. Adjusted EBITDA for the quarter amounted to MSEK 28 (23), with an Adjusted EBITDA margin of 11% (10). Production units in the segment are currently focusing on capacity expansion to enable capacity to meet customer demand and strengthen machinery efficiency. Companies included in the segment can be found in Note 31 in the Annual report 2023 and 2022 and in Note 9 Business combination in this interim report. FUTURE SNACKING Amount in MSEK 2024 2023 2024 2023 Net sales 250 234 486 472 Raw material and consumables - 13 6 - 13 1 -268 -267 Gross profit 114 10 3 2 18 205 Gross margin 46% 44% 45% 43% EBITDA 35 1 79 24 Items affecting comparability -7 22 -21 26 Adjusted EBITDA 28 23 58 50 Adjusted EBITDA in relation to net sales 11% 10 % 12 % 11% EBITA 27 -6 62 7 Adjusted EBITA 20 15 41 33 Adjusted EBITA in relation to net sales 8% 7% 8% 7% EBIT 15 - 14 40 -8 Adjusted EBIT 8 7 20 18 Adjusted EBIT in relation to net sales 3% 3% 4% 4% Second quarter Six months ===== SIDA 7 ===== | SEGMENT INFORMATION Humble Group AB Interim Report April - June 2024 7 SEGMENT REPORT - SUSTAINABLE CARE SEGMENT OVERVIEW This quarter, the Sustainable Care segment has demonstrated remarkable growth and robust profitability across the board. Solent remains our largest subsidiary, showcasing impressive performance in both growth and profitability. Similarly, smaller entities such as Amber House have exceeded budget expectations, with licensing deals proving to be a significant driver of success. Restructuring efforts within The Humble Co. and Naty are beginning to yield positive outcomes. Naty has successfully returned to profitability, while The Humble Co. is regaining its momentum, showing improved profitability back to normalised levels. These structural adjustments are setting the stage for long- term stability and growth. Additionally, the integration of Go Superfoods into the Solent platform has been completed. We are optimistic that this integration will enable Go Superfoods to refine its business model and expand its reach, with Solent acting as a catalyst for enhanced sales and market penetration. Overall, this quarter reflects a strong performance across the segment, with strategic initiatives driving substantial growth and setting the foundation for continued success. SEGMENT UPDATE The most significant events and initiatives for the segment during the quarter comprise, among others: Naty has successfully been able to turn around its negative growth development to positive and stable growth along with reported profitability. The re-organisation in The Humble Co. as per communicated last year has been completed, bringing the company back to solid profitability. Solent is continuing to perform strongly with stable top- line growth and sound margins. The integration of Go Superfoods to Solent has been completed. SALES AND PROFITABILITY Net sales increased with 13% and amounted to MSEK 555 (493) for the quarter. Adjusted EBITDA for the quarter amounted to MSEK 84 (56), with an Adjusted EBITDA margin of 15% (11). Solent, along with other subsidiaries such as Amber House have driven both growth and increased profitability through successful licensing deals and product launches in the UK market. Companies included in the segment can be found in Note 31 in the Annual report 2023 and 2022 and in Note 9 Business combination in this interim report. SUSTAINABLE CARE Amount in MSEK 2024 2023 2024 2023 Net sales 555 493 1,0 77 977 Raw material and consumables -343 - 3 18 - 679 -635 Gross profit 2 12 175 397 342 Gross margin 38% 35% 37% 35% EBITDA 74 93 14 0 15 9 Items affecting comparability 10 -37 7 -50 Adjusted EBITDA 84 56 14 7 10 8 Adjusted EBITDA in relation to net sales 15 % 11% 14 % 11% EBITA 69 87 13 0 14 5 Adjusted EBITA 80 50 13 7 95 Adjusted EBITA in relation to net sales 14 % 10 % 13 % 10 % EBIT 44 60 80 93 Adjusted EBIT 54 23 87 43 Adjusted EBIT in relation to net sales 10 % 5% 8% 4% Second quarter Six months ===== SIDA 8 ===== | SEGMENT INFORMATION Humble Group AB Interim Report April - June 2024 8 SEGMENT REPORT - QUALITY NUTRITION SEGMENT OVERVIEW This quarter has been marked by strategic marketing investments aimed at solidifying Body Science’s position as a market leader. We have channelled extraordinary resources into promoting Body Science, leveraging what we perceive as a critical window of opportunity to capture additional market share and enhance the brand's reputation for superior taste and quality. While these investments have impacted short-term profitability, we are confident they are essential for capitalizing on current momentum and establishing Body Science as a dominant force in the market. In addition, we have faced a few delays in the delivery of machine investments, particularly impacting Bars Production i Gråbo as well as the completion of the new drink line. These delays have impeded our ability to upscale production and have led to a temporary loss of sales. However, we have developed a tangible plan to address these capacity constraints. We anticipate that the strategic initiatives related to capacity will be resolved by Q3, with full operational status expected by Q4. Overall, this quarter reflects our commitment to long-term growth through strategic investments and infrastructure improvements, despite the short-term challenges. SEGMENT UPDATE The most significant events and initiatives for the segment during the quarter comprise, among others: Body Science have made significant marketing investments which have caused a temporary drop in profitability margins. Capacity constraints remain a challenge in Production units, although progress have been made in an effort to ensure supply. Ewalco have successfully moved colonial production to a third-party site, whilst making necessary renovations and increased shifts at Fermia site. Bars Production are still seeing a big up-swing in demand, whilst up-scale of production are slightly delayed. Additional lines and production efficiency are planned to ensure long-term capacity. Drink line is set to launch in mid-Q3. SALES AND PROFITABILITY Net sales increased with 6% and amounted to MSEK 376 (354) for the quarter. Adjusted EBITDA for the quarter amounted to MSEK 27 (40), with an Adjusted EBITDA margin of 7% (11). Sales and profitability have been negatively impacted by the continued capacity constraints in Sweden, as well as the significant marketing investments made in product launches in Body Science. Companies included in the segment can be found in Note 31 in the Annual report 2023 and 2022 and in Note 9 Business combination in this interim report. QUALITY NUTRITION Amount in MSEK 2024 2023 2024 2023 Net sales 376 354 765 699 Raw material and consumables -261 -256 -528 -509 Gross profit 115 99 237 19 0 Gross margin 3 1% 28% 3 1% 27% EBITDA 39 42 73 98 Items affecting comparability - 12 -2 -8 -24 Adjusted EBITDA 27 40 65 73 Adjusted EBITDA in relation to net sales 7% 11% 9% 10 % EBITA 33 37 61 87 Adjusted EBITA 20 34 53 62 Adjusted EBITA in relation to net sales 5% 10 % 7% 9% EBIT 26 30 47 72 Adjusted EBIT 14 27 40 48 Adjusted EBIT in relation to net sales 4% 8% 5% 7% Second quarter Six months ===== SIDA 9 ===== | SEGMENT INFORMATION Humble Group AB Interim Report April - June 2024 9 SEGMENT REPORT - NORDIC DISTRIBUTION SEGMENT OVERVIEW This quarter, Nordic Distribution has seen significant developments. We have allocated substantial resources to build up inventory, ensuring that our warehouses are fully prepared for the critical August-November period. This investment in working capital aims to optimize distribution capabilities during peak months, though it has temporarily tied up resources. Niklas Andersson, former owner and CEO of Privab Trollhättan, has been appointed CEO of the Privab subgroup. This leadership change is part of a broader transition, where the consolidation and integration of entities have been completed and are now operating as a coordinated unit. While this integration has affected short-term profitability, it is expected to enhance long- term operational efficiency. Additionally, GSD and Vitalkost have successfully launched new products, which are performing well in the market. However, margins have been squeezed due to various factors, including pricing volatility and currency effects. Overall, this quarter reflects our focus on strategic inventory management and operational integration, with a commitment to long-term improvements despite short-term profitability impacts. SEGMENT UPDATE The most significant events and initiatives for the segment during the quarter comprise, among others: The consolidation of Privab entities has been completed, and a new CEO of the subgroup has been appointed (the previous owner and CEO of Privab Trollhättan). GSD has launched new concepts with Swedish store chains, which have been well received. Vitalkost is continuing to perform well, with several new successful product launches. SALES AND PROFITABILITY Net sales increased with 8% and amounted to MSEK 680 (629) for the quarter. Adjusted EBITDA for the quarter amounted to MSEK 25 (31), with an Adjusted EBITDA margin of 4% (5). The development in sales is mainly attributable to Vitalkost in Norway and GSD in Sweden successfully taking on new concepts and listings in existing markets. Profitability has been negatively impacted by expenses related to the consolidation work in Privab. Companies included in the segment can be found in Note 31 in the Annual report 2023 and 2022 and in Note 9 Business combination in this interim report. NORDIC DISTRIBUTION Amount in MSEK 2024 2023 2024 2023 Net sales 680 629 1,3 71 1,15 5 Raw material and consumables -535 -503 - 1,0 71 -905 Gross profit 14 5 12 6 300 250 Gross margin 2 1% 20% 22% 22% EBITDA 22 26 53 48 Items affecting comparability 3 6 7 9 Adjusted EBITDA 25 31 59 57 Adjusted EBITDA in relation to net sales 4% 5% 4% 5% EBITA 15 18 39 37 Adjusted EBITA 18 24 46 46 Adjusted EBITA in relation to net sales 3% 4% 3% 4% EBIT 10 13 28 27 Adjusted EBIT 13 18 34 36 Adjusted EBIT in relation to net sales 2% 3% 3% 3% Second quarter Six months ===== SIDA 10 ===== | OTHER INFORMATION Humble Group AB Interim Report April - June 2024 10 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 period was 1,117 (1,067). The proportion of women in the Group for the full year was 43% (49). Parent company The average number of employees in the Parent Company during the period was 20 (20), with 28% (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 a volatile macro environment with a 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 in January 2024, for a total purchase price of MSEK 7.7. Humble Group AB created the joint company Humble Hatten AB (Stockholm) with the creators of “Babblarna”, one of the strongest brands for children in Sweden. Humble Hatten AB will launch products within various categories under the brand “Babblarna”. The Parent company holds 77.6% of the share and votes of the company through its subsidiary Humble Incubator AB, and Hatten Education AB holds the remaining 22.4% shares and votes. No other significant events occurred in Humble Group AB during the second 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. FINANCIAL CALENDAR Humble Group invites to a Capital Markets Day on September 19, 2024. The interim report for the period July-September 2024 will be published on October 31, 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 April - June 2024 11 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 446,575,533 (440,920,844), which entitles to one vote each. All shares are of the same share class. The number of outstanding warrants amounted to 13,420,000 (7,420,000). For the period April - June 2024, the average number of shares before dilution and average number of shares after dilution amounted to 443,740,091 and 453,805,252 respectively. TRADE IN THE SHARE Second quarter The total liquidity in the share during the quarter amounted to MSEK 257 (339). The number of transactions for the same period amounted to 27,287 (39,427). The average volume per transaction amounted to SEK 9,418 (8,587). The average volume per trading day amounted to MSEK 4 (6). LARGEST SHAREHOLDERS The ten largest shareholders per June 30th, 2024, are listed below: DATA PER SHARE An overview of share development, turnover and result per share is presented below. Owner Shares V otes Neudi & C:o AB 46,435,778 1 0.40% Håkan Roos (RoosGruppen AB) 46,1 34,786 1 0.33% Noel Abdayem (NCPA Capital AB) 28,000,674 6. 27% Capital Group 28,000,000 6. 27% Alta Fox Capital 26,021 ,235 5. 83% Creades AB 1 8,1 36,470 4. 06% Nordnet Pensionsförsäkring 1 4,546,1 92 3. 26% DNB Asset Management SA 1 3,206,666 2. 96% Thomas Petrén (Seved Invest AB) 1 2,570,000 2. 81 % DNB Asset Management AS 1 2,779,595 2. 86% Total top 10 245,831 ,396 55. 05% Other shareholders 200,744,1 37 44. 95% Total number of shares 446,575,533 1 00% Full year 2024 2023 2024 2023 2023 Low price (SEK) 8.84 6 .12 8.84 6 .11 5.94 High price (SEK) 1 0.50 8.75 12 .17 11.4 5 11.6 9 Closing price previous period (SEK) 9.45 6.71 11.3 8 9.77 9.77 Closing price current period (SEK) 1 0.05 6.55 1 0.05 6.55 11.3 8 Share price development during period (%) 6% -2% - 12 % -33% - 67% Trading volume in the share (MSEK) 257 339 651 907 1,74 8 Number of transactions in the share 27,287 39,427 68,331 99,540 1 81 ,662 Average volume per trading day (MSEK) 4 6 5 7 7 Average volume per transaction (SEK) 9,41 8 8,587 9,527 9 ,113 9,621 Number of shareholders* 1 8,523 23,1 21 1 8,523 23,1 49 20,670 Number of shares outstanding* 446,575,533 440,920,844 446,575,533 440,920,844 443,544,543 Average number of shares before dilution 443,740,091 31 8,1 49,075 443,643,380 31 0,224,826 377,360,692 Average number of shares after dilution 453,805,252 323,361 ,382 452,400,336 31 4,496,208 383,21 9,322 Net sales per share (SEK)** 4 .19 5.37 8.34 1 0.65 1 8.68 Adjusted EBITDA per share (SEK)** 0.38 0.47 0.72 0.90 1.75 Adjusted EBITA per share (SEK)** 0.32 0.38 0.60 0.72 1.3 4 Adjusted EBIT per share (SEK)** 0.20 0.23 0.39 0.43 0.73 EBIT per share (SEK)** 0.20 0.26 0.40 0.54 0.00 Earnings per share (SEK) 0.07 0.00 0 .12 -0.01 -0.28 See page 26 for definition and calculation of key ratios. * End of period, **Before dilution Second quarter Six months ===== SIDA 12 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 12 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Last Twelve M onths Full year Amount in MSEK Note 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 Net sales 4 1 ,861 1,710 3,699 3,303 7,446 7,050 Capitalized work on own account 2 21 3 41 46 83 Other operating income 5 35 69 80 15 0 19 2 262 Raw materials and consumables - 1,2 75 -1 ,209 -2,548 -2,31 7 -5,1 52 -4,921 Other external expenses -225 - 19 0 -466 -398 - 9 19 -851 Personnel expenses - 2 11 - 19 9 -409 -382 - 8 17 - 790 Other operating expenses 5 -21 -45 -36 -84 - 12 7 - 174 EBITDA 6 16 6 15 8 323 3 13 669 659 Depreciation of tangible fixed assets -7 - 12 - 14 -24 -38 -47 Depreciation of right-of-use assets -20 - 17 -37 -31 - 70 -64 EBITA 6 13 9 12 9 272 259 561 547 Amortization of intangible fixed assets - 11 - 10 -22 - 19 -86 -83 Amortization of assets related to acquisitions -39 -37 - 75 - 72 - 14 9 - 14 6 EBIT 6 90 83 176 16 8 326 3 18 Profit from shares in associated companies and joint ventures 0 -1 0 -1 2 1 Financial income 9 11 18 13 17 13 Financial expenses 7 -61 -89 - 12 3 - 173 -343 -393 PROFIT AND LOSS AFTER FINANCIAL ITEM S 38 5 70 7 2 -61 Income tax -7 -5 - 15 - 11 -49 -45 PROFIT AND LOSS AFTER TAX 32 0 55 -4 -47 - 10 6 Profit and loss is attributable to: Owners of the Parent Company 32 0 55 -4 -47 - 10 6 Non-controlling interest 0 0 0 0 0 0 32 0 55 -4 -47 - 10 6 Other comprehensive income Items that may be reclassified to profit or loss: Exchange differences in translation of foreign operations -21 19 3 13 1 228 -92 6 COMPREHENSIVE INCOME FOR PERIOD 10 19 3 18 5 224 - 13 9 - 10 0 The comprehensive income for the period is attributablt to: Owners of the Parent Company 10 19 3 18 6 224 - 13 9 - 10 0 Non-controlling interest 0 0 0 0 0 0 10 19 3 18 5 224 - 13 9 - 10 0 Earnings per share before dilution 0.07 0.00 0 .12 -0.01 - 0 .14 -0.28 Earnings per share after dilution 0.07 0.00 0 .12 -0.01 - 0 .15 -0.28 Second quarter Six months ===== SIDA 13 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 13 GROUP BALANCE SHEET - IN SUMMARY December, 31 Amount in MSEK Note 2024 2023 2023 ASSETS Non-currenct assets Intangible assets 6,043 6,243 6,01 3 Tangible fixed assets 19 9 399 19 1 Financial assets 75 72 99 Right-of-use assets 368 16 4 299 Deferred tax assets 30 27 29 Total non-current assets 6 ,714 6,905 6,631 Current assets Inventory 1,18 9 1 ,085 983 Accounts receivables 593 595 561 Other short-term receivables 266 205 2 11 Cash and cash equivalents * 2 18 794 401 2,265 2,679 2,1 57 Assets classified as held for sale 6 0 0 12 9 Total current assets 2,265 2,679 2,287 TOTAL ASSETS 8,979 9,585 8,91 8 EQUITY AND LIABILITIES Equity Attributable to Parent Company's shareholder 5,084 5 ,171 4,869 Non-controlling interest 0 0 0 Total shareholders' equity 5,084 5 ,171 4,869 Long-term liabilities Interest-bearing liabilities 8 1,15 7 1 ,929 1,19 7 Contingent considerations 10 15 16 5 16 5 Long-term lease liabilities 322 113 258 Deferred tax liabilities 455 5 15 474 Provisions 16 26 17 Other long-term liabilities 14 17 18 Total long-term liabilities 1,9 78 2,765 2,1 29 Short-term liabilities Interest-bearing liabilities * 8 467 14 253 Contingent considerations 10 14 3 443 336 Current lease liabilities 75 56 67 Accounts payable 662 6 18 652 Other short-term liabilities 570 5 19 568 1,9 17 1 ,649 1,8 76 Liabilities directly associated with assets classified as held for sale 6 0 0 43 Total short-term liabilities 1,9 17 1 ,649 1,9 19 TOTAL EQUITY AND LIABILITIES 8,979 9,584 8,91 7 June, 30 *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 2306. The change amount to MSEK -111 as per 2306. ===== SIDA 14 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 14 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY – SECOND QUARTER Amount in MSEK Share capital Other equity contributed Translation reserve Retained earnings Total Non- controlling interest Total shareholders equity Opening balance April 1 , 2023 67 4,1 69 2 12 -341 4,1 07 0 4,1 07 Net income for period 0 0 0 Other comprehensive income 19 3 19 3 19 3 Total comprehensive income 19 3 0 19 3 19 3 Transaction with owners in their capacity as owners: Share issue 30 846 875 875 Transaction costs -2 -2 -2 Warrants program -2 -2 -2 Total transaction with owners in their capacity as owners 30 842 871 871 Ending balance J une 30, 2023 97 5,01 1 405 -341 5 ,171 0 5 ,171 Opening balance April 1 , 2024 98 5,028 335 - 4 16 5,045 0 5,045 Net income for period 32 32 0 31 Other comprehensive income -21 -21 -21 Total comprehensive income -21 32 10 0 10 Transaction with owners in their capacity as owners: Share issue 29 29 29 Ongoing share issue 0 Transaction costs 0 0 Warrants program 0 0 0 Aquistion of non-controlling interest 0 Total transaction with owners in their capacity as owners 0 29 0 0 29 0 29 Ending balance J une 30, 2024 98 5,057 3 14 -384 5,084 0 5,084 Equity attributable to Parent Company's shareholder ===== SIDA 15 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY – SIX MONTHS Amount in MSEK Share capital Other equity contributed Translation reserve Retained earnings Total Non- controlling interest Total shareholders equity Opening balance J anuary 1 , 2023 66 4,1 31 177 -338 4,037 0 4,036 Net income for period -4 -4 -4 Other comprehensive income 228 228 228 Total comprehensive income 228 -4 224 224 Transaction with owners in their capacity as owners: Share issue 31 879 9 10 9 10 Transaction costs 3 3 3 Warrants program -3 -3 -3 Total transaction with owners in their capacity as owners 31 880 0 0 9 10 9 10 Ending balance J une 30, 2023 97 5,01 1 405 -341 5 ,171 0 5 ,171 Opening balance J anuary 1 , 2024 98 5,028 18 3 -439 4,869 0 4,869 Net income for period 55 55 0 55 Other comprehensive income 13 1 13 1 13 1 Total comprehensive income 13 1 55 18 5 0 18 5 Transaction with owners in their capacity as owners: Share issue 1 29 29 29 Transaction costs 0 0 0 Warrants program 0 0 0 Aquistion of non-controlling interest 0 Total transaction with owners in their capacity as owners 1 29 0 0 29 0 29 Ending balance J une 30, 2024 98 5,057 3 13 -384 5,084 0 5,084 Equity attributable to Parent Company's shareholder ===== SIDA 16 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 16 GROUP CASH-FLOW STATEMENT During Q2 2023, tax deferments of total MSEK 260 was recognised as short term liabilities and had a positive impact on the cash flow for the period. The Groups intention is to apply for an instalment plan of 36 months for the tax deferral during the third quarter. Last Twelve M onths Full year Amount in MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 OPERATING ACTIVITIES Profit and loss after financial items 38 5 70 7 2 -61 Adjustment for non-cash items Depreciation and Amortization 77 75 14 8 14 5 344 341 Other items 43 73 85 10 7 282 304 Paid tax -20 -7 -38 - 14 - 78 -54 Cash flow from operating activities before change in net working capital 13 8 14 6 265 246 549 529 CHANGE IN WORKING CAPITAL Change in inventories (increase - / decrease + ) - 12 9 -24 - 19 9 -35 - 13 7 27 Change in short term receivables (increase - / decrease + ) -68 59 -58 13 9 -7 19 0 Change in short term liabilities (increase - / decrease + ) 11 264 4 278 68 341 Sum of change in working capital - 18 6 299 -253 382 - 77 558 Cash flow from operating activities -49 445 11 627 472 1 ,088 INVESTING ACTIVITIES Acquisition of intangible assets -2 -21 -8 -41 - 79 - 112 Acquisition of tangible assets -45 - 10 -58 -23 -84 -49 Acquisition of financial assets 30 0 31 0 31 0 Disposal of subsidaries 0 0 6 0 113 10 7 Acquisition of subsidiaries, acquired business + paid earn-outs - 19 9 - 173 - 19 9 -236 -333 -369 Cash flow from investing activities - 2 17 -203 -229 -300 -352 -423 FINANCING ACTIVITIES Share issue funds 0 875 0 875 0 875 Costs related to share and bond issues, and refinancing -2 -26 -4 -26 -88 - 111 Bond financing 0 0 0 0 -1 ,800 -1 ,800 Paid interest due to financing activities -37 -50 -67 - 10 8 - 175 - 2 16 New loans 308 41 3 13 87 1,772 1 ,546 Repayment of loans - 12 7 - 716 - 178 - 720 -281 -823 Amortization of lease liability - 15 - 14 -35 -28 - 79 - 72 Cash flow from financing activities 12 8 110 29 80 -652 -601 Decrease/ Increase in cash and cash equivalents - 13 8 352 - 18 8 407 -532 64 Cash and cash equivalents at beginning of period 356 440 401 380 794 338 Exchange rate differences 0 3 5 7 1 -1 Cash and cash equivalents at end of period 2 18 794 2 18 794 263 401 Deployable cashflow* - 118 351 - 12 0 428 -61 486 *See page 27 for definition and calculation Second quarter Six months ===== SIDA 17 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 17 INCOME STATEMENT - PARENT COMPANY Last Twelve M onths Full year Amount in MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 Net sales 20 12 20 13 52 44 Other operating income 59 3 59 6 57 1 Total revenue 79 16 79 19 10 9 46 Other external expenses -9 -9 - 15 - 13 -29 -29 Personnel expenses - 12 - 11 -21 -21 -44 -43 Other operating expenses -4 0 -4 0 -5 -1 Depreciation and amortization of fixed tangible and intangible assets 0 0 -2 0 0 0 OPERATING PROFIT (EBIT) 55 -4 38 - 15 31 -28 Profit from shares in Group companies 10 1 13 10 1 13 19 4 10 6 Interest income 13 17 29 18 30 34 Interest expenses -45 -81 -98 - 15 6 - 3 19 -355 PROFIT AND LOSS AFTER FINANCIAL ITEM S 12 3 -56 70 - 14 1 -64 -243 Year-end appropriations 0 0 0 0 96 96 PROFIT AND LOSS BEFORE TAX 12 3 -56 70 - 14 1 32 - 14 7 Current taxes 0 0 0 0 -5 -5 PROFIT AND LOSS AFTER TAX 12 3 -56 70 - 14 1 27 - 15 2 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. Second quarter Six months ===== SIDA 18 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 18 PARENT COMPANY BALANCE SHEET – IN SUMMARY December, 31 Amount in MSEK 2024 2023 2023 ASSETS Non-current assets Intangible fixed assets 5 1 2 Tangible fixed assets 3 1 3 Financial fixed assets 6,903 6,980 6,967 Total non-current assets 6,91 1 6,982 6,972 Current assets Accounts receivables 0 0 2 Receivables with group companies 204 12 5 269 Other short-term receivables 63 21 24 Cash and cash equivalents 1 403 4 Total current assets 267 549 298 TOTAL ASSETS 7,178 7,532 7,269 EQUITY AND LIABILITIES Equity Restricted equity 98 97 98 Unrestricted equity 4,736 4,61 8 4,637 Total shareholders equity 4,834 4 ,715 4,735 Provisions 16 4 6 14 507 Long term liabilities Interest-bearing liabilities 1,15 1 1 ,834 1,18 9 Liabilities to group companies 9 0 15 Other long-term liabilities 0 11 11 Total long-term liabilities 1,16 0 1 ,845 1,2 15 Short-term liabilities Interest-bearing liabilities 466 64 253 Accounts payable 8 9 12 Liabilities to group companies 505 234 506 Other liabilities 41 51 41 Total short-term liabilities 1 ,020 357 8 12 TOTAL EQUITY AND LIABILITIES 7,178 7,532 7,269 June, 30 ===== SIDA 19 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 18 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 applicable regulations in the Swedish Annual Accounts Act. The interim report for the parent company is prepared in accordance with ÅRL chapter 9. 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. Information according to IAS 34.16A appears in addition to the financial reports and associated notes also in other parts of the interim report. 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 2024, where the main estimates relate to contingent considerations. See Note 5 and 10 for more information. As the Group has developed 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 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 6 for more information. On April 17th, the Group completed the second part of the real estate sale, as a sale and leaseback transaction. The 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. Quantitative information is presented in Note 5. NOTE 3 – SUBSEQUENT EVENTS There have been no significant events with effect on the financial reporting after the reporting period date. ===== SIDA 20 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 19 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: Second quarter 2024, amount in MSEK Future Snacking Sustainable Care Quality Nutrition Nordic Distribution Other* Total Net sales** 250 555 376 680 1 ,861 Raw material and consumables - 13 6 -343 -261 -535 - 1,2 75 Gross profit 114 2 12 115 14 5 586 Gross margin, % 46% 38% 3 1% 2 1% 3 1% EBITDA 35 74 39 22 -4 16 6 Items affecting comparability (note 5) -7 10 - 12 3 7 1 Adjusted EBITDA*** 28 84 27 25 3 16 8 Adjusted EBITDA in relation to net sales 11% 15 % 7% 4% 9% EBITA 27 69 33 15 -5 13 9 Adjusted EBITA 20 80 20 18 2 14 1 Adjusted EBITA in relation to net sales 8% 14 % 5% 3% 8% EBIT 15 44 26 10 -5 90 Adjusted EBIT 8 54 14 13 2 91 Adjusted EBIT in relation to net sales 3% 10 % 4% 2% 5% *Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 6 for reconciliation to Profit before tax Second quarter 2023, amount in MSEK Future Snacking Sustainable Care Quality Nutrition Nordic Distribution Other* Total Net sales** 234 493 354 629 0 1,710 Raw material and consumables - 13 1 - 3 18 -256 -503 0 -1 ,209 Gross profit 10 3 175 99 12 6 502 Gross margin, % 44% 35% 28% 20% 29% EBITDA 1 93 42 26 -5 15 8 Items affecting comparability (note 5) 22 -37 -2 6 4 -9 Adjusted EBITDA*** 23 56 40 31 -1 14 9 Adjusted EBITDA in relation to net sales 10 % 11% 11% 5% 9% EBITA -6 87 37 18 -7 12 9 Adjusted EBITA 15 50 34 24 -3 12 0 Adjusted EBITA in relation to net sales 7% 10 % 10 % 4% 7% EBIT - 14 60 30 13 -6 83 Adjusted EBIT 7 23 27 18 -1 74 Adjusted EBIT in relation to net sales 3% 5% 8% 3% 4% *Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 6 for reconciliation to Profit before tax ===== SIDA 21 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 20 Six months 2024, amount in MSEK Future Snacking Sustainable Care Quality Nutrition Nordic Distribution Other* Total Net sales** 486 1,0 77 765 1,3 71 3,699 Raw material and consumables -268 - 679 -528 - 1,0 71 -2,548 Gross profit 2 18 397 237 300 1,15 2 Gross margin, % 45% 37% 3 1% 22% 3 1% EBITDA 79 14 0 73 53 -21 323 Items affecting comparability (note 5) -21 7 -8 7 11 -4 Adjusted EBITDA*** 58 14 7 65 59 - 10 3 19 Adjusted EBITDA in relation to net sales 12 % 14 % 9% 4% 9% EBITA 62 13 0 61 39 - 19 272 Adjusted EBITA 41 13 7 53 46 -9 268 Adjusted EBITA in relation to net sales 8% 13 % 7% 3% 7% EBIT 40 80 47 28 - 19 176 Adjusted EBIT 20 87 40 34 -9 171 Adjusted EBIT in relation to net sales 4% 8% 5% 3% 5% *Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 6 for reconciliation to Profit before tax Six months 2023, amount in MSEK Future Snacking Sustainable Care Quality Nutrition Nordic Distribution Other* Total Net sales** 472 977 699 1,15 5 3,303 Raw material and consumables -267 -635 -509 -905 -2,31 7 Gross profit 205 342 19 0 250 986 Gross margin, % 43% 35% 27% 22% 30% EBITDA 24 15 9 98 48 - 15 3 13 Items affecting comparability (note 5) 26 -50 -24 9 4 -36 Adjusted EBITDA*** 50 10 8 73 57 - 11 277 Adjusted EBITDA in relation to net sales 11% 11% 10 % 5% 8% EBITA 7 14 5 87 37 - 17 259 Adjusted EBITA 33 95 62 46 - 13 223 Adjusted EBITA in relation to net sales 7% 10 % 9% 4% 7% EBIT -8 93 72 27 - 17 16 8 Adjusted EBIT 18 43 48 36 - 13 13 2 Adjusted EBIT in relation to net sales 4% 4% 7% 3% 4% *Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 6 for reconciliation to Profit before tax ===== SIDA 22 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 21 NOTE 5 – OTHER OPERATING INCOME AND EXPENSE On April 17th, Humble Group completed the second and last part of the sale of properties, which is structured as a sale and leaseback transaction. The right-of-use assets from the sale amount to MSEK 72 and the leasing liability amount to MSEK 73. The new right-of-use assets are intended to be utilized over periods of 5 and 10 years, respectively. The profit for the Group of the sale and leaseback transaction is reported as other operating income and amount to MSEK 5 and refers to the rights transferred to the buyer. The management makes updated estimates each quarter for the contingent considerations. 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 is being calculated based on an interest rate corresponding to the remaining term until payment at each reporting date. The fair value changes are reported through the profit and loss via operating income and operating expense. During the first six months, the positive change, reported as operating income, amounted to MSEK 62 (121), and the negative change, reported as operating expense, amounted to MSEK -18 (79). Net sales per country Last Twelve M onths Full year Amount in MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 Australia 10 3 79 221 16 3 481 423 China 32 51 73 82 18 4 19 3 Denmark 31 22 53 42 91 80 Finland 38 29 69 55 12 2 10 8 Germany 72 71 13 7 14 8 261 272 Norway 74 60 15 3 13 0 287 264 Portugal 64 46 111 82 19 6 16 7 Sweden 889 878 18 12 1 667 3,641 3,496 United Kingdom 357 296 671 552 1 ,284 1,16 6 USA 34 32 61 62 12 4 12 6 Other countries* 16 7 14 7 340 320 775 755 Total net sales 1 ,861 1,710 3,699 3,303 7,446 7,050 *None of the other countries independently contribute more than one percent of total net sales. Second quarter Six months Non-current assets of the segments December, 31 Amount in MSEK 2024 2023 2023 Australia 406 344 386 Sweden 3,478 3,606 3,467 United Kingdom 1 ,539 1 ,609 1 ,485 Portugal 634 670 624 Other countries 555 577 541 Total countries 6,61 1 6,806 6,503 Fixed assets not specified by country* 10 3 99 12 8 Total fixed assets 6 ,714 6,905 6,631 June, 30 ===== SIDA 23 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 22 NOTE 6 – 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 19 (10). As the Group has developed 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 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. Last Twelve M onths Full year Amount in MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 Adjusted EBITDA 16 8 14 9 3 19 277 659 6 17 Acqusition and divestment related cost and income -5 0 -6 -5 0 1 Revaluation of contingent considerations accounting* 19 10 44 41 54 51 Lock-in penalty from acquisition SPA* -6 - 12 - 14 -24 -36 -45 Restructuring -7 - 10 - 15 - 15 -32 -32 Capitalized development costs* 0 20 0 39 40 79 Other -2 0 -6 0 - 17 - 12 EBITDA 16 6 15 8 323 3 13 669 659 Depreciation -27 -28 -51 -54 - 10 8 - 112 EBITA 13 9 12 9 272 259 561 547 Amortization -50 -46 -97 -91 -235 -229 EBIT 90 83 176 16 8 326 3 18 Finance net -51 - 78 - 10 6 - 16 0 -324 - 379 EBT 38 5 70 7 2 -61 *These items have no cash flow impact. Second quarter Six months Last Twelve M onths Full year Amount in MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 EBITDA 16 6 15 8 323 3 13 669 659 Items affecting comparability 1 -9 -4 -36 - 10 -42 Adjusted EBITDA 16 8 14 9 3 19 277 659 6 17 EBITA 13 9 12 9 272 259 561 547 Items affecting comparability 1 -9 -4 -36 - 10 -42 Adjusted EBITA 14 1 12 0 268 223 551 505 EBIT 90 83 176 16 8 326 3 18 Items affecting comparability 1 -9 -4 -36 - 10 -42 Adjusted EBIT 91 74 172 13 2 3 16 276 Second quarter Six months ===== SIDA 24 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 23 NOTE 7 – FINANCIAL EXPENSES NOTE 8 – NET INTEREST-BEARING DEBT Humble Group's net interest-bearing debt as of June 30, 2024, is presented in table below. During the quarter, Humble Group has expanded its existing credit facility agreement with a total of MSEK 300, whereas MSEK 150 is a short-term loan and MSEK 150 is an extension of the existing revolving credit facility. 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 Groups intention is to apply for an instalment plan of 36 months for the tax deferral during the third quarter. Table above illustrates the leverage multiple adjusted for inclusion of earnout considerations and tax deferral. Last twelve month Adjusted EBITDA Proforma amounted to MSEK 581 excluding leasing and divested operations. Net Interest-bearing debt in relation to last twelve months Adjusted EBITDA proforma amounts to 3.1x at the end of this reporting period. Last Twelve M onths Full year Amount in MSEK 2024 2023 2024 2023 J ul 2023 - J un 2024 2023 Interest expense related to financing -43 -59 - 73 - 114 - 172 - 2 13 Unwinding of discounting effect -7 -24 -26 -42 -53 -69 Interest expense on lease liabilities -6 -2 - 11 -4 - 17 - 10 Exchange rate losses and revaluation effects -3 3 -7 -1 - 17 - 11 Costs related to refinancing of bond 0 0 0 0 - 78 - 78 Other interest expenses -1 -7 -6 - 12 -7 - 13 Financial expenses -61 -89 - 12 3 - 173 -343 -393 Second quarter Second quarter December, 31 Amount in MSEK 2024 2023 2023 Interest-bearing liabilities Bond financing debt 0 1 ,834 0 Liability to credit institutions* 1 ,624 10 8 1 ,494 Lease liabilities 397 16 8 325 Total interest-bearing liabilities 2,021 2 ,111 1,8 18 Cash and cash equivalents - 2 18 - 794 -401 Net Interest Bearing Debt (NIBD) 1 ,803 1,3 16 1,4 17 *December 2023 includes liabilities directly associated with assets classified as held for sale June, 30 Proforma Adjusted EBITDA excluding leasing 581 530 559 Tax deferral 252 260 260 Short-term investment to be divested -21 0 -27 Net Interest Bearing Debt (NIBD-Leasing+ Tax Deferrals) 1 ,637 1 ,408 1 ,325 Leverage to adjusted EBITDA excluding leasing 2.8x 2.7x 2.4x Earnout present value 15 7 675 572 Net Interest Bearing Debt (NIBD+ EO-Leasing+ Tax Deferrals) 1,79 4 2,083 1 ,897 Leverage to adjusted EBITDA excluding leasing 3 . 1x 3.9x 3.4x ===== SIDA 25 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 24 NOTE 9 – BUSINESS COMBINATIONS BUSINESS COMBINATIONS 2024 No acquisition has been made during 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 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. Goodwill amount to MSEK 61. 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%. 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. 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 June, 30 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 26 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 25 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. For financial assets and liabilities other than those disclosed below, fair value is deemed to approximate the carrying value. A full comparison of fair value and carrying value for all financial assets and liabilities is disclosure in note 26 in the Annual Report 2023. 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. Humble Group expanded its existing credit facility agreement during the second quarter of 2024 with a total of MSEK 300, whereas MSEK 150 is a short-term loan and MSEK 150 is an extension of the existing revolving credit facility. There has been no changes to pledged assets related to the extended credit facility. 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 six months, interest expense of MSEK -23 (-36) was recognized as financial expenses related to unwinding of discount effect of contingent considerations and -3 MSEK (-6) related to unwinding of discount effect of deferred purchase price payments. Estimated payments per year Nominal value Fair value 2024 0 0 2025 15 3 14 3 2026 17 15 Total contingent considerations 171 15 7 December, 31 Contingent consideration, amount in MSEK 2024 2023 2023 Opening balance, January 1 501 780 780 New acquisitions 0 32 32 Payments -323 - 19 9 -320 Fair value changes that are reported through profit and loss via operating income -62 - 12 1 - 19 9 Fair value changes that are reported through profit and loss via operating expense 18 79 14 7 Interest expenses related to unwinding of discounting effect 23 36 60 Translation differences 0 2 -2 Closing balance, December 31 15 7 608 501 June, 30 ===== SIDA 27 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 26 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 - June 2024. Gross Profit Net sales less raw materials and consumables. Gross Profit is calculated as 3,699 –2,548 = MSEK 1,152. Gross Margin Gross Profit in relation to net sales. Gross Margin is calculated as 1,152 / 3,699 = 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 323 - 4 = MSEK 319. Adjusted EBITDA margin is calculated as 319 / 3,699 = 9%. Adjusted EBITDA per share is calculated as MSEK 319 / 443,643,380 = SEK 0.72. 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 272 - 4 = MSEK 268. Adjusted EBITA margin is calculated as 268 / 3,699 = 7% Adjusted EBITA per share is calculated as MSEK 268 / 443,643,380= SEK 0.60. 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 176 - 4 = MSEK 172. Adjusted EBIT margin is calculated as 172 / 3,699 = 5% Adjusted EBIT per share is calculated as MSEK 172 / 443,643,380 =SEK 0.39. Net interest-bearing debt Total interest-bearing liabilities and lease liabilities, less cash and cash equivalents. Net interest-bearing debt is calculated as 1,637 + 397- 212 = MSEK 1,822. NIBD- Leasing + tax deferrals is calculated as 1,822 – 397 + 260 =MSEK 1,685 NIBD + Earnout- Leasing + tax deferrals is calculated as 1,822 + 157 – 397 + 260 =MSEK 1,842 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 (396 – 53 – 21) / 3,303 = 10%. 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 11 – 229 + 199 -67 - 35 = MSEK -120. 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 28 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report April - June 2024 27 GLOSSARY FMCG FMCG is an industry term and is short for Fast-Moving Consumer Goods. 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 July 24, 2024 Dajana Mirborn Ola Cronholm Chairman of the Board Henrik Patek Pål Bruu Sara Berger Noel Abdayem 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 July 24 th, 2024, at the time specified by Humble Group's news distributor Cision at the time of publication of this press release. ===== SIDA 29 ===== | CONTACT US Humble Group AB Interim Report April - June 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