Kvartalsrapport Q3 2023

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

INTERIM REPORT 
JULY – SEPTEMBER 2023

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

INTERIM REPORT 
JULY – SEPTEMBER 2023 
Humble Group AB Interim Report July - September 2023   
Stockholm, November 2, 2023 
CONTINUED GROWTH AND IMPROVED OPERATING MARGIN 
Financial information 
Third quarter  
• Net sales amounted to MSEK 1,811 (1,347). 
• Adjusted EBITDA amounted to MSEK 188 (153). 
• Adjusted EBITA amounted to MSEK 158 (130). 
• Adjusted EBIT amounted to MSEK 111 (95). 
• EBITDA amounted to MSEK 161 (232). 
• EBITA amounted to MSEK 132 (209). 
• EBIT amounted to MSEK 85 (173).
• Cash flow from operating activities amounted to MSEK
175 (-14). 
• Earnings per share before and after dilution amounted to
SEK -0.20 (0.21). 
• Adjusted EBIT per share amounted to SEK 0.25 (0.31). 
Nine months 
• Net sales amounted to MSEK 5,114 (3,194). 
• Adjusted EBITDA amounted to MSEK 503 (371). 
• Adjusted EBITA amounted to MSEK 420 (310). 
• Adjusted EBIT amounted to MSEK 281 (205). 
• EBITDA amounted to MSEK 475 (361). 
• EBITA amounted to MSEK 391 (300). 
• EBIT amounted to MSEK 252 (195). 
• Cash flow from operating activities amounted to MSEK
802 (7). Adjusted for tax deferrals of MSEK 260, the cash
flow from operating activities was MSEK 542.
• Earnings per share before and after dilution amounted to
SEK -0.27 (-0.07).
• Adjusted EBIT per share amounted to SEK 0.79 (0.77).
Significant events 
During the third quarter 
• Humble Group enters into a letter of intent regarding
the sale of real estates. 
• Humble Group fulfilled the refinancing of existing bonds
and credit facility by taking up new bank facilities. Its
outstanding senior secured bonds 2021/2024 and senior
secured bonds 2021/2025 was redeemed on August 22,
2023.
After the quarter 
 No significant events have occurred after the third
quarter.
Financial overview
Last Twelve 
M onths Full year
MSEK 2023 2022 2023 2022 Oct 2022 - 
Sep 2023 2022
Net sales 1,8 11 1 , 347 5 ,114 3,1 94 6,720 4,800
Gross profit 529 4 15 1,5 15 1 ,053 1 ,993 1 ,532
Gross margin 29% 3 1% 30% 33% 30% 32%
Adjusted EBITDA 18 8 15 3 503 371 684 551
Adjusted EBITA 15 8 13 0 420 3 10 576 466
Adjusted EBIT 111 95 281 205 380 304
Cash flow from operating activities 175 - 14 802 7 1 ,050 255
Earnings per share before and after dilution (SEK) -0.20 0.21 -0.27 -0.07 -0.33 - 0 .13
See page 25 for definition and calculation of key ratios
Nine monthsThird quarter
Humble Group is a leading FMCG Group  
 comprising 47+ entrepreneurial driven entities, with 
focus on health and well-being in a sustainable way

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

| SUMMARY 
 
Humble Group AB Interim Report July - September 2023  2 
CONTINUED GROWTH AND 
IMPROVED OPERATING MARGIN 
I usually say that the third week of August is a bit of a New Year for 
entrepreneurs, where you start fresh after the holidays and are fully 
focused on launching all the initiatives that need to be put in place 
to achieve success during the important autumn months. Seasonally, 
our companies are weighted towards the third and above all the 
fourth quarter, with holidays such as All Saints' Day and Christmas. It 
is therefore particularly gratifying to be able to establish that the 
second half of the year has started well with continued strong 
momentum, where organic growth amounted to 12% and net sales 
increased by 34 % to MSEK 1,811 (1,347) compared to the same 
period in 2022. Operating profit has followed the turnover increase 
well, where adjusted EBITA amounted to MSEK 158 (130). A high 
focus on efficiency in the supply chain has shown result and we are 
starting to see some margin improvement compared to the first half 
of 2023, where the adjusted EBITA margin increased from 7.9 % to 
8.7 % for the third quarter. With an operating cash flow after 
changes in working capital of MSEK 175 (-14) and with the new 
capital structure that came into place during August, we see good 
opportunities to organically continue to strengthen the balance 
sheet in order to eventually start acquiring companies again, albeit 
at a slower pace than before. 
Many shareholders and analysts ask how our companies are doing in 
these times, when consumers suffer from high interest costs and are 
generally more frugal in their consumption. Having recently 
completed a road show among our companies, I can confirm that our 
biggest challenge going forward is not about customer demand, but 
rather about capacity. Confectionery generally does well in a recession 
and with a massively increased external focus on the defense industry, 
we have multiplied requests from international organizations to help 
supply supplements and bars. An example of this is our largest candy 
manufacturer, Grahns Konfektyr, which is constantly having to turn 
down requests for both regular and sugar-reduced candy. Several 
international brands and players are beginning to understand that it is 
Humble you should turn to if you want to produce a healthier candy. 
Another example is Bars Production, which has sold out the entire 
capacity for 2024, despite the fact that since the acquisition we have 
continuously invested in several production lines. It is a luxury 
problem, but at the same time something that we are working 
intensively on to ensure the conditions to be able to continue to grow 
at a higher rate going forward and take advantage of the 
opportunities that arise. Here we see the strength of being part of a 
larger group like Humble, where we have the capacity, resources and 
ambition required to invest in increased growth and support our 
entrepreneurs so they may act on the demand and new project 
opportunities that arise. 
Humble is partially exposed to low-price and private label, with a 
modern exclusive co-branding to retail chains, which has proven to be 
well timed with the market. The group's largest company, Solent 
Group, is going strong and we plan to continue expanding their 
business model in both the Nordics and Germany, just as they have 
already successfully done in Australia and South Africa. Retail chains 
are increasingly moving towards working with this type of partner 
company, as it is an effective way to maintain an attractive portfolio 
mix of strong brands and own exclusive products that are sourced 
directly from the factory. 
We have succeeded in maintaining the profitability margin through 
good cost control that has, among other things, consisted of reducing 
overlapping functions and using best practice via the larger and more 
mature units in the group. The group's degree of maturity for 
operational efficiency between the companies is still in its infancy and 
now that we have gotten to know the operations better, it is clear that 
there are many opportunities for optimization and efficiency to be 
taken advantage of going forward. I feel a bit disappointed that the 
gross margin has not recovered at the rate we would like. The work to 
restore the gross profit margin continues and in the longer term we 
shall get back to the levels that the companies had before covid when 
all the disruptions in the value chain occurred, which would mean a 
significant improvement in earnings given our turnover growth since 
then. During the third quarter, the gross margin was negatively 
affected by the optimization and relocation of inventory management 
in several of the companies, where we divested some unprofitable 
products and goods with a lower turnover rate. It has of course had a 
short-term negative effect on the result, but we believe that it will 
benefit the group's profitability and efficiency in the long term, while 
also freeing up working capital that we can instead allocate to new 
growth initiatives. In addition, the companies historically tied up 
approximately 10 - 15% of the net turnover increase in net working 
capital with new stock. Given the high turnover increase of SEK 300 
million pro forma, the real effect combined with the working capital 
improvement is circa SEK 56 million in positive cash flow from 
inventory, which is strong. There is still a lot to do here, but it is 
moving in the right direction. 
We are now entering the most intensive period of the year and we are 
fully focused on delivering goods to our customers while continuing to 
maintain high efficiency in the value chain without tying up too much 
capital. Many important group-wide functions have been put in place 
during the year and we are ready for the process of changing trading 
venue to regulated market, with the ambition of completing the 
switch in the coming year. In order to meet the higher requirements 
for, among other things, sustainability reporting and follow-up that 
the sustainability regulatory framework (CSRD) entails, we have 
invested more resources in the area. We also see potential to drive 
central initiatives similar to the sustainable innovations we launched 
during the year, in order to offer Humble's companies and customers 
the packaging solutions of the future and new ways of manufacturing 
products. 
In summary, it feels very exciting and inspiring to see what the fourth 
quarter and the coming year has to offer. Humble has matured 
significantly and with the new capital structure in place, we are well 
positioned to continue delivering shareholder value and increase 
profitability per share in a sustainable and successful manner. 
Simon Petrén  
CEO Humble Group 
Stockholm, November 2, 2023.

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

| CONSOLIDATED DEVELOPMENT 
 
Humble Group AB Interim Report July - September 2023  3 
HUMBLE GROUP’S FINANCIAL DEVELOPMENT
THIRD QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to MSEK 1,811 (1,347), an 
increase of 34 % compared to the corresponding period last year. 
The change is attributable to completed business acquisitions of 
19 %, organic growth for the wholly owned companies in both 
periods of 12 % and currency impact was 3 %. Net sales proforma 
increased with 18 %, where organic growth proforma amounted 
to 16 % and currency impact was  
2 %.  
 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to MSEK  
-203 (-186), which corresponded to 11 % (14) of net sales. 
Acquisition related costs for the quarter amounted to MSEK  
-2 (-12).  
 
Personnel expenses 
Personnel expenses for the quarter amounted to MSEK  
-187 (-147), which corresponded to 10 % (11) of net sales. 
Personnel expenses were negatively impacted by consideration 
linked to employment (stay-on-bonus and lock-in penalties) of 
MSEK -11 (-12). Remaining increase is mainly explained by 
additional employees in the Group through the acquired 
subsidiaries. For more details, please refer to Note 5 Items 
affecting comparability. 
 
Depreciation and amortisation 
Total depreciation and amortisation for the quarter amounted to 
MSEK -77 (-59), which corresponded to a change of 51% 
compared with the corresponding period last year. Depreciation 
of right-of-use assets amounted to MSEK -17  
(-13) for the quarter. Amortisation of intangible assets related 
from acquisitions, of which a vast majority related to customer 
relations, amounted to MSEK -37 (-34). 
 
 
RESULTS 
EBITA 
Adjusted EBITA amounted to MSEK 158 (130), which 
corresponded to a change of MSEK 28 for the period. EBITA for 
the quarter amounted to MSEK 132 (209), which corresponded to 
a change of MSEK -77 compared with the corresponding period 
last year. For more details, please refer to Note 5 Items affecting 
comparability. 
 
EBIT 
Adjusted EBIT amounted to MSEK 111 (95), which corresponded 
to a change of MSEK 16 for the period. EBIT for the quarter 
amounted to MSEK 85 (173), which corresponded to a change of 
MSEK -89 compared with the corresponding period last year. Net 
effect from IFRS 16 Leasing to EBIT for the quarter amounted to 
MSEK 2 (1). 
 
CASH FLOW 
Cash flow from operating activities 
Cash flow from operating activities amounted to MSEK 175  
(-14). Cash flow from operations was impacted by net working 
capital release of MSEK 20 (-116). The Group has during the 
quarter continued the work with several strategic initiatives to 
optimize the net working capital usage going forward.  
 
FINANCIAL POSITION 
Financial expenses  
Financial expenses for the period amounted to MSEK -159  
(-76). The financial expense is affected by a onetime cost of MSEK 
-78 (0) related to the refinancing of the bonds. Interest expense 
related to unwinding of discounting effect of contingent 
considerations and other liabilities presented at fair value 
amounted to MSEK -15 (-21). Such interest expense has no cash 
effect in the quarterly result. For more details, please refer to 
Note 6 Financial expenses.

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

| CONSOLIDATED DEVELOPMENT 
 
Humble Group AB Interim Report July - September 2023  4 
NINE MONTHS 
REVENUES 
Net sales 
Net sales for the first nine months amounted to MSEK 5,114  
(3,194), an increase of 60 % compared to the corresponding 
period last year. The change is attributable to completed business 
acquisitions of 44 %, organic growth for the wholly owned 
companies in both periods of 13 % and currency impact was 3 %. 
Net sales proforma increased with 18 %, where organic growth 
proforma amounted to 16 % and currency impact was 2 %. 
 
EXPENSES 
Other external expenses 
Other external expenses for the first nine months amounted to 
MSEK -601 (-454), which corresponded to 12 % (9) of net sales. 
Acquisition related costs for the first nine months amounted to 
MSEK -6 (-28).  
 
Personnel expenses 
Personnel expenses for the first nine months amounted to MSEK -
568 (-429), which corresponded to 11 % (8) of net sales. Personnel 
expenses was negatively impacted by consideration linked to 
employment (stay-on-bonus and lock-in penalties) of MSEK -35 (-
60). Remaining increase is mainly explained by additional 
employees in the Group through the acquired subsidiaries. For 
more details, please refer to Note 5 Items affecting comparability. 
 
Depreciation and amortisation 
Total depreciation and amortisation for the first nine months 
amounted to MSEK -223 (-166), which corresponded to a change 
of 34 % compared with the corresponding period last year. 
Depreciation of right-of-use assets amounted to MSEK  
-47 (-34) for the first nine months. Amortisation of intangible 
assets related from acquisitions, of which a vast majority related 
to customer relations, amounted to MSEK -110 (-92). 
 
 
RESULTS 
EBITA 
Adjusted EBITA for the first nine months amounted to MSEK 420 
(310), which corresponded to a change of MSEK 110 for the 
period. EBITA for the quarter amounted to MSEK 391 (300), which 
corresponded to a change of MSEK 91 compared with the 
corresponding period last year. For more details, please refer to 
Note 5 Items affecting comparability. 
 
EBIT 
Adjusted EBIT amounted to MSEK 281 (205), which corresponded 
to a change of MSEK 76 for the period. EBIT for the quarter 
amounted to MSEK 252 (195), which corresponded to a change of 
MSEK 57 compared with the corresponding period last year. Net 
effect from IFRS 16 Leasing to EBIT for the quarter amounted to 
MSEK 4 (3). 
 
CASH FLOW 
Cash flow from operating activities 
Cash flow from operating activities amounted to MSEK 802 (7). 
Cash flow from operations was positively impacted by net working 
capital release of MSEK 402 (-180). The Group has during the first 
nine months continued the work with several strategic initiatives 
to optimize the net working capital usage going forward. Tax 
deferments of total MSEK 260 was recognised as short term 
liabilities and had a positive impact on the cash flow for the 
period. 
 
FINANCIAL POSITION 
Financial expenses  
Financial expenses for the period amounted to MSEK -325  
(-182). The financial expense is affected by a onetime cost of 
MSEK -78 (0) related to the refinancing of the bonds. Interest 
expense related to unwinding of discounting effect of contingent 
considerations and other liabilities presented at fair value 
amounted to MSEK -56 (-37). Such interest expense has no cash 
effect in the result of the first nine months. For more details, 
please refer to Note 6 Financial expenses.

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

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report July - September 2023  5 
 
SEGMENT REPORT - FUTURE SNACKING 
SEGMENT OVERVIEW 
Future Snacking is pioneers cutting-edge, healthier, and 
sustainable food and snacking products that challenge 
conventional options. The companies within the Future Snacking 
segment are fuelled by a passion for innovative concepts and 
strive to contribute to a more sustainable consumer society. They 
prioritize health and well-being by reducing sugar and without 
compromising on taste, quality or experience. 
 
Humble Group’s Future Snacking subsidiaries focus on several 
areas, but in particular on functional food and "Better-for-you" 
products. Their offerings include sugar- and calorie-reduced 
options, vegan alternatives, and vitamin-enriched products that 
provide tangible benefits to consumers. The shift in consumer 
awareness and behaviours, driven by global megatrends such as 
changing demographics, evolving lifestyles, environmental 
concerns within the food industry, political factors, and 
digitalization, serves as a catalyst for this transformative 
movement. 
 
Humble Group's vision is clear: to be the global leading provider of 
future branded and sugar-reduced candy. By addressing these 
emerging needs and staying at the forefront of innovation, 
Humble Group strives to meet the preferences of health-
conscious individuals and contribute to shaping a sustainable 
future. 
 
SEGMENT UPDATE 
The most significant events for the segment comprises, among 
others:  
 Continued increase of international listings for our 
sugar-reduced confectionary brands in both grocery- 
and service trade sectors in EU and Asia. 
 LEV expanded by opening the franchise concept LEV Diet 
stores in new key locations. 
 Capacity among the entities needs to be further 
improved to act on the existing and new demand. 
 FCB joined forces by integrating Tweek and MCN 
subsidiaries for greater operational excellence and 
reduced overhead cost. 
 Raw material volatility for sugar and delayed price 
transfers are a bit demanding.  
 True Gum carried out add-on acquisition of Ration brand 
and broadens product portfolio.  
 Progress in the implementation of Arena Confectionary 
platform, with the aim to collect our production offering 
across multiple snacks and confectionary categories.  
 
SALES AND PROFITABILITY 
Net sales for the Future Snacking segment amounted to MSEK 230 
(194) during the quarter, a total increase of 19 % compared to the 
corresponding period last year. Adjusted EBITDA for the quarter 
amounted to MSEK 31 (37), with an Adjusted EBITDA margin of 13 
% (19). For further financial information of the Group, please refer 
to Note 4 Segment information and disclosure of revenue. 
Companies included in the segment can be found in Note 31 in the 
Annual report 2022 and in Note 9 Business combination in this 
interim report.
 
 
FUTURE SNACKING
Amount in MSEK 2023 2022 2023 2022
Net sales 230 19 4 703 522
Raw material and consumables - 13 8 -99 -405 -262
Gross profit 92 95 298 260
Gross margin 40% 49% 42% 50%
EBITDA 29 90 53 115
Items affecting comparability 2 -53 42 -36
Adjusted EBITDA 31 37 95 79
Adjusted EBITDA in relation to net sales 13 % 19 % 14 % 15 %
EBITA 20 79 27 93
Adjusted EBITA 22 26 69 57
Adjusted EBITA in relation to net sales 10 % 13 % 10 % 11%
EBIT 13 72 4 76
Adjusted EBIT 15 19 47 40
Adjusted EBIT in relation to net sales 6% 10 % 7% 8%
Third quarter Nine months

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

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report July - September 2023  6 
 
SEGMENT REPORT - SUSTAINABLE CARE 
SEGMENT OVERVIEW 
Sustainable Care encompasses a wide range of brands, 
distributors, and manufacturers focusing on personal care and 
household products that cover multiple categories across organic 
household, personal care, beauty and oral hygiene products. 
These entities unite to address the increasing demand for eco-
friendly and sustainable products that promote a healthier planet 
and aligning with consumer preferences for environmentally 
conscious choices. 
 
The companies within the segment share a common goal of 
meeting the increasing demand for sustainable and eco-friendly 
products. By prioritizing sustainability, they actively contribute to 
creating a healthier and environmentally conscious planet. Their 
commitment to offering sustainable options aligns with the 
growing consumer preference for environmentally friendly 
choices. Through their collective efforts, the Sustainable Care 
segment is dedicated to make a positive impact on both personal 
well-being and the planet as a whole. 
 
SEGMENT UPDATE 
The most significant events for the segment comprises, among 
others:  
 Solent achieved great topline growth with solid 
profitability, has continued to solidify its role as a 
dynamic retail partner for the Group’s brands. 
 The Humble Co. continued to achieve ongoing success in 
the US market. 
 Naty’s ongoing transition to new manufacturing supplier 
for more balanced quality and improved cost structure 
has been delayed from the original time plan and 
savings are yet to be seen. Furthermore, Naty has 
established a strong framework and organisation, which 
is set-up for a regain of previous year’s sales and 
profitability levels. Company is back to solid profitability 
in Q3 2023. 
 Fancystage is growing but struggling a bit with 
profitability margins compared to previous years. 
 
SALES AND PROFITABILITY 
Net sales for the Sustainable Care segment amounted to MSEK 
608 (487) during the quarter, a total increase of 25 % compared to 
the corresponding period last year. Adjusted EBITDA for the 
quarter amounted to MSEK 102 (70), with an Adjusted EBITDA 
margin of 17 % (14). For further financial information of the 
Group, please refer to Note 4 Segment information and disclosure 
of revenue. Companies included in the segment can be found in 
Note 31 in the Annual report 2022 and in Note 9 Business 
combination in this interim report.  
 
 
 
SUSTAINABLE CARE
Amount in MSEK 2023 2022 2023 2022
Net sales 608 487 1 ,585 1 ,298
Raw material and consumables -388 - 3 18 -1 ,024 - 8 16
Gross profit 220 16 9 561 482
Gross margin 36% 35% 35% 37%
EBITDA 88 64 246 14 3
Items affecting comparability 15 7 -20 59
Adjusted EBITDA 10 2 70 226 201
Adjusted EBITDA in relation to net sales 17 % 1 60% 14 % 16 %
EBITA 81 57 226 12 5
Adjusted EBITA 96 64 206 18 4
Adjusted EBITA in relation to net sales 16 % 13 % 13 % 14 %
EBIT 53 39 14 6 60
Adjusted EBIT 68 46 12 6 119
Adjusted EBIT in relation to net sales 11% 9% 8% 9%
Third quarter Nine months

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

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report July - September 2023  7 
 
SEGMENT REPORT - QUALITY NUTRITION 
SEGMENT OVERVIEW 
Quality Nutrition represents a collective of esteemed brands and 
manufacturers committed to delivering premium nutritional 
products and supplements. Our mission is to enhance the well-
being of both athletes and everyday consumers by optimizing 
their performance and overall health. 
 
Our subsidiaries within Quality Nutrition comprises both brands 
and manufacturers devoted to continuously improve our product 
portfolio based on dedicated research and development efforts to 
maintain a competitive and sustainable offering to our customers. 
The Quality Nutrition segment is poised to capitalize on the 
growing demand for healthier and “better-for-you” nutritional 
products, as well as providing a more sustainable and qualitative 
range of alternatives for the broader consumer market regardless 
of demography and age.  
 
SEGMENT UPDATE 
During the third quarter of 2023, we have engaged in the planning 
and execution of several internal projects that aligns well with our 
envisioned strategy for the segment. A selection of key internal 
projects that either have been successfully initiated or are well 
underway to launch include:  
 Entered into legally binding agreement for asset 
purchase of bar facility in Sydney.  
 Successful development of cross-subsidiary collaborative 
of BodyScience SKUs in Europe. 
 Strong progress in the implementation of beverage 
production line at Habo, Sweden site.  
 Several new protein bar products developed, enabling 
higher quality and new innovation going forward. 
 Capacity constraints in both bars and powder 
production, additional production shifts and minor 
investments needed to act on demand. 
 Initiated export of Vitargo product to major retail chains 
in Australia.  
 Development of BodyScience branded canned sports- 
and energy drinks completed, and manufacturing 
initiated in Australia.  
 Initiated restructuring of Vitargo business model project 
to gain greater access across the full value chain. 
 Continued implementation of Arena Nutrition platform. 
Demand is starting to show and pick up. 
 
SALES AND PROFITABILITY 
Net sales for the Quality Nutrition segment amounted to MSEK 
332 (287) during the quarter, an increase of 16 % compared to the 
corresponding period last year. Adjusted EBITDA for the quarter 
amounted to MSEK 35 (34), with an Adjusted EBITDA margin of 11 
% (12). For further financial information of the Group, please refer 
to Note 4 Segment information and disclosure of revenue. 
Companies included in the segment can be found in Note 31 in the 
Annual report 2022 and in Note 9 Business combination in this 
interim report.  
 
 
QUALITY NUTRITION
Amount in MSEK 2023 2022 2023 2022
Net sales 332 287 1 ,031 622
Raw material and consumables -243 - 2 11 - 752 -467
Gross profit 89 76 279 15 5
Gross margin 27% 26% 27% 25%
EBITDA 33 71 13 1 93
Items affecting comparability 2 -36 - 17 - 19
Adjusted EBITDA 35 34 114 74
Adjusted EBITDA in relation to net sales 11% 12 % 11% 12 %
EBITA 27 64 114 81
Adjusted EBITA 29 28 97 62
Adjusted EBITA in relation to net sales 9% 10 % 9% 10 %
EBIT 21 57 93 68
Adjusted EBIT 23 21 76 49
Adjusted EBIT in relation to net sales 7% 7% 7% 8%
Third quarter Nine months

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

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report July - September 2023  8 
 
SEGMENT REPORT - NORDIC DISTRIBUTION 
SEGMENT OVERVIEW 
Ever since its inception, Humble Group has pursued a 
comprehensive strategy that encompasses the entire value chain, 
including distribution. Within the Nordic Distribution segment, a 
network of wholesalers and distributors operates across the 
Nordic region. These companies possess extensive knowledge of 
local markets and consumer preferences.  
 
The vision for the segment is clear; to be the number one Nordic 
Distribution partner for healthy and sustainable brands.  
Leveraging the expertise of our Nordic Distribution subsidiaries, 
Humble are poised to deliver an extensive range of FMCG 
products that are tailored to the diverse tastes and preferences 
prevalent in the region. This collaborative strategy underscores 
our commitment to effectively addressing the unique demands of 
the local market and ensuring a comprehensive product portfolio 
that resonates with our valued customers.  
 
SEGMENT UPDATE 
The Nordic Distribution segment has experienced an eventful 
quarter, marked by significant progress in various internal 
projects. Key developments include: 
 Continued progression of centralized and more efficient 
logistics and IT structures across Privab entities. 
 GSD and Nordfood consolidation project initiated and 
successfully progressing for increased operational 
efficiency and sales processes.  
 Ongoing pricing and procurement project between the 
entities. 
 New distribution agreements in place for modern FCMG 
brands. 
 Further possibilities to improve the management of net 
working capital and strengthen the cash flow. 
 
Overall, the Nordic Distribution segment has made significant 
strides during this quarter, driven by internal projects, 
consolidation efforts, and sales optimization measures. These 
initiatives are poised to yield positive outcomes and further 
strengthen the segment’s performance in upcoming quarters. 
 
SALES AND PROFITABILITY 
Net sales for the Nordic Distribution segment amounted to MSEK 
640 (380) during the quarter, an increase of 68 % compared to the 
corresponding period last year. Adjusted EBITDA for the quarter 
amounted to MSEK 29 (15), with an Adjusted EBITDA margin of 5 
% (6), which was continuously slightly negatively affected by 
margin pressure due to some delay in the transferring of 
increased purchase prices to customers. For further financial 
information of the Group, please refer to Note 4 Segment 
information and disclosure of revenue. Companies included in the 
segment can be found in Note 31 in the Annual report 2022 and in 
Note 9 Business combination in this interim report.  
 
 
 
 
NORDIC DISTRIBUTION
Amount in MSEK 2023 2022 2023 2022
Net sales 640 380 1,79 5 753
Raw material and consumables - 5 13 -305 - 1,4 18 -596
Gross profit 12 8 75 377 15 7
Gross margin 20% 20% 2 1% 2 1%
EBITDA 29 15 78 38
Items affecting comparability 2 7 13 7
Adjusted EBITDA 32 21 91 45
Adjusted EBITDA in relation to net sales 5% 6% 5% 6%
EBITA 22 12 59 33
Adjusted EBITA 24 18 72 40
Adjusted EBITA in relation to net sales 4% 5% 4% 5%
EBIT 17 8 44 22
Adjusted EBIT 19 14 57 29
Adjusted EBIT in relation to net sales 3% 4% 3% 4%
Third quarter Nine months

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

| OTHER INFORMATION 
 
Humble Group AB Interim Report July - September 2023  9 
OTHER INFORMATION
ABOUT HUMBLE GROUP 
Humble Group is a leading FMCG Group with a focus on health 
and well-being. The Group comprises 47 operating entities at the 
day of this report. Humble Group has set financial targets that the 
Group shall reach SEK 16 billion in net sales proforma and SEK 1.9 
billion in Adjusted EBITA proforma by the end of 2025. The 
company has an organic growth target at minimum 15 % year over 
year and a NIBD / Adjusted EBITDA proforma below 2.5x.  
 
Read more about the Group and its composition on 
www.humblegroup.se
 
 
STAFF AND NUMBER OF EMPLOYEES 
On Group level 
At the end of the reporting period, the number of employees in 
the Group was 1,003 (1,005). The number of full-time positions 
(FTE) corresponded to 1,102 (915) employees for the third 
quarter. The proportion of women in the Group for the quarter 
was 47 % (48).  
 
Parent company 
The average number of employees in the Parent Company during 
the third quarter was 18 (19), with 21 % (21) being women. 
 
RISKS AND UNCERTAINTIES 
Humble Group works continuously to identify, evaluate, and 
manage risks and exposures that the Group companies face. The 
Group's financial position and earnings are affected by various risk 
factors that must be considered when assessing the company and 
its future earnings. A description of significant risks and 
uncertainties can be found in the Annual Report for 2022. There 
has been no material change in material risks and uncertainties 
since the annual report was published.  
 
PARENT COMPANY 
During the third quarter, the parent company refinanced its bond 
obligations of 1,800 MSEK in total, and replaced this with two 
Term loans of total 1,350 MSEK and one revolving credit facility of 
total 300 MSEK. The new term loans are measured at amortised 
cost that corresponds in all essential to its fair value in the balance 
sheet. Please refer to Note 9 Financial instruments measured at 
fair value for additional information.  
 
No other significant events have occurred during the third 
quarter.  
 
BUSINESS MARKET CONDITION UPDATE  
At the time of this interim report was published the war between 
Russia and Ukraine is still ongoing and recent event in the Middle 
East have also led to a renewed flare-up of the long-standing war 
in Israel and Gaza. Humble Group does not have any exposures 
towards these countries, and as such do not note any direct 
effects from the ongoing war. Even though it is difficult to quantify 
the exact effects, Humble notices the indirect effects from the war 
driven by increased inflation and rising interest rates with a 
following change in consumer consumption patterns. Humble 
monitor the market development closely to ensure that Humble 
position our product mix in best possible way to meet any 
potential changes in market or consumer behaviour. Further on, 
the increased market price volatility regarding raw material prices 
is monitored closely to enable transition of price increases to 
customers in all material aspects and to a protect stable operating 
margins.  
 
RELATED PARTY TRANSACTION 
No transactions with related parties have occurred during 2023 
that had a significant impact. The minor transactions that have 
occurred relates to lease agreements of previous owners’ 
properties. Lease agreements between the parties are based on 
an arms length’s perspective and on market terms and conditions. 
 
FINANCIAL CALENDAR 
The year-end report for the period January-December 2023 will be 
published on February 19th, 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 Mälardalen 
Auditor in Charge: Carl-Johan Kjellman,  
Authorised Public Accountant  
Email: carl-johan.kjellman@bdo.se

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

| THE SHARE 
 
Humble Group AB Interim Report July - September 2023  10 
THE SHARE  
 
THE SHARE 
The company’s share with ticker HUMBLE has been listed on 
Nasdaq First North Growth Market since 12 November 2014. 
 
NUMBER OF SHARES  
At the end of the reporting period, the total number of shares was 
443,544,543 (301,274,580), which entitles to one vote each. All 
shares are of the same share class. The number of outstanding 
warrants amounted to 7,420,000. For the period July - September 
2023, the average number of shares before dilution and average 
number of shares after dilution amounted to 443,259,358 and 
450,679,358, respectively. 
 
TRADE IN THE SHARE  
Third quarter 
The total liquidity in the share during the third quarter amounted 
to MSEK 502 (498). The number of transactions for the same 
period amounted to 46,289 (55,140). The average volume per 
transaction amounted to SEK 10,845 (9,032). The average volume 
per trading day amounted to MSEK 7.7 (7.5).  
 
LARGEST SHAREHOLDERS 
The ten largest shareholders per September 30, 2023, are listed 
below:  
  
 
DATA PER SHARE 
An overview of share development, turnover and result per share is presented below.  
 
 
Owner Shares Votes
Håkan Roos (RoosGruppen AB) 46,029,975 1 0.38%
Neudi & C:o AB 45,351 ,248 1 0.22%
Noel Abdayem (NCPA Holding AB) 27,905,431 6.29%
Alta Fox Capital 26,021 ,235 5.87%
Capital Group 22,368,627 5.04%
Nordnet Pensionsförsäkring 20,897,703 4 .71%
Creades AB 1 8,1 36,470 4.09%
DNB Asset Management AS 1 4,300,361 3.22%
Thomas Petrén (Seved Invest AB) 1 2,570,000 2.83%
Avanza Pension 1 1 ,801 ,631 2.66%
Total top 10 245,382,681 55.32%
Other shareholders 1 98,1 61 ,862 44.68%
Total number of shares 443,544,543 1 00%
Full year
2023 2022 2023 2022 2022
Low price (SEK) 5.94 9. 01 5.94 9.01 9.01
High price (SEK) 9.80 16 .78 11.4 5 28.85 28.85
Closing price previous period (SEK) 6.55 1 4.48 9.77 28.00 28.00
Closing price current period (SEK) 9 .10 9.23 9 .10 9.23 9.77
Share price development during period (%) 39% -36% - 7% - 67% - 67%
Trading volume in the share (MSEK) 502 498 1 ,409 3,205 4,223
Number of transactions in the share 46,289 55,1 40 1 45,829 257,474 347,1 33
Average volume per trading day (MSEK) 7.7 7.5 7.5 17.0 16 .7
Average volume per transaction (SEK) 1 0,845 9,032 9,662 1 2,448 12 ,16 6
Number of shareholders* 22,41 1 22,767 22,41 1 22,767 24,080
Number of shares outstanding* 443,544,543 301 ,274,580 443,544,543 301 ,274,580 301 ,274,580
Average number of shares before dilution 443,259,358 298,321 ,487 355,056,976 264,964,801 284,1 51 ,901
Average number of shares after dilution 450,679,358 301 ,641 ,487 360,389,431 266,856,983 286,81 8,625
Net sales per share (SEK)** 4.09 4.52 1 4.40 1 2.05 17.5 1
Adjusted EBITDA per share (SEK)** 0.42 0.51 1.4 2 1.4 0 1.70
Adjusted EBITA per share (SEK)** 0.36 0 1.18 1.17 1.76
Adjusted EBIT per share (SEK)** 0.25 0.32 0.79 0.77 1.0 7
EBIT per share (SEK)** 0 .19 0.58 0.71 0.73 0.94
Earnings per share (SEK) -0.20 0.21 -0.27 -0.07 - 0 .13
* End of period, **SEK, before dilution
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  11 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
Last Twelve 
M onths Full year
Amount in MSEK Note 2023 2022 2023 2022 Oct 2022 - 
Sep 2023 2022
Net sales 1 8 11 1  347 5  114 3 1 94 6 720 4 800
Capitalised work on own account 21 23 62 61 86 85
Other operating income 29 15 9 178 19 2 245 259
Raw materials and consumables -1  282 -932 -3 599 -2 1 41 -4 726 -3 268
Other external expenses -203 - 18 6 -601 -454 - 791 -644
Personnel expenses - 18 7 - 14 7 -568 -429 - 764 -625
Other operating expenses -27 -32 - 111 -62 - 15 2 - 10 3
EBITDA 16 1 232 475 361 6 18 504
Items affecting comparability 5 26 - 79 29 10 66 47
ADJ USTED EBITDA 18 8 15 3 503 371 684 551
Depreciation of tangible fixed assets - 12 - 10 -36 -27 -46 -37
Depreciation of right-of-use assets - 17 - 13 -47 -34 -62 -48
EBITA 13 2 209 391 300 5 10 4 19
ADJ USTED EBITA 15 8 13 0 420 3 10 576 466
Amortization of intangible fixed assets - 11 -2 -30 - 14 -51 -35
Amortisation of fixed assets related to acquisitions -37 -34 - 110 -92 - 14 5 - 12 8
EBIT 85 173 252 19 5 3 14 257
ADJ USTED EBIT 111 95 281 205 380 304
Profit from shares in associated companies 1 -1 0 -3 -2 -4
Financial income 6 0 6 7 8 13 14
Financial expenses 6 - 15 9 - 76 -325 - 18 2 -408 -265
PROFIT AND LOSS AFTER FINANCIAL ITEM S - 74 10 2 -67 18 -84 1
Income tax - 17 -40 -28 -36 -29 -37
PROFIT AND LOSS FROM CONTINUING OPERATIONS* -91 62 -95 - 18 - 113 -36
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations -98 37 13 0 112 15 2 13 5
COMPREHENSIVE INCOME FOR PERIOD* - 18 9 99 35 94 40 99
Earnings per share before dilution -0,20 0,21 -0,27 -0,07 -0,33 - 0 ,13
Earnings per share after dilution -0,20 0,21 -0,27 -0,07 -0,33 - 0 ,13
Adjusted earnings per share before dilution - 0 ,15 -0,06 - 0 ,19 -0,03 - 0 ,12 0,04
*Profit and loss after tax and Total Comprehensive Income for the period are attributable in their entirety to the shareholdes of the parent company
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  12 
GROUP BALANCE SHEET - IN SUMMARY 
 
December, 31
Amount in MSEK Note 2023 2022 2022
ASSETS
Non-currenct assets
Intangible assets 6,1 36 6,083 5,995
Tangible fixed assets 18 5 360 372
Financial assets 70 71 75
Right-of-use assets 173 16 3 15 1
Deferred tax assets 27 22 26
Total non-current assets 6,592 6,698 6,61 8
Current assets
Inventory 1 ,051 976 982
Accounts receivables 580 778 683
Other short-term receivables 208 19 5 234
Cash and cash equivalents * 397 295 338
2,235 2,244 2,237
Assets classified as held for sale 2 16 0 0
Total current assets 2,451 2,244 2,237
TOTAL ASSETS 9,042 8,943 8,855
EQUITY AND LIABILITIES
Equity
Share capital 98 66 66
Unregistered share capital 0 0 0
Other equity contributed 5,028 4,243 4,1 31
Retained earnings - 12 5 - 16 5 - 16 1
Equity attributable to Parent Company's shareholder 5,000 4,1 44 4,036
Long-term liabilities
Interest-bearing liabilities 7 1 ,259 2,065 1,9 16
Contingent considerations 9 16 8 427 433
Long-term lease liabilities 12 3 10 9 10 0
Deferred tax liabilities 501 506 502
Other long-term liabilities 48 41 79
Total long-term liabilities 2,099 3,1 48 3,029
Short-term liabilities
Interest-bearing liabilities * 7 4 16 495 579
Contingent considerations 9 332 346 347
Current lease liabilities 55 53 49
Accounts payable 629 524 550
Other short-term liabilities 5 12 233 265
Total short-term liabilities 1 ,944 1 ,651 1,79 0
TOTAL EQUITY AND LIABILITIES 9,042 8,943 8,855
September, 30
* In relation to the refinancing of group capital structure during the third quarter, the cash and cash equivalents as well as short term interest liabilities have been restated 
per 2212 due to a change in presentation of the Group Cash Pool Accounts.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  13 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– THIRD QUARTER 
 
 
Amount in MSEK
Share 
capital
Unregistered 
share capital
Other equity 
contributed
Exchange 
rate 
d
ifferences
Retained 
Earnings
Total 
shareholders 
e
quity
Opening balance J uly 1 , 2022 65 0 4, 1 27 118 -381 3,928
Net income for period 62 62
Other comprehensive income 37 37
Total comprehensive income 37 62 99
Transaction with owners in their capacity as owners:
Share issue 2 114 115
Transaction costs 0 0
Warrants program 2 2
Total transaction with owners in their capacity as owners 2 116 117
Ending balance September 30, 2022 66 0 4, 243 15 5 -320 4,1 44
Opening balance J uly 1 , 2023 97 0 5,01 1 405 -341 5 ,171
Net income for period -91 -91
Other comprehensive income -98 -98
Total comprehensive income -98 -91 - 18 9
Transaction with owners in their capacity as owners:
Share issue 1 18 18
Transaction costs -1 -1
Realisation loss from share buyback 0 0
Warrants program 1 1
Total transaction with owners in their capacity as owners 1 18 0 0 18
Ending balance September 30, 2023 98 0 5, 028 307 -432 5,000
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  14 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– NINE MONTHS 
 
 
 
Amount in MSEK
Share 
capital
Unregistered 
share capital
Other equity 
contributed
Exchange 
rate 
d
ifferences
Retained 
Earnings
Total 
shareholders 
e
quity
Opening balance J anuary 1 , 2022 54 1 3, 31 5 43 -302 3 ,110
Net income for period - 18 - 18
Other comprehensive income 112 112
Total comprehensive income 112 - 18 94
Transaction with owners in their capacity as owners:
Share issue 12 -1 887 898
Transaction costs - 11 - 11
Warrants program 52 52
Total transaction with owners in their capacity as owners 12 -1 928 0 0 939
Ending balance September 30, 2022 66 0 4, 243 15 5 -320 4,1 44
Opening balance J anuary 1 , 2023 66 0 4,1 31 177 -338 4,036
Net income for period -95 -95
Other comprehensive income 13 0 13 0
Total comprehensive income 13 0 -95 35
Transaction with owners in their capacity as owners:
Share issue 31 927 958
Transaction costs -28 -28
Realisation loss from share buyback -1 -1
Warrants program -1 -1
Total transaction with owners in their capacity as owners 31 897 0 0 928
Ending balance September 30, 2023 98 0 5, 028 307 -432 5,000
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  15 
GROUP CASH-FLOW STATEMENT 
 
The company received deferred tax support during the second quarter recognised as short-term liabilities. This had a positive one-time effect on the cash flow 
from operating activities of MSEK 260.
Last Twelve 
M onths Full year
Amount in MSEK
2023 2022 2023 2022 Oct 2022 - 
Sep 2023 2022
OPERATING ACTIVITIES
Profit and loss after financial items - 74 10 2 -67 18 -83 1
Adjustement for non-cash items
 Depreciation and Amortisation 77 59 223 16 6 304 247
Other items 15 9 -48 266 22 399 15 5
Paid tax -7 - 11 -21 - 19 -35 -33
Cash flow from operating activities before 
change in net working capital
15 4 10 2 400 18 7 584 371
CHANGE IN WORKING CAPITAL
Change in inventories (increase - /  decrease +  ) 18 35 - 17 -95 -23 - 10 1
Change in short term receivables (increase - /  decrease +  ) 29 1 16 8 28 2 13 74
Change in short term liabilities (increase - /  decrease +  ) -26 - 15 2 251 - 113 276 -88
Sum of change in working capital 20 - 116 402 - 18 0 466 - 116
Cash flow from operating activities 175 - 14 802 7 1  050 255
INVESTING ACTIVITIES
Acquisition of capitalised development costs -21 -22 -62 -60 -86 -84
Acquisition of intangible assets -7 -6 -7 -6 -7 -6
Acquisition of tangible assets - 16 12 -39 -9 -87 -57
Acquisition of financial assets 0 -4 0 0 0 0
Consideration paid, net cash - 116 -258 -352 -899 -354 -901
Cash flow from investing activities - 16 0 - 278 -460 - 974 -534 -1  048
Free cash flow 15 -292 342 -967 5 15 - 794
FINANCING ACTIVITIES
Share issue funds 0 0 875 530 875 530
Costs related to share and bond issues -81 0 - 10 7 - 10 - 10 9 - 12
Paid premium for share incentive program 0 0 0 0 2 2
Bond financing -1  800 0 -1  800 0 -1  800 0
Proceeds from bond 0 300 0 300 0 300
Paid interest - 79 -42 - 18 7 - 118 -223 - 15 4
New loans 1  459 19 1 1  546 490 1  825 769
Amortization of loans 43 - 10 2 -567 - 3 16 -921 -629
Amortization of lease liability -26 - 15 -54 -36 - 70 -52
Cash flow from financing activities -484 332 -294 840 -422 753
Decrease/ Increase in cash and cash equivalents - 470 40 49 - 12 7 93 -41
Cash and cash equivalents at beginning of period 864 257 338 420 295 420
Exchange rate differences 3 -2 10 1 8 -1
Cash and cash equivalents at end of period 397 295 397 295 397 338
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  16 
INCOME STATEMENT - PARENT COMPANY 
 
Last Twelve 
M onths Full year
Amount in MSEK
2023 2022 2023 2022 Oct 2022 - 
Sep 2023 2022
Net sales 6 0 19 2 27 21
O
ther operating income 1 4 5 4 -2 1
Total revenue 7 4 24 6 26 22
Capitalised work on own account 0 2 0 7 7 9
Other external expenses -7 -4 -20 - 12 -23 -20
Personnel expenses -9 - 10 -30 -30 -47 -48
Other operating expenses -3 0 0 -1 -3 -1
EBITDA - 12 -8 -27 -30 -42 -38
Depreciation and amortisation of fixed tangible 
and intangible assets 0 0 0 0 0 0
E
BIT - 12 -8 -27 -30 -42 -38
Profit from shares in subsidiaries and associated companies 0 0 0 0 0 0
Received dividends from subsidiaries 0 0 13 37 52 52
Interest income 7 0 24 0 19 13
Interest expenses - 14 1 -66 -298 - 14 8 -306 -230
PROFIT AND LOSS AFTER FINANCIAL ITEM S - 14 6 - 73 -287 - 14 1 - 276 -204
Year-end appropriations 0 0 0 0 10 0 10 0
PROFIT AND LOSS BEFORE TAX - 14 6 - 73 -287 - 14 1 - 176 - 10 4
Current taxes 0 0 0 0 - 16 - 16
PROFIT AND LOSS AFTER TAX - 14 6 - 73 -287 - 14 1 - 19 3 - 12 0
In the parent company, there are no items that are reported as other comprehensive income, which is why total comprehensive income corresponds to the year's result.
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  17 
PARENT COMPANY BALANCE SHEET – IN SUMMARY 
 
December, 31
Amount in MSEK 2023 2022 2022
ASSETS
Non-current assets
Intangible fixed assets 1 1 1
Tangible fixed assets 1 1 1
Financial fixed assets 6,981 6,890 6,920
Total non-current assets 6,983 6,892 6,922
Current assets
Inventory 0 1 0
Accounts receivables 0 0 0
Receivables with group companies 15 3 10 0 287
Other short-term receivables 21 6 13
Cash and cash equivalents 1 1 1
Total current assets 175 10 8 301
TOTAL ASSETS 7,15 8 7,000 7,222
EQUITY AND LIABILITIES
Equity
Restricted equity 98 66 66
Unrestricted equity 4,489 3,971 3,880
Total shareholders equity 4,587 4,037 3,946
Provisions 507 774 786
Long term liabilities
Interest-bearing liabilities 1 ,344 1,8 16 1 ,826
Other long-term liabilities 11 32 33
Total long-term liabilities 1 ,355 1 ,848 1 ,859
Short-term liabilities
Interest-bearing liabilities 248 323 571
Accounts payable 5 2 7
Liabilities to group companies 428 1 24
Other liabilities 29 17 29
Total short-term liabilities 710 342 631
TOTAL EQUITY AND LIABILITIES 7,15 8 7,000 7,222
September, 30

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  18 
NOTES AND PERFORMANCE MEASUREMENTS 
NOTE 1 – ACCOUNTING PRINCIPLES 
The consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary 
Accounting Rules for Groups and International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations 
Committee (IFRS IC) as adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act. The financial statements have been prepared according to cost method except from certain financial assets and 
liabilities measured at fair value through profit and loss.  
The accounting policies adopted are consistent with those of the Annual report for the year ended December 31, 2022. New or amended IFRS 
standards, effective from January 1, 2023, have no impact on the result and financial position of the Group. 
NOTE 2 – SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 
The Group makes estimates and assumptions about the future. The estimates for accounting purposes that result from these will, by 
definition, rarely correspond to the actual result. The estimates and assumptions that entail a significant risk of significant adjustments in 
reported values for assets and liabilities in this interim report correspond to those describe in Note 3 in the Annual report 2022. No significant 
new assessments and estimates have been made during the reporting period that have entailed any significant changes in reported items. On 
July 12th the Group announced its intention regarding sale of real estates. The associated assets were consequently presented as assets held 
for sale in the financial statement. 
NOTE 3 – SUBSEQUENT EVENTS 
No subsequent events have occurred after the end of the reporting period.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  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 amortisation (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:  
 
 
 
 
 
Third quarter, amount in MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 230 608 332 640 1, 8 11
Raw material and consumables - 13 8 -388 -243 - 5 13 -1 ,282
Gross profit 92 220 89 12 8 529
Gross margin, % 40% 36% 27% 20% 29%
EBITDA 29 88 33 29 - 18 16 1
Items affecting comparability 2 15 2 2 5 26
Adjusted EBITDA 31 10 2 35 32 - 13 18 8
Adjusted EBITDA in relation to net sales 13 % 17 % 11% 5% 10 %
EBITA 20 81 27 22 - 19 13 2
Adjusted EBITA 22 96 29 24 - 14 15 8
Adjusted EBITA in relation to net sales 10 % 16 % 9% 4% 8.7%
EBIT 13 53 21 17 - 19 85
Adjusted EBIT 15 68 23 19 - 14 111
Adjusted EBIT in relation to net sales 6% 11% 7% 3% 6%
* Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers
Third quarter, amount in MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 19 4 487 287 380 1 ,347
Raw material and consumables -99 - 3 18 - 2 11 -305 -932
Gross profit 95 16 9 76 75 4 15
Gross margin, % 49% 35% 26% 20% 3 1%
EBITDA 90 64 71 15 -7 232
Items affecting comparability -53 7 -36 7 -3 - 79
Adjusted EBITDA 37 70 34 21 - 10 15 3
Adjusted EBITDA in relation to net sales 19 % 14 % 12 % 6% 11%
EBITA 79 57 64 12 -4 209
Adjusted EBITA 26 64 28 18 -6 13 0
Adjusted EBITA in relation to net sales 13 % 13 % 10 % 5% 10 %
2
EBIT 72 40 57 8 -4 17 3
Adjusted EBIT 19 47 21 14 -6 95
Adjusted EBIT in relation to net sales 10 % 10 % 7% 4% 7%
* Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  20 
 
 
 
Nine months, amount in MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 703 1 ,585 1 ,031 1,79 5 5 ,114
Raw material and consumables -405 -1 ,024 - 752 - 1,4 18 -3,599
Gross profit 298 561 279 377 1,5 15
Gross margin, % 42% 35% 27% 2 1% 30%
EBITDA 53 246 13 1 78 -33 475
Items affecting comparability 42 -20 - 17 13 10 29
Adjusted EBITDA 95 226 114 91 -23 503
Adjusted EBITDA in relation to net sales 14 % 14 % 11% 5% 10 %
EBITA 27 226 114 59 -35 391
Adjusted EBITA 69 206 97 72 -25 420
Adjusted EBITA in relation to net sales 10 % 13 % 9% 4% 8.2%
EBIT 4 14 6 93 44 -35 252
Adjusted EBIT 47 12 6 76 57 -25 281
Adjusted EBIT in relation to net sales 7% 8% 7% 3% 5%
* Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers
Nine months, amount in MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 522 1 ,298 622 753 3,1 94
Raw material and consumables -262 - 8 16 -467 -596 -2,1 41
Gross profit 260 482 15 5 15 7 1 ,054
Gross margin, % 50% 37% 25% 2 1% 33%
EBITDA 115 14 3 93 38 -28 361
Items affecting comparability -36 59 - 19 7 0 10
Adjusted EBITDA 79 201 74 45 -28 371
Adjusted EBITDA in relation to net sales 15 % 16 % 12 % 6% 12 %
EBITA 93 12 5 81 33 -32 300
Adjusted EBITA 57 18 4 62 40 -32 3 10
Adjusted EBITA in relation to net sales 11% 14 % 10 % 5% 10 %
EBIT 76 60 68 22 -32 19 5
Adjusted EBIT 40 119 49 29 -32 205
Adjusted EBIT in relation to net sales 8% 9% 8% 4% 6%
* Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  21 
NOTE 5 – ITEMS AFFECTING COMPARABILITY 
Humble Group recognises items affecting comparability to EBITDA to visualise comparable figures that are adjusted for the items that occur in 
historical numbers for various reasons. Explanation of what the items affecting comparability mainly refer to are presented in Note 10 in the 
Annual report 2022. Humble has not adjusted for any items related to freight costs during 2023. The main adjustment item during the quarter 
was related to employee-related compensation and lock-in penalties of MSEK 11 (12). These expenses had no cash flow impact.   
 
NOTE 6 – FINANCIAL EXPENSES 
During the third quarter, Humble Group fullfilled the refinancing of exisitng bonds and credit facility by taking up new bank facilities. The 
refinancing is expected to decrease the interest cost, which will have a positive impact on the result and cash flow. The financial expense is 
affected by a onetime cost of MSEK -78 (0) related to the refinancing of the bonds. 
 
Last Twelve 
M onths Full year
Amount in MSEK
2023 2022 2023 2022 Oct 2022 - 
Sep 2023 2022
Acqusition related cost* 2                12                   6                28 17                39 
Revaluation of contingent considerations accounting** 0 - 116 -42 - 10 8 -45 - 111
Lock-in penalty from acquisition SPA** 11 12 35 60 47 7 2
Donations 0 0 1 4 0 3
R
estructuring 6 1 15 6 50 42
Other 7 13 14 20 -3 3
Total items affecting comparability 26 - 79 29 10 66 47
*2022 incl surplus value in inventory. **These items have no cash flow impact 
Third quarter Nine months
Last Twelve 
M onths Full year
Amount in MSEK
2023 2022 2023 2022 Oct 2022 - 
Sep 2023 2022
Interest expense related to financing -55 -49 - 175 - 116 -233 - 174
Unwinding of discounting effect - 15 -21 -56 -37 -80 -61
Interest expense on lease liabilities -2 -2 -7 -4 -8 -6
Exchange rate losses and revaluation effects -5 -2 -2 - 14 -5 - 17
Costs related to refinancing of bond - 78 0 - 78 0 - 78 0
Other interest expenses -4 -2 -8 - 11 -4 -7
Financial expenses - 15 9 - 76 -325 - 18 2 -408 -265
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  22 
NOTE 7 – NET INTEREST-BEARING DEBT
Humble Group's net interest-bearing debt as of September 30, 2023, is presented in table below. During 2023, Humble Group has carried out a 
directed share issue and raised MSEK 849 in cash net of transactional costs, of which MSEK 450 was used to amortize its revolving credit facility 
in June 2023.  
 
Humble Group received tax deferments of MSEK 260 during the second quarter. In accordance with IFRS Accounting principles, this has been 
recognized as other short-term liability. The tax deferment got extended one year from September 2023 with the possibility for extension for 
up to one additional year. 
 
 
Table below illustrates the leverage multiple adjusted for inclusion of earnout max cash payment, sale and leaseback, and tax deferral. Nine 
month Adjusted EBITDA Proforma amounted to MSEK 704. Net Interest-bearing debt in relation to last twelve months Adjusted EBITDA 
proforma amounts to 2,1x at the end of this reporting period. 
 
 
 
December, 31
Amount in MSEK 2023 2022 2022
Interest-bearing liabilities
Bond financing debt 0 18 19 1 826
Liability to credit institutions and property financing 1,6 75 741 668
Lease liabilities 178 16 2 15 0
Total interest-bearing liabilities 1 ,853 2,722 2,644
Cash and cash equivalents -397 -295 -338
Net Interest Bearing Debt (NIBD) 1 ,457 2,427 2,306
September, 30
Amount in MSEK
September, 30
LTM  Adj. 
EBITDA 
proforma
Leverage 
Multiple
Net Interest Bearing Debt (NIBD) 1 ,457 704 2 .1x
Earnout max cash payment (EO) 466
Proforma Properties Sale and leaseback (SLB)* -290 -23
Tax deferments 260
Net Interest Bearing Debt (NIBD) incl EO 1 ,923 704 2.7x
Net Interest Bearing Debt (NIBD) incl EO and SLB 1 ,633 681 2.4x
Net Interest Bearing Debt (NIBD) incl EO and tax deferral 2,1 83 704 3 .1x
Net Interest Bearing Debt (NIBD) incl EO, SLB and tax deferral 1 ,893 681 2.8x
*Estimated numbers for illustration, not yet finalized

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  23 
NOTE 8 – BUSINESS COMBINATIONS 
BUSINESS COMBINATIONS 2023 
 
Acquisitions during third quarter 
No new acquisition has been made during the third quarter of 
2023.  
During first quarter of 2023, the parent company acquired 100% 
of four subsidiaries. The subsidiaries have operations within 
distribution and manufacturing. Identified excess values are linked 
to Customer relationship and listing of 11 MSEK, Trademark and 
brands of 20 MSEK, and Deferred tax liability of 26 MSEK. 
Significant estimate: contingent consideration 
Two of the total acquisitions made during 2023 have an 
agreement of contingent considerations of total 32 MSEK. These 
considerations are due to payment within 0-3 years. The potential 
undiscounted amount payable under the agreements amount to 
52 MSEK for cumulative EBITDA. The fair value of the contingent 
consideration was 32 MSEK at the initial recognition and is 
estimated by calculating the present value of the future expected 
cash flows at the end of the accounting period. The estimates are 
based on a weighted average cost of capital as discount rate of 
11,02 %. 
Employment linked consideration 
No employment linked consideration is related to the acquisitions 
carried out during 2023.  
Revenue and profit contribution 
The acquisition of the subsidiaries contributed with net sales of 60 
MSEK to the Group for the period from the acquisition date to end 
of March 2023. The subsidiaries also contributed with an EBITDA 
of 2 MSEK during the same period. If the subsidiaries would have 
been consolidated from January 1, 2023, the Group's income 
statement would present additional net sales of 135 MSEK and 
EBITDA of 8 MSEK. 
 
 
 
Acquisition-related costs 
Acquisition-related costs of 6 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 V ertical 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
Total acquisition, amount in MSEK September, 30
Goodwill 0
Customer relationships and listings 11
Trademarks and brands 20
Other fixed assets 0
Total fixed assets 15 1
Inventory 39
Accounts receivable 27
Liquid funds 20
Other current receivables 0
Total current assets 93
Total asset 245
Deferred taxes 26
Other provisions 0
Total provisions 26
Total long term liabilities 19
Accounts payable 41
Other current liabilities 0
Total current liabilities 53
Total liabilities 98
Net assets 14 6
Cash 75
Share issue 40
Contingent consideration 32
Deferred payment 0
Total purchase price 14 6

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  24 
NOTE 9 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE 
The levels in the fair value hierarchy are defined as follows: 
Financial instrument level 1 
Quoted market prices (unadjusted) in active markets for identical 
assets or liabilities. 
Financial instrument level 2 
Observable data for the asset or liability other than quoted prices 
included in level 1, either directly (i.e. as price quotations) or 
indirectly (i.e. derived from price quotations). 
Financial instrument level 3 
When one or more of the significant inputs is not based on 
observable market data.  
 
The Group's financial assets measured at fair value through profit 
and loss consists of Other long-term securities, which are 
classified as level 1 in the fair value hierarchy. 
 
The Group's financial liabilities measured at fair value through 
profit and loss consists of Contingent consideration, which are 
classified as level 3 in the fair value hierarchy. 
 
There have been no transfers between fair value hierarchy levels 
during the reporting period. 
 
FAIR VALUE DISCLOSURE OF LONG TERM LOANS 
During the third quarter, Humble Group refinanced its bond 
obligations of 1 800 MSEK in total, and replaced this with two 
Term loans of total 1 350 MSEK and one revolving credit facility of 
total 300 MSEK.  
 
The new term loans are measured at amortised 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 recognised at fair value and have been 
discounted with 11 % discount rate. The duration to maturity is 
presented below. 
 
INPUT USED IN RECURRING LEVEL 3 FAIR VALUE 
MEASUREMENTS AND VALUATION TECHNIQUES 
The contingent considerations in the Group have been calculated 
based on the nominal value of the best estimate of the expected 
outcome on the date of the acquisition. The estimate is based on 
management's assessment of the probable amount to be paid 
given the terms of the share transfer agreement. The fair value of 
the contingent considerations has been calculated based on an 
interest rate corresponding to the remaining term until payment 
at each reporting date. During 2023, MSEK -48 (-37) in interest 
income was recognised as finance expenses regarding expenses 
related to contingent considerations.  
 
Estimated payments per year Nominal value F air value
2024 352 332
2025 18 2 15 3
2026 20 15
Total contingent considerations 554 500
Contingent consideration, amount in MSEK 2023 2022
Opening balance, Jan 1                 780 737
New acquisitions 32 250
Payments - 3 18 - 14 2
Revaluation -43 - 12 7
Interest expenses related to unwinding of discounting effect 48 37
Translation differences 2 18
Closing balance, September 30 500 773
September, 30

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2023  25 
DEFINITIONS AND CALCULATIONS ON KEY RATIO 
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Standards (IFRS) but are 
what the company management considers to be 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-September 2023 
Gross Profit  
Net sales less raw materials and consumables.  
Gross Profit is calculated as 5,114 – 3,599 = 1,515 MSEK. 
Gross Margin 
Gross Profit in relation to net sales.  
Gross Margin is calculated as 1,515 / 5,114 = 30 %. 
 
EBITDA  
Earnings before interest, tax, depreciation, amortisation, write-
down and depreciation and amortisation on acquisition-related 
surplus values.  
Adjusted EBITDA 
Earnings before interest, tax, depreciation, amortisation, write-
down, and amortisation on acquisition-related surplus values, 
adjusted for items affecting comparability. Adjusted EBITDA 
margin is Adjusted EBITDA in relation to net sales. 
Adjusted EBITDA is calculated as 475 + 29 = 503 MSEK.  
EBITA 
Earnings before interest, tax, amortisation, write-down, and 
amortisation on acquisition-related surplus values. EBITA-margin 
is EBITA in relation to net sales. 
Adjusted EBITA 
Earnings before interest, tax, amortisation, write-down, and 
amortisation on acquisition-related surplus values, adjusted for 
items affecting comparability. Adjusted EBITA margin is Adjusted 
EBITA in relation to net sales. 
Adjusted EBITA is calculated as 391 + 29 = 420 MSEK. 
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 is calculated as 252 + 29 = 281 MSEK. 
Net interest-bearing debt 
Total interest-bearing liabilities less cash and cash equivalents. 
Net interest-bearing debt is calculated as 1,853 – 397 = 1,457 
MSEK. 
Organic growth in net sales 
Change in net sales adjusted for exchange rate effect and net sales 
from acquired companies during the period.  
Organic growth in net sales is calculated as 410 / 3,194 = 13 %. 
Free cash flow 
The amount of cash remaining from operating activities after 
investing activities. 
Free cash flow is calculated as 802 – 460 = 342 
 
 
 
 
 
 
 
 
 
 
Glossary 
FMCG 
FMCG is an industry term and is short for Fast Moving Consumer 
Good. 
Contingent consideration 
Deferred purchase price payments that are contingent upon 
future performance of an acquired subsidiary. The consideration 
can be paid in both cash and shares and are presented to fair 
value based on management’s best estimate of the occurrence of 
future payments.

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

| THE BOARD OF DIRECTORS’ APPROVAL 
 
Humble Group AB Interim Report July - September 2023  26 
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 November 2, 2023 
 
 
 
  Dajana Mirborn    Ola Cronholm  
  Chairman of the Board 
 
 
 
  Henrik Patek   Pål Bruu 
 
 
 
 
  Sara Berger    
 
 
 
  Simon Petrén 
  Chief Executive Officer 
 
 
 
 
 
 
 
 
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 November 2, 2023, at the time specified by Humble Group's news distributor Cision at the 
time of publication of this press release.

===== SIDA 28 =====

| AUDITOR’S REPORT ON REVIEW OF INTERIM REPORT 
 
Humble Group AB Interim Report July - September 2023  27 
 
TO THE BOARD OF DIRECTORS OF HUMBLE GROUP AB,  
REG.NR. 556794-4794 
 
Introduction 
We have reviewed the condensed interim financial information (interim report) for Humble Group AB as of September 30, 2023 and the nine -
month period which ended on this date. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim 
report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based 
on our review. 
 
Scope of review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial 
Information Performed by the Independent Auditor of the Entity . A review of interim report consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope 
than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. 
The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matte rs that might 
be identified in an audit. Accordingly, we do not express an audit opinion. 
 
Conclusion  
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, 
in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the 
Parent Company. 
 
Stockholm November 2, 2023 
BDO Mälardalen AB 
 
 
Carl-Johan Kjellman     
Authorized Public Accountant

===== SIDA 29 =====

| CONTACT US  
 
Humble Group AB Interim report July – September 2023 
Company Registration Number 556794-4797 
Headquarters 
Ingemar Bergmans gata 2 
114 34 Stockholm 
info@humblegroup.se 
www.humblegroup.se 
+4608 613 28 88 
 
 
 
 
 
Johan Lennartsson  
Chief Financial Officer 
johan.lennartsson@humblegroup.se 
 
Simon Petrén  
Chief Executive Officer 
simon.petren@humblegroup.se 
 
Noel Abdayem  
Vice President & COO Brands 
noel.abdayem@humblegroup.se 
 
Marcus Stenkil  
Head of Merger & Acquisitions 
marcus.stenkil@humblegroup.se 
 
Kristoffer Zinn 
Head of analytics 
kristoffer.zinn@humblegroup.se