Kvartalsrapport Q3 2024

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INTERIM REPORT INTERIM REPORT INTERIM REPORT INTERIM REPORT    
JUL JUL JUL JULYY YY    –– ––    SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER    202 202 202 20244 44

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INTERIM REPORT 
JULY – SEPTEMBER 2024 
 
Humble Group AB Interim Report July - September 2024    
Stockholm, Oct 31, 2024 
 
 
HIGH DEMAND AND IMPROVED PROFITABILITY 
Financial information  
Third quarter  
 Net sales amounted to MSEK 1,978 (1,811), an increase 
with 9% compared to the corresponding period last 
year. The organic growth for the period was 10%. 
 EBITA amounted to MSEK 146 (132). 
 EBIT amounted to MSEK 96 (85). 
 Adjusted EBITA amounted to MSEK 154 (139), an 
increase with 11% compared to the corresponding 
period last year. 
 Cash flow from operating activities amounted to MSEK 
142 (175). 
 Profit and loss after tax amounted to MSEK 27 (-91). 
 Earnings per share before and after dilution amounted 
to SEK 0.06 (-0.20). 
Nine months 
 Net sales amounted to MSEK 5,678 (5,114), an increase 
with 11% compared to the corresponding period last 
year. The organic growth for the period was 11%. 
 EBITA amounted to MSEK 418 (391). 
 EBIT amounted to MSEK 271 (252). 
 Adjusted EBITA amounted to MSEK 422 (361), an 
increase with 17% compared to the corresponding 
period last year. 
 Cash flow from operating activities amounted to MSEK 
153 (802). 
 Profit and loss after tax amounted to MSEK 82 (-95). 
 Earnings per share before and after dilution amounted 
to SEK 0.18 (-0.27). 
Significant events
During the third quarter 
 The Board of Directors of Humble Group decide to 
adopt new financial targets. The new targets aim to 
reflect the Company's objective regarding growth and 
profitability and to reflect the Company's medium-
term business plan. See more on page 9.  
 On September 27th, Humble Group changed list from 
First North to Nasdaq Stockholm Main market. 
After the quarter 
 No significant event has occurred after the quarter. 
 
 
 
Financial overview 
 
Last Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023Net sales1,978 1,811 5,678 5,114 7,614 7,050Gross profit608 529 1,759 1,5152,374 2,129Gross margin31% 29% 31% 30% 31% 30%EBITDA177 161500 475 685 659Adjusted EBITDA185 168504 445 676 617EBITA146 132418 391 574 547Adjusted EBITA154 139422 361 566 505EBIT96 85271 252 337 318Adjusted EBIT104 91275 222 329 276Cash flow from operating activities142 175153 802 439 1,088Earnings per share before dilution (SEK) 0.06 -0.20 0.18 -0.27 0.17 -0.28See page 24 f or def inition and calculation of  key  ratios and Alternativ e Perf ormance Measures (APM)
Nine monthsThird quarter

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| COMMENTS FROM THE CEO 
 
2 
 
HIGH DEMAND AND IMPROVED 
PROFITABILITY
During the third quarter of the year, we delivered a good result, 
where net sales increased to MSEK 1,978 (1,811) and organic 
growth amounted to 10.3 percent. Adjusted EBITA amounted to 
MSEK 154 (139), corresponding to Adjusted EBITA margin of 7.8 
percent. At the consumer level, demand for our products 
remains high and we see a continuous influx of new distribution 
agreements, not least with the largest chains. We are now 
entering our most seasonally intensive quarter while we are 
fully focused on executing the initiatives that are driven within 
our respective business areas. 
Eventful quarter 
The third quarter was characterized by high intensity. In August, 
new financial targets were presented. Shortly afterwards, we held 
our first capital markets day with the purpose of giving the market 
a clearer insight into our existing operations and our strategy for 
continued value creation. In addition, we have completed a 
successful listing change to Nasdaq Stockholm's main market, 
which marks an important quality step in Humble's continued 
development. 
 
The international expansion is going according to plan with several 
new product launches. A diaper series in a new price segment 
from Naty has been launched in the USA and an international 
rollout of Pändy and True Co is currently taking place in several 
European markets. It is also pleasing that the construction of the 
beverage line in Habo is now completed for full-scale production. 
The first production series is planned for the fourth quarter and the 
intention is to scale the production rate towards a full shift over 
time. Privab has entered into a strategic cooperation agreement 
with Hemmakväll, a leading player in the confectionery and snack 
trade in Sweden with 69 stores. The collaboration begins at the 
turn of the year and strengthens our position as an attractive 
partner for distribution of snacks, drinks and confectionery. 
Previous efforts in Australia are now bearing fruit and we see a 
positive development from the factory acquisition of a bar 
producer and the associated launch of Body Science Soft Bars. 
The reception of our protein bars has exceeded expectations and 
the product range has quickly become the leader in the bar 
category in Australia. 
 
Operationally, we continue to see high demand from our 
customers. The response from the larger retail chains is positive 
and we have confirmed several new launches of products and 
brands for 2025. The consolidation work is progressing well and 
we have started a number of additional structural integrations and 
consolidations, with the purpose of streamlining central functions 
and achieving scalability in purchasing and sales. 
 
Strong cash generation and increased gross profit 
Organic growth increased compared to the first half of the year, 
where the Quality Nutrition business segment stood out with an 
increase of 18 percent, as a result of strong development in 
Sweden and Australia. The organic growth of 7 percent in Future 
Snacking was not satisfactory, which was negatively affected by 
terminated external distribution agreements in FCB of MSEK -7 
and certain limitations in capacity. The brands in the segment 
continue to perform strongly and the work to strengthen 
production capacity continues, where we have a good outlook for 
the segment as a whole going forward. The sales increase for the 
group is primarily volume-driven and we see a continued 
slowdown in the historical price increases that dominated the 
market last year. 
 
The profitability developed in the right direction, with an adjusted 
EBITA that amounted to MSEK 154 (139), a total increase 
corresponding to 11 percent, and taking into account the sale of the 
properties, the organic increase was 14 percent. 
 
The gross margin for the quarter showed an improvement 
compared to previous year and increased to 31 percent (29), which 
contributed to an increase in gross profit of 15 percent. The 
improved margin is a result of our work to gradually implement 
central margin-improving initiatives as well as a good 
management of the dynamics of pricing vis-à-vis customers and 
purchases. The good demand and margin improvements are 
pleasing to see, not least in light of the volatile freight and raw 
materials market as well as continued uncertainty in the consumer 
market. 
 
The quarter delivered a strong cash flow of MSEK 142 after 
changes in working capital, despite an increased inventory tie-up 
of MSEK -47 ahead of October and November, which have 
historically been the highest sales months. Seasonally, we expect 
to be able to release additional working capital during the fourth 
quarter, which will have a positive effect on our cash flow. Our 
balance sheet continues to strengthen and we are following the 
previously communicated plan to reduce leverage towards our 
financial target of <2.5x. 
 
Outlook 
The fourth quarter is Humble's most important quarter in terms of 
sales. The quarter has had a positive start, at the same time we are 
facing strong comparative figures against the previous year 
regarding net sales. We see good opportunities to continue 
growing the business with strengthened profitability and at the 
same time ensure the best possible conditions for 2025, with the 
aim of continued profitability improvement, development of our 
platform and establishment in existing and new markets. I am 
convinced that our position, combined with the strategic initiatives 
that have begun, gives us all the conditions to continue creating 
value for our shareholders. 
 
Simon Petrén  
CEO Humble Group 
Stockholm, October 31st, 2024
Humble Group is a leading FMCG Group  
 comprising 47+ entrepreneurial driven entities, with 
focus on health and well-being in a sustainable way

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| FINANCIAL DEVELOPMENT 
Humble Group AB Interim Report July - September 2024 3
HUMBLE GROUP’S FINANCIAL DEVELOPMENT 
THIRD QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to MSEK 1,978 (1,811), 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 10% and currency 
impact was -1%.  
Gross margin 
The gross profit amount to MSEK 608 (529), resulting in a 
gross margin of 30,7%, an increase of 1.5 percentage point 
compared to the corresponding period last year. 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to MSEK 
-250 (-203), which corresponded to 13% (11) of net sales. Costs
related to the list change amount to -5 (-2) for the period.
Personnel expenses 
Personnel expenses for the quarter amounted to MSEK -195  
(-187), which corresponded to 10% (10) of net sales. Personnel 
expenses were negatively impacted by consideration linked to 
employment (stay-on-bonus and lock-in penalties) of MSEK  
-6 (-11), see Note 6 Items affecting comparability.
Depreciation and amortization 
Total depreciation and amortization for the quarter amounted 
to MSEK -81 (-77), which corresponded to a change of 6% 
compared with the corresponding period last year. 
Depreciation of right-of-use assets amounted to MSEK -19  
(-17) for the quarter. Amortization of assets related to 
acquisitions, of which a vast majority related to customer 
relations, amounted to MSEK -38 (-37). 
Financial expenses  
Financial expenses for the period amounted to MSEK -57  
(-159). During the third quarter 2023, Humble recognised costs 
related to the refinancing of MSEK -78. Interest expense related 
to unwinding of discounting effect of contingent considerations 
and other liabilities presented at fair value amounted to MSEK 
-4 (-15). Such interest expense has no cash effect in the
quarterly result. For more details of the financial expenses,
please refer to Note 7 Financial expenses.
RESULTS 
EBITA 
EBITA for the quarter amounted to MSEK 146 (132), a change 
of MSEK 13 compared with the corresponding period last year. 
The impact of the revaluation of earn out amount to MSEK 15 
(1). Adjusted EBITA amounted to MSEK 154 (139), which 
corresponded to a change of MSEK 15, an 11% increase for the 
period. For more details on adjusted items, please refer to Note 
6 Items affecting comparability. 
EBIT 
EBIT for the quarter amounted to MSEK 96 (85), which 
corresponded to a change of MSEK 11 compared with the 
corresponding period last year. Adjusted EBIT amounted to 
MSEK 104 (91), which corresponded to a change of MSEK 13, 
an increase of 14% for the period.  
Other comprehensive income 
The negative translation difference of for the third quarter is 
attributable to the weakening of the Swedish krona against 
GBP. 
FINANCIAL POSITION AND CASH FLOW 
Cash flow  
Cash flow from operating activities amounted to MSEK 142 
(175). Cash flow from operations was positively impacted by 
net working capital increase, mainly in short term liabilities of 
MSEK 75 (-26). Cash flow from financing activities amounted to 
MSEK -83 (-484). The Group amortized MSEK -168 during the 
third quarter. 
Financial position 
Interest-bearing liabilities amount to MSEK 2,006 compared 
with MSEK 1,819 (including loan directly associated with assets 
classified as held for sale) at year end 2023. Net debt including 
earnout/Adjusted EBITDA was 2.9x compared with 3.3x on 31 
December 2023. 
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. The capitalised work on own 
account amounted to MSEK 2 (21) for the third quarter. For 
more information, see Note 2 Significant accounting estimates 
and judgements and Note 6 Items affecting comparability

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| FINANCIAL DEVELOPMENT 
 
Humble Group AB Interim Report July - September 2024  4  
NINE MONTHS 
REVENUES 
Net sales 
Net sales for the first nine months amounted to MSEK 5,678 
(5,114), an increase of 11% compared to the corresponding 
period last year. The change is attributable organic growth for 
the wholly owned subsidiaries in both periods. 
 
Gross margin 
The gross profit amount to MSEK 1,759 (1,515), resulting in a 
gross margin of 31,0%, an increase of 1.4 percentage point 
compared to the corresponding period last year. 
 
EXPENSES 
Other external expenses 
Other external expenses for the first nine months amounted to 
MSEK -716 (-601), which corresponded to 13% (12) of net sales. 
Costs related to the list change amount to -10 (-3) for the 
period. 
 
Personnel expenses 
Personnel expenses for the first nine months amounted to 
MSEK -604 (-568), which corresponded to 11% (11) of net sales. 
Personnel expenses were negatively impacted by 
consideration linked to employment (stay-on-bonus and lock-
in penalties) of MSEK -20 (-35), see Note 6 Items affecting 
comparability. 
 
Depreciation and amortization 
Total depreciation and amortization for the first nine months 
amounted to MSEK -229 (-223), which corresponded to a 
change of 3% compared with the corresponding period last 
year. Depreciation of right-of-use assets amounted to MSEK  
-56 (-47) for the period. Amortization of assets related to 
acquisitions, of which a vast majority related to customer 
relations, amounted to MSEK -113 (-110).  
 
Financial expenses  
Financial expenses for the first nine months amounted to 
MSEK -181 (-325). During the third quarter 2023, Humble 
recognised costs related to the refinancing of MSEK -78. 
Interest expense related to unwinding of discounting effect of 
contingent considerations and other liabilities presented at fair 
value amounted to MSEK -27 (-56). Such interest expense has 
no cash effect in the result for the period. For more details, 
please refer to Note 7 Financial expenses. 
 
RESULTS 
EBITA 
EBITA for the first nine months amounted to MSEK 418 (391), 
which corresponded to a change of MSEK 27 compared with 
the corresponding period last year. The impact of the 
revaluation of earn out amount to MSEK 59 (42). Adjusted 
EBITA amounted to MSEK 422 (361), which corresponded to a 
change of MSEK 61, an increase of 17% for the period. For more 
details, please refer to Note 6 Items affecting comparability. 
 
EBIT 
EBIT for the first nine months amounted to MSEK 271 (252), 
which corresponded to a change of MSEK 20 compared with 
the corresponding period last year. Adjusted EBIT amounted to 
MSEK 275 (222), which corresponded to a change of MSEK 53, 
an increase of 24% for the period.  
 
Other comprehensive income 
The positive translation difference for the first nine month is 
attributable to the weakening of the Swedish krona against 
GBP and EUR. 
 
FINANCIAL POSITION AND CASH FLOW 
Cash flow 
Cash flow from operating activities amounted to MSEK 153 
(802). The change between the periods is mainly explained by 
a net working capital increase, mainly in inventory, of MSEK  
-246 (-17). In Q2 2023, the Group received tax deferrals of 
MSEK 260 which had a positive impact on the cash flow from 
operating activities last year. During the third quarter, Humble 
was granted an instalment plan of 36 months for these tax 
deferrals, starting in February 2025. Cash flow from financing 
activities amounted to MSEK -54 (-294). During the second 
quarter 2023, the Group completed a refinancing of the bond 
financing which explain the main differences between the two 
periods. The Group amortized MSEK -346 during the first nine 
months and the cash flow impact from paid contingent 
consideration amounted to MSEK -295. 
 
Financial position 
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. Interest-
bearing liabilities amount to MSEK 2,006 compared with MSEK 
1,819 at year end 2023. Net debt including earnout/Adjusted 
EBITDA was 2.9x compared with 3.3x on 31 December 2023. 
 
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. The capitalised work on own 
account amounted to MSEK 5 (62) for the first nine months. 
For more information, see Note 2 Significant accounting 
estimates and judgements and Note 6 Items affecting 
comparability

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| SEGMENT INFORMATION 
Humble Group AB Interim Report July - September 2024  5  
 
SEGMENT REPORT - FUTURE SNACKING 
SEGMENT OVERVIEW 
During the quarter, we have maintained focus on growth 
enablers for our brands and to resolve capacity constraints in 
the Future Snacking segment. The underlying growth was 
double digit but where the total growth was negatively 
impacted by structural changes in FCB and divestment of Bayn 
Production. The profitability was significantly increased by 
improved gross margin and maintained cost control. The 
brands are performing well and we have continued our work to 
optimize the manufacturing sites, where we have started to see 
some effect increased efficiency.  
 
True Dates has quickly gained a positie customer reception 
across multiple markets, with new flavours and listings being 
added. We expect continued growth, supported by investments 
in expanded in-house production and warehousing to meet 
rising demand. 
 
Pändy continues to exceed expectations, achieving strong 
growth in the Nordics and expanding into new markets, 
becoming the #1 packed confectionery in Norway. In line with 
our innovation strategy, Pändy's release of Cola Dummies has 
swiftly positioned it as a category leader in Sweden. 
 
First Class Brands noticed a weaker sales development for the 
quarter due to structural changes where external and 
unfavourable distribution contracts have been terminated. This 
change affected the segment's overall growth in the quarter 
negatively by MSEK -7 for the quarter and MSEK -35 year to 
date. 
The reason for terminating the contracts is to increase the 
underlying profitability of the long-term and an important step 
in building a foundation for our internal platform. 
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
during the quarter comprise, among others:  
 During the quarter, we prepared to increase capacity 
at Grahns and Franssons by adding shifts to selected 
production lines to meet growing customer demand. 
 True Co, with its True Dates product, has secured 
listings in both existing and new markets, while 
continually expanding its range with new flavours. 
 Pändy shows strong growth in several markets, 
sustaining a leading position within packed sugar-
reduced candy. 
 Lev has expanded its production facility which will 
add several new capabilities such as protein bars and 
wafers. 
SALES AND PROFITABILITY 
Net sales increased by 4% and amounted to MSEK 239 (230) 
for the quarter. The net sales growth in the quarter were 
negatively impacted by MSEK -4 from the divestment of Bayn 
Production AB. Adjusted EBITDA for the quarter amounted to 
MSEK 40 (24), with an Adjusted EBITDA margin of 17% (11). 
Companies included in the segment can be found in Note 31 in 
the Annual report 2023 and 2022.

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

| SEGMENT INFORMATION 
Humble Group AB Interim Report July - September 2024  6  
 
SEGMENT REPORT - SUSTAINABLE CARE 
SEGMENT OVERVIEW 
During the quarter, we have made progress with several 
strategic advancements in our key companies for the 
Sustainable Care segment. The growth was in mid-single digits 
and the profitability slightly less, due to increased freight costs 
and extraordinary tough comparables to last year. Solent 
continues to deliver solid results with sustained growth and 
profitability.  
 
We continue to drive innovation in the segment with the 
successful U.S. launch of Naty Bamboo diapers and the 
"Babblarna" co-branded products. Naty remains a product 
quality leader in the segment, pushing boundaries for future 
growth. The "Babblarna" initiative has already sparked positive 
market interest, with secured listings for 2025 and are soon to 
launch new several new product lines.  
 
Humble Co. has solidified its organization and returned to 
profitability and growth, particularly in the U.S., where the 
momentum is fuelling several NPD initiatives with significant 
market interest. 
 
Additionally, several of our companies are expanding their 
focus on Private Label, and we expect further growth in this 
area. Overall, this quarter reflects our dedication to innovation 
and the ambition to continue expanding our business in key 
markets. 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
during the quarter comprise, among others: 
 Naty has successfully launched a Bamboo based 
diapers in the US. 
 The "Babblarna" initiative has been introduced, 
generating strong market interest and several listings 
secured for next year. 
 Solent is continuing to perform with solid top-line 
growth and profitability margin. 
SALES AND PROFITABILITY 
Net sales increased with 6% and amounted to MSEK 647 (608) 
for the quarter. Adjusted EBITDA for the quarter amounted to 
MSEK 80 (94), with an Adjusted EBITDA margin of 12% (15). 
Companies included in the segment can be found in Note 31 in 
the Annual report 2023 and 2022. 
 
  
SUSTAINABLE CAREMSEK2024 2023 2024 2023Gross sales651 611 1,740 1,596Intra-group sales-5 -3 -17 -11Net sales647 608 1,723 1,585Raw material and consumables -417 -388 -1,097 -1,024Gross profit 229 220 627 561Gross margin 35% 36% 36% 35%EBITDA91 88 230 246Items affecting comparability-11 6 -4 -45Adjusted EBITDA80 94 227 202Adjusted EBITDA margin12% 15% 13% 13%EBITA86 81 216 226Adjusted EBITA75 87 212 181Adjusted EBITA margin12% 14% 12% 11%EBIT 60 53 140 146Adjusted EBIT50 59 136 102Adjusted EBIT margin8% 10% 8% 6%See page 24 f or def inition and calculation of  key  ratios and Alternativ e Perf ormance Measures (APM)
Third quarter Nine months

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| SEGMENT INFORMATION 
Humble Group AB Interim Report July - September 2024  7  
 
SEGMENT REPORT - QUALITY NUTRITION 
SEGMENT OVERVIEW 
The third quarter for Quality Nutrition- segment had strong 
double digit-growth and with improved profitability. Following 
our strategic investments in brand and marketing throughout 
the year, Body Science is surpassing it’s growth targets, with 
new listings secured in Australia and launch of a successful 
collaboration with Chupa Chups nationwide.  
 
Bars Production continues to experience a significant demand, 
leading to an upscaling of production. New production lines 
and efficiency improvements have been implemented, with 
further enhancements planned to ensure long-term capacity 
and growth. 
 
The technical installations for the new drink line in Habo have 
been successfully finalized, and we are now entering the 
startup phase for production. This marks an important 
milestone as we prepare to bring the new line fully up and 
running. 
 
A new colonial division, Amazing Foods, has been established 
separately from Ewalco. The division will focus on dried fruits, 
nuts, and a range of snack solutions, catering to the growing 
demand for these products. 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
during the quarter comprise, among others: 
 Body Science is surpassing growth targets, securing 
new listings in Australia, and launch of a collaboration 
with Chupa Chups products nationwide. 
 The installation of the new drink line in Habo has 
been completed, with the starting of the production 
initiated. First customer orders expected during the 
fourth quarter. 
 Now colonial division moved, which will lead to extra 
capacity freed up at Ewalco. 
SALES AND PROFITABILITY 
Net sales increased with 17% and amounted to MSEK 387 
(332) for the quarter. Adjusted EBITDA for the quarter 
amounted to MSEK 42 (31), with an Adjusted EBITDA margin 
of 11% (9). Companies included in the segment can be found in 
Note 31 in the Annual report 2023 and 2022. 
 
 
QUALITY NUTRITIONMSEK2024 2023 2024 2023Gross sales403 341 1,195 1,058Intra-group sales-16 -9 -43 -27Net sales387 332 1,153 1,031Raw material and consumables -269 -243 -798 -752Gross profit 118 89 355 279Gross margin 30% 27% 31% 27%EBITDA39 33 112 131Items affecting comparability3 -3 -5 -27Adjusted EBITDA42 31 107 104Adjusted EBITDA margin11% 9% 9% 10%EBITA32 27 93 114Adjusted EBITA35 25 88 87Adjusted EBITA margin9% 7% 8% 8%EBIT 25 21 72 93Adjusted EBIT28 18 67 66Adjusted EBIT margin7% 5% 6% 6%See page 24 f or def inition and calculation of  key  ratios and Alternativ e Perf ormance Measures (APM)
Third quarter Nine months

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

| SEGMENT INFORMATION 
Humble Group AB Interim Report July - September 2024  8  
 
SEGMENT REPORT - NORDIC DISTRIBUTION 
SEGMENT OVERVIEW 
Nordic Distribution has seen a positive development during the 
third quarter, with double-digit growth and improved margins. 
By optimizing our warehouse and distribution operations, we 
have enhanced our strategic capabilities and also secured a 
long-term contract with Hemmakväll, a Swedish snacks and 
confectionery retailer with 69 stores. 
 
The consolidation of individual Privab entities have continued 
to realize supply chain synergies. In addition, this will enable 
cost efficient improvements of the digital offering. While this 
integration has affected short-term profitability, it is expected to 
enhance long-term operational efficiency. 
 
GSD have successfully launched new products, among others 
Hell Ice Coffee and Hell Energy which are performing well in 
the market. 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
during the quarter comprise, among others: 
 Privab has signed a strategic partnership with 
Hemmakväll to supply candy and snacks to their 69 
stores starting Jan 1st, 2025. 
 GSD launched new products Selected by Josefine 
Quist which has been received well. 
 Vitalkost continue with a successful core offering and 
has launched TrueDates which has performed above 
our expectations.  
SALES AND PROFITABILITY 
Net sales increased with 10% and amounted to MSEK 705 
(640) for the quarter. Adjusted EBITDA for the quarter 
amounted to MSEK 39 (31), with an Adjusted EBITDA margin 
of 6% (5). Companies included in the segment can be found in 
Note 31 in the Annual report 2023 and 2022. 
 
 
 
NORDIC DISTRIBUTIONMSEK2024 2023 2024 2023Gross sales713 650 2,101 1,826Intra-group sales-8 -10 -25 -31Net sales705 640 2,076 1,795Raw material and consumables -554 -513 -1,625 -1,418Gross profit 151 128 451 377Gross margin 21% 20% 22% 21%EBITDA38 29 90 78Items affecting comparability1 1 8 10Adjusted EBITDA39 31 98 88Adjusted EBITDA margin6% 5% 5% 5%EBITA31 22 70 59Adjusted EBITA32 23 78 69Adjusted EBITA margin5% 4% 4% 4%EBIT 24 17 51 44Adjusted EBIT25 18 60 54Adjusted EBIT margin4% 3% 3% 3%See page 24 f or def inition and calculation of  key  ratios and Alternativ e Perf ormance Measures (APM)
Third quarter Nine months

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

| OTHER INFORMATION 
 
Humble Group AB Interim Report July - September 2024  9  
OTHER INFORMATION 
 
ABOUT HUMBLE GROUP 
Humble Group is a leading FMCG Group with a focus on 
health and well-being. The Group comprises 47 operating 
entities at the day of this report. In August 2024, Humble Group 
presented new financial targets.  
 
The medium-term financial targets:  
 Growth target – Average net sales growth of at least 
15 percent per year, primarily driven by organic 
growth. 
 Profitability target – EBIT margin of at least 10 
percent. 
 Capital structure – Net debt in relation to EBITDA 
must not exceed 2.5x. However, the company may, 
under special circumstances, choose to exceed this 
level for shorter periods in connection with 
acquisitions. 
 Humble’s dividend policy is that the surplus must be 
distributed to shareholders when free cash flow 
exceeds available investments in profitable growth. 
Dividends to shareholders require that the capital 
structure target is met. 
 
Read more about the Group and its composition on 
www.humblegroup.se 
 
STAFF AND NUMBER OF EMPLOYEES 
On Group level 
The average number of employees in the Group for the period 
was 1,139 (1,102). The proportion of women in the Group for the 
full year was 44% (47).  
 
Parent company 
The average number of employees in the Parent Company 
during the period was 19 (18), with 26% (21) 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. The 
financial effect is considered not material for the Group. 
 
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 third 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 
The year-end report for the period October-December 2024 
will be published on February 19th, 2024.  
 
The Annual and Sustainability report 2024 will be published on 
April 9th, 2025. 
 
The Annual General meeting with be held on May 21st 2025.  
 
For financial reports and calendar, see more detailed 
information on our website www.humblegroup.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 July - September 2024  10  
THE SHARE  
 
THE SHARE 
The Group’s share with ticker HUMBLE is listed on Nasdaq 
Stockholm main market since 27th of September 2024. The 
share was previously traded on Nasdaq First North Growth 
Market since 12th of November 2014. 
 
NUMBER OF SHARES  
At the end of the reporting period, the total number of shares at 
full dilution amounts to 446,575,533 (443,544,543), which 
entitles to one vote each. All shares are of the same share 
class. The number of outstanding warrants amounted to 
12,500,000 (7,420,000). For the period July - September 2024, 
the average number of shares before dilution and average 
number of shares after dilution amounted to 446,575,533 and 
459,708,651 respectively. 
 
TRADE IN THE SHARE  
Third quarter 
The total liquidity in the share during the quarter amounted to 
MSEK 634 (502). The number of transactions for the same 
period amounted to 38,266 (46,289). The average volume per 
transaction amounted to SEK 16,579 (10,845). The average 
volume per trading day amounted to MSEK 10 (8). 
 
LARGEST SHAREHOLDERS 
The ten largest shareholders per September 30th, 2024, are 
listed below:  
 
DATA PER SHARE 
An overview of share development, turnover and result per share is presented below.  
 
 
Owner Shares VotesNeudi & C:o AB 46,435,778 10.40%Håkan Roos (RoosGruppen AB) 46,134,786 10.33%Noel Abdayem (NCPA Capital AB) 28,000,674 6.27%Capital Group 27,238,715 6.10%Alta Fox Capital 26,021,235 5.83%Creades AB 18,136,470 4.06%Nordnet Pensionsförsäkring 14,447,272 3.24%DNB Asset Management SA 14,066,668 3.15%Thomas Petrén (Seved Invest AB) 12,570,000 2.81%DNB Asset Management AS 12,896,095 2.89%Total top 10245,947,693 55.07%Other shareholders 200,627,840 44.93%Total number of shares446,575,533 100%Full year2024 2023 2024 2023 2023Low price (SEK) 8.58 5.94 8.58 5.94 5.94High price (SEK) 13.70 9.80 13.70 11.45 11.69Closing price previous period (SEK) 10.05 6.55 11.38 9.77 9.77Closing price current period (SEK) 12.80 9.10 12.80 9.10 11.38Share price development during period (%) 27% 39% 12% -7% 16%Trading volume in the share (MSEK) 634 502 1,285 1,409 1,748Number of transactions in the share 38,266 46,289 106,597 145,829 181,662Average volume per trading day (MSEK) 10 8 7 7 7Average volume per transaction (SEK) 16,579 10,845 12,056 9,662 9,621Number of shareholders* 18,436 22,411 18,436 22,411 20,670Number of shares outstanding* 446,575,533 443,544,543 446,575,533 443,544,543 443,544,543Average number of shares before dilution 446,575,533 443,259,358 444,627,821 355,056,976 377,360,692Average number of shares after dilution 459,708,651 450,679,358 454,854,030 360,389,431 383,219,322Net sales per share (SEK)** 4.43 4.09 12.77 14.40 18.68Adjusted EBITDA per share (SEK)** 0.41 0.38 1.13 1.25 1.75Adjusted EBITA per share (SEK)** 0.34 0.31 0.95 1.02 1.34Adjusted EBIT per share (SEK)** 0.23 0.21 0.62 0.62 0.73EBIT per share (SEK)** 0.21 0.19 0.61 0.71 0.84Earnings per share after dilution (SEK) 0.06 -0.20 0.18 -0.27 -0.28
See page 24 f or def inition and calculation of  key  ratios and Alternativ e Perf ormance Measures (APM)
*End of  period, **Bef ore dilution
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  11  
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
Last Twelve MonthsFull yearMSEK Note2024 2023 2024 2023Oct 2023 - Sep 20242023Net sales41,978 1,811 5,678 5,114 7,614 7,050Capitalized work on own account 2 21 5 62 27 83Other operating income 5 23 29 103 178 186 262Raw materials and consumables-1,370 -1,282 -3,918 -3,599-5,240 -4,921Other external expenses-250 -203 -716 -601-966 -851Personnel expenses-195 -187 -604 -568-826 -790Other operating expenses 5-11 -27 -47 -111-111 -174EBITDA6177 161 500 475 685 659Depreciation of tangible fixed assets -12 -12 -26 -36 -37 -47Depreciation of right-of-use assets -19 -17 -56 -47 -73 -64EBITA6146 132 418 391 574 547Amortization of intangible fixed assets -12 -11 -34 -30 -88 -83Amortization of assets related to acquisitions -38 -37 -113 -110 -149 -146EBIT696 85 271 252 337 318Profit from shares in associated companies and joint ventures0 1 0 0 1 1Financial income 2 0 20 7 26 13Financial expenses7-57 -159 -181 -325 -248 -393
 PROFIT AND LOSS AFTER FINANCIAL ITEMS 41 -74 110 -67 116 -61Income tax-14 -17 -29 -28 -45 -45PROFIT AND LOSS AFTER TAX 27 -91 82 -95 71 -106Profit and loss is attributable to:Owners of the Parent Company27 -91 82 -95 71 -106Non-controlling interest0 0 0 0 0 027 -91 82 -95 71 -106Other comprehensive incomeItems that may be reclassified to profit or loss:Exchange differences in translation of foreign operations-2 -98 129 130 5 6COMPREHENSIVE INCOME FOR PERIOD 25 -189 211 35 76 -100The comprehensive income for the period is attributable to:Owners of the Parent Company25 -189 211 35 76 -100Non-controlling interest0 0 0 0 0 025 -189 211 35 76 -100Earnings per share before dilution 0.06 -0.20 0.18 -0.27 0.17 -0.28Earnings per share after dilution 0.06 -0.20 0.18 -0.27 0.17 -0.28
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  12  
GROUP BALANCE SHEET - IN SUMMARY 
 
December, 31
MSEK Note 2024 2023 2023
ASSETS
Non-currenct assets
Intangible assets 5,999 6,136 6,013
Tangible fixed assets 185 185 191
Financial assets 75 70 99
Right-of-use assets 379 173 299
Deferred tax assets 30 27 29
Total non-current assets 6,668 6,592 6,631
Current assets
Inventory* 1,190 999 940
Accounts receivables 604 580 561
Other short-term receivables* 312 259 254
Cash and cash equivalents 262 397 401
2,369 2,235 2,157
Assets classified as held for sale 5 0 216 129
Total current assets 2,369 2,451 2,287
TOTAL ASSETS 9,037 9,042 8,918
EQUITY AND LIABILITIES
Equity
Attributable to Parent Company's shareholder 5,110 5,000 4,869
Non-controlling interest 0 0 0
Total shareholders' equity 5,110 5,000 4,869
Long-term liabilities
Interest-bearing liabilities 8 1,128 1,259 1,197
Contingent considerations 10 15 168 165
Long-term lease liabilities 332 123 258
Deferred tax liabilities 448 501 474
Provisions 9 33 17
Other long-term liabilities** 180 15 18
Total long-term liabilities 2,112 2,099 2,129
Short-term liabilities
Interest-bearing liabilities 8 472 416 253
Contingent considerations 10 131 332 336
Current lease liabilities 74 55 67
Accounts payable 736 629 652
Other short-term liabilities** 403 512 568
1,815 1,944 1,876
Liabilities directly associated with assets classified as held for sale 5 0 0 43
Total short-term liabilities 1,815 1,944 1,919
TOTAL EQUITY AND LIABILITIES 9,037 9,042 8,918
September, 30
*Adv ances to suppliers has been reclassif ied f rom inv entory  to other short-term receiv ables. The adjustment amount to MSEK 52 f or September 2023 and MSEK 43 
f or December 2023. **During the third quarter, the Group hav e been granted installment plans f or its tax def errals of  MSEK 252, which will be paid during coming 
three y ears. As such, MSEK 168 hav e been reclassif ied f rom Other short term liabilities to Other long term liabilities in the third quarter 2024.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  13  
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– THIRD QUARTER 
 
MSEKShare capitalOther equity contributedTranslation reserveRetained earningsTotalNon-controlling interestTotal shareholders equityOpening balance July 1, 2023 97 5,011 405 -341 5,171 0 5,171Net income for period -91 -91-91Other comprehensive income -98 -98 -98Total comprehensive income-98 -91 -189 -189Transaction with owners in their capacity as owners:Share issue1 181818Transaction costs-1-1-1Realisation loss from share buyback0 00Warrants program 1 1 1Total transaction with owners in their capacity as owners1 18 18 18Ending balance September 30, 2023 98 5,028 307 -432 5,000 0 5,000Opening balance July 1, 2024 98 5,057 314 -384 5,085 0 5,085Net income for period27 27 0 27Other comprehensive income-2-2 -2Total comprehensive income-2 27 25 0 25Transaction with owners in their capacity as owners:Share issue0 0 0Warrants program 1 1 1Aquistion of non-controlling interest 0Total transaction with owners in their capacity as owners0 1 0 0 1 0 1Ending balance September 30, 2024 98 5,057 312 -357 5,110 0 5,110
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  14  
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– NINE MONTHS 
 
MSEKShare capitalOther equity contributedTranslation reserveRetained earningsTotalNon-controlling interestTotal shareholders equityOpening balance January 1, 2023 66 4,131 177 -338 4,036 0 4,036Net income for period-95 -95 -95Other comprehensive income 130 130 130Total comprehensive income130 -95 35 35Transaction with owners in their capacity as owners:Share issue31 927 958 958Transaction costs-28 -28 -28Realisation loss from share buyback-1-1-1Warrants program -1-1-1Total transaction with owners in their capacity as owners31 897 0 0 928 928Ending balance September 30, 2023 98 5,028 307 -432 5,000 0 5,000Opening balance January 1, 2024 98 5,028 183 -439 4,869 0 4,869Net income for period 82 82 0 81Other comprehensive income 129 129 129Total comprehensive income129 82 211 0 211Transaction with owners in their capacity as owners:Share issue1 29 29 29Transaction costs0 0Warrants program 1 1 1Aquistion of non-controlling interest 0Total transaction with owners in their capacity as owners1 29 0 0 30 0 30Ending balance September 30, 2024 98 5,057 312 -357 5,110 0 5,110
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  15  
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 Group got the 36 months instalment plan approved for the tax deferral, starting payment in February 2025.
Last Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023OPERATING ACTIVITIESProfit and loss after financial items 41 -74 110 -67 116 -61Adjustment for non-cash items Depreciation and Amortization 81 77 229 223 347 341Other items 30 159 115 266 153 304Paid tax -32 -7 -70 -21 -104 -54Cash flow from operating activities before change in net working capital119 154 384 400 514 529CHANGE IN WORKING CAPITALChange in inventories (increase - / decrease + ) -47 18 -246 -17 -202 27Change in short term receivables (increase - / decrease + ) -6 29 -64 168 -42 190Change in short term liabilities (increase - / decrease + ) 75 -26 79 251 169 341Sum of change in working capital 22 20 -231 402 -75 558Cash flow from operating activities 142 175 153 802 439 1,088INVESTING ACTIVITIESAcquisition of intangible assets-14 -28 -22 -69 -65 -112Acquisition of tangible assets-22 -16 -80 -39 -90 -49Disposal of financial assets22 0 53 0 53 0Disposal of subsidaries*0 0 115 0 222 107Acquisition of subsidiaries, acquired business + paid earn-outs*0 -116 -308 -352 -326 -369Cash flow from investing activities -14 -160 -242 -460 -205 -423FINANCING ACTIVITIESShare issue funds 0 0 0 875 0 875Costs related to share and bond issues, and refinancing 0 -81 -4 -107 -8 -111Bond financing 0 -1,800 0 -1,800 0 -1,800Paid interest due to financing activities -42 -79 -109 -187 -138 -216New loans 149 1,459 462 1546 462 1,546Repayment of loans -168 43 -346 -567 -602 -823Amortization of lease liability -22 -26 -57 -54 -75 -72Cash flow from financing activities -83 -484 -54 -294 -361 -601Decrease/Increase in cash and cash equivalents 45 -470 -144 49 -128 64Cash and cash equivalents at beginning of period 218 864 401 338 397 338Exchange rate differences -1 35101-1Cash and cash equivalents at end of period 262 397 262 397 270 401Deployable cashflow** 64 26 53 454 86 486
Third quarter Nine months
*An amount of  MSEK 109 related to the sale of  properties in Q2 2024 has been reclassed between Disposal of  subsidiaries and Acquisition of  subsidaries f or the 
period showing nine months. **See page 24 f or def inition and calculation of  key  ratios and Alternativ e Perf ormance Measures (APM)

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  16  
INCOME STATEMENT - PARENT COMPANY 
 
Last Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023Net sales10631194844Other operating income0115 0 1Total revenue 10 7 31 24 49 46Other external expenses -14 -7-31-20 -36 -29Personnel expenses-11-9-32-30 -45 -43Other operating expenses0-3-40 1 -1Depreciation and amortization of fixed tangible and intangible assets0000 0 0OPERATING PROFIT (EBIT) -15 -12 -36 -27 -31 -28Profit from shares in Group companies0 0 159 13 106 106Interest income4 7 33 24 31 34Interest expenses-36 -141 -134 -298 -250 -355PROFIT AND LOSS AFTER FINANCIAL ITEMS -47 -146 23 -287 -145 -243Year-end appropriations 0000 96 96PROFIT AND LOSS BEFORE TAX -47 -146 23 -287 -48 -147Current taxes0000 -5 -5PROFIT AND LOSS AFTER TAX -47 -146 23 -287 -54 -152
Third quarter Nine months
In the parent company , there are no items that are reported as other comprehensiv e income, which is why  total comprehensiv e income corresponds to the y ear's result.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  17  
PARENT COMPANY BALANCE SHEET – IN SUMMARY 
 
December, 31MSEK2024 2023 2023ASSETSNon-current assetsIntangible fixed assets5 12Tangible fixed assets3 13Financial fixed assets6,890 6,9816,967Total non-current assets 6,898 6,983 6,972Current assetsAccounts receivables0 02Receivables with group companies218153 269Other short-term receivables5521 24Cash and cash equivalents21 4Total current assets 275 175 298TOTAL ASSETS 7,172 7,158 7,269EQUITY AND LIABILITIESEquityRestricted equity9898 98Unrestricted equity4,6894,489 4,637Total shareholders equity 4,7874,587 4,735Provisions146 507 507Long term liabilitiesInterest-bearing liabilities1,122 1,3441,189Liabilities to group companies9 015Other long-term liabilities0 1111Total long-term liabilities 1,131 1,355 1,215Short-term liabilitiesInterest-bearing liabilities472248 253Accounts payable135 12Liabilities to group companies589428 506Other liabilities3429 41Total short-term liabilities 1,108 710 812TOTAL EQUITY AND LIABILITIES 7,172 7,158 7,269
September, 30

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 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 Note 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 adjusted in items affecting comparability 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 July - September 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. See page 24 for definition and calculation of key ratios and 
Alternative Performance Measures (APM). The Group financials consist of below combined segments:  
 
  
   
Third quarter, MSEK2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Gross sales 267 249 651 611 403 341 713 650 0 02,035 1,852Intra-group sales -28 -18 -5 -3 -16 -9 -8 -10 0 0-57 -41Net sales 239 230 647 608 387 332 705 640 1,978 1,811Raw material and consumables -130 -138 -417 -388 -269 -243 -554 -513-1,370 -1,282Gross profit 110 92 229 220 118 89 151 128 608 529Gross margin, % 46% 40% 35% 36% 30% 27% 21% 20% 31% 29%EBITDA 35 29 91 88 39 33 38 29 -26 -18 177 161Items affecting comparability** 5 -5 -11 6 3 -3 1 1 9 78 7Adjusted EBITDA*** 40 24 80 94 42 31 39 31 -17 -11 185 168Adjusted EBITDA margin 17% 11% 12% 15% 11% 9% 6% 5% 9% 9%EBITA 26 20 86 81 32 27 31 22 -28 -19 146 132Adjusted EBITA 31 16 75 87 35 25 32 23 -19 -12 154 139Adjusted EBITA margin 13% 7% 12% 14% 9% 7% 5% 4% 8% 8%EBIT 16 13 60 53 25 21 24 17 -28 -19 96 85Adjusted EBIT 21 8 50 59 28 18 25 18 -19 -12 104 91Adjusted EBIT margin 9% 3% 8% 10% 7% 5% 4% 3% 5% 5%*Other ref ers to Parent company  and minor administrativ e entities, **See Note 5, ***See Note 6 f or reconciliation to Prof it bef ore tax
Future Snacking Sustainable Care Quality Nutrition Nordic Distribution Other* Total
Nine months, MSEK2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Gross sales 809 764 1,740 1,596 1,195 1,058 2,101 1,826 20 135,865 5,257Intra-group sales -83 -61 -17 -11 -43 -27 -25 -31 -20 -13-188 -144Net sales 726 703 1,723 1,585 1,153 1,031 2,076 1,795 0 0 5,678 5,114Raw material and consumables -398 -405 -1,097 -1,024 -798 -752 -1,625 -1,418-3,918 -3,599Gross profit 328 298 627 561 355 279 451 377 1,759 1,515Gross margin, % 45% 42% 36% 35% 31% 27% 22% 21% 31% 30%EBITDA 113 53 230 246 112 131 90 78 -46 -33 500 475Items affecting comparability** -15 21 -4 -45 -5 -27 8 10 20 104 -30Adjusted EBITDA*** 98 74 227 202 107 104 98 88 -26 -23 504 445Adjusted EBITDA margin 14% 11% 13% 13% 9% 10% 5% 5% 9% 9%EBITA 88 27 216 226 93 114 70 59 -48 -35 418 391Adjusted EBITA 72 48 212 181 88 87 78 69 -28 -25 422 361Adjusted EBITA margin 10% 7% 12% 11% 8% 8% 4% 4% 7% 7%EBIT 56 4 140 146 72 93 51 44 -48 -35 271 252Adjusted EBIT 40 26 136 102 67 66 60 54 -28 -25 275 222Adjusted EBIT margin 6% 4% 8% 6% 6% 6% 3% 3% 5% 4%*Other ref ers to Parent company  and minor administrativ e entities, **See Note 5, ***See Note 6 f or reconciliation to Prof it bef ore tax
Future Snacking Sustainable Care Quality Nutrition Nordic Distribution Other* Total

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  20  
 
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 nine 
months, the positive change, reported as operating income, amounted to MSEK 77 (141), and the negative change, reported as operating 
expense, amounted to MSEK -18 (-99). 
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 15 (1). 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 adjusted in items affecting comparability for the comparative period. 
 
Net sales per countryLast Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023Australia 14394364257530423China7147145129208193Denmark191872609280Finland312610081127108Germany5865195213253272Norway9171244201307264Portugal5243163125205167Sweden9098822,7212,5493,6683,496United Kingdom3423181,0128701,3081,166USA413510297131126Other countries*220212560531784755Total net sales 1,978 1,811 5,678 5,114 7,614 7,050*None of  the other countries independently  contribute more than one percent of  total net sales.
Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  21  
 
 
NOTE 7 – FINANCIAL EXPENSES 
 
Last Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023Adjusted EBITDA185168504445676617Acqusition and divestment related cost and income0 -1 -6 -6-9-8Revaluation of contingent considerations accounting* 15 1 59 426851Lock-in penalty from acquisition SPA*-6-11-20-35-30-45Restructuring -6 0 -20 -15-28-23Capitalized development costs* 0 20 0 592079Other -11 -15 -16 -15-13-12EBITDA 177 161 500 474685659Depreciation -31 -29 -82 -84-110-112EBITA 146 132 418 391574547Amortization -50 -48 -147 -139-237-229EBIT 96 85 271 252337318Finance net -55 -158 -161 -319-221-379EBT 41 -74 110 -67 116 -61*These items hav e no cash f low impact. 
Third quarter Nine months
Last Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023EBITDA177 161 500 475 685 659Items affecting comparability8 7 4 -30-8 -42Adjusted EBITDA 185 168 504 445 676 617EBITA146 132 418 391 574 547Items affecting comparability8 7 4 -30 -8 -42Adjusted EBITA 154 139 422 361 566 505EBIT96 85 271 252 337 318Items affecting comparability8 7 4 -30-8 -42Adjusted EBIT 104 91 275 222 329 276
Third quarter Nine months
Last Twelve MonthsFull yearMSEK2024 2023 2024 2023Oct 2023 - Sep 20242023Interest expense related to financing-38-55-111-175-147-211Unwinding of discounting effect-4-15-27-56-31-60Interest expense on lease liabilities-6-2-17-7-20-10Exchange rate losses and revaluation effects-6-5-13-2-22-11Costs related to refinancing of bond0-780-780-78Other interest expenses-4-4-13-8-28-23Financial expenses-57-159-181-325-248-393Third quarter Nine months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  22  
NOTE 8 – NET INTEREST-BEARING DEBT 
Humble Group's net interest-bearing debt as of September 30th, 2024, is presented in table below. During the second quarter 2024, 
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.  
 
The existing credit facility agreement include terms and conditions implying that the Net Interest Bearing Debt in relation to LTM 
Adjusted EBITDA Proforma excluding leasing must not exceed 3,25x and that the LTM Adjusted EBITDA in relation to Net Financial 
Expenses (as defined in the credit facility agreement) shall not be less than 4,00x at the end of this period. These terms and conditions 
have been met since the credit facility agreement was entered in the second quarter 2023.  
 
Humble Group received tax deferments of MSEK 260 during the second quarter 2023. In accordance with IFRS Accounting principles, 
this was recognized as other short-term liability. The Group got the 36 months instalment plan approved for the tax deferral, starting 
payment in February 2025, whereupon it has been reclassified as other short-term liability and other long-term liability. 
 
Table above illustrates the leverage multiple adjusted for inclusion of earnout considerations and tax deferral. LTM Adjusted EBITDA 
Proforma amounted to MSEK 592 (530) excluding leasing and divested operations. Adjusted NIBD including Earnout in relation to LTM 
Adjusted EBITDA Proforma amounts to 2.9x (3.8x) at the end of this reporting period. 
NOTE 9 – BUSINESS COMBINATIONS 
No acquisition has been made during 2024. During first quarter of 2023, the Parent Company acquired 100% of four subsidiaries. Please 
see the Annual and Sustainability report 2023 for more information on the acquisition of 2023.
December, 31MSEK2024 2023 2023Liability to credit institutions* 1,600 1,675 1,494Lease liabilities 407 178 325Total interest-bearing liabilities2,0061,8531,819Cash and cash equivalents -262 -397 -401Net Interest Bearing Debt (NIBD)1,7441,4571,417Tax deferral252 260 260Short-term investment to be divested0 0 -27Lease liabilities -407 -178 -325Adjusted Net Interest Bearing Debt 1,590 1,539 1,326Earnout present value146 500 501Adjusted Net Interest Bearing Debt incl earnout1,7362,0391,826LTM Adjusted EBITDA Proforma excluding leasing592 530 559Leverage to Adjusted NIBD2.7x 2.9x 2.4xLeverage to Adjusted NIBD incl earnout2.9x 3.8x 3.3x*Decem ber 2023 includes the MSEK 43 liabilities directly associated with assets classified as held for sale. 
September, 30

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report July - September 2024  23  
NOTE 10 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE 
The levels in the fair value hierarchy are defined as follows: 
Financial instrument level 1 
Quoted market prices (unadjusted) in active markets for 
identical assets or liabilities. 
Financial instrument level 2 
Observable data for the asset or liability other than quoted 
prices included in level 1, either directly (i.e. as price quotations) 
or indirectly (i.e. derived from price quotations). 
Financial instrument level 3 
When one or more of the significant inputs is not based on 
observable market data.  
 
The Group's financial assets measured at fair value through 
profit and loss consists of Other long-term securities, which are 
classified as level 1 in the fair value hierarchy. 
 
The Group's financial liabilities measured at fair value through 
profit and loss consists of Contingent consideration, which are 
classified as level 3 in the fair value hierarchy. 
 
For financial assets and liabilities other than those disclosed 
below, fair value is deemed to approximate the carrying value.  
 
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 have 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 nine months, interest expense of 
MSEK -27 (-48) was recognized as financial expenses related 
to unwinding of discount effect of contingent considerations. 
 
 
Estimated payments per yearNominal value Fair value20240 02025137 131202617 15Total contingent considerations 154 146
December, 31Contingent consideration, MSEK2024 2023 2023Opening balance              501 780780New acquisitions 0 32 32Payments -323 -318 -320Fair value changes that are reported through profit and loss via operating income -77 -141 -199Fair value changes that are reported through profit and loss via operating expense 18 99 147Interest expenses related to unwinding of discounting effect 27 48 60Translation differences 0 2 -2Closing balance 146 500 501
September, 30

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

| DEFINITIONS AND CALCULATIONS ON KEY RATIO 
 
Humble Group AB Interim Report July - September 2024  24  
DEFINITIONS AND CALCULATIONS ON KEY RATIO 
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Standards (IFRS) 
but are what the Group management considers to be relevant to users of the financial report as a supplement for the measures of the 
business's development. These financial measurements are not always comparable with the measures used by other companies since 
not all companies calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded as a 
replacement for measures defined according to IFRS. The calculations relate to period January - September 2024. 
 
Gross Profit  
Net sales less raw materials and consumables.  
Gross Profit is calculated as 5,678 – 3,918= MSEK 1,759. 
Gross Margin 
Gross Profit in relation to net sales.  
Gross Margin is calculated as 1,759 / 5,678 = 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 one of 
the Group’s most important financial figures, internally and 
externally. The figure is used to identify and analyse the 
Group’s profitability linked to normal operations and operating 
activities. 
Adjusted EBITDA is calculated as 500 + 4 = MSEK 504.  
Adjusted EBITDA margin is calculated as 504 / 5,678 = 9%. 
Adjusted EBITDA per share is calculated as MSEK 504 / 
444,627,821 = SEK 1.13. 
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 418 + 4 = MSEK 422. 
Adjusted EBITA margin is calculated as 422 / 5,678 = 7% 
Adjusted EBITA per share is calculated as MSEK 422 / 
444,627,821 = SEK 0.95. 
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 271 + 4 = MSEK 275. 
Adjusted EBIT margin is calculated as 275 / 5,678 = 5% 
Adjusted EBIT per share is calculated as MSEK 275 / 444,627,821 
=SEK 0.62. 
Net interest-bearing debt 
Total interest-bearing liabilities and lease liabilities, less cash 
and cash equivalents. Net interest-bearing liabilities are the 
Group’s primary management parameter for financing and 
capital allocation and are actively employed as part of the 
group’s financial risk management strategy.  
Net interest-bearing debt is calculated as  
1,600 + 407 - 262 = MSEK 1,744. 
Adjusted NIBD is calculated as 
1,744 + 252 - 407 =MSEK 1,590 
Adjusted NIBD including earnout is calculated as 
1,590 + 146 =MSEK 1,736 
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 (565 – 14) / 5,114 = 
11%. 
Deployable cash flow 
The amount of cash remaining from operating activities after 
deduction of cash flow from investing activities, plus 
acquisition of subsidiaries (net cash effect), less paid interest, 
less amortization of lease liability, less tax deferrals.  
Deployable cash flow is calculated as 153 – 242 +308 - 109 -57 
= MSEK 53. 
 
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. LTM Adjusted EBITDA proforma is an important 
key figure for the group, as it is included in the covenant 
calculation.

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

| GLOSSARY AND BOARD OF DIRECTORS’ APPROVAL 
 
Humble Group AB Interim Report July - September 2024  25  
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 October 31st, 2024 
 
 
  Dajana Mirborn    Ola Cronholm  
  Chairman of the Board  Board member  
 
 
 
  Henrik Patek   Pål Bruu 
  Board member   Board member  
 
 
 
  Sara Berger   Noel Abdayem 
  Board member   Board member  
 
 
  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 October 31st, 2024, at the time specified by Humble Group's news distributor Cision at 
the time of publication of this press release.

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

| AUDITOR’S REPORT ON REVIEW OF INTERIM REPORT 
 
Humble Group AB Interim Report July - September 2024  26  
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 30th, 2024 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 matters 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 October 31st, 2024 
BDO Mälardalen AB 
 
 
Carl-Johan Kjellman     
Authorized Public Accountant

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

| CONTACT US  
 
Humble Group AB Interim Report July - September 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 & board member 
noel.abdayem@humblegroup.se 
 
 
 
Marcus Stenkil  
Chief Operating Officer 
marcus.stenkil@humblegroup.se 
 
 Kristoffer Zinn 
Chief Analytics Officer 
kristoffer.zinn@humblegroup.se