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Kvartalsrapport Q3 2025
===== SIDA 1 ===== INTERIM REPORT JULY - SEPTEMBER 2025 Humble Group AB Interim Report July - September 2025 Stockholm, Oct 24, 2025 Q3 2025 OVERVIEW 7% Net sales Growth MSEK 143 Adjusted EBITA +47 Owned companies MSEK 195 Cash flow from operating activities 10% Organic Growth MSEK 51 Adjusted profit and loss after tax “Now we are entering the next phase. My focus is clear: to sharpen what works and change what needs to be improved and create a more profitable and focused Humble. Through improved cost discipline, more efficient processes and a focus on our core businesses, we will drive sustainable growth and strengthen cash flow. The ongoing efficiency program is expected to generate annual savings of approximately MSEK 80 when fully implemented - an important investment to strengthen profitability and create long-term value. Since the program was announced, we have worked at a high pace and have made significant progress in its implementation, in close collaboration with our entrepreneurs. The program had a one-time impact of MSEK -52 in the quarter and is laying the foundation for a more efficient and profitable group. In parallel, a structural review is underway with a focus on strengthening the core business and clarifying the Group's direction. As part of this, strategic alternatives, including possible divestments, are being evaluated with the goal of creating a more focused, profitable and long-term sustainable group. The work is progressing at a good pace and aims to unlock additional value for shareholders.” Noel Abdayem Acting CEO Humble Group Stockholm, October 24th, 2025 ===== SIDA 2 ===== INTERIM REPORT JULY - SEPTEMBER 2025 Humble Group AB Interim Report July - September 2025 2 CONTINUED GROWTH AND STRONG CASH FLOW – AIMING FOR STRONGER PROFITABILITY FINANCIAL INFORMATION THIRD QUARTER Net sales amounted to MSEK 2,093 (1,950), an increase of 7% compared to the corresponding period last year. The organic growth for the period was 10% and the currency impact was -3%. EBITA amounted to MSEK 77 (146). Adjusted EBITA amounted to MSEK 143 (154). EBIT amounted to MSEK 30 (96). Adjusted EBIT amounted to MSEK 96 (104). Cash flow from operating activities amounted to MSEK 195 (142). Cash flow from operating activities includes repayment of tax deferrals of MSEK -45. Profit and loss after tax amounted to MSEK -15 (27). Earnings per share before and after dilution amounted to SEK -0.03 (0.06). NINE MONTHS Net sales amounted to MSEK 5,979 (5,618), an increase of 6% compared to the corresponding period last year. The organic growth for the period was 8% and the currency impact was -2%. EBITA amounted to MSEK 312 (418). Adjusted EBITA amounted to MSEK 420 (422). EBIT amounted to MSEK 172 (271). Adjusted EBIT amounted to MSEK 279 (275). Cash flow from operating activities amounted to MSEK 309 (153). Cash flow from operating activities includes repayment of tax deferrals of MSEK -90. Profit and loss after tax amounted to MSEK 2 (82). Earnings per share before and after dilution amounted to SEK 0.00 (0.18). SIGNIFICANT EVENTS DURING THE QUARTER In July, Humble increased its existing credit facilities with MSEK 300 and extended the maturity date for the credit facilities to 2027. In September, Humble launched an efficiency program that expects to provide annual cost savings of approximately 80 MSEK. A cost provision has been recognized of MSEK -52 during the third quarter, including severance pay to former CEO. AFTER THE QUARTER On October 2nd, the Board of Directors of Humble Group AB appointed Noel Abdayem as acting CEO after Simon Petrén, in consultation with the Board, has decided to leave Humble. FINANCIAL OVERVIEW MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Net sales2,093 1,950 7% 5,979 5,618 6% 8,068 7,708Gross profit636 608 5% 1,880 1,759 7% 2,540 2,419Gross margin30.4% 31.2% -0.8pp 31.4% 31.3% 0.1pp 31.5% 31.4%EBITA77 146 -47% 312418-25% 464570Adjusted EBITA143 154 -7% 420422-1% 576578EBIT30 96 -68% 172271-37% 276376Adjusted EBIT96 104 -7% 2792751% 388384EBIT margin1.5% 4.9% -3.5pp 2.9% 4.8% -2.0pp 3.4% 4.9%Adjusted EBIT margin4.6% 5.3% -0.7pp 4.7% 4.9% -0.2pp 4.8% 5.0%Leverage to NIBD incl contingent consideration2.7x 2.9x -0.3x 2.7x 2.9x -0.3x 2.7x 2.8xCash flow from operating activities*19514238%309153103%457300Earnings per share before and after dilution, SEK-0.030.06 -154%0.000.18 -98%0.100.28Adjusted earnings per share, SEK0.110.0846%0.240.1927%0.350.30See section at the end of the report for definitions and reconciliations of alternative performance measures.*Cash flow for Jul-Sep includes repaid tax deferrals of M SEK -45, and Jan-Sep 2025 M SEK -90 respectively . ===== SIDA 3 ===== | FINANCIAL DEVELOPMENT Humble Group AB Interim Report July - September 2025 3 COMMENTS FROM THE CEO During the third quarter, organic growth reached 10 percent. Cash flow continued to strengthen, and we launched several initiatives aimed at driving stronger growth and improving long-term profitability. As the newly appointed CEO, I see great opportunities to harness the entrepreneurial spirit that runs through Humble and let it play an even bigger role in driving our performance. Looking ahead, it’s about sharpening our focus, working smarter, and building an even stronger Humble, both operationally and financially. FINANCIAL PERFORMANCE Sales increased during the quarter to MSEK 2,093, corresponding to growth of 7 percent and organic growth of 10 percent, primarily driven by strong development in the Future Snacking and Nordic Distribution segments. Gross profit amounted to MSEK 636 (608) with a gross margin of 30.4 percent (31.2). The development primarily reflects a changed product mix where distribution operations continue to grow at a rapid pace, as well as currency effects of MSEK -22. Adjusted EBITA amounted to MSEK 143 (154). Our increased investment in sales and marketing of MSEK -119 (-97) reflects the ambition to continue building strong brands and driving global growth. Going forward, we will focus more on efficiency and profitability, without losing the entrepreneurial drive that built Humble. The lower gross margin in Nordic Distribution affects the profit mix, but the segment remains strategically important for our market presence and long-term growth Cash flow from operating activities, after changes in working capital, amounted to MSEK 195 (142). We continue to work focused on optimizing inventory levels and strengthening cash flow. Net debt decreased during the quarter to 2.7 times adjusted EBITDA excluding leasing, with the goal of reaching below 2.5 times in the long term. THE DEVELOPMENT OF OUR FOUR SEGMENTS I remain impressed by the strength of our group and the ability to deliver strong growth in all business areas despite a challenging market situation. Our investments in innovation, efficiency and brand building continue to yield results and create good conditions for both continued growth and improved profitability going forward. Future Snacking delivered strong organic growth of 18 percent during the quarter. Our leading brands continue to show strength and good profitability, while interest in Swedish candy is growing rapidly internationally. The launch of the global e-commerce swedishcandy.com further strengthens our international presence. The investment in Grahns Konfektyr's new factory in Skövde is expected to double capacity and contribute to higher profitability from the second half of 2026. Sustainable Care grew organically by 4 percent, driven by a recovery in our UK business and improved profitability thanks to rapid adaptation and effective cost control. Order delays temporarily impacted sales, but new product launches, strong brands and close customer relationships are strengthening the segment's position and creating good conditions for continued growth. Quality Nutrition delivered organic growth of 11 percent during the quarter. Gross margin was impacted by currency effects, while temporary sales and marketing efforts increased the cost base. We see a clear recovery in the production of nutritional products and good conditions for a strong end to the year. Nordic Distribution grew 13 percent organically during the quarter. Through strong cost discipline and high operational efficiency, profitability is maintained despite a less favorable product mix. The business continues to create value through its strong store network and broad market reach, which benefits both our own brands and external partners. LEADERSHIP AND FOCUS AHEAD It is with great confidence that I step in as Acting CEO of Humble. As founder of The Humble Co. and former board member, I have followed the Group's journey closely and seen the strong platform that has been built under Simon Petrén's leadership. Now we are entering the next phase. My focus is clear: to sharpen what works and change what needs to be improved and create a more profitable and focused Humble. Through improved cost discipline, more efficient processes and a focus on our core businesses, we will drive sustainable growth and strengthen cash flow. The ongoing efficiency program is expected to generate annual savings of approximately MSEK 80 when fully implemented - an important investment to strengthen profitability and create long-term value. Since the program was announced, we have worked at a high pace and have made significant progress in its implementation, in close collaboration with our entrepreneurs. The program had a one-time impact of MSEK -52 in the quarter and is laying the foundation for a more efficient and profitable group. In parallel, a structural review is underway with a focus on strengthening the core business and clarifying the Group's direction. As part of this, strategic alternatives, including possible divestments, are being evaluated with the goal of creating a more focused, profitable and long-term sustainable group. The work is progressing at a good pace and aims to unlock additional value for shareholders. Noel Abdayem Acting CEO Humble Group Stockholm, October 24th, 2025 ===== SIDA 4 ===== | FINANCIAL DEVELOPMENT Humble Group AB Interim Report July - September 2025 4 HUMBLE GROUP’S FINANCIAL DEVELOPMENT THIRD QUARTER REVENUES Net sales Net sales for the quarter amounted to MSEK 2,093 (1,950), an increase of 7% compared to the corresponding period last year. The change is attributable to organic growth of 10% and currency impact of -3%. Gross margin The gross profit amounted to MSEK 636 (608), resulting in a gross margin of 30.4%, a decrease of -0.8 percentage points compared to the corresponding period last year. Currency effects impacted the gross profit with MSEK -22. EXPENSES Other external expenses Other external expenses for the quarter amounted to MSEK -279 (-250), which corresponded to 13% (13%) of net sales. Other external expenses were negatively impacted by a one-off impact from the efficiency program of MSEK -11. Sales and marketing expenses amount to MSEK -119 (-97), corresponding to an increase of MSEK -22 and 23%. Personnel expenses Personnel expenses for the quarter amounted to MSEK -248 (-195), which corresponded to 12% (10%) of net sales. Personnel expenses were negatively impacted by a one-off impact from the efficiency program of MSEK -29, severance pay to former CEO of MSEK -12 and consideration linked to employment (stay-on-bonus and lock-in penalties) of MSEK -2 (-6), see table Items affecting comparability at end of report. Efficiency program In September, Humble launched an efficiency program that expects to provide annual cost savings of approximately MSEK 80. A cost provision is recognized to the amount of MSEK -52, including severance pay to former CEO. See table Items affecting comparability at end of report. Depreciation and amortization Total depreciation and amortization for the quarter amounted to MSEK -85 (-81), which corresponded to a change of 5% compared with the corresponding period last year. Depreciation of right-of-use assets amounted to MSEK -26 (-19) for the quarter. Amortization of assets related to acquisitions, of which a vast majority related to customer relations, amounted to MSEK -33 (-38). Financial expenses Financial expenses for the period amounted to MSEK -43 (-57). The financial expenses were positively impacted from improved terms and conditions as a result from the updated financing structure communicated in July 2025. Interest expense related to unwinding discounting effect of contingent considerations and other liabilities presented at fair value amounted to MSEK -1 (-4). Such interest expense has no cash flow effect on the quarterly result. For more details of the financial expenses, please refer to Note 8 Financial expenses. RESULTS EBITA EBITA for the quarter amounted to MSEK 77 (146), a change of MSEK -69 compared with the corresponding period last year. Adjusted EBITA amounted to MSEK 143 (154), which corresponded to a change of MSEK -11, a -7% decrease for the period. For more details on adjusted items, please see table Items affecting comparability at end of report. EBIT EBIT for the quarter amounted to MSEK 30 (96), which corresponded to a change of MSEK -66 compared with the corresponding period last year. Adjusted EBIT amounted to MSEK 96 (104), which corresponded to a change of MSEK -7, a decrease of -7% for the period. Earnings per share Earnings per share amounted to SEK -0.03 (0.06). Adjusted for items affecting comparability, earnings per share amounted to SEK 0.11 (0.08). For more details on adjusted items, please see table Items affecting comparability at end of report. Other comprehensive income The negative exchange difference in translation of foreign operations for the period is attributable to the strengthening of the Swedish krona against other currencies, with main effect from GBP and EUR. FINANCIAL POSITION AND CASH FLOW Cash flow Cash flow from operating activities amounted to MSEK 195 (142). Cash flow from operations was positively impacted with MSEK 59 from change in net working capital despite amortization of tax deferrals of MSEK -45. Adjusted for repayment of tax deferral, the cash flow from operating activities amounted to MSEK 240 (142). Our efforts to optimize current inventory levels start to pay off with a decrease of MSEK -21. Cash flow from financing activities amounted to MSEK -80 (-83). Financial position Interest-bearing liabilities amount to MSEK 1,670 compared with MSEK 1,600 at end of same quarter last year. Net debt including contingent consideration/Adjusted EBITDA excluding leasing was 2.7x compared with 2.8x on June 30th, 2025. ===== SIDA 5 ===== | FINANCIAL DEVELOPMENT Humble Group AB Interim Report July - September 2025 5 NINE MONTHS REVENUES Net sales Net sales for the period amounted to MSEK 5,979 (5,618), an increase of 6% compared to the corresponding period last year. The change is attributable to organic growth of 8% and currency impact of -2%. Gross margin The gross profit amounted to MSEK 1,880 (1,759), resulting in a gross margin of 31.4%, an increase of 0.1 percentage points compared to the corresponding period last year. Currency effects impacted the gross profit with MSEK -43. EXPENSES Other external expenses Other external expenses for the period amounted to MSEK -785 (-716), which corresponded to 13% (13%) of net sales. Other external expenses were negatively impacted by a one-off impact from the efficiency program of MSEK -11. Sales and marketing expenses amount to MSEK –344 (-292), corresponding to an increase of MSEK -52 and 18%. Personnel expenses Personnel expenses for the period amounted to MSEK -679 (-604), which corresponded to 11% (11%) of net sales. Personnel expenses were negatively impacted by a one-off impact from the efficiency program of MSEK -29, severance pay to former CEO of MSEK -12 and consideration linked to employment (stay-on-bonus and lock-in penalties) of MSEK -8 (-20), see table Items affecting comparability at end of report. Efficiency program In September, Humble launched an efficiency program that expects to provide annual cost savings of approximately 80 MSEK. A cost provision is recognized to the amount of MSEK -52, including severance pay to former CEO. See table Items affecting comparability at end of report. Depreciation and amortization Total depreciation and amortization for the period amounted to MSEK -249 (-229), which corresponded to a change of 9% compared with the corresponding period last year. Depreciation of right-of-use assets amounted to MSEK -75 (-56) for the period. Amortization of assets related to acquisitions, of which a vast majority related to customer relations, amounted to MSEK -99 (-113). Financial expenses Financial expenses for the period amounted to MSEK -146 (-181). The financial expenses were positively impacted from improved terms and conditions as a result from the updated financing structure communicated in July 2025. Interest expense related to unwinding of discounting effect of contingent considerations and other liabilities presented at fair value amounted to MSEK -6 (-27). Such interest expense has no cash effect on the quarterly result. For more details of the financial expenses, please refer to Note 8 Financial expenses. RESULTS EBITA EBITA for the period amounted to MSEK 312 (418), a change of MSEK –106 compared with the corresponding period last year. Adjusted EBITA amounted to MSEK 420 (422), which corresponded to a change of MSEK -2, a -1% decrease for the period. For more details on adjusted items, please see table Items affecting comparability at end of report. EBIT EBIT for the period amounted to MSEK 172 (271), which corresponded to a change of MSEK -99 compared with the corresponding period last year. Adjusted EBIT amounted to MSEK 279 (275), which corresponded to a change of MSEK 4, an increase of 1% for the period. Earnings per share Earnings per share amounted to SEK 0.00 (0.18). Adjusted for items affecting comparability, earnings per share amounted to SEK 0.24 (0.19). For more details on adjusted items, please see table Items affecting comparability at end of report. Other comprehensive income The negative exchange difference in translation of foreign operations for the period is attributable to the strengthening of the Swedish krona against other currencies, with main effect from GBP and EUR. FINANCIAL POSITION AND CASH FLOW Cash flow Cash flow from operating activities amounted to MSEK 309 (153). Change in net working capital amounted to MSEK -90 mainly driven by increase in inventory and accounts receivables. The change in short-term liabilities of -19 (79), had negative impact whereof MSEK -90 relates to repayment of tax deferrals. Adjusted for repayment of tax deferral, the cash flow from operating activities amounted to MSEK 399 (153). Cash flow from financing activities amounted to MSEK -292 (-54). Financial position Interest-bearing liabilities amount to MSEK 1,670 compared with MSEK 1,766 at the beginning of the period. Net debt including contingent consideration/Adjusted EBITDA excluding leasing was 2.7x compared with 2.8x on December 31st, 2024. ===== SIDA 6 ===== | SEGMENT INFORMATION Humble Group AB Interim Report July - September 2025 6 SEGMENT REPORTING Companies included in the segments can be found on the Group’s website and for a complete list of the Group's legal entities, see the Annual Report 2024. FUTURE SNACKING Future Snacking offers healthier options in candy, snacks, and various food products. By combining innovation, quality, and taste, Humble aims to remain a leading provider of better alternatives within confectionary and snack segments. Apart from brands, the segment includes the confectionary production unit, Arena Confectionary. Net sales for the quarter increased by 17%, reaching MSEK 280 (239). Organic growth amounted to 18% with negative FX effect of -1%. Strong growth driven by continued momentum within Arena Confectionary and sustained double-digit growth in the brands portfolio. Increased investments in marketing activities to keep growth agenda intact affected the overall profitability with MSEK 8. Adjusted EBITA amounted to MSEK 32 (31), corresponding to an adjusted EBITA margin of 11.6% (13.0%). SUSTAINABLE CARE Sustainable Care offers innovative products in the personal care and household categories. The segment includes companies operating across the entire value chain - production, branding and distribution. Solent is the largest subsidiary in the segment, a UK-based retail partner with an international footprint. Net sales decreased by -1% and amounted to MSEK 641 (647) for the quarter. Organic growth of 4%, with FX effect of -5%. Gross margin improvement driven by favorable mix effect, hampered by FX. Increased profitability through operational leverage and solid cost control. Adjusted EBITA of MSEK 79 (75), corresponding to an adjusted EBITA margin of 12.4% (11.6%). FUTURE SNACKING, MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Gross sales308 267953808Intra-group sales-29 -28-86-83Net sales280 239867726Gross profit 125 110 415 328Gross margin 44.8% 45.8% 47.8% 45.1%EBITA33 26 96 88Adjusted EBITA32 31 104 72Adjusted EBITA margin11.6% 13.0% 12.0% 10.0%EBIT 24 16 69 56Adjusted EBIT23 21 77 40Adjusted EBIT margin8.4% 8.7% 8.9% 5.6%See section at the end of the report for definitions and reconciliations of alternative performance measures. SUSTAINABLE CARE, MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Gross sales647 651 1,703 1,740Intra-group sales-6 -5 -17 -17Net sales641 647 1,686 1,723Gross profit 237 229 638 627Gross margin 37.0% 35.4% 37.8% 36.4%EBITA68 86 173 216Adjusted EBITA79 75 204 212Adjusted EBITA margin12.4% 11.6% 12.1% 12.3%EBIT 44 60 98 140Adjusted EBIT55 50 130 136Adjusted EBIT margin8.6% 7.7% 7.7% 7.9%See section at the end of the report for definitions and reconciliations of alternative performance measures. ===== SIDA 7 ===== | SEGMENT INFORMATION Humble Group AB Interim Report July - September 2025 7 QUALITY NUTRITION Quality Nutrition combines contract manufacturing and strong brands within the categories of sports nutrition, bars, dietary supplements, and functional beverages. Humble offers a wide range of products tailored to a growing and increasingly health-conscious consumer group. Net sales increased by 6% and amounted to MSEK 395 (373) for the quarter. Solid underlying organic growth of 11%, FX headwinds of -5% driven by strong development for powering nutrition. Gross margin decreased to 28.6% (31.6%) affected by negative FX effects. Increased investments in marketing activities impacted the profitability for the third quarter with MSEK 4. Adjusted EBITA amounted to MSEK 20 (35), corresponding to an adjusted EBITA margin of 5.1% (9.4%). NORDIC DISTRIBUTION Nordic Distribution comprises wholesale and distribution operations across the Nordic region, with a strong presence primarily in Sweden. The segment serves as a growth platform for both the Group’s own brands and external customers. In addition to the Swedish operations, it includes local distributors in other Nordic countries - particularly in Norway - focused on sports nutrition, dietary supplements, and functional foods. Net sales increased by 12% and amounted to MSEK 777 (691) for the quarter. Organic growth of 13% and positive momentum for the Swedish as well as the Norwegian markets. Gross margin deterioration is fully attributed to unfavorable product mix. Adjusted EBITA amounted to MSEK 36 (32), corresponding to an adjusted EBITA margin of 4.6% (4.6%). QUALITY NUTRITION, MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Gross sales406 384 1,186 1,176Intra-group sales-11 -11 -39 -43Net sales395 373 1,147 1,133Gross profit 113 118 337 355Gross margin 28.6% 31.6% 29.4% 31.3%EBITA-3 32 34 93Adjusted EBITA20 35 66 88Adjusted EBITA margin5.1% 9.4% 5.8% 7.8%EBIT -10 25 13 72Adjusted EBIT13 28 45 67Adjusted EBIT margin3.3% 7.4% 3.9% 5.9%See section at the end of the report for definitions and reconciliations of alternative performance measures. NORDIC DISTRIBUTION, MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Gross sales779 673 2,289 2,062Intra-group sales-3 18 -9 -25Net sales777 691 2,280 2,037Gross profit 160 151 491 451Gross margin 20.6% 21.8% 21.5% 22.1%EBITA34 31 86 70Adjusted EBITA36 32 87 78Adjusted EBITA margin4.6% 4.6% 3.8% 3.8%EBIT 28 24 70 51Adjusted EBIT29 25 71 59Adjusted EBIT margin3.8% 3.6% 3.1% 2.9%See section at the end of the report for definitions and reconciliations of alternative performance measures. ===== SIDA 8 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 8 CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED INCOME STATEMENT, MSEK NoteJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Net sales*72,093 1,950 5,9795,6188,0687,708Capitalized work on own account225567Other operating income15234210379140Raw materials and consumables*-1,457 -1,342 -4,099 -3,859 -5,529-5,289Other external expenses -279 -250 -785 -716 -1,059-990Personnel expenses-248 -195 -679 -604 -909-834Other operating expenses-9 -11 -43 -47 -49-54EBITDA116 177 420 500 608 688Depreciation of tangible assets-13-12-33-26-46-39Depreciation of right-of-use assets-26-19-75-56-98-79EBITA77146312 418 464570Amortization and impairment of intangible assets-14 -12 -42-34-53-45Amortization and impairment of assets related to acquisitions-33 -38 -99-113-135-149EBIT30 96 172 271 276376Profit from shares in associated companies and joint ventures 102020Financial income22620-113Financial expenses8 -43-57-146-181-193-228 PROFIT AND LOSS AFTER FINANCIAL ITEMS-104133 110 84161Income tax-5 -14 -32 -29 -40 -37PROFIT AND LOSS AFTER TAX -15 27 2 82 44 124Profit and loss is attributable to:Owners of the Parent Company-15 27 2 82 44 124Non-controlling interest0 0 0 0 1 0-15 27 2 82 44 124Earnings per share before dilution -0.03 0.06 0.00 0.18 0.10 0.28Earnings per share after dilution -0.03 0.06 0.00 0.18 0.10 0.28STATEMENT OF COMPREHENSIVE INCOME, MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024PROFIT AND LOSS AFTER TAX-15272 82 44124Items that may be reclassified to profit or loss:Exchange differences in translation of foreign operations-66 -2 -272 129 -204 197COMPREHENSIVE INCOME FOR PERIOD -81 25 -270 211 -160 321The comprehensive income for the period is attributable to:Owners of the Parent Company-81 25 -271 211 -161 321Non-controlling interest0 0 0 0 1 0*Net sales and raw materials and consumables has been corrected with M SEK -28 respectivly M SEK 28 for the period Jul-Sep, and with M SEK -59 respectivly M SEK 59 for the period Jan-Sep 2024. See Inter-group transaction correction in Note 4 in Year-end report 2024. ===== SIDA 9 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 9 CONSOLIDATED BALANCE SHEET - IN SUMMARY MSEK Note30 Sep 202530 Sep 202431 Dec 2024ASSETSNon-current assetsIntangible assets5,7025,999 6,035Tangible assets300185 261Financial assets95 7590Right-of-use assets490379 419Deferred tax assets3730 37Total non-current assets6,6246,668 6,842Current assetsInventory1,1661,190 1,160Accounts receivables605604 599Other short-term receivables278 312312Cash and cash equivalents219262 432Total current assets2,2672,369 2,503TOTAL ASSETS8,8929,0379,345EQUITY AND LIABILITIESEquityAttributable to Parent Company's shareholder4,9755,110 5,221Non-controlling interest00 0Total shareholders' equity4,9755,110 5,221Long-term liabilitiesInterest-bearing liabilities9 1,4521,128 1,406Contingent considerations11 1015 24Long-term lease liabilities421332 357Deferred tax liabilities402448 439Provisions549 0Other long-term liabilities98180 193Total long-term liabilities2,4362,112 2,419Short-term liabilitiesInterest-bearing liabilities9 218472 360Contingent considerations11 16131 115Current lease liabilities10674 95Accounts payable740736 679Other short-term liabilities401403 456Total short-term liabilities1,4811,815 1,705TOTAL EQUITY AND LIABILITIES8,8929,0379,345 ===== SIDA 10 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 10 CONSOLIDATED STATEMENT OF CASH FLOW MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024OPERATING ACTIVITIESEBIT 30 96 172 271 276 376Adjustment for non-cash items:Depreciation and Amortization85 81 249 229 332 312Other items52-2560-4627-79Paid tax-31-32-81-70-88-77Cash flow from operating activities before change in net working capital137119399384548532CHANGE IN WORKING CAPITALChange in inventories (increase - / decrease + )21-47-52-246-16-210Change in short term receivables (increase - / decrease + )17-6-19-64-32-77Change in short term liabilities (increase - / decrease + ) *2075-1979-4355Sum of change in working capital5922-90-231-91-232Cash flow from operating activities195142309153457300INVESTING ACTIVITIESAcquisition of intangible assets -8-14-17-22-29-34Acquisition of tangible assets -30-22-77-80-117-120Disposal of financial assets 022053053Disposal of subsidaries 000115-3112Acquisition of subsidiaries, acquired business + paid earn-outs -330-102-308-103-310Cash flow from investing activities-71-14-195-242-252-299FINANCING ACTIVITIESShare issue funds 101010Costs related to share issues -4 0 -4-4-5-6Received interest on financing activities001098Paid interest due to financing activities-27-42-85-109-119-144New loans150149360462697799Repayment of loans-164-168-465-346-648-529Loan to joint ventures-20-20-16-14Amortization of lease liability-34-22-99-57-138-96Cash flow from financing activities-80-83-292-54-22018Decrease/Increase in cash and cash equivalents45 45 -178 -144 -1519Cash and cash equivalents at beginning of period185218432401262401Exchange rate differences-11-1-355-2812Cash and cash equivalents at end of period219262219262219432* Include repayment on tax deferrals with M SEK -45 during third quarter 2025, total of M EK -90 for full year 2025. ===== SIDA 11 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 11 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY MSEKShare capitalOther equity contributedTranslation reserveRetained earningsTotalNon-controlling interestTotal shareholders equityOpening balance January 1, 2024 98 5,028 183 -439 4,869 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 issue 1 29 29 29Warrants program 1 1 1Aquistion of non-controlling interest 0 0Total transaction with owners in their capacity as owners1 29 30 0 30Ending balance September 30, 2024 98 5,057 312 -357 5,110 0 5,110Opening balance January 1, 2025 98 5,058 380 -315 5,221 0 5,221Net income for period 2 2 0 2Other comprehensive income -272 -272 -272Total comprehensive income-272 2 -270 0 -270Transaction with owners in their capacity as owners:Share issue 1 22 23 23Warrants program 1 1 1Total transaction with owners in their capacity as owners1 24 24 24Ending balance September 30, 2025 99 5,082 108 -313 4,975 0 4,975 Equity attributable to Parent Company's shareholder ===== SIDA 12 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 12 CONDENSED PARENT COMPANY INCOME STATEMENT CONDENSED PARENT COMPANY BALANCE SHEET MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Net sales15 10 42 31 6359Other operating income-10 0 -10 1 2 12Total revenue4 10 32 31 65 71Other external expenses-13 -14 -33 -31 -42-42Personnel expenses-32 -11 -60 -32 -66-45Other operating expenses0 0 -2 -4 -2-2 Depreciation and amortization of tangible and intangible assets0 0 -1 0 00OPERATING PROFIT (EBIT)-42 -15 -62 -36 -45 -19Profit from shares in Group companies5 0 14 159 199 194Financial income and expense-18 -32 -92 -101 -121 -135PROFIT AND LOSS AFTER FINANCIAL ITEMS-54 -47 -141 23 3440Year-end appropriations 0 0 9 0 128128PROFIT AND LOSS BEFORE TAX-54 -47 -132 23 162168Current taxes0 0 -2 0 -14-14PROFIT AND LOSS AFTER TAX-54 -47 -133 23 148154In 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.MSEK30 Sep 202530 Sep 202431 Dec 2024ASSETSNon-current assetsIntangible assets3 57Tangible assets1 30Financial assets6,965 6,8906,963Total non-current assets6,9686,898 6,970Current assetsReceivables with group companies294218 375Other short-term receivables1055 23Cash and cash equivalents32 150Total current assets307275 547TOTAL ASSETS7,2767,1727,517EQUITY AND LIABILITIESEquityRestricted equity9998 98Unrestricted equity4,7124,689 4,821Total shareholders equity 4,8114,787 4,920Provisions45 146 139Long term liabilitiesInterest-bearing liabilities1,444 1,1221,393Liabilities to group companies0 99Other long-term liabilities3 07Total long-term liabilities1,4471,131 1,409Short-term liabilitiesInterest-bearing liabilities212472 358Accounts payable313 8Liabilities to group companies739589 629Other liabilities1834 55Total short-term liabilities9731,108 1,050TOTAL EQUITY AND LIABILITIES7,2767,1727,517 ===== SIDA 13 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 13 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 for 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 31st, 2024. New or amended IFRS standards, effective from January 1st, 2025, 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 this will, by definition, rarely correspond to the actual result. The estimates and assumptions that entail a significant risk of significant adjustments in reported values for assets and liabilities in this interim report correspond to those describe in Note 3 in the Annual Report 2024. The management’s main estimates during 2025 relates to 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. The nature of the payments is generally a subject for Humble 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 nominal value of the long-term portion is MSEK 12. A change in the estimate of +/- 10% could result in a profit or loss impact of +/- MSEK 1.2. See Note 11 for more information. NOTE 3 – SUBSEQUENT EVENTS On October 2nd, the Board of Directors of Humble Group AB appointed Noel Abdayem as acting CEO after Simon Petrén, in consultation with the Board, has decided to leave Humble. There have been no other significant events with effect on the financial reporting after the reporting period date. NOTE 4 – PARENT COMPANY In March, the restrictions on the MSEK 150 term loan were released. In July, Humble expanded its existing credit facility by MSEK 300 and simultaneously extended the maturity dates of the credit facilities to 2027 with an option for Humble to extend by a further year. No other significant events have occurred in the Parent Company during the first nine months. NOTE 5 - RELATED PARTY TRANSACTION No transactions with related parties have occurred during 2025 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 arm’s length principle and on market terms and conditions. NOTE 6 - RISKS AND UNCERTAINTIES Humble 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 2024. At the time of this interim report being published the war in Ukraine and the war in Israel and Gaza is still ongoing. Humble does not have any exposures towards these countries, and as such does not notice any direct effects from the ongoing wars. ===== SIDA 14 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 14 In 2025, the global economy experienced significant disruptions due to the US administration’s aggressive tariff policies, leading to a slowdown in international trade and increased market uncertainty. Humble currently have limited exposure of export to the US and therefore estimate the potential direct effect of higher tariffs to be low. Humble continues to monitor the situation and potential impact from decision-makers. Furthermore, 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 protect stable operating margins. NOTE 7 – 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 and amortization (Adjusted EBITA) 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 6-7. See end of report for definition and calculation of key ratios and Alternative Performance Measures (APM). The Group financials consist of below combined segments. Third quarter, MSEK202520242025202420252024202520242025202420252024Gross sales 308 267 647 651 406 384 779 673 13 0 2,154 1,976Intra-group sales -29 -28 -6 -5 -11 -11 -3 18 -13 0 -61 -26Net sales 280 239 641 647 395 373 777 691 0 0 2,093 1,950Gross profit 125 110 237 229 113 118 160 151 0 0 636 608Gross margin, % 44.8% 45.8% 37.0% 35.4% 28.6% 31.6% 20.6% 21.8% 30.4% 31.2%EBITA 33 26 68 86 -3 32 34 31 -55 -28 77 146EBIT 24 16 44 60 -10 25 28 24 -55 -28 30 96Net financial items -40 -55PROFIT AND LOSS AFTER FINANCIAL ITEMS-10 40Items affecting comparability** -1 5 11 -11 23 3 1 1 31 966 8Adjusted EBITA** 32 31 79 75 20 35 36 32 -25 -19 143 153Adjusted EBITA margin** 11.6% 13.0% 12.4% 11.6% 5.1% 9.4% 4.6% 4.6% 6.8% 7.9%Adjusted EBIT** 23 21 55 50 13 28 29 25 -25 -19 96 103Adjusted EBIT margin** 8.4% 8.7% 8.6% 7.7% 3.3% 7.4% 3.8% 3.6% 4.6% 5.3% Future SnackingSustainable CareQuality NutritionNordic DistributionOther* Total *Other refers to Parent company and minor administrative entities, **See section at the end of the report for definitions and reconciliations of alternative performance measures.Nine months, MSEK202520242025202420252024202520242025202420252024Gross sales 953 808 1,703 1,740 1,186 1,176 2,289 2,062 41 20 6,171 5,806Intra-group sales -86 -83 -17 -17 -39 -43 -9 -25 -41 -20 -192 -187Net sales 867 726 1,686 1,723 1,147 1,133 2,280 2,037 0 0 5,979 5,618Gross profit 415 328 638 627 337 355 491 451 0 0 1,880 1,759Gross margin, % 47.8% 45.1% 37.8% 36.4% 29.4% 31.3% 21.5% 22.1% 31.4% 31.3%EBITA 96 88 173 216 34 93 86 70 -76 -48 312 418EBIT 69 56 98 140 13 72 70 51 -78 -48 172 271Net financial items -138 -161PROFIT AND LOSS AFTER FINANCIAL ITEMS33 110Items affecting comparability** 8 -15 31 -4 32 -5 1 8 34 20108 4Adjusted EBITA** 104 72 204 212 66 88 87 78 -42 -28 420 422Adjusted EBITA margin** 12.0% 10.0% 12.1% 12.3% 5.8% 7.8% 3.8% 3.8% 7.0% 7.5%Adjusted EBIT** 77 40 130 136 45 67 71 59 -43 -28 279 275Adjusted EBIT margin** 8.9% 5.6% 7.7% 7.9% 3.9% 5.9% 3.1% 2.9% 4.7% 4.9%*Other refers to Parent company and minor administrative entities, **See section at the end of the report for definitions and reconciliations of alternative performance measures. Future SnackingSustainable CareQuality NutritionNordic DistributionOther* Total ===== SIDA 15 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 15 NOTE 8 – FINANCIAL EXPENSES NOTE 9 – NET INTEREST-BEARING DEBT Humble's net interest-bearing debt as of September 30th, 2025, is presented in table below. The existing credit facility agreement includes 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 of 2023. Humble received tax deferments of MSEK 260 during the second quarter 2023. During the third quarter of 2024, the Group got a 36-month instalment plan approved for the tax deferral, starting payment in February 2025. The Group repaid MSEK -90 during the first nine months of 2025. Table below illustrates the leverage multiple. LTM Adjusted EBITDA Proforma amounted to MSEK 605 (592) excluding leasing. Adjusted NIBD including contingent consideration in relation to LTM Adjusted EBITDA Proforma amounts to 2.7x (2.9x) at the end of this reporting period. NOTE 10 – PLEADGED ASSETS AND CONTINGENT LIABILITIES The Parent Company is acting as guarantor on behalf of Grahns Konfektyr AB on the lease agreement for the new factory. The total liability under the Guarantee is limited to MSEK 120. Net sales per country, MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Sweden990 895 2,850 2,682 3,834 3,665United Kingdom 376 342 1,038 1,012 1,439 1,413Other countries* 413 443 1,166 1,165 1,576 1,575Rest of Nordic 190 142 567 416 714 563Australia 125 129 358 344 506 492Total net sales 2,093 1,950 5,979 5,619 8,068 7,708*None of the other countries independently contribute more than five percent of total net sales.MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Interest expense related to financing-29-38-91-111-123-143Unwinding of discounting effect-1-4-6-27-9-30Interest expense on lease liabilities-8-6-24-17-31-24Exchange rate losses and revaluation effects1-6-10-13-8-11Other interest expenses-7-4-15-13-22-20Total financial expenses-43-57-146-181-193-228 MSEK30 Sep 202530 Sep 202431 Dec 2024Liability to credit institutions 1,670 1,600 1,766Cash and cash equivalents -219 -262 -432Tax deferral162 252 252Financial asset -24 -7 -20Net Interest Bearing Debt 1,589 1,583 1,566Contingent consideration 26 146 129Net Interest Bearing Debt incl contingent consideration1,6151,7291,695LTM Adjusted EBITDA Proforma, excluding leasing605 592 604Leverage to NIBD2.6x 2.7x 2.6xLeverage to NIBD incl contingent consideration2.7x 2.9x 2.8x ===== SIDA 16 ===== | FINANCIAL INFORMATION Humble Group AB Interim Report July - September 2025 16 NOTE 11 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE The methods and assumptions used by the Group when calculating the fair value of the financial instruments are described in Note 4 of the Annual Report 2024. Further information regarding the accounting principles for financial instruments is provided in Note 2 of the Annual Report 2024. There have been no transfers between fair value hierarchy levels during the reporting period. LONG-TERM LOANS In July 2025, Humble expanded its existing credit facility by MSEK 300 and simultaneously extended the maturity dates of the credit facilities to 2027 with an option for Humble to extend by a further year. As per end of September, Humble’s credit facility comprised of two term loans of MSEK 123 and MSEK 1,250, a revolving credit facility of MSEK 425, and an overdraft facility of MSEK 225 (whereof available amount at end of period amount to MSEK 136). The term loans are measured at amortized cost that corresponds in all essentials to its fair value in the balance sheet. CONTINGENT CONSIDERATIONS The contingent considerations are recognized at fair value and have been discounted with 9.1% discount rate. The duration to maturity is presented below. Estimated payments per year Nominal value Fair value2025 0 02026 17 162027 6 52028 6 5Total contingent considerations 29 26Contingent consideration, MSEK30 Sep 202530 Sep 202431 Dec 2024Opening balance 139 501501New acquisitions 0 0 0Payments -123 -323 -323Fair value changes that are reported through profit and loss via operating income -7 -77 -90Fair value changes that are reported through profit and loss via operating expense 11 18 25Interest expenses related to unwinding of discounting effect 6 27 30Translation differences 0 0 -4Closing balance 26 146 139 ===== SIDA 17 ===== | ALTERNATIVE PERFORMANCE MEASURES, GLOSSARY AND OTHER INFORMATION Humble Group AB Interim Report July - September 2025 17 ALTERNATIVE PERFORMANCE MEASURES 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 measures 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. Key ratio Definition Reason for usageOrganic growthChange in net sales adjusted for exchange rate effect and net sales from acquired and divested subsidiaries during the period. Measures the Group's sales growth achieved without acquisitions and currency effects, in order to provide a picture of the actual development of the underlying business.Gross Profit Net sales less raw materials and consumables. Shows how much of the revenue remains after deducting the direct costs of raw materials and consumables, indicating the Group's ability to generate profit from the core operations.Gross MarginGross Profit in relation to net sales. Shows the proportion of revenue that represents gross profit, indicating the Group's efficiency in production and pricing.EBITDAEarnings before interest, tax, depreciation, amortization, and impairment.Monitors operational performance and facilitates comparisons of profitability between different subsidaries and segments. EBITAEarnings before interest, tax, amortization and impairment on intangible assets. Together with EBITDA, EBITA provides a picture of the profit that is generated by operating activities. Adjusted EBITDAAdjusted EBITDA marginAdjusted EBITDA per shareEBITDA 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. Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items. Adjusted EBITAAdjusted EBITA marginAdjusted EBITA per shareEBITA 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.Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items. Adjusted EBITAdjusted EBIT marginAdjusted EBIT per shareEBIT 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.Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items. Items affecting comparabilityExplanation of what the items affecting comparability mainly refer to are presented in Note 10 in the Annual report 2024.The Group recognizes items affecting comparability to visualise comparable figures that are adjusted for the items that occur in historical numbers for various reasons.Adjusted profit and loss after taxProfit and loss after tax adjusted for items affecting comparability. Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items. Net interest-bearing debt (NIBD)Total interest-bearing liabilities less cash and cash equivalents, plus tax deferral included, less short-term investments to be divested, less financial asset to associated company. Lease liability is not included.The Group’s primary management parameter for financing and capital allocation and are actively employed as part of the group’s financial risk management strategy. Last twelve months Adjusted EBITDA proformaAdjusted EBITDA proforma present the accumulated EBITDA before intra group eliminations in all entities in the group where an agreement of acquisition or divestment have been entered at the date of this report, adjusted for items affecting comparability. Important key figure for the group, as it is included in the covenant calculation. ===== SIDA 18 ===== | ALTERNATIVE PERFORMANCE MEASURES, GLOSSARY AND OTHER INFORMATION Humble Group AB Interim Report July - September 2025 18 MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Net sales, base 1,950 1,810 5,618 5,114 7,555 7,050Net sales, organic income growth 196 158 466 515 605 654Currency impact -54 -15 -100 4 -124 -20Acquisition and divestment 0 -4 -5 -14 34 25Net sales 2,093 1,950 5,979 5,618 8,068 7,708Organic growth, % 10.1% 8.7% 8.3% 10.1% 8.0% 9.3%Net sales 2,093 1,950 5,979 5,618 8,068 7,708Raw material -1,457 -1,342 -4,099 -3,859 -5,529 -5,289Gross Profit 636 608 1,880 1,759 2,540 2,419Gross Profit 636 608 1,880 1,759 2,540 2,419Net sales 2,093 1,950 5,979 5,618 8,068 7,708Gross Margin, % 30.4% 31.2% 31.4% 31.3% 31.5% 31.4%EBIT3096172271276376Reversal of depreciation and amortization 85 81 249 229 332 312EBITDA116177420500608688Items affecting comparability66 8 108 4 112 8Adjusted EBITDA 181 185 528 504 720 696Net sales, base 2,093 1,950 5,979 5,618 8,068 7,708Adjusted EBITDA margin, % 8.7% 9.5% 8.8% 9.0% 8.9% 9.0%EBIT3096172271276376Reversal of amortization 47 50 141 147 188 194EBITA77146312418464570Items affecting comparability66 8 108 4 112 8Adjusted EBITA 143 154 420 422 576 578Net sales, base 2,093 1,950 5,979 5,618 8,068 7,708Adjusted EBITA margin, % 6.8% 7.9% 7.0% 7.5% 7.1% 7.5%EBIT3096172271276376Items affecting comparability66 8 108 4 112 8Adjusted EBIT 96 104 279 275 388 384Net sales, base 2,093 1,950 5,979 5,618 8,068 7,708EBIT margin, % 1.5% 4.9% 2.9% 4.8% 3.4% 4.9%Adjusted EBIT margin, % 4.6% 5.3% 4.7% 4.9% 4.8% 5.0%Profit and loss after tax-152728244124Items affecting comparability66 8 108 4 112 8Adjusted profit and loss after tax 51 35 110 85 156 132Average number of shares before dilution449,364,006446,575,533447,511,961444,627,821447,997,569445,113,429Adjusted EBITDA per share, SEK 0.40 0.41 1.18 1.13 1.61 1.56Adjusted EBITA per share, SEK 0.32 0.34 0.94 0.95 1.29 1.28Adjusted EBIT per share, SEK 0.21 0.23 0.62 0.62 0.87 0.86EBIT per share, SEK 0.07 0.21 0.38 0.61 0.62 0.84Net sales per share, SEK 4.66 4.37 13.36 12.64 18.01 17.32Earnings per share before and after dilution, SEK -0.03 0.06 0.00 0.18 0.10 0.28Adjusted earnings per share before and after dilution, SEK0.11 0.08 0.24 0.19 0.35 0.30MSEKJul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Oct 2024 - Sep 2025Jan-Dec 2024Acqusition and divestment related cost and income 0 0 1 6 1 6Revaluation of contingent considerations accounting 1 -15 7 -59 1 -65Lock-in penalty from acquisition SPA 2 6 8 20 13 25Restructuring 5 6 21 20 26 25Efficiency program 39 0 39 0 39 0Former CEO 12 0 12 0 12 0Other 7 11 19 16 20 17Total items affecting comparability66 8 108 4 112 8 ===== SIDA 19 ===== | ALTERNATIVE PERFORMANCE MEASURES, GLOSSARY AND OTHER INFORMATION Humble Group AB Interim Report July - September 2025 19 STAFF AND NUMBER OF EMPLOYEES The average number of employees in the Group for the period was 1,178 (1,139). The proportion of women in the Group was 46% (44%). 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. There was no dilution effect for the period in this report due to the average share price being lower than the exercise price of outstanding warrants. LARGEST SHAREHOLDERS The ten largest shareholders per September 30th, 2025, are listed in the table to the right. GLOSSARYFMCGContingent considerationLTMShort for Last twelve months.ProformaFMCG is an industry term and is short for Fast-Moving Consumer Goods.Deferred purchase price payments that are contingent upon future performance of an acquired subsidiary. The consideration can be paid in both cash and shares, and are presented to fair value based on management’s best estimate of the occurrence of future payments.Present a measure before intra group eliminations in all entities in the Group where an agreement of acquisition or divestment have been entered. The purpose is to visualise how the Group's financial position and results would have looked like at the date of this report if the companies acquired during the year, or where acquisition agreements have been communicated, had been consolidated with the existing part of the Group for twelve months.Owner Shares VotesNeudi & C:o AB 46,527,089 10.35%Håkan Roos (RoosGruppen AB) 46,134,786 10.27%Capital Group 30,000,000 6.68%Noel Abdayem (NCPA Capital AB) 28,177,476 6.27%Avanza Pension 25,277,168 5.63%Alta Fox Capital 24,678,353 5.49%Briarwood Chase Management LLC 24,382,786 5.43%Jofam AB 15,000,000 3.34%DNB Asset Management SA 14,826,645 3.30%Nordnet Pensionsförsäkring 14,060,472 3.13%Total top 10269,064,775 59.88%Other shareholders 180,299,231 40.12%Total number of shares449,364,006 100%Jul-Sep 2025Jul-Sep 2024Jan-Sep 2025Jan-Sep 2024Jan-Dec 2024Number of shareholders end of period 16,684 18,436 16,684 18,436 18,121Number of shares outstanding end of period 449,364,006 446,575,533 449,364,006 446,575,533 446,575,533Average number of shares before and after dilution 449,364,006 446,575,533 447,511,961 444,627,821 445,113,429 ===== SIDA 20 ===== | BOARD OF DIRECTORS’ APPROVAL Humble Group AB Interim Report July - September 2025 20 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 24th, 2025 Dajana Mirborn Ola Cronholm Chairman of the Board Board member Henrik Patek Pål Bruu Board member Board member Sara Berger Board member Noel Abdayem Acting 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 24th, 2025, at the time specified by Humble Group's news distributor Cision at the time of publication of this press release. ===== SIDA 21 ===== | AUDITOR'S REPORT ON REVIEW OF INTERIM REPORT 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, 2025 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 24th, 2025 BDO Mälardalen AB Carl-Johan Kjellman Authorized Public Accountant ===== SIDA 22 ===== OUR COMPANIES The group consists of +47 companies operating in the fast-growing segments of healthy food and snacks, and sustainable beauty and health. ===== SIDA 23 ===== ABOUT HUMBLE GROUP Humble is a global FMCG group of fast-growing, entrepreneurial companies specializing in innovative, healthier and more sustainable consumer products. Humble’s medium-term financial targets are: Growth target – Average net sales growth of at least 15 percent per year, primarily driven by organic growth. Profitability target – EBIT margin of at least 10 percent. Capital structure – Net debt in relation to EBITDA must not exceed 2.5x. However, the company may, under special circumstances, choose to exceed this level for shorter periods in connection with acquisitions. Humble’s dividend policy is that the surplus must be distributed to shareholders when free cash flow exceeds available investments in profitable growth. Dividends to shareholders require that the capital structure target is met. Read more about the Group and its composition on the website. FINANCIAL CALENDAR February 13, 2026 - Interim report fourth quarter 2025 Mars 31, 2026 - Annual report 2025 For financial reports and calendar, see more information on the Group website. CONTACT DETAILS Noel Abdayem Acting Chief Executive Officer Email: noel.abdayem@humblegroup.se Johan Lennartsson Chief Financial Officer Email: johan.lennartsson@humblegroup.se AUDITORS BDO Auditor in charge: Carl-Johan Kjellman, Authorized Public Accountant Email: carl-johan.kjellman@bdo.se HUMBLE GROUP AB Reg. no. 556794-4797 Ingmar Bergmans gata 2 114 34 Stockholm www.humblegroup.se