Kvartalsrapport Q4 2023

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

YEAR END REPORT 
OCTOBER – DECEMBER 2023

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

YEAR-END REPORT 
JANUARY – DECEMBER 2023 
 
Humble Group AB Year-end Report January - December 2023    
Stockholm, February 19, 2024 
A STRONG FINISH TO A TRANSFORMATIVE YEAR 
Financial information  
Fourth quarter  
• Net sales amounted to MSEK 1,936 (1,606). 
• EBITDA amounted to MSEK 184 (143). 
• EBITA amounted to MSEK 156 (119). 
• EBIT amounted to MSEK 66 (62). 
• Adjusted EBITDA amounted to MSEK 190 (179). 
• Adjusted EBITA amounted to MSEK 162 (155). 
• Adjusted EBIT amounted to MSEK 72 (98). 
• Cash flow from operating activities amounted to MSEK 
285 (246). 
• Profit and loss after tax amounted to MSEK -11 (-18). 
• Earnings per share before and after dilution amounted to 
SEK -0.02 (-0.06). 
• Adjusted EBIT per share amounted to SEK 0.16 (0.33). 
 
Twelve months 
• Net sales amounted to MSEK 7,050 (4,800). 
• EBITDA amounted to MSEK 659 (504). 
• EBITA amounted to MSEK 547 (419). 
• EBIT amounted to MSEK 318 (257). 
• Adjusted EBITDA amounted to MSEK 696 (551). 
• Adjusted EBITA amounted to MSEK 584 (466). 
• Adjusted EBIT amounted to MSEK 355 (304). 
• Cash flow from operating activities amounted to MSEK 
1,088 (255). Adjusted for tax deferrals of MSEK 260, the 
cash flow from operating activities was MSEK 828.  
• Profit and loss after tax amounted to MSEK -106 (-36). 
• Earnings per share before and after dilution amounted to 
SEK -0.28 (-0.13). 
• Adjusted EBIT per share amounted to SEK 0.94 (1.07).
Significant events 
During the fourth quarter 
• Humble Group enters into agreements regarding sale of 
properties. First part of the sale is completed in 
December and is structured as a sale and leaseback 
transaction.  
• Humble Group enters into a binding agreement 
regarding sale of all shares in Bayn Production AB. 
 
After the quarter 
 Humble Group completes the sale of all shares in Bayn 
Production AB as part of the Groups long-term strategy 
to streamline the operations. 
 
Financial overview
Humble Group is a leading FMCG Group  
 comprising 47+ entrepreneurial driven entities, with 
focus on health and well-being in a sustainable way  
M SEK 2023 2022 2023 2022
Net sales 1,936 1,606 7,050 4,800
Gross profit 614 478 2,129 1,532
Gross margin 32% 30% 30% 32%
EBITDA 184 143 659 504
Adjusted EBITDA 190 179 696 551
EBITA 156 119 547 419
Adjusted EBITA 162 155 584 466
EBIT 66 62 318 257
Adjusted EBIT 72 98 355 304
Cash flow  from operating activities 285 246 1,088 255
Earnings per share before and after dilution (SEK) -0.02 -0.06 -0.28 -0.13
See page 26 for definition and calculation of key ratios
Twelve monthsFourth quarter

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| SUMMARY 
 
Humble Group AB Year-end Report January - December 2023  2 
A STRONG FINISH TO A 
TRANSFORMATIVE YEAR 
Humble Group continues to grow and we take market shares through 
increased distribution, more products and new collaborations in 
international markets. With an operational cash flow of SEK 285 million 
(246), we see the result from the continued focus to optimize the flow of 
goods. Thanks to the improved capital structure and lowered interest 
costs, we begin to form a picture of how we will be able to generate a 
positive free cash flow going forward that can be used for value-creating 
activities, something I have personally had as a milestone since the 
foundation of the Group. Net sales of SEK 1,936 million (1,606) represent 
a stable increase from the previous year and organic growth amounted 
to 18%. The profitability measured in adjusted EBITA of SEK 162 million 
(155) is in line with our expectation and the margin is somewhat 
pressured by our increased market efforts and the integration processes 
that we started during the autumn. We are not afraid to take short-term 
costs for long-term value creation. Investments in an additional two or 
third shifts in several of our factories are costly, but at the same time 
something that means that we will get a higher capacity utilization of the 
machine park and enable increased growth going forward. The work to 
improve the gross margin is moving in the right direction and continues 
to be a focus for all our operations, but there is a long way to go before 
we reach previous levels. 
During the autumn, we started to launch a selective consolidation 
strategy, where certain smaller operations are integrated into larger 
platforms. I am satisfied with the progress we have made in the 
consolidation process, as many as six companies have become part of a 
larger machinery and we see good conditions to utilize economies of scale 
and streamline the value chain. By becoming a larger player in each sub-
segment, we gain competitiveness towards the trade and enable several 
classic synergy effects such as e.g. increased distribution, joint purchasing 
and pricing, for a more efficient supply chain. An excellent example of this 
is the Group's latest joint project of the operating companies Solent Group 
(offline retail) and Go Superfoods (online retail, Amazon), where we 
complement the respective sales structure effectively and will roll out 
each product portfolio to more channels and customers. 
We have made progress in the development of the commercial B2B 
platform within Future Snacking and Quality Nutrition, with Arena 
Nutrition and Arena Confectionery as the spearhead for Nordic 
manufacturing of high-quality products in health and sustainability. Here 
we see potential in working closely with our customers and our incubator, 
and then using the Nordic Distribution segment in an agile way to test 
innovations and products in the market. 
During the year, we have created several exciting brand projects internally 
and my ambition is that we will be able to show some of them to the 
market already this spring. There is a constant effort to keep track of 
trends that arise in the FMCG world and it is clear that trade today does 
not have the right infrastructure required to be able to capitalize on fast-
growing (and sometimes short-term) trends from e.g. TikTok and 
Instagram. Here, our intention is to be a dynamic player that can quickly 
act on an opportunity and offer the right product at the right time. In 
Humble we have a network of over 300 contract manufacturers and a 
large international distribution platform. This makes us an interesting 
partner for smaller entrepreneur-led companies that have found a "super 
product", but that do not have the resources, speed or knowledge to scale 
it to more than a few markets. 
Humble's price-fighter and private-label business continues to gain ground 
and it is clear that many clients are satisfied with the concept we offer.  
Our subsidiary Solent Group leads the way in this segment and we have 
many exciting opportunities ahead. However, we are still working to refine 
the strategy and capitalize more quickly on the different opportunities in 
new markets. I am convinced that we will have improvements in this area 
in the coming years and we have already started to see results of the 
cooperation in e.g. The Nordic countries. 
The fourth quarter is seasonally the largest for the Group and we are 
expected to be able to deliver both a good result and stable cash flow. 
Considering how many areas we are adapting and changing in order to 
create long-term conditions for higher profitability and growth, it is 
therefore particularly gratifying that it has not taken too much focus from 
the core business and that we have maintained a good momentum in all 
segments. The macro trend for products with a health and sustainability 
angle is maintained strong, where e.g. sports nutrition in Sweden grew by 
9% in 2023, which should provide us with a tailwind going forward. A 
strategic goal is to create the conditions and structure internally to be able 
to grow with both the trend and take market shares from existing players. 
Given that we today have a far higher demand from external customers 
for our products than our factories have the capacity to deliver, there is no 
doubt that there are many companies that see us as a future B2B-partner 
to ally with. 
With the cost-intensive indebtedness at the start of the year following 
sharply increased market interest rates, cash flow has been the main 
target to improve in Humble during 2023. It is therefore pleasing to see 
the strong end to the year with increased operating cash flow in 2023 from 
SEK 255 million to SEK 1,088 million (SEK 828 million excluding tax 
deferral). The deployable cash flow has also been strengthened from SEK   
-99 million to SEK 486 million, largely driven by economies of scale, release 
of net working capital and the new capital structure. We still have many 
areas of improvement in net working capital management, but there is a 
significant difference in efficiency now compared to previous years. 
Finding a success formula for cash flow optimization in the Group is a 
powerful tool when we continue to create value among the new 
acquisitions that will become part of Humble in the future. 
Overall, we enter into 2024 with optimism and full focus on what lies 
ahead. The macro climate continues to be turbulent and we closely 
monitor sensitive areas such as the turmoil with the shipping crisis in the 
Red Sea and increased cocoa prices. It’s exciting to be part of the 
development of the Group's growth initiatives, such as investments in 
everything from a new beverage line and bar producer in Australia, to 
technologies for new candy products and home-care that will roll out in 
stores. Those who have followed us for a while know that we have a 
penchant for innovation and it would be disappointing if we do not see 
several new successes in the Humble portfolio by the same period in 2025. 
In conclusion, I would like to take the opportunity to thank all 
shareholders and our fantastic employees, for your fighting spirit during a 
both tough and rewarding year. The company has taken great strides in 
terms of maturity and it is you who make the difference - together we 
continue the journey towards building the FMCG group of the future. 
 
Simon Petrén  
CEO Humble Group 
Stockholm, February 19, 2024.

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| CONSOLIDATED DEVELOPMENT 
 
Humble Group AB Year-end Report January - December 2023  3 
HUMBLE GROUP’S FINANCIAL DEVELOPMENT
FOURTH QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to MSEK 1,936 (1,606), an 
increase of 21% compared to the corresponding period last year. 
The change is attributable to completed business acquisitions of 
4%, organic growth for the wholly owned subsidiaries in both 
periods of 18% and currency impact was  
-2%.  
 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to MSEK  
-250 (-189), which corresponded to 13% (12) of net sales. 
Acquisition related costs for the quarter amounted to MSEK  
0 (-10).  
 
Personnel expenses 
Personnel expenses for the quarter amounted to MSEK -222  
(-196), which corresponded to 11% (12) of net sales. Personnel 
expenses were negatively impacted by consideration linked to 
employment (stay-on-bonus and lock-in penalties) of MSEK  
-10 (-13). Remaining increase is mainly explained by additional 
employees in the Group through the acquired subsidiaries. For 
more details, please refer to Note 7 Items affecting comparability. 
 
Depreciation and amortization 
Total depreciation and amortization for the quarter amounted to 
MSEK -118 (-81), which corresponded to a change of 47% 
compared with the corresponding period last year. Depreciation 
of right-of-use assets amounted to MSEK -17 (-14) for the quarter. 
Amortization of assets related to acquisitions, of which a vast 
majority related to customer relations, amounted to MSEK -37 (-
35). Amortisation of intangible fixed assets for the fourth quarter 
was negatively affected by an impairment of -35 MSEK due to 
Fancystage which is undergoing a strategic development for its 
operations to strengthen the profitability long term, and by -6 
MSEK due to impairment of Goodwill for Bayn Production.  
 
Financial expenses  
Financial expenses for the period amounted to MSEK -67  
(-83). Interest expense related to unwinding of discounting effect 
of contingent considerations and other liabilities presented at fair 
value amounted to MSEK -13 (-24). Such interest expense has no 
cash effect in the quarterly result.  
For more details, please refer to Note 6 Financial expenses. 
 
RESULTS 
EBITA 
Adjusted EBITA amounted to MSEK 162 (155), which 
corresponded to a change of MSEK 8 for the period. EBITA for the 
quarter amounted to MSEK 156 (119), which corresponded to a 
change of MSEK 37 compared with the corresponding period last 
year. For more details, please refer to Note 7 Items affecting 
comparability. 
 
EBIT 
Adjusted EBIT amounted to MSEK 72 (98), which corresponded to 
a change of MSEK -26 for the period. EBIT for the quarter 
amounted to MSEK 66 (62), which corresponded to a change of 
MSEK 3 compared with the corresponding period last year.  
 
CASH FLOW 
Cash flow from operating activities 
Cash flow from operating activities amounted to MSEK 285 
(246). Cash flow from operations was impacted by net working 
capital release of MSEK 156 (64). The Group has during the 
quarter continued the work with several strategic initiatives to 
optimize the net working capital usage going forward.

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| CONSOLIDATED DEVELOPMENT 
 
Humble Group AB Year-end Report January - December 2023  4 
TWELVE MONTHS 
REVENUES 
Net sales 
Net sales for the period amounted to MSEK 7,050 (4,800), an 
increase of 47% compared to the corresponding period last year. 
The change is attributable to completed business acquisitions of 
28%, organic growth for the wholly owned subsidiaries in both 
periods of 16% and currency impact was 3%.  
 
EXPENSES 
Other external expenses 
Other external expenses for the period amounted to MSEK  
-851 (-644), which corresponded to 12% (13) of net sales. 
Acquisition related costs for the period amounted to MSEK  
-6 (-65).  
 
Personnel expenses 
Personnel expenses for the period amounted to MSEK -790  
(-625), which corresponded to 11% (13) of net sales. Personnel 
expenses were negatively impacted by consideration linked to 
employment (stay-on-bonus and lock-in penalties) of MSEK  
-45 (-72). Remaining increase is mainly explained by additional 
employees in the Group through the acquired subsidiaries.  
For more details, please refer to Note 7 Items affecting 
comparability. 
 
Depreciation and amortization 
Total depreciation and amortization for the period amounted to 
MSEK -341 (-247), which corresponded to a change of 38% 
compared with the corresponding period last year. Depreciation 
of right-of-use assets amounted to MSEK -64  
(-48) for the full year. Amortization of intangible assets related 
from acquisitions, of which a vast majority related to customer 
relations, amounted to MSEK -146 (-128). Amortisation of 
intangible fixed assets for twelve months was negatively affected 
by an impairment of -35 MSEK due to Fancystage which is 
undergoing a strategic development for its operations to 
strengthen the profitability long term, and by -6 MSEK due to 
impairment of Goodwill for Bayn Production. 
 
Financial expenses  
Financial expenses for the period amounted to MSEK -393  
(-265). The financial expense is affected by a onetime cost of 
MSEK -78 (0) related to the refinancing of the bonds. Interest 
expense related to unwinding of discounting effect of contingent 
considerations and other liabilities presented at fair value 
amounted to MSEK -69 (-61). Such interest expense has no cash 
effect in the result of the period. For more details, please refer to 
Note 6 Financial expenses.
 
RESULTS 
EBITA 
Adjusted EBITA for the period amounted to MSEK 584 (466), 
which corresponded to a change of MSEK 118 for the period. 
EBITA for the period amounted to MSEK 547 (419), which 
corresponded to a change of MSEK 128 compared with the 
corresponding period last year. For more details, please refer to 
Note 7 Items affecting comparability.  
 
EBIT 
Adjusted EBIT amounted to MSEK 355 (304), which corresponded 
to a change of MSEK 51 for the period. EBIT for the period 
amounted to MSEK 318 (257), which corresponded to a change of 
MSEK 61 compared with the corresponding period last year.  
 
CASH FLOW 
Cash flow from operating activities 
Cash flow from operating activities amounted to MSEK 1,088 
(255). Cash flow from operations was positively impacted by net 
working capital release of MSEK 558 (-116). The Group has during 
the period continued the work with several strategic initiatives to 
optimize the net working capital usage going forward. Tax 
deferments of total MSEK 260 was recognized as short term 
liabilities and had a positive impact on the cash flow for the 
period. 
 
.

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| SEGMENT INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  5 
 
SEGMENT REPORT - FUTURE SNACKING 
SEGMENT OVERVIEW 
Our commitment to cutting-edge, sustainable snacks and assorted eats 
challenges conventional options, prioritizing health without compromising 
taste, quality, or experience. Future Snacking holds over 90% share in 
sugar-free and healthier candy offerings across the Nordics. 
 
Driven by a passion for innovation, our subsidiaries leverage high 
technological barriers, limiting competitors' market entry. Our leading 
brands enjoy strong recognition in the innovative space, setting us apart 
in the industry. 
 
Our fast-paced product development and R&D initiatives enable us to 
bring new offerings to market swiftly, staying ahead of consumer 
demands and industry trends. Additionally, we serve as a flexible, 
solutions-oriented contract manufacturer for Nordic market players, 
ensuring agility and responsiveness in meeting their needs. 
 
Humble Group's vision: to be the leading provider of high-quality sugar-
reduced and confectionary snacks.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
comprise, among others:  
 Successful integration of Tweek and MCN to FCB. 
Expected to result in reduced overhead, strengthened 
product offering and serve as a catalyst for growth. 
 Initiated set-up of Nordic manufacturing offering, Arena 
Confectionary. Starting to scale several of the 
manufacturers with additional production shift. We see 
further potential in utilizing  
 
 
synergies through coordination of capabilities and 
customer offering, strengthened operational efficiency 
and collaborative production and resource planning for 
maximised output.  
 Increased capacity initiatives introduced across several 
manufacturing entities to meet increasing demand. 
 Divestment of Bayn Production and winddown of Bayn 
Nordic as part of streamlining our Swedish 
manufacturing offering and strengthening operating 
results. 
 True Gum received B-Corp certification, manifesting our 
mission to increase accountability and transparency. 
 True Gum asset purchase of Ration bar brand 
completed, broadening the product range and bolster 
sales capabilities. 
 Actively reallocating capital for continued investments in 
our purpose-led brands and leveraging momentum to 
accelerate international expansion.  
 
SALES AND PROFITABILITY 
Net sales for the Future Snacking segment amounted to MSEK 233 
(213) during the quarter, a total increase of 9% compared to the 
corresponding period last year. Adjusted EBITDA for the quarter 
amounted to MSEK 30 (47), with an Adjusted EBITDA margin of 
13% (12). For further financial information of the Group, please 
refer to Note 4 Segment information and disclosure of revenue. 
Companies included in the segment can be found in Note 31 in the 
Annual report 2022 and in Note 9 Business combination in this 
interim report.
 
FUTURE SNACKING
Amount in M SEK 2023 2022 2023 2022
Net sales 233 213 936 733
Raw  material and consumables -127 -121 -532 -417
Gross profit 106 92 404 316
Gross margin 46% 43% 43% 43%
EBITDA 30 47 83 162
Items affecting comparability 0 -21 42 -57
Adjusted E BITDA 30 25 126 105
Adjusted EBITDA in relation to net sales 13% 12% 13% 14%
EBIT A 20 45 47 138
Adjusted E BITA 20 24 90 81
Adjusted EBITA in relation to net sales 9% 11% 10% 11%
EBIT 9 9 13 85
Adjusted E BIT 9 -12 55 28
Adjusted EBIT in relation to net sales 4% -6% 6% 4%
Fourth quarter Twelve months

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

| SEGMENT INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  6 
 
SEGMENT REPORT - SUSTAINABLE CARE 
SEGMENT OVERVIEW 
Sustainable Care encompasses a wide range of brands, 
distributors, and manufacturers that cover multiple categories 
across organic household, personal care, beauty, and oral hygiene 
products. These entities unite to address the increasing demand 
for eco-friendly and sustainable products that promote a healthier 
planet and align with consumer preferences for environmentally 
conscious choices. 
 
The companies within the segment share a common goal of 
meeting the increasing demand for sustainable and eco-friendly 
products. By prioritizing sustainability, they actively contribute to 
creating a healthier and environmentally conscious planet. Their 
commitment to offering sustainable options aligns with the 
growing consumer preference for environmentally friendly 
choices. Through their collective efforts, the Sustainable Care 
segment is dedicated to make a positive impact on both personal 
well-being and the planet as a whole.  
 
Humble Group's vision: a modern personal- and home care retail 
partner. 
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
comprise, among others:  
 Solent continued to deliver topline growth with solid 
profitability. Growing its presence and role as a dynamic 
retail partner for the Group’s brands. 
 The Humble Co. US continued to gain sales volume 
growth across main product categories in the US 
market. The entity will be used for additional brands 
(other segments as well) expansion in the US market. 
 Started integration and consolidation between Solent 
and Go Superfoods, enabling growth possibilities in both 
the UK and European market. Action in line with our 
strategy to consolidate, or integrate, smaller businesses 
into larger platforms and leverage on operational 
efficiencies and synergetic opportunities.  
 Organizational restructurings carried out in The Humble 
Co. for the purpose of reintroducing focus on growth in 
key markets and stricter cost control.  
 Naty transitioned to new manufacturing supplier for 
more balanced quality and improved cost structure.  
 Naty underwent organizational restructurings as part of 
strategy to reduce operational cost base and regain    
sales momentum.  
 Fancystage is undergoing a strategic development in the 
operations to strengthen the profitability long term, 
implying an impairment of intangible fixed assets and a 
one time effect of -35 MSEK during the fourth quarter. 
 
SALES AND PROFITABILITY 
Net sales for the Sustainable Care segment amounted to MSEK 
612 (547) during the quarter, a total increase of 12% compared to 
the corresponding period last year. Adjusted EBITDA for the 
quarter amounted to MSEK 90 (102), with an Adjusted EBITDA 
margin of 15% (19). For further financial information of the Group, 
please refer to Note 4 Segment information and disclosure of 
revenue. Companies included in the segment can be found in Note 
31 in the Annual report 2022 and in Note 9 Business combination 
in this interim report.  
 
 
 
SUSTAINABLE CARE
Amount in M SEK 2023 2022 2023 2022
Net sales 612 547 2,197 1,845
Raw  material and consumables -389 -364 -1,413 -1,171
Gross profit 223 183 784 674
Gross margin 36% 33% 36% 37%
EBITDA 80 82 326 225
Items affecting comparability 11 20 -10 78
Adjusted E BITDA 90 102 317 303
Adjusted EBITDA in relation to net sales 15% 19% 14% 16%
EBIT A 72 68 298 193
Adjusted E BITA 83 88 289 271
Adjusted EBITA in relation to net sales 14% 16% 13% 15%
EBIT 11 64 158 124
Adjusted E BIT 22 83 148 202
Adjusted EBIT in relation to net sales 4% 15% 7% 11%
Fourth quarter Twelve months

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

| SEGMENT INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  7 
 
SEGMENT REPORT - QUALITY NUTRITION 
SEGMENT OVERVIEW 
Quality Nutrition is dedicated to delivering premium nutritional 
products and supplements for athletes and the everyday 
consumer, focusing on enhancing well-being, performance, and 
health. With several highly recognized brands in innovative spaces 
and manufacturers, we set industry standards and hold a unique 
market positioning in the nutrition category. 
 
Our full-service offering across product categories and scalable 
production ensure adaptability, while serving as a flexible, 
solutions-oriented contract manufacturer for European market 
players. Through Arena Nutrition, we provide Nordic market 
players with a local sourcing alternative for a comprehensive 
range of nutritional ingredients, further enhancing our 
commitment to sustainability and quality.
  
 
Humble Group's vision Nordics: Leading Business to Business 
supplier of sport nutrition products.  
Humble Group's vision Australia: A sports nutrition powerhouse.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
comprise, among others:  
 Completed asset purchase of bar facility in Australia. 
Implementation well underway and will serve as a stand-
alone contract manufacturer under the name Bars 
Production Australia. 
 
 Body Science sport- and energy drink launched. Poised 
to grow into one of the leading categories.  
 Brand expansion of Body Science to new markets 
initiated.  
 Vitargo export project initiated – a collaborative project 
with Body Science.  
 Significant progress in the implementation of drink 
production line at Habo, Sweden site. First trials are 
expected to be operational by end of H1 2024.  
 Increased capacity initiatives introduced across several 
manufacturing entities to meet increasing demand.  
 Several new product innovations initiated, enabled 
through cross-subsidiary collaborations. 
 
SALES AND PROFITABILITY 
Net sales for the Quality Nutrition segment amounted to MSEK 
431 (339) during the quarter, an increase of 27% compared to the 
corresponding period last year. Adjusted EBITDA for the quarter 
amounted to MSEK 40 (34), with an Adjusted EBITDA margin of 9% 
(10). For further financial information of the Group, please refer to 
Note 4 Segment information and disclosure of revenue. Companies 
included in the segment can be found in Note 31 in the Annual 
report 2022 and in Note 9 Business combination in this interim 
report.  
 
 
QUALITY NUTRITION
Amount in M SEK 2023 2022 2023 2022
Net sales 431 339 1,462 965
Raw  material and consumables -278 -232 -1,030 -700
Gross profit 153 107 432 265
Gross margin 35% 32% 30% 27%
EBITDA 35 11 166 104
Items affecting comparability 5 23 -11 4
Adjusted E BITDA 40 34 155 108
Adjusted EBITDA in relation to net sales 9% 10% 11% 11%
EBIT A 30 2 144 83
Adjusted E BITA 35 25 132 87
Adjusted EBITA in relation to net sales 8% 7% 9% 9%
EBIT 22 -11 115 57
Adjusted E BIT 27 12 103 61
Adjusted EBIT in relation to net sales 6% 4% 7% 6%
Fourth quarter Twelve months

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

| SEGMENT INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  8 
 
SEGMENT REPORT - NORDIC DISTRIBUTION 
SEGMENT OVERVIEW 
Ever since its inception, Humble Group has pursued a 
comprehensive strategy that encompasses the entire value chain, 
including distribution. Within the Nordic Distribution segment, a 
network of wholesalers and distributors operates across the 
Nordic region. These companies possess extensive knowledge of 
local markets and consumer preferences.  
 
Leveraging the expertise of our Nordic Distribution subsidiaries, 
Humble are poised to deliver an extensive range of FMCG 
products that are tailored to the diverse tastes and preferences 
prevalent in the region. This collaborative strategy underscores 
our commitment to effectively addressing the unique demands of 
the local market and ensuring a comprehensive product portfolio 
that resonates with our valued customers.  
 
Humble Group's vision:
 Number 1 distribution partner for healthy 
and sustainable brands.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment 
comprise, among others:  
 Nordfood integration to GSD successfully completed.  
• Privab Stockholm and Privab Ystad integration to Privab 
Nässjö completed.  
• Privab Trollhättan consolidation with Privab Nässjö 
completed – Maintaining stand-alone warehousing and 
logistics set-up. 
• Continued progress made in centralization project and 
improving IT infrastructure.  
 Continued progress made in freight and logistics 
procurement project – aims to gather volumes and 
reduce overall transportation cost.  
 
SALES AND PROFITABILITY 
Net sales for the Nordic Distribution segment amounted to MSEK 
660 (506) during the quarter, an increase of 30% compared to the 
corresponding period last year. Adjusted EBITDA for the quarter 
amounted to MSEK 20 (13), with an Adjusted EBITDA margin of 3% 
(3). For further financial information of the Group, please refer to 
Note 4 Segment information and disclosure of revenue. Companies 
included in the segment can be found in Note 31 in the Annual 
report 2022 and in Note 9 Business combination in this interim 
report.  
 
 
 
NORDIC DISTRIBUTION
Amount in M SEK 2023 2022 2023 2022
Net sales 660 506 2,455 1,257
Raw  material and consumables -528 -411 -1,946 -980
Gross profit 132 95 509 277
Gross margin 20% 19% 21% 22%
EBITDA 23 14 101 52
Items affecting comparability -4 -1 9 6
Adjusted E BITDA 20 13 110 58
Adjusted EBITDA in relation to net sales 3% 3% 4% 5%
EBIT A 17 11 76 44
Adjusted E BITA 13 10 85 49
Adjusted EBITA in relation to net sales 2% 2% 3% 4%
EBIT 11 7 55 29
Adjusted E BIT 7 6 64 35
Adjusted EBIT in relation to net sales 1% 1% 3% 3%
Fourth quarter Twelve months

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

| OTHER INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  9 
OTHER INFORMATION
ABOUT HUMBLE GROUP 
Humble Group is a leading FMCG Group with a focus on health 
and well-being. The Group comprises 47 operating entities at the 
day of this report. Humble Group has set financial targets that the 
Group shall reach SEK 16 billion in net sales proforma and SEK 1.9 
billion in Adjusted EBITA proforma by the end of 2025. The 
company has an organic growth target at minimum 15% year over 
year and a NIBD / Adjusted EBITDA proforma below 2.5x.  
 
Read more about the Group and its composition on 
www.humblegroup.se
 
 
STAFF AND NUMBER OF EMPLOYEES 
On Group level 
The average number of employees in the Group for the year was 
1,129 (994). The proportion of women in the Group for the full 
year was 44% (49).  
 
Parent company 
The average number of employees in the Parent Company during 
the year was 18 (16), with 18% (25) 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 company and 
its future earnings. A description of significant risks and 
uncertainties can be found in the Annual Report for 2022.  
 
At the time of this year-end report being published the war 
between Russia and Ukraine is still ongoing and recent events in 
the Middle East have also led to a renewed flare-up of the long-
standing war in Israel and Gaza. Humble Group does not have any 
exposures towards these countries, and as such do not note any 
direct effects from the ongoing wars. Even though it is difficult to 
quantify the exact effects, the Group notices the indirect effects 
from the wars driven by increased inflation and rising interest 
rates with a following 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 completed stage 1 of the communicated 
intention to divest properties within the group structured through 
a sale-lease-back transaction. Humble Group AB received 80% of 
the agreed property value in cash and the remaining 20% in issued 
preference shares in the buyer.  
 
Humble Group AB also entered into a binding agreement 
regarding sale of all shares in Bayn Production AB for a total 
purchase price of SEK 7,7 million.  
 
No other significant events occurred in Humble Group AB during 
the fourth quarter. 
 
RELATED PARTY TRANSACTION 
No transactions with related parties have occurred during 2023 
that had a significant impact. The minor transactions that have 
occurred relates to lease agreements of previous owners’ 
properties. Lease agreements between the parties are based on 
an arms length’s perspective and on market terms and conditions. 
 
PROPOSED APPROPRIATION OF PROFITS 
The Board of Directors proposes that no dividend will be paid for 
the financial year 2023. 
 
FINANCIAL CALENDAR 
The interim report for the period January-March 2024 will be 
published on May 2nd, 2024.  
 
The annual report will be published on April 17
th,2024, and the 
Annual General Meeting is scheduled to May 22nd, 2024. 
 
For financial reports and calendar, see more detailed information 
on our website www.humblegroup.se
 
 
CERTIFIED ADVISOR 
FNCA Sweden AB 
Email: info@fnca.se
 
 
AUDITORS 
BDO Mälardalen 
Auditor in Charge: Carl-Johan Kjellman,  
Authorised Public Accountant  
Email: carl-johan.kjellman@bdo.se

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

| THE SHARE 
 
Humble Group AB Year-end Report January - December 2023  10 
THE SHARE  
 
THE SHARE 
The company’s share with ticker HUMBLE has been listed on 
Nasdaq First North Growth Market since 12 November 2014. 
 
NUMBER OF SHARES  
At the end of the reporting period, the total number of shares was 
443,544,543 (301,274,580), which entitles to one vote each. All 
shares are of the same share class. The number of outstanding 
warrants amounted to 7,420,000 (3,320,000). For the period 
October - December 2023, the average number of shares before 
dilution and average number of shares after dilution amounted to 
443,544,543 and 450,964,543 respectively. 
 
TRADE IN THE SHARE  
Fourth quarter 
The total liquidity in the share during the quarter amounted to 
MSEK 338 (1,018). The number of transactions for the same 
period amounted to 35,793 (89,659). The average volume per 
transaction amounted to SEK 9,452 (11,357). The average volume 
per trading day amounted to MSEK 5 (16).  
 
LARGEST SHAREHOLDERS 
The ten largest shareholders per December 31, 2023, are listed 
below:  
  
 
DATA PER SHARE 
An overview of share development, turnover and result per share is presented below.  
 
 
Ow ner Shares Votes
Neudi & C:o AB 46,135,778 10.40%
Håkan Roos (RoosGruppen AB) 46,029,975 10.38%
Noel Abdayem (NCPA Holding AB) 27,927,095 6.30%
Alta Fox Capital 26,021,235 5.87%
Capital Group 22,368,627 5.04%
Creades AB 18,136,470 4.09%
Nordnet Pensionsförsäkring 18,235,271 4.11%
DNB Asset Management AS 13,639,502 3.08%
Thomas Petrén (Seved Invest AB) 12,570,000 2.83%
DNB Asset Management SA 9,850,486 2.22%
Total top 10 240,914,439 54.32%
Other shareholders 202,630,104 45.68%
Total number of shares 443,544,543 100%
2023 2022 2023 2022
Low  price (SEK) 7.83 7.65 5. 94 9.01
High price (SEK) 11.69 12.61 11.69 28.85
Closing price previous period (SEK) 9.10 9.23 9.77 28.00
Closing price current period (SEK) 11.38 9.77 11.38 9.77
Share price development during period (%) 25% 6% 16% -65%
Trading volume in the share (MSEK) 338 1,018 1,748 4,223
Number of transactions in the share 35,793 89,659 181,662 347,133
Average volume per trading day (MSEK) 5 16 7 17
Average volume per transaction (SEK) 9,452 11,357 9,621 12,166
Number of shareholders* 20,670 24,080 20,670 24,080
Number of shares outstanding* 443,544,543 301,274,580 443,544,543 301,274,580
Average number of shares before dilution 443,544,543 301,274,580 377,360,692 284,151,901
Average number of shares after dilution 450,964,543 304,594,580 383,219,322 286,818,625
Net sales per share (SEK)** 4.37 5.33 18.68 16.89
Adjusted EBITDA per share (SEK)** 0.43 0.59 1.84 1.94
Adjusted EBITA per share (SEK)** 0.37 0.51 1.55 1.64
Adjusted EBIT per share (SEK)** 0.16 0.33 0.94 1.07
EBIT per share (SEK)** 0.15 0.21 0.84 0.90
Earnings per share (SEK) -0.02 -0.06 -0.28 -0.13
See page 26 for definition and calculation of key ratios.
* End of period, **Before dilution
Fourth quarter Twelve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  11 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
Amount in MSEK Note 2023 2022 2023 2022
Net sales 4 1 , 936 1 ,606 7,050 4,800
Capitalized work on own account 22 24 83 85
Other operating income 83 67 262 259
Raw materials and consumables -1 ,322 - 1,12 8 -4,921 -3,268
Other external expenses -250 - 19 0 -851 -644
Personnel expenses -222 - 19 6 - 790 -625
Other operating expenses -64 -41 - 174 - 10 3
EBITDA 7 18 4 14 3 659 504
Depreciation of tangible fixed assets - 11 - 10 -47 -37
Depreciation of right-of-use assets - 17 - 14 -64 -48
EBITA 7 15 6 119 547 4 19
Amortization of intangible fixed assets -54 -21 -83 -35
Amortization of assets related to acquisitions -37 -35 - 14 6 - 12 8
EBIT 7 66 62 3 18 257
Profit from shares in associated companies 2 -2 1 -4
Financial income 6 6 13 14
Financial expenses 5 -67 -83 -393 -265
PROFIT AND LOSS AFTER FINANCIAL ITEM S 6 - 17 -61 1
Income tax - 16 -1 -45 -37
PROFIT AND LOSS AFTER TAX* - 11 - 18 - 10 6 -36
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations - 12 4 22 6 13 5
COMPREHENSIVE INCOME FOR PERIOD* - 13 5 4 - 10 0 99
Earnings per share before dilution -0,02 -0,06 -0,28 - 0 ,13
Earnings per share after dilution -0,02 -0,06 -0,28 - 0 ,13
*Profit and loss after tax and Total Comprehensive Income for the period are attributable in their entirety to the shareholdes of the parent company
Fourth quarter Twelve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  12 
GROUP BALANCE SHEET - IN SUMMARY 
 
Amount in MSEK Note 2023 2022
ASSETS
Non-currenct assets
I
ntangible assets 6,01 3 5,995
Tangible fixed assets 19 1 372
Financial assets 99 75
Right-of-use assets 299 15 1
Deferred tax assets 29 26
Total non-current assets 6,631 6,61 8
Current assets
Inventory 983 982
Accounts receivables 561 683
Other short-term receivables 2 11 234
Cash and cash equivalents * 401 338
2,1 57 2,237
Assets classified as held for sale 6 12 9 0
Total current assets 2,287 2,237
TOTAL ASSETS 8,91 8 8,855
EQUITY AND LIABILITIES
Equity
Share capital 98 66
Unregistered share capital 0 0
Other equity contributed 5,032 4,1 31
Retained earnings -260 - 16 1
Equity attributable to Parent Company's shareholder 4,869 4,036
Long-term liabilities
Interest-bearing liabilities 8 1 ,204 1,9 16
Contingent considerations 10 16 5 433
Long-term lease liabilities 258 10 0
Deferred tax liabilities 474 502
Other long-term liabilities 34 79
Total long-term liabilities 2,1 35 3,029
Short-term liabilities
Interest-bearing liabilities * 8 247 579
Contingent considerations 10 336 347
Current lease liabilities 67 49
Accounts payable 652 550
Other short-term liabilities 568 265
1,8 70 1,79 0
Liabilities directly associated with assets classified as held for sale 6 43 0
Total short-term liabilities 1,9 13 1,79 0
TOTAL EQUITY AND LIABILITIES 8,91 8 8,855
December, 31
*In connection with the refinancing of group capital structure during the third quarter, the presentation of the Group Cash pool account changed which resulted in the cash 
and cash equivalents as well as short term interest liabilities have been restated per 2212. The change amount to -42MSEK in 2212.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  13 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– FOURTH QUARTER 
 
 
Amount in M SEK
Share 
capital
U nregistered 
share capital
Other 
equity 
contributed
Exchange 
rate 
differences
Retained 
earnings
Total 
shareholders 
equity
Opening balance September 1, 2022 66 0 4,243 155 -320 4,144
Net income for period -18 -18
Other comprehensive income 22 22
Total comprehensive income 22 -18 4
Transaction with owners in their capacity as owners:
Share issue -113 -113
Transaction costs -1 -1
Warrants program 2 2
Total transaction with owners in their capacity as 
owners
0 -112 -112
Ending balance December 31, 2022 66 0 4,131 177 -338 4,036
Opening balance September 1, 2023 98 0 5,028 307 -432 5,000
Net income for period -11 -11
Other comprehensive income -124 -124
Total comprehensive income -124 -11 -135
Transaction with owners in their capacity as owners:
Share issue 0 0
Transaction costs 0
Realization loss from share buyback 0
Warrants program 0
Adjustment to prior year 4 4
Total transaction with owners in their capacity as 
owners
0 4 0 0 4
Ending balance December 31, 2023 98 0 5,032 183 -443 4,869
E quity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  14 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– TWELVE MONTHS 
 
 
 
Amount in M SEK
Share 
capital
U nregistered 
share capital
Other 
equity 
contributed
Exchange 
rate 
differences
Retained 
earnings
Total 
shareholders 
equity
Opening balance January 1, 2022 54 1 3,315 43 -302 3,110
Net income for period -36 -36
Other comprehensive income 135 135
Total comprehensive income 135 -36 99
Transaction with owners in their capacity as owners:
Share issue 12 -1 826 837
Transaction costs -12 -12
Warrants program 2 2
Total transaction with owners in their capacity as 
owners
12 -1 816 0 0 827
Ending balance December 31, 2022 66 0 4,131 177 -338 4,036
Opening balance January 1, 2023 66 0 4,131 177 -338 4,036
Net income for period -106 -106
Other comprehensive income 6 6
Total comprehensive income 6 -106 -100
Transaction with owners in their capacity as owners:
Share issue 31 927 958
Transaction costs -28 -28
Realization loss from share buyback -1 -1
Warrants program -1 -1
Adjustment to prior year 4 4
Total transaction with owners in their capacity as 
owners
31 901 0 0 932
Ending balance December 31, 2023 98 0 5,032 183 -443 4,869
E quity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  15 
GROUP CASH-FLOW STATEMENT 
 
The company received deferred tax support during the second quarter recognized as short-term liabilities. This had a positive one-time effect on the cash flow 
from operating activities of MSEK 260.
Amount in M SEK 2023 2022 2023 2022
O
PERATING ACTIVITIES
Profit and loss after financial items 6 -17 -61 1
Adjustment for non-cash items
 Depreciation and Amortization 118 81 341 247
Other items 38 133 304 155
Paid tax -33 -14 -54 -33
Cash flow from operating activities before 
change in net working capital
129 183 529 371
CHANGE IN WORKING CAPITAL
Change in inventories (increase - / decrease + ) 44 -6 27 - 101
Change in short term receivables (increase - / decrease + ) 22 46 190 74
Change in short term liabilities (increase - / decrease + ) 91 25 341 -88
Sum of change in working capital 156 64 558 -116
Cash flow from operating activities 285 246 1,088 255
INVESTING ACTIVITIES
Acquisition of capitalized development costs -21 -24 -83 -84
Acquisition of intangible assets -22 0 -29 -6
Acquisition of tangible assets -10 -48 -49 -57
Acquisition of financial assets 0 0 0 0
Acquisition of subsidiaries, sold businesses 107 0 107 0
Acquisition of subsidiaries, acquired business + paid earn-outs -17 -2 -369 -901
Cash flow  from investing activities 37 -74 -423 -1,048
FINANCING ACTIVITIES
Share issue funds 0 0 875 530
Costs related to share and bond issues -3 -2 -111 -12
Paid premium for share incentive program 0 2 0 2
Bond financing 0 0 -1,800 0
Proceeds from bond 0 0 0 300
Paid interest due to financing activities -29 -36 -216 -154
New  loans 0 279 1,546 769
Repayment of loans -256 -354 -823 -670
Amortization of lease liability -18 -16 -72 -52
Cash flow from financing activities -307 -128 -601 712
Decrease/Increase in cash and cash equivalents 15 44 64 -82
Cash and cash equivalents at beginning of period 397 295 338 420
Exchange rate differences -11 -1 -1 -1
Cash and cash equivalents at end of period 401 338 401 338
Deployable cashflow* 292 122 486 -99
*See page 26 for definition and calculation
Fourth quarter Twelve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  16 
INCOME STATEMENT - PARENT COMPANY 
 
Amount in M SEK 2023 2022 2023 2022
Net sales 25 19 44 21
Other operating income -2 -3 1 1
Total revenue 23 16 46 22
Capitalized w ork on ow n account 0 2 0 9
Other external expenses -9 -8 -29 -20
Personnel expenses -13 -18 -43 -48
Other operating expenses 75 0 76 -1
EBITDA 76 -8 49 -38
Depreciation and amortization of fixed tangible 
and intangible assets -11 0 -11 0
EBIT 65 -8 38 -38
Profit from shares in subsidiaries and associated companies 0 0 0 0
Received dividends from subsidiaries 27 15 40 52
Interest income 10 12 34 13
Interest expenses -57 -82 -355 -230
PROFIT AND LOSS AFTER FINANCIAL ITEM S 44 -63 -243 -204
Year-end appropriations 96 100 96 100
PROFIT AND LOSS BEFORE TAX 140 37 -147 -104
Current taxes -5 -16 -5 -16
PROFIT AND LOSS AFTER TAX 135 21 -152 -120
In the parent company, there are no items that are reported as other comprehensive income, which is why total comprehensive income corresponds to the year's result.
Fourth quarter Twelve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  17 
PARENT COMPANY BALANCE SHEET – IN SUMMARY 
 
Amount in M SEK Note 2023 2022
ASSETS
Non-current assets
Intangible fixed assets 2 1
T
angible fixed assets 3 1
Financial fixed assets 6,967 6,920
Total non-current assets 6,972 6,922
Current assets
Inventory 0 0
Accounts receivables 40 0
Receivables w ith group companies 230 287
Other short-term receivables 24 13
Cash and cash equivalents 4 1
Total current assets 298 301
TOTAL ASSE TS 7,269 7,222
EQUITY AND LIABILITIES
Equity
Restricted equity 98 66
Unrestricted equity 4,637 3,880
Total shareholders equity 4,735 3,946
Provisions 507 786
Long term liabilities
Interest-bearing liabilities 1,189 1,826
Liabilities to group companies 15 0
Other long-term liabilities 11 33
Total long-term liabilities 1,215 1,859
Short-term liabilities
Interest-bearing liabilities 253 571
Accounts payable 12 7
Liabilities to group companies 506 24
Other liabilities 41 29
Total short-term liabilities 812 631
TOTAL E QUITY AND LIABILITIE S 7,269 7,222
D ecember, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  18 
NOTES AND PERFORMANCE MEASUREMENTS 
NOTE 1 – ACCOUNTING PRINCIPLES 
The consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary 
Accounting Rules for Groups and International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations 
Committee (IFRS IC) as adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act. The financial statements have been prepared according to cost method except from certain financial assets and 
liabilities measured at fair value through profit and loss.  
The accounting policies adopted are consistent with those of the Annual report for the year ended December 31, 2022. New or amended IFRS 
standards, effective from January 1, 2023, have no impact on the result and financial position of the Group. 
NOTE 2 – SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 
The Group makes estimates and assumptions about the future. The estimates for accounting purposes that result from these will, by 
definition, rarely correspond to the actual result. The estimates and assumptions that entail a significant risk of significant adjustments in 
reported values for assets and liabilities in this interim report correspond to those describe in Note 3 in the Annual report 2022. The 
management has made assessments and estimates continuously throughout 2023, where the main estimates relate to contingent 
considerations. See Note 10 for more information. On December 1st the Group announced its intention regarding sale of real estates as a sale 
and leaseback transaction. The first part of the sale took place on December 15th, thus a 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. The associated assets for the second part of the 
sale are presented as assets held for sale in the financial statement. On December 19th the Group announced its intention to divest Bayn 
Production AB. The associated assets and liabilities of Bayn Production are presented as assets held for sale in the financial statement. 
Quantitative information is presented in Note 7. 
NOTE 3 – SUBSEQUENT EVENTS 
On January 2nd, Humble Group divested Bayn Production AB. The company was divested as part of Humble Groups long-term strategy to 
streamline the operations. The total purchase price for the shares in Bayn Production amount to MSEK 7.7. See Note 7 for more information

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  19 
NOTE 4 – SEGMENT INFORMATION AND DISCLOSURE OF REVENUE 
The Group's chief operating decision maker is the chief executive officer (CEO), who primarily uses a measure of adjusted earnings before 
interest, tax, depreciation, and amortization (Adjusted EBITDA) to assess the performance of the operating segments. The CEO does not follow 
up the segments' assets or liabilities for allocation of resources or assessment of results.  
 
For further information regarding the segments, please refer to page 5-8. The Group financials consists of below combined segments:  
 
 
 
 
 
 
Fourth quarter 2023, amount in M SEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 233 612 431 660 0 1,936
Raw  material and consumables -127 -389 -278 -528 0 -1,322
Gross profit 106 223 153 132 614
Gross margin, % 46% 36% 35% 20% 32%
EBITDA 30 80 35 23 15 184
Items affecting comparability (note 5) 0 11 5 -4 -5 7
Adjusted E BITDA*** 30 90 40 20 10 190
Adjusted EBITDA in relation to net sales 13% 15% 9% 3% 10%
EBIT A 20 72 30 17 16 156
Adjusted E BITA 20 83 35 13 11 162
Adjusted EBITA in relation to net sales 9% 14% 8% 2% 8.4%
EBIT 9 11 22 11 13 66
Adjusted E BIT 9 22 27 7 7 72
Adjusted EBIT in relation to net sales 4% 4% 6% 1% 4%
*Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 5 for reconciliation to Profit before tax
Fourth quarter 2022, amount in M SEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 213 547 339 506 1,606
Raw  material and consumables -121 -364 -232 -411 0 -1,128
Gross profit 92 183 107 95 478
Gross margin, % 43% 33% 32% 19% 30%
EBITDA 47 82 11 14 -11 143
Items affecting comparability (note 5) -21 20 23 -1 16 36
Adjusted E BITDA*** 25 102 34 13 4 179
Adjusted EBITDA in relation to net sales 12% 19% 10% 3% 11%
EBIT A 45 68 2 11 -7 119
Adjusted E BITA 24 88 25 10 9 155
Adjusted EBITA in relation to net sales 11% 16% 7% 2% 10%
EBIT 9 64 -11 7 -6 62
Adjusted E BIT -12 83 12 6 10 98
Adjusted EBIT in relation to net sales -6% 15% 4% 1% 6%
*Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 5 for reconciliation to Profit before tax

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  20 
 
 
 
 
Twelve months 2023, amount in M SEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 936 2,197 1,462 2,455 0 7,050
Raw  material and consumables -532 -1,413 -1,030 -1,946 0 -4,920
Gross profit 404 784 432 509 2,129
Gross margin, % 43% 36% 30% 21% 30%
EBITDA 83 326 166 101 -18 659
Items affecting comparability (note 5) 42 -10 -11 9 6 37
Adjusted E BITDA*** 126 317 155 110 -12 696
Adjusted EBITDA in relation to net sales 13% 14% 11% 4% 10%
EBIT A 47 298 144 76 -19 547
Adjusted E BITA 90 289 132 85 -12 584
Adjusted EBITA in relation to net sales 10% 13% 9% 3% 8%
EBIT 13 158 115 55 -23 318
Adjusted E BIT 55 148 103 64 -16 355
Adjusted EBIT in relation to net sales 6% 7% 7% 3% 5%
*Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 5 for reconciliation to Profit before tax
Twelve months 2022, amount in M SEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 733 1,845 965 1,257 4,800
Raw  material and consumables -417 -1,171 -700 -980 -3,268
Gross profit 316 674 265 277 1,532
Gross margin, % 43% 37% 27% 22% 32%
EBITDA 162 225 104 52 -39 504
Items affecting comparability (note 5) -57 78 4 6 16 47
Adjusted E BITDA*** 105 303 108 58 -23 551
Adjusted EBITDA in relation to net sales 14% 16% 11% 5% 11%
EBIT A 138 193 83 44 -39 419
Adjusted E BITA 81 271 87 49 -22 466
Adjusted EBITA in relation to net sales 11% 15% 9% 4% 10%
EBIT 85 124 57 29 -38 257
Adjusted E BIT 28 202 61 35 -22 304
Adjusted EBIT in relation to net sales 4% 11% 6% 3% 6%
*Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 5 for reconciliation to Profit before tax

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  21 
 
 
NOTE 5 – FINANCIAL EXPENSES 
During the fourth quarter, Humble Group fullfilled the refinancing of exisitng bonds and credit facility by taking up new bank facilities. The 
refinancing is expected to decrease the interest cost, which will have a positive impact on the result and cash flow.  
 
 
NOTE 6 – ASSETS HELD FOR SALE 
On December 1st the Group announced its intention regarding sale of real estates as a sale and leaseback transaction. The first part of the sale 
took place on December 15th, thus a 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. The right-of-use assets amount to MSEK 87 and the lease liability MSEK 107. The gain of MSEK 9 
relates to the rights transferred to the buyer. The associated assets for the second part of the sale amount to MSEK 112 are presented as 
assets held for sale in the financial statement. Property related loans are presented as liabilities directly associated with assets classified as 
held for sale. 
On December 19th the Group announced its intention to divest Bayn Production AB. The asset and liabilities are measured at lowest of nominal 
value and fair value, and an impairment loss of MSEK 6 has been recognized in the fourth quarter. The associated assets of MSEK 17 and 
liabilities of MSEK 9 are presented as assets held for sale in the financial statement.  
N et sales per country
Amount in M SEK 2023 2022 2023 2022
Australia 164 73 423 141
Chi
na 65 47 193 150
Denmark 21 22 80 62
Finland 29 28 108 77
Germany 61 75 272 234
Norw ay 66 58 264 202
Portugal 44 68 167 127
Sw eden 927 765 3496 2410
United Kingdom 309 264 1166 846
USA 30 29 126 87
Other countries* 220 176 755 465
Total net sales 1,936 1,606 7,050 4,800
*None of the other countries independently contribute more than one percent of total net sales.
Fourth quarter Twelve months
Amount in M SEK 2023 2022 2023 2022
Interest expense related to financing -38 -58 -213 - 174
Unw inding of discounting effect -13 -24 -69 - 61
Interest expense on lease liabilities -3 -2 -10 -6
Exchange rate losses and revaluation effects -9 -3 -11 - 17
Costs related to refinancing of bond 0 0 -78 0
Other interest expenses -5 4 -13 -7
Financial expenses -67 -83 -393 -265
Fourth quarter Twelve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  22 
NOTE 7 – 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 10 in the 
Annual report 2022. Humble has not adjusted for any items related to freight costs during 2023. The main adjustment item during the quarter 
was related to employee-related compensation and lock-in penalties of MSEK -10 (-13). These expenses had no cash flow impact.   
 
  
Amount in MSEK 2023 2022 2023 2022
Adjusted EBITDA 19 0 179 696 551
Acqusition related cost and income* -2 - 11 -8 -39
Revaluation of contingent considerations accounting** 9 3 51 111
Lock-in penalty from acquisition SPA** - 10 - 13 -45 - 72
Donations 0 1 -1 -3
Restructuring -8 -35 -23 -42
Other 3 17 - 11 -3
EBITDA 18 4 14 3 659 504
Depreciation -28 -24 - 112 -85
EBITA 15 6 119 547 4 19
Amortization -90 -56 -229 - 16 2
EBIT 66 62 3 18 257
Finance net -60 -80 - 379 -255
EBT 6 - 17 -61 1
*2022 incl surplus value in inventory. **These items have no cash flow impact 
Fourth quarter Twelve months
Amount in M SEK 2023 2022 2023 2022
EBITDA 184 143 659 504
Items affecting comparability 7 36 37 47
Ad
justed E BITDA 190 179 696 551
EBIT A 156 119 547 419
Items affecting comparability 7 36 37 47
Ad
justed E BITA 162 155 584 466
EBIT 66 62 318 257
Items affecting comparability 7 36 37 47
Ad
justed E BIT 72 98 355 304
Fourth quarter Twelve months

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

| FINANCIAL INFORMATION 
Humble Group AB Year-end Report January - December 2023 23
N
OTE 8 – NET INTEREST-BEARING DEBT 
Humble Group's net interest-bearing debt as of December 31, 2023, is presented in table below. During 2023, Humble Group has carried out a 
directed share issue and raised MSEK 849 in cash net of transactional costs, of which MSEK 450 was used to amortize its revolving credit facility 
in June 2023.  
H
umble Group received tax deferments of MSEK 260 during the second quarter 2023. In accordance with IFRS Accounting principles, this has 
been recognized as other short-term liability. The tax deferment got extended one year from September 2023 with the possibility for 
extension for up to one additional year. 
T
able below illustrates the leverage multiple adjusted for inclusion of earnout max cash payment, sale and leaseback, and tax deferral. Twelve 
month Adjusted EBITDA Proforma amounted to MSEK 720. Net Interest-bearing debt in relation to last twelve months Adjusted EBITDA 
proforma amounts to 1,9x at the end of this reporting period. 
Amount in MSEK 2023 2022
Interest-bearing liabilities
Bond financing debt 0 1 ,826
Liability to credit institutions excluding liabilites related to assets held for sale (property financing) 1 ,450 668
Lease liabilities 325 15 0
Total interest-bearing liabilities 1,775 2,644
Cash and cash equivalents -401 -338
Net Interest Bearing Debt (NIBD) 1,3 74 2,306
December, 31
Amount in MSEK
December, 31
LTM  Adj. 
EBITDA 
proforma
Leverage 
Multiple
Net Interest Bearing Debt (NIBD) 1,3 74 720 1,9 x
Lease Liabilities and EBITDA impact -325 -81
Proforma properties sale and leaseback (SLB) ongoing process - 13 3 - 11
Tax deferral 260
Net Interest Bearing Debt (NIBD-Leasing+ Tax Deferrals) 1,176 628 1,9 x
Earnout nominal value 542
Net Interest Bearing Debt (NIBD+ EO-Leasing+ Tax Deferrals) 1,718 628 2,7x

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  24 
NOTE 9 – BUSINESS COMBINATIONS 
BUSINESS COMBINATIONS 2023 
 
Acquisitions during fourth quarter 
No new acquisition has been made during the fourth quarter of 
2023.  
During first quarter of 2023, the Parent Company acquired 100% 
of four subsidiaries. The acquisitions are presented on an 
aggregated level, as the relative amounts of the individual 
acquisitions are not deemed to be material.  
The subsidiaries have operations within distribution and 
manufacturing. Identified excess values are linked to Goodwill 
MSEK 61, Customer relationship and listing of MSEK 11, 
Trademark and brands of MSEK 21, Buildings and lands of MSEK 9 
and Deferred tax liability of MSEK 12. 
Significant estimate: contingent consideration 
Two of the total acquisitions made during 2023 have an 
agreement of contingent considerations of total MSEK 32. These 
considerations are due to payment within 0-3 years. The potential 
undiscounted amount payable under the agreements amount to 
MSEK 39 for cumulative EBITDA. The fair value of the contingent 
consideration was MSEK 32 at the initial recognition and is 
estimated by calculating the present value of the future expected 
cash flows at the end of the accounting period. The estimates are 
based on a weighted average cost of capital as discount rate of 
11,02%. 
Employment linked consideration 
No employment linked consideration is related to the acquisitions 
carried out during 2023.  
Revenue and profit contribution 
The acquisition of the subsidiaries contributed with net sales of 
MSEK 60 to the Group for the period from the acquisition date to 
end of March 2023. The subsidiaries also contributed with an 
EBITDA of MSEK 2 during the same period. If the subsidiaries 
would have been consolidated from January 1, 2023, the Group's 
income statement would present additional net sales of MSEK 135 
and EBITDA of MSEK 8. 
 
 
 
Acquisition-related costs 
Acquisition-related costs of 6 MSEK are included in the statement 
of profit and loss and in operating cash flows in the statement of 
cash flows.  
 
Summary of distribution of purchase price, PPA – IFRS 
 
 
 
 
Subsidiary Acquisition date Shares and votes Segment V ertical Country
Napame Holding AB 2023-03-01 1 00% Future snacking Manufacturing Sweden
Aktiebolaget Cool & Candy AB 2023-03-1 5 1 00%Nordic Distribution Distribution Sweden
Skövde Snabbgross AB 2023-03-1 5 1 00%Nordic Distribution Distribution Sweden
Privab Grossisterna AB 2023-03-1 5 1 00%Nordic Distribution Distribution Sweden
Total acquisition, amount in M SEK D ecember, 31
Goodw ill 61
C
ustomer relationships and listings 11
Trademarks and brands 21
Other fixed assets 51
Total fixed assets 144
Inventory 39
Accounts receivable 27
Liquid funds 20
Other current receivables 8
Total current assets 93
Total asset 237
Deferred taxes 12
Other provisions 0
Total provisions 12
Total long term liabilities 19
Accounts payable 41
Other current liabilities 0
Total current liabilities 41
Total liabilities 72
N et assets 165
Cash 75
Share issue 40
Contingent consideration 32
Deferred payment 0
Total purchase price 146

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  25 
NOTE 10 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE 
The levels in the fair value hierarchy are defined as follows: 
Financial instrument level 1 
Quoted market prices (unadjusted) in active markets for identical 
assets or liabilities. 
Financial instrument level 2 
Observable data for the asset or liability other than quoted prices 
included in level 1, either directly (i.e. as price quotations) or 
indirectly (i.e. derived from price quotations). 
Financial instrument level 3 
When one or more of the significant inputs is not based on 
observable market data.  
 
The Group's financial assets measured at fair value through profit 
and loss consists of Other long-term securities, which are 
classified as level 1 in the fair value hierarchy. 
 
The Group's financial liabilities measured at fair value through 
profit and loss consists of Contingent consideration, which are 
classified as level 3 in the fair value hierarchy. 
 
There have been no transfers between fair value hierarchy levels 
during the reporting period. 
 
FAIR VALUE DISCLOSURE OF LONG TERM LOANS 
During the third quarter, Humble Group refinanced its bond 
obligations of 1 800 MSEK in total, and replaced this with two 
Term loans of total 1 350 MSEK and one revolving credit facility of 
total 300 MSEK.  
 
The new term loans are measured at 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 11% discount rate. The duration to maturity is 
presented below. 
 
INPUT USED IN RECURRING LEVEL 3 FAIR VALUE 
MEASUREMENTS AND VALUATION TECHNIQUES 
The contingent considerations in the Group have been calculated 
based on the nominal value of the best estimate of the expected 
outcome on the date of the acquisition. The estimate is based on 
management's assessment of the probable amount to be paid 
given the terms of the share transfer agreement. The fair value of 
the contingent considerations has been calculated based on an 
interest rate corresponding to the remaining term until payment 
at each reporting date. During 2023, MSEK -60 (-57) in interest 
income was recognized as finance expenses regarding expenses 
related to contingent considerations.  
 
Estimated payments per year Nominal value Fair value
2024 349 336
2025 175 151
2026 17 13
Total contingent considerations 542 501
Contingent consideration, amount in M SEK 2023 2022
Opening balance, January 1                 780 737
New  acquisitions 32 247
Payments -320 -144
Revaluation -50 -111
Interest expenses related to unw inding of discounting effect 60 57
Translation differences 0 -5
Closing balance, December 31 501 780
D ecember, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  26 
DEFINITIONS AND CALCULATIONS ON KEY RATIO 
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Standards (IFRS) but are 
what the company management considers to be relevant to users of the financial report as a supplement for the measures of the business's 
development. These financial measurements are not always comparable with the measures used by other companies since not all companies 
calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded as a replacement for 
measures defined according to IFRS. The calculations relate to period January-December 2023 
Gross Profit  
Net sales less raw materials and consumables.  
Gross Profit is calculated as 7,050 –4,921 = 2,129 MSEK. 
Gross Margin 
Gross Profit in relation to net sales.  
Gross Margin is calculated as 2,129 / 7,050 = 30%. 
 
EBITDA  
Earnings before interest, tax, depreciation, amortization, write-
down and depreciation and amortization on acquisition-related 
surplus values.  
Adjusted EBITDA 
Earnings before interest, tax, depreciation, amortization, write-
down, and amortization on acquisition-related surplus values, 
adjusted for items affecting comparability. Adjusted EBITDA 
margin is Adjusted EBITDA in relation to net sales. Adjusted 
EBITDA per share is Adjusted EBITDA divided by average number 
of shares before dilution. 
Adjusted EBITDA is calculated as 659 + 37 = 696 MSEK.  
Adjusted EBITDA margin is calculated as 696 / 7,050 = 10%. 
Adjusted EBITDA per share is calculated as MSEK 696 / 
377,360,692 = 1.84 SEK. 
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 547 + 37 = 584 MSEK. 
Adjusted EBITA margin is calculated as 584 / 7,050 = 8% 
Adjusted EBITA per share is calculated as MSEK 584 / 377,360,692 
= 1.55 SEK. 
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 318 + 37 = 355 MSEK. 
Adjusted EBIT margin is calculated as 355 / 7,050 = 5% 
Adjusted EBIT per share is calculated as MSEK 355 / 377,360,692 = 
0.94 SEK. 
Net interest-bearing debt 
Total interest-bearing liabilities and lease liabilities, less cash and 
cash equivalents.  
Net interest-bearing debt is calculated as  
1,450 + 325- 401 = 1,374 MSEK. 
Organic growth in net sales 
Change in net sales adjusted for exchange rate effect and net sales 
from acquired subsidiaries during the period.  
Organic growth in net sales is calculated as 771 / 4,800 = 16%. 
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 amortisation 
of lease liability, less tax deferrals. 
Deployable cash flow is calculated as 1,088 – 423 + 369 - 216 - 72 
– 260 = 486. 
 
Last twelve months Adjusted EBITDA proforma 
Adjusted EBITDA proforma present the accumulated EBITDA 
before intra group eliminations in all entities in the group where 
an agreement of acquisition or divestment have been entered at 
the date of this report, adjusted for items affecting comparability.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  27 
Glossary 
FMCG 
FMCG is an industry term and is short for Fast Moving Consumer 
Good. 
Contingent consideration 
Deferred purchase price payments that are contingent upon 
future performance of an acquired subsidiary. The consideration 
can be paid in both cash and shares and are presented to fair 
value based on management’s best estimate of the occurrence of 
future payments. 
 
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 February 19, 2024 
 
 
  Dajana Mirborn    Ola Cronholm  
  Chairman of the Board 
 
 
 
  Henrik Patek   Pål Bruu 
 
 
 
 
  Sara Berger    
 
 
 
  Simon Petrén 
  Chief Executive Officer 
 
 
 
 
 
 
This information is such that Humble Group AB is obliged to publish in accordance with the EU regulation on market abuse.  
The information was submitted for publication on February 19, 2024, at the time specified by Humble Group's news distributor Cision at the 
time of publication of this press release.

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

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