Kvartalsrapport Q4 2024

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

YEAR-END REPORT 
JANUARY – DECEMBER 2024

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

YEAR-END REPORT 
JANUARY - DECEMBER 2024 
 
Humble Group AB Year-end Report January - December 2024    
Stockholm, Feb 19, 2025 
 
 
 
INCREASED PROFITABILITY AND A STABLE LAST QUARTER OF 
THE YEAR 
Financial information  
Fourth quarter  
 Net sales amounted to MSEK 2,089 (1,936), an increase 
with 8% compared to the corresponding period last year. 
The organic growth for the period was 7%. 
 EBITA amounted to MSEK 152 (156). 
 EBIT amounted to MSEK 105 (66). 
 Adjusted EBITA amounted to MSEK 157 (142), an increase 
with 11% compared to the corresponding period last year. 
 Cash flow from operating activities after net working 
capital amounted to MSEK 146 (285). 
 Profit and loss after tax amounted to MSEK 43 (-11). 
 Earnings per share before and after dilution amounted to 
SEK 0.10 (-0.02) and SEK 0.09 (-0.02) respectively. 
Twelve months 
 Net sales amounted to MSEK 7,708 (7,050), an increase 
with 9% compared to the corresponding period last year. 
The organic growth for the period was 9%. 
 EBITA amounted to MSEK 570 (547). 
 EBIT amounted to MSEK 376 (318). 
 Adjusted EBITA amounted to MSEK 578 (505), an increase 
with 15% compared to the corresponding period last year. 
 Cash flow from operating activities after net working 
capital amounted to MSEK 300 (1,088). 
 Profit and loss after tax amounted to MSEK 124 (-106). 
 Earnings per share before and after dilution amounted to 
SEK 0.28 (-0.28) and SEK 0.27 (-0.28) respectively. 
 The Board of Directors proposes that no dividend will be 
paid for the financial year 2024. 
Significant events
During the fourth quarter 
 Humble has expanded its existing credit facility 
agreement with a total of MSEK 300. MSEK 150 of the 
new loan was used to refinance Humble’s bridge loan 
from Nordea and SEB. The remaining part of the loan, 
MSEK 150, is restricted cash to invest further in 
Humble’s growth projects. See Note 8 for more 
information. 
After the quarter 
 No significant event has occurred after the quarter. 
 
 
Financial overview

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

| COMMENTS FROM THE CEO 
 
2 
 
INCREASED PROFITABILITY 
AND A STABLE LAST 
QUARTER OF THE YEAR 
We completed 2024 with a stable fourth quarter. Net sales increased to 
SEK 2,089 million (1,936) and the organic growth amounted to 7.2 
percent, despite meeting tough comparables. Adjusted EBITA amounted 
to SEK 157 million (142), corresponding to an increase of 11 percent and 
an Adjusted EBITA margin of 7.5 percent. Taking the effect of the 
divested properties into consideration, the total EBITA increase was 14 
percent in the quarter and 18 percent for the full year. The gross margin 
continued to strengthen sequentially and amounted to 32 percent (32). It 
remains a highly prioritized area to improve further. 
 
Strategic development during the quarter 
Reflecting on the quarter, I am happy that we successfully have been able 
to execute on several strategic initiatives that was lined up for 2024. To 
name a few, the beverage facility in Habo is fully operational and our 
production is now supplying the first beverages to both internal and 
external customers. The renovation and separation of the colonial 
production from Ewalco has been successful and is now up and running, 
enabling additional capacity and streamlining the production of core 
nutrition products. Both Grahns Konfektyr and Franssons Konfektyr have 
transitioned into two-shift production, which is starting to show effect. 
Bars Production Sweden has implemented its fifth production line, where 
we have yet to fill up the capacity with new customers. From the 
acquisition of the production line of protein bars in Australia during the 
last quarter of 2023, we have now ended a rewarding first year with both 
sales and profitability exceeding our expectations in the business case. 
That demonstrates our capability to act on opportunities and drive 
synergies in our group and platform. In our hero brands, we have 
continued to invest in internationalization and have launched several new 
products in multiple markets. We have also secured additional distribution 
in 2025 with the Swedish convenience trade, with launches of recent 
innovations such as True Dates, Bsc EU Mellow Bar, Pändy and Funlight 
ready to drink, which is an exciting collaboration together with Orkla. 
 
Changes in the market dynamics in the FMCG-sector continue and we note 
an increasing demand for private-label products and fluctuations in cost 
for key raw materials and freight. The macro environment requires us to 
maintain focus on efficient sourcing and dynamic execution. We have 
continued to expand our investments in our manufacturing sites, with the 
ambition to enable higher capacity output and production efficiency. The 
Swedish wholesale and logistic centers have been rearranged to 
accommodate structural agreements with major retail groups, enabling us 
to scale and provide sufficient service levels. In parallel, our production 
facilities have undergone significant upgrades, ensuring that we can meet 
the increasing demand while maintaining operational excellence. These 
investments not only reinforce our ability to compete, but also our ability 
to gain market share over time. 
 
Having recently arrived home from ISM Cologne, Europe’s largest candy 
and confectionary exhibition, where we had a joint Humble stand, I 
conclude that our entrepreneurs are more optimistic about 2025 than in 
previous years. We are convinced that our diversified product range and 
business model will continue to demonstrate its resilience and the 
opportunities for international expansion are vast. 
 
Improved gross margin, stable profitability and reduced debt-leverage 
The gross margin continued to improve sequentially on a quarterly basis. 
Our factories and Nordic wholesalers have started to benefit from 
operational scaling, but we have not yet fully realized the benefits of the 
investments made over the past two years. In general, we had a negative 
impact from product mix and lag from the high freight costs during 
summer. With significant decline of global freight costs since the peak 
during the third quarter 2024, and if the current prices levels are 
maintained, we will have a tailwind from this factor going forward. 
 
Future Snacking had a growth of 7 percent, driven by high demand for 
Pändy products and capacity expansion in our factories. The divestment of 
Bayn Production and structural changes in FCB had a negative impact in 
the segment, where we now have carried out an extensive reorganization 
in the subsidiary and see good conditions for growth again. Sustainable 
Care continued to expand at a healthy pace with a growth of 12 percent, 
with contributions from Solent Group and Amber House, which had strong 
traction with key retailers. Quality Nutrition had mixed results with 
negative growth of -6 percent, pertaining to issues in the whey protein 
supply chain, an increased focus on margin improvements in Body Science 
and short-term production issues for certain key customers in Bars 
Production. We expect the segment to grow going forward. Nordic 
Distribution had a continued strong momentum and a growth of 14 
percent, where joint purchasing is starting to show results with improved 
gross margin and profitability.  
 
The group has a strategic priority to facilitate growth and expansion in our 
hero brands and the most promising subsidiaries. During the quarter, we 
have continued to make significant increases in both sales and marketing 
efforts to create long-term value. Despite the increased investments, we 
have had a slight margin improvement and maintained a solid profitability, 
reflecting efficient execution and cost discipline. Cash flow from the 
underlying operations amounted to SEK 147 million (129), where we had a 
lesser release of net working capital than desirable. The total cashflow 
from operations after change in net working capital amounted to SEK 146 
million (285). We are not satisfied with the current levels of working 
capital and have deployed several processes across the group in order to 
improve the ratio of working capital relative net sales. Net Debt-to-EBITDA 
decreased and amounted to 2.8x, which means that we are moving closer 
to our financial target of Net Debt-to-EBITDA of less than 2.5x. 
 
Outlook 
The first quarter started out well, with a double-digit growth in January. 
We maintain a positive outlook for the year and reaffirm the demand from 
both customers and consumers. The balance sheet is expected to reach 
satisfactory levels in line with our financial targets within short, where we 
gradually will be able to start acquiring companies again. We have a 
pipeline of attractive and strategic potential acquisitions, with whom we 
have had an ongoing dialogue over the past two years. Additionally, with 
many of our major initiatives ramping up as well as exciting product 
launches ahead, we are confident in our ability to drive growth and create 
long-term value for our shareholders. 
 
 
Simon Petrén  
CEO Humble Group 
Stockholm, February 19th, 2025

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

| FINANCIAL DEVELOPMENT 
 
Humble Group AB Year-end Report January - December 2024  3  
HUMBLE GROUP’S FINANCIAL DEVELOPMENT 
FOURTH QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to MSEK 2,089 (1,936), an 
increase of 8% compared to the corresponding period last year. 
The change is attributable to organic growth for the wholly owned 
subsidiaries in both periods of 7% and currency impact was 1%.  
 
Gross margin 
The gross profit amount to MSEK 659 (614), resulting in a gross 
margin of 31.5%, a decrease of 0.2 percentage point compared to 
the corresponding period last year. 
 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to MSEK  
-274 (-250), which corresponded to 13% (13) of net sales. Costs 
related to the list change amount to -5 (-2) for the period. 
 
Personnel expenses 
Personnel expenses for the quarter amounted to MSEK -230  
(-222), which corresponded to 11% (11) of net sales. Personnel 
expenses were negatively impacted by consideration linked to 
employment (stay-on-bonus and lock-in penalties) of MSEK  
-5 (-10), see Note 6 Items affecting comparability. 
 
Depreciation and amortization 
Total depreciation and amortization for the quarter amounted to 
MSEK -83 (-119), which corresponded to a change of -30% 
compared with the corresponding period last year. The change is 
mainly explained by the amortization during the fourth quarter in 
2023 that was negatively affected an impairment of MSEK -35 in 
Fancystage, as well as an impairment of goodwill of MSEK -6 for 
Bayn Production. Depreciation of right-of-use assets amounted to 
MSEK -22 (-17) for the quarter. Amortization of assets related to 
acquisitions, of which a vast majority related to customer 
relations, amounted to MSEK -37 (-37). 
 
Financial expenses  
Financial expenses for the period amounted to MSEK -55  
(-67). Interest expense related to unwinding of discounting effect 
of contingent considerations and other liabilities presented at fair 
value amounted to MSEK -3 (-4). Such interest expense has no 
cash effect in the quarterly result. For more details of the financial 
expenses, please refer to Note 7 Financial expenses. 
 
RESULTS 
EBITA 
EBITA for the quarter amounted to MSEK 152 (156), a change of 
MSEK -4 compared with the corresponding period last year. The 
net impact of the revaluation of contingent consideration amount 
to MSEK 6 (9). Adjusted EBITA amounted to MSEK 157 (142), 
which corresponded to a change of MSEK 15, an 11% increase for 
the period. For more details on adjusted items, please refer to 
Note 6 Items affecting comparability. 
 
EBIT 
EBIT for the quarter amounted to MSEK 105 (66), which 
corresponded to a change of MSEK 39 compared with the 
corresponding period last year. Adjusted EBIT amounted to MSEK 
109 (52), which corresponded to a change of MSEK 57, an increase 
of 110% for the period. 
 
Other comprehensive income 
The positive translation difference of for the fourth quarter is 
attributable to the weakening of the Swedish krona against GBP. 
 
FINANCIAL POSITION AND CASH FLOW 
Cash flow  
Cash flow from operating activities amounted to MSEK 146 
(285). Cash flow from operations was positively impacted by a 
reduction of inventory with MSEK 36 (44), but the overall net 
working capital impact for the quarter was -1 (156) due to an 
increase in receivables and reduced liabilities. Cash flow from 
financing activities amounted to MSEK 73 (-307). The net impact 
from new- and repayment of loans amounted to MSEK 154.  
 
Financial position 
Interest-bearing liabilities amount to MSEK 2,218 compared with 
MSEK 1,819 (including loan directly associated with assets 
classified as held for sale) at year end 2023. Adjusted NIBD 
including earnout/Adjusted EBITDA was 2.8x (3.3x). 
 
OTHER 
Capitalized work on own account 
As the Group has develop from being a technology focused 
business to a broader FMCG group, as well as the industry 
transition into a faster product life cycle turnover, the Group has 
updated its assessment and judgement for the criteria regarding 
the application of accounting principles in regard to capitalized 
work on own account. The capitalised work on own account 
amounted to MSEK 2 (22) for the fourth quarter. For more 
information, see Note 2 Significant accounting estimates and 
judgements and Note 6 Items affecting comparability

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

| FINANCIAL DEVELOPMENT 
 
Humble Group AB Year-end Report January - December 2024  4  
TWELVE MONTHS 
REVENUES 
Net sales 
Net sales for the twelve months amounted to MSEK 7,708 (7,050), 
an increase of 9% compared to the corresponding period last year. 
The change is fully attributable organic growth for the wholly 
owned subsidiaries in both periods. Net sales for the first three 
quarters have been corrected to align with accounting principles 
after completed integrations. For more details, please refer to 
Note 4 Segment information and disclosure of revenue. 
 
Gross margin 
The gross profit amount to MSEK 2,419 (2,129), resulting in a gross 
margin of 31.4%, an increase of 1.2 percentage point compared to 
the corresponding period last year. 
 
EXPENSES 
Other external expenses 
Other external expenses for the twelve months amounted to 
MSEK -990 (-851), which corresponded to 13% (12) of net sales. 
Costs related to the list change amount to -15 (-6) for the period. 
 
Personnel expenses 
Personnel expenses for the twelve months amounted to MSEK  
-834 (-790), which corresponded to 11% (11) of net sales. 
Personnel expenses were negatively impacted by consideration 
linked to employment (stay-on-bonus and lock-in penalties) of 
MSEK -25 (-45), see Note 6 Items affecting comparability. 
 
Depreciation and amortization 
Total depreciation and amortization for the twelve months 
amounted to MSEK -312 (-341), a change of -9% compared with 
the corresponding period last year. Depreciation of right-of-use 
assets amounted to MSEK -79 (-64) for the period. Amortization of 
assets related to acquisitions, of which a vast majority related to 
customer relations, amounted to MSEK -149 (-146).  
 
Financial expenses  
Financial expenses for the twelve months amounted to MSEK -228 
(-393). The decrease relates to the Groups lower financing costs 
during 2024, and a onetime cost related to the refinancing of 
MSEK -78 recognised in the third quarter 2023. Interest expense 
related to unwinding of discounting effect of contingent 
considerations and other liabilities presented at fair value 
amounted to MSEK -30 (-60). Such interest expense has no cash 
effect in the result for the period. For more details, please refer to 
Note 7 Financial expenses. 
 
RESULTS 
EBITA 
EBITA for the twelve months amounted to MSEK 570 (547), which 
corresponded to a change of MSEK 24 compared with the 
corresponding period last year. The net impact of the revaluation 
of contingent consideration amount to MSEK 65 (51). Adjusted 
EBITA amounted to MSEK 578 (505), which corresponded to a 
change of MSEK 74, an increase of 15% for the period. For more 
details, please refer to Note 6 Items affecting comparability. 
 
EBIT 
EBIT for the twelve months amounted to MSEK 376 (318), which 
corresponded to a change of MSEK 59 compared with the 
corresponding period last year. Adjusted EBIT amounted to MSEK 
384 (276), which corresponded to a change of MSEK 108, an 
increase of 39% for the period.  
 
Other comprehensive income 
The positive translation difference for the twelve month is 
attributable to the weakening of the Swedish krona against GBP 
and EUR. 
 
FINANCIAL POSITION AND CASH FLOW 
Cash flow 
Cash flow from operating activities amounted to MSEK 300 
(1,088). The change between the periods is mainly explained by a 
change in net working capital of -232 (558), implying a total 
change of MSEK 790 between the years. The change is mainly 
related to inventory of MSEK -210 (27) but also explained by that 
the Group received tax deferrals of MSEK 260 which had a positive 
impact on the cash flow from operating activities in Q2 2023. 
During the third quarter, Humble was granted an instalment plan 
of 36 months for these tax deferrals, starting in March 2025. Cash 
flow from financing activities amounted to MSEK 18 (-601). During 
the second quarter 2023, the Group completed a refinancing of 
the bond financing which explain the main differences between 
the two periods. The net impact from new- and repayment of 
loans amounted to MSEK 270 and the cash flow impact from paid 
contingent consideration amounted to MSEK -296. 
 
Financial position 
During the second quarter 2024, the Group expanded its existing 
credit facility agreement with a total of MSEK 300, whereas MSEK 
150 is a short-term loan and MSEK 150 is an extension of the 
existing revolving credit facility. During the fourth quarter Humble 
expanded the existing credit facility agreement with a total of 
MSEK 300. The new loan was used to refinance Humble’s bridge 
loan from Nordea and SEB of MSEK 150 and the remaining MSEK 
150 will be used to invest further in Humble’s growth projects. 
Interest-bearing liabilities amount to MSEK 2,218 compared with 
MSEK 1,819 (including loan directly associated with assets 
classified as held for sale) at year end 2023. Net debt including 
contingent considerations/Adjusted EBITDA was 2.8x (3.3x). 
 
OTHER 
Capitalized work on own account 
As the Group has develop from being a technology focused 
business to a broader FMCG group, as well as the industry 
transition into a faster product life cycle turnover, the Group has 
updated its assessment and judgement for the criteria regarding 
the application of accounting principles in regard to capitalized 
work on own account. The capitalised work on own account 
amounted to MSEK 7 (83) for the twelve months. For more 
information, see Note 2 Significant accounting estimates and 
judgements and Note 6 Items affecting comparability

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

| SEGMENT INFORMATION 
Humble Group AB Year-end Report January - December 2024  5  
 
SEGMENT REPORT - FUTURE SNACKING 
SEGMENT OVERVIEW 
Future Snacking delivered a strong quarter with stable growth of 
7% and improved profitability. The underlying growth was double-
digit, excluding structural changes in First Class Brands and 
divestment of operations. Despite rising input costs, the gross 
margin improved by 0.5%. Good cost control throughout the 
quarter resulted in margin improvement. 
 
The implementation of two shifts within Arena Confectionary is 
now completed with a capacity increase that contribute well to 
the segment results during the quarter.  
 
LEV Group recorded double-digit growth during the quarter, partly 
driven by new product development of healthy protein bars 
manufactured inhouse during the fourth quarter. The segment, 
and especially LEV Group, noted some challenges to a global 
shortage of whey protein concentrate, creating record-high raw 
material prices with a negative pressure on the gross margin as a 
result. Effective cost control helped offset this decline, resulting in 
margin improvement. 
 
True Co experienced a temporary slowdown in sales and 
profitability growth due to its strategic shift from True Mints and 
True Gum to True Dates. The business prioritized transitioning 
sales channels and optimizing the production process to support 
continued success for True Dates. 
 
The overall growth for the segment was hampered by that First 
Class Brands continued to face challenges with declining sales and 
a weak profitability. As a result from this, the company has 
accelerated a restructuring process and expect a more sustainable 
and cost-effective business model to be in place at the end of Q2 
2025. The company remains focused on swiftly turning the 
business around and streamlining operations for improved 
efficiency. 
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others:  
 Implemented second shift for selected production 
categories in Grahns Konfektyr and Franssons Konfektyr. 
 Continued high demand for Pändy, showing exceptional 
growth in Norway as part of its international roll out. 
 Lev Groups production facility expansion performed 
well, enhancing capacity and supporting increased 
operational efficiency. 
 Restructuring process accelerated in First Class Brands in 
order to establish a more cost-effective business model 
going forward. 
SALES AND PROFITABILITY 
Net sales increased by 7% and amounted to MSEK 250 (233) for 
the quarter. The net sales growth in the fourth quarter was 
negatively impacted by MSEK -5 from the divestment of Bayn 
Production AB. Adjusted EBITDA for the quarter amounted to 
MSEK 29 (25), with an Adjusted EBITDA margin of 12% (11). 
Companies included in the segment can be found in Note 31 in the 
Annual report 2023 and 2022.
 
 
FUTURE SNACKINGM SEK2024 2023 2024 2023Gross sales274 2571082 1021Intra-group sales-24 -24-107 -85Net sales250 233975 936Raw  material and consumables -135 -127-533-532Gross profit 115 106 442 404Gross margin 46% 46% 45% 43%EBITDA34 30 147 83Items affecting comparability-4 -5 -20 16Adjusted EBITDA29 25 127 100Adjusted EBITDA margin12% 11% 13% 11%EBITA24 20 112 47Adjusted EBITA20 15 92 64Adjusted EBITA margin8% 6% 9% 7%EBIT14 9 70 13Adjusted EBIT10 4 51 29Adjusted EBIT margin4% 1% 5% 3%See page 24 for definition and calculation of key ratios and Alternative Performance M easures (APM )
Fourth quarter Tw elve months

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

| SEGMENT INFORMATION 
Humble Group AB Year-end Report January - December 2024  6  
 
SEGMENT REPORT - SUSTAINABLE CARE 
SEGMENT OVERVIEW 
Sustainable Care delivered double digit growth of 12% and an 
strengthened gross margin in the fourth quarter. Gross margin 
improved with 2% and was supported by a favourable product and 
sales channel mix driven by strengthened sourcing of supplies to 
more competitive prices. The profitability was negatively impacted 
by an increase in marketing investments for newly launched 
products with negative short-term impact on EBITDA.  
 
Solent finished off a strong year with continued momentum in Net 
sales with maintained healthy profitability margins. During the 
fourth quarter, we continued the process to integrate Go 
Superfoods to the Solent business model in order to share 
synergies and take advantage of the Center of Excellence at 
Solent.  
 
Amber House recorded a growth during the fourth quarter. The 
growth was fuelled by the successful launch of new brands in 
2024, where the brand Sundae, in particular, experienced strong 
consumer demand contributing to the positive momentum.  
 
Naty launched a new Bamboo diaper range in several key markets 
and achieved solid growth through its digital sales channels, 
leading to an improved gross margin. Additionally, enhancements 
in sourcing and supply operations implemented during the quarter 
further contributed to this margin improvement. 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others: 
 Good reception of new Bamboo viscose line which was 
launched in several key market by Naty.  
 Continued strong market interest for the "Babblarna" 
and additional listings secured for the planned launch in 
early 2025. 
 Solent continued to perform with strong top-line 
growth. Profitability impacted by higher marketing 
activities. 
 Amber House’s licensing business with Read My Lips 
secured new listings. 
SALES AND PROFITABILITY 
Net sales increased with 12% and amounted to MSEK 686 (612) 
for the quarter. Adjusted EBITDA for the quarter amounted to 
MSEK 75 (81), with an Adjusted EBITDA margin of 11% (13). 
Companies included in the segment can be found in Note 31 in the 
Annual report 2023 and 2022. 
 
SUSTAINABLE CAREM SEK2024 2023 2024 2023Gross sales690 623 2,430 2,219Intra-group sales-4 -11 -21 -22Net sales686 612 2,409 2,197Raw  material and consumables -425 -389 -1,522 -1,413Gross profit 261 223 887 784Gross margin 38% 36% 37% 36%EBITDA78 80 308 326Items affecting comparability-3 1 -7 -44Adjusted EBITDA75 81 302 283Adjusted EBITDA margin11% 13% 13% 13%EBITA69 72 285 298Adjusted EBITA66 74 278 255Adjusted EBITA margin10% 12% 12% 12%EBIT44 11 183 158Adjusted EBIT41 12 177 114Adjusted EBIT margin6% 2% 7% 5%See page 24 for definition and calculation of key ratios and Alternative Performance M easures (APM )
Fourth quarter Tw elve months

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

| SEGMENT INFORMATION 
Humble Group AB Year-end Report January - December 2024  7  
 
SEGMENT REPORT - QUALITY NUTRITION 
SEGMENT OVERVIEW 
Quality Nutrition had a sales decline of 6% in the fourth quarter, 
facing some challenging comparatives in the last year. Combined 
with a few company specific challenges during the quarter, this 
lead to a drop in gross margin for the segment. We expect the 
segment to get back to growth going forward. 
 
The decline in Net sales was impacted by slower growth in Body 
Science. However, the full-year performance remained strong and 
exceeded their set growth targets. During the quarter, Body 
Science reached a stable level of marketing spend after a longer 
push with marketing activities that was launched in the fourth 
quarter the past year. We start to see satisfying results from these 
activities and will now shift focus to increase the profitability and 
to strengthen the cash flow from operations during 2025. 
 
In Sweden, Bars Production Sweden faced a challenging quarter 
with some larger customers postponing planned orders into H1 
2025, with delivery to some key customers. This led to a 
temporary negative impact on the quarterly sales growth for the 
company.  
 
Several products in the segment are dependent on the whey 
protein pricing, and the overall gross margin for the segment was 
negatively impacted by a global shortage in the supply chain of 
whey protein with record-high prices as a result during the 
quarter. The impact from the supply shortage have somewhat 
been mitigated by the strong internal supplier network in our 
platform.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others: 
 Body Science is surpassing growth targets, securing new 
listings in Australia, and launch of a collaboration with 
Chupa Chups products nationwide. 
 Top line growth challenges due to postponed orders 
from a few larger customers to Bars Production Sweden.  
 Global shortage of whey protein supply chain causing 
negative pressure on the overall segment profitability. 
SALES AND PROFITABILITY 
Net sales decreased with 6% and amounted to MSEK 403 (431) for 
the quarter. Adjusted EBITDA for the quarter amounted to MSEK 
27 (33), with an Adjusted EBITDA margin of 7% (8). Companies 
included in the segment can be found in Note 31 in the Annual 
report 2023 and 2022. 
 
 
QUALITY NUTRITIONM SEK2024 2023 2024 2023Gross sales398 448 1,594 1,506Intra-group sales5 -17 -58 -44Net sales403 431 1,536 1,462Raw  material and consumables -275 -278 -1,053 -1,030Gross profit 128 153 483 432Gross margin 32% 35% 31% 30%EBITDA25 35 137 166Items affecting comparability2 -3 -3 -29Adjusted EBITDA27 33 134 137Adjusted EBITDA margin7% 8% 9% 9%EBITA17 30 109 144Adjusted EBITA19 27 106 114Adjusted EBITA margin5% 6% 7% 8%EBIT9 22 82 115Adjusted EBIT11 19 78 85Adjusted EBIT margin3% 4% 5% 6%See page 24 for definition and calculation of key ratios and Alternative Performance M easures (APM )
Fourth quarter Tw elve months

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

| SEGMENT INFORMATION 
Humble Group AB Year-end Report January - December 2024  8  
 
SEGMENT REPORT - NORDIC DISTRIBUTION 
SEGMENT OVERVIEW 
For the second consecutive quarter, Nordic Distribution has 
delivered double-digit growth of 14% and margin expansion, 
driven by a favourable product mix, successful product launches, 
and proven cost control. 
 
The ongoing consolidation of individual Privab entities continues 
to generate supply chain synergies, supporting operational 
efficiencies. Additionally, this integration will facilitate cost-
effective enhancements to the company’s digital offerings. While 
these efforts have had a short-term impact on profitability, they 
are expected to drive long-term operational improvements. Privab 
have also initiated an overview to reduce sales of low-margin 
goods to strengthen the overall profitability. This initiative had, 
minor short-term negative impact on the overall growth of the 
segment.  
 
Green Sales Distribution continues to deliver a stable growth, 
mainly by successful product launches within confectionary 
products and a new drink brand. Marketing initiatives in relation 
to the launch of the drink brand impacted Green Sales 
Distribution’s profitability negatively, but with the ambition to 
establish a strong long-term customer awareness within the first 
year at the market.  
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others: 
 Consolidation of Privab entities continues according to 
plan, leading to a more cost-effective and competitive 
business model.  
 Green Sales Distribution continue deliver stable growth 
driven by the launch of a new drink brand in Sweden.  
 Vitalkost co-operation and distribution of True Dates in 
Norway continue to be a successful initiative. The launch 
of True Dates in Norway has outperformed our initial 
expectations.  
SALES AND PROFITABILITY 
Net sales increased with 14% and amounted to MSEK 750 (660) 
for the quarter. Adjusted EBITDA for the quarter amounted to 
MSEK 28 (17), with an Adjusted EBITDA margin of 4% (3). 
Companies included in the segment can be found in Note 31 in the 
Annual report 2023 and 2022. 
 
 
NORDIC DISTRIBUTIONM SEK2024 2023 2024 2023Gross sales720 671 2,821 2,497Intra-group sales30 -11 -34 -42Net sales750 660 2,787 2,455Raw  material and consumables -595 -528 -2,181 -1,946Gross profit 156 132 606 509Gross margin 21% 20% 22% 21%EBITDA24 23 115 101Items affecting comparability4 -7 12 3Adjusted EBITDA28 17 126 104Adjusted EBITDA margin4% 3% 5% 4%EBITA17 17 87 76Adjusted EBITA20 10 98 79Adjusted EBITA margin3% 2% 4% 3%EBIT11 11 62 55Adjusted EBIT14 4 74 58Adjusted EBIT margin2% 1% 3% 2%See page 24 for definition and calculation of key ratios and Alternative Performance M easures (APM )
Fourth quarter Tw elve months

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

| OTHER INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  9  
OTHER INFORMATION 
 
ABOUT HUMBLE GROUP 
Humble is a leading FMCG Group with a focus on health and well-
being. The Group comprises 47 operating entities at the day of 
this report. In August 2024, Humble presented new financial 
targets.  
 
The medium-term financial targets:  
 Growth target – Average net sales growth of at least 15 
percent per year, primarily driven by organic growth. 
 Profitability target – EBIT margin of at least 10 percent. 
 Capital structure – Net debt in relation to EBITDA must 
not exceed 2.5x. However, the company may, under 
special circumstances, choose to exceed this level for 
shorter periods in connection with acquisitions. 
 Humble’s dividend policy is that the surplus must be 
distributed to shareholders when free cash flow exceeds 
available investments in profitable growth. Dividends to 
shareholders require that the capital structure target is 
met. 
 
Read more about the Group and its composition on 
www.humblegroup.se 
 
STAFF AND NUMBER OF EMPLOYEES 
On Group level 
The average number of employees in the Group for the period 
was 1,210 (1,129). The proportion of women in the Group for the 
full year was 45% (44).  
 
Parent company 
The average number of employees in the Parent Company during 
the period was 19 (18), with 21% (18) being women. 
 
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 2023.  
 
At the time of this Year-end report being published the war 
between Russia and Ukraine, as well as the renewed flare-up of 
the long-standing war in Israel and Gaza is still ongoing. Humble 
does not have any exposures towards these countries, and as such 
do not note any direct effects from the ongoing wars. Even though 
it is difficult to quantify the exact effects, the Group notices the 
indirect effects from the wars driven by a volatile macro 
environment with a change in consumer consumption patterns. 
The US has signalled that they will impose new tariffs toward 
many countries. The Group currently have limited exposure of 
export to the US and therefore estimate the potential effect of 
higher tariffs to be very low.  
 
The Group monitors the market development closely to ensure 
that Humble positions its product mix in best possible way to 
meet any potential changes in market or consumer behaviour. 
Furthermore, the increased market price volatility regarding raw 
material prices as well as development of the freight crisis is 
monitored closely to enable transition of price increases to 
customers in all material aspects and to a protect stable operating 
margins. 
 
PARENT COMPANY 
Humble Group AB divest all shares in Bayn Production AB in 
January 2024, for a total purchase price of MSEK 7.7. The financial 
effect is considered not material for the Group. 
 
Humble Group AB created the joint company Humble Hatten AB 
(Stockholm) with the creators of “Babblarna”, one of the strongest 
brands for children in Sweden. Humble Hatten AB will launch 
products within various categories under the brand “Babblarna”. 
The Parent company holds 77.6% of the share and votes of the 
company through its subsidiary Humble Incubator AB, and Hatten 
Education AB holds the remaining 22.4% shares and votes.  
 
No significant events occurred in Humble Group AB during the 
fourth quarter. 
 
RELATED PARTY TRANSACTION 
No transactions with related parties have occurred during 2024 
that had a significant impact. The minor transactions that have 
occurred relate to lease agreements regarding previous owners’ 
properties. Lease agreements between the parties are based on 
an arms length’s perspective and on market terms and conditions. 
 
PROPOSED APPROPRIATION OF PROFITS 
The Board of Directors proposes that no dividend will be paid for 
the financial year 2024. 
 
FINANCIAL CALENDAR 
The Annual and Sustainability report 2024 will be published on 
April 9th, 2025. 
 
The interim report for the period January-Mars 2025 will be 
published on April 29th, 2025.  
 
The Annual General meeting with be held on May 21st, 2025.  
 
For financial reports and calendar, see more detailed information 
on our website www.humblegroup.se 
 
AUDITORS 
BDO 
Auditor in Charge: Carl-Johan Kjellman,  
Authorised Public Accountant  
Email: carl-johan.kjellman@bdo.se

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

| THE SHARE 
 
Humble Group AB Year-end Report January - December 2024  10  
THE SHARE  
 
THE SHARE 
The Group’s share with ticker HUMBLE is listed on Nasdaq 
Stockholm main market since 27th of September 2024. The share 
was previously traded on Nasdaq First North Growth Market since 
12th of November 2014. 
 
NUMBER OF SHARES  
At the end of the reporting period, the number of shares 
outstanding amounts to 446,575,533 (443,544,543), which entitles 
to one vote each. All shares are of the same share class. The 
number of outstanding warrants amounted to 12,500,000 
(7,420,000). For the period October - December 2024, the average 
number of shares before dilution and average number of shares 
after dilution amounted to 446,575,533 and 459,075,533 
respectively. 
 
TRADE IN THE SHARE  
Fourth quarter 
The total liquidity in the share during the quarter amounted to 
MSEK 370 (338). The number of transactions for the same period 
amounted to 38,145 (35,793). The average volume per transaction 
amounted to SEK 9,700 (9,452). The average volume per trading 
day amounted to MSEK 6 (5). 
 
LARGEST SHAREHOLDERS 
The ten largest shareholders per December 31st, 2024, are listed 
below:  
 
DATA PER SHARE 
An overview of share development, turnover and result per share is presented below.  
 
 
Owner Shares VotesNeudi & C:o AB 46,435,778 10.40%Håkan Roos (RoosGruppen AB) 46,134,786 10.33%Noel Abdayem (NCPA Capital AB) 28,103,255 6.29%Capital Group 27,459,991 6.15%Alta Fox Capital 26,021,235 5.83%Creades AB 18,136,470 4.06%Nordnet Pensionsförsäkring 14,323,481 3.21%Jofam AB 13,000,000 2.91%Thomas Petrén (Seved Invest AB) 12,570,000 2.81%DNB Asset Management SA 9,416,563 2.11%Total top 10241,601,559 54.10%Other shareholders 204,973,974 45.90%Total number of shares446,575,533 100%2024 2023 2024 2023Low  price (SEK) 9.92 7.83 8.58 5.94High price (SEK) 13.30 11.69 13.70 11.69Closing price previous period (SEK) 12.80 9.10 11.38 9.77Closing price current period (SEK) 12.45 11.38 12.45 11.38Share price development during period (%) -3% 25% 9% 16%Trading volume in the share (MSEK) 370 338 1,656 1,748Number of transactions in the share 38,145 35,793 144,742 181,662Average volume per trading day (MSEK) 6 5 7 7Average volume per transaction (SEK) 9,700 9,452 11,441 9,621Number of shareholders* 18,121 20,670 18,121 20,670Number of shares outstanding* 446,575,533 443,544,543 446,575,533 443,544,543Average number of shares before dilution 446,575,533 443,544,543 445,113,429 377,360,692Average number of shares after dilution 459,075,533 450,964,543 455,906,546 383,219,322Net sales per share (SEK)** 4.68 4.37 17.32 18.68Adjusted EBITDA per share (SEK)** 0.43 0.38 1.56 1.63Adjusted EBITA per share (SEK)** 0.35 0.32 1.30 1.34Adjusted EBIT per share (SEK)** 0.24 0.12 0.86 0.73EBIT per share (SEK)** 0.23 0.15 0.85 0.84Earnings per share after dilution (SEK) 0.09 -0.02 0.27 -0.28See page 24 for definition and calculation of key ratios and Alternative Performance M easures (APM )*End of period, **Before dilution
Fourth quarter Tw elve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  11  
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
M SEK Note2024 2023 2024 2023Net sales*42,089 1,936 7,708 7,050Capitalized w ork on ow n account 2 22 7 83Other operating income 5 37 83 140 262Raw  materials and consumables* 4-1,430 -1,322 -5,289 -4,921Other external expenses-274 -250 -990 -851Personnel expenses-230 -222 -834 -790Other operating expenses 5-7 -64 -54 -174EBITDA6187 184 688 659Depreciation of tangible fixed assets -13 -11 -39 -48Depreciation of right-of-use assets -22 -17 -79 -64EBITA6152 156 570547Amortization and impairment of intangible fixed assets -11 -54 -45 -83Amortization and impairment of assets related to acquisitions -37 -37 -149 -146EBIT6105 66 376318Profit from shares in associated companies and joint ventures0 2 0 1Financial income 1 6 13 13Financial expenses7-55 -67 -228 -393 PROFIT AND LOSS AFTER FINANCIAL ITEMS 51 6 161-61Income tax-8 -16 -37 -45PROFIT AND LOSS AFTER TAX 43 -11 124 -106Profit and loss is attributable to:Ow ners of the Parent Company42 -11 124 -106Non-controlling interest0 0 0 043 -11 124 -106Other comprehensive incomeItems that may be reclassified to profit or loss:Exchange differences in translation of foreign operations68 -124 197 6COMPREHENSIVE INCOME FOR PERIOD 111 -135 321 -100The comprehensive income for the period is attributable to:Ow ners of the Parent Company110 -135 321 -100Non-controlling interest0 0 0 0111 -135 321 -100Earnings per share before dilution 0.10 -0.02 0.28 -0.28Earnings per share after dilution 0.09 -0.02 0.27 -0.28*See Note 4 for correction of net sales and raw materials and consumables for previous quarter of 2024. 
Fourth quarter Tw elve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  12  
GROUP BALANCE SHEET - IN SUMMARY 
 
M SEK Note2024 2023ASSETSNon-current assetsIntangible assets 6,035 6,012Tangible assets 261 192Financial assets 9099Right-of-use assets 419 299Deferred tax assets 37 29Total non-current assets 6,842 6,631Current assetsInventory* 1,160 940Accounts receivables 599 561Other short-term receivables* 312 254Cash and cash equivalents** 432 4012,503 2156Assets classified as held for sale5 0131Total current assets 2,5032287TOTAL ASSETS 9,345 8918EQUITY AND LIABILITIESEquityAttributable to Parent Company's shareholder 5,221 4,869Non-controlling interest 0 0Total shareholders' equity 5,221 4,869Long-term liabilitiesInterest-bearing liabilities81,406 1,197Contingent considerations1024 165Long-term lease liabilities 357 258Deferred tax liabilities 439 474Provisions 0 17Other long-term liabilities*** 193 18Total long-term liabilities 2,419 2,129Short-term liabilitiesInterest-bearing liabilities8360 253Contingent considerations10115 336Current lease liabilities 95 67Accounts payable 679 652Other short-term liabilities*** 456 5681,705 1,876Liabilities directly associated w ith assets classified as held for sale5 044Total short-term liabilities 1,705 1,920TOTAL EQUITY AND LIABILITIES 9,345 8,918
December, 31
*Advances to suppliers has been reclassified from inventory to other short-term receivables. The adjustment amount to M SEK 43 as per December 2023. ** Restricted 
cash amount to M SEK 1 50. See note 8 for more information. ***During the third quarter, the Group was granted installment plans for its tax deferrals of M SEK 252, which 
will be paid during coming three years. As such, the liability will be reclassified between Other short term liabilities and Other long term liabilities from the third quarter 2024 
and onwards. The long-term liability amount to M SEK 1 68.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  13  
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– FOURTH QUARTER 
 
M SEKShare capitalOther equity contributedTranslation reserveRetained earningsTotalNon-controlling interestTotal shareholders equityOpening balance October 1, 2023 98 5,028 307 -432 5,000 0 5,000Net income for period -11 -11 -11Other comprehensive income -124 -124 -124Total comprehensive income-124 -11 -136 -136Transaction with owners in their capacity as owners:Share issue 0 0Transaction costs 0 0Realisation loss from share buyback 0 0Warrants program 0 0Adjustment to prior year 4 4 4Total transaction with ow ners in their capacity as ow ners0 0 0 4 4 4Ending balance December 31, 2023 98 5,028 183 -440 4,869 0 4,869Opening balance October 1, 2024 98 5,057 312 -357 5,110 0 5,110Net income for period 42 42 0 43Other comprehensive income 68 68 68Total comprehensive income68 42 110 0 111Transaction with owners in their capacity as owners:Share issue 0 0 0Transaction costs 0 0Warrants program 1 1 1Aquistion of non-controlling interest 0Total transaction with ow ners in their capacity as ow ners0 1 0 0 1 0 1Ending balance December 31, 2024 98 5,058 380 -315 5,221 0 5,221
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  14  
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
– TWELVE MONTHS 
 
M SEKShare capitalOther equity contributedTranslation reserveRetained earningsTotalNon-controlling interestTotal shareholders equityOpening balance January 1, 2023 66 4,131 177 -338 4,036 0 4,036Net income for period -106 -106 -106Other comprehensive income 6 6 6Total comprehensive income6 -106 -100 -100Transaction with owners in their capacity as owners:Share issue 32 927 958 958Transaction costs -28 -28 -28Realisation loss from share buyback -1 -1 -1Warrants program -1 -1 -1Adjustment to prior year 4 4 4Total transaction with ow ners in their capacity as ow ners32 897 0 4 933 933Ending balance December 31, 2023 98 5,028 183 -440 4,869 0 4,869Opening balance January 1, 2024 98 5,028 183 -440 4,869 0 4,869Net income for period 124 124 0 124Other comprehensive income 197 197 197Total comprehensive income197 124 321 0 321Transaction with owners in their capacity as owners:Share issue 1 29 29 29Transaction costs 0 0Warrants program 2 2 2Aquistion of non-controlling interest 0Total transaction with ow ners in their capacity as ow ners1 30 0 0 31 0 31Ending balance December 31, 2024 98 5,058 380 -315 5,221 0 5,221
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  15  
GROUP CASH-FLOW STATEMENT 
 
During the second quarter 2023, tax deferments of total MSEK 260 was recognised as short term liabilities and had a positive impact on the 
cash flow for the period. During the third quarter 2024, the Group got the 36 months instalment plan approved for the tax deferral, starting 
payment in March 2025.
M SEK2024 2023 2024 2023OPERATING ACTIVITIESProfit and loss after financial items 51 6 161 -61Adjustment for non-cash items Depreciation and Amortization 82 118 312 341Other items 21 38 136 304Paid tax -7 -33 -77 -54Cash flow from operating activities before change in net w orking capital 147 129 532 530CHANGE IN WORKING CAPITALChange in inventories (increase - / decrease + ) 36 44 -210 27Change in short term receivables (increase - / decrease + ) -13 22 -77 190Change in short term liabilities (increase - / decrease + ) -24 91 55 341Sum of change in w orking capital -1 156 -232 558Cash flow from operating activities 146 285 300 1,088INVESTING ACTIVITIESAcquisition of intangible assets-12 -43 -34 -112Acquisition of tangible assets-40 -10 -120 -49Disposal of financial assets0 0 53 0Disposal of subsidaries*-3 107 112 107Acquisition of subsidiaries, acquired business + paid earn-outs-2 -17 -310 -369Cash flow from investing activities -57 37 -299 -423FINANCING ACTIVITIESShare issue funds 0 0 0 875Costs related to share and bond issues, and refinancing -2-3-6 -111Bond financing 0 0 0 -1,800Received interest on financing activities 8 0 8 0Paid interest due to financing activities -35 -29 -144 -216New  loans 337 0 799 1,546Repayment of loans -183 -256 -529 -823Loan to associated companies -14 0 -14 0Amortization of lease liability -39 -18 -96 -72Cash flow from financing activities 73 -307 18 -601Decrease/Increase in cash and cash equivalents 162 15 19 64Cash and cash equivalents at beginning of period 262 397 401 338Exchange rate differences 8 -1112-1Cash and cash equivalents at end of period 432 401 432 401Deployable cashflow * 17 292 70 486*See page 24 for definition and calculation of key ratios and Alternative Performance M easures (APM )
Fourth quarter Tw elve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  16  
INCOME STATEMENT - PARENT COMPANY 
 
M SEK2024 2023 2024 2023Net sales28255944Other operating income11-2121Total revenue 39 23 71 46Other external expenses -12 -9-43-29Personnel expenses-13-13-45-43Other operating expenses275-2-1 Depreciation and amortization of fixed tangible and intangible assets0-1100OPERATING PROFIT (EBIT) 17 65 -19 -28Profit from shares in Group companies35 27 194 106Interest income2 10 35 34Interest expenses-37 -57 -170 -355PROFIT AND LOSS AFTER FINANCIAL ITEMS 17 44 40 -243Year-end appropriations 1289612896PROFIT AND LOSS BEFORE  TAX 145 140 168 -147Current taxes-14-5-14-5PROFIT AND LOSS AFTER TAX 131 135 154 -152Fourth quarter Tw elve monthsIn 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.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  17  
PARENT COMPANY BALANCE SHEET – IN SUMMARY 
 
M SEK2024 2023ASSETSNon-current assetsIntangible assets6 2Tangible assets0 3Financial assets6,963 6,967Total non-current assets 6,970 6,972Current assetsAccounts receivables0 2Receivables w ith group companies374269Other short-term receivables2424Cash and cash equivalents1504Total current assets 547 298TOTAL ASSETS 7,517 7,269EQUITY AND LIABILITIESEquityRestricted equity9898Unrestricted equity4,8214,637Total shareholders equity 4,9204,735Provisions139 507Long term liabilitiesInterest-bearing liabilities1,393 1,189Liabilities to group companies9 15Other long-term liabilities7 11Total long-term liabilities 1,409 1,215Short-term liabilitiesInterest-bearing liabilities358253Accounts payable812Liabilities to group companies629506Other liabilities5541Total short-term liabilities 1,050 812TOTAL EQUITY AND LIABILITIES 7,517 7,269
December, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  18  
NOTES 
 
NOTE 1 – ACCOUNTING PRINCIPLES 
The consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary 
Accounting Rules for Groups and International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations 
Committee (IFRS IC) as adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and 
applicable regulations in the Swedish Annual Accounts Act. The interim report for the parent company is prepared in accordance with ÅRL 
chapter 9. The financial statements have been prepared according to cost method except from certain financial assets and liabilities measured 
at fair value through profit and loss. Information according to IAS 34.16A appears in addition to the financial reports and associated notes also 
in other parts of the interim report. 
The accounting policies adopted are consistent with those of the Annual report for the year ended December 31, 2023. New or amended IFRS 
standards, effective from January 1, 2024, have no impact on the result and financial position of the Group. 
NOTE 2 – SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 
The Group makes estimates and assumptions about the future. The estimates for accounting purposes that result from these will, by 
definition, rarely correspond to the actual result. The estimates and assumptions that entail a significant risk of significant adjustments in 
reported values for assets and liabilities in this interim report correspond to those describe in Note 4 in the Annual report 2023. The 
management has made assessments and estimates continuously throughout 2024, where the main estimates relate to contingent 
considerations. See Note 5 and Note 10 for more information.  
As the Group has developed from being a technology focused business to a broader FMCG group, as well as the industry transition into a faster 
product life cycle turnover, the Group have updated its assessment and judgement for the criteria regarding the application of accounting 
principles in regard to capitalized work on own account. This implies a significant change going forward of capitalized work on own account 
from Q1, 2024. To achieve a relevant comparison with previous period and to reflect the updated assessment of accounting principles, 
capitalized work on own account have been adjusted in items affecting comparability for the comparative period. See Note 6 for more 
information.  
On April 17th, the Group completed the second part of the real estate sale, as a sale and leaseback transaction. The right-of-use asset is 
measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Quantitative 
information is presented in Note 5. 
NOTE 3 – SUBSEQUENT EVENTS 
There have been no significant events with effect on the financial reporting after the reporting period date.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  19  
NOTE 4 – SEGMENT INFORMATION AND DISCLOSURE OF REVENUE 
The Group's chief operating decision maker is the chief executive officer (CEO), who primarily uses a measure of adjusted earnings before 
interest, tax, depreciation, and amortization (Adjusted EBITDA) to assess the performance of the operating segments. The CEO does not follow 
up the segments' assets or liabilities for allocation of resources or assessment of results.  
 
For further information regarding the segments, please refer to page 5-8. See page 24 for definition and calculation of key ratios and 
Alternative Performance Measures (APM). The Group financials consist of below combined segments:  
 
 
 
   
Fourth quarter, M SEK2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Gross sales 274 257 690 623 398 448 720 671 39 312,121 2,029Intra-group sales -24 -24 -4 -11 5 -17 30 -11 -39 -31-32 -93Net sales 250 233 686 612 403 431 750 660 0 0 2,089 1,936Raw  material and consumables -135 -127 -425 -389 -275 -278 -595 -528-1,430 -1,322Gross profit 115 106 261 223 128 153 156 132 659 614Gross margin, % 46% 46% 38% 36% 32% 35% 21% 20% 32% 32%EBITDA 34 30 78 80 25 35 24 23 26 15 187 184Items affecting comparability** -4 -5 -3 1 2 -3 4 -7 6 14 -13Adjusted EBITDA*** 29 25 75 81 27 33 28 17 33 16 192 171Adjusted EBITDA margin 12% 11% 11% 13% 7% 8% 4% 3% 9% 9%EBITA 24 20 69 72 17 30 17 17 26 16 152 156Adjusted EBITA*** 20 15 66 74 19 27 20 10 32 17 157 142Adjusted EBITA margin 8% 6% 10% 12% 5% 6% 3% 2% 7% 7%EBIT 14 9 44 11 9 22 11 11 27 13 104 66Adjusted EBIT*** 10 4 41 12 11 19 14 4 33 13 109 52Adjusted EBIT margin 4% 1% 6% 2% 3% 4% 2% 1% 5% 3%*Other refers to Parent company and minor administrative entities, **See Note 5, ***See Note 6 for reconciliation to Profit before taxFuture SnackingSustainable CareQuality NutritionNordic DistributionOther* Total
Twelve months, M SEK2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Gross sales 1,082 1,021 2,430 2,219 1,594 1,506 2,821 2,497 59 447,987 7,287Intra-group sales -107 -85 -21 -22 -58 -44 -34 -42 -59 -44-279 -237Net sales 975 936 2,409 2,197 1,536 1,462 2,787 2,455 0 0 7,708 7,050Raw  material and consumables -533 -532 -1,522 -1,413 -1,053 -1,030 -2,181 -1,946-5,289 -4,921Gross profit 442 404 887 784 483 432 606 509 2,419 2,129Gross margin, % 45% 43% 37% 36% 31% 30% 22% 21% 31% 30%EBITDA 147 83 308 326 137 166 115 101 -20 -18 688 659Items affecting comparability** -20 16 -7 -44 -3 -29 12 3 26 118 -42Adjusted EBITDA*** 127 100 302 283 134 137 126 104 6 -7 696 617Adjusted EBITDA margin 13% 11% 13% 13% 9% 9% 5% 4% 9% 9%EBITA 112 47 285 298 109 144 87 76 -22 -19 570 547Adjusted EBITA*** 92 64 278 255 106 114 98 79 4 -7 578 505Adjusted EBITA margin 9% 7% 12% 12% 7% 8% 4% 3% 8% 7%EBIT 70 13 183 158 82 115 62 55 -21 -23 376 318Adjusted EBIT*** 51 29 177 114 78 85 74 58 5 -11 384 276Adjusted EBIT margin 5% 3% 7% 5% 5% 6% 3% 2% 5% 4%*Other refers to Parent company and minor administrative entities, **See Note 5, ***See Note 6 for reconciliation to Profit before taxTotalFuture SnackingSustainable CareQuality NutritionNordic DistributionOther*

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  20  
 
Inter-group transaction correction 
During the fourth quarter the net sales and raw material and 
consumables has been corrected to align with accounting 
principles. The transactions occurred in 2024 and are within the 
segments Quality Nutrition and Nordic Distribution, due to 
integration of Privab Marknadsbolaget and Bars Production 
Australia. In below table, the Net sales, Raw material and 
consumables has been recalculated with the adjustment per 
quarter to reflect the correct financials with these transactions 
being reported as intra-group. The impact on the full year 
financials for Organic growth and Gross margins is shown in the 
table to the right.  
  
 
 
NOTE 5 – OTHER OPERATING INCOME AND EXPENSE 
On April 17th, Humble completed the second and last part of the sale of properties, which is structured as a sale and leaseback transaction. The 
right-of-use assets from the sale amount to MSEK 72 and the leasing liability amount to MSEK 73. The new right-of-use assets are intended to 
be utilized over periods of 5 and 10 years, respectively. The profit for the Group of the sale and leaseback transaction is reported as other 
operating income and amount to MSEK 5 and refers to the rights transferred to the buyer. 
The management makes updated estimates each quarter for the contingent considerations related to 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 is being calculated based on an interest rate corresponding to the remaining term until payment at each reporting 
date. The fair value changes are reported through the profit and loss via operating income and operating expense. During the twelve months, 
the positive change, reported as operating income, amounted to MSEK 90 (199), and the negative change, reported as operating expense, 
amounted to MSEK -25 (-147).
Net sales per countryM SEK2024 2023 2024 2023Australia 148164492423China4665191193Denmark292110180Finland3629135108Germany5961254272Norw ay8366327264Portugal 37 44200167Sw eden9839273,6653,496United Kingdom4013091,4131,166USA4130143126Other countries*225220785755Total net sales 2,089 1,936 7,708 7,050*None of the other countries independently contribute more than one percent of total net sales.Fourth quarter Tw elve monthsFull yearOrganic grow th, pre adjustment10.2%Organic grow th, after adjustment9.3%Gross margin %, pre adjustment31.1%Gross margin %, after adjustment31.4%M SEK2024 Q1 2024 Q2 2024 Q3 2024 Q4 Full yearNet sales 1,838 1,861 1,978 2,089 7,767Intra-group sales correction: Quality Nutrition0 -6 -14 0 -20Intra-group sales correction: Nordic Distribution-12 -14 -14 0 -39Net sales after adjustments1,826 1,842 1,950 2,089 7,708Raw  material and consumables-1,272 -1,275 -1,370 -1,430 -5,348Intra-group purchases correction: Quality Nutrition0 6 14 0 20Intra-group purchases correction: Nordic Distribution12 14 14 0 39Raw material and consumables after adjustments-1,260 -1,256 -1,343 -1,430 -5,289

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  21  
NOTE 6 – ITEMS AFFECTING COMPARABILITY 
Humble recognizes items affecting comparability to EBITDA to visualise comparable figures that are adjusted for the items that occur in 
historical numbers for various reasons. Explanation of what the items affecting comparability mainly refer to are presented in Note 11 in the 
Annual report 2023.  
 
The main adjustment item during the quarter was related to revaluation of contingent considerations of MSEK 6 (9). As the Group has 
developed from being a technology focused business to a broader FMCG group, as well as the industry transition into a faster product life cycle 
turnover, the Group have updated its assessment and judgement for the criteria regarding the application of accounting principles in regard to 
capitalized work on own account. This implies a significant change going forward of capitalized work on own account from Q1, 2024. To 
achieve a relevant comparison with previous period and to reflect the updated assessment of accounting principles, capitalized work on own 
account have been adjusted in items affecting comparability for the comparative period. 
 
 
NOTE 7 – FINANCIAL EXPENSES 
 
M SEK2024 2023 2024 2023Adjusted EBITDA 192170696 617Acqusition and divestment related cost and income 0 -2 -6 -8Revaluation of contingent considerations accounting* 6 9 65 51Lock-in penalty from acquisition SPA* -5 -10 -25 -45Restructuring -4 -8 -25 -23Capitalized development costs* 0 20 0 79Other -1 3 -17 -12EBITDA 187 184 688 659Depreciation -35 -28 -117 -112EBITA 152 156 570 547Amortization -47 -90 -194 -229EBIT 105 66 376 318Finance net -54 -60 -215 -379EBT 51 6 161 -61*These items have no cash flow impact. Fourth quarter Tw elve monthsM SEK2024 2023 2024 2023EBITDA187184688659Items affecting comparability4 -13 8 -42Adjusted EBITDA 192 170 696 617EBITA152156570547Items affecting comparability4 -13 8 -42Adjusted EBITA 157 142 578 505EBIT10566376318Items affecting comparability4 -13 8 -42Adjusted EBIT 109 52 384 276Fourth quarter Twelve monthsM SEK2024 2023 2024 2023Interest expense related to financing -32-36-143-211Unw inding of discounting effect-3-4-30-60Interest expense on lease liabilities-7-3-24-10Exchange rate losses and revaluation effects-6-9-11-11Costs related to refinancing of bond000-78Other interest expenses-7-15-20-23Financial expenses -55 -67 -228 -393Fourth quarter Tw elve months

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  22  
NOTE 8 – NET INTEREST-BEARING DEBT 
Humble's net interest-bearing debt as of December 31st, 2024, is presented in table below. During the second quarter 2024, Humble expanded 
credit facility agreement with a total of MSEK 300, whereas MSEK 150 was a short-term loan and MSEK 150 was an extension of the existing 
revolving credit facility. During the fourth quarter 2024, Humble expanded its existing credit facility agreement with a total of MSEK 300. One 
part of the new loan was used to refinance the bridge loan from Nordea and SEB of MSEK 150, whereas the second part of MSEK 150 is 
restricted cash of an escrow agreement to be used for investments in the Groups growth projects.  
 
The existing credit facility agreement include terms and conditions implying that the Net Interest Bearing Debt in relation to LTM Adjusted 
EBITDA Proforma excluding leasing must not exceed 3,25x and that the LTM Adjusted EBITDA in relation to Net Financial Expenses (as defined 
in the credit facility agreement) shall not be less than 4,00x at the end of the period for this report. These terms and conditions have been met 
since the credit facility agreement was entered in the second quarter 2023.  
 
Humble received tax deferments of MSEK 260 during the second quarter 2023. In accordance with IFRS Accounting principles, this was 
recognized as other short-term liability. During the third quarter 2024, Humble Group got a 36-month instalment plan approved for the tax 
deferral, starting payment in March 2025, whereupon it has been reclassified as other short-term liability and other long-term liability. 
 
The table above illustrates the leverage multiple adjusted for inclusion of contingent considerations and tax deferral. LTM Adjusted EBITDA 
Proforma amounted to MSEK 604 (559) excluding leasing and divested operations. NIBD including contingent consideration in relation to LTM 
Adjusted EBITDA Proforma amounts to 2.8x (3.3x) at the end of this reporting period. 
NOTE 9 – BUSINESS COMBINATIONS 
No acquisition has been made during 2024. During first quarter of 2023, the Parent Company acquired 100% of four subsidiaries. Please see 
the Annual and Sustainability report 2023 for more information on the acquisition of 2023.
M SEK2024 2023Liability to credit institutions* 1,766 1,494Cash and cash equivalents -432 -401Tax deferral252 260Short-term investment to be divested0 -27Financial asset -20 -6Net Interest Bearing Debt 1,566 1,320Contingent consideration, net129 501Net Interest Bearing Debt incl contingent consideration 1,695 1,821LTM Adjusted EBITDA Proforma, excluding leasing604 559Leverage to NIBD2.6x 2.4xLeverage to NIBD incl contingent consideration2.8x 3.3x*December 2023 includes the M SEK 43 liabilities directly associated with assets classified as held for sale. December, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2024  23  
NOTE 10 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE 
The levels in the fair value hierarchy are defined as follows: 
Financial instrument level 1 
Quoted market prices (unadjusted) in active markets for identical 
assets or liabilities. 
Financial instrument level 2 
Observable data for the asset or liability other than quoted prices 
included in level 1, either directly (i.e. as price quotations) or 
indirectly (i.e. derived from price quotations). 
Financial instrument level 3 
When one or more of the significant inputs is not based on 
observable market data.  
 
The Group's financial assets measured at fair value through profit 
and loss consists of Other long-term securities, which are 
classified as level 1 in the fair value hierarchy. 
 
The Group's financial liabilities measured at fair value through 
profit and loss consists of Contingent consideration, which are 
classified as level 3 in the fair value hierarchy. 
 
For financial assets and liabilities other than those disclosed 
below, fair value is deemed to approximate the carrying value.  
 
There have been no transfers between fair value hierarchy levels 
during the reporting period. 
 
FAIR VALUE DISCLOSURE OF LONG TERM LOANS 
Humble expanded its existing credit facility agreement during the 
second quarter of 2024 with a total of MSEK 300, whereas MSEK 
150 is a short-term loan and MSEK 150 is an extension of the 
existing revolving credit facility. During the fourth quarter Humble 
expanded the existing credit facility with MSEK 300, where MSEK 
150 refinanced the bridge loan from Nordea and SEB of MSEK 150. 
There have been no changes to pledged assets related to the 
extended credit facility.  
 
The new term loans are measured at amortized cost that 
corresponds in all essential to its fair value in the balance sheet.  
CONTINGENT CONSIDERATIONS  
The total contingent consideration to be paid are generally 
conditioned by significant financial performance improvements, 
which usually is measured to certain pre-determined EBITDA-
levels by the subsidiary to be reached. The nature of the payments 
is generally a subject for Humble to decide, with a majority to be 
paid in cash but can also be paid with newly issued shares. This 
has a potential positive impact of the Groups cash flow and long-
term net debt.  
 
The mechanics behind the additional purchase prices differ 
between the various acquisitions and the Group's commitments 
also extend over a longer time horizon. The provision in the 
consolidated balance sheet is presented at a higher level and 
constitutes a valuation of management's best assessment of the 
expected future cash flow. This assessment is made on a 
subsidiary-based level and is revalued regularly. The contingent 
considerations are recognized at fair value and have been 
discounted with 9.6% discount rate. The duration to maturity is 
presented below. 
 
INPUT USED IN RECURRING LEVEL 3 FAIR VALUE 
MEASUREMENTS AND VALUATION TECHNIQUES 
The contingent considerations in the Group have been calculated 
based on the nominal value of the best estimate of the expected 
outcome on the date of the acquisition. The estimate is based on 
management's assessment of the probable amount to be paid 
given the terms of the share transfer agreement. The fair value of 
the contingent considerations has been calculated based on an 
interest rate corresponding to the remaining term until payment 
at each reporting date. During the twelve months, interest 
expense of MSEK -30 (-60) was recognized as financial expenses 
related to unwinding of discount effect of contingent 
considerations. 
 
 
Estimated payments per yearNominal valueFair value2025119 115202617 1520276 520286 4Total contingent considerations 148 139Contingent consideration, M SEK2024 2023Opening balance               501 780New  acquisitions 0 32Payments -323 -320Fair value changes that are reported through profit and loss via operating income -90 -199Fair value changes that are reported through profit and loss via operating expense 25 147Interest expenses related to unw inding of discounting effect 30 60Translation differences -4 -2Closing balance 139 501December, 31

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

| DEFINITIONS AND CALCULATIONS ON KEY RATIO 
 
Humble Group AB Year-end Report January - December 2024  24  
DEFINITIONS AND CALCULATIONS ON KEY RATIO 
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Standards (IFRS) but are 
what the Group management considers to be relevant to users of the financial report as a supplement for the measures of the business's 
development. These financial measurements are not always comparable with the measures used by other companies since not all companies 
calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded as a replacement for 
measures defined according to IFRS. The calculations relate to period January - December 2024. 
 
Gross Profit  
Net sales less raw materials and consumables.  
Gross Profit is calculated as 7,708 – 5,289 = MSEK 2,419. 
Gross Margin 
Gross Profit in relation to net sales.  
Gross Margin is calculated as 2,419 / 7,708 = 31%. 
 
EBITDA  
Earnings before interest, tax, depreciation, amortization, write-
down and depreciation and amortization on acquisition-related 
surplus values.  
Adjusted EBITDA 
Earnings before interest, tax, depreciation, amortization, write-
down, and amortization on acquisition-related surplus values, 
adjusted for items affecting comparability. Adjusted EBITDA 
margin is Adjusted EBITDA in relation to net sales. Adjusted 
EBITDA per share is Adjusted EBITDA divided by average number 
of shares before dilution. Adjusted EBITDA is one of the Group’s 
most important financial figures, internally and externally. The 
figure is used to identify and analyse the Group’s profitability 
linked to normal operations and operating activities. 
Adjusted EBITDA is calculated as 688 + 8 = MSEK 696.  
Adjusted EBITDA margin is calculated as 696 / 7,708 = 9%. 
Adjusted EBITDA per share is calculated as MSEK 696 / 
445,113,429 = SEK 1.56. 
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 570 + 8 = MSEK 578. 
Adjusted EBITA margin is calculated as 578 / 7,708 = 8% 
Adjusted EBITA per share is calculated as MSEK 578 / 445,113,429 
= SEK 1.30. 
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 376 + 8 = MSEK 384. 
Adjusted EBIT margin is calculated as 384 / 7,708 = 5% 
Adjusted EBIT per share is calculated as MSEK 384 / 445,113,429 
=SEK 0.86. 
Net interest-bearing debt 
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. Net interest-bearing liabilities are the Group’s 
primary management parameter for financing and capital 
allocation and are actively employed as part of the group’s 
financial risk management strategy.  
Net interest-bearing debt is calculated as  
1,766 - 432 + 252 – 20 = MSEK 1,566. 
NIBD including earnout (net) is calculated as 
1,566 + 129 =MSEK 1,695 
Organic growth in net sales 
Change in net sales adjusted for exchange rate effect and net sales 
from acquired and divested subsidiaries during the period.  
Organic growth in net sales is calculated as (660 – 20 + 25) / 7,708 
= 9%. 
Deployable cash flow 
The amount of cash remaining from operating activities after 
deduction of cash flow from investing activities, plus acquisition of 
subsidiaries (net cash effect), less paid interest, less amortization 
of lease liability, less tax deferrals.  
Deployable cash flow is calculated as 300 – 299 + 310 - 144 -96 = 
MSEK 70. 
 
Last twelve months Adjusted EBITDA proforma 
Adjusted EBITDA proforma present the accumulated EBITDA 
before intra group eliminations in all entities in the group where 
an agreement of acquisition or divestment have been entered at 
the date of this report, adjusted for items affecting comparability. 
LTM Adjusted EBITDA proforma is an important key figure for the 
group, as it is included in the covenant calculation.

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

| GLOSSARY AND BOARD OF DIRECTORS’ APPROVAL 
 
Humble Group AB Year-end Report January - December 2024  25  
GLOSSARY  
 
FMCG 
FMCG is an industry term and is short for Fast-Moving Consumer 
Goods. 
Contingent consideration 
Deferred purchase price payments that are contingent upon 
future performance of an acquired subsidiary. The consideration 
can be paid in both cash and shares and are presented to fair 
value based on management’s best estimate of the occurrence of 
future payments. 
NIBD 
Short for Net interest-bearing debt. 
LTM 
Short for Last 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 19th, 2025 
 
 
  Dajana Mirborn    Ola Cronholm  
  Chairman of the Board  Board member  
 
 
 
  Henrik Patek   Pål Bruu 
  Board member   Board member  
 
 
 
  Sara Berger   Noel Abdayem 
  Board member   Board member  
 
 
  Simon Petrén 
  Chief Executive Officer 
 
 
 
 
 
This report has not been subject to review by the company’s auditor.  
 
This information is such that Humble Group AB is obliged to publish in accordance with the EU regulation on market abuse.  
The information was submitted for publication on February 19th, 2025, at the time specified by Humble Group's news distributor Cision at the 
time of publication of this press release.

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

| CONTACT US  
 
Humble Group AB Year-end Report January - December 2024 
Company Registration Number 556794-4797 
 
Headquarters 
Ingmar Bergmans gata 2 
114 34 Stockholm 
info@humblegroup.se 
www.humblegroup.se 
+468 613 28 88 
 
 
 
 
 
Johan Lennartsson  
Chief Financial Officer 
johan.lennartsson@humblegroup.se 
 
Simon Petrén  
Chief Executive Officer 
simon.petren@humblegroup.se 
 
Noel Abdayem  
Vice President & board member 
noel.abdayem@humblegroup.se 
 
 
 
Marcus Stenkil  
Chief Operating Officer 
marcus.stenkil@humblegroup.se 
 
 Kristoffer Zinn 
Chief Analytics Officer 
kristoffer.zinn@humblegroup.se