FULLTEXT DEL 1 AV 1

Kvartalsrapport Q4 2025

Dokumentindex

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

Annual and
Sustainability
Report 2025
Year
-
End Report
January
–
December 2025

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

Year
-
end Report
Q4 2025

→
Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

→YEAR REPORT 2025

“
After one quarter as Acting CEO, my view is clear. Humble
has taken an important step toward a more operational
approach, where we act more actively as owners and devote
more time and effort to ensuring that our businesses reach
their full potential. The e
fficiency program is progressing
according to plan, and we are confident in achieving the
communicated cost saving targets.

In parallel, the strategic review is ongoing with several
processes underway regarding divestments, selective
acquisitions, and strategic partnerships. Our long
-
term goal
is to create a more focused and profitable group. Our
ambition is to communicate conc
rete steps within the
coming months.

We assess that the Swedish krona will continue to be
challenging and impact the group in the short term. That
said, we remain determined to act decisively in executing
the measures now being implemented. The transformation
currently underway within Humble
is important and
necessary to ensure a more profitable business in the
medium term.

Our primary focus is to create long term shareholder value
through increased profitability, stronger cash flows, and a
more predictable Humble. With a clearer focus, we see
strong conditions for taking the next step in Humble’s
continued development journe
y together with the group’s
hardworking entrepreneurs.
.”

Noel Abdayem
Acting CEO Humble Group
Stockholm,
February 13
th
, 202
6

6%
Organic growth
2,118
Net Sales
-
0.3X
Change in
L
everage to NIBD
206
MSEK
Cash flow from operations
139
MSEK
Adjusted EBITA
665
MSEK
Gross profit
MSEK

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

→
Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
CONTINUED ORGANIC GROWTH, STRONG CASH FLOW AND REDUCED LEVERAGE
FINANCIAL INFORMATION

FOURTH
QUARTER
•
Net sales
grew organically with
6
% and amounted to
MSEK
2,118
(
2
,
089
)
. Total change amounted to
1
% and
the currency impact was
-
4
%.
•
EBITA amounted to MSEK
123
(
1
37
).
•
Adjusted EBITA amounted to MSEK
13
9
(
1
42
).
•
EBIT amounted to MSEK
7
8
(
90
).
•
Adjusted EBIT amounted to MSEK
9
4
(
94
).
•
Cash flow from operating activities amounted to MSEK
206
(
1
32
).
•
Profit and loss after tax amounted to MSEK
15
(
28
).
•
Earnings per share before and after dilution amounted
to SEK
0.0
3
(0.
06
).

TWELVE
MONTHS
•
Net sales grew organically with 7% and amounted to
MSEK 8,097 (7,708)
.
Total change amounted to 5% and
the currency impact was
-
2%.
•
EBITA amounted to MSEK
435
(
5
55
).
•
Adjusted EBITA amounted to MSEK
559
(
5
63
).
•
EBIT amounted to MSEK
2
49
(
36
1
).
•
Adjusted EBIT amounted to MSEK
37
3
(
3
69
).
•
Cash flow from operating activities amounted to MSEK
515
(
285
). Cash flow from operating activities includes
repayment of tax deferrals of MSEK
-
9
2
.
•
Profit and loss after tax amounted to MSEK
1
6
(
1
09
).
•
Earnings per share before and after dilution amounted
to SEK
0.0
4
(0.
2
5
).
SIGNIFICANT EVENTS

DURING THE QUARTER
•
On October 2nd, the Board of Directors of Humble
Group AB appointed Noel Abdayem as acting CEO
after Simon Petrén, in consultation with the Board,
decided to leave Humble
.
•
N
umber of shares and votes increased during
December as a result of the issue of C 2025 shares
within the framework of Humble’s incentive program
2025/2028. The number of shares increased by a total
of 3,467,476 shares with one
-
tenth of a vote per share.

AFTER THE QUARTER
•
The Board of Directors proposes that no divide
n
d will
be paid for the financial year 2025.

FINANCIAL OVERVIE
W

MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Net sales 2,1 1 8 2,089 1% 8,097 7,708 5%
Gross profit 665 659 1% 2,545 2,41 9 5%
Gross margin 31 .4% 31 .6% - 0.2pp 31 .4% 31 .4% 0.1 pp
EBITA* 1 23 1 37 - 1 0% 435 555 - 22%
Adjusted EBITA* 1 39 1 42 - 2% 559 563 - 1 %
EBIT* 78 90 - 1 3% 249 361 - 31 %
Adjusted EBIT* 94 94 - 1 % 373 369 1%
EBIT margin* 3.7% 4.3% - 0.6pp 3.1 % 4.7% - 1 .6pp
Adjusted EBIT margin* 4.4% 4.5% - 0.1 pp 4.6% 4.8% - 0.2pp
Leverage to NIBD incl contingent consideration* 2.6x 2.9x - 0.3x 2.6x 2.9x - 0.3x
Cash flow from operating activities** 206 1 32 56% 51 5 285 81 %
Earnings per share before and after dilution, SEK* 0.03 0.06 - 48% 0.04 0.25 - 85%
Adjusted earnings per share, SEK* 0.07 0.07 - 6% 0.31 0.26 1 8%
*Oct- Dec 2024 and Jan- Dec 2024 has been restated. See more in Note 8. **Cash flow for Jan- Dec 2025 includes payment of tax
deferrals of MSEK - 92. See section at the end of the report for definitions and reconciliations of alternative performance measures.

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

Year
-
end Report
Q4 2025

Overview

→
Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
COMMENTS FROM THE CEO
Humble Group concludes the year with an organic sales
growth of 6
%
, with gross profit in line with the previous
year. The fourth quarter also marked an important shift for
us as a company. Our transformation efforts have
accelerated, with clearer priorities to create a more
result‑oriented Humble, characterized by higher
operational discipline, more efficient capital allocation,
improved cash flows, and a reduced leverage ratio.

FINANCIAL PERFORMANCE
Net sales
increased during the quarter to
M
SEK 2,118
(2,089), corresponding to an organic growth of 6
%
, ma
inly
driven by strong development in the Future Snacking and
Quality Nutrition segments.

Adjusted EBITA
amounted to
M
SEK 13
9
(142), and the work
to realize the previously communicated profitability
improvements is ongoing. The increasingly stronger
Swedish krona has had a negative impact on revenue,
profitability, liquidity, and leverage.

Gross profit
amounted to
M
SEK 665 (659), with a gross
margin of 31.4
%
(31.
6
). Currency effects impacted
profitability by
M
SEK
-
33 and the gross margin by
-
0.3
percentage points during the quarter.

Cash flow from operating activities
, after changes in
working capital, amounted to
M
SEK 206 (132). We continue
to work with strong focus on optimizing inventory levels and
strengthening cash flow.

Net debt
continued to decline during the quarter to 2.6x
(2.9x). Adjusted for currency effects on profitability and
cash, net debt amounts to 2.4x and we remain firmly
committed to further reducing the leverage ratio.

THE DEVELOPMENT OF OUR FOUR SEGMENTS
The past quarter confirms the breadth and resilience of
Humble Group. Despite a challenging market environment,
we are seeing stable demand across our segments, with
both Future Snacking and Quality Nutrition showing strong
organic growth.

The
Future Snacking
segment continues to grow. During
the fourth quarter, organic growth in the segment reached
21
%
. Several brands within the segment continue to gain
market share through new launches and increased listings.
During the quarter, we initiated installation of our new
production facility in Skövde. Over time, the new facility is
expected to strongly contr
ibute to the segment’s future
international expansion opportunities while strengthening
our position in the Swedish market.

Sustainable Care
had a more challenging quarter, with
organic net sales declining by
-
1
%
. We continue to see a
volatile market in the UK and Germany. Our subsidiary
Solent, which constitutes a significant part of the segment,
performed fundamentally well, although the loss of a
distribution contract negatively impacted growth. EBITA in
the se
gment was affected by currency effects of
M
SEK
-
5.

Within
Quality Nutrition
, organic growth amounted to 11
%
.
We have seen a strong recovery in the production of sports
nutrition products, and our assessment is that this positive
development will continue into the new year. The conditions
for continued growth are considered favorable.

Nordic Distribution
grew organically by 3
%
during the
quarter, with a stable gross margin development. The
business continues to contribute significant value through
an established distribution model with broad market
presence, strengthening both our own brands and external
partnerships. At the sam
e time, we see good opportunities
to win additional major contracts with Swedish retail chains
during the year.

OUTLOOK
AND FOCUS AHEAD
After one quarter as Acting CEO, my view is clear. Humble
has taken an important step toward a more operational
approach, where we act more actively as owners and devote
more time and effort to ensuring that our businesses reach
their full potential. The e
fficiency program is progressing
according to plan, and we are confident in achieving the
communicated cost saving targets.

Noel Abdayem
Acting CEO Humble Group
Stockholm,
February 13
th
, 2026

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

Overview

Comments from
the CEO

→
Financial
Development

Segment information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
FINANCIAL DEVELOPMENT
FOURTH
QUARTER

REVENUES
Net sales
Net sales for the quarter amounted to MSEK
2,118
(
2,089
),
an increase of
1
% compared to the corresponding period
last year. The change is attributable to organic growth of
6
%
and currency impact of
-
4
%.

Gross
profit
The gross profit amounted to MSEK
665
(6
59
), resulting in a
gross margin of
31.4
%, a decrease of
-
0.2
percentage points
compared to the corresponding period last year. Currency
effects
impacted
gross profit with MSEK
-
33
.

EXPENSES
Other external expenses
Other external expenses for the quarter amounted to MSEK
-
296
(
-
2
89
), which corresponded to
14
% (
14
%) of net sales.
Other external expenses
for 2024
were
restated from
-
274
to MSEK
-
289, a change of MSEK
-
15. See note
8
for more
information.
Sales and marketing expenses amount to
MSEK
-
140
(
-
132
), corresponding to an increase of MSEK
-
8
and
6
%.

Personnel expenses
Personnel expenses for the quarter amounted to
MSEK
-
211
(
-
230
), which corresponded to
10
% (
11
%) of net
sales. Personnel expenses were negatively impacted by a
consideration linked to employment (stay
-
on
-
bonus and
lock
-
in penalties) of MSEK
-
2
(
-
5
), see table Items affecting
comparability at end of report.

Depreciation and amortization
Total depreciation and amortization for the quarter
amounted to MSEK
-
8
5
(
-
8
2
), which corresponded to a
change of
3
% compared with the corresponding period last
year. Depreciation of right
-
of
-
use assets amounted to MSEK
-
27
(
-
22
) for the quarter. Amortization of assets related to
acquisitions, of which a vast majority related to customer
relations, amounted to MSEK
-
30
(
-
3
7
).

Financial expenses
Financial expenses for the period amounted to MSEK
-
4
9
(
-
55
). The financial expenses were positively impacted from
improved terms and conditions as a result from the updated
financing structure communicated in July 2025. Interest
expense
from
leasing liabilities amounted
to MSEK
-
1
0
(
-
7
).
For more details
, please
see
Note
9
Financial expenses.

RESULTS
EBITA
EBITA for the quarter amounted to MSEK
123
(1
37
), a
change of MSEK
-
14
compared with the corresponding
period last year. Adjusted EBITA amounted to MSEK
13
9
(
142
), which corresponded to a change of MSEK
-
3
, a
-
2
%
decrease for the period.
Revaluation of contingent
considerations is presented gross on other operating
income and other operating expenses with a net impact to
EBITA with MSEK
-
2
(
6
)
. For more details
, please see
N
ote
12
and
table Items affecting comparability at end of report.
Currency effects impacted EBITA with MSEK
-
7
.

EBIT
EBIT for the quarter amounted to MSEK
7
8
(
90
), which
corresponded to a change of MSEK
-
1
2
compared with the
corresponding period last year. Adjusted EBIT amounted to
MSEK
9
4
(
94
), which corresponded to a change of MSEK
0
,
a decrease of
0
% for the period.
Currency effects impacted
EBIT with MSEK
-
2
.

Earnings per share
Earnings per share amounted to SEK
0.0
3
(0.
06
). Adjusted
for items affecting comparability, earnings per share
amounted to SEK
0.0
7
(0.
07
). For more details on adjusted
items, please see table Items affecting comparability at end
of report.

Other comprehensive income
The negative exchange difference in translation of foreign
operations for the period is attributable to the
strengthening of the Swedish krona against other
currencies, with main effect from GBP
, AUD
and EUR.

Efficiency program
In September, Humble launched an efficiency program that
expects to provide annual cost savings of approximately
MSEK 80.
The initiatives in the efficiency program evolves
according to plan where the quarter have incurred
restructuring activities to reduce costs and increase
efficiency in personnel
and other external expenses
.
As per
December 2025 the
remaining
cost provision
amounts
to
MSEK
1
9
.

CASH FLOW AND FINANCIAL POSITION
Cash flow
Cash flow from operating activities amounted to MSEK
206
(
132
).
Cash flow from operations was positively impacted
with MSEK 79 from change in net working capital
where a
reduction with MSEK
-
86 in inventory contributed positively
.
Cash flow from financing activities amounted to MSEK
-
6
2
(
73
).

Financial position
Interest
-
bearing liabilities
amounted
to MSEK
1,668
compared with MSEK
1,
766
at end of same quarter last year.
Net debt including contingent consideration/Adjusted
EBITDA excluding leasing was
2.6
x compared with 2.
9
x on
Dec
3
1
st
, 202
4
.
Adjusted for negative currency effect in
liquidity and profitability, the leverage developed to 2
.
4
x.

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

Overview

Comments from
the CEO

→
Financial
Development

Segment information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

TWELVE
MONTHS

REVENUES
Net sales
Net sales for the period amounted to MSEK
8,097
(
7,708
), an
increase of
5
% compared to the corresponding period last
year. The change is attributable to organic growth of
7
% and
currency impact of
-
2
%.

Gross
profit
The gross profit amounted to MSEK
2,545
(
2,419
), resulting
in a gross margin of
31.4
%
(31.4%) in line with previous year
.
Currency effects
impacted
gross profit with MSEK
-
74
.

EXPENSES
Other external expenses
Other external expenses for the period amounted to MSEK
-
1,080
(
-
1,005
), which corresponded to
13
% (13%) of net
sales.
Other external expenses for 2024 were restated from
-
990
to
-
MSEK
-
1,005
, a change of MSEK
-
15. See
N
ote
8
for
more information.
Other external expenses were negatively
impacted by a one
-
off impact from the efficiency program
of MSEK
-
11
. Sales and marketing expenses amount to
MSEK
-
484
(
-
424
), corresponding to an increase of MSEK
-
60
and
14
%.

Personnel expenses
Personnel expenses for the period amounted to MSEK
-
890
(
-
834
), which corresponded to
11
% (11%) of net sales.
Personnel expenses were negatively impacted by a one
-
off
impact from the efficiency program of MSEK
-
29, severance
pay to former CEO of MSEK
-
12 and consideration linked to
employment (stay
-
on
-
bonus and lock
-
in penalties) of
MSEK
-
10
(
-
2
5
), see table Items affecting comparability at
end of report.

Depreciation and amortization
Total depreciation and amortization for the period
amounted to MSEK
-
33
4
(
-
312
), which corresponded to a
change of
7
% compared with the corresponding period last
year. Depreciation of right
-
of
-
use assets amounted to MSEK
-
102
(
-
79
) for the period.
Amortization of assets related to acquisitions, of which a
vast majority related to customer relations, amounted to
MSEK
-
12
9
(
-
1
49
).

Financial expenses
Financial expenses for the period amounted to MSEK
-
194
(
-
228
). The financial expenses were positively impacted
from improved terms and conditions as a result from the
updated financing structure communicated in July 2025.
Interest expense
from leasing liabilities amounted to MSEK
-
34 (
-
24)
. Such interest expense has no cash effect on the
quarterly result.
For more details
, please
see
Note
9
Financial
expenses
.

RESULTS
EBITA
EBITA for the period amounted to MSEK
435
(
5
55
), a change
of MSEK
-
120
compared with the corresponding period last
year. Adjusted EBITA amounted to MSEK
559
(
5
63
), which
corresponded to a change of MSEK
-
4
, a
-
1
% decrease for
the period.
Revaluation of contingent considerations is
presented gross on other operating income and other
operating expenses with and net impact to EBITA with
MSEK
-
9
(65)
. For more details
, please see
N
ote
12
and
table
Items affecting comparability at end of report.
Currency
effects impacted EBITA with MSEK
-
16
.

EBIT
EBIT for the period amounted to MSEK
2
49
(
3
61
), which
corresponded to a change of MSEK
-
11
2
compared with the
corresponding period last year. Adjusted EBIT amounted to
MSEK
37
3
(
3
69
), which corresponded to a change of MSEK
4
, an increase of
1
% for the period.
Currency effects
impacted EBIT with MSEK
-
9
.

Earnings per share
Earnings per share amounted to SEK
0.0
4
(0.
2
5
). Adjusted
for items affecting comparability, earnings per share
amounted to SEK
0.3
1
(0.
26
). For more details on adjusted
items, please see table Items affecting comparability at end
of report.

CASH FLOW AND FINANCIAL POSITION
Cash flow
Cash flow from operating activities amounted to MSEK 515
(285). Change in net working amounted to MSEK
-
11,
reflecting a clear improvement versus previous year driven
by reduced capital tie
-
up in inventory and receivables. The
change in short
-
term liabilities of
-
72 (55), had negative
impact of MSEK
-
92 related to repayment of tax deferrals.
Adjusted for repayment of tax deferral, the cash flow from
operating activities amounted to MSEK 607 (285). Cash flow
from financing activities amounted to
MSEK
-
354 (1
8).
Currency effects impacted cash position with MSEK
-
38 (12).

Financial position
Interest
-
bearing liabilities amount to MSEK
1,668
compared
with MSEK 1,766 at the beginning of the period. Net debt
including contingent consideration/Adjusted EBITDA
excluding leasing was
2.6
x compared with 2.
9
x on
December 31
st
, 2024.
Adjusted for negative currency effect
in liquidity and profitability, the leverage developed to 2
.
4
x.

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

Overview

Comments from
the CEO

Financial Development

→
Segment
information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→ SEGMENT
INFORMATION
Companies included in the segments can be found on the Group’s website and for a complete list of the Group's legal entities,
see the Annual Report 2024.

FUTURE SNACKING

Future Snacking offers healthier options in candy, snacks,
and various food products. By combining innovation, quality,
and taste, Humble aims to remain a leading provider of
better alternatives within confectionary and snack
segments. Apart from brands, t
he segment includes the
confectionary production unit, Arena Confectionary.

Net sales for the quarter increased by 18%, reaching MSEK
296 (250). Organic growth amounted to 21% with negative
FX effect of
-
3%. The brands portfolio continued to
demonstrate strong momentum, supported by solid growth
in the confectionery segment. Adju
sted EBITA amounted to
MSEK 19 (5), corresponding to an adjusted EBITA margin of
6.4% (1.9%).

SUSTAINABLE CARE

Sustainable Care offers innovative products in the personal
care and household categories. The segment includes
companies operating across the entire value chain
-
production, branding and distribution. Solent is the largest
subsidiary in the segment, a UK
-
based retail partner with an
international footprint.

Net sales decreased by
-
8% and amounted to MSEK 630
(686) for the quarter. Organic growth of
-
1 %, with FX effect
of
-
7 %. Profitability was affected by higher levels of
promotional activity as well as negative FX effects of MSEK
-
5. Adjusted EBITA of MSE
K 53 (66), corresponding to an
adjusted EBITA margin of 8.4% (9.6%).
SUSTAINABLE CARE, MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Gross sales 633 690 2,336 2,430
Intra- group sales -4 -4 - 21 - 21
Ne t sa le s 630 686 2 ,3 15 2 ,4 0 9
Gross profit 234 261 871 887
Gross margin 37.1 % 38.0% 37.6% 36.8%
EBITA 47 69 220 285
Adjuste d EBITA 53 66 257 278
Adjusted EBITA margin 8.4% 9.6% 1 1 .1 % 1 1 .5%
EBIT 24 44 12 2 18 3
Adjuste d EBIT 29 41 15 9 17 7
Adjusted EBIT margin 4.6% 5.9% 6.9% 7.3%
See section at the end of the report for definitions and reconciliations of alternative performance measures.
Future
Snacking
Sustainable
Care
FUTURE SNACKING, MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Gross sales 327 274 1 ,279 1 ,082
Intra- group sales - 31 - 24 - 1 1 7 - 1 07
Ne t sa le s 296 250 1,16 2 975
Gross profit 13 4 115 548 442
Gross margin 45.2% 46.0% 47.2% 45.4%
EBITA* 12 9 10 8 97
Adjuste d EBITA* 19 5 12 3 77
Adjusted EBITA margin 6.4% 1 .9% 1 0.6% 7.9%
EBIT* 1 -1 69 55
Adjuste d EBIT* 8 -5 85 36
Adjusted EBIT margin 2.8% - 2.0% 7.3% 3.6%
*Oct- Dec 2024 and Jan- Dec 2024 has been restated. See more in Note 8. See section at the end of the report for definitions and
reconciliations of alternative performance measures.

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

Overview

Comments from
the CEO

Financial Development

→
Segment
information

Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

QUALITY NUTRITION

Quality Nutrition combines contract manufacturing and
strong brands within the categories of sports nutrition, bars,
dietary supplements, and functional beverages. Humble
offers a wide range of products tailored to a growing and
increasingly health
-
conscio
us consumer group.

Net sales increased by 5% and amounted to MSEK 422
(403) for the quarter.
The
organic growth of 11%
was
driven
by strong development for sport nutrition
products
. Gross
profit
was
impacted by
currency effects
of MSEK
-
10.
Adjusted EBITA amounted to MSEK 24 (19), corresponding
to an
A
djusted EBITA margin of 5.7% (4.6%).
Currency effect
impacted EBITA with MSEK
-
2.

NORDIC DISTRIBUTION

Nordic Distribution comprises wholesale and distribution
operations across the Nordic region, with a strong presence
primarily in Sweden. The segment serves as a growth
platform for both the Group’s own brands and external
customers. In addition to the Swe
dish operations, it includes
local distributors in other Nordic countries particularly in
Norway
-
focused on sports nutrition, dietary supplements,
and functional foods.

Net sales increased by 3%
and amounted to MSEK 771 (750)
for the quarter
.
The organic growth was 3%.
Adjusted EBITA
amounted to MSEK 20 (21), corresponding to an
A
djusted
EBITA margin of 2.6% (2.7%).
There was no significant impact
from currency in the segment.
QUALITY NUTRITION, MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Gross sales 435 398 1 ,621 1 ,594
Intra- group sales - 1 3 5 - 52 - 58
Ne t sa le s 422 403 1,5 6 9 1,5 3 6
Gross profit 12 7 12 8 464 483
Gross margin 30.0% 31 .7% 29.6% 31 .4%
EBITA 23 17 57 10 9
Adjuste d EBITA 24 19 90 10 6
Adjusted EBITA margin 5.7% 4.6% 5.8% 6.9%
EBIT 16 9 28 82
Adjuste d EBIT 17 11 62 78
Adjusted EBIT margin 4.1 % 2.8% 4.0% 5.1 %
See section at the end of the report for definitions and reconciliations of alternative performance measures.
NORDIC DISTRIBUTION, MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Gross sales 773 720 3,061 2,821
Intra- group sales -2 30 - 1 1 - 34
Ne t sa le s 771 750 3 ,0 5 0 2 ,7 8 7
Gross profit 17 1 15 6 662 606
Gross margin 22.2% 20.7% 21 .7% 21 .7%
EBITA 18 17 10 4 87
Adjuste d EBITA 20 21 10 7 98
Adjusted EBITA margin 2.6% 2.7% 3.5% 3.5%
EBIT 15 11 84 62
Adjuste d EBIT 16 14 87 74
Adjusted EBIT margin 2.1 % 1 .9% 2.9% 2.7%
See section at the end of the report for definitions and reconciliations of alternative performance measures.
Quality Nutrition
Nordic Distribution

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

Overview

Comments from
the CEO

Financial Development

Segment information

→
Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
CONSOLIDATED INCOME STATEMENT
&
STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED INCOME STATEMENT, MSEK Note
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Ne t sa le s 10 2 ,118 2 ,0 8 9 8 ,0 9 7 7 ,7 0 8
Capitalized work on own account 0 2 5 7
Other operating income 12 19 37 61 1 40
Raw materials and consumables - 1 ,453 - 1 ,430 - 5,552 - 5,289
Other external expenses* 8 - 296 - 289 - 1 ,080 - 1 ,005
Personnel expenses - 21 1 - 230 - 890 - 834
Other operating expenses 12 - 1 5 -7 - 58 - 54
EBITDA 16 3 17 2 583 673
Depreciation of tangible assets - 1 3 - 1 3 - 46 - 39
Depreciation of right- of- use assets - 27 - 22 - 1 02 - 79
EBITA 12 3 13 7 435 555
Amortization and impairment of intangible assets - 1 5 - 1 1 - 57 - 45
Amortization and impairment of assets related to acquisitions - 30 - 37 - 1 29 - 1 49
EBIT 78 90 249 361
Profit from shares in associated companies and joint ventures 0 0 2 0
Financial income 4 1 10 13
Financial expenses 9 - 49 - 55 - 1 94 - 228
PROFIT AND LOSS AFTER FINANCIAL ITEMS 34 36 67 14 6
Income tax - 1 9 -8 - 51 - 37
PROFIT AND LOSS AFTER TAX 15 28 16 10 9
Profit a nd loss is a ttributa ble to:
Owners of the Parent Company 15 27 17 1 09
Non- controlling interest 0 0 -1 0
15 28 16 10 9
Ea rnings pe r sha re be fore dilution 0 .0 3 0 .0 6 0 .0 4 0 .2 5
Ea rnings pe r sha re a fte r dilution 0 .0 3 0 .0 6 0 .0 4 0 .2 5
STATEMENT OF COMPREHENSIVE INCOME, MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
PROFIT AND LOSS AFTER TAX 15 28 16 10 9
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations - 65 68 - 337 1 97
COMPREHENSIVE INCOME FOR PERIOD - 5 0 96 - 3 2 1 306
The c ompre he nsive inc ome for the pe riod is a ttributa ble to:
Owners of the Parent Company - 50 95 - 320 306
Non- controlling interest 0 0 -1 0
*Oct- Dec 2024 and Jan- Dec 2024 has been restated for Other external expenses. See more in Note 8.

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

Overview

Comments from
the CEO

Financial Development

Segment information

→
Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
CONSOLIDATED BALANCE SHEET
-
IN SUMMARY

MSEK Note
3 1 De c
2025
3 1 De c
2024
ASSETS
Intangible assets 5,61 0 6,035
Tangible assets* 8 307 246
Financial assets 94 90
Right- of- use assets 558 41 9
Deferred tax assets 41 37
Tota l non- c urre nt a sse ts 6 ,6 10 6 ,8 2 7
Inventory 1 ,072 1 ,1 60
Accounts receivables 557 599
Other short- term receivables* 21 9 288
Cash and cash equivalents 321 432
Tota l c urre nt a sse ts 2 ,16 9 2 ,4 7 9
TOTAL ASSETS 8 ,7 7 9 9 ,3 0 6
EQUITY AND LIABILITIES
Equity
Attributable to Parent Company's shareholder* 8 4,888 5,1 82
Non- controlling interest -1 0
Tota l sha re holde rs' e quity 4 ,8 8 7 5 ,18 2
Liabilities
Interest- bearing liabilities 11 1 ,480 1 ,406
Contingent considerations 12 8 24
Long- term lease liabilities 485 357
Deferred tax liabilities 389 439
Provisions 24 0
Other long- term liabilities 95 1 93
Tota l long- te rm lia bilitie s 2 ,4 8 1 2 ,4 19
Interest- bearing liabilities 11 1 88 360
Contingent considerations 12 19 115
Current lease liabilities 111 95
Accounts payable 71 0 679
Other short- term liabilities 383 456
Tota l short- te rm lia bilitie s 1,4 11 1,7 0 5
TOTAL EQUITY AND LIABILITIES 8 ,7 7 9 9 ,3 0 6
*31 Dec 2024 has been restated. See more in Note 8.

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

Overview

Comments from
the CEO

Financial Development

Segment information

→
Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
CONSOLIDATED STATEMENT OF CASH FLOW

MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
OPERATING ACTIVITIES
EBIT 78 90 249 361
Adjustment for non- cash items:
Depreciation and Amortization 85 82 334 31 2
Other items - 32 - 33 28 - 79
Paid tax -4 -7 - 85 - 77
Ca sh flow from ope ra ting a c tivitie s be fore c ha nge in ne t working c a pita l 12 7 13 3 526 5 17
Change in inventories (increase - / decrease + ) 86 36 34 - 21 0
Change in short term receivables (increase - / decrease + ) 46 - 1 3 27 - 77
Change in short term liabilities (increase - / decrease + ) * - 53 - 24 - 72 55
Sum of c ha nge in working c a pita l 79 -1 - 11 - 2 3 2
Ca sh flow from ope ra ting a c tivitie s 206 13 2 5 15 285
INVESTING ACTIVITIES
Acquisition of intangible assets -3 - 1 2 - 20 - 34
Acquisition of tangible assets - 35 - 25 - 1 1 2 - 1 05
Disposal of financial assets 0 0 0 53
Disposal of subsidaries 0 -3 0 112
Acquisition of subsidiaries, acquired business + paid earn- outs 0 -2 - 1 02 - 31 0
Ca sh flow from inve sting a c tivitie s - 3 9 - 4 2 - 2 3 4 - 2 8 4
FINANCING ACTIVITIES
Share issue funds 1 0 2 0
Costs related to share issues 0 -2 -3 -6
Received interest on financing activities 1 8 2 8
Paid interest due to financing activities - 27 - 35 - 1 1 1 - 1 44
New loans 1 35 337 495 799
Repayment of loans - 1 34 - 1 83 - 599 - 529
Loan to joint ventures 0 - 1 4 -2 - 1 4
Amortization of lease liability - 37 - 39 - 1 36 - 96
Ca sh flow from fina nc ing a c tivitie s - 6 2 73 - 3 5 4 18
De c re a se /Inc re a se in c a sh a nd c a sh e quiva le nts 10 5 16 2 - 7 3 19
Cash and cash equivalents at beginning of period 21 9 262 432 401
Exchange rate differences -3 8 - 38 12
Ca sh a nd c a sh e quiva le nts a t e nd of pe riod 321 432 321 432
* Include repayment on tax deferral of MSEK - 92 for full year 2025.

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

Overview

Comments from
the CEO

Financial Development

Segment information

→
Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

MSEK
Sha re
c a pita l
Othe r e quity
c ontribute d
Tra nsla tion
re se rve
Re ta ine d
e a rnings Tota l
Non-
c ontrolling
inte re st
Tota l
sha re holde rs
e quity
Ope ning ba la nc e Ja nua ry 1, 2 0 2 4 , a s origina lly pre se nte d 98 5 ,0 2 7 18 3 - 4 3 9 4 ,8 6 9 4 ,8 6 9
Correction of error* - 24 - 24 - 24
Re sta te d ope ning ba la nc e Ja nua ry 1, 2 0 2 4 - 4 6 3 4 ,8 4 5 4 ,8 4 5
Net income for period** 1 09 1 09 0 1 09
Other comprehensive income 1 97 1 97 1 97
Tota l c ompre he nsive inc ome 1 97 1 09 306 0 306
Transaction with owners in their capacity as owners:
Share issue 1 29 29 29
Transaction costs 0 0
Warrants program 2 2 2
Aquistion of non- controlling interest 0 0
Tota l tra nsa c tion with owne rs in the ir c a pa c ity a s owne rs 1 31 32 0 31
Ending ba la nc e De c e mbe r 3 1, 2 0 2 4 (re sta te d) 98 5 ,0 5 8 380 - 3 5 4 5 ,18 2 0 5 ,18 2
Ope ning ba la nc e Ja nua ry 1, 2 0 2 5 98 5 ,0 5 8 380 - 3 5 4 5 ,18 2 0 5 ,18 2
Net income for period 17 17 -1 16
Other comprehensive income - 337 - 337 - 337
Tota l c ompre he nsive inc ome - 337 17 - 320 -1 - 321
Transaction with owners in their capacity as owners:
Share issue 1 23 24 24
Transaction costs 0 0 0
Warrants program 2 2 2
Tota l tra nsa c tion with owne rs in the ir c a pa c ity a s owne rs 1 25 0 26 26
Ending ba la nc e De c e mbe r 3 1, 2 0 2 5 10 0 5 ,0 8 3 43 - 3 3 7 4 ,8 8 8 -1 4 ,8 8 7
Equity a ttributa ble to Pa re nt Compa ny's sha re holde r
* Please see more on the correction of error in previous periods in Note 8. **Oct- Dec 2024 and Jan- Dec 2024 has been restated for Retained earnings. See more in Note 8.

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

Overview

Comments from
the CEO

Financial Development

Segment information

→
Financial information

Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→
CONDENSED PARENT COMPANY INCOME STATEMENT
& BALANCE SHEET

MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Net sales 24 28 67 59
Other operating income 4 11 -6 12
Tota l re ve nue 28 39 60 71
Other external expenses - 1 7 - 1 2 - 50 - 42
Personnel expenses -9 - 1 3 - 68 - 45
Other operating expenses 0 2 -2 -2
Depreciation and amortization of tangible and intangible assets 0 0 -1 0
OPERATING PROFIT (EBIT) 2 17 - 6 0 - 19
Profit from shares in Group companies 98 35 112 1 94
Financial income and expense - 23 - 34 - 1 1 5 - 1 35
PROFIT AND LOSS AFTER FINANCIAL ITEMS 77 17 - 6 4 40
Year- end appropriations 1 44 1 28 1 53 1 28
PROFIT AND LOSS BEFORE TAX 221 14 5 89 16 8
Current taxes - 1 0 - 1 4 - 1 1 - 1 4
PROFIT AND LOSS AFTER TAX 2 11 13 1 78 15 4
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.
MS EK
3 1 De c
2025
3 1 De c
2024
AS S ETS
Intangible assets 3 7
Tangible assets 1 0
Financial assets 6,974 6,963
Tota l non- c urre nt a sse ts 6 ,9 7 8 6 ,9 7 0
Receivables with group
companies 442 375
Other short- term receivables 11 23
Cash and cash equivalents 9 1 50
Tota l c urre nt a sse ts 462 547
TOTAL AS S ETS 7 ,4 4 0 7 ,5 17
EQUITY AND LIABILITIES
Equity
Restricted equity 1 00 98
Unrestricted equity 4,924 4,821
Tota l sha re holde rs e quity 5 ,0 2 3 4 ,9 2 0
P rovisions 41 13 9
Liabilities
Interest- bearing liabilities 1 ,473 1 ,393
Liabilities to group companies 0 9
Other long- term liabilities 3 7
Tota l long- te rm lia bilitie s 1,4 7 6 1,4 0 9
Interest- bearing liabilities 1 83 358
Accounts payable 8 8
Liabilities to group companies 676 629
Other liabilities 32 55
Tota l short- te rm lia bilitie s 899 1,0 5 0
TOTAL EQUITY AND
LIABILITIES 7 ,4 4 0 7 ,5 17

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

→
Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→NOTE
S
NOT
E
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 Inter
pretations 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
prep
ared in accordance with ÅRL chapter 9.

The financial statements have been prepared according to
cost method except for certain financial assets and liabilities
measured at fair value through profit and loss. Information
according to IAS
34 appears
in addition to the financial
reports and associated notes also in other parts of the interim
report.

In accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, Humble corrected errors in
previously issued financial reporting
for
the fourth quarter of
2024. The corrections
relate
to the fourth quarter of 2024.
Comparative figures in this interim report for the fourth
quarter of 202
4
and the full year 2024
have been adjusted
accordingly.
See
N
ote
8
for more information.

The accounting policies adopted are consistent with those of
the Annual report for the year ended December 31
st
, 2024.
New or amended IFRS standards, effective from January 1st,
2025, have no impact on the result and financial position of
the Group
.

NOT
E
2
–
SIGNIFICANT ACCOUNTING
ESTIMATES AND JUDGEMENTS

The Group makes estimates and assumptions about the
future. The estimates for accounting purposes that result
from this will, by definition, rarely correspond to the actual
result.
The estimates and assumptions that entail a significant risk of
significant adjustments in reported values for assets and
liabilities in this interim report correspond to those describe in
Note 3 in the Annual Report 2024.

The management’s main estimates during 2025
relate
to
the
assessment whether there is any indication of impairment of
g
oodwill
,
t
rademarks and
other intangible assets
, as well as
share
s
in subsidiaries in the Parent company
. The impairment
test involves a high degree of judgment and assumptions
regarding future cash flows
by management. Based on the
assumptions made, no impairment requirement has been
identified.

During 2025, the management made
estimates
related
to
cost savings for
the
e
fficiency program. The total
provision
recognized
amounts
to MSEK 52
and as per December
31
st
,
2025, the remaining provision amounts to MSEK 19
.

NOTE 3
–
SUBSEQUENT EVENTS

The Board of Directors proposes that no divide
n
d will be paid
for the financial year 2025.

NOTE 4
–
PARENT COMPANY

In March, the restrictions on the MSEK 150 term loan were
released. In July, Humble expanded its existing credit facility
by MSEK 300 and simultaneously extended the maturity
dates of the credit facilities to 2027 with an option for Humble
to extend by a f
urther year. No other significant events have
occurred in the Parent Company during the year.

NOTE 5
–
RELATED PARTY TRANSACTION

No transactions with related parties have occurred during
2025 that had a significant impact. The minor transactions
that have occurred relate to lease agreements regarding
previous owners’ properties. Lease agreements between the
parties are based on an a
rm’s length principle and on market
terms and conditions.

NOTE 6
–
RISKS AND UNCERTAINTIES

Humble works continuously to identify, evaluate, and manage
risks and exposures that the Group
’s
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 R
eport for
2024.

At the time of this interim report being published, the war in
Ukraine and the conflict in Israel and Gaza remain ongoing.
Humble does not have any direct exposure to these markets
and therefore does not currently experience any material
direct impact from
the conflicts.

Nevertheless, heightened geopolitical tensions and the risk of
further escalation in the regions may contribute to increased
volatility in global markets.

During 2025, the global economic environment has been
characterized by increased uncertainty, including disruptions
to international trade following changes in trade policies and
tariff measures. Humble currently has limited export exposure
to the US marke
t and therefore assesses the potential direct
impact from increased tariffs to
being
limited.

Humble continues to monitor macroeconomic developments
and decisions by authorities that may affect the Group. The
Group is also exposed to volatility in raw material prices,
energy costs, and other input factors, which are monitored
closely in order to en
able price adjustments towards
customers where possible and to protect operating margins.

Humble
is exposed to foreign currency risk arising from
transactions and monetary balances denominated in
currencies other than the functional currency, principally GBP,
EUR, and AUD. Exchange rate movements may affect the
Group’s results and financial position.

In addition, risks related
to
interest rate movements, and the
integration of acquired businesses are continuously
assessed.

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

→
Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

NOTE 7
–
PLEDGED ASSETS AND
CONTINGENT LIABILITIES

The Parent Company is acting as guarantor on behalf of
Grahns Konfektyr AB on the lease agreement for the new
factory.

NOTE
8
–
RESTATEMENT OF FINANCIALS

Comparative figures in this interim report for the fourth
quarter of 2024 and full year 2024 have been restated due to
an identified incorrect evaluation of a property in December
2024. The correction amounts to MSEK 15 and is reflected in
Other external e
xpenses, Tangible assets and Net income for
period in Equity Statement, as well as all related KPI and APM.
The effect
on full year EPS is
-
0.03, with previously stated 0.28
and the restated 0.25. The correction is entirely attributable
to a subsidiary wit
hin the segment Future Snacking.

The opening balance of retained earnings of 2024 has been
restated as well as the Other short
-
term receivables as of
December 31
st
, 2024. The correction amounts to MSEK
-
24
and is entirely attributable to a subsidiary within the segment
Sustainable care. This correction does not affect any KPI and
APM within this report.

NOTE
9
–
FINANCIAL EXPENSES

NOTE
10
–
SEGMENT INFORMATION AND
DISCLOSURE OF REVENUE

The Group's chief operating decision maker is the chief
executive officer (CEO), who primarily uses a measure of
adjusted earnings before interest, tax and amortization
(Adjusted EBITA) to assess the performance of the operating
segments. The CEO does not
follow up the segments' assets
or liabilities for allocation of resources or assessment of
results.

DISCLOSURE OF REVENUE

The Group financials consist of the segments Future
Snacking, Sustainable Care. Quality Nutrition and Nordic
Distribution.
For further information regarding the segments,
please see section Segment information. See end of report
for definition and calculation of key ratios and Alternative
Performance Measures (APM).

Ne t sa le s pe r c ountry, MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Sweden 1 ,021 983 3,871 3,665
United Kingdom 380 401 1 ,41 7 1 ,41 3
Other countries* 400 409 1 ,566 1 ,575
Rest of Nordic 1 87 1 48 754 563
Australia 1 31 1 48 489 492
Tota l ne t sa le s 2 ,118 2 ,0 8 9 8 ,0 9 7 7 ,7 0 8
*None of the other countries independently contribute more than five percent of total net sales.
MSEK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Interest expense related to financing - 24 - 32 - 1 1 6 - 1 43
Unwinding of discounting effect -1 -3 -7 - 30
Interest expense on lease liabilities - 1 0 -7 - 34 - 24
Exchange rate losses and revaluation effects -7 -6 - 1 6 - 1 1
Other interest expenses -7 -7 - 21 - 20
Tota l fina nc ia l e xpe nse s - 4 9 - 5 5 - 19 4 - 2 2 8

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

→
Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

Twe lve months, MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Gross sales 1 ,279 1 ,082 2,336 2,430 1 ,621 1 ,594 3,061 2,821 67 59 8,365 7,987
Intra- group sales - 1 1 7 - 1 07 - 21 - 21 - 52 - 58 - 1 1 - 34 - 67 - 59 - 268 - 279
Ne t sa le s 1,16 2 975 2 ,3 15 2 ,4 0 9 1,5 6 9 1,5 3 6 3 ,0 5 0 2 ,7 8 7 0 0 8 ,0 9 7 7 ,7 0 8
Gross profit 548 442 871 887 464 483 662 606 2 ,5 4 5 2 ,4 19
Gross margin, % 47.2% 45.4% 37.6% 36.8% 29.6% 31 .4% 21 .7% 21 .7% 31 .4% 31 .4%
EBITA 10 8 97 220 285 57 10 9 10 4 87 - 5 3 - 2 2 435 555
EBIT 69 55 12 2 18 3 28 82 84 62 - 5 5 - 2 1 249 361
Net financial items - 1 83 - 21 5
PROFIT AND LOSS AFTER FINANCIAL ITEMS 67 14 6
Items affecting comparability*** 16 - 20 37 -7 34 -3 3 12 34 26 1 24 8
Adjuste d EBITA*** 12 3 77 257 278 90 10 6 10 7 98 - 19 4 559 563
Adjusted EBITA margin*** 1 0.6% 7.9% 1 1 .1 % 1 1 .5% 5.8% 6.9% 3.5% 3.5% 6.9% 7.3%
Adjuste d EBIT*** 85 36 15 9 17 7 62 78 87 74 - 2 0 5 373 369
Adjusted EBIT margin*** 7.3% 3.6% 6.9% 7.3% 4.0% 5.1 % 2.9% 2.7% 4.6% 4.8%
Future Sna c king* Susta ina ble Ca re Qua lity Nutrition Nordic Distribution Othe r** Tota l
*Forth quarter and Twelve months 2024 has been restated for Future Snacking. See more in Note 8. **Other refers to Parent company and minor administrative entities, ***See section at the end of the report for
definitions and reconciliations of alternative performance measures.
Fourth qua rte r, MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Gross sales 327 274 633 690 435 398 773 720 26 39 2,1 94 2,1 21
Intra- group sales - 31 - 24 -4 -4 - 1 3 5 -2 30 - 26 - 39 - 75 - 32
Ne t sa le s 296 250 630 686 422 403 771 750 0 0 2 ,118 2 ,0 8 9
Gross profit 13 4 115 234 261 12 7 12 8 17 1 15 6 0 0 665 659
Gross margin, % 45.2% 46.0% 37.1 % 38.0% 30.0% 31 .7% 22.2% 20.7% 31 .4% 31 .5%
EBITA 12 9 47 69 23 17 18 17 23 26 12 3 13 7
EBIT 1 -1 24 44 16 9 15 11 23 27 78 90
Net financial items - 44 - 54
PROFIT AND LOSS AFTER FINANCIAL ITEMS 34 36
Items affecting comparability*** 7 -4 5 -3 1 2 2 4 0 6 16 4
Adjuste d EBITA*** 19 5 53 66 24 19 20 21 23 32 13 9 14 2
Adjusted EBITA margin*** 6.4% 1 .9% 8.4% 9.6% 5.7% 4.6% 2.6% 2.7% 6.5% 6.8%
Adjuste d EBIT*** 8 -5 29 41 17 11 16 14 23 33 94 94
Adjusted EBIT margin*** 2.8% - 2.0% 4.6% 5.9% 4.1 % 2.8% 2.1 % 1 .9% 4.4% 4.5%
Future Sna c king* Susta ina ble Ca re Qua lity Nutrition Nordic Distribution Othe r** Tota l

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

→
Notes

Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

NOTE
11
–
NET INTEREST
-
BEARING DEBT

Humble's net interest
-
bearing debt as of December 31
st
,
2025, is presented in table
to the right
.

The existing credit facility agreement includes terms and
conditions implying that the Net Interest Bearing Debt in
relation to LTM Adjusted EBITDA Proforma excluding leasing
must not exceed 3.25x and that the LTM Adjusted EBITDA in
relation to Net Financi
al Expenses (as defined in the credit
facility agreement) shall not be less than 4.00x at the end of
this period. These terms and conditions have been met since
the credit facility agreement was entered in the second
quarter of 2023.

Humble received tax deferments of MSEK 260 during the
second quarter 2023. During the third quarter of 2024, the
Group got a 36
-
month instalment plan approved for the tax
deferral, starting payment in February 2025. The Group
repaid MSEK
-
9
2
during the
twelve
months of 2025.

Table to the
left
illustrates the leverage multiple. LTM
Adjusted EBITDA Proforma amounted to MSEK 585 (
589
)
excluding leasing. Adjusted NIBD including contingent
consideration in relation to LTM Adjusted EBITDA Proforma
amounts to 2.6x (2.
9
x) at the end of this reporting period.
Adjusted for negative exchange rate differences of MSEK
-
3
8
(12)
in Cash and cash equivalent
and MSEK
-
1
8
(3)
in EBITDA, the currency adjusted NIBD amounted to 2.
4
x
(2.9x)
.

NOTE 1
2
–
FINANCIAL INSTRUMENTS
MEASURED AT FAIR VALUE AND LONG
-
TERM
LOAN

The methods and assumptions used by the Group when
calculating the fair value of the financial instruments are
described in Note 4 of the Annual Report 2024. Further
information regarding the accounting principles for financial
instruments is provided in Note 2 of the Annual Report 2024.
There have been no transfers between fair value hierarchy
levels during the reporting period.

LONG
-
TERM LOANS
In July 2025, Humble expanded its existing credit facility by
MSEK 300 and simultaneously extended the maturity dates
of the credit facilities to 2027 with an option for Humble to
extend by a further year. As per end of December, Humble’s
credit facility c
omprises of two term loans of MSEK 82 and
MSEK 1,250, a revolving credit facility of MSEK 425, and an
overdraft facility of MSEK 225 (whereof available amount at
end of period amount to MSEK 123). The term loans are
measured at amortized cost that corresponds in all essentials
to its fair value in the balance sheet.

CONTINGENT CONSIDERATIONS
The contingent considerations are recognized at fair value
and have been discounted with 9.1% discount rate. The
duration to maturity is presented
below
.
Estima te d pa yme nts pe r
ye a r
Nomina l
va lue Fa ir va lue
2026 19 19
2027 5 4
2028 5 4
Tota l c ontinge nt
c onside ra tions 29 27
Continge nt c onside ra tion, MSEK
3 1 De c
2025
3 1 De c
2024
Ope ning ba la nc e 139 501
New acquisitions 0 0
Payments - 1 23 - 323
Fair value changes that are reported through profit and loss via operating income -9 - 90
Fair value changes that are reported through profit and loss via operating expense 16 25
Interest expenses related to unwinding of discounting effect 7 30
Translation differences -2 -4
Closing ba la nc e 27 13 9
MSEK
3 1 De c
2025
3 1 De c
2024
Liability to credit institutions 1 ,668 1 ,766
Cash and cash equivalents - 321 - 432
Tax deferral 1 61 252
Financial asset - 24 - 20
Ne t Inte re st Be a ring De bt 1,4 8 3 1,5 6 6
Contingent consideration 27 1 29
Ne t Inte re st Be a ring De bt inc luding c ontinge nt c onside ra tion 1,5 10 1,6 9 5
LTM Adjuste d EBITDA Proforma , e xc luding le a sing* 585 589
Leverage to NIBD 2.5x 2.7x
Leverage to NIBD incl contingent consideration 2.6x 2.9x
Leverage to NIBD incl contingent consideration, excl exchange rate differences 2.4x 2.9x
*31 Dec 2024 has been restated. See more in Note 8.

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

→
Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

→ ALTERNATIVE PERFORMANCE MEASURES
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Sta
ndards (IFRS) but are what the Group management considers to be relevant to users
of the financial report as a supplement for the m
easures of the business's development. These financial measures are not always comparable with the measures used by other com
panies 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.

Ke y ra tio De finition Re a son for usa ge
Orga nic growth Change in net sales adjusted for exchange rate effect and net sales from acquired and divested
subsidiaries during the period.
Measures the Group's sales growth achieved without acquisitions and
currency effects, in order to provide a picture of the actual
development of the underlying business.
Gross Profit Net sales less raw materials and consumables. Shows how much of the revenue remains after deducting the direct
costs of raw materials and consumables, indicating the Group's ability
to generate profit from the core operations.
Gross Ma rgin Gross Profit in relation to net sales. Shows the proportion of revenue that represents gross profit, indicating
the Group's efficiency in production and pricing.
EBITDA Earnings before interest, tax, depreciation, amortization, and impairment. Monitors operational performance and facilitates comparisons of
profitability between different subsidaries and segments.
EBITA Earnings before interest, tax, amortization and impairment on intangible assets. Together with EBITDA, EBITA provides a picture of the profit that is
generated by operating activities.
Adjuste d EBITDA
Adjuste d EBITDA ma rgin
Adjuste d EBITDA pe r sha re
EBITDA adjusted for items affecting comparability.
Adjusted EBITDA margin is Adjusted EBITDA in relation to net sales.
Adjusted EBITDA per share is Adjusted EBITDA divided by average number of shares before dilution.
Items affecting comparability are adjusted to facilitate a fair comparison
between two comparable time periods and to show the underlying trend
in operational performance excluding non- recurring items.
Adjuste d EBITA
Adjuste d EBITA ma rgin
Adjuste d EBITA pe r sha re
EBITA adjusted for items affecting comparability.
Adjusted EBITA margin is Adjusted EBITA in relation to net sales.
Adjusted EBITA per share is Adjusted EBITA divided by average number of shares before dilution.
Items affecting comparability are adjusted to facilitate a fair comparison
between two comparable time periods and to show the underlying trend
in operational performance excluding non- recurring items.
Adjuste d EBIT
Adjuste d EBIT ma rgin
Adjuste d EBIT pe r sha re
EBIT adjusted for items affecting comparability.
Adjusted EBIT margin is Adjusted EBIT in relation to net sales.
Adjusted EBIT per share is Adjusted EBIT divided by average number of shares before dilution.
Items affecting comparability are adjusted to facilitate a fair comparison
between two comparable time periods and to show the underlying trend
in operational performance excluding non- recurring items.
Ite ms a ffe c ting
c ompa ra bility
Explanation of what the items affecting comparability mainly refer to are presented in Note 1 0 in the
Annual report 2024.
The Group recognizes items affecting comparability to visualise
comparable figures that are adjusted for the items that occur in
historical numbers for various reasons.
Adjuste d profit a nd loss
a fte r ta x
Profit and loss after tax adjusted for items affecting comparability. Items affecting comparability are adjusted to facilitate a fair comparison
between two comparable time periods and to show the underlying trend
in operational performance excluding non- recurring items.
Ne t inte re st- be a ring de bt
(NIBD)
Total interest- bearing liabilities less cash and cash equivalents, plus tax deferral included, less short-
term investments to be divested, less financial asset to associated company. Lease liability is not
included.
The Group’s primary management parameter for financing and capital
allocation and are actively employed as part of the group’s financial risk
management strategy.
La st twe lve months
Adjuste d EBITDA proforma ,
e xc luding le a sing
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.
Important key figure for the group, as it is included in the covenant
calculation.
Le ve ra ge to NIBD Net interest- bearing debt in relations to LTM Adjusted EBITDA Proforma, exkluding leasing.
The relations are presented with NIBD, NIBD incl contingent consideration and NIBD incl contingent
consideration and excl exchange rate differences.
Important key figure for the group, as it is included in the covenant
calculation.

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

→
Alternative
performance measures

Glossary and
other information

Year
-
end Report
Q4 2025

SHARES PERFORMANCE MEASURES

ITEMS AFFECTING COMPARABILITY

LTM Adjusted EBITDA Proforma

Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Average number of shares before dilution 449,853,975 446,575,533 448,1 27,647 444,627,821
Adjusted EBITDA per share*, SEK 0.40 0.40 1 .58 1 .53
Adjusted EBITA per share*, SEK 0.31 0.32 1 .25 1 .27
Adjusted EBIT per share*, SEK 0.21 0.21 0.83 0.83
EBIT per share*, SEK 0.1 7 0.20 0.56 0.81
Net sales per share*, SEK 4.71 4.68 1 8.07 1 7.34
Earnings per share before and after
dilution*, SEK 0.03 0.06 0.04 0.25
Adjusted earnings per share before and
after dilution*, SEK 0.07 0.07 0.31 0.26
*KPI and APM for Oct- Dec 2024 and Jan- Dec 2024 has been restated. See more in Note 8.
MS EK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Acqusition and divestment related cost
and income 0 0 1 6
Revaluation of contingent considerations
accounting 2 -6 9 - 65
Lock- in penalty from acquisition SPA 2 5 10 25
Restructuring 4 4 25 25
Efficiency program* 0 0 39 0
Former CEO** 0 0 12 0
Other 9 1 27 17
Tota l ite ms a ffe c ting c ompa ra bility 16 4 12 4 8
*For period Jan- Dec 2025, MSEK 29 relates to personnel expense and MSEK 1 1 relates to other
external expenses. ** For period Jan- Dec 2025, MSEK 6 relates to severence pay and MSEK 6
relates to salary.
MSEK
3 1 De c
2025
3 1 De c
2024
Reported EBITDA* 583 673
Leasing - 1 29 - 97
Result from associated companies and divested subsidaries 7 5
Items affecting comparability 1 24 8
LTM Adjuste d EBITDA Proforma , e xc luding le a sing* 585 589
*31 Dec 2024 has been restated. See more in Note 8.
MS EK
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Net sales, base 2,089 1 ,936 7,708 7,050
Net sales, organic income growth 115 1 39 576 654
Currency impact - 86 21 - 1 86 - 20
Acquisition and divestment 0 -6 0 25
Ne t sa le s 2 ,118 2 ,0 8 9 8 ,0 9 7 7 ,7 0 9
Orga nic growth, % 5 .5 % 7 .2 % 7 .5 % 9 .3 %
Net sales 2,1 1 8 2,089 8,097 7,708
Raw material - 1 ,453 - 1 ,430 - 5,552 - 5,289
Gross P rofit 665 659 2 ,5 4 5 2 ,4 19
Gross Profit 665 659 2,545 2,41 9
Net sales 2,1 1 8 2,089 8,097 7,708
Gross Ma rgin, % 3 1.4 % 3 1.6 % 3 1.4 % 3 1.4 %
EBIT* 78 90 249 361
Reversal of depreciation and amortization 85 82 334 31 2
EBITDA* 16 3 17 2 583 673
Items affecting comparability 16 4 1 24 8
Adjuste d EBITDA* 17 9 17 7 707 681
Net sales, base 2,1 1 8 2,089 8,097 7,708
Adjuste d EBITDA ma rgin*, % 8 .4 % 8 .5 % 8 .7 % 8 .8 %
EBIT* 78 90 249 361
Reversal of amortization 45 47 1 86 1 94
EBITA* 12 3 13 7 435 555
Items affecting comparability 16 4 1 24 8
Adjuste d EBITA* 13 9 14 2 559 563
Net sales, base 2,1 1 8 2,089 8,097 7,708
Adjuste d EBITA ma rgin*, % 6 .5 % 6 .8 % 6 .9 % 7 .3 %
EBIT* 78 90 249 361
Items affecting comparability 16 4 1 24 8
Adjuste d EBIT* 94 94 373 369
Net sales, base 2,1 1 8 2,089 8,097 7,708
EBIT ma rgin*, % 3 .7 % 4 .3 % 3 .1% 4 .7 %
Adjuste d EBIT ma rgin*, % 4 .4 % 4 .5 % 4 .6 % 4 .8 %
Profit and loss after tax* 15 28 16 1 09
Items affecting comparability 16 4 1 24 8
Adjuste d profit a nd loss a fte r ta x* 30 32 14 0 117
*KPI and APM for Oct- Dec 2024 and Jan- Dec 2024 has been restated. See more in Note 8.

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

Alternative
performance measures

→
Glossary and
other information

Year
-
end Report
Q4 2025

→ GLOSSARY AND OTHER INFORMATION
GLOSSARY

STAFF AND NUMBER OF EMPLOYEES

The average number of employees in the Group for the
period was
1
,
148
(1,
210
). The proportion of women in the
Group was
47
% (4
5
%).

THE SHARE

The Group’s share with ticker HUMBLE is listed on Nasdaq
Stockholm main market since 27
th
of September 2024. The
share was previously traded on Nasdaq First North Growth
Market since 12
th
of November 2014.

There was no dilution effect for the period in this report due to
the average share price being lower than the exercise price of
outstanding warrants.

Number of shares and votes increased during December
because of
the
issue of C 2025 shares within the framework
of Humble’s incentive program 2025/2028. The number of
shares increased by a total of 3,467,476 shares with one
-
tenth
of a vote per share.

LARGEST SHAREHOLDERS
The ten largest shareholders per
Dec
ember 3
1
st
, 2025, are
listed in the table to the right.

Owne r Sha re s Ca pita l Vote s
Neudi & C:o AB 46,527,089 1 0.27% 1 0.35%
Håkan Roos (RoosGruppen AB) 46,1 34,786 1 0.1 9% 1 0.27%
Protector Forsikring ASA 36,255,487 8.01 % 8.07%
Noel Abdayem (NCPA Capital AB) 28,41 3,596 6.41 % 6.32%
Avanza Pension 25,271 ,424 5.58% 5.62%
Briarwood Chase Management LLC 24,382,786 5.38% 5.43%
Lombard International Assurance S.A. 1 6,21 2,285 3.58% 3.61 %
Jofam AB 1 5,000,000 3.34% 3.34%
DNB Asset Management AS 1 4,987,1 94 3.32% 3.34%
DNB Asset Management SA 1 3,01 8,686 2.90% 2.90%
Tota l top 10 2 6 6 ,2 0 3 ,3 3 3 5 8 .9 8 % 5 9 .2 5 %
Other shareholders 1 86,628,1 49 41 .02% 40.75%
Tota l numbe r of sha re s 4 5 2 ,8 3 1,4 8 2 10 0 % 10 0 %
Oc t- De c
2025
Oc t- De c
2024
Ja n- De c
2025
Ja n- De c
2024
Number of shareholders end of period 1 5,840 1 8,436 1 5,840 1 8,436
Number of shares outstanding end of period 452,831 ,482 446,575,533 452,831 ,482 446,575,533
Average number of shares before and after dilution 449,853,975 446,575,533 448,1 27,647 444,627,821
Glossa ry
FMCG
Continge nt c onside ra tion
LTM Short for Last twelve months.
Proforma
FMCG is an industry term and is short for Fast- Moving Consumer Goods.
Deferred purchase price payments that are contingent upon future performance of an acquired subsidiary. The consideration can be paid in both cash and shares, and are
presented to fair value based on management’s best estimate of the occurrence of future payments.
Present a measure before intra group eliminations in all entities in the Group where an agreement of acquisition or divestment have been entered. The purpose is to visualise
how the Group's financial position and results would have looked like at the date of this report if the companies acquired during the year, or where acquisition agreements
have been communicated, had been consolidated with the existing part of the Group for twelve months.

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

Overview

Comments from
the CEO

Financial Development

Segment information

Financial information

Notes

Alternative
performance measures

→
Glossary and
other information

Year
-
end Report
Q4 2025

→
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 Co
mpany's operations, position and results and describes significant risks and
uncertainties that the Parent Company and the companie
s included in the Group face.

Stockholm February 13
th
, 2026

Dajana
Mirborn
Chairman of the Board

Ola Cronholm
Board member

Henrik Patek
Board member

Pål Bruu
Board member

Sara Berger
Board member

Noel Abdayem
Acting 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 13
th
,
2026, at the time specified by Humble Group's news distributor
MFN
at the time of publication of this press release.

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

→
OUR COMPANIES

The group consists of +40 companies operating in the
fast
-
growing segments of healthy food and snacks, and
sustainable beauty and health.

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

Annual and
Sustainability
Report 2025
7
Business overview
Corporate governance
Sustainability
Annual report

-
Management

administration report
→ C
onsolidated financial

statement and notes
-
Parent company financial

statements and notes
-
Auditor’s Report
ABOUT HUMBLE GROUP
Humble is a global FMCG group of fast
-
growing, entrepreneurial companies
specializing in innovative, healthier and more sustainable consumer products.
Humble’s medium
-
term financial targets are:
•
Growth target
–
Average net sales growth of at least 15 percent per year,
primarily driven by organic growth.
•
Profitability target
–
EBIT margin of at least 10 percent.
•
Capital structure
–
Net debt in relation to EBITDA must not exceed 2.5x.
However, the company may, under special circumstances, choose to
exceed this level for shorter periods in connection with acquisitions.
•
Humble’s dividend policy is that the surplus must be distributed to
shareholders when free cash flow exceeds available investments in
profitable growth.
•
Dividends to shareholders require that the capital structure target is met.
The Board of Directors proposes that no divided will be paid for the financial
year 2025.
Read more about the Group and its composition on the website.
FINANCIAL CALENDAR
•
Mars 31, 2026
-
Annual
and Sustainability
report
2025
•
April 23, 2026
–
Interim report Q1 2026
•
Maj 6, 2026
–
Annual General Meeting 2026
•
July 17, 2026
–
Interim report Q2 2026
•
October 21, 2026
–
Interim report Q3 2026
For financial reports and calendar, see more information on
the Group website.
AUDITORS
BDO
Auditor in charge:
Carl
-
Johan Kjellman
Authorized Public Accountant
Email: carl
-
johan.kjellman@bdo.se
CONTACT DETAILS
Noel Abdayem
Acting Chief Executive Officer
Email: noel.abdayem@humblegroup.se
Johan Lennartsson
Chief Financial Officer
Email: johan.lennartsson@humblegroup.se
HUMBLE GROUP AB
Reg. no. 556794
-
4797
Ingmar Bergmans gata 2, 114 34 Stockholm
www.humblegroup.se