Kvartalsrapport Q1 2026

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

Interim report
JANUARY–MARCH 2026

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

2
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
SEK m (unless otherwise stated) Jan-Mar 2026 Jan-Mar 2025 Last 12 months Jan-Dec 2025
Net sales 2,083 1,999 9,086 9,002
Operating EBITA 90 111 920 941
EBIT 71 92 811 832
Earnings per share before dilution (SEK) 0.18 0.65 8.39 8.87
Net sales increase (%) 4.2 10.4 0.7 1.9
Operating EBITA margin (%) 4.3 5.5 10.1 10.5
EBIT margin (%) 3.4 4.6 8.9 9.2
Return on operating capital (%) 11.7 13.2 11.7 12.4
Net debt/ Operating EBITDA, multiple 2.0 1.1 2.0 1.7
Net debt/ Operating EBITDA, multiple (excl IFRS 16) 1.9 0.8 1.9 1.4
Net debt 2,592 1,484 2,592 2,117
Net debt (excl IFRS 16) 2,102 992 2,102 1,634
First quarter
▪  Net sales rose to SEK 2,083 million (1,999), up 4 percent. 
Organic growth amounted to negative 2 percent.
▪  Total order intake adjusted for exchange rates increased  
by 6 percent, and the order backlog as of March 31 
 decreased by 1 percent to SEK 2,639 million (2,660).
▪  Operating EBITA amounted to SEK 90 million (111) and the 
operating EBITA margin amounted to 4.3 percent (5.5).
▪  EBIT amounted to SEK 71 million (92) and the EBIT  margin 
decreased to 3.4 percent (4.6).
▪  Earnings per share before and after dilution amounted  
to SEK 0.18 (0.65) and SEK 0.18 (0.65) respectively.
▪  Net debt amounted to a multiple of 2.0 in relation to 
 operating EBITDA (1.9 excluding IFRS 16). Adjusted for the 
full-year results of the acquired companies, the operating 
net debt was a multiple of 1.7 EBITDA excluding IFRS 16. 
A seasonally challenging quarter  
in a turbulent context
Significant events after the quarter 
▪  Sovereign Group, a leading British manufacturer and 
installer of uPVC window and door solutions with 
annual sales of approximately GBP 23 million, was 
acquired on April 2. Both the signing and takeover took 
place on April 2.

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

3
MALMÖ, APRIL 28, 2026 
Fredrik Meuller, President and CEO
3
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
A seasonally challenging  
quarter in a turbulent  
context 
From a seasonal perspective, the first quarter traditionally has lower activity, 
and the first three months of 2026 were no exception. The quarter was also 
marked by continued uncertainty in the global environment, where the level 
of volatility has now escalated further as a result of the conflict in the Middle 
East. Geopolitical unrest, combined with volatile commodity markets and 
unusually harsh winter conditions across much of Europe, had a negative 
impact on demand. Despite the achievement of significant cost savings in 
2025 and Q1, profitability was weakened by lower volumes, an unfavorable 
product mix, and the strong Swedish krona. On a positive note, performance 
gradually improved during the quarter, with higher activity levels and order 
intake in March compared with January and February. Despite the chal-
lenges, or strategy is firm: By focusing on cost control, value-based pricing, 
investments, and acquisitions, we have gained market share and positioned 
ourselves more effectively for when the  economy recovers.
Net sales amounted to SEK 2,083 million (1,999), an increase of 4 percent 
(down 2 percent organically) compared with the same quarter last year, 
primarily linked to completed acquisitions. Operating EBITA amounted 
to SEK 90 million (111), corresponding to an EBITA margin of 4.3 percent 
(5.5), which is on a par with the normalized margin that Inwido, prior to the 
 pandemic, has historically achieved in Q1.
The market
Just as in the previous quarter, performance continued to vary significantly 
between the geographic markets. Sweden is showing signs of a gradual 
recovery, with a slight improvement in consumer confidence and increased 
activity in the housing market. Poland and Slovenia are continuing to report 
steady growth, while Denmark, in the light of concerns about Greenland  
and parliamentary elections, is experiencing weaker consumer confidence, 
fiercer competition, and downward pressure on prices. In Finland, demand 
has dropped to a new historic low. The United Kingdom registered mixed 
results, with higher activity in Scotland.  
Our operations
Order intake decreased organically in both the Consumer and Projects 
segments, with a generally lower activity in the latter . We have not yet 
observed any significant impact from the conflict in the Middle East in terms 
of either costs or demand, but we are well prepared to handle any negative 
consequences. It is worth noting that a challenging market situation can 
also give rise to opportunities, not least for Inwido, which, with its strong 
financial position, is viewed as a stable long-term partner and an attractive 
owner . Some of the Group’s business units, particularly those in Finland, have 
been harder hit than others by persistently challenging market  conditions, 
resulting in reduced capacity utilization and profitability. Our efforts aimed 
at cutting costs have been further intensified through measures such as 
staff reductions and shorter working hours. At the same time, a balance of 
resources is important – we need capacity in order to cope with the increase 
in volume, which is expected in the second quarter . 
There are many highlights during the quarter: Business Area e-Commerce 
has improved its profit for the third consecutive quarter, despite lower sales. 
Our most recently completed acquisitions – five in the space of six months 
– have already been successfully integrated and are making a positive 
contribution to both revenue and profitability. This is  particularly true within 
Business Area West, which is reporting a growth in sales of 21 percent, in 
part as a result of the recent acquisitions of Fast Frame and Victorian Sliders. 
It is also encouraging that a number of business units have received recog-
nition and been commended during the quarter for their work in relation to 
the working environment and  employee engagement.
Acquisitions
Inwido is continuing to pursue acquisitions actively and successfully, in line 
with a clear and selective process. The acquisitions of Victorian Sliders and 
AJM are strengthening the Group’s long-term strategic position through 
 increased geographic reach and complementary offerings. In the short term, 
these acquisitions have had a negative impact on indebtedness and return 
on operating capital (ROOC), which is normal during the initial integration 
phase. With a continued strong cash flow, good access to  financing, and a 
solid list of potential acquisition candidates, we are seeing continued good 
opportunities to conduct further value-creating acquisitions, at the same 
time as maintaining our financial discipline and requirements regarding the 
rate of return. 
After the end of the quarter, we also completed the acquisition of a  
70 percent stake in the UK-based Sovereign Group, which provides good  
opportunities for synergies and continued growth.  
Outlook
Market uncertainty has increased as a result of the unrest in the Middle 
East, where a scenario involving higher inflation and base rates could reduce 
demand and drive up costs. At the same time, we saw gradual improve-
ments across all business units toward the end of the quarter, which gives us 
cause for cautious optimism. In any case, Inwido is well-equipped thanks to 
market-leading positions, our clearly decentralized governance model, and  
strong financial position. The long-term ambition remains unchanged and 
we are executing on our strategic plan. 
“ Inwidohascontinuedtoprioritizeprofita­
bilityovervolume,takennecessarysteps,
andlaidthefoundationforimproved
performanceovertherestoftheyear.”

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

44
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2025
Group4
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Net sales and order intake 
In the first quarter of the year, net sales increased by 4 percent (down 2 percent organically) to SEK 2,083 million (1,999), driven by acquisitions.  
In the first quarter, total order intake rose by 3 percent compared with the 
corresponding quarter last year, down 3 percent organically. Organic order 
intake was up 2 percent in Business Area Scandinavia, down 15 percent in 
West, down 5 percent in East and up 2 percent in e-Commerce. Organic 
order intake for Consumer was down 2 percent and for Projects it was down 
5 percent. The order backlog at the end of the period was 1 percent lower, 
decreasing to SEK 2,639 million (down 5 percent adjusted for exchange 
rates and acquisitions). The order backlog at the end of the period was 11 
percent higher for Consumer and 5 percent lower for Projects compared to 
the previous year . 
Operating EBITA 
In the first quarter, operating EBITA amounted to SEK 90 million (111) and 
the operating EBITA margin amounted to 4.3 percent (5.5). This change 
is primarily due to a slow start to the quarter as a result of a colder winter 
period, which led to lower sales.   
 
Financial items
In the first quarter, net financial items amounted to negative SEK 32 million 
(negative 29), while the Group’s net interest amounted to an expense of SEK 
21 million (negative 12). Net interest income has been affected by higher 
indebtedness and higher interest rates compared with the corresponding 
period in the preceding year .
Profit before and after tax
Profit before tax amounted to SEK 39 million (63) in the first quarter . Income 
taxes amounted to a negative SEK 19 million (negative 19) and profit after 
tax amounted to SEK 20 million (44). 
Earnings per share
Earnings per share before and after dilution amounted to SEK 0.18 (0.65) 
and SEK 0.18 (0.65) respectively. 
Net sales
Operating EBITA
Jan-Mar 2026 Jan-Mar 2025
Analysis of net sales %           SEKm %           SEKm
Net sales 4% 2,083 10% 1,999
Organic growth −2% −43 3% 74
Structural effects 11% 211 2% 47
Currency effects −4% −83 −4% −103
0
2
4
6
8
10
12
14
16
0
50
100
150
200
250
300
350
Apr-Jun Jul-Sep Oct-Dec Jan-Mar
% SEKm 
2024 2025 2026 Op. EBITA % LTM Op. EBITA %
0
2 000
4 000
6 000
8 000
10 000
12 000
0
600
1 200
1 800
2 400
3 000
Apr-Jun Jul-Sep Oct-Dec Jan-Mar
SEKm, LTM SEKm, QTD 
2024 2025 2026 Net sales LTM

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

5
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Items affecting comparability 
Items affecting comparability that are non-recurring and have a significant 
impact on profit are important in understanding the underlying development 
of operations. Expenses relate primarily to acquisition-related expenses and 
restructuring measures during a consolidation phase, in which the company 
enhances efficiency through, for example, closures or reorganization of 
production facilities and sales units. These expenses primarily consist of 
impairment of assets, personnel costs and other external expenses. 
Items affecting comparability amounted to negative SEK 5 million 
 (negative 7) during the first quarter, of which acquisition costs amounted  
to SEK 1 million. 
Gross investments, depreciation, amortization and impairment 
Gross investments in tangible non-current assets in the first quarter 
 amounted to SEK 45 million (39). Depreciation and impairment amounted to 
SEK 109 million (97). 
Cash flow  
During the first quarter, cash flow from operating activities after changes 
in working capital amounted to negative SEK 162 million (negative 145), 
primarily as a consequence of lower profit.   
Cash flow from investing activities in the first quarter was negative in the 
amount of SEK 132 million (negative 42). The deviation from the previous 
year is primarily explained by acquisitions.   
Cash flow from financing activities amounted to SEK 63 million (negative 
31) in the first quarter . The change is due to higher acquisition financing. 
Return on operating capital 
Return on operating capital decreased slightly to 11.7 percent (13.2) as a 
result of lower operating capital and acquisitions.  
Financial position and liquidity    
Inwido’s principal financing consists of bank loans based on bilateral, 
 sustainability-related credit agreements expiring in the period 2026-2028. 
The aforementioned credit agreements include financial covenants that  
are followed up on a quarterly basis. Inwido meets the terms of existing 
credit agreements. 
The Group’s net debt at the end of the period amounted to SEK 2,592 
million (1,484) and to SEK 2,102 million (992) excluding IFRS 16. At the  
end of the period, indebtedness, calculated as interest-bearing net debt/
operating EBITDA, was 2.0 (1.1) and 1.9 (0.8) excluding IFRS 16. Adjusted 
for the full-year pro forma results of companies acquired during the year, 
indebtedness was 1.7 excluding IFRS 16. At the end of the  period, consolidat-
ed cash and equivalents amounted to SEK 400 million (663). Available funds, 
including unutilized credit facilities, amounted to SEK 1,168 million (2,147). 
Acquisitions
The acquisition of AJM Group was completed in January.  
Significant events after the end of the year
Sovereign Group, a leading British manufacturer and installer of uPVC 
window and door solutions, was acquired on April 2. The company reports 
annual sales of approximately GBP 23 million and holds a strong position in 
the public housing market segment. Both the signing of the agreement and 
the takeover took place on April 2.
Seasonal variations     
Inwido’s operations are affected by seasonal fluctuations. The lowest activity 
is seen in the first quarter, which normally accounts for about 20 percent of 
annual sales. The second and third quarters are normally of equal strength 
and combined account for slightly more than 50 percent of annual sales, 
while the fourth quarter of the year is normally the strongest with slightly 
less than 30 percent of annual sales. The largest seasonal variations are 
within the Consumer market, although sales to the Projects market are also 
dependent on the season and weather . 
Employees
The number of employees averaged 4,988 (4,479) in Q1 2026.
Parent Company 
The Parent Company, Inwido AB (publ), is purely a holding company with no 
operations of its own. The Parent Company’s profit mainly reflects the net of 
revenues for joint Group services and deductions for wages, other remunera-
tions and interest expenses. 
Shares and share capital 
As per March 31, 2026, share capital amounted to SEK 231,870,112 and 
the number of shares totaled 57,972,528. The company has one (1) class of 
shares. Each share entitles the holder to one vote at general meetings. At 
the end of the period, the closing price was SEK 147.70 and the company’s 
market capitalization was SEK 8,563 million. The total number of sharehold-
ers amounts to approximately 18,600. 
Incentive program
The Annual General Meetings in 2021–2024 resolved to establish long-term 
incentive programs, comprising warrants issued to senior executives. If 
fully exercised, the maximum dilution effect of the programs is approx. 0.8 
percent of the shares and votes in the Company. It should be possible for the 
subscription of shares supported by warrants to occur during predefined 
subscription periods from August 1, 2024 to August 31, 2029. In 2025, 5,000 
shares were subscribed for with the support of warrants. For more details, 
refer to the 2021–2024 Annual Reports and the minutes of the 2025 AGM.
In 2025, a long-term variable cash bonus (LTI bonus) was launched, 
amounting to a maximum of 70 percent of the fixed cash salary for the  
CEO and 40 percent of the fixed cash salary for other senior executives. The 
bonus is based on the development of earnings per share, measured over 
a three-year period, where payment of the cash bonus is conditional on the 
senior executive investing the entire amount after tax in shares in Inwido and 
then retaining these shares during their employment, although for at least 
three years (with customary exceptions). For 2025, SEK 4,716 thousand  
has impacted shareholders’ equity in respect of the LTI bonus 2025–2027. 
Any LTI-bonus earned will be paid out in 2028 based on earnings per share 
in 2027.
Pledged assets and contingent liabilities 
No significant changes in pledged assets or contingent liabilities occurred 
during the period.  
Outlook 
Market uncertainty has increased as a result of the unrest in the Middle 
East, where a scenario involving higher inflation and base rates could reduce 
demand and drive up costs. At the same time, we saw gradual improve-
ments across all business units toward the end of the quarter, which gives us 
cause for cautious optimism. In any case, Inwido is well-equipped thanks to 
market-leading positions, our clearly decentralized governance model, and  
strong financial position. The long-term ambition remains unchanged and 
we are executing on our strategic plan. 
MALMÖ, 28 APRIL 2026
The Board of Directors of Inwido AB (publ)
Thisinterimreporthasnotbeensubjecttoreviewby
theCompany’sauditors.

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

6
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Q1
Inwido’s sustainability work
Assessments and ratings
MSCI ESG RATING  
AA
B    Climate change 
B-   Forests
A-   Supplier Engagement Assessment (SEA)
ESG RISK RATING  
26, medium risk
Financial Times  
Climate Leaders
Sustainability compass 
shows the way
With our responsibly produced and 
energy- efficient products, people can 
create a sustainable lifestyle, both at 
home and at work. In accordance with 
the Group’s sustainability compass, 
Inwido follows three strategic guidelines.
CASE
Low-carbon and recycled aluminum 
in a local circular flow
Inwido’s Swedish subsidiary, Elitfönster, has established a local closed-loop 
cycle for aluminum, thereby strengthening its partnership with Hydro 
 Extrusions that stretches back more than 40 years. Surplus material from 
window production is collected, remelted in Hydro’s nearby remelting plant, 
and turned into new profiles. This approach reduces transportation, ensures 
material quality, and reinforces a circular value chain.
“It’sasmallcyclewithabigimpact.TheproximitytoHydro’sproduction
facilitymakescircularitypossibleonaday­to­daybasis,providingboth
stabilityandclimatebenefits.”
Patrik Johansson, Head of Environment & Occupational  
Health and Safety, Elitfönster
Knowledge that strengthens the circular efforts
As part of the extended collaboration, Hydro has carried out a targeted 
 training and skills development initiative for Elitfönster, focusing on the 
choice of materials, sustainability efforts, and circular flows.
This initiative has strengthened the grounds on which Elitfönster  
makes  decisions in respect of product development, and is contributing  
to  products with measurable climate benefits and a long service life.
Elitfönster and Hydro are now continuing to advance their efforts in  
relation to circular material flows, increased transparency in climate  
data, and design choices that reduce environmental impact throughout  
the product’s entire life cycle.

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

7
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Science Based Targets
Inwido is working toward science-based climate goals in line with the 
Paris Agreement. The ambition is to reduce absolute Scope 1 and 2 
greenhouse gas emissions by 42 percent by 2030 compared to the 
base year 2022, and to reduce absolute Scope 3 greenhouse gas 
emissions by 25 percent over the same period. In addition, Inwido  
has committed to achieving net-zero greenhouse gas emissions in 
Scopes 1, 2, and 3 by 2050.  
EU Taxonomy
Inwido’s products fall under the EU Taxonomy’s category regarding 
the manufacture of energy-efficient equipment and energy  efficiency. 
Here, the regulations lay down clear requirements for windows and 
doors, as well as for their installation. Replacing obsolete windows 
and doors with energy-efficient ones is considered a crucial element 
in achieving Europe’s climate goals. The U-value indicates the 
 insulating performance of building components such as windows and 
doors. The lower the U-value, the better the insulation performance. 
To be considered environmentally sustainable, a window must meet 
the U-value ≤1.0 W/m²K and doors ≤1.2 W/m²K. Inwido’s ambition  
is for at least 75 percent of its sales of windows and doors that are  
eligible under the Taxonomy to be aligned with the EU  Taxonomy’s 
review criteria by 2030, in order to make a significant contribution to 
mitigating climate change. Inwido’s products, which are fully aligned 
with the EU Taxonomy, also meet the requirements regarding doing 
no significant harm and minimum safeguards. 
Feb 2026, LTM Feb 2025, LTM Change Jan-Dec 2025 Target
Resource efficiency
Energy usage (kWh/window wing) 48.7 54.0 −10% 47.1 -5% per year
Waste (kg/window wing) 3.44 3.83 −10% 3.64 -5% per year
Hazardous waste (kg/window wing) 0.25 0.26 −5% 0.26 -5% per year
Greenhouse gas (GHG) emissions 
2025 outcome  
vs. base year
Of which Scope 1, direct emissions (tonnes)
−15%
4,794
42% from 2022 
to 2030Of which Scope 2, indirect emissions from purchased energy 
(tonnes) 1,484
Of which Scope 3, other indirect emissions (tonnes) −21% 364,008 25% from 2022 
to 2030
Social indicators
Sick leave, long- and short-term (%) 4.6 5.0 4.6 <3
Accidents with lost working days/million hours worked 9.3 9.1 9.1 0.0
Equality in management, Board of Directors, women (%) 40 50
Equality in management, Group Management, women (%) 38 50
EU Taxonomy
EU Taxonomy criteria, fully aligned (%) 15 -
EU Taxonomy criteria (%) 63 75
1. Window wings refer to a window or door where the design of the product determines the quantity. An opening in the building envelope can therefore have more than one window wing.  
Examples of this include double doors, sliding sections, and windows with one fixed pane and one that opens.
2. Market-based emissions
Sustainability indicators
1
1
1
2

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

8
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Inwido’s operations  
and segments
8
External net sales by  
operating segment 
RTM 100% = SEK 8,985 million
External net sales by  
market segment
RTM 100% = SEK 8,985 million
Inwido improves people’s well-being indoors with windows and doors. As one of Europe’s   
leading window groups, Inwido’s business concept is to develop and sell the market’s  
best customized window and door solutions, through a decentralized structure and  
with a focus on the consumer-driven market, in order to create long-term sustainable 
growth, organically and through acquisitions.
Inwido comprises 36 business units with approximately 5,000 employees in  
18 countries. The business is divided into four business areas: Scandinavia, West,  
East, and e-Commerce. In 2025, the Group achieved sales of SEK 9 billion with  
an operating EBITA margin of 10.5 percent. 
Inwido has been listed on Nasdaq Stockholm since 2014.
We have operations in 18 countries
Manufacturing and/or sales operations are located in Sweden,  
Denmark, Norway, Finland, Estonia, the United Kingdom,  
Ireland, Lithuania, the Netherlands, Belgium, Poland,  
Romania, Slovenia, Germany, Czechia, Switzerland,  
Austria, and China (not shown on the map).  
The head office is located in Malmö, Sweden.
59%
38%
3%
Consumer Project Other
47%
11%
21%
19%
2%
Scandinavia e-Commerce West
East Other

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

9
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
SEKm Jan-Mar 2026 Jan-Mar 2025 Change Last 12 months Jan-Dec 2025
Net sales 900 927 −3% 4,403 4,430
Operating gross profit 192 222 −14% 1,127 1,157
Operating gross profit margin (%) 21.4 24.0 25.6 26.1
Operating EBITA 50 78 −36% 592 620
Operating EBITA margin (%) 5.6 8.5 13.4 14.0
71%
27%
1%
Consumer Project Other
External net sales by  
market segment, RTM 100% = SEK 4,257 million
Scandinavia
During the quarter, net sales decreased by 3 percent to SEK 900 million 
(927), down by 3 percent organically. Organic order intake increased by 
2 percent over the quarter . At the end of the period, the order backlog  
was 6 percent higher than at the end of the corresponding period in the 
preceding year . In the first quarter, operating EBITA amounted to SEK 50 
million (78) and the operating EBITA margin amounted to 5.6 percent (8.5).
In Scandinavia, order intake developed positively, especially toward the 
end of the quarter . Despite a positive trend in Sweden, a broader market 
recovery has not materialized during the quarter, due to a colder winter 
period and the effect of the tax deduction for repair, refurbishment, and 
extension work. In Denmark, consumers remain cautious, and the market 
is characterized by fiercer competition and downward pressure on prices, 
which affected margins in the Danish business units. Demand in Norway 
remains low.   
 
– Lower sales and profitability under pressure,  
primarily due to fiercer competition in Denmark
44%
56%
0%
Consumer Project Other
SEKm Jan-Mar 2026 Jan-Mar 2025 Change Last 12 months Jan-Dec 2025
Net sales 532 438 21% 1,867 1,774
Operating gross profit 131 86 52% 416 372
Operating gross profit margin (%) 24.6 19.7 22.3 20.9
Operating EBITA 63 43 47% 216 196
Operating EBITA margin (%) 11.8 9.8 11.6 11.0
West
– Increased sales and profitability 
Net sales increased by 21 percent during the first quarter, to SEK 532 million 
(438), up by 4 percent organically. Organic order intake decreased by 15 
percent primarily due to lower order intake in the Projects segment. At the 
end of the period, the order backlog was 6 percent lower than at the end 
of the corresponding period last year . In the first quarter, operating EBITA 
amounted to SEK 63 million (43) and the operating EBITA margin increased 
to 11.8 percent (9.8). 
The growth in sales and the improvement in the margin were partly due to 
the recent acquisitions of Fast Frame and Victorian Sliders, which have been 
successfully integrated and are contributing to both sales and profitability. 
The business units in Scotland performed well during the quarter, making a 
positive contribution to both sales and profitability.  
After the end of the quarter, the Group acquired another UK company, 
Sovereign Group, which is a leading manufacturer and installer of uPVC 
 window and door solutions with a strong position in the social housing 
market segment.      
External net sales by  
market segment, RTM 100% = SEK 1,757 million

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

10
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
100%
Consumer Project Other
SEKm Jan-Mar 2026 Jan-Mar 2025 Change Last 12 months Jan-Dec 2025
Net sales 250 252 −1% 1,069 1,071
Operating gross profit 68 60 13% 310 302
Operating gross profit margin (%) 27.1 23.7 29.0 28.2
Operating EBITA 17 6 191% 101 90
Operating EBITA margin (%) 6.8 2.3 9.5 8.4
e-Commerce
– Strong performance despite 
challenging market conditions
Net sales fell by 1 percent during the first quarter, to SEK 250 million (252), 
up by 3 percent organically. Organic order intake increased by 2 percent 
over the quarter . At the end of the period, the order backlog was 29 percent 
higher than at the end of the corresponding period in the preceding year .  
In the first quarter, operating EBITA increased to SEK 17 million (6), while the 
operating EBITA marginal increased to 6.8 percent (2.3).   
Despite continued headwinds in the market, Inwido’s e-commerce 
operations demonstrated resilience during the quarter, and profit improved 
for the third consecutive quarter . Despite lower sales, profit improved as a 
result of cost-cutting measures implemented in the previous year . Lower 
consumer confidence in Denmark affected sales, although this was offset by 
higher sales in other markets within the business area. 
External net sales by  
market segment, RTM 100% = SEK 1,867 million
29%
68%
3%
Consumer Project Other
SEKm Jan-Mar 2026 Jan-Mar 2025 Change Last 12 months Jan-Dec 2025
Net sales 394 379 4% 1,758 1,743
Operating gross profit 59 77 −23% 371 389
Operating gross profit margin (%) 15.0 20.2 21.1 22.3
Operating EBITA −23 −7 −226% 58 74
Operating EBITA margin (%) −5.7 −1.8 3.3 4.2
External net sales by  
market segment, RTM 100% = SEK 1,010 million
East
– Continued very challenging 
market conditions in Finland
Net sales increased by 4 percent during the first quarter, to SEK 394 
million (379). Organically, net sales decreased by 11 percent. Organic order 
intake decreased by 5 percent during the quarter . At the end of the period, 
the order backlog was unchanged compared with the end of the corre-
sponding period last year . In the first quarter, operating EBITA amounted to 
negative SEK 23 million (negative 7), while the operating EBITA margin ended 
up at negative 5.7 percent (negative 1.8).
In Finland, demand is at a historically low level. During the quarter, addi-
tional measures were implemented in several business units, such as staff 
reductions and shorter working weeks. Poland and Slovenia reported steady 
growth during the quarter .

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

11
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm (unless otherwise stated) 2026 2025 months 2025
Income measures
Net sales 2,083 1,999 9,086 9,002
Gross profit 461 457 2,264 2,261
EBITDA 179 189 1,205 1,215
Operating EBITDA 184 196 1,267 1,278
EBITA 85 104 858 877
Operating EBITA 90 111 920 941
Operating profit (EBIT) 71 92 811 832
Margin measures
Gross margin (%) 22.1 22.9 24.9 25.1
EBITDA margin (%) 8.6 9.5 13.3 13.5
Operating EBITDA margin (%) 8.9 9.8 13.9 14.2
EBITA margin (%) 4.1 5.2 9.4 9.7
Operating EBITA margin (%) 4.3 5.5 10.1 10.5
Operating margin (EBIT) (%) 3.4 4.6 8.9 9.2
Capital structure
Net debt 2,592 1,484 2,592 2,117
Net debt (excl IFRS 16) 2,102 992 2,102 1,634
Net debt/operating EBITDA, multiple 2.0 1.1 2.0 1.7
Net debt/operating EBITDA, multiple (excl IFRS 16) 1.9 0.8 1.9 1.4
Net debt/equity ratio, multiple 0.5 0.3 0.5 0.4
Interest coverage ratio, multiple 2.1 2.7 6.5 6.7
Shareholders’ equity 5,546 5,429 5,546 5,505
Equity/assets ratio (%) 51 56 51 52
Operating capital 8,138 6,912 8,138 7,622
Return measures
Return on shareholders’ equity (%) 8.9 10.3 8.9 9.4
Return on operating capital (%) 11.7 13.2 11.7 12.4
Share data (number of shares in thousands)
Earnings per share before dilution (SEK) 0.18 0.65 8.39 8.87
Earnings per share after dilution (SEK) 0.18 0.65 8.38 8.85
Shareholders’ equity per share before dilution (SEK) 95.66 93.65 95.66 94.94
Shareholders’ equity per share after dilution (SEK) 95.66 93.22 95.66 94.78
Cash flow per share before dilution (SEK) −2.80 −2.50 15.37 15.67
Cash flow per share after dilution (SEK) −2.80 −2.49 15.37 15.64
Number of shares before dilution 57,973 57,968 57,973 57,973
Number of shares after dilution 57,973 58,233 57,973 58,076
Average number of shares 57,973 57,968 57,971 57,973
Key ratios, Group

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

12
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
SEKm (unless otherwise stated) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Net sales 2,083 2,440 2,224 2,339 1,999 2,423 2,273 2,331 1,811
Operating EBITA 90 298 268 264 111 296 304 263 91
Operating EBITA margin (%) 4.3 12.2 12.0 11.3 5.5 12.2 13.4 11.3 5.0
EBITA 85 273 252 249 104 273 300 240 84
EBITA margin (%) 4.1 11.2 11.3 10.6 5.2 11.3 13.2 10.3 4.6
Return on operating capital (%) 11.7 12.4 12.7 13.4 13.2 12.7 13.1 13.1 13.7
Earnings per share before dilution (SEK) 0.18 2.87 2.65 2.69 0.65 3.17 3.23 2.52 0.37
Earnings per share after dilution (SEK) 0.18 2.87 2.65 2.68 0.65 3.16 3.22 2.52 0.37
Shareholders’ equity per share before dilution (SEK) 95.66 94.94 95.43 92.72 93.65 97.46 91.49 88.91 93.97
Shareholders’ equity per share after dilution (SEK) 95.66 94.78 95.16 92.30 93.22 97.17 91.22 88.91 93.97
Cash flow per share before dilution (SEK) −2.80 7.46 4.25 6.46 −2.50 8.26 5.73 7.52 −5.32
Cash flow per share after dilution (SEK) −2.80 7.44 4.24 6.43 −2.49 8.23 5.72 7.52 −5.32
Share price (SEK) 147.70 164.20 178.00 210.20 201.20 185.50 187.90 144.50 145.90
SEKm Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Scandinavia 900 1,270 1,065 1,168 927 1,196 1,014 1,117 816
West 532 452 450 433 438 470 506 471 424
East 394 457 463 443 379 491 473 441 321
e-Commerce 250 267 263 289 252 270 286 311 255
Group-wide, eliminations and other 7 −6 −17 5 2 −4 −6 −9 −5
Total 2,083 2,440 2,224 2,339 1,999 2,423 2,273 2,331 1,811
Key ratios
Net sales per segment
Quarterly review, Group

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

13
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Key data for the segments
SEKm Jan-Mar 2026 Jan-Mar 2025 Change Last 12 months Jan-Dec 2025
Group
Net sales 2,083 1,999 4% 9,086 9,002
Operating gross profit 462 459 1% 2,276 2,273
Operating gross profit margin (%) 22.2 23.0 25.0 25.2
Operating EBITA 90 111 −19% 920 941
Operating EBITA margin (%) 4.3 5.5 10.1 10.5
Scandinavia
Net sales 900 927 −3% 4,403 4,430
Operating gross profit 192 222 −14% 1,127 1,157
Operating gross profit margin (%) 21.4 24.0 25.6 26.1
Operating EBITA 50 78 −36% 592 620
Operating EBITA margin (%) 5.6 8.5 13.4 14.0
West
Net sales 532 438 21% 1,867 1,774
Operating gross profit 131 86 52% 416 372
Operating gross profit margin (%) 24.6 19.7 22.3 20.9
Operating EBITA 63 43 47% 216 196
Operating EBITA margin (%) 11.8 9.8 11.6 11.0
East
Net sales 394 379 4% 1,758 1,743
Operating gross profit 59 77 −23% 371 389
Operating gross profit margin (%) 15.0 20.2 21.1 22.3
Operating EBITA −23 −7 −226% 58 74
Operating EBITA margin (%) −5.7 −1.8 3.3 4.2
e-Commerce
Net sales 250 252 −1% 1,069 1,071
Operating gross profit 68 60 13% 310 302
Operating gross profit margin (%) 27.1 23.7 29.0 28.2
Operating EBITA 17 6 191% 101 90
Operating EBITA margin (%) 6.8 2.3 9.5 8.4
Group-wide eliminations and other
Net sales 7 2 260% −10 −16
Operating gross profit 8 11 −22% 39 41
Operating gross profit margin (%) - - - -
Operating EBITA −22 −14 −62% −65 −56
Operating EBITA margin (%) - - - -
IFRS 16 effect
Net sales - - - - -
Operating gross profit 4 3 22% 13 13
Operating gross profit margin (%) - - - -
Operating EBITA 5 4 10% 18 17
Operating EBITA margin (%) - - - -

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

14
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm 2026 2025 months 2025
Net sales 2,083.2 1,998.8 9,086.4 9,002.0
Cost of goods sold −1,622.3 −1,541.4 −6,822.3 −6,741.4
Gross profit/loss 461.0 457.4 2,264.1 2,260.6
Other operating income 2.6 7.1 15.5 15.0
Selling expenses −184.0 −191.5 −728.8 −736.2
Administrative expenses −192.8 −163.4 −657.5 −628.1
R&D expenses −9.3 −9.7 −35.8 −36.2
Other operating expenses −6.8 −8.6 −48.3 −44.9
Participations in the earnings of associated companies 0.4 0.9 1.5 2.1
Operating profit (EBIT) 70.9 92.3 810.7 832.0
Financial income 4.5 7.3 20.7 23.4
Financial expenses −36.4 −36.6 −128.3 −128.5
Financial items −31.8 −29.2 −107.7 −105.0
Earnings before tax 39.1 63.1 703.0 727.0
Tax −19.1 −18.9 −174.1 −173.8
Profit after tax 20.0 44.2 528.9 553.2
Other comprehensive income
Items reallocated to, or that can be reallocated to profit for the year
Translation differences, foreign operations 75.7 −259.1 41.3 −293.4
Total profit after tax 95.7 −214.9 570.5 259.9
Profit after tax attributable to
Parent Company shareholders 10.4 37.9 486.7 514.2
Non-controlling interest 9.6 6.2 42.5 39.1
Comprehensive income for the year attributable to
Parent Company shareholders 86.1 −221.1 527.2 219.9
Non-controlling interest 9.5 6.2 43.3 40.0
Average number of shares, before dilution 57,972,528 57,967,528 57,971,278 57,972,528
Average number of shares, after dilution 57,972,528 58,232,528 58,104,778 58,076,028
Number of shares, before dilution 57,972,528 57,967,528 57,972,528 57,972,528
Number of shares, after dilution 57,972,528 58,232,528 57,972,528 58,076,028
Earnings per share, before dilution (SEK) 0.18 0.65 8.39 8.87
Earnings per share, after dilution (SEK) 0.18 0.65 8.38 8.85
Summary consolidated statement  
of comprehensive income

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

15
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Mar Mar Dec
SEKm 2026 2025 2025
ASSETS
Intangible assets 6,299.4 5,424.6 6,153.6
Tangible assets 2,183.5 1,859.8 2,092.2
Participations in associated companies 18.1 16.6 17.7
Financial assets 2.8 2.7 2.8
Deferred tax assets 65.2 67.9 60.0
Other non-current assets 75.3 53.4 66.0
Total non-current assets 8,644.3 7,424.9 8,392.3
Inventories 715.4 597.9 629.9
Trade receivables 660.5 664.1 579.2
Other receivables 538.0 347.5 343.9
Cash and equivalents 400.3 662.5 642.9
Total current assets 2,314.3 2,272.0 2,195.9
TOTAL ASSETS 10,958.6 9,697.0 10,588.2
EQUITY AND LIABILITIES
Share capital 231.9 231.9 231.9
Cther capital provided 950.8 950.1 950.8
Other reserves 384.6 344.1 308.9
Profit brought forward including profit for the year 3,978.1 3,902.4 4,012.6
Shareholders´equity attributable to Parent Company shareholders 5,545.5 5,428.5 5,504.2
Non-controlling interest 0.3 0.2 0.4
Total equity 5,545.8 5,428.7 5,504.6
Interest-bearing liabilities 2,413.3 1,635.8 2,295.4
Leasing liabilities 367.7 374.4 364.1
Deferred tax liabilities 282.0 210.9 271.3
Non-interest-bearing liabilities 34.0 6.3 0.3
Total non-current liabilities 3,097.0 2,227.3 2,931.1
Interest-bearing liabilities 116.6 56.5 9.2
Leasing liabilities 134.3 119.1 130.3
Non-interest-bearing provisions 33.7 40.5 36.0
Non-interest-bearing liabilities 2,031.3 1,825.0 1,976.9
Total current liabilities 2,315.8 2,041.0 2,152.5
TOTAL EQUITY AND LIABILITIES 10,958.6 9,697.0 10,588.2
Summary consolidated statement  
of financial position

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

16
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Shareholders’ equity attributable to Parent Company  
shareholders
SEKm
Share 
capital
Other 
capital  
contribu-
tion
Translation 
reserve
Profit 
brought 
forward Total
Non-con- 
trolling 
interest
Total sha- 
reholders’ 
equity
Equity, opening balance Jan. 1, 2025 231.9 950.1 603.2 3,864.1 5,649.3 0.2 5,649.5
Comprehensiveincomefortheyear
Profit for the year 37.9 37.9 6.2 44.2
Other comprehensive income for the year −259.1 - −259.1 0.0 −259.1
Comprehensive income for the year −259.1 37.9 −221.2 6.2 −214.9
TransactionswiththeGroup’sowners
Acquisition/divestment of participation in  
non-controlling interests 6.3 6.3 −6.3 0.0
Issued and reassessed put option −6.0 −6.0 - −6.0
Total transactions with the Group’s owners 0.3 0.3 -6.3 −5.9
Equity, closing balance Mar. 31, 2025 231.9 950.1 344.1 3,902.4 5,428.4 0.2 5,428.7
Equity, opening balance Jan. 1, 2026 231.9 950.8 308.9 4,012.6 5,504.3 0.4 5,504.6
Comprehensiveincomefortheyear
Profit for the year - 10.4 10.4 9.6 20.0
Other comprehensive income for the year 75.7 - 75.7 0.0 75.7 
Comprehensive income for the year 75.7 10.4 86.1 9.5 95.6
TransactionswiththeGroup’sowners
Acquisition/divestment of participation in  
non-controlling interests
32.1 32.1 −9.4 22.7
Issued and reassessed put option −77.0 −77.0 - −77.0
Dividend to participation in non-controlling interests - - -0.1 −0.1
Total transactions with the Group’s owners −44.9 −44.9 −9.6 −54.5
Equity, closing balance Mar. 31, 2026 231.9 950.8 384.6 3,978.1 5,545.5 0.3 5,545.8
Summary consolidated statement  
of changes in equity

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

17
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm 2026 2025 months 2025
Operating activities
Earnings before tax 39.1 63.1 703.2 727.2
Depreciation/amortization and impairment of assets 108.8 96.8 395.3 383.3
Adjustment for items not included in cash flow 3.6 8.9 0.3 5.6
Income tax paid −43.7 −37.5 −191.3 −185.2
Cash flow from operating activities before changes in working capital 107.8 131.3 907.5 930.9
Cash flow from changes in working capital
Increase(-)/decrease(+) in inventories −103.3 −11.7 −172.4 −80.8
Increase(-)/decrease(+) in operating receivables −138.6 −184.4 51.7 5.9
Increase(-)/decrease(+) in operating liabilities −28.1 −80.3 104.4 52.3
Cash flow from operating activities −162.2 −145.0 891.1 908.3
Investing activities
Acquisitions of tangible non-current assets −44.6 −39.3 −255.8 −250.6
Divestments of tangible non-current assets 0.1 0.3 2.9 3.0
Acquisitions of intangible assets −5.7 −2.7 −22.3 −19.3
Acquisition of subsidiary companies/businesses −82.7 0.0 −965.8 −883.2
Change in financial assets 0.4 0.0 −0.9 −1.3
Cash flow from investing activities −132.4 −41.7 −1,242.0 −1,151.4
Financing activities
Option premium - - 0.8 0.8 
Share issue - - -318.8 -318.8
Dividends paid to Parent Company shareholders -0.1 - -0.1 - 
Change in acquisition-related liabilities - - -51.5 -51.5
Change in interest-bearing liabilities 62.8 -31.2 481.4 387.4 
Cash flow from financing activities 62.7 -31.2 111.8 17.9 
Cash flow for the year −231.9 −218.0 −239.1 −225.2
Cash and cash equivalents at the start of the period 642.9 935.4 662.5 935.4
Exchange rate difference in cash and equivalents −10.7 −54.9 −23.1 −67.2
Cash and cash equivalents at the end of the period 400.3 662.5 400.3 642.9
Summary consolidated  
cash flow statement

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

18
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm 2026 2025 months 2025
Net sales 19.9 18.5 73.3 71.9
Gross profit 19.9 18.5 73.3 71.9
Administrative expenses −23.5 −19.1 −81.2 −76.7
Other operating income 0.0 0.0 0.0 0.0
Other operating expenses -1.5 -0.4 −25.9 −24.7
Operating profit (EBIT) −5.1 −1.0 −33.7 −29.6
Resultfromfinancialitems:
Profit/loss from participations in Group companies - - 400.1 400.1
Interest income and similiar profit/loss items 40.0 22.3 90.6 75.4
Interest expense and similiar profit/loss items −25.0 −28.1 −93.9 −99.4
Profit after financial items 9.8 −6.8 363.2 346.6
Group contributions - - 58.3 58.3
Earnings before tax 9.8 −6.8 421.5 404.9
Tax −2.8 1.2 −8.8 −4.8
Profit after tax 7.0 −5.6 412.7 400.1
Summary income statement,  
Parent Company

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

19
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Mar Mar Dec
SEKm 2026 2025 2025
ASSETS
Tangible non-current assets 0.6 0.8 0.6 
Shares in Group companies 3,134.8 3,134.5 3,134.8 
Participations in associated companies - - - 
Receivables from Group companies 1,777.7 922.1 1,770.9 
Deferred tax assets 5.5 6.4 5.8 
Other receivables 3.4 2.2 0.9 
Total non-current assets 4,921.9 4,066.1 4,913.0 
Receivables from Group companies 7.3 0.8 76.8 
Prepaid expenses and accrued income 18.3 15.3 2.8 
Other receivables 25.5 37.8 4.1 
Cash and equivalents - 427.7 290.6 
Total current assets 51.0 481.5 374.3 
TOTAL ASSETS 4,972.9 4,547.6 5,287.4 
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity 2,401.4 2,303.5 2,394.4 
Total shareholders’ equity 2,401.4 2,303.5 2,394.4 
Liabilities to Group companies 611.1 982.2 1,059.7 
Interest-bearing liabilities 1,804.1 1,210.0 1,795.0 
Deferred tax liabilities 0.7 0.4 0.2 
Other liabilities 5.2 6.1 5.5 
Total non-current liabilities 2,421.1 2,198.7 2,860.4 
Liabilities to Group companies 0.2 0.2 0.5 
Interest bearing liabilities 99.7 - - 
Non-interest-bearing liabilities 50.4 45.2 32.1 
Total current liabilities 150.4 45.4 32.6 
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 4,972.9 4,547.6 5,287.4 
Summary balance sheet,  
Parent Company

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

20
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Notes
NOTE 1
Accounting principles
This summary consolidated interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions in the Annual 
Accounts Act. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act, Chapter 9, Interim Financial 
Reporting. The Group applies the International Financial Reporting Standards (IFRS) as well as interpretations from the IFRS Interpretations Committee, as 
adopted by the EU. The Group applies the same accounting principles and valuation methods as in the most recent annual report. Inwido considers that no 
other new and amended standards approved by the EU, as well as interpretation statements from the IFRS Interpretations Committee, which have entered 
into force after January 1, 2025, will affect earnings or the financial position to any significant extent. The Group applies the Swedish Corporate Reporting 
Board’s recommendation RFR1, Supplementary accounting rules for groups, and the Parent Company applies RFR2.
In addition to the financial statements, disclosures in accordance with IAS 34.16A are also presented in other parts of the interim report. The financial 
reports are presented in SEK, rounded off to the nearest hundred thousand, unless otherwise stated. This process of rounding off can result in the total of 
the sub-items in one or more rows or columns not corresponding to the sum total for the row or column. IFRS 18, which introduces new rules for presentation 
and disclosure requirements in financial statements, enters into effect for financial years beginning on January 1, 2027. The Group has begun analyzing the 
impact of the standard and is currently identifying the changes required in its reporting structure, chart of accounts, and disclosures. The standard is primarily 
expected to affect the presentation of the Group’s financial statements.
NOTE 2
Risks and uncertainties
Inwido’s operations are subject to various risks. The operational risks can be divided into business risks, financial risks, and sustainability risks. The business 
risks relate, for example, to risks linked to the market, competition, business development, losses on trade receivables, warranty and product liability, suppliers, 
prices for raw materials, insurance, political decisions, legal disputes, and taxes. The financial risks primarily involve changes in exchange rates and interest 
rates, liquidity risks, capacity to raise capital, and financial credit risks. Sustainability risks include the impact of climate change on internal and external value 
chains, supplier sustainability profiles, work environment deficiencies, downtime due to e.g. accidents, fire and natural disasters, impact of distribution chains 
on the environment, internal environmental risks, corporate governance and policy risks, human capital, and human rights. 
Risk management in Inwido is based on a structured process for the continuous identification and assessment of risks, their probabilities and potential 
impacts on the Group. The focus is on identifying controllable risks and managing them to thereby mitigate the overall level of risk in the operations. The 
Group’s risks are described in the 2025 Annual Report. Beyond these, no significant additional risks or uncertainties have arisen.
NOTE 3
Financial instruments at fair value
Financial instruments are valued at fair value in the Consolidated statement of comprehensive income. The balance sheet item ‘Financial investments’ contains 
the Group’s holdings of unlisted securities. The cost for these has been deemed to be a reasonable approximation of their value. 
For a description of the measurement techniques and input data in the measurement of financial instruments at fair value, see Note 3 in the 2025 Annual 
Report. For other financial assets and liabilities in the Group, the carrying amounts represent a reasonable approximation of their fair values. For a specification 
of such financial assets and liabilities, please see Note 3 in the 2025 Annual Report.

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

21
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
NOTE 4
Segment reporting
Inwido’s operations are structured into business areas based on the parts of the Group that are monitored by the senior executive management. The 
organization is designed to enable effective management and monitoring of financial key performance indicators, such as operating EBITA, EBITA, return on 
capital employed and cash flow per business area. The Group is divided into four segments: Scandinavia, West, East, and e-Commerce. In addition to these, the 
category Other includes companies that mainly conduct coating operations and produce aluminum components for windows and doors, for example, which 
are sold internally within the Group. Group-wide costs relate to expenses attributable to projects and functions that are common to the entire Group, including 
central management, the finance department, purchasing, IT, HR and eliminations of internal profits. The impact of IFRS 16 is presented separately and is not 
allocated by business area. 
Other than the items presented below, the Group has not identified any further material income or expense items that need to be disclosed by operating 
segment. Acquisitions have been carried out during the year that have affected Business Area East.
Jan-Mar 2026, SEKm Scandinavia West East e-Commerce
Groupwide 
and other Eliminations IFRS 16 effect Total
External sales 871.8 531.7 394.1 236.3 49.3 - - 2,083.2 
Internal sales 27.9 - 0.3 13.9 50.0 -92.0 - - 
Total net sales 899.7 531.7 394.4 250.2 99.3 -92.0 - 2,083.2 
Cost of goods sold -707.6 -401.3 -335.9 -182.4 -90.9 92.0 3.8 -1,622.3
Gross profit 192.1 130.4 58.5 67.8 8.4 - 3.8 461.0 
Operating EBITA 50.4 63.0 -22.5 17.0 -22.4 - 4.8 90.2 
EBITA 50.4 62.1 -24.8 16.3 -23.6 - 4.8 85.2 
Of which EBITA in associated compa-
nies 0.4 - - - - - - 0.4 
EBIT - - - - - - - 70.9 
Net financial items - - - - - - - -31.8
Profit before tax - - - - - - - 39.1 
Intangible and tangible non-current 
assets 3,703.9 1,864.1 1,596.0 677.2 177.9 - 463.7 8,482.9 
Acquisitions of non-current assets 23.1 9.8 12.9 2.4 1.9 - 35.1 85.4 
Acquisitions of non-current assets 
through business combinations - - 176.3 - - - - 176.3 
Jan-Mar 2025, SEKm Scandinavia West East e-Commerce
Groupwide 
and other Eliminations IFRS 16 effect Total
External sales 893.5 438.3 379.1 237.3 50.7 - - 1,998.8 
Internal sales 33.4 0.1 0.1 15.0 53.3 -101.9 - - 
Total net sales 926.8 438.4 379.2 252.4 104.0 -101.9 - 1,998.8 
Cost of goods sold -705.8 -352.4 -302.6 -192.5 -94.2 101.9 4.1 -1,541.4
Gross profit 221.0 86.0 76.6 59.8 9.8 - 4.1 457.4 
Operating EBITA 78.4 42.8 -6.9 5.8 -13.8 - 4.4 110.8 
EBITA 75.6 42.5 -7.0 2.4 -15.0 - 5.4 103.9 
Of which EBITA in associated compa-
nies 0.9 - - - - - - 0.9 
EBIT - - - - - - - 92.3 
Net financial items - - - - - - - -29.2
Profit before tax - - - - - - - 63.1 
Intangible and tangible non-current 
assets 3,532.0 1,019.8 1,418.9 667.3 180.6 - 465.8 7,284.4 
Acquisitions of non-current assets 20.9 4.7 10.8 3.9 1.7 - 27.5 69.5 
Acquisitions of non-current assets 
through business combinations - - - - - - - -

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

22
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
NOTE 5
Distribution of income
Consumer Project Other Internal sales Group
Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar
SEKm 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
Scandinavia 598 605 262 274 11 15 28 33 900 927 
West 252 196 279 242 - - - 0 532 438 
East 121 96 253 273 20 9 0 0 394 379 
e-commerce 236 237 - - 1 1 14 15 250 252 
Group-wide eliminations and other - - - - 49 51 -42 -49 7 2 
Total 1,208 1,134 795 789 81 76 - - 2,083 1,999 
Net sales by country
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm 2026 2025 months 2025
Sweden 504 477 2,309 2,283 
Denmark 511 552 2,502 2,544 
Norway 99 103 444 448 
Finland 305 360 1,600 1,655 
Poland 17 12 80 74 
UK 479 377 1,626 1,524 
Ireland 63 79 303 319 
Germany 25 25 107 107 
Slovenia 51 - 51 - 
Other 82 14 115 47 
Total 2,083 1,999 9,086 9,002 
Net sales distribution between market segments by operating segment, quarter
NOTE 6
Acquisitions
On December 9, 2025, Inwido entered into an agreement to acquire AJM Group. The takeover was completed in January 2026. The company is a market 
leader in the Slovenian window market, and also has sales in Austria and Switzerland. For Inwido, this acquisition is a significant step towards broadening its 
European presence. AJM Group has sales of around EUR 30 million, employs 200 people and has a well-invested production facility near Maribor . The company 
stands out with its broad product range, including PVC, aluminum, and wood, as well as its extensive customer base in the Consumer and Projects customer 
groups. Approximately 20 percent of revenue comes from sales through the company’s own sales channels in Austria and Switzerland. Inwido is acquiring 
70 percent of the shares in AJM Group from the founder, with a put/call option for the remaining 30 percent, held by the company’s management, in early 
2028. The purchase consideration for the remaining 30 percent of the shares will be based on AJM Group’s future financial development. The business is an 
independent business unit within Business Area Eastern Europe. A preliminary acquisition analysis, based on a preliminary purchase consideration of SEK 126 
million, indicates identified surplus value as well as additional goodwill of approximately SEK 76 million and a call/put option of approximately SEK 79 million. 
The final determination of the purchase consideration and the acquisition analysis are expected to take place during 2026. 
NOTE 7
Significant events after the end of the year 
On April 2, 2026, Inwido acquired a 70 percent stake in the British company Sovereign Group, which operates in the uPVC windows and doors sector and has 
with annual sales of approximately GBP 23 million. The company has approximately 170 employees and focuses on public housing. The acquisition is further 
strengthening Inwido’s presence in the UK, adding a well-established platform in the social housing segment. The acquisition was completed at an EBITDA 
multiple of 5.5x based on 2025 figures (6.1x EBITA), with a call/put option regarding the remaining 30 percent in 2029. No acquisition analysis has been 
conducted, because the acquisition took place shortly before the submission of the interim report.

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

23
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Income measures Calculation Purpose
Organic growth Net sales for the current period excluding acquisi-
tions divided by net sales during the corresponding 
period in the preceding year . The change is adjust-
ed for exchange rate fluctuations by applying the 
current period’s exchange rates to net sales during 
the corresponding period in the preceding year .
Organic growth excludes the effects of changes in the Group’s structure 
and exchange rates, enabling a comparison of net sales over time.
Gross profit/loss Net sales minus cost of goods sold (direct costs 
linked to production). 
This KPI is used to measure how much of net sales is left to cover other 
expenses.
Operating  
gross profit
Gross profit before items affecting comparability. The KPI is also adjusted for the impact of items affecting comparability 
to increase comparability over time.
EBITDA Operating profit before depreciation/amortization 
and impairment.
This KPI is used to measure cash flow from operating activities, 
regardless of the effects of financing and depreciation rates on  
non-current assets. 
Operating EBITDA EBITDA before items affecting comparability. The KPI is also adjusted for the impact of items affecting comparability 
to increase comparability over time. The KPI is a central component in 
the bank covenant Net debt/operating EBITDA.
EBITA Operating profit after depreciation, amortiza-
tion and impairment but before deduction for 
impairment of goodwill as well as amortization and 
impairment of other intangible assets that arose in 
conjunction with company acquisitions (Earnings 
Before Interest, Tax and Amortization).
This KPI enables comparisons of profitability over time regardless of 
amortization and impairment of acquisition-related intangible assets, 
and regardless of the corporate tax rate and the company’s financing 
structure. Depreciation of tangible assets is, however, included, this 
being a measure of resource consumption necessary to generate profit.
Operating EBITA EBITA before items affecting comparability. The KPI is also adjusted for the impact of items affecting comparability 
to increase comparability over time. The KPI is also used in internal 
review and constitutes a central financial target for the operations.
Items affecting  
comparability
Income statement items that are non-recurring, 
have a significant impact on profit and are impor-
tant for understanding the underlying develop-
ment of operations. These items mainly relate to 
restructuring costs and acquisition costs. 
A separate account of items affecting comparability elucidates develop-
ment in the underlying operations.
Margin measures Calculation Purpose
Gross margin Gross profit as a percentage of net sales. This KPI is a complement to operating margin since it shows the surplus 
from net sales left to cover other expenses in relation to net sales.
Operating  
gross margin
Operating gross profit as a percentage of net sales. This KPI increases the comparability of the gross margin over time, since 
it is adjusted for the impact of items affecting comparability. 
EBITDA margin EBITDA as a percentage of net sales. This KPI serves as a complement to operating margin, since it shows the 
reported surplus cash flow in relation to net sales. The KPI also enables 
comparison with other companies, regardless of each company’s 
depreciation/amortization principles and the age structure of non-
current assets.
Operating  
EBITDA margin
Operating EBITDA as a percentage of net sales. This KPI increases the comparability of the EBITDA margin over time, 
since it is adjusted for the impact of items affecting comparability. 
EBITA margin EBITA as a percentage of net sales. This KPI reflects the operating profitability of the operations before 
amortization and impairment of acquisition-related intangible assets. 
The KPI is an important component, alongside sales growth and capital 
turnover rate, in tracking the company’s value creation.
Definitions of alternative key ratios not 
defined by IFRS
Inwido presents certain alternative financial ratios in addition to the conventional financial ratios set by IFRS, in order to better understand the development  
of the business and the financial status of the Inwido Group. Such KPIs should not, however, be considered a substitute for the KPIs required under IFRS.  
The alternative KPIs presented in this report are described below.

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

24
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Operating 
EBITA margin
Operating EBITA as a percentage of net sales. This KPI increases the comparability of EBITA margin over time, since it is 
adjusted for the impact of items affecting comparability.
Operating margin 
(EBIT margin)
Operating profit as a percentage of net sales. This KPI reflects the operating profitability of the operations. The KPI is 
an important component, alongside sales growth and capital turnover 
rate, in tracking the company’s value creation.
Capital structure Calculation Purpose
Net debt Interest-bearing liabilities and interest-bearing 
provisions less interest-bearing assets, including 
cash and equivalents.
The net debt measure is used to track the development of debt and to 
see the scope of the refinancing requirement. Since liquid funds can be 
used to pay off debt at short notice, net debt is used instead of gross 
debt as a measure of total loan financing.
Net debt/ 
operating EBITDA
Net debt in relation to operating rolling 12-month 
EBITDA.
This KPI is a debt ratio showing how many years it would take to pay 
off the company’s liabilities, provided that its net debt and EBITDA are 
constant and without taking cash flows relating to interest, taxes and 
investments into account.
Net debt/equity ratio Net debt in relation to shareholders’ equity. This KPI is a measure of the relationship between the Group’s two forms 
of financing. The measure shows loan capital as a share of shareholders’ 
invested capital. The measure reflects financial strength but also the 
leverage effect of borrowings. A higher debt ratio entails higher financial 
risk and higher financial leverage.
Interest coverage 
ratio
Profit after net financial items plus financial ex-
penses in relation to financial expenses.
This KPI indicates the company’s capacity to cover its interest expenses.
Equity/assets ratio Shareholders’ equity including non-controlling 
interests as a percentage of total assets.
This KPI reflects the company’s financial position. A favorable equity/as-
sets ratio provides a preparedness to manage periods of recession and 
financial preparedness for growth. At the same time, a higher equity/
assets ratio provides lower financial leverage.
Operating capital Total assets less cash and equivalents, other 
interest-bearing assets and non-interest-bearing 
provisions and liabilities.
Operating capital shows the amount of capital that the business 
requires to conduct its core operations. It is primarily used for the calcu-
lation of return on operating capital.
Return measures Calculation Purpose
Return on  
shareholders’ equity
Profit after tax, rolling 12-month (RTM), attributa-
ble to the Parent Company’s shareholders as a per-
centage of average shareholders’ equity, excluding 
non-controlling interest (average calculated based 
on the past four quarters).
Return on shareholders’ equity shows the total return, in accounting 
terms, on shareholders’ capital and reflects the effects of both the 
profitability of the operations and of financial leverage. The measure is 
primarily used to analyze profitability for shareholders over time.
Return on 
operating capital
EBITA, rolling 12-month (RTM), as a percentage 
of average operating capital (average calculated 
based on the past four quarters).
Return on operating capital shows how well the operations use the net 
capital tied up in the operations. This reflects the combined effect of the 
operating margin and the turnover rate for operating capital. The KPI is 
mainly used to track the Group’s value creation over time.
Share data Calculation Purpose
Cash flow per share 
before/after dilution
Cash flow from operating activities divided by the 
weighted average number of shares outstanding 
for the period before/after dilution.
This KPI measures the cash flow per share generated by the operations 
before capital investments and cash flows attributable to the company’s 
financing.
Shareholders’ equity 
per share before/
after dilution
Shareholders’ equity attributable to Parent 
Company shareholders divided by the number 
of shares outstanding at the end of the period 
before/after dilution.
This key performance indicator serves to describe the scale of the com-
pany’s net worth per share.
Market segments Calculation
Consumer Sales to the Consumer market are conducted 
through the following channels: direct sales, retail-
ers, middlemen.
Projects Sales to the Projects market are conducted 
through the following channels: building com-
panies, retailers, manufacturers of prefabricated 
homes, and tenant-owner associations.

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

25
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Income measures
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm 2026 2025 months 2025
Operating profit (EBIT) 71 92 811 832
Depreciation/amortization and Impairment 108 97 394 382
EBITDA 179 189 1,205 1,215
Items affecting comparability, other items 5 7 62 64
Operating EBITDA 184 196 1,267 1,278
Gross profit/loss 461 457 2,264 2,261
Items affecting comparability, other items 1 1 12 12
Operating gross profit 462 459 2,276 2,273
Operating profit (EBIT) 71 92 811 832
Depreciation/amortization of acquisition-related intangible assets 14 12 48 45
EBITA 85 104 858 877
Items affecting comparability, depreciation/amortization and 
other items 5 7 62 64
Operating EBITA 90 111 920 941
Items affecting comparability −5 −7 −62 −64
Amortization/depreciation 0 0 0 0
Other items −5 −7 −62 −64
Calculation of alternative key ratios

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

26
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Capital structure
Jan-Mar Jan-Mar Last 12 Jan-Dec
SEKm 2026 2025 months 2025
Cash and equivalents −400 −663 −400 −643
Other interest-bearing assets −39 −40 −39 −39
Interest-bearing liabilities, non-current 2,781 2,010 2,781 2,659
Interest-bearing liabilities, current 251 176 251 140
Net debt 2,592 1,484 2,592 2,117
Total assets 10,959 9,697 10,959 10,588
Cash and equivalents −400 −663 −400 −643
Other interest-bearing assets −39 −40 −39 −39
Non-interest-bearing provisions and liabilities −2,381 −2,083 −2,381 −2,285
Operating capital 8,138 6,912 8,138 7,622
Average operating capital, last four quarters 7,364 6,954 7,364 7,058
EBITA, last 12 months 858 917 917 877
Return on operating capital (%) 11.7 13.2 11.7 12.4
Profit after tax attributable to the parent company’s shareholders, 
last 12 months 487 555 487 514
Average equity attributable to parent company’s shareholders, 
last four quarters 5,489 5,384 5,489 5,460
Return on equity (%) 8.9 10.3 8.9 9.4
Growth
Jan-Mar Jan-Mar
SEKm 2026 2025
Change in net sales, of which 84 18
whereof
- Organic growth −43 74
- Structural change 211 47
- Currency effects −83 −103
continuedcalculationofalternativekeyratios

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

27
Q1
Inwido AB (publ)   |   Interim report   |   January–March 2026
Inwido AB (publ)      Engelbrektsgatan 15, SE-211 33 Malmö      Tel: +46 (0)10 451 45 50      E-mail: info@inwido.com   
Organisationsnummer: 556633-3828      www.inwido.com      Följ Inwidos resa på LinkedIn
Presentation of the report 
A teleconference for analysts, media representatives and investors 
will be held at 10:00 a.m. today, April 28, 2026. At that time, the 
report will be presented by Fredrik Meuller, President and CEO, and 
Peter Welin, CFO and Deputy CEO. 
The presentation will be held in English and can be followed via live 
webcast at: https://inwido.com/se/financials. You will also find the 
presentation materials here before the start of the meeting. It will 
also be possible to view the broadcast later at www.inwido.com. 
If you wish to participate via the webcast, with the opportunity to 
submit written questions, please follow this link:  
https://www.finwire.tv/webcast/inwido/q1-2026/.
If you wish to participate via conference call with the opportunity to 
ask spoken questions, please call +46 (0)8 5016 3827. Then enter the 
Meeting ID: 86473855949, followed by #. To raise your hand, press 
*9 and to activate your sound *6.
Inwido AB (publ)      Engelbrektsgatan 15, SE-211 33 Malmö      Tel: +46 (0)10 451 45 50      Email: info@inwido.com   
Corporate identity number: 556633-3828      www.inwido.com      Follow Inwido’s journey on LinkedIn
Information for shareholders
Financial calendar
Annual General Meeting 2026 May 27, 2026
Record date for dividend May 29, 2026
Preliminary dividend payment June 3, 2026
Interim report, January–June 2026 July 15, 2026
Interim report, January–September 2026 October 21, 2026
Interim report, January–December 2026 February 9, 2027
This information is such that Inwido AB (publ) is obliged to publish in 
 accordance with the EU market abuse regulation and the Swedish 
 Securities Market Act. The information was submitted by the below 
 contact persons for publication on April 28, 2026 at 7:45 a.m. CET.
For further information, please contact
Fredrik Meuller  President and CEO 
Tel: +46 (0)73 422 70 11    E-mail: fredrik.meuller@inwido.com
Peter Welin  CFO and Deputy CEO 
Tel: +46 (0)70 324 31 90    E-mail: peter .welin@inwido.com
Financial targets
Mission
To improve people’s well-being indoors by 
 developing and selling the best customized 
 window and door solutions in Europe.  
We operate in an attractive 
market driven by the green 
transition1
Five reasons to invest in Inwido
We hold strong positions in  
our principal markets2
We have proven stability  
over economic cycles3
We have the opportunity  
to drive the consolidation  
of the European market5
We have a scalable  
e-commerce platform4
Vision
To become a group with sales of  
SEK 20 billion by 2030. 
>15%
Return on  
operating capital
< 2.5x 
Net debt in relation to  
operating EBITDA
~50%
Dividend compared  
with net profit