Kvartalsrapport Q1 2026

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1
NOLATO AB THREE-MONTH INTERIM REPORT 2026
FIRST QUARTER OF 2026 IN BRIEF
  Sales totaled SEK 2,357 million (2,453)
  Operating profit (EBITA) was SEK 260 million (271)
  Unchanged EBITA margin of 11.0% (11.0)
  Profit after tax was SEK 181 million (199)
  Earnings per share, basic and diluted, totaled SEK 0.67 (0.74)
  Cash flow from operating activities increased to SEK 225 million (135)
  Net financial liabilities in relation to adjusted operating profit (EBITDA) were 0.5x
JANUARY-MARCH
Volume growth, stable margins and strong 
financial position
INTERIM REPORT 2026

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

2
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Comments from the CEO
Consolidated sales in the first quarter increased by 3%, adjusted for currency, in a persistently 
challenging operating environment due mainly to geopolitical uncertainty. Our operations are 
generally showing robust resilience, with an unchanged EBITA margin at 11.0% during the first 
quarter, thanks not least to longstanding and close customer relationships. We are affected by 
higher prices of input goods, although these are passed onto customers over time, which leads 
to temporary effects for as long as the uncertainty persists. We are working tirelessly on the  
areas we are able to influence, such as innovation, heightened efficiency, and a focused  
approach throughout the entire supply chain.
In the Medical Solutions business area, representing 57% of the Group’s revenues, sales 
increased by 5% adjusted for currency in the first quarter. At the same time, the EBITA margin 
was 11.8% – slightly lower than last year. The start-up of new projects and new products that 
have not yet reached planned volumes have a negative impact on the margin. Investments in 
future growth are proceeding according to plan, through expanding our capacity in both Hungary 
and Poland, and establishing operations in Malaysia. In terms of the Hungarian operations, and our 
previously communicated major customer project, validation deliveries have continued, and com-
mercial volumes are planned from the end of the second quarter.
In the Engineered Solutions business area, net sales adjusted for currency increased by 1% in the quarter, from being negative in the 
fourth quarter. The Consumer electronics market area rose sharply compared to last year driven by smart home products, while Hygiene 
saw reduced volumes due to continuing inventory adjustments. Operations in Materials grew by a full 15% adjusted for currency. The 
upbeat performance is explained by solid demand in new products and technology areas, chiefly for data centers, but also for defense- 
related sectors. Volumes in the automotive industry fell slightly. EBITA margin for Engineered Solutions rose by 0.5 percentage points to 
10.6%. A favorable product mix and a greater proportion of Materials, which now account for over one fifth of the business area’s sales, 
made a positive contribution.
Despite an uncertain operating environment, Nolato continues on its strategic journey with increased profitable growth, both organic and 
acquired. We are working continuously on broadening our offering and strengthening our relationship with both existing and potential 
customers. Our global capabilities enable us to direct business and production to the regions that best meet our customers’ needs, and to 
further advance our market positions. Our financial position remains very strong, with net liabilities in relation to operating profit (EBITDA) 
that amounted to 0.5x at the end of the quarter, enabling an intensified acquisition agenda. Focus is on complementing our existing busi-
ness with expertise in new materials and technologies.
Christer Wahlquist, President and
CEO, Nolato AB
See definitions of IFRS measures and alternative performance measures on page 17.
Including a non-recurring item in full year 2025 (Q3) of SEK 18 million in operating profit (EBITDA), SEK 7 million in operating profit (EBITA/EBIT) 
and SEK 6 million in profit after tax.
This document is a translation from Swedish. In the event of any difference between this version and the Swedish original, the latter shall prevail.
Group highlights
Q1 Q1 Full year
SEK million unless otherwise specified Note 2026 2025 R12M 2025
Net sales 1 2,357 2,453 9,366 9,462
Operating profit (EBITDA) 387 401 1,577 1,591
Operating profit (EBITA) 260 271 1,054 1,065
EBITA margin, % 11.0 11.0 11.3 11.3
Operating profit (EBIT) 2 250 260 1,014 1,024
Profit after financial income and expense 2 232 252 963 983
Profit after tax 181 199 759 777
Earnings per share, basic and diluted, SEK 3 0.67 0.74 2.82 2.88
Cash flow from operating activities 225 135 1,152 1,062
Net investments affecting cash flow, excl. acquisitions and disposals 193 271 710 788
Financial net debt in relation to adjusted operating profit EBITDA, times 0.5 0.5
Return on capital employed, % 14.0 12.7 14.0 14.2
Return on shareholders’ equity, % 13.7 12.7 13.7 14.1
Equity/assets ratio, % 60 59 60 60
Net financial liabilities, excluding pension & lease liabilities 737 757 737 756

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3
NOLATO AB THREE-MONTH INTERIM REPORT 2026
First quarter 2026
• Consolidated sales totaled SEK 2,357 million (2,453) which, adjusted 
for currency, was an increase of 3%
• Growth for both business areas – Medical Solutions +5%,  
Engineered Solutions +1%
• Operating profit (EBITA) was SEK 260 million (271)
• Stable EBITA margin of 11.0% (11.0)
• Cash flow from operating activities increased to SEK 225 million 
(135)
Sales
Group sales amounted to SEK 2,357 million (2,453), with a sharply neg-
ative effect of 7% from exchange rate fluctuations. Adjusted for currency 
effects, there was a 3% increase in sales.
Medical Solutions sales amounted to SEK 1,345 million (1,397); adjusted 
for currency, sales increased by 5%. In particular, the In vitro diagnostics 
(IVD) market area increased compared with the same period last year, 
with newer products representing a greater proportion. Drug delivery also 
exhibited growth, while the Surgery area contracted due to inventory ad-
justments, especially at the beginning of the quarter. Other market areas 
had stable volumes.
Engineered Solutions sales totaled SEK 1,020 million (1,058) – an 
increase of 1% adjusted for currency. The Consumer electronics market 
area increased significantly compared to the same period last year, with 
smart home products making a positive contribution. Just as in the fourth 
quarter of the previous year, the Hygiene market area had lower volumes, 
affected by inventory adjustments, while the Other market area contract-
ed due to factors including lower volumes for white goods. Volumes for 
the Automotive segment were stable.
Activity in Materials exhibited sharply increased volumes compared with 
the same period last year, with a full 15% rise in sales, adjusted for cur-
rency. Volumes have particularly increased in deliveries for data centers 
and satellites. Aerospace/defense products have also increased, while 
other telecom products have shown stable volumes; at the same time, 
volumes in the automotive segment fell slightly.
Currency-adjusted growth and 
improved cash flow
Sales SEKm
Business areas’ share of
sales
Medical 
Solutions 
57% (57) 
Engineered 
Solutions 
43% (43) 
Sales by geographic
markets
2,150
2,200
2,250
2,300
2,350
2,400
2,450
2,500
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
Sweden 
12% (12) 
Hungary 
12% (13) 
Other 
Europe 
37% (34) 
Asia 
9% (9) 
USA 
28% (28) 
Other North 
America 
1% (2) 
Rest of 
World 
1% (2)

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4
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Profit
The Group’s operating profit (EBITA) was SEK 260 million (271).
Operating profit (EBITA) was SEK 159 million (171) for Medical Solutions 
and SEK 108 million (107) for Engineered Solutions.
The EBITA margin for Medical Solutions was 11.8% (12.2). Growth in 
newer products that have not yet reached planned volumes, and resourc-
es for starting up new projects, have a negative impact on the margin. For 
Engineered Solutions, the margin rose to 10.6% (10.1). A favorable prod-
uct mix with a higher proportion of Materials made a positive contribution.
Overall, the Group’s EBITA margin was unchanged, amounting to 11.0% 
(11.0).
Operating profit (EBIT) was SEK 250 million (260).
Profit after net financial income/expense was SEK 232 million (252).
Profit after tax was SEK 181 million (199). Earnings per share, basic and 
diluted, stood at SEK 0.67 (0.74). The effective tax rate was 22.0% (21.0).
Return on capital employed was 14.0% for the last 12 months (14.2% 
for the 2025 calendar year). Return on equity was 13.7% for the last 12 
months (14.1% for the 2025 calendar year).
Operating profit (EBITA): Earnings before financial income and expense, taxes and amortization of intangible assets arising from acquisitions.
Operating profit (EBITA) SEKm
EBITA margin
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
Business areas’ share of operating
profit (EBITA)
Medical 
Solutions
60% (62)
Engineered 
Solutions
40% (38)
Earnings per share SEK
Sales, operating profit (EBITA) and EBITA margin by business area
Sales Sales EBITA EBITA EBITA marg. EBITA marg.
SEK million Q1/2026 Q1/2025 Q1/2026 Q1/2025 Q1/2026 Q1/2025
Medical Solutions 1,345 1,397 159 171 11.8% 12.2%
Engineered Solutions 1,020 1,058 108 107 10.6% 10.1%
Intra-Gr. adjustm., Parent Co. -8 -2 -7 -7
Group total 2,357 2,453 260 271 11.0% 11.0%
210
220
230
240
250
260
270
280
290
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1

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

5
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Medical Solutions sales totaled SEK 1,345 million (1,397).
Adjusted for currency, sales increased by 5%. In particular, the In vitro 
diagnostics (IVD) market area increased compared with the same period 
last year, with newer products representing a greater proportion. Drug 
delivery also exhibited growth, while the Surgery area contracted due to 
inventory adjustments, especially at the beginning of the quarter. Other 
market areas had stable volumes.
Operating profit (EBITA) for Medical Solutions was SEK 159 million (171).
The EBITA margin for Medical Solutions was 11.8% (12.2). Growth in 
newer products that have not yet reached planned volumes, and resourc-
es for starting up new projects, have a negative impact on the margin.
For our Hungarian operations, and our previously communicated large 
customer project, validation deliveries continued according to plan.
Sales for the last twelve months amounted to SEK 5,324 million, com-
pared with SEK 5,376 million for the 2025 calendar year. EBITA margin 
for the last 12 months was 12.0%, compared with 12.1% for the 2025 
calendar year.
Medical Solutions - Sales SEKm
Medical Solutions - EBITA SEKm &
EBITA margin %
Medical Solutions - Sales
by market areas
Medical Solutions - Sales and profit
Q1 Q1
SEK million 2026 2025
Sales 1,345 1,397
Operating profit (EBITA) 159 171
EBITA margin (%) 11.8% 12.2%
Operating profit (EBIT) 151 163
1,260
1,280
1,300
1,320
1,340
1,360
1,380
1,400
1,420
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
11.0
11.2
11.4
11.6
11.8
12.0
12.2
12.4
12.6
12.8
140
145
150
155
160
165
170
175
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
Endoscopy & 
general surgery
20% (22)
In vitro 
diagnostics
18% (16)
Drug delivery
17% (16)
Continence care
12% (13)
Pharmaceutical 
packaging
11% (12)
Cardiology
7% (6)
Other
15% (15)

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6
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Engineered Solutions sales totaled SEK 1,020 million (1,058) – an 
increase of 1% adjusted for currency. The Consumer electronics market 
area increased significantly compared to the same period last year, with 
smart home products making a positive contribution. Just as in the fourth 
quarter of the previous year, the Hygiene market area had lower volumes, 
affected by inventory adjustments, while the Other market area contract-
ed due to factors including lower volumes for white goods. Volumes for 
the Automotive segment were stable.
Activity in Materials exhibited sharply increased volumes compared with 
the same period last year, with a full 15% rise in sales, adjusted for cur-
rency. Volumes have particularly increased for deliveries for data centers 
and satellites. Aerospace/defense products have also increased, while 
other telecom products have shown stable volumes; at the same time, 
volumes in the automotive segment fell slightly.
Operating profit (EBITA) for Engineered Solutions was SEK 108 million 
(107).
The EBITA margin for Engineered Solutions rose to 10.6% (10.1). A fa-
vorable product mix with a higher proportion of Materials made a positive 
contribution.
Sales for the last twelve months amounted to SEK 4,063 million, com-
pared with SEK 4,101 million for the 2025 calendar year. EBITA margin 
for the last 12 months was 10.8%, compared with 10.7% for the 2025 
calendar year.
Engineered Solutions - Sales SEKm
Engineered Solutions - EBITA SEKm &
EBITA margin %
Engineered Solutions - Sales
by market areas
Engineered Solutions - Sales and profit
Q1 Q1
SEK million 2026 2025
Sales 1,020 1,058
Operating profit (EBITA) 108 107
EBITA margin (%) 10.6% 10.1%
Operating profit (EBIT) 106 104
900
920
940
960
980
1,000
1,020
1,040
1,060
1,080
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
9.0
9.5
10.0
10.5
11.0
11.5
12.0
0
20
40
60
80
100
120
140
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
Automotive
23% (23)
Materials
21% (18)
Hygiene
13% (15)
Consumer 
electronics
11% (7)
Other
32% (37)

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

7
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Cash flow
Cash flow from operating activities rose to SEK 225 million (135) in the 
first quarter. The negative change in working capital was lower than last 
year, particularly the change in trade receivables, and amounted to SEK 
-104 million (-182), which made a positive contribution. Net investments 
affecting cash flow decreased to SEK 193 million (271). In the first quarter 
of the previous year, an operating property in Poland was acquired in 
Medical Solutions for SEK 69 million. Cash flow after investment amount-
ed to SEK 32 million (-136) in the first quarter.
Financial position
Interest-bearing assets amounted to SEK 452 million (568), and inter-
est-bearing financial liabilities to credit institutions declined to SEK 1,189 
million (1,325). Net financial liabilities thus totaled SEK 737 million (757). 
There are also interest-bearing pension liabilities of SEK 192 million (236) 
and interest-bearing lease liabilities of SEK 222 million (179). Share-
holders’ equity was SEK 5,848 million (5,561). Net financial liabilities in 
relation to operating profit (EBITDA) were 0.5x (0.5). The equity/assets 
ratio increased to 60% (59). Adjusted for the proposed dividend of SEK 
458 million, the equity/assets ratio amounted to 58%.
Cash flow after investments, excluding acqui-
sitions and disposals SEKm
Net financial liabilities SEKm &
equity/assets ratio %
Financial position
Mar Mar Dec
SEK million 2026 2025 2025
Interest-bearing liabilities, credit institutions 1,189 1,325 1,238
Cash and bank 452 568 482
Net financial liabilities 737 757 756
Interest-bearing pension liabilities 192 236 190
Net financial liabilities, incl. pension liabilities 929 993 946
Lease liabilities 222 179 216
Net financial liabilities, incl. pension & lease liabilities 1,151 1,172 1,162
Working capital 1,594 1,401 1,471
As a percentage of sales (average) (%) 16.0 15.4 14.6
Capital employed 7,451 7,301 7,176
Return on capital employed (average) (%) 14.0 12.7 14.2
Shareholders’ equity 5,848 5,561 5,532
Return on shareholders’ equity (average) (%) 13.7 12.7 14.1
-200
-150
-100
-50
0
50
100
150
200
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1
0
10
20
30
40
50
60
70
0
200
400
600
800
1,000
1,200
2025 2025 2025 2025 2026
Q1 Q2 Q3 Q4 Q1

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

8
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Personnel
The average number of employees during the period rose to 5,607 (5,405). The increase in the number of full-time equivalent employ-
ees is chiefly due to expansion in Hungary.
Events after the balance sheet date
No significant events have occurred since the end of the period, although geopolitical tensions are, of course, also affecting Nolato’s 
business and its customers. It is not currently possible to foresee the extent of this or how long it is likely to continue, nor is it possible to 
quantify its effects on the Group.
Significant risks and uncertainty factors
The Group’s and Parent Company’s business risks and risk management, as well as the management of financial risks, are described 
on pages 60–62 and in Note 29 on pages 154–157 of the 2025 annual report.
No events of material significance occurred in the period that materially affect or change these descriptions of the Group’s and Parent 
Company’s risks and their management.
Seasonal effects
Nolato does not experience any significant seasonal variations. However, the third quarter can be adversely affected by the vacation 
period falling in this quarter, both for Nolato and its customers.
Ownership and legal structure
Nolato AB (publ), Swedish corporate identity number 556080-4592, is the Parent Company of the Nolato Group.
Nolato’s Class B shares are listed on Nasdaq Stockholm in the Large Cap segment, where they are included in the Industrials sector.
There were 14,539 shareholders at 31 March. The largest owners are Nordea Fonder with 11%, the Jorlén family, the Boström family 
and the Hamrin family with 9% each, the Swedish National Pension Funds and Handelsbanken Fonder with 8% each, of the capital.

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

9
NOLATO AB THREE-MONTH INTERIM REPORT 2026
The Parent Company
For the Parent Company, which has no operating activities, sales 
amounted to SEK 27 million (24). Profit after financial income and 
expense amounted to SEK 185 million (225), and declined due to lower 
financial income.
Contingent liabilities totaled SEK 128 million (132).
Accounting and valuation principles
Nolato’s consolidated accounts have been prepared in accordance with 
International Financial Reporting Standards (IFRS), as adopted by the 
EU.
The interim report for the Group has been prepared in accordance with 
IAS 34 Interim Financial Reporting and applicable provisions of the Swed-
ish Annual Accounts Act. Publication of this interim report is subject to the 
Swedish Securities Market Act.
The consolidated accounts have been prepared according to the same 
principles as in the most recent annual accounts, as set out in the Annual 
Report 2025.
IASB and the IFRS Interpretations Committee have issued new stan-
dards and statements that apply to financial years starting on or after 
January 1, 2026. There are no plans for the early application of new 
or amended standards for future application. None of the standards or 
interpretations published by IASB are expected to have a material impact 
on the Group or Parent Company’s financial statements.
The interim report for the Parent Company has been prepared in accor-
dance with Chapter 9 of the Swedish Annual Accounts Act.
Financial information schedule
• 2026 Annual General Meeting: May 6, 2026
• Six-month interim report 2026: July 17, 2026
• Nine-month interim report 2026: October 29, 2026
• Year-end report 2026: February 8, 2027
Torekov, May 6, 2026
Nolato AB (publ)
Christer Wahlquist, President and CEO
 
Contact
Christer Wahlquist,  
President and CEO,  
telephone +46705 804848.
Per-Ola Holmström,  
Executive Vice President and CFO,  
telephone +46705 763340.
Prior to publication this information
constituted inside information that Nolato AB 
is obliged to make public pursuant to the EU 
Market Abuse Regulation. The information was 
submitted for publication, through the above 
contact persons, at 1 p.m. CET on
6 May 2026.
    
This report has not been audited by the Com-
pany’s auditors.
Webcast conference call on 6 May
In connection with the interim report, Nolato will 
hold a webcast conference call in English at 
1.30 p.m. CET.  
 
Nolato will be represented by President and 
CEO Christer Wahlquist and CFO Per-Ola 
Holmström, who will present the interim report 
and answer questions.  
 
 Information regarding telephone numbers and 
website is available at:
https://www.finwire.tv/webcast/nolato/q1-2026/
The presentation will be available at:
www.nolato.com/ir
after publication of the interim report.  
 
The webcast will be available at the same 
address after the live broadcast.

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

10
NOLATO AB THREE-MONTH INTERIM REPORT 2026
At the end of the period, the Group had incentive programmes, see note 4.
Financial instruments are measured at fair value in the statement of financial position, pursuant to measurement hierarchy Level 2.
Consolidated income statement - condensed
Q1 Q1 Full year
SEK million unless otherwise specified Note 2026 2025 R12M 2025
Net sales 1 2,357 2,453 9,366 9,462
Cost of goods sold -1,925 -2,003 -7,654 -7,732
Gross profit 432 450 1,712 1,730
Selling expenses -58 -63 -230 -235
Administrative expenses -127 -127 -519 -519
Other operating income and operating expenses, net 3 — 51 48
-182 -190 -698 -706
Operating profit 2 250 260 1,014 1,024
Financial income and expense 2 -18 -8 -51 -41
Profit after financial income and expense 2 232 252 963 983
Tax -51 -53 -204 -206
Profit after tax 181 199 759 777
All earnings are attrib. to the Parent Co.’s shareholders
Depreciation/amortization regarding non-current assets -138 -141 -564 -567
Earnings per share, basic and diluted, SEK 3 0.67 0.74 2.82 2.88
Number of shares at the end of the period, before dilution 269,380,942 269,377,080 269,380,942 269,377,080
Number of shares at the end of the period, after dilution 269,380,942 269,377,080 269,380,942 269,392,677
Average number of shares, before dilution 269,379,011 269,377,080 269,377,852 269,377,080
Average number of shares, after dilution 269,379,011 269,377,080 269,379,011 269,380,199
Consolidated comprehensive income
Q1 Q1 Full year
SEK million 2026 2025 R12M 2025
Profit after tax 181 199 759 777
Other comprehensive income
Items that cannot be transferred to profit for the period
Revaluations of defined benefit pension plans — — 54 54
Tax attributable to items that cannot be transferred to profit for the period — — -10 -10
— — 44 44
Items that have been converted or can be converted into profit for the period
Translation diff. for the period on translation of foreign operations 138 -382 -114 -634
Changes in the fair value of cash flow hedges for the period -4 8 -7 5
Tax attributable to changes in the fair value of cash flow hedges 1 -2 2 -1
135 -376 -119 -630
Other comprehensive income, net of tax 135 -376 -75 -586
Total comp. income for the period attrib. to the Parent Co.’s shareholders 316 -177 684 191

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

11
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Consolidated balance sheet - condensed
Mar Mar Dec
SEK million 2026 2025 2025
Assets
Non-current assets
Non-current intangible assets 2,219 2,332 2,172
Property, plant and equipment 3,285 3,109 3,152
Rights of use 214 171 209
Non-current financial assets 2 2 2
Other non-current receivables 3 2 2
Deferred tax assets 21 12 21
Total non-current assets 5,744 5,628 5,558
Current assets
Inventories 1,109 1,088 1,086
Accounts receivable 1,762 1,685 1,600
Other current assets 679 444 556
Cash and bank 452 568 482
Total current assets 4,002 3,785 3,724
Total assets 9,746 9,413 9,282
Shareholders’ equity and liabilities
Shareholders’ equity 5,848 5,561 5,532
Liabilities and provisions
Long-term liabilities and provisions 1,244 1,761 1,322
Deferred tax liabilities 271 234 272
Current liabilities and provisions 2,383 1,857 2,156
Total liabilities and provisions 3,898 3,852 3,750
Total shareholders’ equity and liabilities 9,746 9,413 9,282
Interest-bearing/non-interest-bearing liabilities and provisions:
Interest-bearing liabilities and provisions 1,603 1,740 1,644
Non-interest-bearing liabilities and provisions 2,295 2,112 2,106
Total liabilities and provisions 3,898 3,852 3,750
Financial instruments are measured at fair value in the statement of financial
position, pursuant to measurement hierarchy Level 2.
Derivative assets are included in other current assets at 1 16 9
Derivative liabilities are included in current liabilities and provisions at 3 15 5
2)
1), 3)
3)
2)
1)
1)

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

12
NOLATO AB THREE-MONTH INTERIM REPORT 2026
At the end of the period, the Group had incentive programmes, see note 4.
The above table essentially covers products transferred at a specific date.
For the first three months of the year, the Group reports a reduction of SEK 5 million, compared with year-end, in the allowance for im-
paired trade receivables, of which SEK 1 million is recognised within cost of goods sold and SEK 4 million has been reclassified to other 
provisions in the Group’s consolidated statement of financial position.
Changes in consolidated shareholders’ equity - condensed
Mar Mar Dec
SEK million 2026 2025 2025
Shareholders’ equity at the beginning of the period 5,532 5,738 5,738
Total comprehensive income for the period 316 -177 191
Dividends — — -404
Share warrants included in incentive programmes — — 7
Shareholders’ equity at the end of period attrib. to Parent Co’s shareholders 5,848 5,561 5,532
Consolidated cash flow statement - condensed
Q1 Q1 Full year
SEK million 2026 2025 R12M 2025
Cash flow from operating activities before changes in working capital 329 317 1,322 1,310
Changes in working capital -104 -182 -170 -248
Cash flow from operating activities 225 135 1,152 1,062
Cash flow from investment activities -193 -271 -710 -788
Cash flow before financing activities 32 -136 442 274
Cash flow from financing activities -77 79 -546 -390
Cash flow for the period -45 -57 -104 -116
Cash and cash equivalents at the beginning of the period 482 672 672
Exchange rate difference in liquid assets 15 -47 -74
Cash and cash equivalents at the end of the period 452 568 482
Note 1 - Revenue
January - March - 2026 January - March - 2025 Full year - 2025
SEK million
Group Elim.
Med. 
Sol.
Eng. 
Sol. Group Elim.
Med. 
Sol.
Eng. 
Sol. Group Elim.
Med. 
Sol.
Eng. 
Sol.
Total 2,357 -8 1,345 1,020 2,453 -2 1,397 1,058 9,462 -15 5,376 4,101
Europe 1,433 -2 753 682 1,454 -2 744 712 5,649 -3 2,956 2,696
Sweden 276 -2 38 240 287 -1 38 250 1,086 -3 142 947
Hungary 293 — 179 114 327 -1 185 143 1,246 — 752 494
Other Europe 864 — 536 328 840 — 521 319 3,317 — 2,062 1,255
North America 689 — 542 147 734 — 583 151 2,737 — 2,162 575
USA 661 — 532 129 675 — 546 129 2,609 — 2,119 490
Oth. North Am. 28 — 10 18 59 — 37 22 128 — 43 85
Asia 211 -6 34 183 222 — 36 186 909 -12 133 788
Rest of World 24 — 16 8 43 — 34 9 167 — 125 42

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

13
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Including a non-recurring item of SEK 7 million in operating profit in full year 2025 (Q3). 
The nonrecurring item have been recognized at Group level and has therefore not affected the earnings of the business areas.
Note 2 - Reconciliation of consolidated income before tax
Q1 Q1 Full year
SEK million 2026 2025 R12M 2025
Operating profit (EBIT)
Medical Solutions 151 163 612 624
Engineered Solutions 106 104 429 427
Group adjustments, Parent Company -7 -7 -27 -27
Consolidated operating profit (EBIT) 250 260 1,014 1,024
Financial income and expense (not distrib. by business areas) -18 -8 -51 -41
Consolidated profit before tax 232 252 963 983
Note 3 - Earnings per share (IFRS measures/alternative performance measures)
Q1 Q1 Full year
SEK million 2026 2025 R12M 2025
Profit after tax 181 199 759 777
Average number of shares, before dilution 269,379,011 269,377,080 269,377,852 269,377,080
Basic earnings per share (SEK) 0.67 0.74 2.82 2.88
Non-recurring items — — -6 -6
Adjusted profit after tax 181 199 753 771
Adjusted basic earnings per share (SEK) 0.67 0.74 2.80 2.86
Average number of shares, after dilution 269,379,011 269,377,080 269,379,011 269,380,199
Diluted earnings per share (SEK) 0.67 0.74 2.82 2.88
Adjusted diluted earnings per share (SEK) 0.67 0.74 2.80 2.86
Number of shares at the end of the period, before dilution 269,380,942 269,377,080 269,380,942 269,377,080
Number of shares at the end of the period, after dilution 269,380,942 269,377,080 269,380,942 269,392,677
Note 4 - Incentive programmes
Mar Mar Dec
2026 2025 2025
Incentive Programme 2022/2028
Series 2022/2026
Redemption 15/12/2025 - 15/06/2026 with subscription price SEK 57.80 57.80 57.80
Maximum new class B shares 1,685,000 1,685,000 1,685,000
Series 2023/2027
Redemption 15/12/2026 - 15/06/2027 with subscription price SEK 59.20 59.20 59.20
Maximum new class B shares 1,750,000 1,750,000 1,750,000
Series 2024/2028
Redemption 15/12/2027 - 15/06/2028 with subscription price SEK 68.00 68.00 68.00
Maximum new class B shares 1,525,000 1,525,000 1,525,000
Incentive Programme 2025/2031
Series 2025/2029
Redemption 15/12/2028 - 15/06/2029 with subscription price SEK 72.60 72.60
Maximum new class B shares 1,260,000 2,660,000 1,260,000
Series 2026/2030
Redemption 15/12/2029 - 15/06/2030 with subscription price SEK
Maximum new class B shares 2,660,000 2,660,000 2,660,000
Series 2027/2031
Redemption 15/12/2030 - 15/06/2031 with subscription price SEK
Maximum new class B shares 2,660,000 2,660,000 2,660,000
Maximum new class B shares in the programmes 11,540,000 12,940,000 11,540,000

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

14
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Including any non-recurring items.
Quarterly data (summary)
Note Year Q1 Q2 Q3 Q4 Full year
IFRS measures
Operating profit (EBIT) (SEK million) 2 2026 250
2 2025 260 267 272 225 1,024
2024 227 234 224 228 913
Earnings per share, basic & diluted (SEK) 2 2026 0.67
2 2025 0.74 0.79 0.80 0.56 2.88
2024 0.60 0.63 0.61 0.61 2.44
Alternative performance measures
Net sales (SEK million) 1 2026 2,357
1 2025 2,453 2,395 2,342 2,272 9,462
2024 2,442 2,439 2,401 2,382 9,664
Operating profit (EBITDA) (SEK million) 2026 387
2025 401 403 420 367 1,591
2024 374 383 371 388 1,516
Operating profit (EBITA) (SEK million) 2026 260
2025 271 277 281 236 1,065
2024 238 245 235 240 958
EBITA margin (%) 2026 11.0
2025 11.0 11.6 12.0 10.4 11.3
2024 9.7 10.0 9.8 10.1 9.9
Profit after financial income and exp. (SEK million) 2026 232
2025 252 264 257 210 983
2024 209 215 209 215 848
Profit after tax (SEK million) 2026 181
2025 199 212 215 151 777
2024 162 169 164 163 658
Net financial liabilities, excluding pension- 2026 737
and lease liabilities (SEK million) 2025 757 1,038 928 756 756
2024 1,026 1,107 913 671 671
Including a non-recurring item in Q3 2025 of SEK 18 million in operating profit (EBITDA), SEK 7 million in operating profit (EBITA) and SEK 
6 million in profit after tax.
Five-year overview
2025 2024 2023 2022 2021
IFRS measures
Operating profit (EBIT) (SEK million) 1,024 913 657 867 1,333
Basic earnings per share (SEK) 2.88 2.44 1.61 2.59 4.32
Diluted earnings per share (SEK) 2.88 2.44 1.61 2.59 4.32
Alternative performance measures
Net sales (SEK million) 9,462 9,664 9,546 10,774 11,610
Operating profit (EBITA) (SEK million) 1,065 958 701 908 1,369
EBITA margin (%) 11.3 9.9 7.3 8.4 11.8
Profit after financial income and expense (SEK million) 983 848 616 875 1,401
Profit after tax (SEK million) 777 658 435 697 1,160
Cash flow after investments, excl. acq. and disposals (SEK million) 274 743 446 8 446
Return on capital employed (%) 14.2 12.3 9.0 12.8 22.8
Return on shareholders’ equity (%) 14.1 12.2 8.1 13.6 28.0
Net financial liabilities, excl. pension- & lease liabilities (SEK million) 756 671 895 708 51
Equity/assets ratio (%) 60 59 56 54 47
Dividend per share (2025 proposal) (SEK) 1.70 1.50 1.50 1.90 1.90
Average number of employees 5,491 5,837 5,732 6,627 8,669

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

15
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Quarterly data (summary)
Note Year Q1 Q2 Q3 Q4 Full year
Alternative performance measures
Cash flow from operating activities (SEK million) 2026 225
2025 135 316 301 310 1,062
2024 136 434 327 480 1,377
Cash flow from operations per share 2026 0.84
before dilution (SEK) 2025 0.50 1.17 1.12 1.15 3.94
2024 0.50 1.61 1.21 1.78 5.11
Net investments affecting cash flow, excluding 2026 -193
acquisitions and disposals (SEK million) 2025 -271 -188 -183 -146 -788
2024 -230 -98 -136 -172 -636
Cash flow after investments, excluding acquisitions 2026 32
and disposals (SEK million) 2025 -136 128 118 164 274
2024 -92 336 191 308 743
Cash flow after investments, excl. acquisitions and 2026 0.12
disposals per share before dilution (SEK) 2025 -0.50 0.48 0.44 0.61 1.02
2024 -0.34 1.25 0.71 1.14 2.76
Return on total capital (%) 2026 10.8
2025 9.9 10.4 11.0 11.0 11.0
2024 7.4 7.7 8.9 9.5 9.5
Return on capital employed (%) 2026 14.0
2025 12.7 13.4 14.1 14.2 14.2
2024 9.5 9.9 11.5 12.3 12.3
Return on operating capital (%) 2026 14.9
2025 13.9 14.5 15.2 15.2 15.2
2024 10.2 10.9 12.5 13.5 13.5
Return on shareholders’ equity (%) 2026 13.7
2025 12.7 13.6 14.4 14.1 14.1
2024 8.5 8.9 10.7 12.2 12.2
Shareholders’ equity per share, before 2026 22
dilution (SEK) 2025 21 20 20 21 21
2024 21 20 20 21 21
Closing share price Nolato B (Nasdaq Stockholm) 2026 47.74
2025 56.95 57.90 58.90 61.80 61.80
2024 47.84 57.50 55.90 54.20 54.20
Average number of employees 2026 5,607
2025 5,405 5,522 5,461 5,491 5,491
2024 5,552 5,956 5,766 5,837 5,837

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

16
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Quarterly data business areas
Note Year Q1 Q2 Q3 Q4 Full year
Alternative performance measures
Net sales (SEK million)
Medical Solutions 1 2026 1,345
1 2025 1,397 1,354 1,311 1,314 5,376
2024 1,355 1,365 1,355 1,359 5,434
Engineered Solutions 1 2026 1,020
1 2025 1,058 1,044 1,035 964 4,101
2024 1,087 1,077 1,046 1,033 4,243
Group adjustments, Parent Company 1 2026 -8
1 2025 -2 -3 -4 -6 -15
2024 — -3 — -10 -13
Group total 1 2026 2,357
1 2025 2,453 2,395 2,342 2,272 9,462
2024 2,442 2,439 2,401 2,382 9,664
Operating profit (EBITA) (SEK million)
Medical Solutions 2026 159
2025 171 170 159 153 653
2024 140 149 145 152 586
Engineered Solutions 2026 108
2025 107 117 120 95 439
2024 103 108 103 95 409
Group adjustments, Parent Company 2026 -7
2025 -7 -10 2 -12 -27
2024 -5 -12 -13 -7 -37
Group total 2026 260
2025 271 277 281 236 1,065
2024 238 245 235 240 958
EBITA margin (%)
Medical Solutions 2026 11.8
2025 12.2 12.6 12.1 11.6 12.1
2024 10.3 10.9 10.7 11.2 10.8
Engineered Solutions 2026 10.6
2025 10.1 11.2 11.6 9.9 10.7
2024 9.5 10.0 9.8 9.2 9.6
Group total 2026 11.0
2025 11.0 11.6 12.0 10.4 11.3
2024 9.7 10.0 9.8 10.1 9.9
Depreciation/write-downs/amortization (SEK 
million)
Medical Solutions 2026 -92
2025 -91 -88 -88 -94 -361
2024 -90 -93 -91 -93 -367
Engineered Solutions 2026 -45
2025 -50 -48 -49 -47 -194
2024 -57 -56 -56 -67 -236
Group adjustments, Parent Company 2026 -1
2025 — — -11 -1 -12
2024 — — — — —
Group total 2026 -138
2025 -141 -136 -148 -142 -567
2024 -147 -149 -147 -160 -603
Including a non-recurring item in operating profit of SEK 7 million which includes an impairment of fixed assets of SEK -11 million in 
Q3 2025. The non-recurring item has been recognized at Group level and has therefore not affected the earnings of the business 
areas.

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

17
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Definitions - IFRS measures
Earnings per share
Earnings for the period that are attributable to the parent com-
pany’s owners divided by the average number of outstanding 
shares.
 
Operating profit (EBIT)
Earnings before financial income and expense and taxes.
Definitions - Alternative performance measures 
Nolato presents certain financial measures in this report that are not defined according to IFRS. Nolato considers that these measures 
provide valuable supplementary information for investors and company management, as they enable an assessment of trends and the 
company’s performance. Since not all companies calculate financial measures in the same way, these are not always comparable to 
measures used by other companies. These financial measures should not therefore be regarded as substitutes for measures defined 
according to IFRS.
Average number of shares
The average basic number of shares comprises the parent com-
pany’s weighted average number of outstanding shares during 
the period. After dilution, a weighted average of the shares that 
may be issued under the ongoing share warrant programme is 
added, if they are in-the-money, but only insofar as the average 
listed share price for the period exceeds the subscription price of 
the warrants.
Cash flow after investments, excl. acquisitions and 
disposals per share
Cash flow after investing activities excl. acquisitions and dispos-
als, divided by the average number of shares.
Cash flow from operating activities per share
Cash flow from operating activities, divided by the average num-
ber of shares.
Debt/equity ratio
Interest-bearing liabilities and provisions divided by
shareholders’ equity.
EBITA margin
Operating profit (EBITA) as a percentage of net sales.
Equity/assets ratio
Shareholders’ equity as a percentage of total capital in the bal-
ance sheet.
Financial net debt in relation to adjusted operating 
profit (EBITDA)
Interest-bearing short- and long-term liabilities, excl. net provi-
sions for pensions and leasing, with a deduction for cash and 
cash equivalents, divided by R12M EBITDA adjusted for any 
non-recurring items.
Net financial assets/liabilities
Interest-bearing liabilities from credit institutions less interest-bear-
ing assets.
Operating profit (EBITA)
Earnings before financial income and expense, taxes and amorti-
zation of intangible assets arising from acquisitions.
Operating profit (EBITDA)
Earnings before financial income and expense, taxes and depre-
ciation/amortization.
Profit margin
Profit after financial income and expense as a percentage of net 
sales.
Return on capital employed
Profit after financial income and expense, plus financial expenses 
as a percentage of average capital employed. Capital employed 
consists of total capital less non-interest-bearing liabilities and 
provisions.
Return on operating capital
Operating profit as a percentage of average operating
capital. Operating capital consists of total capital less
non-interest-bearing liabilities and provisions, less
interest-bearing assets.
Return on shareholders’ equity
Profit after tax as a percentage of average shareholders’ equity.
Return on total capital
Profit after financial income and expense, plus financial expenses 
as a percentage of average total capital in the balance sheet.
Forward-looking information 
Some of the items reported relate to future events and actual outcomes may differ materially. In addition to those factors explicitly com-
mented on, other factors may also materially affect the actual outcome, such as economic conditions, exchange rates and interest rate 
levels, political risks, competition and pricing, product development, commercialisation and technical difficulties, supply problems and 
customer credit losses.

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

18
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Alternative performance measures
Q1 Q1 Full year
SEK million unless otherwise specified Note 2026 2025 R12M 2025
Operating profit (EBITDA) 387 401 1,577 1,591
Non-recurring items — — -18 -18
Adjusted operating profit (EBITDA) 387 401 1,559 1,573
Operating profit (EBIT) 2 250 260 1,014 1,024
Reversal of amortization of intangible assets arising
in connection with acquisitions 10 11 40 41
Operating profit (EBITA) 260 271 1,054 1,065
Non-recurring items — — -7 -7
Adjusted operating profit (EBITA) 260 271 1,047 1,058
EBITA margin (%) 11.0 11.0 11.3 11.3
Adjusted EBITA margin (%) 11.0 11.0 11.2 11.2
Profit after financial income and expense 2 232 252 963 983
Non-recurring items — — -7 -7
Adjusted profit after financial income and expense 232 252 956 976
Profit margin (%) 9.8 10.3 10.3 10.4
Adjusted profit margin (%) 9.8 10.3 10.2 10.3
Profit after tax 181 199 759 777
Non-recurring items — — -7 -7
Tax on non-recurring items — — 1 1
Adjusted profit after tax 181 199 753 771
Alternative performance measures
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEK million unless otherwise specified 2026 2025 2025 2025 2025 2024 2024 2024 2024
Profit after financial income and exp., roll. 12 months 963 983 988 940 891
Financial expense, rolling 12 months 55 55 49 52 62
Adj. profit after financial inc. and exp., roll. 12 months 1,018 1,038 1,037 992 953
Total capital, at the end of period 9,746 9,282 9,328 9,324 9,413 9,688 9,476 9,809 9,746
Average total capital, last 5 quarters 9,419 9,407 9,446 9,542 9,626
Return on total capital (%) 10.8 11.0 11.0 10.4 9.9
Adj. profit after financial inc. and exp., roll. 12 months 1,018 1,038 1,037 992 953
Capital employed, at the end of period 7,451 7,176 7,312 7,207 7,301 7,510 7,366 7,595 7,691
Average capital employed, last 5 quarters 7,289 7,301 7,339 7,396 7,493
Return on capital employed (%) 14.0 14.2 14.1 13.4 12.7
Operating profit (EBIT), rolling 12 months 1,014 1,024 1,027 979 946
Capital employed, at the end of period 7,451 7,176 7,312 7,207 7,301 7,510 7,366 7,595 7,691
Cash and bank, at the end of period 452 482 531 476 568 672 718 770 664
Operating capital, at the end of period 6,999 6,694 6,781 6,731 6,733 6,838 6,648 6,825 7,027
Average operating capital, latest 5 quarters 6,788 6,755 6,746 6,755 6,814
Return on operating capital (%) 14.9 15.2 15.2 14.5 13.9
Profit after tax, rolling 12 months 759 777 789 738 695
Shareholders’ equity, at the end of period 5,848 5,532 5,465 5,297 5,561 5,738 5,315 5,280 5,540
Average shareholders’ equity, latest 5 quarters 5,541 5,519 5,475 5,438 5,487
Return on shareholders’ equity (%) 13.7 14.1 14.4 13.6 12.7

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

19
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Parent Company income statement - condensed
Q1 Q1 Full year
SEK million 2026 2025 R12M 2025
Net sales 27 24 106 103
Selling expenses -2 -1 -8 -7
Administrative expenses -25 -21 -101 -97
Other operating income 4 5 25 26
Other operating expenses -13 -13 -50 -50
Operating profit/loss -9 -6 -28 -25
Profit/loss from participations in Group companies 199 202 245 248
Financial income 9 38 32 61
Financial expenses -14 -9 -48 -43
Profit/loss after financial income and expense 185 225 201 241
Appropriations — — 351 351
Tax 5 3 -71 -73
Profit/loss after tax 190 228 481 519
Depreciation is included — — — —
Transactions with related parties
Services sold 27 24 106 103
Services bought -9 -9 -40 -40
Interest income 9 11 39 41
Interest expenses -1 -1 -5 -5
Profit/loss from participations in Group companies 199 202 245 248
Parent Company balance sheet - condensed
Mar Mar Dec
SEK million 2026 2025 2025
Assets
Intangible fixed assets 2 2 2
Financial assets 4,116 4,159 4,055
Deferred tax assets 7 9 7
Total non-current assets 4,125 4,170 4,064
Current assets
Other receivables 647 602 696
Cash and bank 2 72 50
Total current assets 649 674 746
Total assets 4,774 4,844 4,810
Shareholders' equity and liabilities
Shareholders' equity 2,934 2,858 2,745
Liabilities and provisions
Untaxed reserves 411 351 411
Other provisions 11 10 10
Long-term liabilities 860 1,363 1,113
Current liabilities 558 262 531
Total liabilities and provisions 1,840 1,986 2,065
Total shareholders' equity and liabilities 4,774 4,844 4,810
Transactions with related parties
Receivables from related parties on balance sheet day 1,341 1,293 1,321
Payables to related parties on balance sheet day 268 308 403
None of the company’s Board members or senior executives currently have, or have previously had, 
any direct or indirect involvement in any business transaction with the company which is, or was, of an 
unusual character in terms of its conditions. Nor has the Group issued any loans, pledged any 
guarantees or entered into any surety arrangements for any of the company’s Board members or 
senior executives.

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

20
NOLATO AB THREE-MONTH INTERIM REPORT 2026
Nolato aims to be the customer’s first  
choice of innovative partner in sustainable  
design and production.
Nolato’s business model
Nolato’s business model is based on two decentralized business areas, which with their own  
decision-making and shared ambitions endeavour to fulfil our vision and the financial and sustainable 
goals. In this way, secure workplaces are created for employees and value is generated for the owners. 
With solid experience and broad expertise, close, long-term, and innovative partnerships are established 
and developed with customers. With well-developed and leading technology, broad development and de-
sign expertise, qualified project management, and highly efficient production, added value is created with 
minimal climate impact for both customers and owners. 
Nolato’s shared core values - Professional, Well organized, Responsible - inform all aspect of our business 
and are central to the sustainable development strategy.
VISION
Nolato AB (publ), Nolatovägen 32, SE-269 78 Torekov, Sweden
Tel. +46 431 442290 Fax +46 431 442291 Corp. id. number 556080-4592  
E-mail: info@nolato.com, www.nolato.com
Nolato is a Swedish group with operations in Europe, Asia and North America. 
We develop and manufacture products in polymer materials such as plastic, silicone and  
thermoplastic elastomers (TPE) for leading customers within medical technology, pharma- 
ceuticals, consumer electronics, telecom, automotive, hygiene and other selected industrial fields. 
Our offering spans the entire value chain - from solutions-oriented development  
focused on sustainability to product delivery.
Nolato’s shares are listed on Nasdaq Stockholm Exchange in the Industrials sector of the Large 
Cap segment.  
www.nolato.com