===== SIDA 1 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 1 of 9 Interim report January 1 – March 31, 2024 Lower turnover and higher margin This is a translation of the Swedish version of the report. In case of any discrepancies, the Swedish version shall prevail. First quarter • Turnover MSEK 581.2 (683.8), down 15 percent compared to the previous year • EBITDA MSEK 66.5 (53.7) • Operating profit MSEK 43.6 (31.8) and operating margin 7.5 percent (4.7) • Net profit MSEK 27.5 (19.0) • Cash flow from operating activities MSEK 35.4 (196.7) • Earnings per share SEK 3.43 (2.21) (no dilution exists) • Calculational estimations show that the profitability level continuously needs to be raised significantly Profit with altered allocation of metal cost • Total profit amounts to MSEK 50.2 (27.9) • Of which adjusted operating profit MSEK 50.1 (30.2), corresponding to 8.6 percent 5.2 of turnover and result of metal position at risk MSEK 0.1 (-3.2). • Adjusted net profit MSEK 32.6 (15.7) • Adjusted earnings per share SEK 4.13 (1.78) Mari Kadowaki, CEO and President of ProfilGruppen, comments: "Despite a difference between market segments and weak economy, we manage to maintain and improve our results. The ongoing work of phasing out unprofitable business and developing relationships and business portfolio with customers who appreciate our flexible production and delivery service is yielding results. At the same time, work is in progress to streamline our production and supply chains. ” ===== SIDA 2 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 2 of 9 Turnover and result in the first quarter The turnover for the Group in the first quarter of 2024 amounted to MSEK 581.2 (683.8), a decrease of about 15 percent compared to the same period previous year. The delivery volumes have decreased by approximately 5 percent to 9,200 tonnes (9,750) of aluminum profiles. The decrease in turnover is primarily explained by lower aluminium prices and decreased delivery volume. During the first quarter the Group manufactured 8,800 tonnes (9,300) of aluminium extrusions. The operating profit for the first quarter of the year amounted to MSEK 43.6 (31.8). This is equivalent to an operating margin of 7.5 percent (4.7). The profit before tax amounted to MSEK 34.6 (23.9). Earnings per share totalled SEK 3.43 (2.21) (no dilution). Altered key ratios and profit The altered key ratios regarding 2023 have been recalculated, which is why they do not completely correspond to previously reported. The total profit amounted to MSEK 50.2 (27.9), whereof the adjusted operating profit amounted to MSEK 50.1 (30.2) which corresponded to an adjusted operating margin of 8.6 percent (5.2). The total profit includes a profit in metal positions of MSEK 0.1 (-2.3). The difference between total profit and accounting operating profit is an effect of altered allocation of metal cost amounted to MSEK 6.6 (-3.9). This accrual effect corresponds to an adjusted net profit of MSEK 32.6 (15.7) and adjusted earnings per share amounting to SEK 4.13 (1.78). Investments Investments during the first three months of 2024 amounted to MSEK 15.2 (24.7), excluding changes in right of use assets. The investments mainly consist of machinery and equipment of MSEK 6.5, and extrusion dies. Financing and liquidity Cash flow from current operations amounted to MSEK 35.4 (196.7) and after investments to MSEK 21.4 (171.8). The cash flow corresponding period last year was positively affected by pandemic-related suspension of collection to the amount of MSEK 162.8. The liquidity reserve as of March 31, 2024, amounted to MSEK 305.3 (349.0). The balance sheet total as of the end of the period was MSEK 1,492.0 (1,530.4). Net debt as of 31 March 2024 amounted to MSEK 15.3 (156.6) and net debt/EBITDA to 0.1 (0.7). ProfilGruppen’s target for net debt/EBITDA is < 2.0. The calculation of the net debt does not include pandemic-related suspension of MSEK 238. If the suspension would be included in net debt the net debt/EBITDA amounts to 1.0. MSEK 163 of the suspension are due for payment in September 2024, according to current regulations. The remaining MSEK 75 will be amortized successively until 2026. ===== SIDA 3 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 3 of 9 Calculational description of financial position The facilities in ProfilGruppen have been maintained for many years and it has been shown that their lifespan exceeds the estimated economic lifespan. During the same time, the replacement value has risen sharply due to inflation. The effect of this development is that the calculative value of the facilities exceeds the accounting value. The consequence is that the reported return exceeds the return based on calculated values of assets, profit and equity. Calculational efforts indicate that the profit margin is rather half of the reported one, while the equity is almost double. In order to create room for reinvestment, the current level of profitability therefore continuously needs to be raised significantly. Currency During the remaining part of 2024 the Group has an unhedged currency inflow of MEUR 9.7. The Group has a loan in euros which amounted to MEUR 8.6 on the balance sheet date. Personnel The average number of employees in the Group during the period was 512 (535). The number of employees as of 31 March 2024 totalled 517 (506). Significant risks and uncertain factors The company’s risks and risk management are described in the 2023 Annual Report. At the end of March, the metal position at risk was very modest. The metal position at risk is the net of volume in stock and contracted purchase versus contracted sales. Outlook for 2024 ProfilGruppen does not provide a forecast. Interim reporting 2024 Interim reports for 2024 will be provided as follows: Interim report second quarter, July 16, 14:00 Interim report third quarter, October 22, 14:00 ===== SIDA 4 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 4 of 9 Statement of comprehensive income in short Q 1 Q 1 MSEK Note 2024 2023 R 12 2023 Net turnover 581,2 683,8 2 336,5 2 439,1 Cost of goods solds 2 -504,0 -614,8 -2 066,2 -2 177,0 Gross Margin 77,2 69,0 270,3 262,1 Other operating revenues 0,3 0,0 23,1 22,8 Selling expenses -19,2 -20,6 -72,3 -73,7 Administrative expenses -14,3 -16,5 -56,3 -58,5 Other operating expenses -0,4 -0,1 -0,6 -0,3 Operating profit/loss 43,6 31,8 164,2 152,4 Financial income 0,1 0,8 4,9 5,6 Financial expenses 3 -9,1 -8,7 -31,2 -30,8 Net financial income/expense -9,0 -7,9 -26,3 -25,2 Income after financial items 34,6 23,9 137,9 127,2 Tax -7,1 -4,9 -30,9 -28,7 Net income for the period 27,5 19,0 107,0 98,5 of which attributable to: Owners of the parent 25,4 16,5 99,7 90,8 Non-controlling interests 2,1 2,5 7,3 7,7 Earnings per share (before and after dilution), SEK 3,43 2,21 13,50 12,27 Other comprehensive income Net income for the period 27,5 19,0 107,0 98,5 Hedging reserve -1,8 -0,6 2,8 4,0 Translation differences 0,1 0,0 0,1 0,0 Deferred tax on the above items 0,4 0,1 -0,5 -0,8 Total items that will subsequently be reclassified to net income: -1,3 -0,5 2,4 3,2 Revaluation of defined benefit pension obligation 0,1 1,2 -2,5 -1,4 Total items that will subsequently not be reclassified to net income: 0,1 1,2 -2,5 -1,4 Comprehensive income for the period 26,3 19,7 106,9 100,3 of which total comprehensive income for the period attributable to: Owners of the parent 24,2 17,2 99,6 92,6 Non-controlling interests 2,1 2,5 7,3 7,7 Statement of financial position in short 31 Mar 31 Mar 31 Dec MSEK Note 2024 2023 2023 Assets Intangible fixed assets 12,3 18,8 13,9 Tangible fixed assets 590,6 611,7 595,6 Right of use assets 33,0 15,8 27,8 Financial fixed assets 0,8 0,2 0,9 Deferred tax assets 0,4 0,3 0,4 Total fixed assets 637,1 646,8 638,6 Inventories 348,3 422,0 377,8 Current receivables 4 370,3 451,3 305,0 Liquid assets 136,3 10,3 120,9 Total current assets 854,9 883,6 803,7 Total assets 1 492,0 1 530,4 1 442,3 Shareholders’ equity Total equity attributable to the parent Company´s shareholders 626,5 552,5 598,3 Non-controlling interests 15,3 16,5 17,2 Total equity 641,8 569,0 615,5 Liabilities Interest-bearing liabilities 118,1 118,9 117,3 Interest-free liabilities 87,7 80,2 88,0 Total long-term liabilities 205,8 199,1 205,3 Interest-bearing liabilities and provisions 33,5 48,0 30,5 Interest-free liabilities 4 610,9 714,3 591,0 Total short-term liabilities 644,4 762,3 621,5 Total shareholders’ equity and liabilities 1 492,0 1 530,4 1 442,3 ===== SIDA 5 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 5 of 9 Statement of changes in equity in short Q 1 Q 1 MSEK 2024 2023 2023 Opening balance, total equity 615,5 549,3 549,3 Changes attributable to owners of the parent: Comprehensive income for the period 24,2 17,2 92,6 Changes attributable to non-controlling interests: Comprehensive income for the period 2,1 2,5 7,7 Transactions with shareholders Dividend 0,0 0,0 -34,1 Closing balance, total equity 641,8 569,0 615,5 Statement of cash flows in short Q 1 Q 1 MSEK Note 2024 2023 R 12 2023 Operating activities Income after financial items 34,6 23,9 137,9 127,2 Depreciation and write-down 22,9 21,9 91,8 90,8 Adjustment for other non-cash items 9,9 8,8 35,6 34,5 Interest received/paid -3,5 3,3 -22,6 -15,8 Paid income tax -10,1 -14,0 -29,2 -33,1 Cash flow prior to change in working capital 53,8 43,9 213,5 203,6 Inventories 29,5 49,4 73,7 93,6 Operating receivables -62,3 -111,9 85,0 35,4 Operating liabilities 14,4 215,3 -104,1 96,8 Cash flow from operating activities 35,4 196,7 268,1 429,4 Acquisition of property. plant and equipment -14,0 -24,9 -67,8 -78,7 Sale of property, plant and equipment 0,0 0,0 7,3 7,3 Cash flow from investing activities -14,0 -24,9 -60,5 -71,4 Dividend 0,0 0,0 -34,1 -34,1 Loans raised 0,0 0,0 0,0 0,0 Change in bank overdraft facility utilized 0,0 -173,5 -21,1 -194,6 Repayment of loans -4,6 -6,1 -17,3 -18,8 Repayment of lease debts -3,3 -1,9 -11,1 -9,7 Cash flow from financing activities -7,9 -181,5 -83,6 -257,2 Cash flow for the period 13,5 -9,7 124,0 100,8 Liquid assets, opening balance 120,9 20,0 10,3 20,0 Translation differences in liquid assets 1,8 0,0 1,9 0,1 Liquid assets, closing balance 136,2 10,3 136,2 120,9 Liquidity reserve 328,9 349,0 318,8 ===== SIDA 6 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 6 of 9 The parent company The turnover of the parent company amounted to MSEK 10.5 (9.0) and comprises payments for rents from companies in the Group. Profit after financial items amounted to MSEK 7.5 (5.0). Investments in the parent company during the first quarter 2024 amounted to MSEK 0.3 (1.8) and are related to investments in properties. The parent company’s interest-bearing liabilities amounted to MSEK 0.0 (44.4) as of 31 March 2024. Last year refers to intra Group liabilities to subsidiaries. The parent company employs none (none). The parent company’s risks and uncertain factors do not significantly differ from the Group. Income statement in short – the parent company Q 1 Q 1 MSEK Note 2024 2023 2023 Turnover 10,5 9,0 39,8 Cost of goods sold -2,1 -2,0 -7,4 Gross Margin 8,4 7,0 32,4 Other operating revenues 0,0 0,0 0,0 Administrative expenses -0,9 -1,4 -3,8 Operating income 7,5 5,6 28,6 Result from shares in group companies 0,0 0,0 82,5 Interest income and similar income and expense items 0,0 0,0 0,4 Interest expenses and similar income and expense items 0,0 -0,6 -1,6 Income after financial items 7,5 5,0 109,9 Appropriations 0,0 0,0 30,5 Income before tax 7,5 5,0 140,4 Tax -1,5 -1,0 -12,3 Net income for the period 6,0 4,0 128,1 Parent company statement of comprehensive income Net income for the period 6,0 4,0 128,1 Items that will subsequently be reclassified to net income: 0,0 0,0 0,0 Items that will subsequently not be reclassified to net income 0,0 0,0 0,0 Comprehensive income for the period 6,0 4,0 128,1 Balance sheet in short – the parent company 31 Mar 31 Mar 31 Dec MSEK Note 2024 2023 2023 Assets Tangible assets Tangible fixed assets 178,3 188,9 179,8 Financial assets (shares in subsidiaries) 87,9 87,9 87,9 Total fixed assets 266,2 276,8 267,7 Current receivables 84,0 0,7 79,1 Cash and bank balances 0,5 0,0 0,0 Total current assets 84,5 0,7 79,1 Total assets 350,7 277,5 346,8 Equity 256,3 155,8 250,3 Untaxed reserves 79,0 67,5 79,0 Provisions for taxes 3,8 3,6 3,7 Long-term liabilities 0,0 0,0 0,0 Current liabilities 11,6 50,6 13,8 Total equity and liabilities 350,7 277,5 346,8 ===== SIDA 7 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 7 of 9 Notes Note 1 - Accounting Principles The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company accounting has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the Swedish Financial Reporting Standards Council’s RFR 2 Accounting for Legal Entities. The accounting principles applied are identical to the ones used for the latest annual report. Note 2 – Depreciation and write-down of fixed assets Q 1 Q 1 MSEK 2024 2023 R 12 2023 Intangible fixed assets 1,6 1,6 6,5 6,5 Land and buildings 1,6 1,6 6,5 6,5 Machinery and equipment 16,3 16,8 67,6 68,1 Right of use assets 3,4 1,9 11,2 9,7 Total 22,9 21,9 91,8 90,8 of which write-down 0,0 0,0 0,0 0,0 Note 3 – Financial expenses Q 1 Q 1 MSEK 2024 2023 R 12 2023 Interest expenses to financial institutions 2,0 4,0 12,1 14,1 Unrealized exchange rate revaluation of financial items (gain neg, loss pos) 3,6 1,4 2,4 0,2 Cost for pandemic suspension of collection 2,6 2,2 11,0 10,6 Other financial expenses 0,9 1,1 5,7 5,9 Total 9,1 8,7 31,2 30,8 Note 4 - Financial instruments, valued at fair value in statement of financial position 31 Mar 31 Mar 31 Dec MSEK 2024 2023 2023 Short-term receivables: Currency derivatives 0,0 0,0 0,0 Short-term non interest-bearing liabilities; Currency derivatives 5,3 8,1 3,4 Currency derivatives are used for hedge and are valued on level 2 according to IFRS 13. Forward contracts foreign exchange Hedged future cash flows, MEUR 9,8 12,9 12,2 Notional amount 106,0 136,4 131,9 Last maturity date of concluded forward contracts 2025-12-15 2024-11-29 2025-12-15 Note 5 – Pledged assets and contingent liabilities 31 Mar 31 Mar 31 Dec MSEK 2024 2023 2023 Property mortgages 82,9 82,9 82,9 Floating charges 440,0 440,0 440,0 Shares in subsidiaries 348,4 393,2 328,7 Guarantee commitments pensions 0,3 0,2 0,3 Note 6 – Related transactions During the period no related transactions that significantly affect the Groups result or financial statement have been made, apart from customary payments of directors’ fees, remuneration of senior executives, dividend and the rents from companies in the Group to the parent company. ===== SIDA 8 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 8 of 9 Key ratios Q 1 Q 1 The Group 2024 2023 R 12 2023 Net turnover, MSEK 581,2 683,8 2 336,5 2 439,1 Income before depreciation, MSEK 66,5 53,7 256,0 243,2 Operating income/loss, MSEK 43,6 31,8 164,2 152,4 Operating margin, % 7,5 4,7 7,0 6,2 Income after financial items, MSEK 34,6 23,9 137,9 127,2 Profit margin, % 6,0 3,5 5,9 5,2 Return on equity, % 17,5 13,5 17,7 16,9 Return on capital employed, % 18,8 13,6 19,6 17,0 Cash flow from operating activities, MSEK 35,4 196,7 268,1 429,4 Investments, MSEK 15,2 24,7 69,2 78,7 Liquidity reserve, MSEK 328,9 349,0 - 318,8 Net debt, MSEK 15,3 156,6 - 26,9 Net debt/EBITDA 0,1 0,7 - 0,1 Interest-bearing liabilities and interest-bearing provisions, MSEK 151,6 166,9 - 147,8 Net debt/equity ratio 0,0 0,3 - 0,0 Total assets, MSEK 1 492,0 1 530,4 - 1 442,3 Equity ratio, % 43,0 37,2 - 42,7 Capital turnover 3,0 3,4 3,1 2,9 Proportion of risk-bearing capital, % 48,9 42,4 - 48,8 Interest coverage ratio 18,5 6,9 12,5 10,0 Average number of employees 521 535 519 512 Net turnover per employee (average), TSEK 1 116 1 278 4 502 4 764 Income after fin, per employee (average), TSEK 66 44 266 248 Average number of shares, thousands (no dilution) 7 399 7 399 7 399 7 399 Number of shares, end of period, thousands 7 399 7 399 7 399 7 399 Earnings per share, SEK 3,43 2,21 13,50 12,27 Equity per share, SEK 84,13 74,66 - 80,86 Profit with altered allocation of metal cost Adjusted total profit, Mkr * 50,2 27,9 177,2 154,9 Result metal position, Mkr * 0,1 -2,3 2,2 -0,2 Adjusted operating income/loss, MSEK * 50,1 30,2 155,0 135,1 Adjusted operating margin,% * 8,6 4,4 6,6 5,5 Adjusted earnings per share, SEK * 4,13 1,78 14,95 12,60 * Key ratios with altered allocation of metal cost and where possibly occuring non -comparable items are excluded. For definition and reconciliation please visit profilgruppen.se. The key ratios above are a summary of the financial report to give an overview of ProfilGruppen’s financial position. Definitions and reconciliation of the alternative performance measures are given at www.profilgruppen.se Net debt does not include pandemic-related suspension to the amount of MSEK 238. In calculation of interest coverage ratio is only interest expenses to financial institutions used. Rounding differences may occur. When calculating key ratios: return on equity, return on capital employed and capital turnover the result and turnover for the period have been adjusted upward to 12 months. The key ratios presented are for the total Group and based on the Group consolidated figures including non-controlling interest, except Earnings per share and Equity per share. Åseda, April 23, 2024 The CEO and Board of Directors, ProfilGruppen AB (publ) Org. No. 556277-8943 This interim report has not been audited. ===== SIDA 9 ===== Interim report January 1 – March 31, 2024 ProfilGruppen AB (publ) Page 9 of 9 Brief facts about ProfilGruppen • The vision is to be the preferred provider of innovative solutions for aluminium extrusions in northern Europe • A partnership with ProfilGruppen should be uncomplicated and involve personal commitment • Aluminium is our choice, it is more favorable in a life cycle perspective than many alternatives and enables us to create sustainable products • Aluminium extrusions are used within many industries, for example furnishings, construction, automotive and electronics • The manufacturing of extrusions takes place in Åseda exclusively and includes: • Extrusion of aluminium profiles in four production lines • Anodizing facility for surface treatment • Further processing of aluminium extrusions in the form of cutting processing, bending and stamping • Fully automated facilities for processing, coating and packaging of interior design details • A dozen subcontractors broadens the range of processing possibilities • The company is certified in accordance with IATF 16949, ISO 14001 and ISO 45001 and the industry’s own sustainability standard Aluminium Stewardship Initiative Performance Standard • Started in 1981 in Åseda, Sweden • Listed on the Stockholm Stock Exchange in 1997 and is included in the Small Cap list For more information, please contact Mari Kadowaki, President and CEO Tel: +46 (0)70-956 80 01 mari.kadowaki@profilgruppen.se Current information and photographs for free publication are available at www.profilgruppen.se