Year-end report, 2025 (Q4)

CONFIRMATION OF RECOVERY FOR THE YEAR AS A WHOLE
– ROBUST DEVELOPMENT IN THE FOURTH QUARTER

Our performance in the fourth quarter, as in the previous three quarters, served to confirm that the market in general has gradually improved since the end of 2024.

We have, so far, managed the impact of imposed and changing duties and tariffs satisfactorily, while political tension and turbulence increased during the past quarter, which held back consumer and investment demand.

Operating profit improved significantly in the fourth quarter but was adversely affected by acquisition-related revaluations.

FOURTH QUARTER

› NET SALES amounted to SEK 11,000 (11,025) million

Growth was 0%, and 6.8% at fixed exchange rates

› ADJUSTED OPERATING PROFIT amounted to SEK 1,438 (1,129) million, corresponding to an operating margin of 13.1% (10.2%). Items affecting comparability amounted to SEK -178 (+540) million

FULL YEAR

› NET SALES amounted to SEK 40,841 (40,521) million

Growth was 0.8%, and 5.3% at fixed exchange rates

› ADJUSTED OPERATING PROFIT amounted to SEK 4,303 (3,226) million, corresponding to an operating margin of 10.5% (8.0%). Items affecting comparability amounted to SEK -178 (+555) million

› ADJUSTED PROFIT AFTER NET FINANCIAL ITEMS amounted to SEK 3,333 (2,091) million. Items affecting comparability amounted to SEK -178 (+555) million

› NET PROFIT amounted to SEK 2,280 (1,162) million and earnings per share before and after dilution › amounted to SEK 1.13 (0.58) Earnings per share adjusted for items affecting comparability before and after dilution were SEK 1.20 (0.80)

› THE BOARD OF DIRECTORS proposes a dividend of SEK 0.35 (0.30) per share