Interim report
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Interim Report Q3 2025 Strong profit development in the third quarter with a focus on positive synergies Following the merger with HMY, the third quarter for the new ITAB Group was dominated by continued inte- gration efforts, resulting in positive synergies. The Group delivered a strong earnings trend for the quarter, although demand in some of our geo- graphic markets and customer groups remained cautious. Increased sales of our more technical solutions and our efforts to generate synergies related to purchasing, additional sales and improved efficiency, along with the measures we have taken in France to strengthen our profitability, had a positive impact on earnings. Pro forma for the combined Group, adjusted EBIT increased by 13 percent to MSEK 260 during the quarter. Andréas Elgaard President & CEO Read more on page 3. ITAB Shop Concept AB (publ) Box 9054, SE-550 09 Jönköping, Sweden Corp. Reg. No. 556292-1089 E-mail: ir@itab.com itabgroup.com, itab.com
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ITAB | Interim Report Q3 − 1 January–30 September 2025 2 Third quarter (1 Jul–30 Sep 2025) • Net sales increased by 112 percent to MSEK 3,297 (1,553). Currency-adjusted sales rose by 115 percent compared with the pre- ceding year, with organic growth accounting for +8 percent and the acquisition of HMY contributing +107 percent. • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -22 (-21) amounted to MSEK 369 (154). 2) • Operating profit amounted to MSEK 220 (69) and the operating margin was 6.7 percent (4.4). Operating profit was charged with non-recurring items of MSEK -22 (-21). 2) • Profit after financial items totalled MSEK 167 (73). Profit was charged with non-recurring items of MSEK -22 (-21). 2) • Profit after tax amounted to MSEK 99 (50). 2) • Earnings per share before and after dilution totalled SEK 0.36 (0.19). 2) • Cash flow from operating activities amounted to MSEK -9 (160). Third quarter Reporting period Full year (MSEK) Jul−Sep 2025 Jul−Sep 2024 Δ Jan−Sep 1) 2025 Jan−Sep 2024 Δ Rolling 12 months as of 30 Sep 2025 Jan−Dec 2024 Δ Net sales 3,297 1,553 +112% 9,358 4,814 +94% 11,129 6,585 +69% EBITDA excl. non-recurring items 2) 369 154 +140% 953 589 +62% 1,125 761 +48% EBITDA margin, % 11.2 9.9 10.2 12.2 10.1 11.6 Operating profit excl. non-recurring items 2) 242 90 +169% 582 401 +45% 688 507 +36% Operating margin, % 7.3 5.8 6.2 8.3 6.2 7.7 Profit after financial items excl. non-recurring items 2) 189 94 +101% 407 378 +8% 515 486 +6% Profit margin, % 5.7 6.1 4.3 7.9 4.6 7.4 Profit after tax 99 50 +98% 161 250 -36% 231 320 -28% Earnings per share before dilution, SEK 0.36 0.19 +89% 0.56 1.09 -49% 0.85 1.38 -38% Cash flow from operating activities -9 160 N/A -36 301 N/A 287 624 -54% Equity/assets ratio, % 33 59 33 59 33 60 Interest-bearing net debt excl. lease liabilities 3,070 -392 +3,462 3,070 -392 +3,462 3,070 -969 +4,039 1) HMY is consolidated in the ITAB Group as of 1 February 2025 and is therefore included for eight months (February–September) in the 2025 reporting period. 2) EBITDA, operating profit and profit after financial items for the third quarter of 2025 were charged with non-recurring items of MSEK -22. EBITDA/operating profit and profit after financial items for the 2025 reporting period were charged with non-recurring items of MSEK -116 and MSEK -119, respectively. Non-recurring items pertain primarily to acquisition and integration costs in conjunction with the acquisition of HMY. 3) Summary pro forma combined financial information for the ITAB Group including HMY for the 2025 reporting period (as of January 2025) as well as per quarter and full-year 2024. See Note 8 on page 15 for more information. The Group in summary 1) For key ratios and definitions, see pages 18–21. 1 January–30 September 2025 Events during the reporting period • The acquisition of HMY was completed on 31 January 2025, and the com - pany is consolidated in the ITAB Group as of 1 February 2025. • In April, ITAB signed agreements with one of the UK’s largest grocery chains for the roll-out of new smart gates in over 200 stores, and with one of Europe’s largest DIY, home improvement and gardening chains for the delivery of solutions for the establishment of five new stores in Italy. • In May, ITAB acquired the remaining 82 percent of the shares in the tech- nology and retail AI startup Signatrix GmbH. • During the second quarter, ITAB concluded the long-term incentive program for key individuals that was introduced in 2022. Refer to Note 6 on page 14. • ITAB’s President & CEO, Andréas Elgaard, announced his resignation at the end of July 2025 and will leave the Group on 6 January 2026. • In October, the Board of Directors appointed Björn Borgman as the new President & CEO of ITAB Group, effective 1 May 2026. Glauco Frascaroli was appointed Interim President & CEO from 7 January until April 2026. • In December, ITAB will commence delivery and installation of self-check - outs to the stores of a leading grocery chain in multiple European coun - tries. Although there are no minimum commitments, the total value of the undertaking is estimated at up to MEUR 27 for 2026 and 2027. Reporting period (1 Jan–30 Sep 2025) • Net sales increased by 94 percent to MSEK 9,358 (4,814). Currency-adjusted sales rose by 97 percent compared with the preceding year, with organic growth accounting for +4 percent and the acquisition of HMY contributing +93 percent. 1) • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -116 (-21) amounted to MSEK 953 (589). 1, 2) • Operating profit amounted to MSEK 466 (380) and the operating margin was 5.0 percent (7.9). Operating profit was charged with non-recurring items of MSEK -116 (-21). 1, 2) • Profit after financial items totalled MSEK 288 (357). Profit was charged with non-recurring items of MSEK -119 (-21). 1, 2) • Profit after tax amounted to MSEK 161 (250). 1, 2) • Earnings per share before and after dilution totalled SEK 0.56 (1.09). 1, 2) • Cash flow from operating activities amounted to MSEK -36 (301). • The equity/assets ratio at the end of the period was 33 percent (59). • Net debt excluding lease liabilities amounted to MSEK 3,070 (-392). Pro forma combined financial information for the ITAB Group 3) Due to the acquisition of HMY, which was completed on 31 January 2025, the 2025 reporting period and the comparative figures per quarter and for full-year 2024 are also presented on a pro forma basis to illustrate the financial effects of the acquisition. See Note 8 on page 15 for more information. Third quarter Reporting period Outcome Pro forma Pro forma (MSEK) Jul−Sep 2025 Jul−Sep 2024 Δ Jan−Sep 2025 Jan−Sep 2024 Δ Net sales 3,297 3,356 -2% 9,847 9,636 +2% Adjusted EBIT excl. non-recurring items2) and amortisation of acquisition-related assets 260 230 +13% 648 715 -9% Adjusted EBIT margin, % 7.9 6.9 6.6 7.4 Interim Report Q3 2025 − 9 months
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ITAB | Interim Report Q3 − 1 January–30 September 2025 3 President’s comments Prioritising profitability over growth in a time of contin - ued global uncertainty Despite certain positive macroeconomic signals in the early autumn, the prevailing geopolitical turmoil is creat - ing a sense of uncertainty about future economic devel - opments. Consequently, our sales performance varied across our different geographic markets and customer segments. We are prioritising profitable growth, working with our customers to ensure that we deliver high-quality products and services to the right place and at the right time, rather than individual projects with no guaranteed profitability. For example, demand for our loss prevention solutions and opportunities for increased self-service in stores remain strong, allowing us to present a good return on planned investments. Sales of customised shop fittings were also positive in the third quarter. Our solution portfolio continues to offer good opportunities for additional sales to our larger customer base and, as previously mentioned, we see several good examples of joint sales initiatives, particularly in lighting systems and our more technical solutions. The sales trend for the first nine months of the year was positive, and currency-adjusted net sales for the full reporting period increased by approximately 2 per - cent pro forma to MSEK 9,847. Growth was strongest in Southern and Central Europe and the UK, while Northern Europe and the countries outside Europe faced strong comparative figures from the preceding year. Among our customer groups, our highest sales growth so far this year has been in Home Improvements and Fashion, but our sales in Grocery are also continuing to grow. A recent example is the project we will be starting in De - cember this year – delivering and installing self-check - outs for a leading European grocery chain, with a total estimated value of up to MEUR 27 in 2026 and 2027. Strong profit development in the third quarter with a focus on positive synergies Following the merger with HMY, the third quarter for the new ITAB Group was dominated by continued integration efforts, resulting in positive synergies. The Group delivered a strong earnings trend for the quarter, although demand in some of our geographic mar- kets and customer groups remained cautious. Pro forma for the combined Group (which includes HMY for the full period), curren- cy-adjusted sales increased by 2 percent to MSEK 9,847 for the first nine months of the year. Adjusted EBIT (operating profit excluding non-recurring items and amortisation of acquisition-related assets) for the third quarter increased by 13 percent to MSEK 260 pro forma for the combined Group, corresponding to an adjusted EBIT margin of 7.9 percent. For the full reporting period, adjusted EBIT amounted to MSEK 648 pro forma and the adjusted EBIT margin to 6.6 percent. Several of the measures we implemented in the sec- ond quarter to strengthen our profitability, including those implemented in France, have started to have a positive impact on earn- ings. At the same time, our efforts to generate synergies related to purchasing, additional sales to existing customers and improved efficiency in our own operations are continuing according to plan. The MEUR 30 in synergies identified for the combined ITAB Group by the end of 2027 remains unchanged, and we look forward to continuing to deliver on our plan. Measures to strengthen the earnings trend with positive synergies Following a couple of record-breaking comparative quarters, the earnings trend for the Group as a whole remained positive in the third quarter. Increased sales of ITAB’s technical solutions for loss prevention, such as smart gates and self-checkouts, has had a positive im - pact on the gross margin to date this year, although the total share of sales of technical solutions is lower for the new Group than it was prior to the merger with HMY. Part of the growth seen so far in 2025 has taken place in cus- tomer sectors that are generally more competitive and less focused on value-adding solutions, which has had a negative impact on overall profitability compared with last year. At the same time, we are continuing our efforts to generate synergies related to purchasing, addition - al sales to the existing customer base and improved efficiency, and we noted a positive impact on earnings during the period as a result. Several of the measures we implemented in the second quarter in France and other countries in order to strengthen our profitability in the short term also had a positive impact on earnings in the third quarter. We are now implementing longer-term measures in line with our established plan. Overall, adjusted EBIT (operating excluding non-re - curring items and amortisation of acquisition-related assets) pro forma for the combined Group increased by 13 percent to MSEK 260 (230) for the third quarter, corre- sponding to an adjusted EBIT margin of 7.9 percent (6.9). For the full reporting period, adjusted EBIT amounted to MSEK 648 (715) and the adjusted EBIT margin to 6.6 percent (7.4). The non-recurring items during the year of MSEK -116 pertained to acquisition and integration Andréas Elgaard President & CEO ITAB Shop Concept AB costs. Reported operating profit (excluding non-recur - ring items) totalled MSEK 582 for the reporting period, corresponding to an EBIT margin of 6.2 percent. Profit after financial items excluding non-recurring items of MSEK -119 totalled MSEK 407. Cash flow from operating activities for the report - ing period, which amounted to MSEK -36 (301), was mainly impacted during the quarter by higher accounts receivable. The last couple months of the third quarter are seasonally strong for our project-based operations, which has resulted in a gradual build-up of accounts receivable. We have also taken on projects with a favourable impact on our profitability, though they will result in a longer cash conversion cycle. Our capital efficiency target, measured as cash conversion, for the most recent 12-month period amounted to 29 percent (compared with 88 percent in 2024). ITAB’s priorities moving forward Our plan to realise the MEUR 30 in synergies identified for ITAB Group – which is now doubled in size – mainly related to purchasing, additional sales and improved efficiency over the next two years. This has already be - gun to yield positive results, and we are continuing our determined efforts with full force. Over the short term, we will continue to focus on our own operational efficiency with lower fixed costs, on active sales efforts close to our customers, and on reducing our tied-up capital and debt with the aim of continuing to strengthen our profit - ability in both the short and the long term. Our solutions contribute to improved operational efficiency, reduced costs and increased competitiveness for retailers, enabling us to better respond to the opportunities and challenges of the coming years together. This is my last interim report before I leave ITAB Group on 6 January 2026 after approximately six and a half years as CEO. These years have been transformative: since the Covid years, we have succeeded in strengthening our balance sheet, improving our profitability and dou - bling our sales through several acquisitions, while also embarking on a journey to establish ITAB as the leading solution provider for European grocery and retail chains. Our integration efforts and the realisation of synergies are progressing well, and ITAB will continue along this path. It is therefore with a sense of pride and gratitude that I hand over the reins to my successor, Björn Borg- man, to lead ITAB Group in its continued development. I would like to thank all of our employees, customers and partners, and wish you all the best for the future! Jönköping, October 2025 Our efforts to generate synergies related to purchasing, additional sales and improved efficiency in our own operations are yielding positive results.
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0 50 100 150 200 250 0 1000 2000 3000 4000 Development in 2025 1 January−30 September Net sales Third quarter The Group’s net sales increased by 112 percent to MSEK 3,297 (1,553) in the third quarter of the year. Currency-adjusted sales rose by 115 percent compared with the preceding year, with organic growth accounting for +8 percent and the acquisition of HMY contributing +107 percent. The market and the new Group’s combined customer base are con- tinuing to show considerable interest in the Group’s technical and digital solutions for loss prevention measures, such as smart gates, self-checkouts and other types of self-service solutions, which is having a positive impact on the Group’s product mix. Sales of shop fittings also trended positively compared with the preceding year. However, overall demand remained somewhat cautious in a number of markets during the quarter, mainly driven by macroeconomic uncertainty, which could eventually impact customer investment decisions. Competition for customer projects is also intense, which means that continued sales initiatives are necessary to win new customer projects. Pro forma for the combined Group, sales increased most in Fashion and Other customer groups during the quarter compared with the preceding year. The strongest sales trends were noted in Central Europe and the Rest of the World. Reporting period The Group’s net sales increased by 94 percent to MSEK 9,358 (4,814) in the first nine months of the year. Currency-adjusted sales rose by 97 percent compared with the preceding year, with organic growth accounting for +4 percent and the acquisition of HMY contributing +93 percent (for eight months, February–September). Overall, the new ITAB Group including HMY delivered a positive sales performance in the first nine months of 2025. The operations faced strong comparative figures for the first six months of the reporting period last year when a number of major projects were completed. At the same time, the Group signed a number of new agreements with existing and new custom - ers in several geographic markets during the period, some of which per - tained to ITAB’s technical solutions and lighting systems for HMY’s customer base. While the market is continuing to show considerable interest in the Group’s technical and digital solutions for loss prevention measures, sales of customised shop fittings have also trended positively so far this year. Pro forma for the combined Group, sales have increased most in Home Improvements and Fashion to date this year compared with the preceding year, but most of the Group’s customer groups displayed positive demand. The sales trend was strongest in Southern and Central Europe and the UK, while Northern Europe and the countries outside Europe faced strong com - parative figures from the corresponding period last year. See Note 8 on page 15 for summary pro forma combined financial infor- mation for the ITAB Group including HMY per quarter for 2025 and 2024. Reported sales by customer group and geographic area are shown in Note 3 on page 13. Earnings Third quarter Operating profit for the third quarter totalled MSEK 220 (69), corresponding to an operating margin of 6.7 percent (4.4). Earnings were impacted by non-recurring items of MSEK -22 (-21), primarily pertaining to acquisition and integration costs in conjunction with the acquisition of HMY. Operating profit excluding these non-recurring items totalled MSEK 242 (90), corre - sponding to an operating margin of 7.3 percent (5.8). EBITDA excluding non-recurring items totalled MSEK 369 (154). Increased sales of smart gates and other loss prevention solutions in the quarter and the overall product mix with a slightly higher share of sales of technical solutions had a positive impact on the gross margin. The Group’s integration efforts – with the realisation of identified synergies related to pur - chasing, improved efficiency and reduced costs as well as increased sales – are proceeding according to plan and have begun to have a positive impact on earnings in various parts of the Group during the quarter. The measures initiated in the Group’s operations in France during the second quarter with the aim of reversing the operational and earnings trends had a positive impact on the earnings performance for this quarter. The Group is also continually carrying out various other sales activities and measures to increase efficiency and implement cost adaptations in several different areas over the short and the long term. Profit after financial items totalled MSEK 167 (73). Earnings were impacted by non-recurring items of MSEK -22 (-21), primarily pertaining to acquisition and integration costs. Profit after financial items excluding non-recurring items amounted to MSEK 189 (94). The Group’s financial expenses were impacted by higher interest expenses due to increased debt incurred to partially finance the acquisition of HMY and other costs during the quarter pertaining to currency effects and financial reporting in hyperinflationary economies. Profit after tax amounted to MSEK 99 (50). Earnings per share before and after dilution totalled SEK 0.36 (0.19). Reporting period Operating profit for the full reporting period amounted to MSEK 466 (380), corresponding to an operating margin of 5.0 percent (7.9). Earnings were impacted by non-recurring items of MSEK -116 (-21), primarily pertaining to acquisition and integration costs in conjunction with the acquisition of HMY. Operating profit excluding these non-recurring items totalled MSEK 582 (401), corresponding to an operating margin of 6.2 percent (8.3). EBITDA excluding non-recurring items totalled MSEK 953 (589). 0 10 20 30 40 50 60 70 Fashion Other customer groups Home Improvements Grocery Rolling 12 months 2025 Full year 20240 10 20 30 40 50 60 70 Net sales (MSEK) Net sales per quarter (left-hand scale) Net sales rolling four quarters (right-hand scale) Per quarter Rolling four quarters Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0 500 0 Operating profit and operating margin 1) (adjusted for non-recurring items) Operating profit per quarter (left-hand scale) Operating margin rolling four quarters (right-hand scale) Operating profit per quarter, MSEK Operating margin rolling four quarters, % 0 0 2 4 6 8 1) Non-recurring items in 2022 consisted mainly of costs relating to transformation work under ITAB’s One ITAB strategy. Non-recurring items for 2024 pertained primarily to acquisition costs in conjunction with the acquisition of HMY. Non-recurring items for 2025 pertain primarily to acquisition and integration costs in conjunction with the acquisition of HMY. ITAB | Interim Report Q3 − 1 January–30 September 2025 4 Sales by customer group, % of total net sales Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 4,000 1,500 1,000 12,000 6,000 4,000 2,000 50 100 200 250 3,000 2,000 1,000 9,000 6,000 3,000 10 150
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-1600 0 1600 3200 -200 -100 0 100 200 300 400 500 ITAB | Interim Report Q3 − 1 January–30 September 2025 5 Increased sales of ITAB’s technical solutions for loss prevention, such as smart gates and self-checkouts, during the nine-month reporting period had a positive impact on the gross margin, although the total share of sales of technical solutions is lower for the new Group than it was prior to the merger with HMY. Compared with the preceding year, the new Group also faces strong comparative figures for both HMY and ITAB, which in the first six months of 2024 reported its highest-ever operating margin for a first half- year to date. As part of the integration of ITAB and HMY, the coordination of purchasing and sales and measures to improve efficiency have started to have a positive impact on earnings. During the second quarter, the Group initiated a number of measures in France with the aim of reversing the operational and earnings trends after a number of operational problems related to inadequate quality and prof - itability were identified after the merger of ITAB and HMY. These measures began to take effect in the third quarter, and longer-term measures are now being implemented in the French operations. The Group is also continually carrying out various other sales activities and measures to increase efficien - cy and implement cost adaptations in different areas. Profit after financial items totalled MSEK 288 (357). Earnings were impacted by non-recurring items of MSEK -119 (-21), mainly pertaining to acquisition and integration costs and the early repayment of previous bank loans in conjunction with the acquisition of HMY. Profit after financial items excluding these non-recurring items amounted to MSEK 407 (378). The Group’s financial expenses were impacted by higher interest expenses due to increased debt incurred to partially finance the acquisition of HMY and other costs during the period pertaining to currency effects and financial reporting in hyperinflationary economies. Profit after tax amounted to MSEK 161 (250). Earnings per share before and after dilution totalled SEK 0.56 (1.09). See Note 8 on page 15 for summary pro forma combined financial informa - tion for the ITAB Group including HMY per quarter for 2025 and 2024. Cash flow, financing and liquidity Cash flow from operating activities amounted to MSEK -9 (160) for the third quarter and MSEK -36 (301) for the full reporting period. Cash flow during the quarter was primarily impacted by higher accounts receivable. The last couple months of the third quarter are seasonally strong for the Group’s project-based operations, which has resulted in a gradual build- up of accounts receivable. Cash conversion for the past 12-month period amounted to 29 percent. Net debt on the balance sheet date on 30 September 2025 excluding lease liabilities amounted to MSEK 3,070 (-392). Net debt including lease liabilities amounted to MSEK 3,726 (129). The Group’s cash and cash equivalents, including granted unutilised credits, amounted to MSEK 1,129 (2,235) on the balance sheet date on 30 September 2025. The equity/assets ratio was 33 percent (59). Investments The Group’s net investments/divestments in the third quarter amounted to MSEK 58 (35), of which MSEK 0 (-3) was attributable to corporate acquisi - tions/divestments. For the full reporting period, the Group’s net investments amounted to MSEK 1,672 (96), of which MSEK 1,463 (-17) net was attributable to corporate acquisitions/divestments. Cash flow from operating activities 1) (MSEK) Cash flow from operating activities per quarter (left-hand scale) Cash flow from operating activities rolling four quarters (right-hand scale) -200 -100 0 100 200 300 400 500 1,000 800 600 400 200 0 -200 -400 Per quarter Rolling four quarters Net debt (MSEK) (excluding lease liabilities) Net debt per quarter 3,200 1,600 0 1) Comparative periods in 2022 have not been restated with regard to Discontinued Operations. Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 -1,600 Employees The average number of employees was 5,251 (2,548) for the third quarter and 5,022 (2,537) for the full reporting period. Parent Company The Parent Company ITAB Shop Concept AB’s operations mainly consist of Group-wide functions. The Parent Company’s net sales pertain to revenue from subsidiaries and amounted to MSEK 72 (50) for the third quarter and MSEK 169 (153) for the reporting period. Profit after financial items totalled MSEK 265 (-5) for the quarter and MSEK 269 (31) for the reporting period. Profit includes dividends from subsidiaries of MSEK 268 (0) for the quarter and MSEK 298 million (65) for the reporting period as well as impairment of shares and receivables in subsidiaries of MSEK 0 (-1) for the quarter and MSEK 0 (-5) for the reporting period. Corporate acquisitions and divestments On 25 September 2024, ITAB agreed to acquire Financière HMY for a cash consideration of MEUR 320 on a cash and debt free basis. The transaction was conditional upon signing of a final and definitive share purchase agreement, necessary regulatory approvals as well as other customary closing conditions. With a final and definitive share purchase agreement entered into on 5 December 2024 and the other conditions for the trans - action fulfilled, the acquisition was completed on 31 January 2025. The purchase consideration was paid in connection with the closing of the transaction. HMY is consolidated in the ITAB Group as of 1 February 2025. In the second quarter, ITAB acquired the remaining 82 percent of the shares in Signatrix GmbH, a technology and retail AI startup, which thereby became a wholly owned subsidiary. In addition, all shares in the subsidiary La Fortezza Asia Sdn Bhd in Malaysia were divested during the quarter. Refer to Note 2 on page 12 for information. Other information Risks and uncertainties The Group’s significant risks and uncertainties include strategic risks, operational risks, financial risks, compliance and regulatory risks, and sus - tainability risks. For a more detailed account of the Group’s significant risks and risk management, refer to pages 73–77 in ITAB’s Annual Report for 2024. The Group’s key financial risks are also described in more detail in Note 4 on pages 101–102 in the Annual Report. The risks that are most prominent from a short-term perspective are risks and assessments regarding the integration of HMY, the impact of inflation and the economic climate on customers and suppliers and the continued impact of the changed global geopolitical conditions, with potential supply chain disruptions, possible trade barriers and persistently high prices for raw materials and energy. Estimates and assessments The preparation of this interim report requires management to make as - sessments and estimates as well as assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, revenue and expenses. The actual outcome may deviate from these estimates and judgements. Critical assessments and sources of uncertainty in estimates when preparing this interim report are the same as in the most recent Annual Report.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 6 Financial targets Growth Average growth in net sales (CAGR) of 4–8 percent per annum over a business cycle. Growth is to be achieved by sustainable organic growth and strategic acquisitions. Outcome for 2024: +8 percent Earnings Average EBIT margin (operating profit in relation to net sales) of 7–9 percent over a business cycle. Outcome for 2024: 7.0 percent 4–8% Sales growth 7–9% EBIT margin >80% Cash conversion >30% Proportion of profit after tax Capital efficiency Average cash conversion ratio (operational cash flow in relation to operating profit before depreciation and amorti - sation) of at least 80 percent over a business cycle. Outcome for 2024: 88 percent Dividend policy Dividends over a longer period should follow the result and correspond to at least 30 percent of the Group’s profit after tax. However, dividends will be adjusted to the Group’s invest- ment requirements and any share repurchase program. Outcome for 2024: No dividend for 2024 Transactions with related parties There have been no transactions between ITAB Shop Concept AB and related parties that have significantly affected the company’s position and results during the reporting period. Events after the end of the reporting period In mid-October, the Board of Directors appointed Björn Borgman as the new President & CEO of ITAB Group, effective 1 May 2026. ITAB’s current CEO, Andréas Elgaard, who announced his resignation at the end of July 2025, will leave ITAB on 6 January 2026. The Board of Directors has therefore appointed Glauco Frascaroli as interim President & CEO from 7 January 2026 until Björn Borgman assumes his role. In late October, Andreas Helmersson was also appointed as the new CFO of ITAB, effective no later than 1 November 2025. Andreas Helmersson has served as Interim CFO since 11 June 2025 and will now succeed Ulrika Bergmo Sköld as permanent CFO. No other significant events for the Group have taken place after the end of the reporting period. Auditor’s review report To the Board of Directors of ITAB Shop Concept AB (publ) Corp. Reg. No.: 556292-1089 Introduction We have reviewed the condensed interim financial information (interim report) for ITAB Shop Concept AB (publ) as of 30 September 2025 and the nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope and focus of the review We have conducted our review in accordance with the International Standard on Review Engagements Review of Interim Financial Statements Performed by the Independent Auditor of the Entity (ISRE 2410). A review consists of making inquiries, primarily to persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and a substantially more limited scope compared with the focus and scope of an audit conducted in accordance with the International Standards on Auditing and other generally accepted auditing standards. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant circumstances that might be identified in an audit. Consequently, the conclusion expressed on the basis of a review does not provide the same level of assurance as a conclusion expressed on the basis of an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report for the Group has not, in all material aspects, been compiled in accordance with IAS 34 and the Swedish Annual Accounts Act, and the interim report for the Parent Company, in accordance with the Swedish Annual Accounts Act. Jönköping, 30 October 2025 Ernst & Young AB Franz Lindström Authorised Public Accountant Translation from the Swedish original.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 7 The Group in summary Income statement – Group (MSEK) Note 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Revenue from contracts with customers 3 3,297 1,553 9,358 4,814 11,129 6,585 Costs of goods sold -2,494 -1,137 -7,061 -3,424 -8,365 -4,728 Gross profit 803 416 2,297 1,390 2,764 1,857 Selling expenses -415 -243 -1,245 -731 -1,514 -1,000 Administrative expenses -177 -102 -573 -277 -672 -376 Other operating income and expenses 9 -2 -13 -2 -33 -22 Operating profit 220 69 466 380 545 459 Financial income 4 6 18 20 31 49 Financial expenses 4 -57 -2 -196 -43 -207 -70 Profit after financial items 167 73 288 357 369 438 Tax expenses -68 -23 -127 -107 -138 -118 Net profit for the period – Continuing Operations 99 50 161 250 231 320 Discontinued Operations – ITAB Rus JSC Profit from Discontinued Operations, net after tax 2 – – – 1 – 1 Net profit for the period 99 50 161 251 231 321 Net profit for the period attributable to: Parent Company shareholders 91 43 143 238 216 311 Non-controlling interests 8 7 18 13 15 10 Depreciation and amortisation for the period amount to 127 64 371 188 437 254 Tax expenses for the period account for 41% 32% 44% 30% 37% 27% Earnings per share before dilution, SEK 0.36 0.19 0.56 1.09 0.85 1.38 Earnings per share after dilution, SEK 5.6 0.36 0.19 0.56 1.09 0.85 1.37 Average number of ordinary shares outstanding, thousands 5, 6 255,276 221,200 254,248 218,073 252,974 226,184 Average number of ordinary shares outstanding after dilution, thousands 5, 6 255,276 222,426 254,248 219,299 252,974 227,410 Number of ordinary shares outstanding, thousands 5, 6 255,276 239,740 255,276 239,740 255,276 253,221
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ITAB | Interim Report Q3 − 1 January–30 September 2025 8 Statement of other comprehensive income – Group (MSEK) Note 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Net profit for the period 99 50 161 251 231 321 Other comprehensive income Items that will not be reclassified to the income statement Revaluation of defined-benefit pension commitments – – – – -1 -1 Tax relating to items not to be reclassified – – – – 0 0 – – – – -1 -1 Items that may be reclassified to the income statement Translation differences 1 -13 -31 -100 73 -33 140 Hedging of net investments, net 4 7 0 -8 -5 -11 -8 Cash flow hedges, net 4 15 -10 -21 -14 -9 -2 Tax on items that may be reclassified -4 2 6 4 4 2 5 -39 -123 58 -49 132 Total other comprehensive income after tax 5 -39 -123 58 -50 131 Comprehensive income for the period 104 11 38 309 181 452 Comprehensive income for the period attributable to: Parent Company shareholders 96 8 38 294 177 433 Non-controlling interests 8 3 0 15 4 19 (MSEK) Note 30 Sep 2025 30 Sep 2024 31 Dec 2024 Assets Non-current assets Intangible assets Goodwill 3,803 1,819 1,844 Other intangible assets 1,247 182 220 5,050 2,001 2,064 Property, plant and equipment 1,941 1,182 1,250 Deferred tax assets 184 79 93 Financial assets 73 114 140 Total non-current assets 7,248 3,376 3,547 Current assets Inventories 1,588 886 799 Current receivables 3,498 1,227 1,222 Cash and cash equivalents 516 949 1,513 Total current assets 5,602 3,062 3,534 Total assets 12,850 6,438 7,081 Statement of financial position – Group (MSEK) Note 30 Sep 2025 30 Sep 2024 31 Dec 2024 Equity and liabilities Equity attributable to Parent Company shareholders 5, 6 4,170 3,701 4,128 Non-controlling interests 134 130 134 Deferred tax liabilities 297 38 44 Other non-current liabilities 4 3,846 991 1,050 Current liabilities 4 4,403 1,578 1,725 Total equity and liabilities 12,850 6,438 7,081 Interest-bearing net debt 3,726 129 -384 Interest-bearing net debt excl. lease liabilities 3,070 -392 -969
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ITAB | Interim Report Q3 − 1 January–30 September 2025 9 Statement of changes in equity – Group (MSEK) Note Share capital Other contributed capital Other reserves 1) Profit brought forward Attributable to Parent Company shareholders Attributable to non-controlling interests Total equity Equity as of 1 January 2024 93 1,093 103 1,760 3,049 159 3,208 Net profit for the period 238 238 13 251 Other comprehensive income 56 56 2 58 Comprehensive income January−September 2024 56 238 294 15 309 Dividends -161 -161 -15 -176 Acquisition of non-controlling interests 2 18 18 -29 -11 Share incentive program 6 2 2 2 Repurchase of own ordinary shares 5 -45 -45 -45 Bonus issue 5 1 -1 0 0 Cancellation of ordinary shares 5 -1 1 0 0 New share issue of ordinary shares 6 10 534 544 544 Equity as of 30 September 2024 103 1,629 159 1,810 3,701 130 3,831 Net profit for the period 73 73 -3 70 Other comprehensive income 67 -1 66 7 73 Comprehensive income October−December 2024 67 72 139 4 143 Share incentive program 6 1 1 1 New share issue of ordinary shares 6 6 281 287 287 Equity as of 31 December 2024 109 1,911 226 1,882 4,128 134 4,262 Equity as of 1 January 2025 109 1,911 226 1,882 4,128 134 4,262 Net profit for the period 143 143 18 161 Other comprehensive income -105 -105 -18 -123 Comprehensive income January−September 2025 -105 143 38 0 38 Dividends -29 -29 Acquisition and divestment partly owned companies 2 29 29 Share incentive program 6 -7 -10 -17 -17 Sale of own ordinary shares 6 24 24 24 Issue costs 6 -3 -3 -3 Equity as of 30 September 2025 109 1,901 121 2,039 4,170 134 4,304 1) Other reserves consist of translation reserve and hedging reserve.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 10 Statement of cash flows – Group (MSEK) Note 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Operating profit 220 69 466 380 545 459 Interest paid and received, tax and adjustments for items not included in the cash flow 57 34 194 139 249 194 Cash flow from operating activities before change in working capital 277 103 660 519 794 653 Change in working capital Change in inventories -44 -17 -178 -93 -114 -29 Change in operating receivables -288 87 -560 -218 -513 -171 Change in operating liabilities 46 -13 42 93 120 171 Cash flow from change in working capital -286 57 -696 -218 -507 -29 Cash flow from operating activities -9 160 -36 301 287 624 Investing activities Acquisition/divestment of companies and operations 2 0 3 -1,463 17 -1,448 32 Other net investments -58 -38 -209 -113 -272 -176 Cash flow from investing activities -58 -35 -1,672 -96 -1,720 -144 Cash flow after investing activities -67 125 -1,708 205 -1,433 480 Financing activities New share issue of ordinary shares 6 – 544 – 544 287 831 Dividends to shareholders – – – -161 – -161 Dividends to non-controlling interests -3 -15 -29 -15 -29 -15 Repurchase of ordinary shares – – – -45 – -45 Repayment of lease liabilities -44 -31 -126 -96 -158 -128 Cash flow from other financing activities 162 -32 848 -73 871 -50 Cash flow from financing activities 115 466 693 154 971 432 Cash flow for the period 48 591 -1,015 359 -462 912 Cash and cash equivalents at the start of the period 422 366 1,513 578 949 578 Translation differences on cash and cash equivalents 46 -8 18 12 29 23 Cash and cash equivalents at the end of the period 516 949 516 949 516 1,513 Cash flow from operating activities per share, SEK -0.03 0.73 -0.14 1.38 1.14 2.76
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ITAB | Interim Report Q3 − 1 January–30 September 2025 11 Income statement – Parent Company (MSEK) Note 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Full year Jan–Dec 2024 Net sales 1) 72 50 169 153 198 Costs of goods sold -9 -1 -20 -18 -24 Gross profit 63 49 149 135 174 Selling expenses -31 -48 -97 -87 -140 Administrative expenses -31 -7 -109 -48 -63 Other operating income and expenses -4 0 -6 1 -1 Operating profit -3 -6 -63 1 -30 Profit from participations in Group companies 268 0 298 60 83 Financial income and expenses 4 0 1 34 -30 -46 Profit after financial items 265 -5 269 31 7 Year-end appropriations – – – – 40 Profit before tax 265 -5 269 31 47 Tax expenses for the period 0 1 2 2 5 Net profit for the period 265 -4 271 33 52 1) Pertains to revenue from subsidiaries. The Parent Company in summary Statement of other comprehensive income – Parent Company (MSEK) Note 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Full year Jan–Dec 2024 Net profit for the period 265 -4 271 33 52 Other comprehensive income – – – – – Comprehensive income for the period 265 -4 271 33 52 Balance sheet – Parent Company (MSEK) Note 30 Sep 2025 30 Sep 2024 31 Dec 2024 Assets Non-current assets Property, plant and equipment 3 3 3 Financial assets 5,558 2,047 2,096 Deferred tax assets 21 19 21 Total non-current assets 5,582 2,069 2,120 Current assets Current receivables 663 167 181 Cash and bank balance 0 653 1,231 Total current assets 663 820 1,412 Total assets 6,245 2,889 3,532 Equity and liabilities Equity Restricted equity 116 110 116 Non-restricted equity 2,529 1,953 2,254 Total equity 5, 6 2,645 2,063 2,370 Non-current liabilities 3,046 563 566 Current liabilities 554 263 596 Total equity and liabilities 6,245 2,889 3,532
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ITAB | Interim Report Q3 − 1 January–30 September 2025 12 ITAB applies the International Financial Reporting Standards as adopted by the EU (IFRS® Accounting Standards). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting , relevant sections of the Swedish Annual Accounts Act, and the Swedish Corporate Reporting Board’s recommendation RFR 1 Supplementary Accounting Rules for Groups and RFR 2 Accounting for Legal Entities. The accounting policies applied correspond with the accounting policies used in the preparation of the most recent Annual Report. Notes Acquisitions in 2025 On 25 September 2024, ITAB agreed to acquire Financière HMY for a cash consideration of MEUR 320 on a cash and debt free basis. HMY is a leading European supplier of shop fittings, checkouts and store design to the retail industry, primarily in Europe, South America and the Middle East. The aim of the acquisition is to strengthen ITAB’s position and complement the Group’s current offering. The acquisition was financed with a combination of new debt and equity. The transaction was conditional upon signing of a final and definitive share purchase agreement, necessary regulatory approvals as well as other customary closing conditions. With a final and definitive share purchase agreement entered into on 5 December 2024 and the oth - er conditions for the transaction fulfilled, the acquisition was completed on 31 January 2025. The purchase consideration was paid in connection with the closing of the transaction. HMY is consolidated in the ITAB Group as of 1 February 2025. Expenses in connection with the transaction are reported on an ongoing basis as costs in profit or loss and are included in reported non-recurring items. Effect of the acquisition of the shares in HMY 2025 Preliminary fair values of acquired assets and liabilities, purchase consid - erations and the impact on the Group’s cash and cash equivalents accord - ing to preliminary acquisition analyses are presented in the table. Goodwill arising in the transaction primarily comprises the value of expected synergies and the value of the employees. Final payment of the purchase consideration is expected to take place in the first quarter of 2026. Refer also to Note 8 on page 15 for pro forma combined financial informa- tion for the ITAB Group including HMY for 2024. In May 2025, ITAB acquired the remaining 82 percent of the shares in Signa - trix GmbH (see Acquisitions in 2024 below). The company is consolidated in the ITAB Group as of June 2025. The impact on the Group’s cash and cash equivalents on the acquisition date was MSEK 0. Divestments in 2025 In connection with the restructurings in the Group, ITAB sold 100 percent of its shares in the company La Fortezza Asia Sdn Bhd in Malaysia through a subsidiary in April 2025. On the divestment date, the company had seven employees. The effect on earnings including accumulated currency translation differences amounted to MSEK -1 and was recognised as a non-recurring item in the second quarter of 2025. The divestment had an impact of MSEK 1 on cash flow in the quarter. the shares in Signatrix GmbH, a technology and retail AI startup. Since 2022, Signatrix and ITAB have together created frictionless security deterrents that reduce thefts and shrinkage for the retail sector. Divestments in 2024 In connection with restructurings in the Group, ITAB sold 100 percent of its shares in the company Nuco Sourcing (HK) Co Ltd in Hong Kong, with a subsidiary in Shenzhen, China, through a subsidiary in December 2024. On the divestment date, the Nuco Group had just over 65 employees. The purchase consideration amounted to MSEK 25. The effect on earnings including accumulated currency translation differences amounted to MSEK -16 and was recognised as a non-recurring item in the fourth quarter. The divestment had an impact of MSEK 15 on cash flow in the fourth quarter. Nuco Sourcing on the divestment date Fair value, MSEK Property, plant and equipment 4 Inventories 16 Accounts receivable 13 Other current assets 4 Cash and cash equivalents 10 Current liabilities -6 Profit from divestment -16 Consideration received 25 Less: Cash and cash equivalents on divestment date -10 Impact on the Group’s cash and cash equivalents 15 The Group’s Russian subsidiary, ITAB Rus JSC, has been recognised as Discontinued Operations in accordance with IFRS 5 since 2022. The dis - continuation of the operations was completed on 27 March 2024 through the divestment of all shares in the subsidiary. The purchase consideration amounted to MSEK 52. Since the Russian company was recognised as Discontinued Operations, only the line item Discontinued Operations in the consolidated income statement was impacted due to this divestment. Cash flow for 2024 was positively impacted in an amount of MSEK 52, of which MSEK 49 in the second quarter and MSEK 3 in the third quarter. For more information, refer to Note 5 in ITAB’s Annual Report for 2024. NOTE 2 Corporate acquisitions and divestments HMY Group on the acquisition date Preliminary fair values, MSEK Intangible assets 972 Property, plant and equipment 948 Deferred tax liabilities 92 Financial assets 8 Inventories 671 Accounts receivable 1,315 Other current assets 895 Deferred tax liabilities -270 Non-current liabilities incl. provisions and lease liabilities -2,380 Current liabilities incl. lease liabilities -2,498 Net identifiable assets and liabilities -247 Non-controlling interests -28 Group goodwill 2,024 Preliminary purchase consideration on a cash and debt free basis 1,749 Less net cash and cash equivalents in the acquired companies -285 Impact on the Group’s cash and cash equivalents on the acquisition date 1,464 IAS 29 Financial Reporting in Hyperinflationary Economies Argentina’s economy is considered to have been in a state of hyperinflation since 1 July 2018 Following the devaluation of the Argentinian peso in au - tumn 2023, the financial statements for ITAB’s subsidiary in Argentina have been adjusted to correct for the effects of inflation in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies . Refer to Note 35 in ITAB’s Annual Report for 2024 for further information. The adjustment for inflation was made in accordance with the Argen - tinian consumer price index (National CPI). The forecast base consumer NOTE 1 Accounting policies price index at 30 September 2025 was 9,193.2. The consumer price adjust- ment index at 30 September 2024 was 7,124.4. To hedge monetary assets against inflation, long-term investments have been made in an amount corresponding to MSEK 44. These are recognised at fair value through net financial items in the income statement. Following the acquisition of HMY, the ITAB Group also includes compa - nies in Turkey. Turkey is considered a hyperinflationary economy and is reported in the same manner as Argentina. Turkey’s consumer price index at 30 September 2025 was 3,367.22, and on initial recognition in ITAB on 1 February 2025, the consumer price index was 2,819.65. Acquisitions in 2024 At the start of May 2024, ITAB’s Italian subsidiary La Fortezza S.p.A. exer- cised its right to acquire the minority holding of 19 percent of the shares in its subsidiary Imola Retail Solution S.r.l. in accordance with the original acquisition agreement from October 2020. The purchase consideration for the outstanding minority holding amounted to approximately MEUR 1. The entity approach is applied for acquisitions, which means that all assets and liabilities as well as income and expenses are included in their entirety at the time of the initial acquisition, even for partly owned subsidiaries, and no further goodwill is therefore linked to the acquisition. The difference between valued non-controlling interests prior to acquisition and the pur - chase consideration is recognised directly in equity attributable to Parent Company shareholders. Cash flow from investing activities in the second quarter was impacted in an amount of MSEK -12. Cash flow for the second quarter was also impacted by MSEK -23 pertain - ing to an investment in a minority holding of approximately 18 percent of
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ITAB | Interim Report Q3 − 1 January–30 September 2025 13 ITAB has derivative instruments measured at fair value. The derivative instruments consist of currency derivatives and interest rate derivatives and are used for hedging purposes. These derivative instruments are classified in level 2 in accordance with IFRS 13 and fair value is calculated through discounted future cash flows according to the terms of the contracts and maturity dates, with all variables, such as discount rates and exchange rates, taken from market quotations for calculations. The fair value of the derivative instruments for hedging purposes is rec - ognised as a change in other comprehensive income. Any ineffectiveness is recognised immediately in net financial items in the income statement. In the first quarter of 2024, a reduction of MSEK 1 in financial expenses was recognised, pertaining to hedges that were deemed ineffective. The ITAB Group also holds bonds not used for hedging purposes. These are measured at fair value and the change is recognised in net financial items in the income statement. Carrying amount is considered to be a reasonable estimate of fair value for all financial assets and liabilities. No financial assets and liabilities have been moved between the valuation categories and the valuation tech - niques are unchanged during the year. For other information, refer to the latest Annual Report. Revenue recognition takes place when the Group satisfies a performance obligation by transferring promised goods and the customer gains control of the asset. This normally takes place on delivery in accordance with applicable delivery terms. In the case of concept sales where a service assignment is included, revenue recognition for the projects takes place over time. The projects are primarily short-term projects. The largest customer accounts for approximately 8 percent of external sales, and none of the ITAB Group’s other customers account for more than 5 percent of external sales. Sales by geographic area 2) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Southern Europe 1,496 372 4,309 1,053 4,736 1,480 Northern Europe 306 335 1,115 1,300 1,562 1,747 Central Europe 485 316 1,281 940 1,652 1,311 UK & Ireland 266 192 748 535 929 716 Eastern Europe 245 187 744 478 933 667 Rest of the World 499 151 1,161 508 1,317 664 Total 3,297 1,553 9,358 4,814 11,129 6,585 1) The customer groups are divided according to the industries in which the customers operate. Other customer groups largely consist of distributors, consumer electronics, pharmacies and health/beauty. 2) Southern Europe consists mainly of Italy, France, Spain and Portugal. Northern Europe consists of the Nordic countries. Central Europe’s largest markets are Germany, the Netherlands and Czechia. Eastern Europe’s largest markets are the Baltic countries, Poland, Romania, Lithuania and Turkey. Rest of the World comprises all countries outside Europe, with Australia, Argentina, Saudi Arabia, Brazil, Chile and Peru accounting for just over 50 percent of sales. Sales by customer group 1) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Grocery 1,653 913 4,760 2,688 5,755 3,683 Home Improvements 337 143 888 546 1,152 810 Fashion 450 172 1,122 510 1,256 644 Other customer groups 857 325 2,588 1,070 2,966 1,448 Total 3,297 1,553 9,358 4,814 11,129 6,585 NOTE 3 Revenue from contracts with customers by customer group and geographic area NOTE 4 Financial assets and liabilities
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ITAB | Interim Report Q3 − 1 January–30 September 2025 14 NOTE 6 Share incentive program, directed share issue and number of shares after dilution Number of shares after dilution 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Full year Jan–Dec 2024 Number of ordinary shares outstanding at the start of the period 255,275,518 215,020,533 253,220,533 217,558,444 217,558,444 Conversion of Class C shares to ordinary shares 1) – – 2,054,985 – – New share issue of ordinary shares – 24,719,827 – 24,719,827 38,200,000 Repurchase of ordinary shares 2) – – – -2,537,911 -2,537,911 Number of ordinary shares outstanding at the end of the period 255,275,518 239,740,360 255,275,518 239,740,360 253,220,533 Effect of LTIP 2022 – 1,225,838 – 1,225,838 1,225,838 Number of ordinary shares outstanding after dilution 255,275,518 240,966,198 255,275,518 240,966,198 254,446,371 Average number of ordinary shares outstanding 255,275,518 221,200,490 254,248,026 218,072,839 226,183,845 Average number of ordinary shares outstanding after dilution 255,275,518 222,426,328 254,248,026 219,298,677 227,409,683 1) Pertains to the conversion of 2,054,985 Class C shares into ordinary shares in connection with the conclusion of LTIP 2022 in the second quarter of 2025. Of the converted shares, 1,043,671 ordinary shares were conveyed to the participants in LTIP 2022, and the remaining 1,011,314 ordinary shares were conveyed on Nasdaq Stockholm to cover part of the costs for the program. 2) The purpose of the buyback of ordinary shares was to optimise the capital structure with the aim of reducing ITAB’s share capital by cancelling repurchased shares. Following the resolution of the AGM on 15 May 2024, the cancellation of all 3,079,659 repurchased ordinary shares was completed. Share incentive program The 2022 AGM resolved on a long-term incentive program for key individ - uals (LTIP 2022) extending from June 2022 until June 2025. The program ended in the second quarter of 2025. As a result, 2,054,985 Class C shares were converted to ordinary shares, and 1,043,671 ordinary shares were thereafter conveyed to the participants and the remaining 1,011,314 ordi- nary shares were conveyed on Nasdaq Stockholm to cover part of the costs for the program. The 2025 AGM resolved on a new long-term incentive program for key individuals (LTIP 2025) that will be implemented during the year. The Group and the Parent Company recognised LTIP 2022 in accordance with IFRS 2 Share-based Payment. For information about LTIP 2022, see Note 8 of ITAB’s Annual Report for 2024. Directed share issue On 26 September 2024, ITAB’s Board of Directors resolved to carry out a directed share issue of a total of 38,200,000 ordinary shares at a subscription price of SEK 22.70 per share, whereby ITAB raised approximately MSEK 867 before transaction costs. The subscription price corresponded to a discount of approximately 9.9 percent in relation to the closing price of the ITAB share on Nasdaq Stockholm on 25 September 2024 and was determined through an accelerated bookbuilding procedure. The issue was oversubscribed and a large number of Swedish and international institutional investors participated in the directed share issue including Handelsbanken Funds, Nordea Funds, Third AP Fund, Fourth AP Fund and Alcur, as well as certain existing shareholders. The purpose of the directed share issue was to partly finance the acquisition of HMY, along with securing new long-term credit facilities. 24,719,827 of the newly issued shares were issued based on the Board’s authorisation from the AGM held on 15 May 2024 and the remaining 13,480,173 shares were issued following subsequent approval at the Extraordinary General Meeting held on 21 October 2024. As of 31 December 2024, a total of MSEK 831 had been provided to the company in issue proceeds after transaction costs, of which MSEK 16 is share capital. Holding of own shares in treasury At 30 September 2025, ITAB held no ordinary shares in treasury. All 2,345,015 Class C shares were held in treasury. NOTE 5 Repurchases of own shares 2023–2024 On 28 September 2023, ITAB initiated a share buyback program with a maximum purchase amount of MSEK 50. The buyback program ran from 29 September 2023 until 22 March 2024, when the maximum amount for share repurchases of MSEK 50 was reached. A total of 3,079,659 ordinary shares were repurchased within the framework of the program, of which 541,748 shares were repurchased in 2023 and 2,537,911 shares in 2024. The purpose of the buyback program was to optimise the capital structure with the aim of reducing ITAB’s share capital by cancelling repurchased ordinary shares. In accordance with the Annual General Meeting’s (AGM) decision on 15 May 2024, the share capital was subse- quently reduced by SEK 1,284,218 through the cancellation of 3,079,659 repurchased ordinary shares. In order to restore the share capital, the AGM simultaneously resolved to increase the company’s share capital by SEK 1,284,218 through a bonus issue without issuing new shares by transferring the amount from the company’s non-restricted equity. Following the can - cellation of ordinary shares and the bonus issue, the company’s restricted equity and share capital were unchanged.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 15 The acquisition of HMY was completed on 31 January 2025, and the com - pany is consolidated in the ITAB Group as of 1 February 2025. To illustrate the financial effects of the acquisition and to facilitate comparisons with the previous year, the comparative figures per quarter and for full year 2024 as well as the first quarter of 2025 are also presented as combined financial information on a pro forma basis below. The restated financial information for 2024 has been prepared and presented in accordance with the ITAB Group’s accounting policies as described in ITAB’s Annual & Sustainability NOTE 8 Pro forma combined financial information for the ITAB Group including HMY for the 2025 reporting period and full year 2024 First quarter Second quarter Third quarter 9 months Fourth quarter Full year Pro forma 1) Pro forma Outcome Pro forma Outcome Pro forma Pro forma Pro forma Pro forma Pro forma (MSEK) Jan−Mar 2025 Jan−Mar 2024 Δ Apr−Jun 2025 Apr−Jun 2024 Δ Jul−Sep 2025 Jul−Sep 2024 Δ Jan−Sep 2025 Jan−Sep 2024 Δ Oct−Dec 2024 Jan−Dec 2024 Revenue from contracts with customers 3,308 2,847 +16% 3,242 3,433 -6% 3,297 3,356 -2% 9,847 9,636 +2% 3,643 13,279 Costs of goods sold -2,489 -2,125 -2,458 -2,542 -2,494 -2,568 -7,441 -7,235 -2,816 -10,052 Gross profit 819 722 +13% 784 891 -12% 803 788 +2% 2,406 2,401 +0% 827 3,227 Gross margin, % 24.8% 25.4% 24.2% 25.9% 24.4% 23.5% 24.4% 24.9% 22.7% 24.3% EBITDA excl. non-recurring items 2) 320 298 +7% 291 412 -29% 369 344 +7% 980 1,054 -7% 324 1,377 EBITDA margin 9.7% 10.5% 9.0% 12.0% 11.2% 10.3% 10.0% 10.9% 8.9% 10.4% Adjusted EBIT excl. non-recurring items 2) and amortisation of acquisition-related assets 209 186 +12% 179 299 -40% 260 230 +13% 648 715 -9% 201 918 Adjusted EBIT margin, % 6.3% 6.5% 5.5% 8.7% 7.9% 6.9% 6.6% 7.4% 5.5% 6.9% 1) Pro forma for the combined Group including HMY for three months (January–March) in the first quarter of 2025. 2) See pages 2 and 4–5 and the consolidated income statement on page 7 for information on EBITDA and operating profit including non-recurring items for ITAB in the first, second and third quarters of 2025 and 2024 and for full year 2024. Non-recurring items for the first, second and third quarters of 2025 for the consolidated ITAB Group amounted to MSEK -55, MSEK -39 and MSEK -22, respectively, and pertained primarily to acquisition and integration costs in connection with the acquisition of HMY. Non-recurring items in ITAB for 2024 totalled MSEK -48 and pertained to acquisition costs in conjunction with the acquisition of HMY and a capital loss in conjunction with the sale of a Group company in China. Non-recurring items in HMY for 2024 totalled MSEK -19 and mainly pertained to the restructuring and discontinuation of business operations. NOTE 7 Pledged assets and contingent liabilities For pledged assets and contingent liabilities, refer to the Group’s Annual Report for 2024 since no other major changes have taken place to date in 2025. Report for 2024, subject to the fact that the fair values of acquired assets and liabilities have not yet been finally determined and excluding any potential depreciation and amortisation of surplus values that may arise in connection with the acquisition of HMY. On a pro forma basis, net sales in MSEK for the combined ITAB Group increased by 8 percent in 2024 com - pared with 2023. NB: All items below exclude non-recurring items. The combined financial information has not been audited. Pro forma sales trend for the ITAB Group in 2025 Pro forma for the combined Group, currency-adjusted sales increased by +4 percent in the third quarter of 2025 and increased by +2 percent in the full 2025 reporting period compared with the preceding year.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 16 Quarterly overview for the Group Per quarter (MSEK) Jul–Sep 2025 Jul–Sep 2024 Apr−Jun 2025 Apr−Jun 2024 Jan–Mar 2025 Jan–Mar 2024 Oct–Dec 2024 Oct–Dec 2023 Revenue from contracts with customers 3,297 1,553 3,242 1,685 2,819 1,576 1,771 1,601 Costs of goods sold -2,494 -1,137 -2,458 -1,187 -2,109 -1,100 -1,304 -1,122 Gross profit 803 416 784 498 710 476 467 479 Selling expenses -415 -243 -439 -253 -391 -235 -269 -239 Administrative expenses -177 -102 -206 -91 -190 -84 -99 -83 Other operating income and expenses 9 -2 -19 -4 -3 4 -20 -15 Operating profit 220 69 120 150 126 161 79 142 Financial items -53 4 -72 -7 -53 -20 2 -5 Profit after financial items 167 73 48 143 73 141 81 137 Tax expenses -68 -23 -27 -46 -32 -38 -11 -18 Net profit for the period – Continuing Operations 99 50 21 97 41 103 70 119 Net profit for the period – Discontinued Operations – − – – – 1 – -5 Net profit for the period 99 50 21 97 41 104 70 114 Net profit for the period attributable to: Parent Company shareholders 91 43 15 95 37 100 73 111 Non-controlling interests 8 7 6 2 4 4 -3 3 Non-recurring items 1), MSEK -22 -21 -39 – -55 – -27 – Operating profit excl. non-recurring items, MSEK 242 90 159 150 181 161 106 142 Operating margin excl. non-recurring items, % 7.3 5.8 4.9 8.9 6.4 10.2 6.0 8.9 Cash flow from operating activities, MSEK -9 160 -53 77 26 64 323 376 Earnings per share before dilution 2, 3), SEK 0.36 0.19 0.06 0.44 0.14 0.46 0.29 0.51 Earnings per share after dilution 2, 3), SEK 0.36 0.19 0.06 0.44 0.14 0.46 0.28 0.50 Equity per share 2, 3), SEK 16.33 15.44 15.96 14.64 16.07 14.95 16.30 14.01 Return on equity per annum 2), % 8.8 5.0 1.5 12.0 3.6 12.8 7.5 14.4 Share price at the end of the period, SEK 16.92 30.00 22.95 25.90 20.30 20.30 20.90 12.10 1) Non-recurring items for 2025 pertain primarily to acquisition and integration costs in conjunction with the acquisition of HMY. Non-recurring items for 2024 pertained to acquisition costs in conjunction with the acquisition of HMY and a capital loss of MSEK -16 in conjunction with the sale of a Group company in China in the fourth quarter. 2) Including Discontinued Operations. 3) Refer to Note 6 on page 14 for information about the number of shares after dilution.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 17 Full-year overview for the Group Rolling 12 months as of (MSEK) 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 31 Dec 2023 Revenue from contracts with customers 11,129 9,385 7,828 6,585 6,415 6,391 6,210 6,139 Costs of goods sold -8,365 -7,008 -5,737 -4,728 -4,546 -4,498 -4,414 -4,420 Gross profit 2,764 2,377 2,091 1,857 1,869 1,893 1,796 1,719 Selling expenses -1,514 -1,342 -1,156 -1,000 -970 -944 -927 -935 Administrative expenses -672 -597 -482 -376 -360 -339 -329 -327 Other operating income and expenses -33 -44 -29 -22 -17 -28 -17 -25 Operating profit 545 394 424 459 522 582 523 432 Financial items -176 -119 -54 -21 -28 -48 -54 -47 Profit after financial items 369 275 370 438 494 534 469 385 Tax expenses -138 -93 -112 -118 -125 -136 -115 -93 Net profit for the period – Continuing Operations 231 182 258 320 369 398 354 292 Net profit for the period – Discontinued Operations – – – 1 -4 -9 -4 -12 Net profit for the period 231 182 258 321 365 389 350 280 Net profit for the period attributable to: Parent Company shareholders 216 168 248 311 349 376 337 270 Non-controlling interests 15 14 10 10 16 13 13 10 Non-recurring items 1), MSEK -143 -142 -103 -48 -21 – – – Operating profit excl. non-recurring items, MSEK 688 536 527 507 543 582 523 432 Operating margin excl. non-recurring items, % 6.2 5.7 6.7 7.7 8.5 9.1 8.4 7.0 Cash flow from operating activities, MSEK 287 456 586 624 677 746 882 810 Earnings per share before dilution 2, 3), SEK 0.85 0.68 1.06 1.38 1.60 1.73 1.55 1.24 Earnings per share after dilution 2, 3), SEK 0.85 0.67 1.05 1.37 1.59 1.72 1.54 1.23 Equity per share 2, 3), SEK 16.33 15.96 16.07 16.30 15.44 14.64 14.95 14.01 Return on equity per annum 2), % 5.4 4.4 6.8 9.0 10.8 12.0 10.9 8.8 1) Non-recurring items for 2025 pertain primarily to acquisition and integration costs in conjunction with the acquisition of HMY. Non-recurring items for 2024 pertained to acquisition costs in conjunction with the acquisition of HMY and a capital loss in conjunction with the sale of a Group company in China in the fourth quarter (MSEK -16). 2) Including Discontinued Operations. 3) Refer to Note 6 on page 14 for information about the number of shares after dilution.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 18 Key ratios & definitions Key ratios 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Revenue from contracts with customers, MSEK 3,297 1,553 9,358 4,814 11,129 6,585 EBITDA, MSEK 347 133 837 568 982 713 EBITDA margin, % 10.5 8.5 8.9 11.8 8.8 10.8 EBITDA excl. non-recurring items, MSEK 369 154 953 589 1,125 761 EBITDA margin excl. non-recurring items, % 11.2 9.9 10.2 12.2 10.1 11.6 Operating profit, MSEK 220 69 466 380 545 459 Operating margin, % 6.7 4.4 5.0 7.9 4.9 7.0 Operating profit excl. non-recurring items, MSEK 242 90 582 401 688 507 Operating margin excl. non-recurring items, % 7.3 5.8 6.2 8.3 6.2 7.7 Profit after financial items, MSEK 167 73 288 357 369 438 Profit margin, % 5.1 4.7 3.1 7.4 3.3 6.7 Profit after financial items excl. non-recurring items, MSEK 189 94 407 378 515 486 Profit margin excl. non-recurring items, % 5.7 6.1 4.3 7.9 4.6 7.4 Profit after tax, MSEK 99 50 161 250 231 320 Cash flow from operating activities, MSEK -9 160 -36 301 287 624 Cash conversion, % N/A 121 N/A 53 29 88 Earnings per share before dilution, SEK 1) 0.36 0.19 0.56 1.09 0.85 1.38 Earnings per share after dilution, SEK 1) 0.36 0.19 0.56 1.09 0.85 1.37 Cash flow from operating activities per share, SEK -0.03 0.73 -0.14 1.38 1.14 2.76 Number of ordinary shares outstanding at the end of the period 255,275,518 239,740,360 255,275,518 239,740,360 255,275,518 253,220,533 Average number of ordinary shares outstanding 255,275,518 221,200,490 254,248,026 218,072,839 252,973,975 226,183,845 Average number of ordinary shares outstanding after dilution 1) 255,275,518 222,426,328 254,248,026 219,298,677 252,973,975 227,409,683 Share price at the end of the period, SEK 16.92 30.00 16.92 30.00 16.92 20.90 Balance sheet total, MSEK 12,850 6,438 12,850 6,438 12,850 7,081 Interest-bearing net debt, MSEK 3,726 129 3,726 129 3,726 -384 Interest-bearing net debt excl. lease liabilities, MSEK 3,070 -392 3,070 -392 3,070 -969 Equity attributable to Parent Company shareholders, MSEK 4,170 3,701 4,170 3,701 4,170 4,128 Equity per share, SEK 16.33 15.44 16.33 15.44 16.33 16.30 Equity/assets ratio, % 33 59 33 59 33 60 Return on equity per annum, % 8.8 5.0 4.6 9.7 5.4 9.0 Return on capital employed per annum, % 10.3 7.2 7.7 11.5 7.7 10.6 Return on total capital per annum, % 6.9 5.5 5.3 8.8 5.4 8.1 Interest-coverage ratio, multiple 4.2 7.2 2.8 9.4 3.0 7.2 Net investments, MSEK 58 35 1,672 96 1,720 144 Net investments excl. corporate acquisitions/divestments, MSEK 58 38 209 113 272 176 Average number of employees 5,251 2,548 5,022 2,537 3,775 2,532 1) Refer to Note 6 on page 14 for information about the number of shares after dilution.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 19 EBITDA (Operating profit before depreciation and amortisation) Operating profit before depreciation, amortisation and impairment of property, plant and equipment and intangible assets. A relevant profit measure to assess the company’s profit trend over time. (MSEK) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Operating profit 220 69 466 380 545 459 Depreciation and amortisation 127 64 371 188 437 254 EBITDA 347 133 837 568 982 713 Reversal of non-recurring items 22 21 116 21 143 48 EBITDA excl. non-recurring items 369 154 953 589 1,125 761 Cash conversion Operational cash flow in relation to EBITDA A relevant measure to assess capital efficiency. This measure is included in ITAB’s financial targets. (MSEK) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Operational cash flow (cash flow from operating activities) -9 160 -36 301 287 624 EBITDA 347 133 837 568 982 713 Cash conversion, % N/A 121 N/A 53 29 88 Interest-bearing net debt Non-current and current interest-bearing liabilities including lease liabilities less interest-bearing assets as well as cash and cash equivalents. A relevant measure to show ITAB’s total loan financing. This measure is included in the covenants in ITAB’s loan agreements with the company’s banks. (MSEK) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Interest-bearing non-current liabilities 3,676 947 3,676 947 3,676 998 Interest-bearing current liabilities 616 209 616 209 616 235 Interest-bearing assets -50 -78 -50 -78 -50 -104 Cash and cash equivalents -516 -949 -516 -949 -516 -1,513 Interest-bearing net debt 3,726 129 3,726 129 3,726 -384 Reversal of interest-bearing lease liabilities -656 -521 -656 -521 -656 -585 Interest-bearing net debt excl. lease liabilities 3,070 -392 3,070 -392 3,070 -969 Key ratios included in this report derive primarily from the disclosure require - ments according to IFRS and the Swedish Annual Accounts Act. In addition, reference is made to a number of performance measures that are not defined in the IFRS regulations or directly in the income statement or state - ment of financial position, with the aim of illustrating the company’s profit Alternative performance measures trend and financial position and how the company has invested its capital. These financial measures are not always calculated in the same way by all companies. The main alternative performance measures presented in this report are EBITDA, cash conversion, interest-bearing net debt and return on equity, capital employed and total capital. The reconciliation of these as well as the definitions of other key ratios can be found below.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 20 Return on equity Annualised net profit for the period attributable to the Parent Company’s shareholders in relation to average equity attributable to the Parent Company’s shareholders. This measure shows the return on the shareholders’ capital invested in the ITAB Group. (MSEK) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Annualised net profit attributable to Parent Company shareholders 365 172 191 318 216 311 Equity attributable to Parent Company shareholders 4,170 3,701 4,170 3,701 4,170 4,128 Average equity attributable to Parent Company shareholders 4,122 3,425 4,111 3,278 4,029 3,448 Return on equity, % 8.8 5.0 4.6 9.7 5.4 9.0 Return on capital employed Annualised profit after financial items for the period plus financial borrowing costs for the period in relation to average balance sheet total less non interest-bearing liabilities. Relevant measure for assessing ITAB’s efficiency and added value from the business. (MSEK) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Annualised profit after financial items plus financial borrowing costs 877 342 592 533 553 508 Average balance sheet total less non interest-bearing liabilities 8,481 4,740 7,711 4,623 7,166 4,798 Return on capital employed, % 10.3 7.2 7.7 11.5 7.7 10.6 Return on total capital Annualised profit after financial items for the period plus financial borrowing costs for the period in relation to average total capital. This measure is relevant for assessing the ability to generate profit on the Group’s assets regardless of financing costs. (MSEK) 3 months Jul–Sep 2025 3 months Jul–Sep 2024 9 months Jan–Sep 2025 9 months Jan–Sep 2024 Rolling 12 months as of 30 Sep 2025 Full year Jan–Dec 2024 Annualised profit after financial items plus financial borrowing costs 877 342 592 533 553 508 Average total capital 12,707 6,207 11,256 6,055 10,293 6,260 Return on total capital, % 6.9 5.5 5.3 8.8 5.4 8.1 Alternative performance measures, cont.
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ITAB | Interim Report Q3 − 1 January–30 September 2025 21 Performance measure Definition Motive Equity per share Equity at the end of the period attributable to Parent Company shareholders in relation to the number of ordinary shares outstanding at the end of the period. Measure to describe how much equity belongs to the shareholders of the Parent Company. Cash flow from operating activities per share Cash flow from operating activities in relation to the average number of outstanding ordinary shares. This measure highlights ITAB’s ability to generate cash flow and pay dividends to its shareholders. Average number of employees Number of worked hours divided by normal annual working time. This measure shows the size of ITAB’s workforce. Earnings per share after dilution Net profit for the period attributable to Parent Company shareholders in relation to the average number of ordinary shares outstanding after dilution. For calculation of earnings per share after dilution, the average number of shares is adjusted taking into account the effects of dilutive potential ordinary shares, which, during the reporting periods in question, comprised rights to receive shares in ITAB within the framework of any long-term incentive programs. Matching share rights held by employees as of the reporting date are consid - ered dilutive. Moreover, the right to receive shares with performance conditions is dilutive only to the extent that set performance targets are met as of the reporting date. Adjustment of the number of dilutive shares is based on the hypothetical number of shares that could have been purchased with the value of remaining positions within the framework of the incentive programs. A valuation measure that highlights ITAB’s ability to pay dividends to its shareholders. Earnings per share before dilution Net profit for the period attributable to Parent Company shareholders in relation to the average number of ordinary shares outstanding before dilution. A valuation measure that highlights ITAB’s ability to pay dividends to its shareholders. Interest-coverage ratio Profit after financial items plus financial interest expenses in relation to financial borrowing costs. Shows ITAB’s ability to cover its financial expenses. Operating margin / EBIT margin Operating profit in relation to revenue. Relevant for assessing ITAB’s efficiency and added value. This measure is included in ITAB’s financial targets. Equity/assets ratio Equity in relation to total capital. This measure highlights financial risk. Total capital Total equity and liabilities (balance sheet total). This measure highlights the size of the company’s total assets. Currency-adjusted sales Translation of the foreign subsidiaries’ income statements are conducted at each period’s average currency rate. For comparison of profit excluding currency effects, the companies are recalculated at the previous year’s average currency rate for the same period. ITAB applies the European Central Bank’s average rates for the whole period. As of the 2023 financial year, the effects of the Group’s opera - tions in hyperinflationary countries are excluded from the calculation of currency effects. Relevant to show the sales and profit trend without any effects from currency rate fluctuations. This measure is included in ITAB’s financial targets. Profit margin Profit after financial items in relation to revenue. Relevant for assessing ITAB’s efficiency and added value. Other definitions
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ITAB | Interim Report Q3 − 1 January–30 September 2025 22 For further information: ITAB Shop Concept AB (publ) Corp. Reg. No. 556292-1089 Box 9054, SE-550 09 Jönköping, Sweden E-mail: ir@itab.com itabgroup.com, itab.com Financial calendar Year-End Report 2025 – 1 Jan–31 Dec 2025 10 February 2026 Annual & Sustainability Report 2025 April 2026 Interim Report 3 months – 1 Jan–31 Mar 2026 30 April 2026 Annual General Meeting 2026 in Jönköping 7 May 2026 Interim Report 6 months – 1 Jan–30 Jun 2026 16 July 2026 Interim Report 9 months – 1 Jan–30 Sep 2026 3 November 2026 Year-End Report 2026 – 1 Jan–31 Dec 2026 10 February 2027 Andréas Elgaard President & CEO +46-73-232 16 35 Mats Karlqvist Head of Investor Relations +46-70-660 31 32 Share information Listing Nasdaq Stockholm Mid Cap list ISIN SE0015962097 Ticker symbol ITAB Share price on 30 September 2025 SEK 16.92 Sector classification Industrial Goods & Services The information in this report is such that ITAB Shop Concept AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CET on 30 October 2025. This report has been subject to special review by the Company’s auditors. This report is in all respect a translation of the Swedish original Interim Report. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail. About ITAB Group ITAB Group develops, manufactures, sells and installs a broad range of solutions and services in interior fixtures, technology and lighting for stores in the retail sector. The Group has approximately SEK 13.3 billion in annual sales, some 5,400 employees and 24 production facilities in Europe, South America, Mexico and China. Our offering covers: Retail Tech Efficient and inspiring solutions for self- service and self-checkouts in stores, smart gates, consumer guidance solutions, conventional checkouts, and digital interactive solutions. Retail Interior Modern and customised store experiences with bespoke interiors co-created with retailers through an iterative design process. Retail Lighting Complete professional lighting systems, light planning and lighting services for the retail sector. Retail Services Concept creation, store and design solutions, project management, installation and maintenance.