Interim Report Third Quarter 2025

Third Quarter │ July–Sep 2025

Net sales amounted to TSEK 215,349 (153,148), which is an increase of 40.6 % compared to the same period last year.

The gross margin amounted to 52.6% (53.5).

Operating profit before depreciation (EBITDA) amounted to TSEK 68,005 (44,038) which corresponds to an operating margin before depreciation of 31.6 % (28.8).

Operating profit (EBIT) amounted to TSEK 45,075 (26,048), which corresponds to an operating margin of 20.9 % (17.0).

Earnings per share before dilution amounted to SEK 3.15 (1.82).

Jan–Sep 2025

Net sales amounted to TSEK 646,435 (458,343), which is an increase of 41.0 % compared to the same period last year.

The gross margin amounted to 52.1 % (52.9).

Operating profit before depreciation (EBITDA) amounted to TSEK 213,714 (131,473), which corresponds to an operating margin before depreciation of 33.1 % (28.7).

Operating profit (EBIT) amounted to TSEK 149,558 (80,480), which corresponds to an operating margin of 23.1 % (17.6).

Earnings per share before dilution amounted to SEK 10.50 (5.54).

Comments from the CEO

The third quarter has continued in the same strong direction as the two previous ones. Growth in both installations and net sales are still very good. The underlying increase in demand, which started to grow almost a year ago, persists, and in combination with successful product launches – such as TRM-01 – these factors have continued to drive development during the quarter.

The dimmable smart plug SPD-01, which was launched during the previous quarter, has now reached the customers. The product is not considered to be a direct growth driver, but plays an important role as a brand strengthener and entry-level product.

The cost-optimized versions of our downlights have now entered production. As these involve large volumes and changes in inventory management, the effect on the gross margin is expected to become visible further ahead. On the production side, several new initiatives have been initiated that are expected to contribute positively to the gross profit. These initiatives have a longer-term perspective, with noticeable effects first during the coming year.

Operations are developing according to plan, with strong organic growth and steadily
improved profitability.

I would like to extend my sincere thanks to the entire team for a very well-executed effort during the quarter.

Babak Esfahani

CEO