Q3: Robust organic growth during the quarter and period

Third quarter (July-September 2026)

• Net sales amounted to SEK 778 million (702), an increase of 10.9 percent. Organic growth for comparable units amounted to 4.7 percent (-7.4). Adjusted for currency effects, organic growth for comparable units amounted to 4.0 percent (-6.3).
• EBITA amounted to SEK 81 million (70) with a margin of 10.5 percent (10.0).
• EBIT amounted to SEK 66 million (55).
• Cash flow from operating activities amounted to SEK -9 million (45).
• Novedo carried out directed issues of convertible bonds totalling SEK 115,797,453.

Period (January-September 2026)

• Net sales amounted to SEK 2,336 million (2,108), an increase of 10.8 percent. Organic growth for comparable units amounted to 4.5 percent (-7.0). Adjusted for currency effects, organic growth for comparable units amounted to 4.7 percent (-6.0). Net sales were initially adversely affected by winter conditions across all the Nordic countries and by delays in project start-ups.
• EBITA amounted to SEK 152 million (162) with a margin of 6.5 percent (7.7). Profit was reduced by approximately SEK -25 million because of winter-related effects, which led to project start-dates being postponed and higher costs in ongoing projects. Profit was also reduced by one-off project write-downs of approximately SEK -10 million.
• EBIT amounted to SEK 105 million (117).
• Cash flow from operating activities amounted to SEK -12 million (87). Cash flow was affected by seasonal factors and the postponement of project start-ups, as well as higher income tax payments resulting from a one-off adjustment relating to previous years.
• The leverage ratio, as defined in the bond terms, was just under 4.5 times at the end of the period.

Significant events after the balance sheet date

• President and CEO Per-Johan Dahlgren announced that he intends to leave Novedo.
• Novedo carried out directed issues of convertible bonds totalling SEK 7,531,822. Following the transaction,
  convertible bonds totalling SEK 785,317,123 have been issued within a framework of SEK 1,000 million.

Per-Johan Dahlgren, President & CEO of Novedo, comments:
Novedo showed robust organic growth for both the third quarter and the nine-month period, in a market climate that remained characterised by a degree of caution, and despite a relatively strong third quarter last year. This demonstrates the strength of our companies, which are working purposefully to improve capacity utilisation and efficiency. The order book remained stable at the end of the period.

Profitability has improved across the business. However, working capital requirements have increased, partly because a larger proportion of the work was invoiced retrospectively compared with the previous year. This has negatively impacted cash flow for the quarter. The leverage ratio, as defined in the bond terms, was just under 4.5 times at the end of the period. It is assessed that the market is gradually improving, which will lead to stronger earnings growth and a lower leverage ratio.