Interim report January-September 2026
Summary by AI BETAClose X
Reporting period January – September
- Net sales increased 7.6 per cent to SEK 22,288 (20,717) million. Organically, net sales grew by 2.5 per cent.
- EBITA increased 10.3 per cent to SEK 5,072 (4,600) million.
- The EBITA margin improved 0.6 percentage points to 22.8 (22.2) per cent.
- Profit before tax grew 14.4 per cent to SEK 3,932 (3,437) million.
- Net profit for the period grew 11.7 per cent to SEK 2,930 (2,624) million.
- Earnings per share before and after dilution increased 11.7 per cent till SEK 6.38 (5.71).
- Cash flow from operating activities increased 12.0 per cent to SEK 3,514 (3,138) million.
- Seven new businesses were consolidated during the period with estimated total annual net sales on the acquisition dates of approximately SEK 670 million.
Reporting period July – September
- Net sales increased 8.3 per cent to SEK 7,407 (6,842) million. Organically, net sales grew by 1.6 per cent.
- EBITA increased 10.7 per cent to SEK 1,708 (1,543) million.
- The EBITA margin improved 0.5 percentage points to 23.1 (22.6) per cent.
- Profit before tax grew 17.7 per cent to SEK 1,323 (1,124) million.
- Net profit for the period grew 9.5 per cent to SEK 986 (900) million.
- Cash flow from operating activities increased 19.2 per cent to SEK 1,662 (1,394) million.
Summary of financial performance
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 22,288 | 20,717 | 7.6% | 7,407 | 6,842 | 8.3% | 29,822 | 5.6% | 28,251 |
| EBITA | 5,072 | 4,600 | 10.3% | 1,708 | 1,543 | 10.7% | 6,790 | 7.5% | 6,318 |
| EBITA margin | 22.8% | 22.2% | 0.6 | 23.1% | 22.6% | 0.5 | 22.8% | 0.4 | 22.4% |
| Profit before tax | 3,932 | 3,437 | 14.4% | 1,323 | 1,124 | 17.7% | 5,251 | 10.4% | 4,756 |
| Net profit for the period | 2,930 | 2,624 | 11.7% | 986 | 900 | 9.5% | 3,975 | 8.3% | 3,669 |
| Earnings per share before and after dilution | 6.38 | 5.71 | 11.7% | 2.15 | 1.96 | 9.7% | 8.66 | 8.3% | 8.00 |
| Return on capital employed | 20.5% | 20.5% | 0.0 | 20.5% | 20.5% | 0.0 | 20.5% | 0.0 | 20.5% |
| Return on capital employed excl. goodwill | 127% | 131% | -4 | 127% | 131% | -4 | 127% | -5 | 132% |
Comments from the CEO
Sales increased 7.6 per cent to SEK 22,288 (20,717) million in the first nine months of the year, driven by organic growth and acquisitions. All business areas except Dental reported organic growth. The increase in sales was especially strong in Transportation Products and Systems Solutions as a result of acquisitions. Exchange rate effects negatively impacted sales for the period.
EBITA increased 10.3 per cent to SEK 5,072 (4,600) million and the EBITA margin expanded by 0.6 percentage points to 22.8 (22.2) per cent as a result of acquisitions and organic growth. The improvement in profitability was particularly strong in Dental and Systems Solutions, while a negative product mix continued to impact Demolition & Tools. The increase in Dental’s profitability was driven by acquisitions with high margins and a positive product mix. In Systems Solutions, organic growth in all divisions as well as acquisitions contributed to the improvement in profitability.
Earnings per share increased 11.7% till SEK 6.38 (5.71) during the first nine months of the year. Cash flow from operating activities increased 12.0 per cent to SEK 3,514 (3,138) million.
Lifco consolidated the Italian companies Boscaro and Metalltech, the UK companies Ethoss Regeneration and Glass Umbrella, the German companies Karl Kaps and Mozelt and the French company ErgoPack France during the first nine months of the year. The companies are highly specialised and jointly have sales of about SEK 670 million.
In July, Lifco updated its MTN programme with a loan framework of SEK 8 billion, and in August, Lifco issued an unsecured bond of SEK 750 million. Lifco thereby has bonds outstanding totalling SEK 4,500 million. Lifco’s financial position remains strong and interest-bearing net debt amounted to 1.0 times EBITDA at 30 September 2026, which is well in line with our target of interest-bearing net debt of a maximum of three times EBITDA. This means that Lifco possesses the financial scope to make additional acquisitions.
Per Waldemarson
President and CEO
GROUP PERFORMANCE IN JANUARY – SEPTEMBER
Net sales increased 7.6 per cent to SEK 22,288 (20,717) million, with growth in all business areas. Acquisitions contributed 6.6 per cent and organic growth amounted to 2.5 per cent. Exchange rate effects had a negative impact on sales of 1.5 per cent. The Italian companies Boscaro and Metalltech, the UK companies Ethoss Regeneration and Glass Umbrella, the German companies Karl Kaps and Mozelt and the French company ErgoPack France were consolidated during the period.
EBITA increased 10.3 per cent to SEK 5,072 (4,600) million and the EBITA margin improved 0.6 percentage points to 22.8 (22.2) per cent due to increased profitability in all business areas except Demolition & Tools and Transportation Products.
Exchange rate changes had a negative impact on EBITA of 1.3 per cent. During the period, 47 (46) per cent of EBITA was generated in EUR, 14 (17) per cent in SEK, 16 (14) per cent in GBP, 11 (9) per cent in NOK, 6 (6) per cent in DKK, 2 (3) per cent in USD and 4 (4) per cent in other currencies.
Net financial items improved to SEK -249 (-317) million.
Profit before tax grew 14.4 per cent to SEK 3,932 (3,437) million. Net profit for the period grew 11.7 per cent to SEK 2,930 (2,624) million.
Average capital employed excluding goodwill increased SEK 578 million during the period, to SEK
5,348 million at 30 September 2026, compared with SEK 4,770 million at 31 December 2025. EBITA in relation to average capital employed excluding goodwill decreased 5 percentage points from the end of the year to 127 per cent.
The Group’s net debt increased SEK 273 million from 31 December 2025 to SEK 12,321 million at 30 September 2026, of which liabilities related to put/call options for acquisitions decreased SEK 212 million to SEK 2,718 million from SEK 2,930 million at year-end. Interest-bearing net debt increased during the nine-month period by SEK 178 million to SEK 7,979 million, compared to SEK 7,801 million at 31 December 2025.
In July 2026, Lifco updated its MTN programme with a loan framework of SEK 8 billion, and in August 2026, Lifco issued an unsecured bond of SEK 750 million, with a maturity of two years and an annual variable interest rate of 3-month STIBOR +0.45%. Lifco thereby has bonds outstanding totalling SEK 4,500 million. The terms of the MTN programme and bonds are available on lifco.se. In addition to bonds outstanding, Lifco has standard short-term credit facilities.
The net debt/equity ratio as of 30 September 2026 amounted to 0.6 (0.7), compared with 0.6 at year-end. Net debt in relation to EBITDA was 1.6 (1.9) times compared to 1.7 times at the end of the year. Interest-bearing net debt in relation to EBITDA was 1.0 (1.3) times compared to 1.1 times at the end of the year.
Cash flow from operating activities increased 12.0 per cent to SEK 3,514 (3,138) million during the period. Cash flow from investing activities was SEK -1,761 (-3,243) million, which was mainly attributable to acquisitions.
GROUP PERFORMANCE IN THE THIRD QUARTER
Sales increased 8.3 per cent to SEK 7,407 (6,842) million in the third quarter due to higher sales in all business areas. Acquisitions contributed 5.6 per cent and organic growth amounted to 1.6 per cent. Exchange rate changes had a positive impact on sales of 1.1 per cent.
EBITA increased 10.7 per cent to SEK 1,708 (1,543) million and the EBITA margin grew 0.5 percentage points to 23.1 (22.6) per cent due to increased profitability in Dental and Systems Solutions.
Exchange rate changes had a positive impact on EBITA of 1.1 per cent. During the third quarter, 47 (43) per cent of EBITA was generated in EUR, 14 (17) per cent in SEK, 16 (16) per cent in GBP, 10 (9) per cent in NOK, 7 (7) per cent in DKK, 2 (3) per cent in USD and 4 (4) per cent in other currencies.
Net financial items improved to SEK -78 (-111) million.
Profit before tax grew 17.7 per cent to SEK 1,323 (1,124) million. Net profit for the period grew 9.5 per cent to SEK 986 (900) million. The comparison for net profit for the period is impacted by a lower-than-normal effective tax rate for the third quarter of 2025 due to a reduction in the corporate tax rate in Germany.
Average capital employed excluding goodwill increased SEK 217 million to SEK 5,348 million at 30 September 2026, compared with SEK 5,131 million at 30 June 2026. EBITA in relation to average capital employed excluding goodwill amounted to 127 per cent at 30 September 2026 and to 129 per cent at 30 June 2026.
The Group’s net debt decreased SEK 1,027 million from 30 June 2026 to SEK 12,321 million, of which liabilities related to put/call options for acquisitions decreased SEK 69 million from 30 June 2026 to SEK 2,718 million.
Cash flow from operating activities increased 19.2 per cent to SEK 1,662 (1,394) million. Cash flow from investing activities was SEK -390 (-1,614) million, which was mainly attributable to acquisitions.
FINANCIAL PERFORMANCE – BUSINESS AREAS
Dental
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 4,911 | 4,737 | 3.7% | 1,587 | 1,493 | 6.3% | 6,505 | 2.7% | 6,331 |
| EBITA | 1,115 | 1,013 | 10.1% | 357 | 329 | 8.5% | 1,434 | 7.7% | 1,331 |
| EBITA margin | 22.7% | 21.4% | 1.3 | 22.5% | 22.1% | 0.4 | 22.0% | 1.0 | 21.0% |
The companies in Lifco’s Dental business area are leading suppliers of consumables, equipment and technical service to dentists across Europe, and the business area also has operations in the US. Lifco sells dental technology to dentists in the Nordic countries and Germany, and develops and sells medical record systems in Denmark, Sweden and Germany. The business area also includes a number of manufacturers which produce, inter alia, fitting products for dentures, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents and other consumables that are sold to dentists through distributors around the world.
Net sales in Dental increased 3.7 per cent to SEK 4,911 (4,737) million during the first nine months of the year due to acquisitions.
EBITA increased 10.1 per cent to SEK 1,115 (1,013) million during the nine-month period. The EBITA margin improved 1.3 percentage points to 22.7 (21.4) per cent as a result of acquisitions with high margins and positive mix effects from strong performances in manufacturing companies during the period.
The British company Ethoss Regeneration, which markets and sells regenerative bone graft material to dentists and facial surgeons, and the German company Karl Kaps, a niche manufacturer of medical and dental microscopes, were consolidated in January 2026.
Demolition & Tools
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 5,127 | 5,081 | 0.9% | 1,741 | 1,667 | 4.4% | 6,807 | 0.7% | 6,760 |
| EBITA | 1,236 | 1,283 | -3.6% | 428 | 422 | 1.6% | 1,635 | -2.8% | 1,681 |
| EBITA margin | 24.1% | 25.3% | -1.2 | 24.6% | 25.3% | -0.7 | 24.0% | -0.9 | 24.9% |
The Demolition & Tools business area develops, manufactures and sells equipment for the infrastructure, demolition and construction industries. The Group is the world’s leading supplier in the markets for demolition robots and crane attachments. The Group is also one of the leading global suppliers of attachments for forest machinery and excavators. The business area’s EBITA margin might fluctuate between quarters due to single, major special orders and changes to the product mix.
Sales increased 0.9 per cent during the first nine months of the year to SEK 5,127 (5,081) million. Organic growth in the period was counteracted by negative exchange rate effects.
EBITA decreased 3.6 per cent to SEK 1,236 (1,283) million during the nine-month period and the EBITA margin decreased 1.2 percentage points to 24.1 (25.3) per cent, primarily as a result of a weak market trend for demolition robots that led to a negative product mix in the period.
The Italian company Boscaro, a niche designer and manufacturer of construction equipment and crane attachments, and the Germany company Mozelt, which designs and manufactures generators and magnet systems for material handling, were consolidated in July 2026.
Environmental Technology
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 2,625 | 2,514 | 4.4% | 880 | 873 | 0.8% | 3,586 | 3.2% | 3,475 |
| EBITA | 715 | 663 | 7.7% | 255 | 254 | 0.4% | 964 | 5.6% | 913 |
| EBITA margin | 27.2% | 26.4% | 0.8 | 28.9% | 29.1% | -0.2 | 26.9% | 0.6 | 26.3% |
The Environmental Technology business area offers solutions that improve working environments and reduce environmental impact in the marine sector, industrial processes and recycling.
Sales increased 4.4 per cent to SEK 2,625 (2,514) million in the first nine months of the year, driven by organic growth.
During the nine-month period, EBITA increased 7.7 per cent to SEK 715 (663) million and the EBITA margin improved 0.8 percentage points to 27.2 (26.4) per cent, primarily as a result of organic growth.
ErgoPack France was consolidated in September 2026. Since ErgoPack France is a distributor for the Lifco company ErgoPack Deutschland, the acquisition will have a very limited impact on Lifco’s consolidated external sales.
Transportation Products
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 3,207 | 2,687 | 19.4% | 1,002 | 915 | 9.5% | 4,342 | 13.6% | 3,822 |
| EBITA | 722 | 606 | 19.0% | 206 | 210 | -1.7% | 1,043 | 12.4% | 928 |
| EBITA margin | 22.5% | 22.6% | -0.1 | 20.6% | 22.9% | -2.3 | 24.0% | -0.3 | 24.3% |
The Transportation Products business area offers solutions and accessories for service and transport vehicles as well as material handling within industrial applications.
Sales increased 19.4 per cent to SEK 3,207 (2,687) million in the first nine months of the year as the result of acquisitions and organic growth.
During the nine-month period, EBITA increased 19.0 per cent to SEK 722 (606) million and the EBITA margin decreased 0.1 percentage point to 22.5 (22.6) per cent.
Systems Solutions
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Net sales | 6,418 | 5,699 | 12.6% | 2,197 | 1,894 | 16.0% | 8,582 | 9.1% | 7,863 |
| EBITA | 1,445 | 1,167 | 23.8% | 515 | 370 | 39.3% | 1,921 | 16.9% | 1,643 |
| EBITA margin | 22.5% | 20.5% | 2.0 | 23.4% | 19.5% | 3.9 | 22.4% | 1.5 | 20.9% |
Through its operating units, the Systems Solutions business area operates in industries offering systems solutions. Systems Solutions is divided into three divisions: Contract Manufacturing, Infrastructure Products and Special Products.
Sales in Systems Solutions increased 12.6 per cent to SEK 6,418 (5,699) million during the first nine months of the year due to acquisitions and organic growth.
EBITA increased 23.8 per cent during the nine-month period to SEK 1,445 (1,167) million and the EBITA margin expanded by 2.0 percentage points to 22.5 (20.5) per cent as a result of acquisitions and organic growth.
Contract Manufacturing reported a stable sales trend with improved profitability in the nine-month period as the result of organic growth and acquisitions. A customer in the Contract Manufacturing division, accounting for approximately 5 per cent of Lifco’s total revenue, has reduced its forecasts as of January 2027 and announced its intention to shift purchases to other suppliers outside Europe. This is expected to have a negative impact on System Solution’s revenue and earnings in 2027.
Sales and profitability in Infrastructure Products increased during the nine-month period due to acquisitions and organic growth. The Italian company Metalltech, which designs and manufactures expanded metal mesh for architectural applications, was consolidated in April 2026, and the UK company Glass Umbrella, a niche manufacturer of secondary glazing, was consolidated in May 2026.
Special Products reported a healthy performance in sales in the first nine months of the year as a result of acquisitions and organic growth. Profitability was unchanged.
ACQUISITIONS
Lifco consolidated the following acquisitions during the first nine months of the year as announced in press releases:
| Consolidated from month | Acquisitions | Business area | Operations | Sales | Country | Number of employees | Acquired interest |
| January | Karl Kaps | Dental | Niche manufacturer of medical and dental microscopes | EUR 10.1m | Germany | 33 | 100% |
| January | Ethoss Regeneration | Dental | Markets and sells regenerative bone graft material to dentists and facial surgeons | GBP 5.4m | United Kingdom | 16 | Majority |
| April | Metalltech | Systems Solutions | Designs and manufactures expanded metal mesh for architectural applications | EUR 15.8m | Italy | 53 | Majority |
| May | Glass Umbrella | Systems Solutions | Niche manufacturer of secondary glazing | GBP 11m | United Kingdom | 741 | Majority |
| July | Boscaro | Demolition & Tools | Designer and manufacturer of construction equipment and crane attachments | EUR 9.5m | Italy | 35 | Majority |
| July | Mozelt | Demolition & Tools | Designer and manufacturer of generators and load fitting magnet systems | EUR 2.6m | Germany | 10 | 100% |
| September | ErgoPack France | Environmental Technology | Distributor for ErgoPack Deutschland | EUR 4.8m2 | France | 9 | 100% |
1 In the Swedish press release announcing the acquisition, the number of employees was given as 35.
2 Since ErgoPack France is a distributor for the Lifco company ErgoPack Deutschland, the acquisition will have a very limited impact on Lifco’s consolidated external sales.
Further information on the acquisitions is provided on page 19. The figures for net sales and number of employees refer to estimated annual net sales and number of employees at the acquisition date.
Taken together, the acquisitions will have a positive impact on Lifco’s results and financial position in 2026.
OTHER INFORMATION
Employees
The average number of employees calculated as full-time equivalents was 7,969 (7,560) during the first nine months of the year. At the end of the period, the number of employees calculated as full-time equivalents was 8,166 (7,707).
New business area heads and members of Group Management Team
On 8 September 2026, Lifco announced that Jonas Redin had been appointed as the Head of Business Area Dental, Thomas Friedrich as Head of Business Area Demolition & Tools, and Josef Alenius as Head of Business Area Systems Solutions. Josef Alenius succeeded Martin Linder, who decided to leave Lifco in spring 2027 to focus on his own business. All three are members of the Group Management Team.
Events after the end of the reporting period
Consolidation of the Italian company Micronova will take place in the fourth quarter of 2026 in the Systems Solutions business area, division Contract Manufacturing. Micronova develops and manufactures customised electronic boards and touch screen displays sold to OEMs in various industries. In 2025, Micronova reported sales of approximately EUR 35.1 million and has 49 employees. The acquisition, which comprised all of the shares, was announced on 28 September 2026.
Consolidation of the German company Hega Medical will take place in the fourth quarter of 2026 in the Dental business area. Hega Medical manufactures products for cleaning of medical equipment for laboratories, clinics and hospitals. In 2025, Hega Medical reported sales of approximately EUR 1.6 million and has ten employees. The acquisition, which comprised all of the shares, was announced on 15 October 2026.
Related party transactions
During the period, customary transactions with related parties have occurred. All transactions have been carried out on market terms.
Risks and uncertainties
The risk factors which have the biggest impact for Lifco are global macroeconomic and geopolitical factors, the competitive situation, structural changes in the market and general level of economic activity. Lifco is also exposed to financial risks, including currency risks, interest rate risks, credit and counterparty risks. Lifco is working actively to monitor and continually evaluate sustainability-related risks and their impact on the Group’s operations and earnings. The Group has established a governance structure that involves the Group Management Team and the Board and works to continually improve the company’s sustainability-related activities and minimise related risks. As part of this governance, the Group Management Team evaluates the compliance of, for example, the Code of Conduct, occupational injuries, IT security and legal disputes, for every subsidiary on a quarterly basis. The risks and sensitivity analysis are described in detail in Lifco’s 2025 Annual and Sustainability Report and have remained unchanged since this report.
The Parent Company is affected by the above risks and uncertainties in its capacity as owner of the subsidiary companies.
Accounting policies
The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. In respect of the Parent Company, the report has been prepared in accordance with the Annual Accounts Act and Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies have been applied in accordance with those which are presented in the 2025 Annual Report and should be read in conjunction with these.
IFRS 18 enters into force 1 January 2027 and will impact the presentation and disclosures in the Group’s financial statements. Management is continuing to evaluate the impact the new standards will have on the consolidated financial statements. No material impact on the Group’s financial position or earnings has been identified at this stage.
The total figures in the tables and calculations do not always add up due to rounding differences. The aim is for each row to correspond to its original source and as such, rounding differences can affect the total figures.
DECLARATION OF THE BOARD OF DIRECTORS
The Board of Directors and Chief Executive Officer warrant and declare that this nine-month report gives a true and fair view of the Parent Company’s and Group’s operations, financial positions and results, and that it describes significant risks and uncertainties faced by the Parent Company and the companies included in the Group. The content of the interim report was confirmed on 22 October 2026.
Enköping, 22 October 2026
| Carl Bennet Chairman of the Board | Anneli Broström Director, employee representative | Ulrika Dellby Director |
| Dan Frohm Vice Chairman | Erik Gabrielson Director | Ulf Grunander Director |
| Anna Hallberg Director | Anders Oscarsson Director | Anna-Karin Rydén Director, employee representative |
| Caroline af Ugglas Director | Per Waldemarson President and CEO, Director |
AUDITOR’S REPORT
Lifco AB (publ) Corp. Reg. No. 556465-3185
Introduction
We have reviewed the condensed interim financial information (the interim report) of Lifco AB (publ) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim financial information 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 of Review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden.
The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Therefore, 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 is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 22 October 2026
Ernst & Young AB
Johan Holmberg
Authorised Public Accountant
FINANCIAL CALENDAR
Year-end report and report for the fourth quarter 29 January 2027.
2026 Annual and Sustainability Report the week starting 29 March 2027.
Report for the first quarter 23 April 2027.
Report for the second quarter 14 July 2027.
Report for the third quarter 22 October 2027.
Year-end report and report for the fourth quarter 31 January 2028.
2027 Annual and Sustainability Report the week starting 27 March 2028.
ANNUAL GENERAL MEETING 2027
The Annual General Meeting of Lifco AB will be held on Friday 23 April 2027, at 11 a.m. CEST in Stockholm. Shareholders wishing to raise an issue for discussion at the AGM may do so by submitting their proposal to the Chairman of Lifco by e-mail: ir@lifco.se or by post to: Lifco AB, Attn: Bolagsstämmoärenden, Verkmästaregatan 1, SE-745 85 Enköping, Sweden. To ensure their inclusion in the notice and thus on the agenda for the AGM, proposals must be received by the Company no later than Friday, 5 March 2027.
THE NOMINATION COMMITTEE
Prior to the Annual General Meeting 2027, the Nomination Committee consists of Carl Bennet, Carl Bennet AB, Simon Blecher, Carnegie Fonder, Thomas Ehlin, the Fourth Swedish National Pension Fund (AP4) and Celia Grip, Swedbank Robur. Carl Bennet is Chairman of the Nomination Committee.
Shareholders wishing to submit proposals to the Nomination Committee for the 2027 AGM may do so by sending an e-mail to ir@lifco.se or writing to: Lifco, Attn: Valberedningen, Verkmästaregatan 1, SE-745 85 Enköping, Sweden.
ONLINE PRESENTATION
An online presentation with Per Waldemarson, CEO, and Therése Hoffman, CFO, will take place on Friday, 23 October at 9.00 a.m. CEST. The presentation can be listened to online or by calling in to the telephone conference. Questions can be asked at the telephone conference.
Time: Friday, 23 October at 9:00 a.m CEST
Link to the presentation: https://lifco.events.inderes.com/q3-report-2026
If you wish to participate at the telephone conference, you can register using the link below. Following registration, you will receive a telephone number and a conference ID to log in to the conference.
Link to register for the telephone conference:
https://events.inderes.com/lifco/q3-report-2026/dial-in
CONDENSED CONSOLIDATED INCOME STATEMENT
| NINE MONTHS | THIRD QUARTER | FULL YEAR | |||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | 2025 |
| Net sales | 22,288 | 20,717 | 7.6% | 7,407 | 6,842 | 8.3% | 28,251 |
| Cost of goods sold | -12,318 | -11,668 | 5.6% | -4,060 | -3,849 | 5.5% | -15,907 |
| Gross profit | 9,971 | 9,050 | 10.2% | 3,347 | 2,993 | 11.8% | 12,344 |
| Selling expenses | -2,585 | -2,326 | 11.1% | -876 | -779 | 12.5% | -3,345 |
| Administrative expenses | -3,009 | -2,821 | 6.7% | -1,008 | -929 | 8.6% | -3,673 |
| Development costs | -205 | -185 | 10.5% | -68 | -60 | 12.9% | -253 |
| Other income and expenses | 9 | 37 | -76.0% | 6 | 8 | -33.0% | 97 |
| Operating profit | 4,181 | 3,754 | 11.4% | 1,401 | 1,234 | 13.5% | 5,170 |
| Net financial items | -249 | -317 | -21.5% | -78 | -111 | -29.4% | -414 |
| Profit before tax | 3,932 | 3,437 | 14.4% | 1,323 | 1,124 | 17.7% | 4,756 |
| Tax | -1,003 | -813 | 23.3% | -337 | -224 | 50.9% | -1,087 |
| Net profit for the period | 2,930 | 2,624 | 11.7% | 986 | 900 | 9.5% | 3,669 |
| Profit attributable to: | |||||||
| Parent Company shareholders | 2,899 | 2,595 | 11.7% | 975 | 892 | 9.3% | 3,633 |
| Non-controlling interests | 31 | 28 | 10.3% | 11 | 8 | 25.5% | 36 |
| Earnings per share before and after dilution for the period, attributable to Parent Company shareholders | 6.38 | 5.71 | 11.7% | 2.15 | 1.96 | 9.7% | 8.00 |
| EBITA | 5,072 | 4,600 | 10.3% | 1,708 | 1,543 | 10.7% | 6,318 |
| Depreciation of tangible assets | 596 | 529 | 12.7% | 211 | 181 | 16.2% | 731 |
| Amortisation of intangible assets | 17 | 19 | -10.7% | 6 | 6 | -2.9% | 24 |
| Amortisation of intangible assets arising from acquisitions | 873 | 809 | 7.9% | 302 | 286 | 5.5% | 1,102 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| NINE MONTHS | THIRD QUARTER | FULL YEAR 2025 | |||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | |
| Net profit for the period | 2,930 | 2,624 | 11.7% | 986 | 900 | 9.5% | 3,669 |
| Other comprehensive income | |||||||
| Items which can later be reclassified to profit or loss: | |||||||
| Hedge of net investment | -239 | 138 | -273% | -107 | 56 | -291% | 186 |
| Translation differences | 1,512 | -1,192 | -227% | 677 | -287 | -336% | -1,676 |
| Tax pertaining to hedge of net investment | 50 | -31 | -263% | 22 | -12 | -280% | -41 |
| Total comprehensive income for the period | 4,253 | 1,538 | 176% | 1,578 | 657 | 140% | 2,139 |
| Comprehensive income attributable to: | |||||||
| Parent Company shareholders | 4,206 | 1,517 | 177% | 1,560 | 649 | 141% | 2,113 |
| Non-controlling interests | 46 | 21 | 118% | 18 | 8 | 122% | 26 |
| 4,253 | 1,538 | 176% | 1,578 | 657 | 140% | 2,139 | |
SEGMENT OVERVIEW
At the beginning of the second quarter of 2026, Lifco decided to reorganise into five operating segments instead of the previous three. This change was made after many years of strong growth in Systems Solutions through acquisitions and organic growth. Within Systems Solutions, the two divisions Environmental Technology and Transportation Products, have become so material that from the second quarter of 2026 they are reported and monitored internally by the chief operating decision-maker. As of the second quarter of 2026, Systems Solutions consists of the Contract Manufacturing, Infrastructure Products and Special Products divisions. The Dental and Demolition & Tools operating segments are not affected by the change. The report for the first quarter of 2026 presented sales, EBITA and EBITA margin per quarter 2024–2026 and the full years 2015–2025 for the new business areas Environmental Technology and Transportation Products as well as Systems Solutions excluding Environmental Technology and Transportation Products.
Group-wide functions consist mainly of costs attributable to the Board of Directors, CEO and other senior executives, audit costs and company costs for producing information to shareholders, maintaining the stock exchange listing and costs related to the annual report.
The results of the operating segments are based on EBITA. The Group’s financial income and expenses and tax are managed at Group level and are therefore not allocated to each segment. Assets and liabilities are not broken down by segment, as no such amount is regularly reported to the CEO.
NET SALES TO EXTERNAL CUSTOMERS
No sales are made between the segments.
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Dental | 4,911 | 4,737 | 3.7% | 1,587 | 1,493 | 6.3% | 6,505 | 2.7% | 6,331 |
| Demolition & Tools | 5,127 | 5,081 | 0.9% | 1,741 | 1,667 | 4.4% | 6,807 | 0.7% | 6,760 |
| Environmental Technology | 2,625 | 2,514 | 4.4% | 880 | 873 | 0.8% | 3,586 | 3.2% | 3,475 |
| Transportation Products | 3,207 | 2,687 | 19.4% | 1,002 | 915 | 9.5% | 4,342 | 13.6% | 3,822 |
| Systems Solutions | 6,418 | 5,699 | 12.6% | 2,197 | 1,894 | 16.0% | 8,582 | 9.1% | 7,863 |
| Group | 22,288 | 20,717 | 7.6% | 7,407 | 6,842 | 8.3% | 29,822 | 5.6% | 28,251 |
Net sales by significant type of income:
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Dental Products | 4,911 | 4,737 | 3.7% | 1,587 | 1,493 | 6.3% | 6,505 | 2.7% | 6,331 |
| Machinery and Tools | 5,127 | 5,081 | 0.9% | 1,741 | 1,667 | 4.4% | 6,807 | 0.7% | 6,760 |
| Environmental Technology | 2,625 | 2,514 | 4.4% | 880 | 873 | 0.8% | 3,586 | 3.2% | 3,475 |
| Transportation Products | 3,207 | 2,687 | 19.4% | 1,002 | 915 | 9.5% | 4,342 | 13.6% | 3,822 |
| Contract Manufacturing | 2,639 | 2,560 | 3.1% | 893 | 809 | 10.4% | 3,603 | 2.2% | 3,525 |
| Infrastructure Products | 2,022 | 1,520 | 33.1% | 711 | 540 | 31.7% | 2,654 | 23.3% | 2,152 |
| Special Products | 1,757 | 1,619 | 8.6% | 594 | 546 | 8.7% | 2,325 | 6.3% | 2,186 |
| Group | 22,288 | 20,717 | 7.6% | 7,407 | 6,842 | 8.3% | 29,822 | 5.6% | 28,251 |
EBITA
A breakdown of results by segment is made up to and including EBITA. EBITA is reconciled to profit before tax in accordance with the following table:
| NINE MONTHS | THIRD QUARTER | Rolling 12 months | FULL YEAR | ||||||
| SEK million | 2026 | 2025 | change | 2026 | 2025 | change | change | 2025 | |
| Dental | 1,115 | 1,013 | 10.1% | 357 | 329 | 8.5% | 1,434 | 7.7% | 1,331 |
| Demolition & Tools | 1,236 | 1,283 | -3.6% | 428 | 422 | 1.6% | 1,635 | -2.8% | 1,681 |
| Environmental Technology | 715 | 663 | 7.7% | 255 | 254 | 0.4% | 964 | 5.6% | 913 |
| Transportation Products | 722 | 606 | 19.0% | 206 | 210 | -1.7% | 1,043 | 12.4% | 928 |
| Systems Solutions | 1,445 | 1,167 | 23.8% | 515 | 370 | 39.3% | 1,921 | 16.9% | 1,643 |
| Central Group functions | -161 | -132 | 21.7% | -54 | -41 | 31.0% | -207 | 16.1% | -178 |
| EBITA before acquisition costs | 5,072 | 4,600 | 10.3% | 1,708 | 1,543 | 10.7% | 6,790 | 7.5% | 6,318 |
| Acquisition costs | -18 | -37 | -51.7% | -5 | -23 | -78.6% | -26 | -42.9% | -45 |
| EBITA | 5,054 | 4,563 | 10.8% | 1,703 | 1,520 | 12.0% | 6,764 | 7.8% | 6,273 |
| Amortisation of intangible assets arising from acquisitions | -873 | -809 | 7.9% | -302 | -286 | 5.5% | -1,166 | 5.8% | -1,102 |
| Net financial items | -249 | -317 | -21.5% | -78 | -111 | -29.4% | -346 | -16.4% | -414 |
| Profit before tax | 3,932 | 3,437 | 14.4% | 1,323 | 1,124 | 17.7% | 5,251 | 10.4% | 4,756 |
CONDENSED CONSOLIDATED BALANCE SHEET
| SEK million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
| ASSETS | |||
| Intangible assets | 28,590 | 27,109 | 26,817 |
| Tangible assets | 3,526 | 3,082 | 3,150 |
| Financial assets | 505 | 476 | 467 |
| Inventories | 4,815 | 4,640 | 4,314 |
| Accounts receivable - trade | 4,054 | 3,783 | 3,434 |
| Current receivables | 1,544 | 1,231 | 1,046 |
| Cash and cash equivalents | 1,383 | 1,467 | 1,878 |
| TOTAL ASSETS | 44,416 | 41,789 | 41,106 |
| EQUITY AND LIABILITIES | |||
| Equity | 22,068 | 18,779 | 19,277 |
| Non-current interest-bearing liabilities incl. pension provisions | 3,380 | 5,356 | 5,378 |
| Other non-current liabilities and provisions | 5,592 | 5,566 | 5,663 |
| Current interest-bearing liabilities | 7,607 | 6,492 | 5,617 |
| Accounts payable - trade | 1,785 | 1,932 | 1,829 |
| Other current liabilities | 3,985 | 3,663 | 3,342 |
| TOTAL EQUITY AND LIABILITIES | 44,416 | 41,789 | 41,106 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Attributable to Parent Company shareholders |
| SEK million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
| Opening equity | 19,137 | 18,257 | 18,257 |
| Comprehensive income for the period | 4,206 | 1,517 | 2,113 |
| Change in value of put/call options attributable to non-controlling interests | -212 | -40 | -143 |
| Dividend | -1,226 | -1,090 | -1,090 |
| Closing equity | 21,905 | 18,644 | 19,137 |
| Equity attributable to: | |||
| Parent Company shareholders | 21,905 | 18,644 | 19,137 |
| Non-controlling interests | 163 | 135 | 140 |
| 22,068 | 18,779 | 19,277 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| NINE MONTHS | THIRD QUARTER | FULL YEAR | |||
| SEK million | 2026 | 2025 | 2026 | 2025 | 2025 |
| Operating activities | |||||
| Operating profit | 4,181 | 3,754 | 1,401 | 1,234 | 5,170 |
| Reversal of depreciation and amortisation | 1,486 | 1,357 | 519 | 474 | 1,858 |
| Other non-cash items | 84 | 89 | 45 | 36 | 4 |
| Interest and financial items, net | -249 | -317 | -78 | -111 | -414 |
| Tax paid | -1,316 | -1,239 | -329 | -344 | -1,580 |
| Cash flow before changes in working capital | 4,186 | 3,644 | 1,558 | 1,290 | 5,037 |
| Changes in working capital | |||||
| Inventories | -210 | -360 | 33 | 28 | -29 |
| Current receivables | -315 | -450 | 253 | 94 | -146 |
| Current liabilities | -148 | 305 | -181 | -17 | 263 |
| Cash flow from operating activities | 3,514 | 3,138 | 1,662 | 1,394 | 5,124 |
| Acquisitions of subsidiaries | -1,480 | -2,910 | -294 | -1,499 | -3,360 |
| Net investment in tangible assets | -255 | -309 | -86 | -104 | -432 |
| Net investment in intangible assets | -26 | -24 | -9 | -11 | -40 |
| Cash flow from investing activities | -1,761 | -3,243 | -390 | -1,614 | -3,833 |
Change interest-bearing liabilities | -617 | 1,653 | -1,141 | 580 | 837 |
| Repayments of lease liabilities | -280 | -246 | -99 | -84 | -338 |
| Change in non-current receivables/liabilities | 2 | 5 | -2 | 4 | -9 |
| Dividends paid | -1,226 | -1,090 | - | - | -1,090 |
| Dividends paid to non-controlling interests | -229 | -168 | -38 | - | -187 |
| Cash flow from financing activities | -2,350 | 154 | -1,280 | 500 | -788 |
| Cash flow for the period | -597 | 49 | -7 | 280 | 504 |
| Cash and cash equivalents at beginning of period | 1,878 | 1,517 | 1,337 | 1,210 | 1,517 |
| Translation differences | 102 | -98 | 54 | -23 | -143 |
| Cash and cash equivalents at end of period | 1,383 | 1,467 | 1,383 | 1,467 | 1,878 |
ACQUISITIONS IN 2026
Seven new operations were acquired during the first nine months of the year, which were announced via press releases: the Italian companies Boscaro and Metalltech, the UK companies Ethoss Regeneration and Glass Umbrella, the German companies Karl Kaps and Mozelt and the French company ErgoPack France. The majority of the shares were acquired in Boscaro, Ethoss Regeneration, Metalltech and Glass Umbrella, while all shares were acquired in ErgoPack France, Karl Kaps and Mozelt. Where the majority of shares were acquired, combined put/call options were issued to the sellers.
Minor bolt-on acquisitions have not been announced via press releases. However, the purchase price allocation includes all acquisitions consolidated in the nine-month period. All acquisitions have been consolidated at 100 percent.
Acquisition-related expenses of SEK 18 million are included in administrative expenses in the consolidated income statement for the first nine months of the year. Since the respective consolidation dates, the acquired companies have added SEK 282 million to consolidated net sales and SEK 83 million to EBITA. If the businesses had been consolidated as of 1 January 2026, net sales for the year would have increased a further SEK 222 million and EBITA would have increased a further SEK 51 million.
Acquired net assets | |||
| Net assets, SEK million | Carrying amount | Value adjustment | Fair value |
| Intangible assets | 40 | 657 | 697 |
| Tangible assets | 54 | - | 54 |
| Inventories, accounts receivable and other receivables | 231 | -3 | 227 |
| Accounts payable and other liabilities1 | -205 | -176 | -381 |
| Cash and cash equivalents | 152 | - | 152 |
| Net assets | 271 | 478 | 749 |
| Goodwill | - | 528 | 528 |
| Total net assets | 271 | 1,006 | 1,277 |
| Effect on cash flow, SEK million | |||
| Consideration | 1,277 | ||
| Considerations not paid (put/call options) | -199 | ||
| Cash and cash equivalents in acquired companies | -152 | ||
| Consideration paid relating to acquisitions from previous years | 554 | ||
| Total cash flow effect | 1,480 | ||
| 1 Of which SEK 20 million refers to external interest-bearing liabilities. | |||
FINANCIAL INSTRUMENTS
| SEK million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
| Financial assets at amortised cost | |||
| Accounts receivable - trade | 4,054 | 3,783 | 3,434 |
| Other non-current financial receivables | 44 | 27 | 44 |
| Cash and cash equivalents | 1,383 | 1,467 | 1,878 |
| Total | 5,481 | 5,277 | 5,356 |
| Liabilities at fair value | |||
| Other liabilities1 | 2,718 | 2,883 | 2,930 |
| Financial liabilities at amortised cost | |||
| Interest-bearing borrowings | 10,951 | 11,813 | 10,964 |
| Accounts payable - trade | 1,785 | 1,932 | 1,829 |
| Total | 15,455 | 16,628 | 15,723 |
1 Other liabilities classified as financial instruments refer to combined put/call options related to non-controlling interests.
The carrying amount is the same as the fair value. The fair value of short-term borrowings is equal to the carrying amount, as the discount effect is insignificant.
Financial instruments at fair value are classified into different levels depending on how fair value is determined. All financial instruments at fair value in the Lifco Group have been classified as level 3, i.e. unobservable inputs. The put/call options are valued on the basis of a multiple valuation whereby a contractually determined multiple according to the terms of the contracts is applied to average EBITA/EBIT for the three immediately preceding financial years before the options can be exercised/expire.
As of 30 September 2026, there were 52 option agreements (57 as of 31 December 2025), and the median value of the holdings relating to put/call options amounted to 20 per cent (20 per cent 31 December 2025) of the shares in each subsidiary. No individual option agreement has or could have a material impact on Lifco’s financial statements. The specification of the liability associated with these agreements was as follows: 81 per cent in EUR, 15 per cent in GBP, 3 per cent in DKK, and the remaining 1 per cent in SEK and NOK. The multiples ranged from 3.5x to 8.25x. The put/call options as of 30 September 2026 expire between 2026 and 2037.
| Combined put/call options, SEK million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
| Opening balance | 2,930 | 2,636 | 2,636 |
| Additional | 199 | 472 | 596 |
| Revaluation recognised in equity | 212 | 40 | 143 |
| Considerations paid | -554 | -12 | -112 |
| Dividends paid | -206 | -138 | -157 |
| Foreign exchange differences | 136 | -115 | -176 |
| Closing equity | 2,718 | 2,883 | 2,930 |
The uncertainty in the valuation can be found in the assessment of future EBITA/EBIT until the maturity date and changes in exchange rates. Revaluation takes place on every balance sheet date based on the EBITA/EBIT for the most recent twelve months for each subsidiary. A 10 per cent change in EBITA/EBIT for all option agreements would affect the liability by approximately SEK 221 million (SEK 200 million as of 31 December 2025), corresponding to 1 per cent of equity. Higher EBITA/EBIT results in a higher liability and vice versa. A reasonably possible 10 per cent change in foreign exchange rates in relation to the SEK would affect the liability by approximately SEK 270 million (SEK 280 million as of 31 December 2025), corresponding to 1 per cent of equity. Stronger foreign exchange rates in relation to the SEK result in a higher liability and vice versa.
The sensitivity analysis is calculated by applying a percentage change to each unobservable input and calculating the resulting effect on the fair value of the liability. The analyses assume that all other variables remain constant.
KEY PERFORMANCE INDICATORS
| ROLLING TWELVE MONTHS TO | 30 Sep 2026 | 31 Dec 2025 | 30 Sep 2025 |
| Net sales, SEK million | 29,822 | 28,251 | 27,842 |
| Change in net sales, % | 5.6 | 8.1 | 6.5 |
| EBITA, SEK million | 6,790 | 6,318 | 6,233 |
| EBITA margin, % | 22.8 | 22.4 | 22.4 |
| EBITDA, SEK million | 7,610 | 7,073 | 6,945 |
| EBITDA margin, % | 25.5 | 25.0 | 24.9 |
| Capital employed, SEK million | 33,051 | 30,764 | 30,411 |
| Capital employed excl. goodwill and other intangible assets, SEK million | 5,348 | 4,770 | 4,772 |
| Return on capital employed, % | 20.5 | 20.5 | 20.5 |
| Return on capital employed excl. goodwill, % | 127 | 132 | 131 |
| Return on equity, % | 19.3 | 19.8 | 19.6 |
| Net debt, SEK million | 12,321 | 12,048 | 13,263 |
| Net debt/equity ratio | 0.6 | 0.6 | 0.7 |
| Net debt/EBITDA | 1.6 | 1.7 | 1.9 |
| Interest-bearing net debt, SEK million | 7,979 | 7,801 | 9,149 |
| Interest-bearing net debt/EBITDA | 1.0 | 1.1 | 1.3 |
| Equity/assets ratio, % | 49.7 | 46.9 | 44.9 |
| Number of shares, thousands | 454,216 | 454,216 | 454,216 |
| Average number of employees, full-time equivalents | 7,969 | 7,619 | 7,560 |
CONDENSED PARENT COMPANY INCOME STATEMENT
| NINE MONTHS | THIRD QUARTER | FULL YEAR | |||
| SEK million | 2026 | 2025 | 2026 | 2025 | 2025 |
| Administrative expenses | -125 | -111 | -40 | -29 | -154 |
| Other operating items1 | 0 | -2 | 0 | -1 | 88 |
| Operating loss | -125 | -113 | -40 | -30 | -67 |
| Net financial items2 | 1,760 | 2,306 | 0 | 129 | 2,408 |
| Profit/loss after financial items | 1,635 | 2,193 | -40 | 100 | 2,341 |
| Appropriations | - | - | - | - | 178 |
| Tax | 84 | 17 | 16 | -9 | -9 |
| Net profit for the period | 1,719 | 2,211 | -24 | 90 | 2,510 |
1 Includes invoicing of Group-wide services.
2 Net financial items include SEK 1,820 (2,068) million in dividends received during the nine-month period.
CONDENSED PARENT COMPANY BALANCE SHEET
| SEK million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
| ASSETS | |||
| Financial assets | 9,329 | 9,181 | 8,968 |
| Current receivables | 15,237 | 14,572 | 14,949 |
| Cash and cash equivalents | 347 | 454 | 805 |
| TOTAL ASSETS | 24,913 | 24,207 | 24,722 |
| EQUITY AND LIABILITIES | |||
| Equity | 7,928 | 7,135 | 7,435 |
| Untaxed reserves | - | 4 | - |
| Provisions | - | 11 | 17 |
| Non-current interest-bearing liabilities | 2,090 | 4,364 | 4,329 |
| Current interest-bearing liabilities | 7,215 | 6,163 | 5,274 |
| Current non-interest-bearing liabilities | 7,681 | 6,529 | 7,666 |
| TOTAL EQUITY AND LIABILITIES | 24,913 | 24,207 | 24,722 |
DEFINITIONS AND OBJECTIVES
| Return on equity | Net profit for the period divided by average equity. |
| Return on capital employed | EBITA before acquisition costs divided by capital employed. |
| Return on capital employed excluding goodwill and other intangible assets | EBITA before acquisition costs divided by capital employed excluding goodwill and other intangible assets. |
| EBITA | EBITA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated after investments in tangible and intangible assets requiring reinvestment but before investments in intangible assets attributable to acquisitions. Lifco defines earnings before interest, tax and amortisation (EBITA) as operating profit before amortisation and impairment of intangible assets arising from acquisitions excluding acquisition costs. |
| EBITA margin | EBITA divided by net sales. |
| EBITDA | EBITDA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated before investments in non-current assets. Lifco defines earnings before interest, tax, depreciation and amortisation (EBITDA) as operating profit before depreciation, amortisation and impairment of tangible and intangible assets excluding acquisition costs. |
| EBITDA margin | EBITDA divided by net sales. |
| Net debt/equity ratio | Net debt divided by equity. |
| Net debt | Lifco uses the alternative KPI net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group’s ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds, interest-bearing pension provisions, liabilities related to put/call options relating to acquisitions as well as lease liabilities less cash and cash equivalents. |
| Earnings per share | Profit after tax attributable to Parent Company shareholders, divided by the average number of shares outstanding. |
| Interest-bearing net debt | Lifco uses the alternative KPI interest-bearing net debt. Lifco considers that this is a useful additional KPI which allows users of the financial statements to assess the Group’s ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds as well as interest-bearing pension provisions less cash and cash equivalents. |
| Equity/assets ratio | Equity divided by total assets (balance sheet total). |
| Capital employed | Capital employed is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed is useful in helping users of the financial statements to understand how the Group finances itself. Lifco defines capital employed as total assets less cash and cash equivalents, interest-bearing pension provisions and non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, calculated as the average of the last four quarters. |
| Capital employed excluding goodwill and other intangible assets | Capital employed excluding goodwill and other intangible assets is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed excluding goodwill and other intangible assets is useful in helping users of the financial statements to understand the impact of goodwill and other intangible assets on that capital which requires a return. Lifco defines capital employed excluding goodwill and other intangible assets as total assets less cash and cash equivalents, interest-bearing pension provisions, non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, goodwill and other intangible assets, calculated as the average of the last four quarters. |
RECONCILIATION OF ALTERNATIVE KEY PERFORMANCE INDICATORS
The interim report presents alternative key performance indicators for assessing the Group’s performance that are considered material for analysis and understanding of the Group’s earnings and financial position. The primary alternative KPIs presented in this interim report are EBITA, EBITDA, net debt and capital employed. Definitions of the alternative KPIs are presented on pages 2324.
EBITA compared with financial statements in accordance with IFRS
| SEK million | NINE MONTHS 2026 | NINE MONTHS 2025 | FULL YEAR 2025 |
| 4,181 | |||
| Operating profit | 3,754 | 5,170 | |
| Amortisation of intangible assets arising from acquisitions | 873 | 809 | 1,102 |
| EBITA | 5,054 | 4,563 | 6,273 |
| Acquisition costs | 18 | 37 | 45 |
| EBITA before acquisition costs | 5,072 | 4,600 | 6,318 |
EBITDA compared with financial statements in accordance with IFRS
| SEK million | NINE MONTHS 2026 | NINE MONTHS 2025 | FULL YEAR 2025 |
| 4,181 | |||
| Operating profit | 3,754 | 5,170 | |
| Depreciation of tangible assets | 596 | 529 | 731 |
| Amortisation of intangible assets | 17 | 19 | 24 |
| Amortisation of intangible assets arising from acquisitions | 873 | 809 | 1,102 |
| EBITDA | 5,667 | 5,111 | 7,028 |
| Acquisition costs | 18 | 37 | 45 |
| EBITDA before acquisition costs | 5,685 | 5,148 | 7,073 |
Net debt compared with financial statements in accordance with IFRS
| SEK million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
| Non-current interest-bearing liabilities including pension provisions | 2,137 | 4,435 | 4,389 |
| Current interest-bearing liabilities | 7,226 | 6,181 | 5,290 |
| Cash and cash equivalents | -1,383 | -1,467 | -1,878 |
| Interest-bearing net debt | 7,979 | 9,149 | 7,801 |
| Put/call options | 2,718 | 2,883 | 2,930 |
| Lease liability | 1,624 | 1,232 | 1,317 |
| Net debt | 12,321 | 13,263 | 12,048 |
Capital employed and capital employed excluding goodwill and other intangible assets compared with financial statements in accordance with IFRS
| SEK million | 30 Sep 2026 | 30 Jun 2026 | 31 Mar 2026 | 31 Dec 2025 |
| Total assets | 44,416 | 43,673 | 42,388 | 41,106 |
| Cash and cash equivalents | -1,383 | -1,337 | -1,423 | -1,878 |
| Interest-bearing pension provisions | -35 | -34 | -33 | -31 |
| Non-interest-bearing liabilities | -8,643 | -8,511 | -8,168 | -7,904 |
| Capital employed | 34,355 | 33,792 | 32,765 | 31,293 |
| Goodwill and other intangible assets | -28,590 | -28,009 | -27,397 | -26,817 |
| Capital employed excluding goodwill and other intangible assets | 5,765 | 5,783 | 5,368 | 4,476 |
Capital employed and capital employed excluding goodwill and other intangible assets calculated as the average of the last four quarters compared with financial statements in accordance with IFRS
SEK million | Average | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | |
| Capital employed | 33,051 | 34,355 | 33,792 | 32,765 | 31,293 | |
| Capital employed excluding goodwill and other intangible assets | 5,348 | 5,765 | 5,783 | 5,368 | 4,476 | |
| Total | ||||||
| EBITA | 6,790 | 1,708 | 1,776 | 1,588 | 1,717 | |
Return on capital employed | 20.5% | |||||
| Return on capital employed excluding goodwill and other intangible assets | 127% |
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