Interim Report January - September 2025

Lower sales and earnings

• Quarterly net sales declined by 16 percent and EBITA excluding items affecting comparability declined by 57 percent.

• Free cash flow from operations amounted to SEK 28 m, slightly lower than in the same quarter last year.

• The market remains challenging, and broader recovery is expected to take at least twelve months.

• The Group is implementing proactive measures to strengthen sales and reduce costs.

Magnus Persson, CEO of Bellman Group comments:

"The third quarter was characterized by continued weak demand and notable price pressure in several regions. Revenue, earnings, and cash flow declined compared with the same quarter last year. However, we remain committed to our plan and are working proactively on customer relations, reducing administrative costs, and prioritizing on executing transactions with an emphasis on profitability. Historically large investments in infrastructure and defense are planned for the coming years, but decision-making in these areas is delayed. The market is therefore expected to take off only in the latter part of next year."

This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 20-11-2025 13:34 CET.