Inwido

First quarter

• Net sales rose to SEK 2,083 million (1,999), up 4 percent. Organic growth amounted to negative 2 percent.
• Total order intake adjusted for exchange rates increased by 6 percent, and the order backlog as of March 31 decreased by 1 percent to SEK 2,639 million (2,660).
• Operating EBITA amounted to SEK 90 million (111) and the operating EBITA margin amounted to 4.3 percent (5.5).
• EBIT amounted to SEK 71 million (92) and the EBIT margin decreased to 3.4 percent (4.6).
• Earnings per share before and after dilution amounted to SEK 0.18 (0.65) and SEK 0.18 (0.65) respectively.
• Net debt amounted to a multiple of 2.0 in relation to operating EBITDA (1.9 excluding IFRS 16). Adjusted for the full-year results of the acquired companies, the operating net debt was a multiple of 1.7 EBITDA excluding IFRS 16.

Significant events after the quarter

• Sovereign Group, a leading British manufacturer and installer of uPVC window and door solutions with annual sales of approximately GBP 23 million, was acquired on April 2. Both the signing and takeover took place on April 2.

CEO comments

From a seasonal perspective, the first quarter traditionally has lower activity, and the first three months of 2026 were no exception. The quarter was also marked by continued uncertainty in the global environment, where the level
of volatility has now escalated further as a result of the conflict in the Middle East. Geopolitical unrest, combined with volatile commodity markets and unusually harsh winter conditions across much of Europe, had a negative impact on demand. Despite the achievement of significant cost savings in 2025 and Q1, profitability was weakened by lower volumes, an unfavorable
product mix, and the strong Swedish krona. On a positive note, performance gradually improved during the quarter, with higher activity levels and order intake in March compared with January and February. Despite the challenges, or strategy is firm: By focusing on cost control, value-based pricing, investments, and acquisitions, we have gained market share and positioned
ourselves more effectively for when the economy recovers.

Net sales amounted to SEK 2,083 million (1,999), an increase of 4 percent (down 2 percent organically) compared with the same quarter last year, primarily linked to completed acquisitions. Operating EBITA amounted to SEK 90 million (111), corresponding to an EBITA margin of 4.3 percent (5.5), which is on a par with the normalized margin that Inwido, prior to the pandemic,
has historically achieved in Q1.

The market
Just as in the previous quarter, performance continued to vary significantly between the geographic markets. Sweden is showing signs of a gradual recovery, with a slight improvement in consumer confidence and increased activity in the housing market. Poland and Slovenia are continuing to report steady growth, while Denmark, in the light of concerns about Greenland
and parliamentary elections, is experiencing weaker consumer confidence, fiercer competition, and downward pressure on prices. In Finland, demand has dropped to a new historic low. The United Kingdom registered mixed results, with higher activity in Scotland.

Our operations
Order intake decreased organically in both the Consumer and Projects segments, with a generally lower activity in the latter. We have not yet observed any significant impact from the conflict in the Middle East in terms of either costs or demand, but we are well prepared to handle any negative consequences. It is worth noting that a challenging market situation can also give rise to opportunities, not least for Inwido, which, with its strong financial position, is viewed as a stable long-term partner and an attractive owner. Some of the Group’s business units, particularly those in Finland, have been harder hit than others by persistently challenging market conditions, resulting in reduced capacity utilization and profitability. Our efforts aimed
at cutting costs have been further intensified through measures such as staff reductions and shorter working hours. At the same time, a balance of resources is important – we need capacity in order to cope with the increase in volume, which is expected in the second quarter.

There are many highlights during the quarter: Business Area e-Commerce has improved its profit for the third consecutive quarter, despite lower sales. Our most recently completed acquisitions – five in the space of six months – have already been successfully integrated and are making a positive contribution to both revenue and profitability. This is particularly
true within Business Area West, which is reporting a growth in sales of 21 percent, in part as a result of the recent acquisitions of Fast Frame and Victorian Sliders. It is also encouraging that a number of business units have received recognition
and been commended during the quarter for their work in relation to the working environment and employee engagement.

Acquisitions
Inwido is continuing to pursue acquisitions actively and successfully, in line with a clear and selective process. The acquisitions of Victorian Sliders and AJM are strengthening the Group’s long-term strategic position through increased geographic reach and complementary offerings. In the short term, these acquisitions have had a negative impact on indebtedness and return
on operating capital (ROOC), which is normal during the initial integration phase. With a continued strong cash flow, good access to financing, and a solid list of potential acquisition candidates, we are seeing continued good opportunities to conduct further value-creating acquisitions, at the same time as maintaining our financial discipline and requirements regarding the
rate of return. After the end of the quarter, we also completed the acquisition of a 70 percent stake in the UK-based Sovereign Group, which provides good opportunities for synergies and continued growth.

Outlook
Market uncertainty has increased as a result of the unrest in the Middle East, where a scenario involving higher inflation and base rates could reduce demand and drive up costs. At the same time, we saw gradual improvements across all business units toward the end of the quarter, which gives us cause for cautious optimism. In any case, Inwido is well-equipped thanks to market-leading positions, our clearly decentralized governance model, and strong financial position. The long-term ambition remains unchanged and we are executing on our strategic plan.

MALMÖ, APRIL 28, 2026
Fredrik Meuller, President and CEO