Wall to Wall

• Continued improvement in profitability through lower costs and strengthened margins

• Stable foundation established for profitable growth

SUMMARY OF FINANCIAL PERFORMANCE

INTERIM PERIOD 1 JULY – 30 SEPTEMBER

• The Group’s net revenue amounted to SEK 181.7 million (206.0), adjusted EBITDA to SEK 21.4 million (21.5) and adjusted EBITA to SEK 6.1 million (5.6), corresponding to an adjusted EBITA margin of 3.4 (2.7)%. Adjusted for currency, net revenue declined by 11.0%. On a proforma and currency-adjusted basis, net revenue declined by 12.4%, while adjusted EBITA remained at the same level as last year, SEK 6.2 million (6.2), corresponding to a margin of 3.4 (3.0)%. Cash flow from operations during the third quarter amounted to SEK -9.6 million (13.7)
• Operating profit (EBIT) amounted to SEK 3.6 million (23.6), impacted by items affecting comparability of SEK -0.5 million (-20.9), primarily restructuring costs of SEK -1.0 million (0.6)
• The Group’s net earnings amounted to SEK -0.6 million (20.7)
• The Group’s basic and diluted earnings per share amounted to SEK -0.05 (1.52)

SIGNIFICANT EVENTS DURING THE QUARTER

• Wall to Wall Group acquired the business assets of Västsvenska Spol och Slam AB, a well-established company providing emergency and preventative pipe flushing services. The acquisition strengthens the Group´s offering in the Gothenburg region. The acquired business has annual revenues of approximately SEK 10 million
• During the quarter, the company repurchased 30,474 own shares. As of 30 September 2025, the company held 298,351 own shares

1 JANUARY – 30 SEPTEMBER PERIOD

• The Group’s net revenue amounted to SEK 595.7 million (679.9), adjusted EBITDA to SEK 58.0 million (69.6) and adjusted EBITA to SEK 12.9 million (24.1), corresponding to an adjusted EBITA margin of 2.2 (3.5)%. Adjusted for currency, net revenue declined by 11.6%. On a proforma and currency-adjusted basis, net revenue declined by 12.1%, and adjusted EBITA declined to SEK 17.2 million (22.7), corresponding to a margin of 2.8 (3.3)%. Cash flow from operations amounted to SEK 6.1 million (36.1)
• Operating profit (EBIT) amounted to SEK -61.1 million (33.2), impacted by items affecting comparability with SEK 64.9 million (-18.1), primarily non-cash effects from the divested operations of SEK 36.8 million, restructuring costs of SEK 21.0 million (1.4), and revaluation of earnout of SEK 4.5 million (-23.5)
• The Group’s net earnings amounted to SEK -71.0 million (24.9), including non-cash effects from divested operations
• The Group’s basic and diluted earnings per share amounted to SEK -5.27 (1.81)

SIGNIFICANT EVENTS AFTER THE QUARTER

Wall to Wall Group has appointed Johan Wewel as the new CFO and member of the Group Management. Johan will assume his role no later than January 7, 2026.

OUTLOOK

The market continues to stabilize, albeit gradually and with regional variations. The measures implemented, together with an increased commercial focus, will enable Wall to Wall Group to return to profitable growth. The fourth quarter is typically a seasonally strong period and is expected to be so this year as well, while the full effect of the measures taken are expected to materialize over a longer horizon. Overall, a good end to the year, an improved adjusted operating result for the full year, and a stable foundation for continued positive development are expected.

CEO André Strömgren comments

Profitability improved for the second consecutive quarter, driven by lower costs and improved margins.

The transformation work is delivering clear results in margin improvements and cost reductions. A more efficient cost structure provides better conditions for profitable growth as the initiatives within sales and marketing gain traction.

A stronger energy efficiency offering creates growth opportunities through a broader and more comprehensive solution for customers.

Overall, a good end to the year is expected, with an improved adjusted operating result for the full year and a stable foundation for continued positive development.

For full interim report, see appendix.