Financial Targets

Growth

Organic net sales growth shall average at least 10 percent per year over the period 2026–2028.

Organic net sales growth refers to the change in net sales adjusted for acquired and divested operations and for currency translation effects. An acquired operation is included in organic growth only for the period during which it was part of the Group in both the current and the comparative period. Currency translation effects refer to the translation into SEK of subsidiaries with a functional currency other than SEK; the comparative period is translated at the current period's average exchange rates. The average refers to the annual organic growth rates for the financial years 2026, 2027 and 2028.

Profitability

The EBITA margin shall exceed 15 percent.

EBITA refers to operating profit before amortisation and impairment of intangible assets (goodwill and customer relationships as well as patents, licences and similar rights). The EBITA margin is EBITA as a percentage of net sales. The target refers to the financial year.

Capital structure

Net debt in relation to EBITDA shall be less than 1.5x. EBITDA refers to EBITDA for the last twelve months, including the EBITDA of acquired businesses for the full period as if they had been owned from the beginning of the period. The ratio may temporarily exceed this level in connection with acquisitions.

Net debt refers to interest-bearing liabilities (liabilities to credit institutions including hire purchase and finance leases, and shareholder loans) less cash and cash equivalents, at the balance sheet date. EBITDA refers to operating profit before depreciation, amortisation and impairment. Net debt/EBITDA is net debt at the balance sheet date divided by EBITDA for the last twelve months on a proforma basis, including acquired businesses for the full twelve-month period as if they had been owned from the beginning of the period and excluding divested businesses.