CEO Atey Ghailan comments:

I look back on the third quarter of 2026 with continued strong organic growth, stable order intake and very good profitability. This performance confirms the strength of our business model and shows that our long-term investments in our organisation, expertise and customer relations continue to deliver results.

A key explanation for the improvement in profitability is the scalability of our business. As sales grow, our fixed costs are spread across a larger revenue base, creating the conditions for progressively improving margins. We have built an organisation capable of handling significantly larger business volumes without a corresponding increase in fixed costs or the need to recruit a large number of new key personnel. This means that a larger proportion of each additional krona of sales can contribute to profit.

From an organisational perspective, the quarter was characterised by stability. We have made no major changes, but have engaged more freelancers as demand has increased. This flexibility is a central part of our business model, enabling us to adapt capacity to our customers’ needs while maintaining an efficient cost structure.

THIRD QUARTER│JULY - SEPTEMBER 2026

• Net sales amounted to SEK 46,511 thousand (27,248), of which SEK 12,674 thousand (0) relates to revenue from game sales, representing a total increase in revenue of 70.70% compared with the same period last year.
• Operating profit before depreciation (EBITDA) totaled SEK 17,120 thousand (6,241), representing an operating margin of 36.81 percent (22.90%) before depreciation.
• Operating profit (EBIT) totaled SEK 12,322 thousand (6,033) representing an operating margin of 26.49 percent (22.14).
• Earnings per share, basic, amounted to SEK 0.93 (0.37). Earnings per share, diluted, amounted to SEK 0.89 (0.35).
• Cash and cash equivalents totaled SEK 50,772 thousand (47,734). Cash flow from operating activities amounted to SEK 15,118 thousand (1,158).
• Net cash totaled SEK 50,772 thousand (47,734). The Company has no interest-bearing liabilities.

(Figures for comparison in parentheses refer to the corresponding period of the previous year).

ACCUMULATED│JANUARY – SEPTEMBER 2026

• Net sales amounted to SEK 125,943 thousand (74,292), of which SEK 29,433 thousand (0) relates to revenue from game sales, representing a total increase in revenue of 69.52% compared with the same period last year.
• Operating profit before depreciation (EBITDA) totaled SEK 41,648 thousand (17,524), representing an operating margin of 33.07 percent (23.59) before depreciation.
• Operating profit (EBIT) totaled SEK 35,010 thousand (16,961), representing an operating margin of 27.80 percent (22.83).
• Earnings per share, basic, amounted to SEK 2.35 (1.01). Earnings per share, diluted, amounted to SEK 2.26 (0.97).
• Cash and cash equivalents totaled SEK 50,772 thousand (47,734). Cash flow from operating activities amounted to SEK 21,362 thousand (4,080).
• Net cash totaled SEK 50,772 thousand (47,734). The Company has no interest-bearing liabilities.

(Figures for comparison in parentheses refer to the corresponding period of the previous year).

SIGNIFICANT EVENTS DURING THE QUARTER

• In July, Envar Holding announced in a press release that operating profit (EBIT) in Q2 had significantly exceeded expectations.

SIGNIFICANT EVENTS AFTER THE QUARTER

No significant events have occurred after the end of the reporting period.

OTHER EVENTS

• In August, it was announced in a press release that Envar Publishing, the Group’s newest business division, had signed its first agreement as a publishing partner. Just a few days later, the signing of a further agreement was announced.

• As part of its efforts to bring the Group companies together in one office, in September, Envar entered into a lease agreement with Vasakronan for new business premises at Västgötagatan 7, with occupancy in December.