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HALF-YEAR REVIEW JANUARY-JUNE 2024

I am satisfied with Fortaco’s performance in the second quarter of the year. Despite the continuing soft market demand, our net sales increased 5.3 per cent to EUR 101.0 (95.9) million, and strategic initiatives and actions to increase operational efficiency continued to bear fruit, and we also saw a positive change in underlying relative profitability.

The strategic evaluation of our marine, energy, and heavy project businesses, announced in February 2024, continued as planned. The operations in Serbia have made an excellent turnaround, as the business has reached a break-even in profitability and reached out to new customers requesting the technology and manufacturing our business in Serbia is offering.

The strategic expansion projects in our factories in Estonia, Slovakia and Poland have continued as planned. These investments ensure that we can maintain our excellent delivery accuracy and have the needed capacity to fulfil our customers’ needs when the markets pick up.

During the second half of 2024, we will continue to monitor the market and customer outlook and work closely with our customers to help them grow their business. We remain committed to delivering a solid financial performance also in 2024 by staying focused on improving our profitability through the ongoing strategic initiatives.

Lars Hellberg

President & CEO

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