Humble : Interim Report Humble Group_Q3_ENG_2021-11-26

INTERIM REPORT

JULY - SEPTEMBER 2021

STRONG ORGANIC GROWTH & POSITIVE CASH FLOW FROM OPERATING ACTIVITIES

Financial information

Third quarter

• Net sales amounted to 401 MSEK (8), an increase of 393 MSEK, corresponding to 5 140 % compared to the previous year.
• Adjusted EBITDA amounted to 48 MSEK (-3), an increase of 51 MSEK compared to the previous year.
• EBITDA amounted to 33 MSEK (-4), an increase of 37 MSEK compared to the previous year.
• Adjusted EBITA amounted to 39 MSEK (-3).
• Earnings per share amounted to -0,52 SEK (-0,09).
• Cash flow from operating activities before change in net working capital amounted to 38 MSEK (-5).

Nine months

• Net sales amounted to 656 MSEK (15), an increase of 641 MSEK, corresponding to 4 306 % compared to the previous year.
• Adjusted EBITDA amounted to 77 MSEK (-8), an increase of 85 MSEK compared to the previous year.
• EBITDA amounted to 44 MSEK (-9), an improvement with 54 MSEK compared to previous year.
• Adjusted EBITA amounted to 63 MSEK (-10).
• Earnings per share amounted to -0,85 SEK (-0,20).
• Cash flow from operating activities before change in net working capital amounted to 33 MSEK (-10).

Proforma third quarter 1

• Net sales amounted to 872 MSEK.
• Adjusted EBITDA amounted to 121 MSEK.
• EBITDA amounted to 88 MSEK.
• Adjusted EBITA amounted to 115 MSEK.

Proforma nine months 1

• Net sales amounted to 2 443 MSEK.
• Adjusted EBITDA amounted to 324 MSEK.
• EBITDA amounted to 239 MSEK.
• Adjusted EBITA amounted to 311 MSEK.

Significant events during third quarter				Significant events after the third quarter
 Humble issues senior secured subsequent bonds of 700			 Humble completes the acquisition of Solent Global Ltd,
MSEK under a total framework of 1 500 MSEK.					Swedish Food Group AB, Swecarb AB, Carls-Bergh
 Humble completes the acquisition of Wellibites, Nordfood,			Pharma AB and the remaining shares of AB Fermia.
Be:Son, Ewalco, FancyStage, Marabu and Naty.					 Humble enters credit facility agreement of 400 MSEK with
 Humble raises financial targets regarding growth and			SEB.
profitability.							 Humble enters acquisition agreement with the sellers of
 Humble enters acquisition agreement with the sellers of			Soya Oy and Delsbo Candle AB.
Solent Global Ltd, Swedish Food Group AB, Swecarb AB,			 Hans Skruvfors is elected on additional general meeting
Carls-Bergh Pharma AB and remaining shares in AB			as new member of the board and replaces Mikael
Fermia.							Pettersson.
	Third quarter				Nine months			Last Twelve Months	Full year
	Proforma		2021		2020		Proforma	2021		2020		Proforma	Oct 2020 -		2020
Follow up on financial targets (MSEK)	2021 1				2021 1			2021 1	Sept 2021
Net revenue	872		401		8		2 443	656		15		3 350	673		32
Adjusted EBITDA	121		48		-3		324	77		-8		449	75		-9
Adjusted EBITDA margin	14%		11%		-27%		13%	11%		-42%		13%	10%		-23%

1) For detailed information regarding proforma, refer to page 3.

Humble Group AB Interim Report July - September 2021 Stockholm, November 26 2021

This report is a translated version of the Swedish original.

Humble Group is a leading FMCG group that focus on health and well-being.

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| COMMENTS FROM THE CEO

THE ACQUISITION JOURNEY CONTINUES!

It is with great pleasure that we sum up the third quarter, which in simple terms can be summarized as a real jump start after the summer. This is the first quarter in which we report positive organic cash flows. Not only have we completed seven of the previously communicated acquisitions, but we have also communicated our largest acquisition to date in the form of Solent Global Ltd as well as four more companies. Another important aspect to highlight is that the companies that have been part of the Group for a long time have a collective organic growth of as much as 24%, which is far higher than the Group's financial growth target. This demonstrates our ability to generate growth in our companies after acquisition, where synergies play an important role in growing sales and profitability.

EXPANDED GLOBAL MARKET PRESENCE

During the summer, as previously communicated, we completed multiple acquisitions that add several different structural dimensions to the Group in areas such as production, distribution, and brand positioning. In September, Solent Global Ltd was acquired, our largest acquisition to date, which both strengthens the Group's offering in household products and personal hygiene and opens the door to many new markets and thousands of new stores thanks to its global structure and ten subsidiaries. Solent's management has for a long time established the company's operations, and I am humbled by the structure and competence that exists within the group. It is an exciting task to begin to realize the synergies we have already identified and to be able to inspire other companies in the Group to take part in this well- oiled machinery.

ORGANIZATIONAL DEVELOPMENT

It is still gratifying to note that our adopted strategy with platform acquisitions works well. We have made several bolt-on acquisitions to attractive multiples that also have good growth prospects and development potential as part of Humble Group. We are constantly met with a positive response from old as well as new entrepreneurs, where it sprouts energy and enthusiasm by being part of and contributing to a more sustainable FMCG (Fast- Moving Consumer Goods) market.

As the Group grows, the operational structure becomes increasingly important. I see great advantages in the fact that we have the opportunity to build up the company structure from the beginning, where we organize ourselves to enable faster analysis work, share information and have more efficient decision-making processes. To further strengthen our strategic conditions to support the respective subsidiary's CEO in the day-to-daydecision-making, as well as our follow-up ability at Group level, we have taken the first steps towards a central data analysis function. It adds many insights and helps us to create long-term conditions for an increased margin in the daily business.

In less than nine months, we have gone from being three people in the management, to the team now consisting of 15 employees (of which five in the management) with many years of strategic expertise from the consumer market. With a dedicated M&A team we have also established a solid structure to continue to maintain a high acquisition rate in the future. This ensures continued high quality and an intensive rate of acquisition in the future.

STRENGTHENED INFRASTRUCTURE IN SWEDEN

It is not only the global channels that were developed during the autumn, but we have also taken a structural step in Sweden through the acquisition of Swedish Food Group (First Class Brands of Sweden). The entrepreneurs behind the company have a great drive and have in a short amount of time managed to build up a significant presence in the Swedish grocery trade, something that adds value in the future for many of the Group's existing subsidiaries. We have also acquired exciting brands such as HealthyCo and Pro! Brands, which consolidates us as an important player in the health and sports nutrition category.

IMPROVED MARKET CLIMATE

We see that the market has picked up speed again and that there is a growing demand for our products, which results in many companies developing in a favorable way. Admittedly we note, like many other companies today, significantly increased shipping prices for purchases from, among others, Asia as well as declining raw material channels. It has probably not escaped anyone that there is some concern in the supply chain driven by the uncertain market situation, and it remains to be seen to what extent Humble Group will be affected by it in the longer term. In the short term, our operations have managed to handle the situation well, and have managed to deliver high organic sales growth despite uncertain delivery conditions.

OUTLOOK FOR THE COMING YEAR

Finally, we are now working on completing the budget work for 2022 and are allowed to look ahead. We have an underlying momentum in our operations, where all perform better than previous years and where the majority have reached all-time-high sales during September and October. It will be exciting to see the development of the Group and the operational synergies that can be extracted now that we have strengthened the team and our ability to share information between the companies. Finally, I would like to point out that we still have a very strong pipeline with interesting companies and experienced entrepreneurs where we see great opportunities to create additional shareholder value. With the size we managed to grow to during the year, we will be a natural magnet for the FMCG companies of the future. It is a real joy to be involved and help more and more companies to position themselves for the future, take on the sustainability journey and create a product portfolio that is better for people and for the planet.

Simon Petrén

CEO, Humble Group

Stockholm, November 26 2021

Humble Group AB Interim Report July - September 2021

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| SUMMARY

PROFORMA AND NEW ACQUISITIONS

Proforma

Humble Group is a fast-growing FMCG group with an adopted strategy to grow both organically and through acquisitions. In 2020, the Group developed strongly and made several acquisitions, a development that has continued into 2021. To illustrate the Group's scope at the date of publication of this interim report, we report a pro forma in the income statement and balance sheet in summary. The purpose is to provide a picture of what the Group's financial position and results would have looked like on September 30, 2021, if the companies acquired during the year, or where acquisition agreements have been communicated, would have looked if their results for the year had been consolidated with the existing part of the Group. Some companies in the pro forma have historically had business relationships with each other. For simplification reasons, the pro forma reports the sales and purchases that took place between companies before they became part of Humble Group. These are transactions that after the acquisitions have been completed will be classified as internal transactions and thus also eliminated in the consolidated accounts.

The pro forma presented in this interim report shows what the consolidated result for Humble Group would have looked like if all communicated acquisitions up to the date of this interim report had been consolidated as of January 1, 2021. For a more detailed description of the various companies' operations included in the pro forma as of 30 September 2021, see below and more information on page 17. For information on the date of consolidation of the subsidiaries, see page 7.

New acquisitions

Solent Global Ltd is a leading supplier of brands, licenses, and white label products to the consumer sector in both the UK and several international markets. The company has an extensive distribution network and a strong focus on healthy quick snacks as well as environmentally-friendly sustainable products in most categories such as Healthy Snacks & Personal Care, Household and Recycling. In addition to Solent's head office in the United Kingdom, the Company has operations in China, Hong Kong, South Africa, Vietnam, and Australia. About half of Solent's 145 employees are based in the UK.

Swedish Food Group AB is a smaller group and has since its inception in 2012, focused on growing organically with fast and efficient product development consisting of the brands Pro! Brands, HealthyCo, Wolverine and Aloe's Aloe Vera. The company focuses on the development and sale of healthier foods and sports nutrition. With a growing nationwide sales force, the company has succeeded in establishing a strong presence in the Swedish grocery trade and is today represented in all major Swedish grocery stores.

Swecarb AB is an international distributor of sports nutrition under the brand Vitargo. Vitargo is a market-leading brand for fast-absorbing carbohydrates and was started in the early 90s within Lyckeby Stärkelse, which together with a group of elite athletes with a background in rowing, triathlon and cross-country skiing wanted to develop more effective sports drinks. Since 2001, Swecarb has owned and established the brand to what it is today. The company's products can be found at several of the largest sports retail chains both locally and globally.

Carls-BerghPharma AB is a family business with a long operational history since the 50's. The company develops and manufactures high-qualityhealth-promoting products for the food industry and has its own production in Gothenburg, most of which consists of contract manufacturing for customers both within and outside Sweden's borders. The company's own brands are represented in Sweden, Norway, Italy, Canada, and New Zealand, among others. Two properties located in Gothenburg are also included in the company.

Humble Group AB Interim Report July - September 2021

Soya OY has been conducting its own production of organic tofu and tempe since the early 1990s and has established its own strong brands Jalotofu and Jalotempe, which are market leaders in vegan foods in Finland. The company also supplies the market with private label products that are found at several of the Nordic region's largest grocery retailers, and over the years the company has developed into a strong player in the growing Nordic market for plant-based foods. The company has a strong focus on sustainability and quality. For example, the company has installed its own biogas plant, where the entire value chain is considered from crop to end consumer.

AB Fermia is a Swedish subcontractor where the core business largely consists of tailor-made solutions in ingredient mixing, rewrapping of packaging and recipe adaptation of dry foods to other Swedish food companies. The company has broad internal expertise and experience in, among other things, raw materials and product development for increased functionality and optimized production. Humble already owns 51 % of the shares in the Company through the wholly owned subsidiary Ewalco Holding AB, and as of November 1, the company is consolidated to 100 % in Humble Group.

Delsbo Candle AB is one of Sweden's leading manufacturers of high-quality and eco-labeled candles since 1959. The company is based in Fredriksfors and the range consists mostly of private-label products found at some of the largest grocery stores in the Nordic region, and partly of own products under the Delsbo Candle brand. The company's sustainability profile characterizes both the daily operations and the entire production stage. Delsbo Candle only manufactures candles from raw materials that meet, among other things, the Nordic Ecolabel's highest requirements for environmental adaptation and works actively to minimize the climate footprint.

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| SUMMARY

Financial development proforma

Net sales proforma

Proformed net sales for the third quarter amounted to a total of 872 MSEK, which is an increase of 363 MSEK compared to the previous quarter, corresponding to 71 % growth. During the last 12 months (R12), pro forma net sales amounted to 3 350 MSEK, which is an increase of 1 427 MSEK, corresponding to 75 % compared to the previous period. We see a positive sales development within the Group with several of the subsidiaries performing above expectations. As many as ten subsidiaries reported all-time high sales during the autumn and at the same time reported a growing demand for several of the subsidiaries' product offerings. During the third quarter, the companies owned at the beginning of the financial year had organic growth of 24 % compared to the corresponding period last year. For the companies that are consolidated as of September 30, 2021, we note an organic growth of 19 % compared to the corresponding period last year.

Adjusted EBITDA proforma

Adjusted EBITDA for the third quarter amounted to 121 MSEK, an increase of 52 MSEK, corresponding to 75 % compared to the previous quarter. For the first nine months of the year, adjusted EBITDA amounted to 449 MSEK, an increase of 201 MSEK, corresponding to 81 % compared to the previous quarter. During the past 12 months (R12), profitability has greatly strengthened in the Group. A large part of the improvement in profitability is due to increased revenues, cost efficiencies and, above all, synergies between the companies, where a more efficient structure has been established for increased cross-selling and improved logistics in the value chain. Many of the companies that were added during the second and third quarters of 2021 are companies where Humble has identified many synergies, which still remain to be realized given the short time they have been part of the Group. The goal is to implement and realize the synergies as soon as possible in order to continuously strengthen organic profitability in the future.

Of the total adjustments in the third quarter of a total of 33 MSEK, 20 MSEK are increased shipping costs, and the remaining part of 13 MSEK is attributable to acquisitions made during the year.

Humble Group AB Interim Report July - September 2021

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| SUMMARY

Fulfillment of our financial targets

On August 11, 2021, the Board of Directors of Humble Group decided to increase the financial growth target to net sales of 13 billion SEK pro forma (increase of 63 % from the previous 8 billion SEK) with a target of 15 % organic growth per year (increase of 50 % from the previous 10 % per year) and raise and replace the previous profitability target with a fixed adjusted EBITDA target of 1.5 billion SEK pro forma (increase of 88 % compared to the previous profitability target of 10 % adjusted EBITDA margin). The increases in the financial targets are taking place against the background of stronger growth than previously predicted.

During the year, Humble Group conducted a higher acquisition rate than estimated, largely driven by a positive response and reception from all involved entrepreneurs and relevant market participants who want to become part of the Group. We also see an improved balance sheet from the financing rounds conducted during the spring and good opportunities to maintain a continued strong capital structure despite a high acquisition rate. Other financial targets and the time period for the medium-term targets (2025) remains unchanged.

At the end of the third quarter of 2021, the Group's proformed net sales for rolling 12 months amounted to 3 350 MSEK. This corresponds to 26 % target fulfillment of our long-term financial target that proformed net sales will amount to 13 billion SEK by the end of 2025.

Adjusted EBITDA pro forma amounted to 449 MSEK, which corresponds to 30 % target fulfillment that proformed adjusted EBITDA will amount to 1 500 MSEK at the end of 2025. The graphs below illustrate Humble Group's development and degree of fulfillment of the financial targets 2025 at the end of the current accounting period and should not be interpreted as a forecast for future development.

The profitability target of 1 500 MSEK adjusted EBITDA with pro forma net sales of 13 000 MSEK at the end of 2025 indicates that the relative profitability target for adjusted EBITDA should amount to at least

11.5 %. To the right is a presentation of how the development has been historically. At the end of the quarter, the adjusted EBITDA margin was 13.4 %.

Humble Group AB Interim Report July - September 2021

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