Report

→ SUMMARY

Year-end

Report 2025

Railcare’s relining operations, which carry out drainage

measures and culvert renovations along the railway, increased net sales during the fourth quarter.

The culvert renovations are performed by curing a glass-fibre-reinforced polyester liner with UV light inside the existing culvert. The work is carried out without disrupting ongoing rail traffic and extends the culvert’s service life by up to 100 years.

Railcare Group AB (publ)

Corp. ID No.: 556730-7813

→ SUMMARY

A stable

fourth quarter

Fourth Quarter

• Consolidated net sales increased by 8.4 percent to

SEK 170.1 million (157.0).

• Operating profit (EBIT) amounted to SEK 14.9 million (13.7). • Earnings per share before and after dilution amounted to SEK 0.29 (0.13).

Full-Year 2025, January-December

• Consolidated net sales increased by 5.1 percent to

SEK 667.6 million (635.3).

• Operating profit (EBIT) amounted to SEK 67.6 million (66.3). • Earnings per share before and after dilution amounted to SEK 1.65 (1.26). • The Board of Directors intends to propose that the

Annual General Meeting approve a dividend of SEK

0.70 (0.70) per share for the 2025 financial year.

Group, SEK m

Oct-Dec

Oct-Dec

Full-year

Full-year

Operating profit/loss (EBIT) 14.9 13.7 67.6 66.3

Equity/assets ratio, % 26.9 27.4 26.9 27.4

Earnings per share before

and after dilution, SEK

Year-End Report January-December 2025

The Swedish Transport Administration exercises option year for four clearance locomotives in northern Sweden, worth SEK 45 million.

Significant Events After The End Of The

Fourth Quarter

• Railcare has decided to wind down its operational activities in the United Kingdom • Railcare acquires radio control technology for locomotives. • The Swedish Transport Administration exercises option year for clearance locomotives, worth SEK 45 million.

2Year-End Report 2025

Railcare Group Ab /

→ CEO COMMENTS Net sales in the fourth quarter totalled SEK 170.1 million (157.0) and operating profit amounted to

SEK 14.9 million (13.7). This corresponds to an

operating margin of 8.8 percent (8.8). “We delivered a stable fourth quarter, with the

Transport operations acting as the main driver.

The fixed contracts within the Transport operations contribute to stability across the Group.

Within the Contracting operations, assignments

were postponed due to early and heavy snowfall in the southern and central parts of the country.” Stable fourth quarter with Transport as the main driver

The Transport operations continued to perform

strongly. The standby assignments initiated during the year mean that start-up costs are now being offset by income. In addition, the operations carried out a higher volume of contracting transport assignments compared with the same period last year, while fixed contracts continued to run according to plan. Railcare has decided to wind down its operational activities in the United Kingdom

Despite the significant maintenance need, Railcare’s

contracting operations in the UK have experienced declining volumes in recent years due to insufficient government funding. The anticipated increase in volumes required to continue operating the business in the

United Kingdom profitably has not materialised.

Projects currently scheduled will be completed. The process to wind down the UK operation will begin immediately. The company will review the option of leasing out the machines currently established in the

United Kingdom.

CEO comments

“We delivered a stable fourth quarter, with the Transport operations acting as the main driver.”

3Year-End Report 2025Railcare Group Ab /

We are certain that our machines and methodology can help address many of the challenges facing British railways.

Railcare acquires radio control technology and

new property in Långsele The locomotive workshop in Långsele has acquired the rights to a radio-control system for locomotives and can now offer a comprehensive solution to both existing and new customers, providing efficient and safe solutions. Adjacent to the locomotive workshop, Railcare has also acquired Långsele station building, which includes sidings with direct rail access to the property. These strategic acquisitions enable a continued evaluation of a potential extension and expansion of the operations in Långsele. Overall, the locomotive workshop has strong potential for further development. With its strategic location in Sweden, in close proximity to several key railway corridors, the site is particularly well suited for rapid response operations where high availability is also required. This is of significant importance from both an infrastructure and defence standpoint.

Trafikverket exercises option year for clearance

locomotives Railcare has a total of ten standby assignments for clearance locomotives, four of which relate to locations in northern Sweden (Långsele, Boden, Vännäs and

Kiruna). These assignments commenced in August

2022, and the agreement was initially valid until the end of 2026. Trafikverket has now chosen to exercise the option in the agreement and extend the assignments by a further year, until the end of 2027. The agreement is worth approximately SEK 45 million.

Mattias Remahl

Ceo

→ CEO COMMENTS “Railcare has decided to wind down its operational activities in the United

Kingdom.

Projects currently scheduled will be completed. The process to wind down the

UK operation will begin

immediately. The company will review the option of leasing out the machines currently established in the

United Kingdom.”

4Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY

Net Sales

Net sales in the fourth quarter increased by 8.4 percent compared to the corresponding quarter in the previous year and amounted to SEK 170.1 million (157.0). The increase in net sales is attributable to the Transport segment, where high utilisation and the new standby contracts explain the growth. For the full year 2025, net sales increased by 5.1 percent to SEK 667.6 million, compared to SEK 635.3 million for the previous year. For the full year, the increase was also attributable to the Transport segment, where the new standby contracts, a higher volume of contract transport assignments, and high utilisation enabled the growth. Sales decreased in the Contracting and Technology segments. The decrease was mainly due to low volumes of contracting assignments in the UK, as well as the absence of turnkey projects within the Swedish contracting operations.

Operating Expenses

Operating expenses for the fourth quarter 2025 increased by 3.3 percent compared to the corresponding quarter last year. The increase was mainly due to the

Transport segment and explained by volume-related cost

increases, driven by locomotive and personnel costs.

Financial summary - Group

Goal

Net sales 2027:

1,000 SEK m

5Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY For the full year 2025, accumulated expenses increased by 5.9 percent. The increase was attributable to the

Transport segment and partly explained by start-up

costs related to standby contracts initiated during 2025, as well as the assignment commencing in January 2026 in Hallsberg, and a higher volume of contract transport assignments. The Contracting segment reduced its expenses, primarily due to lower volumes of hired subcontractors.

Operating Profit

Operating profit (EBIT) for the fourth quarter 2025 increased by 8.4 percent year-on-year, amounting to SEK 14.9 million (13.7). Operating margin was in line with the previous year and totalled 8.8 percent. The Transport and Technology segments reported improved operating margins year-on-year. Through high utilisation and the new standby assignments, the Transport segment increased operating profit to SEK 12.6 million (4.6), corresponding to an operating margin of 13.4 percent. The Contracting segment’s operating profit for the fourth quarter decreased and totalled SEK 1.3 million (6.6). The lower profit was attributable to the low volume of contracting assignments in the UK, which also resulted in some excess capacity within the segment. For the full year 2025, operating profit increased slightly and amounted to SEK 67.6 million (66.3). Operating margin decreased slightly to 10.1 percent compared to 10.4 percent for the full year 2024.

Profit For The Period

Profit for the fourth quarter 2025 totalled SEK 6.9 million (3.1). For the full year 2025, profit amounted to

SEK 39.8 million (30.4).

Interest expenses for the year are slightly higher than in 2024, but the currency effect for the Group is positive compared to the previous year.

Cash Flow

Cash flow from operating activities amounted to SEK 72.2 million (69.9) for the fourth quarter 2025. During the quarter, Railcare purchased a spare parts inventory for its Traxx locomotives, which partly explains the increase in inventories. Investments during the quarter totalled SEK 6.6 million (37.0), and net borrowing totalled SEK 8.2 million (7.4) as the loan structure was reviewed. Total cash flow for the fourth quarter amounted to SEK 43.6 million (21.1). Cash flow from operating activities for the full year 2025 increased to SEK 166.9 million (151.7). Overall, the volume of investments decreased to SEK 46.9 million (87.5), largely financed through internal funds. Net borrowing for the full year 2025 amounted to SEK 1.5 million (43.2). Total cash flow for the full year 2025 totalled SEK 4.7 million (22.1).

Equity/Asset Ratio

At the end of the year, the equity/assets ratio was 26.9 percent, compared to 27.4 percent on 31 December

Goal

Operating margin

6Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY

Financial summary - Contracting

Railcare’s contracting operations carry out railway maintenance projects in both Sweden and the UK. Using our proprietary vacuum and ballast machines, we perform various types of railway track maintenance, such as cable location, cable laying, reballasting and snow clearing. Another part of the contracting business specialises in culvert renovations focused on relining measures beneath railways and roads and at industrial sites, as well as permit inspections of culverts. The relining is carried out without disrupting rail traffic. Net sales for the segment decreased by 12.9 percent compared to the corresponding period the previous year, and amounted to SEK 64.4 million (73.9).

The relining operations completed more culvert

renovations during the fourth quarter compared with the corresponding period last year, which increased net sales. Within the Contracting operations focused on track maintenance, net sales decreased during the quarter compared with the corresponding quarter last year. The decrease was explained by the absence of turnkey projects and low capacity utilisation in the

United Kingdom.

On a cumulative basis, net sales within the segment decreased by 10.8 percent compared with the previous year amounting to SEK 248.4 million (278.5). Operating profit totalled SEK 6.2 million (21.3), down from the previous year.

The segments’ net sales also include

intra-Group sales between segments. See

Note 3 for sales between segments.

Key performance indicators – Contracting

Sek 000

Oct-Dec

Oct-Dec

Full-year

Full-year

7Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY

Financial summary - Transport

In the Transport operations, Railcare offers railway

transport using proprietary locomotives and drivers.

The company provides freight, contracting and specialist

transport, with transportation licenses in Sweden and

Norway.

Railcare transports ore on behalf of the mining industry using round trips. For larger maintenance projects,

Railcare provides traction for track replacement trains

as well as transport of sleepers and ballast. The company also provides clearance locomotives on standby under assignment from the Swedish Transport Administration. Net sales in the fourth quarter increased by 22.3 percent compared to the corresponding quarter in the previous year and amounted to SEK 94.5 million (77.3).

Operating profit increased significantly compared to

the preceding year and amounted to SEK 12.6 million (4.6). The new standby contracts initiated during the year, together with a high utilisation rate, contributed to the increase in net sales.

Start-up costs for new assignments decreased during

the quarter and are now being offset by income, resulting in an improved operating margin of 13.4 percent On a cumulative basis, net sales within the segment increased by 18.3 percent compared with the previous year, amounting to SEK 380.0 million (321.3). Operating profit amounted to SEK 55.0 million (41.8), up on the previous year.

Key performance indicators – Transport

Sek 000

Oct-Dec

Oct-Dec

Full-year

Full-year

8Year-End Report 2025Railcare Group Ab /

The segments’ net sales also include

intra-Group sales between segments. See

Note 3 for sales between segments.

→ FINANCIAL SUMMARY

Financial summary - Technology

The Technology business includes Railcare’s workshops, which build, convert, further develop, and sell machines and services to the railway industry.

Railcare’s powerful vacuum technology is the foundation

of our signature yellow maintenance machines – which have now been further developed to operate solely on electric and battery power. In the locomotive segment,

Railcare specialises in life extension, modernisation, and

the installation of traffic control systems. The workshops also carry out overhauls, repairs, servicing, and ongoing maintenance on locomotives, machines, and wagons. Net sales in the Technology segment decreased slightly in the fourth quarter of 2025 compared with the corresponding quarter last year and amounted to SEK 28.6 million (29.5). Operating profit increased slightly yearon-year, amounting to SEK 1.5 million (1.2).

Capacity utilisation at the locomotive workshop in

Långsele was good during the quarter. At the workshop in Skelleftehamn, work is ongoing on the latest order for a Railvac machine for Baneservice of Norway, alongside a transition towards a higher share of external assignments. On a cumulative basis, net sales within the segment decreased by 4.8 per cent compared with the previous year, amounting to SEK 121.0 million (127.1). Operating profit increased from SEK 2.2 million in 2024 to SEK

Sek 000

Oct-Dec

Oct-Dec

Full-year

Full-year

9Year-End Report 2025Railcare Group Ab /

The segments’ net sales also include

intra-Group sales between segments. See

Note 3 for sales between segments.

→ FINANCIAL SUMMARY

Shares

ingstar and the Swedish Financial Supervisory Authority.

Number of shareholders

in Railcare Group AB as of 31 December 2025 Railcare Group AB’s share has been listed since 2007 and was included on Nasdaq Stockholm’s Small Cap list in 2018 under the ticker “RAIL”,

ISIN code SE0010441139.

Share Capital And Capital Structure

The share capital amounted to approximately SEK 9.9 million and the quotient value was SEK 0.41 per share as of 31 December 2025. Each share carries one vote at the Annual General Meeting. More information about the development of share capital can be found at www. railcare.se.

Shareholders

As of 31 December 2025, Railcare Group AB had

5,098 shareholders. The ten largest shareholders represented 55.7 percent of the total shareholding. The largest shareholder was Nornan Invest AB with a holding representing 29.5 percent of the company’s share capital.

Holding Number of

shareholders No. of shares% of votes and capital

Unknown

holding size

ingstar and the Swedish Financial Supervisory Authority. Ten largest shareholders 31 Dec 2025No. of sharesProportion of share capital and votes

Staffan Persson

Canaccord Genuity Wealth Management 599,906 2.49

Nordnet Pensionsförsäkring 329,680 1.37

10Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY

Other information

Employees

As of 31 December 2025, the Railcare Group had 207

employees, compared to 187 on 31 December 2024. This represents an increase of 20 employees. The organisation has mainly been strengthened in Transport Scandinavia and Technology, in order to satisfy growing demand.

Parent Company

Railcare Group AB (publ), Corp. ID no. 556730-7813 is a

Parent Company registered in Sweden with its registered office in Skellefteå. Railcare Group AB is listed on

Nasdaq Stockholm Small Cap under the ticker RAIL.

Parent Company net sales for the fourth quarter of 2025 amounted to SEK 16.8 million (14.5) and consisted mainly of Group-wide services. Operating profit amounted to SEK -0.5 million (1.4).

Dividend

The company’s dividend policy is to distribute 30-40 percent of profit after tax while maintaining an equity/ assets ratio of 25 percent after dividends. The Board of Directors intends to propose a dividend of SEK 0.70 (0.70) per share, totalling SEK 16,886,917 (16,886,917), for the 2025 financial year.

Significant Risks And Uncertainties

A description of significant risks and uncertainties can be found in Railcare’s Annual Report for 2024, which can be downloaded at www.railcare.se. There have been no material changes to significant risks and uncertainties since the publication of the Annual Report.

Transactions With Related Parties

Transactions with closely related parties are described

in the Annual Report 2024. During the period, there were no significant changes to the Group or the Parent Company’s relations or transactions with related parties, compared to the information provided in the

Annual Report.

2026 Annual General Meeting

Railcare’s Annual General Meeting 2026 will take place

on Thursday, 7 May 11.00 a.m. CEST at the company’s premises at Näsuddsvägen 10, SE-932 32 Skelleftehamn, Sweden. The Annual Report and other documents are available on Railcare’s website, www.railcare.se.

Nomination Committee For Railcare Group

AB’S ANNUAL GENERAL MEETING 2026

In consultation with the largest shareholders, the

Chairman of the Board of Railcare Group AB has established a Nomination Committee in preparation for the Annual General Meeting 2026. The Nomination

Committee comprises Anders Westermark, Chairman

of the Board, Jonas Holmqvist, appointed by Nornan

Invest AB, and Staffan Persson, Swedia Capital AB. The

Nomination Committee appointed Jonas Holmqvist as

Chairman. Combined, the members of the Nomination

Committee represent 40.1 percent of the total number of shares and votes in the company (as of 30 September

The Nomination Committee is tasked with submitting

a proposal to the Annual General Meeting regarding the

Chairman of the Board and other members of the Board

of Directors, and regarding fees and other compensation to each of the Board members for their Board assignments. The Nomination Committee shall also submit a proposal regarding the election and remuneration of auditors. In addition, the Nomination Committee shall submit a proposal regarding the process for appointing a Nomination Committee in preparation for the Annual General Meeting 2027. Shareholders wishing to submit proposals to the Nomination Committee may do so by sending an e-mail to [email protected].

11Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY

Skelleftehamn, Sweden, 12 February 2026

Railcare Group AB (publ)

This report has not been subject to review by the Company’s auditors.

Anders Westermark

Chairman of the Board

Catharina Elmsäter-Svärd

Board member

Björn Östlund

Board member

Linn Andersson

Board member

Andreas Lantto

Board member

Maria Kröger

Board member

Mattias Remahl

Ceo

12Year-End Report 2025Railcare Group Ab /

→ FINANCIAL SUMMARY

Operations

Railcare offers innovative products and services for the railway, such as railway maintenance with proprietary machines, freight, contracting and specialist transport, a locomotive workshop and machine sales. Our corporate culture is to do things differently and this approach characterises our entire operation. For us, this means coming up with unexpected ways of solving problems. It also means that all our employees show – and are expected to show – a high degree of personal responsibility for everything from customer deliveries to embodying our values.

The Group has approximately 200 employees

and annual sales of approximately SEK 630 million. The company’s registered office is located in Skellefteå, Sweden.

Vision

Railcare shall develop with satisfied customers and positive profitability, thereby increasing shareholder value.

Business Concept

In close partnership with its customers, Railcare shall develop innovative and sustainable services, products and methods for the railway industry’s various segments. Railcare is to be characterised by its culture of safety, skilled personnel, high quality and delivery reliability.

Strategy

• Focus on the employees, who are by far our most important asset • Efficient contracting assignments that contribute to more sustainable railways • Provide reliable, sustainable transport • Embodying the entrepreneurial spirit • Driving progress towards more sustainable railways

Financial Targets

• Net sales of SEK 1,000 million • Operating margin of 13%

Railcare’s ambition is to achieve these targets

by the end of 2027.

Sustainability

Goals

• Vision zero approach to accidents according to the Swedish Transport

Agency’s definition.

• Reduce fossil fuel emissions from proprietary locomotives and machinery by 40 percent by 2025.

About Railcare

→ FINANCIAL SUMMARY

13Year-End Report 2025Railcare Group Ab /

Railcare Group Ab /

→ FINANCIAL SUMMARY

Investing in Railcare

→ FINANCIAL SUMMARY SHAPES THE SUSTAIN-

Able Railways Of The

Future

Demand for railway transport

in Sweden is expected to increase by 50 percent by 2040, and demand for both railway maintenance, transport services, and vehicle and machine development is growing at the same rate.

Railcare enables a sustainable railway through methods

and machines that deliver efficient railway maintenance and high-capacity transport with low energy consumption.

Railcare also has ambitious

goals for reducing its fossil fuel emissions. This is how we create genuine value. For customers, employees, shareholders and society.

A Strong And Stable

Business Model

Our business model is based

on the customers’ need for effective railways and reliable transport. Railcare offers innovative, specially adapted products, services and methods for its customers.

Our own initiatives combined

with macroeconomic trends are important factors behind the company’s stable financial position and conditions for market growth.

Railcare has increased both

its net sales and profit every year since it was listed on

Nasdaq in 2018.

The company has paid a dividend every year since 2019.

Focus On Innovation

Railcare likes to do things

differently. With a deep understanding of our customers’ needs and a creative approach, we find unique and unexpected ways to solve problems. Since 1992, we have been innovators in the railway sector by developing, building and selling next-generation railway machinery – from the first vacuum machines and snow melters to today’s first and largest 100% electric maintenance machines. Our interest in doing things differently will continue to be a success factor in future.

Long-Term

Value Creation

Relationships are at the heart

of everything Railcare does.

Innovation and solutions are

driven by people and Railcare shall be characterised by a safety culture, skilled personnel, high quality and delivery reliability.

These are essential for the

company to develop long-term relationships with its customers and employees. Railcare has a flat organisational structure with short decision paths. Employees show a lot of personal responsibility, which contributes to commitment and drive and, in turn, to better solutions for customers’ businesses.

14Year-End Report 2025Railcare Group Ab /

Railcare Group Ab /

→ → FINANCIAL STATEMENTS, NOTES

15Year-End Report 2025Railcare Group Ab /

Consolidated Statement of Comprehensive Income

in summary

• Since there are no potential shares,

there is no dilution effect.

Oct-Dec

Full-year

Full-year

Depreciation, amortisation and impairment of property, plant and equipment and intangible assets 

Other comprehensive income

Items that may be reclassified to profit/loss for the period Exchange rate differences from the translation of foreign operations

→ → FINANCIAL STATEMENTS, NOTES

16Year-End Report 2025Railcare Group Ab /

Consolidated Statement of Financial Position

in summary

Assets

Equity And Liabilities

Deferred tax liabilities and other provisions 55,925 61,459

Non-current liabilities to credit institutions 87,204 76,511

Consolidated Statement of Changes in Equity

in summary

The Group’s equity is attributable in its

entirety to Parent Company shareholders.

→ → FINANCIAL STATEMENTS, NOTES

17Year-End Report 2025Railcare Group Ab /

Consolidated Statement of Cash Flows

in summary

Oct-Dec

Full-year

Full-year

Cash flow from operating activities

Adjustment for items not included in the cash flow37,960 28,433 140,996 107,173

Cash flow from operating activities before changes in working capital

Cash flow from changes in working capital

Increase/decrease in operating receivables 33,255 41,946 -17,531 12,091 Increase/decrease in operating liabilities 8,822 -7,185 48,627 -1,515

Cash flow from investing activities

Investments in property, plant and equipment -6,565 -15,849 -41,532-60,503 Acquisitions of subsidiaries, net effect on cash and cash equivalents Investments in other financial non-current assets - -20,000 - -21,260 Divestment of property, plant and equipment 147 60 147 60

Oct-Dec

Full-year

Full-year

Cash flow from financing activities

Exchange rate difference in cash and cash equivalents

→ → FINANCIAL STATEMENTS, NOTES

18Year-End Report 2025Railcare Group Ab /

Parent Company income statement

in summary

Amounts in SEK 000 Note Oct-Dec

Oct-Dec

Full-year

Full-year

Raw materials and consumables

Depreciation, amortisation and

impairment of property, plant and equipment and intangible assets

Profit/loss from financial items 212 177 481 -99 Profit/loss after financial items -333 1,556 500 871

Tax on net profit/loss for the

period

The Parent Company has no items

recognised as other comprehensive income, which is why total comprehensive income is the same as profit/ loss for the year.

Parent Company balance sheet

in summary

31 Dec 2025 31 Dec 2024

Assets

Equity And Liabilities

→ → FINANCIAL STATEMENTS, NOTES

19Year-End Report 2025Railcare Group Ab /

Note 1 General Information

Railcare Group AB (publ), (”Railcare”), Corp. ID no. 556730-7813 is a limited company registered in Sweden and domiciled in Skellefteå, with the address Näsuddsvägen 10, SE-932 32 Skelleftehamn, Sweden. Railcare Group AB is the Parent Company of the Group. Unless otherwise stated, all amounts are given in SEK 000. Disclosures in parentheses pertain to the comparison year.

Note 2 Basis For Preparation Of Statements

Railcare’s consolidated financial statements have been prepared in accordance with the Annual Accounts Act, RFR 1 Supplementary Accounting Rules for Group Financial Statements, International Financial Reporting Standards (IFRS) and the interpretations of the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. The accounts of the Parent Company have been prepared in accordance with the Annual Accounts Act and the Swedish Corporate Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The Interim Report for the Parent Company has been prepared in accordance with the Annual Accounts Act. The accounting principles applied are consistent with those described in the Railcare Group’s Annual Report for 2024. New or revised IFRS that have come into effect in 2025 do not have a material impact on the consolidated financial statements. The fair value of financial assets and liabilities is estimated to correspond to their book value.

Note 3 Operating Segments

Starting from 2025, there will be a change in segment reporting. Contracting Sweden and Contracting Abroad are reported together under the 'Contracting' segment. Transport Scandinavia is reported under the 'Transport' segment. The locomotive workshop in Långsele, previously reported under the Transport segment, is reported under the 'Technology' segment (previously Machines and Technology).

Contracting

Contracting services using in-house developed machines and specialised railway personnel. Drainage and renovation of fibreglass-lined culverts beneath railways, roads and industrial areas in Sweden.

Transport

Freight, contracting, and special transports by rail using our own locomotives and drivers.

Technology

Development, construction and sales of machines, and the further development and conversion of existing machines and locomotives. Workshop services, servicing, and maintenance of machines, locomotives, and wagons on behalf of both internal and external customers. The “Group-wide” item is used for reconciliation purposes and includes Group Management and other Group-wide services. Restated quarterly figures for the past two financial years are presented below.

Restated historical data - Contracting segment

Amounts in SEK 000, unless otherwise stated

Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023

Net sales 73,87566,63986,96751,00962,15760,21961,11746,640

Operating profit/loss

(Ebit)

6,638 5,825 6,244 2,597 4,951 5,951 4,666 4,560 Operating margin, % 9.0 8.7 7.2 5.1 8.0 9.9 7.6 9.8

→ → FINANCIAL STATEMENTS, NOTES

20Year-End Report 2025Railcare Group Ab /

Income

Sales between segments are conducted on market terms. Income from external customers reported to Group Management is valued in line with the consolidated statement of comprehensive income. The Group’s customers are private and public sector operators in the railway industry and vary according to the area of operation. The Group’s customers are largely repeat customers based on long-term relationships.

Oct-Dec

Oct-Dec

Income

from external customers

Sales between

segments

Segment

income

Income

from external customers

Sales between

segments

Segment

income

Contracting 62,649 1,717 64,366 72,055 1,820 73,875

Restated historical data - Transport segment

Amounts in SEK 000, unless otherwise stated

Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023

Net sales 77,30891,59983,73568,63378,69379,57665,40753,771

Operating profit/loss

(Ebit)

4,55215,02111,74810,47713,66511,090 7,629 5,571 Operating margin, % 5.9 16.4 14.0 15.3 17.4 13.9 11.7 10.4

Restated historical data - Technology segment

Amounts in SEK 000, unless otherwise stated

Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023

Net sales 29,50829,47927,62640,50836,80244,87437,97935,859

Operating profit/loss

(Ebit)

1,162 -901 -743 2,636 -1,2199,1594,266 3,419 Operating margin, % 3.9 -3.1 -2.7 6.5 -3.3 20.4 11.2 9.5

Income

from external customers

Sales between

segments

Segment

income

Income

from external customers

Sales between

segments

Segment

income

Contracting 243,000 5,350 248,350 272,979 5,511 278,490

Transport 359,686 20,306 379,992 301,339 19,936 321,275

Technology 64,847 56,185 121,032 60,864 66,258 127,121

→ → FINANCIAL STATEMENTS, NOTES

21Year-End Report 2025Railcare Group Ab /

Operating profit/loss (EBIT)

Oct-Dec

Oct-Dec

Full-year

Full-year

Operating profit (EBIT) for the Group’s operating segments is reconciled with Group profit before tax as follows:

Oct-Dec

Oct-Dec

Full-year

Full-year

The segments’ operating profit (EBIT)

Share of profit after

tax from associated companies

Net financial income/

expense

Profit/loss before tax 10,893 5,841 52,336 40,774

Breakdown of income

Sales comprise the income groups Income from services, Sales of goods and Leasing. A breakdown of income is provided below.

Income from

services

Segment Oct-Dec

Oct-Dec

Oct-Dec

Oct-Dec

Oct-Dec

Oct-Dec

Oct-Dec

Oct-Dec

Contracting 62,649 72,055 - - - - 62,649 72,055

Transport 83,547 67,745 - 361 3,954 2,082 87,50170,188

Technology 14,660 11,800 5,231 2,930 56 - 19,948 14,730

Group-wide 33 21 - - - - 33 21

160,889151,622 5,231 3,291 4,010 2,082 170,131156,995

Income from

services

Segment Full-year

Full-year

Full-year

Full-year

Full-year

Full-year

Full-year

Full-year

Contracting242,996272,928 4 51 - -243,000272,979

Transport 347,785290,021 - 2,429 11,9018,888359,686301,339

Technology 48,010 41,72416,723 19,139 115 - 64,84760,864

Group-wide 41 116 - - - - 41 116

638,832604,790 16,72721,620 12,016 8,888667,574635,298

→ → FINANCIAL STATEMENTS, NOTES

22Year-End Report 2025Railcare Group Ab /

Note 4 Property, Plant And Equipment

Buildings and landLocomotives and wagons Mobile machinery Vehicles

Equipment, tools, fixtures and fittings

Construction in progress

and advances for property, plant and equipment

Total

As of Dec 31, 2024

Purchases/capitalised expenses for the

year

Closing carrying amount

31 Dec 2024

As of Dec 31, 2025

Purchases/capitalised expenses for the

year

Closing carrying amount

31 Dec 2025

→ → FINANCIAL STATEMENTS, NOTES

23Year-End Report 2025Railcare Group Ab /

Amounts in SEK 000, unless otherwise stated

Oct-Dec

Oct-Dec

Full-year

Full-year

Key performance indicators per share, SEK Oct-Dec

Oct-Dec

Full-year

Full-year

Earnings per share before

Key performance indicators, Group in summary

→ → FINANCIAL STATEMENTS, NOTES

24Year-End Report 2025Railcare Group Ab /

Capitalised work on own account 1.6 3.7 8.5 7.6 6.7 3.2 3.4 5.3 Raw materials and consumables -38.6 -55.2 -52.0 -27.5 -50.5 -54.8 -60.9 -33.6

Depreciation and impairment of

property, plant and equipment -38.1 -36.4 -32.4 -30.6 -28.4 -28.3 -25.9 -23.8

Operating profit/loss (EBIT) 14.9 30.2 18.1 4.4 13.7 20.3 17.2 15.1

Net financial income/expense

Quarterly data, Group in summary

• Reported according to the equity method

→ MISCELLANEOUS

25Year-End Report 2025Railcare Group Ab /

the corresponding period in the preceding year unless otherwise stated. Amounts in tables and other summaries have been rounded individually. Accordingly, minor rounding differences may be found in totals.

Alternative

PERFORMANCE MEASURES This Interim Report refers to a number of financial measures not defined in accordance with IFRS, known as alternative performance measures. Railcare uses these performance measures to monitor and analyse the financial outcome of the Group’s operations and its financial position. These alternative performance measures are intended to supplement, not replace, the financial measures presented in accordance with IFRS. See definitions and further information below.

Financial Performance

Measures

Operating profit/loss (EBIT) Calculated as net profit/loss for the period before tax, profit from holdings in associated companies and financial items.

This performance measure illustrates

the company’s profit/loss generated by operating activities. Net financial income/expense Net financial items are calculated as financial income less financial expenses.

This performance measure illustrates

the net amount from the company’s financial activities.

financial items divided by net sales.

This performance measure illustrates

how much of the company’s earnings remain after all expenses, excluding corporation tax, have been deducted.

period. Equity per share, SEK Calculated as equity divided by the number of shares outstanding at the end of the period.

This performance measure illustrates

the company’s net worth per share.

Financial Performance

Measures

sales for the preceding period, divided by net sales for the preceding period.

This performance measure illustrates

the company’s growth and historical performance, contributing to an understanding of the company’s development. Operating margin, % Calculated as operating profit divided by net sales. This performance measure illustrates how much of the company’s profit/loss is generated by its operating activities. Equity/assets ratio, % Calculated as equity divided by total assets. This performance measure illustrates the company’s financial position and long-term solvency. Dividend per share, SEK Dividend per share approved by a General Meeting at which the Annual Report for the specified financial year is adopted.

Earnings per share before

dilution, SEK

Calculated as profit/loss attributable to Parent Company

shareholders divided by the weighted average number of shares outstanding in the period.

This performance measure illustrates

the company’s earnings per share, excluding any dilution effect from outstanding convertibles.

Earnings per share after

dilution, SEK When calculating earnings per share after dilution, the weighted average number of shares outstanding is adjusted for the dilution effect of all potential shares. The Parent Company has a category of potential common shares with a dilution effect: convertible debentures. The convertible debentures are assumed to have been converted into shares and net profit is adjusted to eliminate interest expenses less tax effect. Convertible debentures do not give rise to a dilution effect when the interest per share that may be received upon conversion exceeds earnings per share before dilution.

This performance measure illustrates

the company’s earnings per share, excluding any dilution effect from outstanding convertibles.

Definitions

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26Year-End Report 2025Railcare Group Ab /

Glossary

BALLAST FEEDER The machine handles large volumes during reballasting and refilling.

other planning of the UK’s railway infrastructure. Control Period 6 extends to 31

March 2024. Control Period 7 starts on 1 April 2024.

Culvert

Inspections

Assessment and documentation of the condition and potential maintenance need for culverts, mainly under railways and roads.

has been implemented on Sweden’s railways. EXTENDING SERVICE LIFEObsolete locomotives are upgraded with better engines, new signalling systems and a modernised working environment with the aim of better meeting future environmental requirements and technical standards.

powered. Equipped with its own power source, vacuum pumps, hydraulics and operator cabs. The improved MPV has the same functionality, but is also equipped with a pantograph. This enables batteries to charge directly from overhead lines. ONBOARD EQUIPMENT The equipment required on board locomotives to enable communication with the relevant railway signalling system.

track to the electric vehicles and machines operating on the railways.

the railways using vacuum technology. RE-MOTORISATION Engine replacement where older diesel motors are replaced with new modern diesel motors that meet current environmental standards, reduce operating costs and improve accessibility. STAGE V ENGINES Engines that meet the standard for emissions class stage V. Classification for industrial vehicles that regulates permitted emissions.

Standby Locomotive/

Clearance Locomotive

A clearance locomotive with personnel that is available around the clock 365 days of the year to urgently clear or remove vehicles involved in incidents or breakdowns on the railway. The aim is to quickly get the track open for traffic again.

Tb Locomotive/

Tc Locomotive

Two types of locomotives that function as combined freight train and snow removal locomotives. The Tb is the largest of them and was built mainly for snow clearance in railway yards. TRACK TIMETABLES Time slots allocated by the Swedish Transport Administration for maintenance relating to carrying out work on the relevant tracks. During these periods, the tracks cannot be used for regular rail traffic.

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27Year-End Report 2025Railcare Group Ab /

Railcare Group Ab

Visiting address: Näsuddsvägen 10

Postal address: Box 34

SE-932 21 Skelleftehamn, Sweden

Tel no: +46 (0)910–43 88 00

Email: [email protected]

About Railcare

Press Releases In The Fourth Quarter

14 Oct Nomination Committee for Railcare

Group AB’s Annual General Meeting

6 Nov Interim Report

January-September 2025

6 Nov Presentation of the Interim Report JanSep 2025

Financial Calendar 2026

7 May Interim Report January-March 7 May 2025 Annual General Meeting 13 Aug Interim Report January-June 5 Nov Interim Report January-September 11 Feb 2027Year-end Report 2026

For Further Information, Please Contact

Mattias Remahl, CEO

Telephone: +46 (0)70–271 33 46

Email: [email protected]

Hanna Hedlund, IR contact

Telephone: +46 (0)70–658 38 09

Email: [email protected]

This is information that Railcare Group AB (publ) is required to disclose under the EU Market Abuse Regulation. This information was submitted to the market, through the agency of these contacts, for publication on

mation, see www.railcare.se The railway specialist Railcare offers innovative products and services for the railway; for example, railway maintenance with self-developed machines, a locomotive workshop, project and specialist transport, and machine sales. Our market is mainly in Scandinavia and the United Kingdom. The railway industry is undergoing positive development with increasing traffic volumes, extensive investment programmes, development of cost-effective freight and passenger transport, and rising environmental awareness. Railcare delivers both sustainable and efficient solutions that ensure that railway services can be used for the maximum number of years to come. The shares of Railcare Group AB (publ) are listed on the Small Cap list of the Nasdaq Stockholm exchange. The Group has approximately 200 employees and annual sales of approximately SEK 670 million. The company’s registered office is located in Skellefteå, Sweden.