ANNUAL REPORT 2022

TABLE OF CONTENTS
PAGE
02
03
05
09
17
18
20
21
22
39
-
CEO LETTER
-
ABOUT HUMBLE GROUP
-
OUR STRATEGY
-
BUSINESS SEGMENTS
-
FINANCIAL TARGETS
-
CORPORATE GOVERNANCE
-
BOARD OF DIRECTORS
-
MANAGEMENT TEAM
-
SUSTAINABILITY WORK 2022
-
FINANCIAL REPORT

A LEADING FMCG POWERHOUSE 
OFFERING BETTER CHOICES FOR THE EVERYDAY 
2022 IN NUMBERS
ORGANIC GROWTH 
pro forma 2022
MSEK
ADJUSTED EBITDA
MSEK CASH FLOW
FROM OPERATING ACTIVITIES
MSEK
EBITDA
EBITDA
MARGIN
NUMBER OF
SHAREHOLDERS
MSEK
NET SALES
22%
551
255
504
10.5%
4 800
11.5%
ADJUSTED EBITDA 
MARGIN
24 080
1

CONSOLIDATION AND DEVELOPMENT IN A CHALLENGING MARKET
When we summarize the past year, it is clear that 2022 was an eventful year. We have had challenges with constant price increases, 
the introduction of the UTP directive, increased interest costs, extraordinary shipping costs, disruptions in the value chain and raw 
material shortages, which are critical factors and areas for a product company like Humble. Despite the challenges, we have 
managed to maintain strong underlying growth, where we increased pro forma turnover by a whopping 22 percent and at the same 
time defended our profitability. It is in times that these opportunities arise. I dare say that we are better equipped than ever to 
continue on the beaten path of building the leading modern FMCG group.
During the year, we have developed and changed the Group in many ways. We have recently changed accounting principles to IFRS
and launched the new business segments Future Snacking, Quality Nutrition, Sustainable Care and Nordic Distribution. Overall, the 
new segments mean a clearer operational focus on the respective core business and show how we position our subsidiaries to jointly 
take market shares and compete in the traditional trade. At the time of writing, it is absolutely bursting with initiatives and possible 
synergies between the companies, where my hope is that we will see the results of successful investments and international 
expansion within a not too long time.
The challenging and volatile market in which we find ourselves also shows the strength of belonging to an entrepreneur-driven 
group, where the businesses help each other to, for example, obtain raw materials and continue to run profitable campaigns with 
collective strength. Relatively speaking, we have managed to maintain a good gross profit margin, which testifies to the strength of a 
dynamic business model where our decentralized management offers the necessary flexibility to be able to adapt the business 
weekly to constantly new conditions. This is a marked difference compared to industrial and older FMCG companies, with a 
significantly slower pace of change and innovation. Our ability to adapt only makes me more convinced that we are well positioned 
to capitalize on the impending transformation towards health and sustainability, which is still in its infancy but is inevitably
happening.
We can state that Humble has maintained a lower acquisition rate during 2022 and the beginning of 2023 compared to the previous 
year. The cost of capital has increased significantly, and it is even more important to obtain maximum returns from the businesses 
that are already part of the Group. At the same time, we have brought in 13 new operating companies that already contribute both
with strategic opportunities and strong underlying cash generation. The new companies open doors for our existing portfolio, 
strengthen the platform and increase distribution through more international markets and other sales channels.
The financial outcome linked to our financial goals has continued to develop well, albeit not at the same pace as in 2021. We have 
far surpassed the growth goal of at least 15 percent organically. The fulfillment rate of the turnover target increased from 23 percent 
to 43 percent and the profitability target increased from 25 percent to 34 percent. the Group's long-term goal of having a net 
debt/pro forma adjusted EBITDA of less than 2.5 times is a high priority to reach. We therefore work intensively on optimizing our 
cash generation and the use of working capital to organically strengthen our liquidity and balance sheet.
In terms of investment, we have developed the Group at group level to be ready to scale the business and streamline our 
operational platform. We have had an unusually high rate of investment in fixed assets, which has been according to plan to increase 
the Group's efficiency and the possibility of automation. I also want to highlight the modern BI platform that we built and integrated 
against 17 ERP systems in real time. Via the platform, we can in a resource-efficient way and with high accuracy follow the lion's 
share of the Group in depth and offer better decision-making support to our management teams in their daily business 
development.
Our vision of building a leading FMCG player with a focus on health and sustainability stands firm. Of course, it has been a 
challenging climate in 2022, but it is with some confidence that we look ahead and see opportunities to grow profitability faster and 
improve cash generation in Humble. I am very positive about our continued journey, both in the short and long term. Our companies 
are well positioned to take advantage of the opportunities that exist in the fast-growing product segments in which we operate, and 
we will continue to drive profitable growth with our business model and corporate culture as a foundation.
Finally, I would like to say a big thank you to all the fantastic employees and entrepreneurs for your commitment and ability to
successfully navigate a tough market. I am constantly impressed by the solutions you find and how you develop your businesses to
the next level daily. You are the hub of our culture and convey a sense of energy and faith in the future that our customers want to 
be a part of.
Simon Petrén 
CEO HUMBLE GROUP AB (publ)
CEO LETTER
2

Humble Group is a Swedish FMCG group that supplies cutting edge healthy sugar-reduction and vegan products as well as eco-friendly 
and sustainable food and hygiene products for the broader FMCG market. 
The Group consists of a number of manufacturers, distributors and well-recognized consumer brands that refine, develop and distribute 
functional and sustainable fast-moving consumer products on a global scale. Our business model is to both organically grow and acquire 
profitable, cash generative and market-leading FMCG companies within Humble Group’s niche. Through the Group's operational 
platform, synergies can be realised to increase the respective companies' profitability and growth. Humble distributes over 36 000 
products to 12 000 B2B customers and covers all strategic sales channels in the industry with a global sales footprint in 118 markets.
ABOUT HUMBLE GROUP
EMPLOYEES
PRODUCTS
1 000+
OPERATING ENTITIES
47+
NEW ACQUISITIONS 2022
MARKETS
OPERATING  SEGMENTS
13
4
118
36 000+

THE HUMBLE WAY
INNOVATION
We encourage new ideas, new ways of working, and promote a test & 
learn culture. 
ENTREPRENEURSHIP
We celebrate vision, curiosity, continuous learning, a drive for excellence 
and agility in its execution.
PASSION
We support a self-starter attitude and encourage both initiative and 
accountability.
INTEGRITY
We operate with honesty, openness, respect, and are governed by a 
strong moral compass.
At Humble Group, we believe in doing business responsibly, ethically, and 
sustainably. We call it doing business “The Humble Way”. 
The Humble Way is brought to life via our four values which govern our 
behaviors and the way we interact with all Humble Group stakeholders.

Humble Group was born out of the ambition to challenge conventional FMCG companies and focus on products that are better for you
and better for our planet. Our vision is to be the leading global FMCG Group offering better choices for the everyday household –
sustainability made accessible to all is what will truly make a difference.
Humble Group offers companies a home to continue innovating while benefiting from shared value-creating functions. We support 
companies led by strong entrepreneurs who strive to change the world for the better. 
The Group’s strategy is to grow organically as well as through strategic acquisitions. With sustainability as our northern star, Humble 
Group is building a platform for our portfolio companies to flourish with increased organic growth and profitability through Group 
synergies and with the benefit of having certain strategic functions centralized at head office.
These selected centralized functions act as strategic catalysts to unlock further subsidiary growth, creating value through data analytics, 
reporting and shared resources. We want our subsidiaries focused on being the best disruptors possible.
OUR STRATEGY
•
BUSINESS INTELLIGENCE
•
SUSTAINABILITY STRATEGY & COMMUNICATIONS
•
GROUP SYNERGIES & FRAMEWORK AGREEMENTS
GROUP MANAGEMENT VALUE-CREATION
SUBSIDIARY OWNERSHIP
•
INNOVATION & PRODUCT DEVELOPMENT
•
MARKETING
•
SALES & DISTRIBUTION
•
SUSTAINABILITY ACTION
•
FINANCIAL RESULTS & PERFORMANCE
•
PEOPLE & PAYROLL
•
RESEARCH & DEVELOPMENT
•
FINANCIAL & NON-FINANCIAL REPORTING
•
ENTREPRENEUR SUCCESSION PLANNING

The FMCG market is undergoing a rapid transformation, driven by 
several macro forces. Through a diverse portfolio of brands with 
sustainability at the heart of the business model, Humble Group is well 
placed to expand its footprint in the evolving global market.  
MACRO
FORCES
TRENDS DRIVING A 
SHIFT IN CONSUMER 
BEHAVIOUR & THE 
COMPETITIVE 
LANDSCAPE
SHIFTING 
CONSUMER DEMANDS
Growing demand for 
sustainable solutions
RESOURCE
PRESSURE
Increasing need to 
embrace circular models
CONSUMER
DEMOGRAPHICS
Millennials and Generation Z are 
shaping the future, demanding 
committed, transparent brands with 
sustainable & natural products
CHANGING
LIFESTYLES
Diversifying values and lifestyles 
shifting towards higher 
requirements for personal health 
and environment
POLITICAL 
& ECONOMIC SHIFTS
Power shifts in the global economy 
and geopolitical landscape
TECHNOLOGY 
& INNOVATION
Technology as a driver for foodtech sector 
and the rapid uptake of substitutes (e.g.
meat and sugar) 
INNOVATION
The challenge for major players in the industry today is the 
speed to act on new opportunities in the market. With 
companies across the whole value chain, including an agile 
setup for production, brands and distribution, Humble 
Group has the capabilities of leading players, while being 
able to maintain the agility and entrepreneurial spirit of the 
companies in the portfolio. This allows the Group to quickly 
identify market opportunities and deliver innovation at high 
pace.
ENTREPRENEURSHIP
A key enabler to facilitate innovation and agility is the 
entrepreneurial spirit within the Group companies.  Humble 
Group’s competitive edge derives from this spirit, and we 
therefore aim to harness this power, rather than dim it, by 
keeping all day-to-day decision making within each 
subsidiary. A decentralized model paired with a strong 
operational platform for synergies allows Humble Group to 
leverage the benefits of the entrepreneurial mindset with a 
scalable model.   
TRANSFORMING THE FMCG MARKET

Since the inception of Humble Group’s journey, the core strategy has been to cover the full value chain including sales and distribution. 
The Group’s sales and distribution business includes wholesalers and distributors owned by the Group as well as through the acquisition 
of subsidiary companies who bring with them strong external sales and distribution networks. 
The Groups sales and distribution network have a deep understanding of local markets and consumer preferences and help both 
Humble Group brands as well as external customers in expanding their reach to new markets and broadening their customer base.
118
13
100 000+
75+
GLOBAL SALES 
MARKETS
COUNTRIES WITH OUR 
OWN OPERATING ENTITIES
GLOBAL POINTS
OF SALES
COUNTRIES WITH 
DISTRIBUTION
Countries with operating entities
Countries with strategic distributor agreements
GLOBAL SALES & DISTRIBUTION

CHANGE IN NET SALES
FULLY OWNED COMPANIES 2021 AND 2022
During the year, net sales increased in 2022 compared to 2021 for fully owned companies by MSEK 116, corresponding to a change of 
29%, of which 29% consisted of organic growth and 0% of exchange rate effects.
PRO FORMA 2022
Pro forma means the financial outcome if all businesses were fully owned during the entire period. Pro forma increased net sales in 
2022 compared to 2021 by MSEK 1 225, corresponding to 22% compared to 2021. Note that in the pro forma no group eliminations 
have been considered.
As some of the operations have sales to already existing group companies since before the acquisition, the net sales will therefore be 
slightly lower in the future after the operations are integrated, as the net turnover after the completion of the acquisition is reclassified 
to internal sales. For 2022, consolidated net sales were SEK 4,800 million, of which SEK 615 million has been eliminated as internal sales 
(which it is not in pro forma).
For the companies reported as owned at the end of 2022 and pro forma in the table below, there are subsidiaries with an accounting 
currency other than SEK. The currency effect in changes in net sales is not quantified, as this information was not available for the time 
before Humble Group acquired the respective business.
*Amerpharma's net sales have been excluded in all data sets as it is no longer included according to IFRS reporting for the income 
statement 2022
**Items affecting comparison are management fee for the parent company (MSEK 21 for 2022 and MSEK 2 for 2021), integration of
Golden Athlete's distribution (MSEK 6 in 2022 and MSEK 14 in 2021) and relocation of stock in Bayn Solutions (MSEK 3 in 2021).
COMPANIES INCLUDED
NET SALES
MSEK 2022 / 2021
CHANGE
%
CHANGE
SEK
Companies fully owned 2021 and 2022*
= 537 / 414
30%
123 
Companies fully owned 2021 and 2022 
excl. Items affecting comparability**
= 511 / 395
29%
116    
Companies owned at year end 2022
= 6 413 / 5 284
21%
1 129   
Companies owned at year end 2022 
excl. Items affecting comparability
= 6 386 / 5 265
21%
1 121
Pro forma 2022
= 6 920 / 5 688
22%
1 232
Pro forma 2022
excl. Items affecting comparability
= 6 893 / 5 668
22%
1 225   
8

SUSTAINABLE
CARE

SEGMENT OVERVIEW 
Sustainable Care consists of a diverse range of brands, distributors and producers of personal care and household products. Their 
categories span skincare, haircare, body care, oral care as well as hygiene products, among others. The companies in this segment are 
committed to meet the growing demand for more sustainable household choices and eco-friendly products and by doing so, contribute 
to our vision for a healthy planet.
As for all companies within Humble Group, there is a strong commitment to innovation in order to contribute to a more sustainable 
future. By exploring new materials and production methods to further reduce environmental impact, while improving quality and
appeal to consumers, Sustainable Care is a core segment that symbolizes Humble Group’s mission to create the best modern products 
within the FMCG space. 
Each company brings unique strengths and capabilities to the Sustainable Care segment, which help to create a more robust value 
chain. The vast product portfolio combined with the importance of many of the products that i.e. The Humble Co. and Naty provide
ensure Humble Group is well placed to meet the shifting preferences of modern-day consumers who demand better products for less.
The manufacturers within Sustainable Care play an important role in ensuring product quality and consistency, thereby maintaining 
trust with consumers that our products are not just environmentally conscious but still meet the expected efficacy and quality 
standards. 
THE ROLE OF OUR DISTRIBUTORS
Our vertically-integrated distributors help both Humble Group brands as well as external customers in expanding their reach to new 
markets and broadening their customer base. The combined efforts of our brands, manufacturers and distributors within Sustainable 
Care create a more resilient value chain that can meet the changing consumer demands in an agile way while striving for a more 
sustainable planet.
SALES AND PROFITABILITY
Net sales for the Sustainable Care segment amounted to MSEK 1 845 during the year, an increase of 266% compared to the 
corresponding period last year. The growth among our Sustainable Care brands was mainly the result of line extensions and improved 
distribution in existing stronghold markets. While some of the brands have started to gain additional distribution by partnering with 
subsidiaries in the Nordic Distribution segment, the full potential here is far from materialized. 
The production companies in this segment have expanded their product offering with new innovations and as a result have made 
several investments in order to secure additional growth and production capabilities. A company to highlight is Solent Group, which 
have driven high organic growth as well as a maintaining high levels of profitability, with a solid growth plan for the coming years. EBIT 
for the year in this segment amounted to MSEK 124 (MSEK -112), with an EBIT margin of 7% (-22%), which was negatively impacted by 
higher freight prices from Asia, weak SEK and GBP, and specific additional restructuring costs related to the Naty factory move.
SUSTAINABLE CARE
1 845
MSEK
NET SALES 2022
124
MSEK 
EBIT 2022
7%
EBIT
MARGIN 2022
7
ENTITIES IN
THIS SEGMENT

FUTURE
SNACKING

SEGMENT OVERVIEW 
Future Snacking strives to offer cutting edge, healthier and more sustainable food & snacking products that challenge the traditional 
foods and snacks category. Our Future Snacking companies are driven by the passion for innovative concepts and aim to contribute to a 
more sustainable consumer lifestyle where health and well-being is at the centre without compromising taste, quality or convenience. 
Humble Groups functional food and “better-for-you” products include sugar and calorie-reduced alternatives, vegan alternatives and 
vitamin-enriched products that benefit the consumer. Global megatrends with shifting demographics, changing lifestyles, an increased 
awareness of the food industry’s environmental impact, politics and digitalisation drive the shift in consumer understanding and 
behaviour. Humble Groups mission is clear: to become the frontrunner in delivering high-quality food & snacking products that align 
with the growing demands of today’s health-conscious modern consumer.
BRANDS
The operating segment Future Snacking consists of a number of food and snacking brands with high innovation power and vision to 
provide cutting edge, healthier and more sustainable candy products, foods and snacks for the everyday. Each brand within the
segment is a pioneer in its own unique market niche, for example vitamin-enriched gummy candies or lower-sugar chocolate snacks.
With the increasing consumer awareness around the health benefits of functional foods and higher demand for products that blend the 
boundaries of enjoyment and wellness, Future Snacking’s brands are well-positioned for high growth in the coming years. This growth 
trajectory is in line with the segment’s strong performance in the past few years. 
PRODUCTION
Furthermore, Future Snacking also includes various candy, chocolate and snacking manufacturers that supply the top-quality products 
for the Group’s various brands. Due to the close partnerships between our manufacturers and brands, Humble Group’s subsidiaries are 
able to quickly and easily respond to shifting consumer demands, making our business model uniquely agile in comparison to more 
traditional FMCG groups.
SALES AND PROFITABILITY
Net sales for the Future Snacking segment amounted to MSEK 733 during the year, an increase of 182% compared to the corresponding 
period last year. The growth amongst the brands in the segment was mainly driven by new product launches and innovations as well as 
international and domestic expansion of our established Future Snacking brands. Moreover, the brands have gained stronger 
distribution with retailers thanks to a strong partnership with the Nordic Distribution segment. 
The production companies within Future Snacking have expanded their product offering with their own brands and via additional
contract manufacturing to external parties. They have also maintained higher capacity and benefitted from several of the Humble 
Group brands bringing their production inhouse to fellow Group subsidiaries. A company to highlight is Pändy, which has sustained 
significant growth throughout the full year 2022 and turned a negative EBIT to positive, with a very strong outlook for 2023. EBIT for the 
year in this segment amounted to MSEK 85 (MSEK 5), with an EBIT margin of 12% (2%), which was impacted by the ongoing raw 
material pricing volatility that we saw in 2022 and a delay in price increases being transferred downstream.
FUTURE SNACKING
733
MSEK 
NET SALES 2022
85
MSEK 
EBIT 2022
12%
EBIT
MARGIN 2022
14
ENTITIES IN
THIS SEGMENT

QUALITY
NUTRITION

SEGMENT OVERVIEW 
Quality Nutrition comprises of both brands and manufacturers of sports nutrition supplements and ingredients. These subsidiaries are 
devoted to providing top-quality nutritional products and supplements that are designed to cater to a variety of consumers, from high-
performance professional athletes to active lifestyle consumers who are looking for convenient way to improve their performance and 
health in their daily lives. The brands included in Quality and Nutrition have a large reach, with Body Science covering primarily 
Australia, Viterna and Vitargo covering the Nordic region, and Rainforest Foods and Greens Origins primarily covering the UK. With the 
help of their research and development functions our Quality Nutrition companies create continuously improved products while taking 
strides to make the sports nutrition segment more sustainable. 
PRODUCTION CAPABILITIES
The Quality Nutrition segment aims to service in-house brands as well as contract manufacturing services for external brands and
emerging concepts. The production capabilities in this segment that are based in the Nordics includes fillings and capsules, powders and 
flavouring, gels, sachets, nutrition bars & granolas as well as superfood blends. 
There are additional growth opportunities within the Quality Nutrition segment that we continue to explore, and we expect this 
segment to grow as we improve its product offering to B2B clients. 
SALES AND PROFITABILITY
Net sales for the Quality Nutrition segment amounted to MSEK 965 during the year, an increase of 275% compared to the 
corresponding period last year. The growth among the Quality Nutrition brands is mainly attributed to BodyScience, which has had a 
fantastic since it became part of Humble Group in August 2022. The company has grown significantly through new innovations, 
additional sales channels and higher distribution. The other brands in this segments have sustained strong growth through additional 
distribution and launches of new products as well as cooperation with the Nordic Distribution segment. 
Our Quality Nutrition production facilities have been gathered under a centralized organization called “Arena Nutrition” where our 
companies are now bound together to be able to supply our biggest customers with an end-to-end full assortment of high quality and 
delicious tasting products. With the strong sales capabilities in Ewalco leading the initiative, we believe this Group collaboration will be 
a driver of organic growth in the coming years. EBIT for the year in this segment amounted to MSEK 57 (MSEK -1), with an EBIT margin 
of 6% (0%), the result of also being affected by higher raw material prices and FX impact. 
QUALITY NUTRITION
965
MSEK 
NET SALES 2022
57
MSEK 
EBIT 2022
6%
EBIT 
MARGIN 2022
12
ENTITIES IN
THIS SEGMENT

NORDIC
DISTRIBUTION

Table of contents
SEGMENT OVERVIEW
Since the inception of Humble Groups journey, our differentiating strategy has been to cover the full FMCG value chain including
distribution. The Nordic Distribution segment encompasses a network of wholesalers and distributors located in the Nordic region to 
bring our “better-for-your” products to all distribution channels efficiently and effectively. The companies within Nordic Distribution 
have a deep understanding of local market dynamics and the diverse consumer preferences, which makes Humble Group uniquely 
placed to navigate Nordic channels in a coordinated way, without losing localized knowledge.
Moreover, the Nordic Distribution segment also provides value-adding services such as logistics and supply chain management for the 
Group. These services help to streamline and strengthen the distribution process, ensuring that products reach customers in an 
efficient manner. A key element to our sustainability strategy is ensuring our products are accessible to all.
The segment is expected to grow and achieve margin expansion through a more centralised distribution arm upon which all Humble 
Group companies can benefit from greater purchasing power, reduced costs and overheads, efficient cross-promotion efforts and the 
coordination of strategic logistical hubs. 
During Q4 2022, Humble Group signed legally binding agreements to acquire 100% of the shares in Privab Ystad and Privab Trollhättan, 
as well as the marketing company Privab Grossisterna AB. The legally binding agreements include a condition in which Humble Group 
will continue collaboration with the remaining operating wholesalers Privab Visby and Privab Umeå.
SALES AND PROFITABILITY
Net sales for the Nordic Distribution segment amounted to MSEK 1 257 during the year, an increase of 170% compared to the 
corresponding period last year. The growth can be seen in all of the companies included in this segment – the result of increasing both 
volume of goods and the product assortment supplied to existing stores and channels. Additionally, many of the distribution 
subsidiaries have incorporated the product portfolio of other Humble subsidiary brands, driving additional growth via inter-group 
synergies. The EBITA-margin has been lowering in many of the companies due to high price volatility and freight prices, which has put 
pressure on the profitability. The companies see strong potential to recover margins in the coming years to normalized levels pre-2022. 
EBIT for the year in the Nordic Distribution segment amounted to MSEK 29 (MSEK 1), with an EBIT margin of 2% (0%). The decrease in 
margin was attributed to the pricing increases we saw across almost all FMCG product category which in turn affected almost all 
distribution companies as pricing increases were passed downstream in the value chain.
NORDIC DISTRIBUTION
1 257
MSEK 
NET SALES 2022
29
MSEK 
EBIT 2022
2%
EBIT 
MARGIN 2022
10
ENTITIES IN
THIS SEGMENT

16,000
433
3,749
6,946
3%
23%
43%
2020
2021
2022
2025
1,900
49
479
650
3%
25%
34%
2020
2021
2022
2025
FINANCIAL TARGETS
Humble Group’s 2025 financial growth target in 2025 s a net turnover of SEK 16 billion pro forma with a target of 15% organic growth 
per year. Humble Group’s 2025 profitability in 2025 is an adjusted EBITA of SEK 1.9 billion pro forma. The company also has a debt 
target that adjusted EBITA pro forma relative to net debt should be less that 2.5x.
2022 RESULTS
At the end of 2022, the Group's pro forma net sales for rolling 12 months amounted to MSEK 6 347. This corresponds to 43% target
fulfillment of our long-term financial target that pro forma net sales should amount to SEK 16 billion by the end of 2025. Adjusted EBITA 
pro forma amounted to MSEK 650, which corresponds to 34% target fulfillment that proformed adjusted EBITA will amount to MSEK 1 
900 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. 
FINANCIAL TARGETS
Pro forma achieved results
Financial targets
Progress to financial targets
NET SALES TARGET
PROFITABILITY TARGET
15%
ORGANIC GROWTH TARGET
16bn
NET SALES TARGET
1.9bn
ADJUSTED EBITA TARGET

HUMBLE IN NUMBERS
GOVERNANCE REPORT
A WORD FROM THE CHAIRMAN OF THE BOARD
We summarize an eventful year in which Humble has continued to deliver well on the set strategy that the Board adopted at the
beginning of 2020. The goal when we acquired Pändy in March 2020 was to grow the Group's scope and profitability both organically 
and through acquisitions. A little over three years later, when turnover figures have turned from millions to billions, I can only sum up 
that the strategy worked very well.
I can also state that the Group's progress has been marred by three turbulent years from a macroeconomic perspective. Pandemics, a 
horrific invasion of Ukraine, rising freight prices, the energy crisis, and a volatile inflation and interest rate environment have all 
presented challenges in different ways over the years. With a decentralized governance model, I am pleased with how well both
management and our entrepreneurs have managed to deal with the challenges we have faced as a group. We have built a strong group
of companies that, despite a turbulent environment, delivered strong underlying organic growth. We have strengthened the 
organization in many ways and now involve several different functions that can support our subsidiaries in both the strategic plan and 
everyday needs. We have successfully transitioned from Swedish GAAP K3 to IFRS – an important first initial step towards increased 
comparability for international investors and a must for a future list change for the Group.
I have now been part of the Board since 2011 and Chairman of the Board since 2015 and I am proud of the journey that Humble has 
made. During my time on the Board, the Group has developed from being a small company with a focus on sugar reduction to being a
global group that drives the development of the market within FMCG, for health and sustainability. After the Annual General Meeting, I 
will end my role as an active member of the Board. The company's construction is now entering a new phase with an increased focus on 
efficiency, consolidation and optimization of working capital and capital structure.
I have strong faith in the management and the growth journey that Humble is on, and I will continue to follow the development closely 
as an advisor and long-term shareholder in the company.
Peter Werme,
Stockholm April 27th, 2023
COMPLIANCE WITH SWEDISH CORPORATE GOVERNANCE CODE (THE CODE)
The corporate governance report has been prepared with chapter 6, Section 6 and 8 of the Annual Reports Act as a starting point,
contain important information on how Humble Group complies with the Swedish Corporate Governance Code, on shareholders, the 
Annual General Meeting, the Nomination Committee, the Board, and its work. The company has begun strategic work to develop its 
compliance with the Swedish Code of Corporate Governance and will continue to develop its governance model and follow-up of the 
Code in 2023 as part of strengthening the organization for a future list change.
HUMBLE GROUP´S GOVERNANCE MODEL
NOMINATION 
COMMITTEE
RENUMERATION 
COMMITTEE
ACQUISITION 
COMMITTEE
GENERAL MEETING
BOARD OF DIRECTORS
CEO AND 
MANAGEMENT
SUBSIDARIES AND 
OPERATIONAL UNITS
AUDITOR
AUDIT COMMITTEE
18

HUMBLE IN NUMBERS
Shareholding
No of 
owners
No of shares
No of votes
1 - 500
15 284 
2 181 716 
0.71 %
501 - 20 000
7 881 
23 948 135 
7.81 %
20 001 - 100 000
429 
17 438 685 
5.69 %
100 001 - 500 000
97 
20 886 347 
6.81 %
500 001 - 1 000 
000
21 
15 628 808 
5.10 %
1 000 001 - 2 000 
000
11 
15 473 880 
5.05 %
2 000 001 -
20 
185 153 756 
60.40 %
Anonymous 
ownership
25 839 228 
8.43 %
Total 
23 743
306 550 555 
100.00 %
Owner
Shares
Votes
Håkan Roos (RoosGruppen AB)
30 983 300
10.11%
Noel Abdayem (NCPA Holding AB)
27 917 627
9.11%
Neudi & C:o AB
18 908 001
6.17%
Avanza Pension
16 815 794
5.49%
Thomas Petrén (Seved Invest AB)
12 570 000
4.17%
Capital Group
11 368 627
3.71%
Futur Pension
7 513 372
2.45%
Creades AB
7 026 870
2.33%
Caldas Capital Lda
6 572 129
2.14%
Simon Petrén (Semroen AB)
6 216 200
2.03%
Total top 10
145 891 920
47.59%
Other shares
160 658 635
52.41%
Total number of shares
306 550 555
100.00%
GOVERNANCE REPORT
THE SHAREHOLDERS
Humble Group is listed on the Nasdaq First North Growth Market since November 12, 2014. The company is ultimately governed by the 
shareholders who influence the main focus through their influence at the Annual General Meeting.
ANNUAL GENERAL MEETING
The Annual General Meeting is the company's highest decision-making body and gives all shareholders the opportunity to exercise their 
influence regarding, for example, the composition of the Board or the selection of auditors. The Nomination Committee proposes 
candidates for Board members, Chairman of the Board and auditors. Decisions at the Annual General Meeting are usually made by a 
simple majority. The Articles of Association do not specify any restrictions on how many votes each shareholders can cast at the Annual 
General Meeting. The Annual General Meeting resolves, for example, on amendments to the Articles of Association and authorizations 
for the Board.
At the Annual General Meeting, shareholders have the opportunity to ask questions about the company and the previous year´s result.
Representatives of the Board and company management are normally present at the Annual General Meeting to be able to answer 
such questions. The most recent Annual General Meeting was held on May 5th, 2022, and the minutes with all decisions made are 
available on www.humblegroup.se. 
NOMINATION COMMITTEE
The Nomination Committee in Humble Group prepares and submits a proposal to the Annual General Meeting regarding Chairman of 
the meeting, board members and Chairman of the Board. It also submits proposals for board fees to each of the board members and 
the chairman as well as possible compensation for committee work, fees to the company's auditor. The nomination committee for the 
2023 Annual General Meeting consists of Henrik Patek (representing RoosGruppen), Aram Jimal (representing NCPA Holding AB), 
Henrik Forsberg (representing Neudi & Co AB and Peter Werme as Chairman of the Board of Humble Group AB.
BOARD COMMITTEE
With our rapid growth, the need for a remuneration, audit and acquisitions committee has emerged to enable a more efficient 
distribution of work within the Board. Work on these has continued during 2022. The committees meet at least four times a year, more 
times if necessary, and prepare matters before handling in the Board.
Below is presented a compilation of the company's 10 largest shareholders and distribution by holding size with reconciliation date 
2023-03-31.
19

The Board is appointed by the Annual General Meeting and is normally elected until the end of the first Annual General Meeting held 
after the year in which the member or deputy is elected. According to the Articles of Association, the Board shall consist of a minimum 
of three and a maximum of seven Board members, with a maximum of three deputy Board members. Peter Werme was re-elected as 
Chairman of the Board at the 2022 Annual General Meeting. No vice chairman has been appointed.
The Board's tasks are regulated by the Board's rules of procedure, which are documented in writing and adopted by the Board annually 
after the Annual General Meeting. The main tasks consist of deciding on the Group's overall strategy, company acquisitions and 
investments. The Board also determines the framework for the Group's operations through the Group's business plan. The Board 
usually meets monthly, with the exception of additional board meetings when deemed necessary. Board committees were created in 
spring 2022 in order to distribute the work within the Board more efficiently. The Board of Humble Group consists of the following 
individuals:
BOARD OF DIRECTORS
PETER WERME
CHAIRMAN OF THE BOARD
Shares: 4 706 427
Year of birth: 1960
Chairman of the Board since 2015
Education: MBA at Uppsala University
Other assignments: First Venture Sweden AB
OLA CRONHOLM
BOARD MEMBER
Shares: 52 000
Year of birth: 1973
Board member since 2022
Education: MSc from Gothenburg University.
Other assignments: Investment Manager at Neudi & Co
BJÖRN WIDEGREN
BOARD MEMBER
Shares: 61 705
Year of birth: 1958
Board member since 2020
Education: MSc from Gothenburg University
Other assignments: -
HENRIK PATEK
BOARD MEMBER
Shares: 207 500
Year of birth: 1969
Board member since 2021
Education: University studies of Computer Science & Business 
Administration
Other assignments: Head of Investment at RoosGruppen AB
DAJANA MIRBORN
BOARD MEMBER
Shares: 17 236
Year of birth: 1980
Board member since 2021
Education: MSc from Gothenburg University. Executive
Education from INSEAD
Other assignments: Investment Director Sustainability at 
Bonnier Ventures, Board Member DI gruppen and Doktorse
Nordic
HANS SKRUVFORS
BOARD MEMBER
Shares: 30 000
Year of birth: 1980
Board member since 2021
Education: MSc from Stockholm School of Economics
Other assignments: CEO at Foodora, Board Member
Volumental AB

EXECUTIVE TEAM
In 2022, Humble Group’s executive team welcomed Kristoffer Zinn in a new position of Chief Analytics Officer. This position further 
enhances Humble Group’s vision to be a center of excellence with data-driven decisions guiding its agile execution. 
It also expanded the operational management team to include category-specific Operating Directors, tasked with bringing knowledge 
and best-practice from leading global FMCG players such as Unilever and Orkla. In parallel it added a new Head of Sustainability 
function in April 2022 to develop the Group’s sustainability strategic and lead all communications and initiatives across all areas 
including environment, social initiatives and governance.
SIMON PETRÉN
CEO
Shares: 6 216 200
Simon holds a Master's degree in Product Innovation from 
KTH and Business Administration from Stockholm University. 
Simon is a co-founder of Pändy Foods and was its CEO until 
Pändy became part of Humble Group. He has previously 
worked as a Business Intelligence Analyst at Nordea and has 
ten years experience in capital markets, investments, 
strategic development and growth of start-up, small and 
medium sized companies. Simon sits on the board of several 
FMCG and acquisition companies.
JOHAN LENNARTSSON
CFO
Shares: 100 000
Johan holds a degree in Business Administration from Umeå
School of Business, Economics and Statistics and from the 
University of New Brunswick, Canada. He previously worked 
at PWC as a chartered accountant since 2019 and as an 
assistant auditor since 2015 with a focus on auditing larger 
listed companies.
KRISTOFFER ZINN
CAO
Shares: 103 992
Kristoffer has extensive experience in analytics and business 
intelligence from previous roles at Nordea Wealth 
Management and Pierce Group.
Kristoffer holds a Master's degree in Industrial Management 
from the Royal Institute of Technology.
NOEL ABDAYEM
COO/VICE PRESIDENT
Shares: 27 917 627
Noel is a licensed dentist and founder of the company The 
Humble Co, which is part of the group. Noel is, together with 
Darren Weiss, the founder of the Group's non-profit 
organization – the Humble Smile Foundation. As an 
entrepreneur, Noel has been praised by, among others, H.M. 
King Carl XVI Gustaf as Årets nybyggare, Årets unga
företagare, EY Entrepreneur of the Year and Prince Daniel's 
entrepreneur award. He is currently the second largest 
shareholder in the Humble Group.
MARCUS STENKIL
HEAD OF M&A
Shares: 107 009
Marcus holds a bachelor's degree from Gothenburg 
University School of Economics. Prior to joining Humble 
Group, Marcus worked as CFO at The Humble Co. and before 
that as an auditor at EY in Sweden and the US, focusing on 
major listed companies and capital markets transactions.

HUMBLE GROUP’S 
SUSTAINABILITY WORK 2022

Juliana Lothe
HEAD OF SUSTAINABILITY 
AT HUMBLE GROUP
A YEAR OF CHANGE, IN THE SPIRIT OF SUSTAINABILITY
Humble Group is a home for likeminded companies that want to make an impact. 
From fighting plastic waste in the oral care industry, to disrupting the chewing gum market. From reducing meat consumption with
high protein vegetarian alternatives, to reducing sugar levels in the snacks that we all love to enjoy. Every company under the 
Humble Group banner has their own mission to change the market.
But in 2022 we acknowledged that as a Group we can make an even greater impact if we coordinate certain initiatives centrally, 
particularly with regards to our sustainability work. We can harness the power of the collective to do even more, even faster. 
We quickly identified the need for more communication channels to stay abreast of our ongoing sustainability work across different 
segments and geographical markets. In July 2022 we launched an internal sustainability reporting tool, which now allows us to have 
a quarterly view of how all subsidiaries are tracking across a variety of chosen indicators spanning environmental, social and 
governance areas. 
With regular information coming from our business units and the Group’s sustainability strategy as the backdrop for our work, we
started focusing more specifically on prioritized topics: our environmental priorities included climate, energy, and packaging for 
2022 and in parallel we grew our social initiatives for our teams whilst strengthening our Group’s governance. 
Climate in particular continues to be an area that many of our companies are eager to tackle in a more coordinated way, and I am 
very proud to say that Humble Group is currently undergoing its first full Group-wide carbon accounting assessment to understand
our global footprint for 2022 and 2021 comparatively. As the carbon project unfolds, it is exciting to see how the unique structure of 
Humble Group plays to our advantage: we are already seeing the benefits of being able to make quick decisions and/or investments
in our own facilities, which in turn can affect many of our Group companies simultaneously thanks to our vertically-integrated 
structure. 
Packaging was also an area where our subsidiaries continue to want to do more with centralized support. Humble Group began 
coordinating packaging trials across the Group and negotiating contracts for multiple subsidiaries at a time, using our collective 
power to make informed improvements to our products.
These just some examples of the great work happening at Humble Group and needless to say, 2022 was a rewarding year with 
regards to sustainability. I am proud of our team’s ability to continue to take on new projects, challenges and reporting 
requirements, particularly in some technical environmental areas, but I am not surprised. Passion and an entrepreneurial spirit are 
two of the defining values that make Humble Group what it is today.
Humble Group has a long and exciting road ahead and our sustainability work will never (and should never) be finished. We are
navigating each sustainability area together – ready to listen to the experts, learn from each other, test in an agile way and then 
scale that best-practice quickly. That’s our model. 
THE HUMBLE WAY. Read more about our 2022 milestones on the next page.

2022 SUSTAINABILITY MILESTONES
JULY 2022
Humble Group becomes a signatory of 
the UN Global Compact.
Launch of internal sustainability 
reporting platform.
APRIL 2022
Head of Sustainability role 
announced as part of 
management team.
Sustainability workshops with 
management team to align on 
ambition & map business 
operations.
SEPTEMBER 2022
Sustainability workshop held with 
Board of Directors. Alignment of 
Group-wide sustainability priorities for 
2H2022 and 1H2023.
Humble Group intranet opened to all 
staff members as internal resource for 
policies, agreements & sharing of best-
practice.
OCTOBER 2022
Governance focus: drafting of 
new mandatory Group-wide 
policies for implantation from 
January 2023.
JUNE 2022
Established team of sustainability 
champions.
Packaging trials begin for Pändy, 
Kryddhuset & Bars Production.
NOVEMBER 2022
Climate focus: shortlist of carbon 
accounting partners to undertake 
Group-wide footprint 
calculations.
AUGUST 2022
Group-wide trainings held to 
educate on new sustainability 
reporting and understanding 
of selected sustainability KPIs.
DECEMBER 2022
Subsidiary engagement with 
company-wide presentation and 
training on Group-wide 
sustainability strategy.
Contract signed with Normative to 
partner on carbon accounting 
project.

At Humble Group, we believe in solving challenges collaboratively through proactive dialogue and continuous improvement. 
Encouraging ongoing dialogue with our key stakeholders helps us better understand what material issues matter to them most, and in 
turn helps us prioritize accordingly. 
Our stakeholders include both internal and external parties, up and down our value chain, whose support and business operations 
make Humble Group what it is today. 
Below is an overview of our key stakeholders, the issues most material to them in 2022 and our response. 
STAKEHOLDER DIALOGUE
OUR
STAKEHOLDERS
ENGAGEMENT
REPONSIBILITY
HOW WE
ENGAGE
IMPORTANT
TOPICS
OUR
RESPONSE
Consumers
Subsidiaries
•
Product packaging
•
Brand campaigns
•
Social media
•
Company websites
Demand for “better for you” 
and “better for the planet” 
products are growing. Many 
consumers are paying more 
attention to carbon footprint 
initiatives and/or material 
and packaging choices when 
choosing their everyday 
products. 
Our subsidiaries are all united 
by the same goal which is to 
develop products that 
improve the lives of our 
consumers. Each subsidiary 
oversees their own 
environmental initiatives and 
are encouraged to 
communicate these initiatives 
on both their physical and 
digital touchpoints (e.g.
product packaging, company 
websites, social media etc.).
Customers
Parent company 
& subsidiaries
•
Strategy meetings
•
Trade shows
•
Customers’ supplier 
requirements (e.g. Code 
of conduct), 
questionnaires & audits
Our customers (namely 
business-to-business retailers 
or large distributors) are 
increasingly looking for 
partners who will help them 
meet their own sustainability 
goals, with a particular focus 
on climate, whilst 
simultaneously helping them 
to meet their consumers’ 
demands for healthier, more 
sustainable products.
We have initiated our first 
Group-wide carbon 
accounting project in order to
understand our business’ 
footprint and start the long-
term transition towards 
carbon neutrality. This 
initiative is for our own 
benefit but will also help us 
fulfill the reporting 
requirements driven by our 
customers who are seeking 
their Scope 3 carbon footprint 
data.
Employees
Parent company 
& subsidiaries
•
Regular dialogue & open 
feedback
•
Performance reviews
•
Intranet
Many of our employees have 
expressed a particular 
interest in leveraging more of 
the experience and 
knowledge within Humble 
Group – particularly to share 
best practice within R&D, 
marketing and sustainability.
Humble Group launched an 
intranet in May 2022 as a 
means of connecting our 
growing Humble Group family 
across the world. It serves as 
a platform to share Group 
guidelines and policies top 
down whilst also sharing 
bilateral updates and success 
stories from our different 
subsidiaries.

STAKEHOLDER DIALOGUE
OUR
STAKEHOLDERS
ENGAGEMENT
REPONSIBILITY
HOW WE
ENGAGE
IMPORTANT
TOPICS
OUR
RESPONSE
Investors & 
shareholders
Parent company
•
Annual report
•
Annual General Meeting
•
Quarterly reports & 
results presentations
•
Investor roadshows
•
Individual investor 
meetings
•
Investor questionnaires
In 2022 we saw a big step 
change in the number of 
investors asking us directly 
about our environmental & 
social initiatives. Climate 
targets and alignment with 
the Science Based Target 
initiative (SBTi) is the main 
topic in question, followed by 
sustainable packaging 
solutions and pace of product 
innovation.
We address these questions 
from investors & 
shareholders with full 
transparency: our 
sustainability journey will be 
a long road of continuous 
improvement and as we are 
at the early stages, climate is 
very much the priority for us 
in 2023. We fully support 
science-backed climate 
action, and our entire 
management team shares the 
ambition to be aligned with 
this initiative in the future. 
Philanthropic 
partners
Parent company 
& subsidiaries
•
Donations
•
Positions on partner 
Boards
•
“Humble Gives Back” 
volunteering day
Access to corporate funding 
has been a top concern for 
our philanthropic partners. In 
a year of global conflict, 
unprecedented inflation 
levels and an ongoing energy 
crisis, support for 
philanthropic partnerships 
easily get deprioritized.
We are proud to see that the 
majority of our subsidiaries 
have maintained their 
previous levels of charity 
donations or philanthropy 
work, if not increased their 
impact in 2022.  Our 
subsidiaries support a range 
of partners spanning both 
environmental and social 
causes, and local community 
initiatives.
Suppliers
Subsidiaries
•
Strategic planning 
meetings
•
Formal supplier audits
Our suppliers have been 
focused on maintaining 
profitability amidst a 
turbulent year with 
unprecedented price 
increases.
While we of course 
understand the pressure on 
business continuity and 
profitability, we urge our 
suppliers not to divert their 
resources away from 
sustainability initiatives that 
will futureproof their 
business in the long term.

For a true business transformation, sustainability needs to start at the top of our organization with full integration throughout the 
different levels of the business. Below outlines how our sustainability agenda is handled within Humble Group, and what each body is 
responsible for.
HUMBLE GROUP
SUBSIDIARIES
HUMBLE GROUP
HEAD OFFICE
SUSTAINABILITY CHAMPIONS
Nominated by each subsidiary CEOs, this is a group of individuals (not necessarily management or 
executive level) responsible for supporting their CEO with the integration of sustainability 
throughout their business unit. 
Our team of sustainability champions spans a range of knowledge areas, 
including technical, product or marketing and commercial.
BOARD OF DIRECTORS
Oversee and ultimately holds responsibility for Humble Group’s 
corporate strategy and performance (including both financial & non-financial results).
Engages annually (at a minimum) with the executive team & Head of Sustainability to review all 
Group-wide sustainability initiatives, policies and priorities. Additional updates are provided, as necessary.
CHIEF EXECUTIVE OFFICER
Provides executive support and holds the ultimate decision-making power for all operational strategies. 
Supports and leads the remainder of the management team to ensure sustainability initiatives maintain momentum within each 
business unit and function. Approves larger investment decisions aligned to sustainability initiatives taken at Group level and above 
a predetermined spend threshold at subsidiary level.
HEAD OF SUSTAINABILITY
Drives the overall strategy and direction for Humble Group with regards to all sustainability initiatives (spanning environmental, 
social & governance areas). Leads all sustainability reporting for Humble Group and is responsible for responding to investor and 
industry questionnaires around ESG.
Works alongside the executive team and category-specific Operating Directors to 
integrate sustainability results and reporting in each of their respective areas.
SUBSIDIARY CEOS
Responsible for all day-to-day operations within their subsidiaries and are accountable for all 
financial and non-financial results. Also responsible for overseeing the integration of sustainability in 
each of their businesses, both from a sustainability performance and culture perspective.
Encouraged to feedback upwards to Humble Group’s Head of Sustainability if there 
are areas that require further support or training from the head office team.
SUSTAINABILITY GOVERNANCE

OUR 
ACTIVATIONS
OUR 
AMBITION
OUR 
IMPACT AREAS
Systems innovation for 
healthy people and planet
Being a people powerhouse 
that leads cross-sectoral 
collaborations
Safe and fair value chains 
that creates positive impacts 
Healthy product solutions 
made accessible to all
•
Embracing cross-sector 
collaborations
•
Becoming a trusted 
partner with high ethical 
standards
•
Leading re-investments 
in society to make 
positive societal impacts
•
Advocating for policy 
and legislation
•
Ensuring an attractive 
and rewarding workplace 
with competence & 
diversity
•
Supporting renewable 
energy & fossil free 
transportation
•
Transitioning to carbon 
positive production & 
supply chains
•
Ensuring sourcing practices 
that protects biodiversity & 
regenerative ecosystems
•
Securing transparent & 
traceable product origin
•
Respecting & protecting 
human rights
•
Promoting zero waste & 
circular solutions
•
Offering holistic product 
solutions that improve 
peoples physical & 
mental health
•
Ensuring safe & healthy 
products for people and 
planet
•
Providing consumers 
easy access to better 
choices for all 
generations
•
Partnering with third 
party labelling schemes
•
Committing to honest & 
transparent marketing
•
Becoming a powerhouse 
that reinvents the FMCG 
sector
•
Celebrating an 
entrepreneurial mindset
•
Taking a science-driven 
approach
•
Building an innovation 
hub for future healthy 
living
•
Supporting future 
innovation for 
accelerated change
•
Aligning our M&A 
strategy with 
sustainability strategy
INNOVATING FOR
POSITIVE IMPACT
COLLABORATING 
FOR BUSINESS EXCELLENCE
SECURING RESPONSIBLE 
SOURCING & PRODUCTION
EMPOWERING 
BETTER CHOICES
We have defined a framework for our strategic work with sustainability across the whole of Humble Group. The strategy sets out 
our strategic direction for the future and aims to challenge and develop the FMCG industry. It outlines where Humble Group’s 
sustainability focus sits in order for our business operations to have the greatest impact.  
We believe in doing sustainable business The Humble Way. 
HEALTHY PEOPLE ON A HEALTHY PLANET

ALL ABOUT INNOVATION
The first area for impact we established while creating our sustainability strategy had to be innovation. Humble Group is proudly an 
entrepreneur-founded company that celebrates innovation which reinvents the FMCG industry in which we operate. With our original
roots in foodtech, Humble Group now manufactures, distributes and sells products in the food, snacks, sports nutrition and personal 
care categories both via our own brands as well as under private label.
SPOTLIGHT ON: EUREBA®
The health risks associated to the world’s addiction to sugar are well known. By 2030, it is predicted that over 1 billion people 
globally will be living with obesity, resulting in catastrophic health and economic consequences¹. Thankfully consumer awareness 
on the dangerous effects of sugar is growing, and now the pressure on food, snack and drink producers is higher than ever to solve 
the sugar dilemma. 
Producers have generally faced challenges when trying to reduce the calories and Glucose Index (GI) of their products by replacing 
sugar with bulk or high-intensity sweeteners. A product’s structure and taste are often compromised, generally making “healthier
for you” products less enjoyable. There are also often additional production costs associated with the use of sweeteners including 
additional equipment requirements and additional cleaning time.
Humble Group has developed a unique and innovative composition of sweetened fibres under the brand EUREBA®. 
This patented solution means that producers can easily replace sugar 1:1 without any further CAPEX investments and at the same 
time secure a homogenous product, which allows for better quality-management and drastically reduces unit-costs.
EUREBA® is now vertically integrated throughout several of Humble Group’s operations, most notably in products manufactured at 
Grahns Konfektyr AB and marketed under the brand Pändy. With this innovation, Humble Group has carved out a new “better for 
you” candy category that does not compromise the consumer experience. EUREBA® is also sold commercially to external producers
in the dairy sector. 
This patented ingredient means that Humble Group 
has secured a technical solution and unique production 
process that can truly make an impact by replacing the 
harmful sugar levels in several industries that use it as a 
base component in compound foods. 
Gone are the days where consumers are forced to 
choose between healthy and delicious. 
AREA 1:
Innovating
through positive impact
LIVE PATENTS
At the end of calendar year 2022, Humble Group held eight 
live patents: seven within the skincare and wellness category 
and one for our sugar-replacement fiber EUREBA®. 
Read more below on the success of EUREBA® and the 
integration of this innovation across multiple Humble Group 
subsidiaries.
M&A CRITERIA
Humble Group’s business model combines organic growth with strategic acquisitions in order to position our business for the biggest 
possible impact in the future. As we continue on our sustainability journey, we are looking at how our internal sustainability initiatives 
and KPIs can be better integrated into our future investment decisions, and vice versa. We have an established M&A due diligence
process which now includes specific sustainability questions, spanning environmental, social and governance. The sustainability criteria 
included in the due diligence process will need to continuously evolve as our business continues to drive its sustainability agenda and 
raise its minimum operating levels.
1. The Economic Impact of Overweight & Obesity in 2020 and 2060 (2nd Edition with Estimates for 161 Countries), 2022 
https://data.worldobesity.org/publications/WOF-Economic-Impacts-2-V2.pdf

HUMAN CAPITAL: OUR STRONGEST ASSET
The talent and passion we have at Humble Group is unrivaled and as a business, we understand that we are only as strong as our people 
and partners. We have a shared goal to make Humble Group a wonderful place to work, and as our Humble family grows across the
globe we are finding new ways to keep our employees connected, empowered & engaged.
LEARNING OPPORTUNITIES
Humble Group’s Head Office launched a new initiative in 2022 called “fika & learn”. This is a dedicated hour once a month for all 
employees to take a step back from their day-to-day role and learn about a new topic or area of the business. We invite a range of both 
internal stakeholders or external partners to speak to our teams and share their field of knowledge and inspire us. 
In parallel, every employee is encouraged to take lead of their own personal development journey and speak to their line manager
about additional learning opportunities or training needs. Learning and development budgets for all staff are managed at subsidiary 
level and are planned into the annual budget process.
MENTORING
At Humble Group, we believe that peer-to-peer coaching can 
be just as effective as formal classroom learning to support 
each others personal development. Our portfolio of 
subsidiaries and entrepreneurs are a valuable resource which 
can bring years of industry experience in the form of 
mentoring. In 2022, Humble Group launched a mentoring 
program to match talent within our business based on their 
roles, learning needs and geographical location. 
DIVERSITY 
We believe that a diverse workforce unleashes the best potential for us a business. Diversity in our teams makes us best placed to 
create the best industry-changing products and market to a globally customer and consumer group.
As of July 2022, Humble Group began tracking our gender and age diversity across the Group. We are pleased to see a strong gender 
split across our businesses, especially amongst our full-time employees. We always hire based on competency, and for many of our
sports nutrition businesses the roles tend to attract more male candidates. However, many of our part-time or seasonal workers 
generally include many students, thereby balancing the gender split even further. Our gender split at management level is an area we 
look to improve in coming years. Many of our subsidiaries are still entrepreneur-led, majority of which are male, thereby affecting the 
gender balance at senior management level.
Details of our Group management team and Board of Directors can be found in the report on pages 20-21.
AREA 2:
Collaborating for 
business excellence
53%
47%
55%
45%
FULL TIME EMPLOYEES¹
AS OF Q4 2022
PART TIME EMPLOYEES¹
AS OF Q4 2022
62%
38%
EMPLOYEES CONSIDERED 
MANAGEMENT¹ AS OF Q4 2022
Male
Female
¹ Excludes the headcount of the Group team based in Stockholm, Sweden and our Board of Directors.

STRONG GOVERNANCE
Humble Group strives to always be a highly ethical business partner that upholds safe and fair labor practices. All of our subsidiaries 
share these values however they were operating under their own legacy policies from their time prior to acquisition.
With this in mind, a key objective for 2022 was to further strengthen our Group policies. These governing documents formally indicate 
our commitment to overseeing and enforcing a safe, healthy and just work environment for all – and ensure consistent standards 
across all of our operations, regardless of business size or structure, geographical location or product category.
All Group subsidiaries share the following standards:
•
The Humble Way (Our Code of Ethics)
•
Anti-Bribery & Corruption Prevention Policy
•
Human Rights Policy
•
Speak Up (Whistleblowing) Policy
GIVING BACK VIA OUR PARTNERS
Philanthropy is an important part of our corporate mission, and we are pleased that almost half of our subsidiaries are 
involved in some form of ongoing philanthropic partnerships or corporate social responsibility projects. Our list of partners
includes but is not limited to the below. 
In March 2022, many subsidiaries also contributed to a delivery of Humble Group products to support the families directly 
affected by the recent invasion in Ukraine. Products included much needed essential items such as food, snacks, nutritional 
supplements, baby diapers, feminine products and candles.
HUMBLE GIVES BACK
Living our mission is important to our employees, and Humble Group is proud to offer all permanent staff members the opportunity to 
have one full day per year outside of the office to volunteer their time and skills to their local community at full pay. Each giving back 
day is organized at subsidiary level to ensure that our impact is locally relevant and benefiting the community directly surrounding our 
businesses and teams.
SPEAK UP (WHISTLEBLOWING)
Humble Group  strives to create a safe working culture 
where anyone feels comfortable speaking up to report any 
misconduct, or suspected misconduct, related to our 
business operations. Humble Group’s secure Speak Up 
platform is compliant with the EU’s Whistleblowing Directive 
and can be used by anyone inside or outside of Humble 
Group’s organization.
AREA 2:
Collaborating for 
business excellence

BENEFITS OF VERTICAL INTEGRATION
When we consider the opportunity to use business as a force for good, we have a unique advance in that many of our brands’ 
distributors and suppliers are in fact vertically integrated into the Humble Group family. This means that any improvements to our 
sourcing or production practices will in turn benefit our subsidiaries downstream in the value chain.
SOURCING: FEWER, BIGGER, BETTER
After gathering feedback from our subsidiaries via our internal reporting tool, it is clear that raw material sourcing is a key area where 
Humble Group can further add value to support our businesses in the future. Concentrating our sourcing through fewer, bigger, better 
suppliers will allow us to source key ingredients such as bamboo, cotton, cacao, nuts, and palm oil from well-managed ecosystems with 
better visibility and control. This is an ongoing focus for our business. with room for improvement.
HUMBLE GROUP’S OWNED
PRODUCTION FACILITIES:
FOOD & SNACKS:
•
Amerpharma SP.z o.o. (Poland)
•
BARS Production AB (Sweden)
•
Jalofoods (Finland)
•
Lab Francediet (Portugal)
SUPERFOODS & SUPPLEMENTS:
•
Carls-Bergh Pharma AB (Sweden)
•
Fermia (Sweden)
•
Go Superfoods (United Kingdom)
•
Natumin Pharma AB (Sweden)
CONFECTIONARY & GUM:
•
Bayn Production AB (Sweden)
•
Franssons Konfektyrer AB (Sweden)
•
Grahns Konfektyr AB (Sweden)
•
Grenna Konfektyr AB (Sweden)
•
La Praline (Sweden)
•
True Gum A/S (Denmark)
PERSONAL CARE & HOUSEHOLD:
•
Delsbo Candles AB (Sweden)
•
FancyStage (Portugal)
AREA 3:
Securing responsible 
sourcing & production

INVESTMENTS IN SUSTAINABLE SOLUTIONS
Many of our production facilities have started taking their own initiatives to make investments in more sustainable technology or 
energy sources, including the implementation of solar panels on their roofs and/or heat exchangers to reduce wasted heat. The
numerical environmental benefit of these investments cannot be determined at this stage however their impact will be measured and 
included as part of our ongoing carbon footprint process.
EXTERNAL ACCREDITATIONS
NUMBER OF ACCREDITATIONS HELD 
ACROSS OUR 
PRODUCTION SITES
FSSC 22000 (Food Safety System Certification)
6
HACCP (Hazard Analysis Critical Control Points)
5
EU Certified Organic / EKO Label (Issued by local controlling authority)
4
ISO 22716:2007 (Good Manufacturing Practices - Cosmetics)
2
ISO 9001:2015 (Quality Management Systems)
1
ISO 13485:2016 (Quality Management Systems - medical devices)
1
ISO 22000:2018 (Food Safety Management Systems)
1
BRCGS (Brand Reputation Compliance Global Standards)
3
SEDEX (Sustainable Supply Chain Solutions)
1
AOECS (Standard for Gluten-Free Food Production)
1
IFS HPC (International Feature Standards - Household & Personal Care)
1
FOCUS ON RENEWABLE ENERGY
Humble Group has two production sites that source renewable energy from on-site solar panel technology to support its energy 
needs: Jalofoods in Finland and Natumin Pharma AB in Sweden. A third location had signed an installation agreement by the end of 
2022, with installation planned for early 2023. We applaud these investments in sustainable solutions that futureproof our operations 
for business continuity and reduced environmental impact. 
In the latter half of 2022, Humble Group initiated a project to consolidate all electricity purchasing for its Swedish entities onto a 
Group framework agreement with one of Sweden’s largest providers of renewable electricity, in a coordinated effort to reduce our
Group’s carbon footprint. Humble Group is proud to have transferred over 10 production sites across 9 subsidiaries onto this Group 
agreement, redirecting an estimated +170 000 KWh of power annually from varying sources to 100% hydroelectric power, with 
further consolidation planned for 2023. That’s the equivalent power required to drive an electric car more than 28 times around the 
globe¹.
PRODUCTION STANDARDS
Humble Group is proud to have a variety of accreditations in our production facilities. Below is an overview of the accreditations held 
across Humble Group’s production facilities. Only four of our production facilities do not currently hold any globally-recognized 
accreditations, which is something we want to improve in the future as a sign of our commitment to upholding internationally-
recognized production and work environment standards.
¹ Wikipedia (2023). Earth’s circumference. [online] https://en.wikipedia.org/wiki/Earth%27s_circumference
AREA 3:
Securing responsible 
sourcing & production

SPOTLIGHT ON: JALOFOODS’ ON-SITE 
BIOGAS PLANT
In 2021, Humble Group’s Jalofoods approved plans to 
build a biogas plant on the empty land next to their tofu 
and tempeh factory in Tammisaari, Finland. The project is 
a joint partnership with a Finnish service provider costing 
over €1m as co-investment. 
The Jalofoods team share a vision to transition their 
production facility to become fully energy self-sufficient 
and saw past the long-term payback period (est. 
between 10-12 years). The biogas plant was unveiled and 
began production in September 2022.
The biogas plant generates methane gas via the process 
of methanogenesis: microbes are fed okara or soy “pulp” 
and soy whey (naturally occurring by-products of the 
tofu and tempeh manufacturing process) and the 
microbial metabolic process releases methane (biogas).
This biogas goes on to power steam generators that heat 
soy milk and water for future production. And in 2023 
the biogas will power additional electricity and heat 
generators to heat the wider production facility and 
eventually replace the purchase of external electricity. 
In recognition of their incredible commitment and 
investment in sustainability, Jalofoods were awarded the 
Humble Group Sustainability Award in December 2022. 
In parallel they were invited to present this best-practice 
to the rest of the Group to educate on how they 
identified and integrated circular opportunities within 
their own operations.
AREA 3:
Securing responsible 
sourcing & production

AREA 4:
Empowering 
better choices
TRANSPARENT COMMUNICATION
Many of our products offer impressive health and/or 
environmental benefits which set them apart from the 
convention products of our FMCG competitors. While we 
communicate the benefits of our products, Humble Group 
continues to uphold its commitment to integrity and 
transparency in all of our marketing material. Honest and 
effective communication is how we empower our customers 
and consumers to make the informed, better choice for 
people and the planet.
PACKAGING TRIALS
In 2022, Humble Group coordinated two separate packaging trials in 
partnership with two large European packaging suppliers. 
One trial tested a new mixed-material bag for Humble Group’s 
confectionary brand Pändy. The bag includes 45%¹ renewable plant-based 
oil rather than conventional fossil-fuel feedstock. The oil comes from a 
variety of natural resources including tall oil, which is derived from in the 
lignin of wood pulp, and recycled vegetable cooking oil.
The plant-based oil can enter the conventional plastic production streams, 
removing any need for additional investment for the supplier, and the 
resulting packaging boasts an incredible 40% reduction in CO2 emissions 
solely as a result of choosing this natural material source rather than 
conventional fossil-fuel.
The project ran multiple shelf-life trials before the new packaging was 
successfully rolled out across all of Pändy’s confectionary lines and in full 
distribution by September 2022.
END OF LIFE PARTNERS
Three of our Humble Group subsidiaries have ongoing partnerships with Bower to encourage better recycling habits for their products 
at the end-of-life stage, and we are extending this partnership to more brands in the Group going forward. Bower’s app-based 
community educates and then rewards consumers for correctly sorting their used packaging into recycling bins, with the goal to 
increase recycling rates in all of Bower’s active markets. 
In Sweden, a mere 53% of plastics are collected at the disposal stage² and a shockingly low 18% is actually reused to create new plastic 
packaging³, so Humble Group recognizes the huge potential for impact if consumer behavior can be affected through this collaboration.
A FOCUS ON COLLABORATION
Packaging, labelling and the end-of-life process are a big part of the material impact of Humble Group’s products. In particular we are 
still navigating the very complex world of packaging and continue to rely on strong collaboration with our strategic partners within this 
space to guide and educate us on sustainable improvements as they become available for our products.
¹ ISCC Mass Balance Principle https://www.iscc-system.org/about/circular-economy/mass-balance-approach/
² FTI Collection Rate https://fti.se/en/about-fti/statistics
³ FTI Recycling Rate https://fti.se/en/about-fti/statistics

EU TAXONOMY FRAMEWORK
The EU Taxonomy is a common classification system adopted by the European Union to help identify economic activities that are 
deemed environmentally sustainable. For investors, it is a useful tool to help navigate which economic activities make a positive 
contribution to the EU’s environmental objectives so investment decisions can be made accordingly. For companies or organizations, it 
offers a standardized framework for reporting on performance and progress towards sustainable business practices. 
TAXONOMY ENVIRONMENTAL OBJECTIVES
There are six environmental objectives which form the basis of the EU Taxonomy:
1.
Climate change mitigation
2.
Climate change adaptation
3.
The sustainable use and protection of water and marine resources
4.
The transition to a circular economy
5.
Pollution prevention and control
6.
The protection and restoration of biodiversity and ecosystems
Taxonomy eligibility is an assessment to find out if a company's economic activity is in the scope of the taxonomy. Economic activities 
and technical screening criteria have been published so far for two of the taxonomy objectives 1) mitigation of climate change and 2) 
adaptation to climate change. To be considered aligned with the taxonomy, the company must contribute significantly to one or both of 
the published environmental goals, while proving that the company does no significant harm (DNSH) to the remaining five objectives. 
The company or organization must also prove that certain minimum social safeguards are met in accordance with the UN's guiding 
principles for business and human rights and the OECD's guidelines for multinational companies throughout the value chain. Companies 
must then report the extent of alignment by reporting and calculating the associated revenue, OPEX and CAPEX as a share of these KPIs.
The EU Taxonomy is a work in progress framework, and thus far technical screening criteria have only been published for certain sectors 
– focused on those sectors deemed to be the most carbon intensive and therefore the most urgent to turn “green”. The technical 
criteria for the remaining sectors and remaining four objectives are expected to follow in 2023.
SUBSTANTIAL CONTRIBUTION TO AT 
LEAST
ONE OBJECTIVE
DO NOT SIGNIFICANT 
HARM (DNSH) TO 
OTHER OBJECTIVES
COMPLY 
WITH MINIMUM
SOCIAL SAFEGUARDS
= GREEN SUSTAINABLE ACTIVITY 
ALIGNED WITH 
THE EU TAXONOMY
DISCLOSURE REQUIREMENTS
Reporting against the EU Taxonomy is mandatory for all financial market participants and all large public-interest companies with 
over 500 employees, under the Non-Financial Reporting Directive (NFRD). Humble Group is listed on Stockholm's First North 
Growth Market and as of 2022, surpassed the 500-employee threshold so is now required to address the EU Taxonomy in its 
reporting. 
EU TAXONOMY REPORTING

EU TAXONOMY REPORTING
The Taxonomy is still an evolving framework and remains subject to some level of interpretation. In preparing the following Taxonomy 
tables, Humble Group has consulted externally. However, the definitions used to derive eligibility for each activity may in time be 
revised as we continue to develop our understanding of the Taxonomy and as the EU issues further guidance on the application of the 
Taxonomy.
The Taxonomy reporting scope cover’s Humble Group’s global business.
It should be noted that reporting at subsidiary level happens in local currency, and average exchange rates as of December 2022 were 
used in the following tables to covert to the Group reporting currency (SEK). While Humble Group’s investment in bioenergy power
sources meet the technical criteria outlined in the EU Taxonomy, the “do no significant harm” criteria and minimum safeguards could 
not be provided, thereby resulting in the reporting of all CAPEX & OPEX values as not Taxonomy aligned.

EU TAXONOMY REPORTING

TABLE OF CONTENTS
39
PAGE
40
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49
100
105
119
120
- MANAGEMENT REPORT
- GROUP FINANCIALS
- GROUP NOTES
- PARENT COMPANY FINANCIALS
- PARENT COMPANY NOTES
- SIGNATURES
- AUDITOR’S REPORT

MANAGEMENT ADMINISTRATION REPORTABOUT THE GROUPThe Board of Directors and the President of Humble Group AB (publ), with corporate identity number 556794-4797 and based in Stockholm, hereby submit their annual report for the financial year 2022. Humble Group’sfinancial report for the year 2022 is the first consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS). The effects of the transition on comprehensive income and equity can be found in Note 36 Effects of first-time adoption to IFRS.Humble Group is a young, dynamicand innovative FMCG group that delivers products that are good for both you and the planet. In the presented consolidated financial statements, Humble Group AB is the parent company. For a detailed description of the Grouprelationship, please refer to Note 48Shares in subsidiaries.ANNUAL OVERVIEWSIGNIFICANT EVENTS DURING2022Net sales for the financial year amounted to MSEK 4800(1486), which is an increase of 223%compared to the corresponding period last year. EBIT amounted to MSEK 257(-118), and the profit after financial items amounted to MSEK 1 (-215).On January 3rd,Humble Group completed the previously announced acquisition of Fitnessgrossisten AS, a leading Norwegian distributor of dietary supplements and fitness products. The company is being consolidated from January 1st onwards.On March 29th, Humble Group announced that the company had signed a binding agreement to acquire all shares in the newly formed company Nya MedicaNatumin AB, and indirectly all shares in MedicaNatumin's subsidiaries. The companies develop, manufacture, and market dietary supplements, medical devices, dermatological, and cosmetic products. The company will be consolidated from May 1st onwards.On April 8th, Humble Group entered into a binding agreement to acquire all shares in Go Superfoods Ltd., a leading producer and supplier of premiumorganic and ecological superfoods. Go Superfoods will be consolidated from May 1st onwards.On April 11th, Humble Group entered into a binding agreement to acquire all shares in Arne och Björn AB, La Praline Scandinavia AB, and Grenna Konfektyr AB. The companies are active in the production of protein bars, pralines, candy canes, and other confectionery products.On April 28th, a cash-orientednew issue of 33 million shares was completed, which added approximately MSEK 530 to Humble Group before transaction costs.

On May 5th, the Annual General Meetingdecided to re-elect board members Björn Widegren, Dajana Mirborn, Henrik Patek, Hans Skruvfors, and Peter Werme for the period until the end of the next Annual General Meeting. Peter Werme was re-elected as the chairman of the board. The meeting also approved the issuingof warrantsof series 2022/2025 and the implementation of incentive programs for key personnel and executives within the company.On May 20th, Humble Group entered into a binding agreement to acquire all shares in Franssons Konfektyrer AB, a company that produces confectionery, marshmallows, and jelly products. The company will be consolidated from June 1st.On June 9th, Humble Group entered into a binding agreement to acquire all shares in LEV Group, a Portuguese brand active in the production and sale of, among other things, dietary supplements.On June 29th, it was announced that Humble Group successfully issued additional bonds worth MSEK 250 under the Group’sexisting senior secured bond loan 2021/2025 with a totalframeworkofMSEK1500.On June 30th, Humble Group entered into a binding agreement to acquire all shares in Sam & Son Grossist AB and Grossistcentralen i Stockholm AB. The companies will be consolidated from August 1.On July 4th, Humble Group entered into a binding agreement to acquire all shares in Body Science International Pty Ltd. The company will be consolidated from August 1.On July 15th, Humble Group enteredand completed a binding agreement to acquire all shares in Amber House Ltd.On July 19th, an extraordinary general meeting was held and Ola Cronholm was elected as a regular board member until the end of the next regular general meeting.During the fourth quarter, Humble Group secured a new revolving credit facility of MSEK 650 in partnership with SEB and Nordea, replacing the previous credit facility of MSEK 400 with SEB.Humble Group’sannual report became the first consolidated financial statement prepared in accordance with International Financial Reporting Standards (IFRS), fulfilling the Group’spreviously communicated goal of increasing comparability with international players in the same industry.FOREIGN BRANCHESHumble Group AB has a registered branch in Bulgaria which was established in 2017 for tax reasons. As the import and export activities from Bulgaria have decreased in 2019 and 2020, the company intends to close the branch operations in 2023.INFORMATION ON GUIDELINES FOR DETERMINING SALARIES AND RENUMERATION OF MANAGEMENT AND BOARD MEMBERSTo attract, develop, and retain top-level executives with relevant experience and expertise, it is essential for the company to offer a competitive compensation package that is in line with the market standards for executives in different industries. The compensation package for the executives comprises fixed salaries, short and long-termvariable compensation, pensions, and other customary benefits. The total compensation should be market competitive, reflecting the employee's performance and responsibilities. Please refer to Note 8 Renumeration to personnel etc. for more information.THE SHAREAt the end of the financial year, there were 301274580 (2021: 246977667, 2020: 122233439) shares traded. The company holds no treasury shares and did not acquire any during 2022. The number of shares has increased by 20844771 through non-cash issues, 33125000 through directed share issues for cash, and 327142 through the redemption of warrantsduring the financial year. Please refer to Note 54 Share Capitalfor more information on the share and its par value. There is only one class of shares, and all shares have equal voting rights. Humble Group AB is listed under the ticker HUMBLE on NASDAQ First North.SIGNIFICANT RISKS AND UNCERTAINTIES  Humble Group is continuously working to identify, evaluate and manage the various risks and exposures faced by the Group companies. The Group’sfinancial position and performance are affected by various risk factors that must be considered when assessing the Company and its future performance. The primary risks are considered to be:FINANCING The availability of working capital for the company´soperational activities and financing to meet the Group’sinvestment needs is an important element in creating a profitable and strong long-term business.

Humble Group currently has a good dialogue with investors to address this risk.CURRENCY EXPOSURE The Group’scurrency exposures arise mainly from the translation of foreign subsidiaries reporting in GBP, EURO, or USD into SEK, and from major purchases of raw materials in EUR and GBP. Humble Group is constantly working to minimize currency exposure on major purchases through currency exchange and, if necessary, short-term currency hedging. At the end of this reporting period there were no active currency hedges in the Group.DISTRIBUTION CHANNELS AND ACCESS TO RAW MATERIALSThe availability of raw materials on the global world market is an important parameter in the Humble Group value chain. The recent market turmoil from the Ukraine crisis and the ongoing instability in freight and logistics patterns around the world risk affecting the Group’sraw material availability, export and import prices, shipping routes or other key distribution channels have a direct impact on the Group’smargins. The Group maintains a constant and close dialogue with our suppliers to assess the market trends of the key ingredients used in the manufacture of the Group’svarious products, thus addressing the risk of price increases or delivery delays in raw material purchases.PERSONNELMuch of Humble Group’sbusiness is driven by entrepreneurs who often possess unique or specific skills and experience in the respective field they operate. The Group relies on maintaining a continued strong drive from our employees to retain key skills but also to attract future quality talent to the business. Humble Group continuously strives to develop its organization and works to stimulate its employees to face the risks that any personnel turnovermay entail.SALES RISKIt is not possible to state with certainty that Humble Group’s"turnkey" solutions for sugar reduction (EUREBA®) will receive the market acceptance that Humble Group hopes and believes in. Humble Group is experiencing great interest among European food producers in reducing the amount of added sugar, and that the interest is driven by both increased demand from more health-conscious consumers and increasingly clear demands from governments and authorities. Humble's turnkey solutions reduce the producers’risk and time to market for new sugar-reduced products. Despite this, there is still some risk and time that may cause food producers to refrain from reducing added sugar.HEDGE ACCOUNTING AND OTHER OFF-BALANCE SHEET ITEMSAt the end of the financial year, there were no significant hedging relationships outstanding in the company´saccounts. There are also no other off-balance sheet items other than collateral. For further information, see Note 30 Pledged assets and contingent liabilities.DEVELOPMENT POLICYWithin the Humble Group, there is a continuous process of developing new, innovative products in our quest to deliver products that are better for people and the planet. In the Group’ssubsidiaries there are currently several people working on a project basis with product development. For those projects or products where there is an expected future economic benefit after the development has been completed, and where the criteria under the Annual Accounts Act are otherwise met, direct costs from product development are capitalised as an asset in the company´s balance sheet. The asset is amortised over the expected economic benefit per product, which is usually estimated to be 5 years. Formore information on the Group’sproduct development policy, see Note 2 Summary of significant accounting principles.EXPECTED FUTURE DEVELOPMENTWith the past year, Humble Group has created strong conditions for a continued high growth rate in the coming years. The foundations have been laid for building the FMCG powerhouse of the future. Through several strategic acquisitions in 2022 and early 2023 in the form of additional Privab business units, additional sales and distribution channels are opening up for manyof the Group’ssubsidiary companies, either aspartially new or completely new markets. This is expected to drive the Group’sgrowth across all key metrics, and it is the collective view of the Board and management that the outlook for the Group is positive.EFFECTS OF THE CRISIS IN UKRAINE Russia's invasion of Ukraine on February 24, 2022, has increased volatility in the world, affecting many industries, including food. Humble Group’sexposure to Ukraine and Russia is very low, so the direct impact from the invasion has been limited so far. An indirect consequence of the invasion has been a sharp increase in raw material and energy prices during 2022, andHumble Group now begins to perceive a slowdown of therising prices. Humble Group AB's growth objectives and strategy to grow through acquisitions remain unchanged despite the external environment and the impact on Humble's existing subsidiaries because ofthe price increases is currently limited.

RISING FREIGHT COSTS IN TURBULENT MARKET CONDITIONAgainst the backdrop ofthe turbulent environment in the first quarter of 2022, the transport sector has been forced to raise its prices, affecting many sectors to varying degrees. For Humble, this means price changes related to delivery and logistics. While this has had an obviousshort-term impact, Humble's subsidiaries have historically been effective in aligning costs with pricing, creating a structure to realize price adjustments to the market as a result of rising commodity and fuel prices.RISING ELECTRICITY AND PURCHASE PRICES AND MARKET INTEREST RATESHumble Group’ssubsidiary companies can be divided into three different verticals: manufacturing and production, distributors, and brands. The production companies, through their production facilities, have a natural exposure to the energy market and rising energy prices. In 2022, increased volatility in energy prices was noted, which was partially mitigated through fixed-price agreements previously entered into by the subsidiary companies. Humble Group is actively working toprocure contracted volumes that provide economies of scale for the Group’ssubsidiary companies and create conditions for cost efficiency in a turbulent macro environment.Furthermore, Humble Group has noted a rising borrowing cost based on a volatile interest rate environment in 2022. Humble Group’sprimary interest rate exposure is represented by the underlying development of Stibor 3M. In 2022, Stibor 3M rose from -0.04%to 2.67%at the end of 2022. For more information, please refer to Note 4 FinancialRisk Management.APPROPRIATION OF PROFITSThe Board of Directors of Humble Group AB proposes that no dividend be paid for the financial year 2022 and that the accumulated loss for the year be appropriated as follows (SEK):

GROUP INCOME STATEMENT
*Profit and loss after tax and Total Comprehensive Income for the period are attributable in their entirety to the shareholdes of the parent company

GROUPBALANCESHEET–ASSETS

GROUP BALANCESHEET –EQUITY & LIABILITY

GROUP CHANGE IN EQUITY
*During the year, Ewalco Holding AB was acquired and in close connection the remaining 49% of the shares in AB Fermia were acquired.

GROUP CASH FLOW STATEMENT

GROUP NOTESNOTE1 –GENERAL INFORMATIONThis consolidated financial statement includes the parent company, Humble Group AB, corporate registration number 556794-4797, along with its subsidiaries. Humble Group AB is a parent company registered in Sweden, headquartered in Stockholm at Klara Norra Kyrkogata 29, 111 22 Stockholm.Humble Group is a young, dynamic, and innovative FMCG group that delivers products that are good for both you and the planet. The Groupcomprises multiple operating companies that operate within rapidly growing segments suchas sugar reduction, functional food, sustainable beauty, and health.On April 27, 2023, the Board approved the publication of this consolidated financial statement. Unless otherwise specified, all amounts presented are in millions of Swedish Kronor (MSEK). Figures in parentheses indicate the corresponding period for comparison.NOTE2–SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLESThis note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group consisting of the legal parent company (Humble Group AB) and its subsidiaries.BASIS OF PREPARATIONThe consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary Accounting Rules for Groups and International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. The annual reporthas been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial statements have been prepared according to cost method except forcertain financial assets and liabilities which are measured at fair value through profit and loss. These consolidated financial statements are Humble's first consolidated financial statements prepared in accordance with IFRS. Historical financial information has been restated from January 1, 2020, which is the date of transition to IFRS. Disclosures of the transition from previous GAAP to IFRS and its effect on the Statement of Comprehensive income and Equity of the Group are disclosed in Note 12 Effects of First-time adoption of IFRS.The preparation of financial statements in accordance with IFRS requires the use of accounting estimates. Management also needs to exercise judgement in applying the Group’saccounting policies. The areas that involve a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions are disclosed in Note 3Significant accounting estimates and judgements.NEW AND AMENDED STANDARDS AND INTERPRETATION NOT YET ADOPTEDCertain new accounting standards and interpretations are effective for the first time for financial years commencing on or after 1 January 2022 and have not been adopted by the Group. These standards are not expected to have a material impact on the Group.PRINCIPLES OF CONSOLIDATIONSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its control to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Intercompany transactions, balances and unrealised gains and losses on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.Associated companiesAssociates are all entities over which the Group has significant influence but not control, which isgenerally the case where the Group holds between 20%and 50%of the

voting rights. Investments in associates are accounted for using the Equity Method. Under the Equity Method, the investments are initially recognised at cost. The recognised value is thereafter adjusted to recognise the Group’sshare of the post-acquisition profits or lossesof the investee in profit and loss, and the Group’sshare of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.Unrealised gains on transactions between the Group and its associatesare eliminated to the extent of the Group’sinterest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in section Impairment of non-financial assets.The Equity Method is applied until the time when the significant influence ceases.BUSINESS COMBINATIONSThe acquisition method is used to account for all business combinations. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, liabilities incurred to the former owners of the acquired business, equity interests issued by the Group and fair value of any asset or liability resulting from a contingent consideration arrangement.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred in other operating expenses in the Group’sreport of comprehensive income. Goodwill is the excess of the consideration transferred over the fair value of the net identifiable assets.Where settlement of any part of cash consideration is contingent, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the Group’sincremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. The interest component that arises is recognised on an ongoing basis as an interest expense in the Group’sfinancial net income/expense.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured at fair value. Changes in fair value are recognised in Other operating income or Other operating expenses in the Group’sreport of comprehensive income, for further information, see Note 3Significant accounting estimates and judgements.SEGMENT REPORTINGThe Group’soperations are divided into the following operating segments:Future SnackingSustainable CareQuality NutritionNordic DistributionOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The CEO has been identified as the Group’schief operating decision maker. The CEO assesses the financial performance and position of the Group and makes strategic decisions of the operating segments.FOREIGN CURRENCY TRANSLATIONFunctional and presentation currency Items included in the financial statements of each of the Group’sentities are measured using the currency of theprimary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Swedish kronor (SEK), which is the parent company´sfunctional currency and the Group’spresentation currency.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in the report of comprehensive income. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of profit and loss, within finance costs. All other foreign exchange gains and losses are presented in Other operating income/Other operating expenses in the report of comprehensive income.Foreign subsidiaries and associatesThe results and financial position of foreign operations that have a functional currency different from the presentation

currency are translated into the presentation currency. Assets and liabilities for each balance sheet presented are translated from the functional currency of the foreign entity to the Group’spresentation currency at the closing rate at the date of that balance sheet. Income and expenses for each statement of profit and loss and statement of comprehensive income are translated to Swedish kronor at average exchange rates. All resulting exchange differences are recognised in other comprehensive income. Accumulated profits and losses are reported in profit and loss for the period when the foreign operations are discontinued in whole or in part.Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.REVENUE RECOGNITION The Group’srevenue streams primarily consist of sale of fast-moving consumer goods intheform of finished goods such as healthier confectionery, snacks, bars, drinks, and high-quality sports nutrition goods as well as hygiene items, home, and household goods with a focus on sustainability. The Group also sells ingredients and other raw materials. Sales are carried out globally through several different channels, including to grocery stores, distributors and online.Business to business salesRevenue from the sale of goods is recognised when control of the goods has transferred, being when the goods are delivered to the customer (retailer/distributor). The customer has full discretion over the channel and price to sell the goods, and there is no unfulfilled obligation that could affect the wholesaler’s acceptance of the goods. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional (that is, only the passage of time is required before the payment is due).Revenue from contracts with customers is recognised based on the contractual transaction price, which reflects the compensation the Group expects to receive from the sale of the goods, after deduction of VAT and other sales taxes. In connection with the transactionprice, the Group considers all possible separate performance obligations that together make up the transaction price, as well as effects of variable compensation that affect the transaction amount. There are no material separate obligations that are identified as a separate performance obligation when selling goods. Shipping is not considered to constitute a separate performance obligation and is therefore not reported separately but as part of the regular product sales. The delivery commitment is considered fulfilled when the goods have been transported to the agreed location or alternatively if the customer has picked up the goods for transport, the risks of obsolescence and loss aretransferred to the customer and either the customer has accepted the goods in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied.Variable consideration includes, among other things, discounts and product returns and is reported as a deduction from the revenue based on the amounts that the Group expects to receive. Neither discounts nor product returns are a significant part of the variable consideration. No significant financing component is deemed to exist at the time of sale as the credit period is 30-90 days, which is in line with market practice. Although extended payment terms may occur exceptionally, the payment terms never exceed 12 months, therefore the Group does not adjust any of the transaction prices for the time value of money.Direct to consumer salesA smaller part of the Group’ssales refers to direct sales to customers via own stores or web shops. Revenue from the sale of goods is recognised when the Group sells a product to the customer. The transaction price is due for payment immediately and the Group usually receives cash as payment directly when the customer buys the product and receives the product in the store or alternatively has the product delivered. Returns occur to a very limited extent, asthe sale of goods to customers is limited to a smaller part of the Group’soperations.Revenue from servicesThere is no significant sale of services to external parties from any of the Group’svarious operations. Freight on delivery of sold goods is not deemed to constitute a separate performance obligation but an incorporated part of the transaction price and is recognised as part of the sale. GOVERNMENT GRANTS Government grants are recognised as “Other operating income” in the report of profit and loss at their fair value when there is a reasonable assurance that the grant will be received, and the Group willcomply with all attached conditions.Government grants relating to cost coverage are accrued and reported in the income statement over the same periods as the expenses that the grants are intended to compensate for occur. Income from government grants is recognised as ”Other operating income”in the Group’sstatement of comprehensive income.

INCOME TAXThe income tax expense for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction. The income tax is adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. When deemed appropriate, provisions for amounts that are likely to be paid to the tax authority are made.Deferred income tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority and relate either to the same tax subject or to different tax subjects, but intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.Current and deferred tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.LEASINGThe Group acts as a lessee. The Group leases properties, premises, vehicles, machinery, and office equipment. Lease agreements are typically made for fixed periods of 12 months to 5 years but may have options to extend or terminate the contracts, primarily in agreements related to properties and premises. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or to exercise a termination option. Extension or termination options are only included in the lease term if the lease is reasonably certain to be extended or terminated.Contracts may contain both lease and non-lease components. The Group does not allocate the consideration in the contract to the lease and non-lease components (for example repair, maintenance, or administration costs). This method is applied on all categories of assets within the Group.For all lease agreements, with exception for below exceptions, a right-of-use asset is recognised as well as a lease liability, on the day that the underlying asset is ready for use by the Group. Lease payments are allocated between depreciation of leasing liability and finance cost. The finance cost is recognised through profit and loss over the leasing period so that each accounting period is charged with an amount that correspond to a fixed interest rate for the remaining balance of the liability for the period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.Assets andliabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:Fixed payments, less any lease incentives receivableVariable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement dateAmounts expected to be payable by the Group under residual value guaranteesThe exercise price of a purchase option if the Group is reasonably certain to exercisethat option, andPayments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group except for cars, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security, and conditions. The incremental borrowing rate is

determined by considering the lease term, the economic environment in which the Group operates, the type of asset that is leased and the Group’scredit rating. Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life and the lease term. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit and loss over the lease period.The Group applies the exception in IFRS 16, which means that payments associated with short-term leases and all leases of low-value assets are not recognised as a right-to-use asset and lease liability but is recognised on a straight-line basis as an expense in profit and loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option. Low-value assets comprise to all essential office equipment.Right-of-use assets are measured at cost comprising the following:The amount of the initial measurement of lease liabilityAny lease payments made at orbefore the commencement date less any lease incentives receivedAny initial direct costsRestoration costs to restore the asset to the condition stipulated in the terms of the lease agreement.Accounting in subsequent periodsThe lease liability is reassessed upon changes in the lease agreement or when there are changes in cash flow that are related to the original contract terms. Changes in cash flows based on original contract terms occur when; the Group changes its initial assessment of whether options for extension and/or termination will be used, there are changes in previous assessments if a purchase option will be used, leasing fees change due to changes in the index or interest rate. A reassessment of the lease liabilityleads to a corresponding adjustment of the right-of-use asset. If the recognised value of the right-of-use asset already has been reduced to zero, the remaining revaluation is reported in the income statement. The right-of-use asset is tested for impairment whenever events or changes in conditions indicate that the reported value of an asset cannot be recovered. PresentationRight-of-use assets and lease liabilities are presented on separate lines in the balance sheet. In the income statement, depreciation on right-of-use assets is reported on the line Depreciation of right-of-use assets and the interest expense on the lease liabilities is reported as a financial expense. Payments associated with short-term leases and leases of low-value assets are recognised in profit and loss. Repayment of the lease liability is reported as cash flow from financing activities. Payments of interest as well as payments of short-term leases and leases of low-value assets are reported as cash flow from financing activities.INTANGIBLE ASSETSGoodwill Goodwill arises on the acquisition of subsidiaries and refers to the amount by which the consideration transferred exceeds the fair value of the net identifiable assets acquired. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired. The carrying amount of the cash-generating unit to which the goodwill is allocated is compared with the recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment loss is expensed immediately and will not be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. Goodwill is monitored at operating segment level.TrademarksTrademarks acquired in business combinations are classified as intangible assets and carried at cost less accumulated amortisations and impairment losses. At initial recognition, trademarks are valued using the “Royalty from Relief”-method to determine the usefullife of the asset. Trademarks acquired in business combinations are recognised at fair value at the acquisition date and are deemed to have an indefinite useful life, whereas trademarks are subject for annual impairment testing to ensure that the asset's carrying amount is not less than the fair value of the asset.Customer relations and listingsCustomer relations and listings acquired in business combinations are classified as intangible assets and carried at cost less accumulated amortisations and impairment losses. The initial measurement is determined using a Multi-Period Excess Earnings (MEEM) calculation model for the expected economic surplus from the acquired customer base, reduced by a natural attrition over time linked to customer loyalty and other customer-specific behaviours. Customer

relationships and listings acquired through business combinations are recognised at fair value at the date of the acquisition. Customer relationships and listings are deemed to have a finite useful life, between 2-8 years where the economic useful life is primarily affected by the assessed customer loyalty and the customers' repeat purchase frequency.Capitalised development costsCapitalised product development costs and similar costs essentially consist of capitalised expenses for development attributable to goods that the Group sells. The Group continuously evaluates whether internally developed intangible assets, such as capitalised product development costs, can be recognised as intangible assets. The followingcriteria are met when internally developed intangible assets are recognised as intangible assets: it is technically feasible to complete the software so that it will be available for usemanagement intends to complete the software and use or sell itthere is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefitsadequate technical, financial,and other resources to complete the development and to use or sell the software are available, andthe expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software include employee costs including social security, as well as raw materials and supplies and other external costs that can be directly related to the development of new ingredients or consumer goods.Other development costs that do not meet the criteria are expensed as incurred. Development costs previously expensed are not recognised as an asset in a subsequent period.Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The estimated useful life is 3-5 years.Costs associated with maintenance are expensed as incurred.Other intangible assetsOther intangible assets consist of licenses and prepayments related to intangible assets. These have a finite useful life and are reported at historical cost less accumulated amortisation and impairment losses. The estimated useful life is 5 years which corresponds to the estimated time these will generate cash flows.PROPERTY, PLANT AND EQUIPMENTProperty, plant, and equipment essentially consist of buildings and land and machinery. Property, plant, and equipment is stated at historical cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred.Depreciation is calculated using the straight-line method to allocate the cost or revalued amounts of the assets, net of their residual values, over their estimated useful lives as follows:Buildings30-50 yrsMachines &other technical equipment5 yrsEquipment, tools, and installations3-5 yrsConstructions in progress3-5 yrsLand is not depreciated as it is deemed to have a permanent acquisition value. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount ifthe asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included on a net basis in other operating income/other operating expense in the statement of comprehensive income.IMPAIRMENT OF NON-FINANCIAL ASSETSGoodwill that has an indefinite useful life, trademarks and intangible assets that are not yet ready for use are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that theymight be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the event of such an indication, the recoverable amount of the asset is calculated. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less

costs of disposal and value in use. When calculating the value in use, the present value is calculated from the future cash flows that the asset is expected to give rise to in the current operations and when it is sold or scrapped. The discount rate used is pre-tax and reflects market assessments of the time value of money and the risks associated with the asset. For non-financial assets (other than goodwill) that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.In the impairment test, the smallest identifiable group of assets that generates cash inflows is determined. A cash-generating unit is an asset group with essentially independent payments. The consequence is that impairment is estimated for the individual asset, when possible, otherwise at the cash-generating unit level. Goodwill is allocated to the cash-generating units that are expected to benefit from synergy effects in attributable business acquisitions. The operating segments also represents the lowest level in the Group where the CEO and group management monitors goodwill.FINANCIAL INSTRUMENTSThe Group’sfinancial instruments consist of other non-current receivables, other non-current securities, accounts receivables, other receivables, cash, and cash equivalents, borrowing (current and non-current), other liabilities (current and non-current), accounts payables and contingent considerations.The carrying amount of the Group’snon-current financial instruments carried at cost, except for bond loans(see Note 4 Financial risk management) essentially correspond to their fair values as the interest rate is inparity with current market rates. The carrying amounts of the Group’sshort term financial instruments carried at cost essentially correspond to their fair values as the discounting effect is not significant.Initial recognitionFinancial assets and financial liabilities are reported when the Group becomes a party to the instrument's contractual terms. Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset.At initial recognition, the Group measures a financial instrument at its fair value plus, for financial assets or financial liabilities not measured at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions.Classification and measurement of financial assetsThe Group classifies and measures all its financial assets in the category amortised cost except from other long-term securities which are measured at fair value through other comprehensive income. Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. The carrying amount of these assets is adjusted with any expected credit losses that have been reported (see Impairment of financial assets below). Interest income from these financial assets is included in finance income using the effective interest rate method.Accounting and derecognition of financial assetsPurchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership related to control of the asset.Classification and measurement of financial liabilitiesAfter initial recognition, the Group subsequently measures all its financial liabilities at amortised cost using the effective interest method, with exception from contingent considerations. Contingent considerations are measured at fair value through profit and loss and changes in fair value (remeasured every reporting period) is recognised in the item Other operating income or Other operating expense in the statement of profit and loss. For contingent considerations expected to be settled after 12 months, the discounted present value of the consideration is used. The contingent consideration is calculated based on the nominal value of the best estimate of the expected outcome on the acquisition date. The estimate has been based on management's assessmentof what is likely to be paid out given the terms of the share transfer agreement. The fair value of the contingent consideration has then been calculated based on an interest rate corresponding to the remaining term until payment at each reporting date.Expenses that are directly attributable to raising loans (transaction costs) adjust the loan's acquisition value and are deferred according to the effective interest method. All interest-related fees are reported in the income statement and are included in the items "Financial expenses" or "Financial income".Financial liabilities are classified as current liabilities when settlement of the liability is within 12 months after the reporting period. Financial liabilities with settlement date later

than 12 months after the reporting period, are classified as non-current liabilities. Derecognition of financial liabilitiesFinancial liabilities are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled, or expired. The difference between the carrying amount of a financial liability (or part of a financial liability) that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, isrecognised in the statement of comprehensive income. Offsetting financial assets and financial liabilities Financial assets and liabilities are offset, and the net amount is reported in the balance sheet only when there is a legally enforceable right tooffset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legal right must not be dependent on future events, and it must be legally binding on the company and the counterparty both in the normal course of business and in the event of suspension of payments, insolvency or bankruptcy.ImpairmentThe Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and far value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk.For accounts receivables, the Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all accounts receivables recognised from initial recognition of the receivables.ACCOUNTS RECEIVABLESThe Group has two categories of accounts receivables:Pledged accounts receivablesOther accounts receivables.Accounts receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Accounts receivables are classified as current assets. Accounts receivables are recognised initially at fair value (transaction price). The Group holds the accounts receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method, less provisionfor expected credit losses (see description of accounting of financial assets above). The accounts receivables that the Group pledges are reported as accounts receivables in their entirety on the asset side of the balance sheet, while a current liability,corresponding to the portion that has been pledged, is reported on the liability side of the balance sheet.CASH AND CASH EQUIVALENTSIn cash and cash equivalents in the statement of cash flows, cash and cash equivalents includes cash and bank balances. Other short-term investments are classified as cash and cash equivalents when they mature within three months or less, are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.SHARE CAPITALShare capital represents the quota value of issued shares. Incremental costs directly attributable to the issue of new shares or warrants are shown in equity as a deduction, net oftax, from the proceeds.ACCOUNTS PAYABLESAccounts payables are financial instruments and are obligations to pay for goods or services that have been acquired in the current operations from suppliers. Accounts payables are presented as current liabilitieswhen payment is due within 12 months. If not, they are presented as non-current liabilities. Accounts payables are initially recognised at their fair value and subsequently measured at amortised cost using the effective interest method (refer to description of accounting policies for financial liabilities above). BORROWING AND OTHER NON-CURRENT LIABILITIESBorrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost and any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit and loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group hasan unconditional right to defer settlement of the liability for at least 12 months after the reporting period.INVENTORIESInventories are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour, and attributable indirect manufacturing costs (based on normal operating capacity). Borrowing costs are excluded. Cost of separate articles of inventories is allocated based on weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs necessary to make the sale.

EMPLOYEE BENEFITS Pension obligations The Group only operates defined contribution pension plans. For defined contribution plans, the Group pays fixed contributions to a separate legal entity. The Group has no legal or informal obligations to pay additional fees if this legal entity does not have sufficient assets to pay all employee benefits related to theemployees' service during the current or previous periods. The contributions are recognised as employee benefit expenses in the statement of comprehensive income when they are due. Share-based paymentsThe Group has share-based compensation plans in form of employee option plans and warrant programs.The employee options have been granted for nil consideration with a vesting period between 2019-2022. The right to use the employee options is conditional on continued employment over the duration of the program. The fair value of the service granting employees the options is recognised as an employee benefit expense, with a corresponding increase in equity. The fair value of options granted is calculated using the Black & Scholes valuation model. The total amount to be expensed is based on the fair value of the options granted and recognised on a straight-line basis over the vesting period. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. The impact of the revision to original estimates, if any, is recognised in profit and loss, with a corresponding adjustment to equity. The costs for social security contributions are accrued in the same way as personnel costs and are continuously adjusted based on the fair value of the options at each balance day.The Group has issued warrants to certain employees, as part of their compensation package, for which the employees pay a premium equal to fair value calculated using the Black & Scholes valuation model for the date the warrants were granted. The right to use the warrants is conditional on continued employment over the duration of the program. The warrants are classified as equity settled share-based payments. When the warrants are granted and the premium is paid, an increase in equity and in cash and cash equivalents is recognised. STATEMENT OF CASH FLOW The statement of cash flows is prepared according to the indirect method. The reported cash flowonly includes transactions that resulted in cash inflows or outflows.DEFINITIONS OF KEY RATIOSHumble Group applies ESMA's (European Securities and Markets Authority) guidelines for alternative performance measures (APM). An APM is a financial measure of historical or future financial results, financial position or cash flow that has not been defined in IFRS. To facilitate analysis of the Group’sdevelopment by group management and other stakeholders, Humble Group uses certain APMs. The APMs aim to provide additional information and do not replace key figures according to IFRS. Humble Group’sdefinitions of APM may differ from those of other companies. See Annual Report 2021 for the previous year's calculations.NET SALESThe main income of the business, invoiced costs, side income and income corrections.GROSS PROFITNet sales less cost of raw materials and supplies. The gross margin is calculated as the gross profit divided by net sales.EBITDA Earnings before payment of interest and tax as well as operational depreciation and amortization of tangible and intangible fixed assets and depreciation and amortization on acquisition-related surplus values. The EBITDA margin is calculated as the EBITDA divided by net sales.Adjusted EBITDAEarnings before payment of interest and tax as well as operational depreciation and amortization of tangible and intangible fixed assets and depreciation and amortization on acquisition-related surplus values, adjusted for items deemed to be non-recurring and thus not expected to be repeated in the operational activities.EBITAEarnings before payment of interest andtax, as well as amortization on acquisition-related surplus values. The EBITA margin is calculated as the EBITA divided by net sales.Adjusted EBITAEarnings before payment of interest and tax, as well as amortization on acquisition-related surplus values, adjusted for items deemed to be non-recurring and thus not expected to be repeated in the operational activities.EBITEarnings before payment of interest and tax. The EBIT margin is calculated as the EBIT divided by net sales.Adjusted EBITEarnings before payment of interest and tax, adjusted for items deemed to be non-recurring and thus not expected to be repeated in the operational activities.Adjusted equityEquity and untaxed reserves less deferred taxes.Total assetsBalance sheet total.

Return on equityProfit after financial items as a percentage of adjusted equity SolidityAdjusted equity as a percentage of total assets.Organic growthChange in net sales adjusted for currency exchange effects and net sales from acquired companies during the period.Earnings per shareProfit after tax for the period divided by the number of outstanding shares at the end of the period.Earnings per share after dilutionProfit after tax for the period divided by the sum of the number of outstanding shares and outstanding warrants at the end of the period.Net debtTotal interest-bearing liabilities less by cash and cash equivalents.Net Debt ratioTotal assets in relation to net debt.Contingent considerationsDeferred purchase payments contingent on future earnings for an acquired subsidiary. The compensation can be paid in both cash and shares and is reported at fair value based on management's best estimate of the occurrence of future payments.Average number of employees (FTE)Shows the average number of employees during the period and is calculated as the number of employees multiplied by the employment rate in relation to the standard time for full-time work.FMCGFMCG is an industry term and is an abbreviation of “fast-moving consumer products”.NOTE3–SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTSThe Group makes estimates and assumptions about the future. The estimates for accounting purposes that result from these will, by definition, rarely correspond to the actual result. The estimates and assumptions that entail a substantialrisk of significant adjustments in reported values for assets and liabilities during the next financial year are dealt with in outline below. ACQUISITION ANALYSISIn the case of acquisitions of subsidiaries, an acquisition analysis is carried out in which the fair value on the date of acquisition of the identifiable assets and liabilities and contingent liabilities are accounted for. Valuation of identified assets and liabilities in acquired activities include items in the company´sreport on financial position and various items that have not been disclosed in the company´sreport over financial position, such as intangible assets. Initially identifies intangible assets that may have a value, such as customer relationships, trademarks etc. These assets normally have no market prices using different valuation methods. These methods based on various assumptions about future cash flows, revenue growth, EBIT margins as well as tax rates and discount rates in different countries. Such calculations require a highdegree of estimation which in turn must be carefully evaluated, measured and analysed. This also means that preliminary calculations can change. CONTINGENT CONSIDERATIONAccording to the agreement on conditional consideration in connection with the acquisition, the Group must pay additional purchase prices and employee-related compensationgiven that certain key financial targets is met. The financial targets are usually related to the future EBITDA or EBIT of the acquired subsidiary. The fair value of the contingent consideration agreement is based on management's judgment of what is likely to be paid given the terms of the share transfer agreement. As an initial assessment at the first recognition, management usually assessment is that 80%of the maximal agreed contingent consideration will be paid out, see Note 4Financial risk management.KEY ASSUMPTION IN GOODWILL IMPAIRMENT TESTEach year, the Group examines whether there is a need for impairment of goodwill according to accounting principal described in Note 1 Summary of significant accounting principles. Recoverable amounts for cash generating units (CGU) are established by calculating the value in use, which requires certain assumptions to be made. Humble Group performs impairment testson segment level as these are considered as the lowest Cash Generating Unit where management monitors the financial performance. The calculations are based on cash flow forecasts based on budgets determined by management and approved by the Board of Directors for the next five years. Cash flows are calculated to present value using a weighted average cost of capital of 10.8%for 2022. Cash flows after the five-year period are extrapolated at a long-term growth rate at 2%. The growth rate used is consistent with industry forecasts for each CGUs respective industry.USEFUL PERIODS OF INTANGIBLE ASSETSHumble has several intangible assets on the balance sheet that have an indefinite useful life. Assets that do not have a

fixed useful life consist of goodwill and trademarks. Humble Group’sright to use the Group’strademarks and intellectual property rights is unlimited and indefinite in time. Humble Group continuously evaluates the continuing value of each asset and whether there is a need to determine a determinable remaining useful life for the Group’strademarks and intellectual property rights.ASSESSMENT OF THE LEASE TERM IN LEASES WITH EXTENSION OPTIONSHumble Group is a lessee in leases consisting of office space, machines, carsand office supplies. The office premises are ordinary office premises located in large cities where access to similar office space is considered good. The Group has not had any significant improvement costs linked to any of the office premises. The contracts for the office premises contain a formal right for Humble Group to extend the contract, often designed as the agreement being automatically extended for 12 months unless the Group chooses to terminate the agreement 3-6 months before the end date of theagreement. When assessing whether it is reasonably certain that the Group will exercise the extension option, management primarily considers difficulty in substituting a local and remaining time before the agreement is automatically extended. In 3 of the Group’s69 leases for office premises, an extension period has been included in the lease period. Overall, the Group’slease term for office space varies between 1 -6 years with an average lease term of 3 years. No extension option has been included for machines, cars and office supplies.DEFERRED TAXDeferred tax receivables include MSEK 26, which mainly refers to loss deductions for Humble Group AB. The deficit has arisen during 2014 to 2021. The Grouphas assessed that the deficit carry forwards will be able to be used against future tax surpluses.The assessment is based on the decided business plan and budget for the subsidiary, where all subsidiaries in the Groupis expected to provide tax surpluses from 2023 onwards. The tax deficits can be carried forward and have no due date. NOTE4–FINANCIAL RISK MANAGEMENTFINANCIAL RISK FACTORSThrough its operations, the Group is exposed to a variety of financial risks such as: various market risks (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk, liquidity risk and refinancing risk. The Group strives to minimise potential adverse effects on the Group’sfinancial results. The objective of the Group’sfinancial operations is to:-ensure that the Group can fulfil its payment obligations,-manage financial risks,-ensure access to required funding, and-optimise the Group’snet financial income/expense.The Group’srisk management is predominantly controlled on subsidiary level under policies approved by Humble Group management. The board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.The Group’sfinancial position and earnings are affected by various risk factors that must be considered when assessing the company and its future earnings. The primary risks that are deemed to be relevant to the Group are described below.a)Market riskForeign exchange riskThe Group operates internationally and is exposed to foreign exchange risk, primarily in the currencies EUR and GBP. Currency risk mainly arises from the translation of foreign subsidiaries' income statement and balance sheet to the Group’sreporting currency, which is SEK (translation balance sheet exposure) and from purchases and sales in a currency that does not correspond to the functional currency of the company (transaction exposure). The Group’spolicy is not to hedge the translation exposure attributable to foreign net assets to reduce the translation risk in the financial statements. Humble Group’ssubsidiaries have most of their purchases and sales in/from their country of operation, which means that risk exposure in foreign currency is limited and at the end of the reporting period is therefore deemed not material.Group entity. Humble Group is constantly working to minimize currency exposure for major purchases through currency exchange and, if necessary, short-term currency hedging. At the end of the year, hedges in the Groupwere no significant amount.Interest rate riskThe Group’smain interest rate risk arises from long-term borrowings. Borrowings with variable rates expose the Group to cash flow interest rate risk which is partly neutralized with cash funds with variable rates. Borrowings with fixed rates

expose the Group to fair value interest rate risk. The Group’smain interest rate risk arises through long-term borrowing with variable interest, which exposes the Group to interest rate risk regarding cash flows. The Group does not hedge its interest rate risk regarding future cash flows.Bond loanThe Grouphas two senior bond loans with a total credit limit of MSEK 2000:MSEK 300 was issued January5,2021 (2021-2024), has a fixed interest rate of 9.50%MSEK 1500was issued July21,2021 (2021-2025), hasa variable interest rate(STIBOR 3m + 8.25%)Sensitivity analysis -interest rate riskIf the interest rates as of 31 December 2022 had been 25 basis points higher/lower with all other variables constant, the estimated profit after tax for the financial year would have been MSEK-4/+4 (2021-12-31: MSEK -2/+2, 2020-12-31: MSEK 0) lower/higher, mainlyas an effect of higher/lower interest costs for variable rate.b)Credit riskCredit risk primarily arises from cash and debt instruments measured and recognised at amortised cost. Credit risk related to customers is reduced through credit risk assessments,credit limits in event of delayed payment commitments and through contractual terms with the customers. There is no high concentration of credit risk regarding exposure to individual customers, particular industries and/or regions. During 2020-2022, therehave been no individual customers who have individually accounted for more than 10%of the revenue.The Group primarily holds accounts receivables within the scope of the impairment model for expected credit losses. Accounts receivableThe Grouphas previously secured part of the accounts receivable in the form of a factoring arrangement (secured accounts receivable) and received cash and cash equivalents. The credit risk for the pledged accounts receivable remains with Humble Group. For information regarding these claims, see section c) Liquidity risk below.The Groupapplies the simplified method for calculating expected credit losses for all accounts receivable where the reserve is calculated based on the risk of loss for the entire term of thereceivable.To measure the expected credit losses, accounts receivable has been grouped based on the number of days overdue. Expected credit losses are based on a period of twelve months before December 31, 2022 with the corresponding historical credit losses during the same period. The historical credit losses are then adjusted considering current and forward-looking information on macroeconomic factors that may affect the customers' ability to pay the claim. In cases where the Group has more information about the customers than the statistical model reflects, company management makes additional assessments for those customers. Historically, the Group has experienced insignificant credit losses. Based on historical data with very low credit losses togetherwith a forward-looking assessment, the expected credit losses are not significant for any customers. Age distribution for the Group’saccounts receivable is presented in Note 21 Accounts receivables. Accounts receivable and other receivables are written off when there is no reasonable expectation of repayment. The assessments are made individually in each of the cases based on indicators that there is no reasonable expectation of repayment. The indicators include, among other things, that a debtor does not follow the repayment plan from the Group. Write-downs of accounts receivable are reported as other external costs in the operating profit. Subsequent refunds of amounts previously written down are reversed against the same item.c)Liquidity riskLiquidity risk is the Group’srisk of not being able to fulfil its short-term payment obligations as a result of insufficient liquid funds. At the end of the reporting period, the Groupheld MSEK 380 (2021-12-31: MSEK 420, 2020-12-31: MSEK 83, 2020-01-01: MSEK 2) in cash and cash equivalents. As a result of the operations in the Group, the Group needs flexible financing with the possibility to use agreed credit limits. Management follows rolling forecasts for the Group’sliquidity reserve (including unusedcredit facilities) and liquid funds based on expected cash flows, which is monitored at group level. The analyses are normally carried out by the operating companies, taking into account the guidelines and limitations established by group management. In addition, the Group’sliquidity management policy includes forecasting cash flows in major currencies and considering the level of liquid funds required to achieve these, monitoring cash flow liquidity levels against internal and external regulatory requirements and maintaining debt financing plans.At the end of the reporting period, the Group had access to unused overdrafts amounting to MSEK 79 (2021-12-31: MSEK 472, 2020-12-31: MSEK 6, 2020-01-01: MSEK 0). The overdraft facilities can be used at any time and can be terminated by the bank without notice. If the creditworthiness continues to be satisfactory, the overdrafts can be used at any time in SEK

and have an average maturity of 1 year at the end of the financial year (2021: 1 year, 2020: 1 year).The availability of working capital for the company´soperational activities and financing to meet the Group’sinvestment needs is an important part of creating a profitable and long-term strong business. Humble Group is currently in good dialogue with investors and banks to manage this risk.Pledged accounts receivablesSome of the Group’ssubsidiaries have historically pledged accounts receivable as a means of financing operating activities. In connection with invoicing, the invoice is pledged through an external party who has usually pledged 70-90%of the invoice's value and pays out the liquid immediately after pledging. The loan bears interest until the customer has paid the invoice andis reported gross as a customer receivable and short-term debt to credit institutions in the balance sheet. At the end of the reporting period, there were no secured trade receivables in the balance sheet (2021: MSEK 0, 2020: MSEK 0).Bond loanBond 2021-2024 was issued on January 5, 2021,and expires on January 5, 2024. The bond has a total framework of MSEK 500, of which MSEK 300 (300) was used at the end of the financial year. The loan runs at a fixed interest rate of 9.50%and with semi-annually interest payments. The earliest date for redemption and amortization of the loan was January 5, 2023.Bond 2021-2025 was issued on 21 July 2021 and expires on 21 July 2025. The bond has a total framework of MSEK 1500, of which used at the end of the financial year amounted to MSEK 1500 (1200).The loan runs with an interest margin of 8.25%plus Stibor 3M, which is determined two days before a new interest period begins. Interest payments are made quarterly. The earliest date for redemption and amortization of the loan is 21 July 2023.d)RefinancingriskRefinancing risk is defined as the risk that difficulties arise in refinancing the Group, that financing cannot be obtained or that it can only be obtained at increased costs. The risk is limited by the fact that the Groupcontinuously evaluates various financing solutions.The table below analyses the Group’sfinancial liabilities divided bythe time remaining on the balance sheet date until the contractual due date. The amounts stated in the table are the contractual, undiscounted cash flows. Future cash flows in foreign currency have been calculated based on the exchange rate that applied on the balance sheet date.

CALCULATION AND DISCLOSURE OF FAIR VALUEThe levels in the fair value hierarchy are defined as follows:Financial instrument level 1Quoted market prices (unadjusted) in active markets for identical assets or liabilities.Financial instrument level 2Observable data for the asset or liability other than quoted prices included in level 1, either directly (i.e. as price quotations) or indirectly (i.e. derived from price quotations).Financial instrument level 3When one or more of the significant inputs is not based on observable market data. The Group’sfinancial assets measured at fair value through profit and loss consists of Other long-term securities holdings. These areclassified as level 1 in the fair value hierarchy.The Group’sfinancial liabilities measured at fair value through profit and loss consists of Contingent consideration. These are classified as level 3 in the fair value hierarchy. There have been no transfers between fair value hierarchy levels during the reporting period.Fair value disclosure of bond loansAs described above in section a) paragraph Interest rate risk, the Group also has financial instruments in the form of bond loans. These are not valued at fair value in the balance sheet.For the bond loan 2021-2025, the measurement at amortised cost corresponds in all essentials to its fair value because the interest rate is variable and as the credit risk has not changed significantly. The fair value of the bond loan 2021-2024 has been calculated by using cash flows discounted at a current interest rate. The bond loan is classified as level 3 in the fair value hierarchy as unobservable data has been used, including own credit risk. The carrying amount of the bond loan 2021-2024 for 2021 and 2022 are MSEK 300 and MSEK 300 respectively, whereas the fair value of the loan amount to MSEK 256 for 2021 and MSEK 270 for 2022.Fair value disclosure of contingent considerationsThe total contingent consideration to be paid are generally conditioned by significant financial performance improvements, which usually is measured to certain pre-determined EBITDA-levels by the subsidiary to be reached. The nature of the payments is generally a subject for Humble to decide, with a majority to be paid in cash but can also be paid with newly issued shares. This has a potential positive impact of the Groups cash flow and long-term net debt. The mechanics behind the additional purchase prices differ between the various acquisitions and the Group’scommitments also extend over a longer time horizon. The provision in the consolidated balance sheet constitutes a valuation of management's best assessment of the expected future cash flow. This assessment is made on a subsidiary-based level and is revalued regularly.The contingent considerations are recognised at fair value and have been discounted with 10.8%discount rate (2021: 8.85%, 2020; 8.41%).The parent company has the majority of the Group’sall reported contingent considerations. Humble makes the assessment that there are no significant differences between the various contingent consideration calculation methods that would justify applying different discount rates for different subsidiaries. This forms the basis for the same interest rate being applied to all contingent consideration per year.INPUT USED IN RECURRING LEVEL 3 FAIR VALUE MEASUREMENTS AND VALUATION TECHNIQUESThe contingent considerations in the Group have been calculated based on the nominal value of the best estimate of the expected outcome on the date of the acquisition. The estimate is based on management's assessment of the probable amount to be paid giventhe terms of the share transfer agreement. The fair value of the contingent considerations has been calculated based on an interest rate corresponding to the remaining term until payment at each reporting date. During 2022, 57MSEK (2021: 21, 2020: 0)in interest income was recognised as finance expenses regarding expenses related to contingent considerations.

The duration to maturity is presented below.CAPITAL MANAGEMENTThe Group’sobjective regarding the capital structure is to secure the Group’sability to continue its operations, so that it can continue to generate returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to keep the cost of capital down.To maintain or adjust the capital structure, the Groupmay change the dividend paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce liabilities. The Groupassesses its capital on the basis of net debt.Net debt ratioThe Grouphas a strategy to have a balanced capital structure where, among other things, the net debt ratio is monitored on an ongoing basis. Increase in net debt in 2022 was mainly dependent on financing completed acquisitions.

NOTE5–SEGMENT INFORMATION AND DISCLOSURE OF REVENUESEGMENT DESCRIPTIONHumble Groupoperates in four segments:Future Snacking, Sustainable Care, Quality Nutrition and Nordic Distribution.Future Snacking consists of severalfood and snack brands with high innovation and the vision to provide cutting-edge, healthierand more sustainable candy products, food and snacks for the everyday consumer. Future Snacking also includes various candy, confectionery and snack producers who manufacture high-quality products for the Group’svarious brands.Sustainable Care consists of a wide range of brands, distributors and producers of sustainable personal care and household products. Their categories include skin care, oral care, hair care and hygiene products. The companies in the segment are committed to meeting the growing demand for sustainable and environmentally friendly products and by doing so contribute to a more environmentally friendly planet.Quality Nutrition includes both brands and manufacturers of sports nutrition and ingredients. These subsidiaries are dedicated toproviding the highest quality nutritional products and supplements designed to help both athletes and general consumers increase performance and health in their daily lives.Nordic Distribution comprises a network of wholesalers and distributors in the Nordic region. The companies within Nordic Distribution have a deep understanding of local markets and consumer preferences. By leveraging the strengths of these local partners, Humble Groupcan offer a comprehensive range of FMCG products that cater to the different preferences in the Nordics.OTHER INFORMATIONHumble Group’ssubsidiaries are divided into segments based on their primary revenue-generating product portfolio or line of business. There have been no mergers of different sub-segments for the accounting periods. Other includes the parent company´soperations as well as a few administrative subsidiaries that do not have a direct connection to other operating activities. Humble Grouphas a result-oriented focus on its operations and does not continuously monitor the segments of assets and liabilities, which is the reason why only the income statement is presented in the table below. There are no individual customers within the Humble Groupwhose net sales exceed 10%of the Group’snet sales, nor any individual fixed assets that exceed 10%of total assets for the accounting periods 2020-2022.

NOTE6–OTHER OPERATING INCOME
*Effect from revaluation of contingent considerations is presented gross as Other operating income and Other operating expense.

NOTE7 –RENUMERATION TO AUDITORSNOTE8–RENUMERATION TO PERSONNEL ETC.

GUIDELINES FOR RENUMERATION TO SENIOR MANAGEMENTIn order for the company to be able to attract, develop and retain senior executives with relevant experience and competence, it is important that the company has a competitive remuneration package in line with what is attractivefor senior executives in various industries. The compensation for the senior executives consists of fixed salaries, short and long-term variable compensation, pensions, and other customary benefits. The total 
*Comprises Johan Lennartsson, Noel Abdayem and M arcus Stenkil full year, and Kristoffer Zinn from February, 2022. 
*Comprises Johan Lennartsson full year and Noel Abdayem and M arcus Stenkil from July, 2021. 
*Comprises Simon Petrén from M arch 2020 and Johan Lennartsson from September 2020.

compensation must be market-based and competitive and reflect the employee's performance and responsibilities. During 2022, Humble Grouphas not had any guidelines for remuneration to senior executives formally decided by the Annual General Meeting. The board has instead appointed a remuneration committee which has prepared remuneration-related questions for senior executives.PENSIONThe Grouponly has defined pension plans. Pension cost refers to the cost that affected the year's profit.SEVERANCE PAYA mutual notice period of 6 months applies between the company and the CEO. In the event of termination by the company, a severance payment of 6 months' wages is received. The severance pay is not offset against other income. In the event of termination by the managing director, no severance pay is payable.A mutual notice period of 6 months applies between the company and other seniorexecutives. There are no agreements on severance pay for other senior executives.VARIABLE RENUMERATIONFor the CEO, the bonus for the financial year 2022 is based partly on the Group’sprofitability measured in EBITA and partly on individual goals set by the board. The bonus amount for 2022 corresponded to 61%of the basesalary (2021: 30%, 2020: -).INCENTIVE PROGRAMBelow is a summary of the warrantprograms found in the Groupduring any of the periods covered by the Annual Report 2022.Employee option programFor the period 2019-2022, there was an employee option program in the parent company. The program ended in March 2022 and meant that the participants in the program paid SEK 1.33 per share in connection with the vestingtaking place in April 2022. The income for this is reported in equity. In connection with the vesting of shares, a benefit arises for the participant in the program, which benefit is taxed. The cost of the program consists of the parent company paying employer contributions on the actual increase in value that occurs on the vesting date. The program included 5 employees. The options were obtained free of charge when the program was started. The total number of options that were used amounted to 327142 with a market value of SEK 19.10 per share, the remaining options have already been cancelledor in connection with the termination of the program. Reported costs amounted to MSEK 1.8 and were reported as a personnel cost in the parent company during 2022.WarrantsprogramAt the end of the financial year, the Grouphad two ongoing warrant programs, series 2021/2024 and series 2022/2025. Series2021/2024Includes 1000000 warrants of which 920000 warrantshave been awarded. The remaining 80000 warrantshave been cancelled in 2022. The program covers 9 people, and the warrantsare earned gradually over the duration of the program. The subscription premium from payment for the warrantsamounted to SEK 3.76 per warrant, which is reported directly against equity. The warrantpremium has been valued at fair value using the Black & Scholes valuation model.Series2022/2025Includes a total of 2400000 warrants of which 2400000 have been allocated. The program covers 36 employees in the Groupand earnings are made gradually over the duration of the program. The subscription premium from payment of the warrantsamounted to SEK 0.49 per warrant, which is reported directly against equity. The warrantpremium has been valued at fair value using the Black & Scholes valuation model.

Fair value of assigned staff and warrantsIn 2019, employees received staff options free of charge, while warrants were acquired at market value in 2021 and 2022. The market value of the options in the employee option program 2019/2022 and the warrantsprogram 2021/2024 and 2022/2025 has been calculated according to the Black & Scholes valuation model. The warrant programs for 2021/2024 and 2022/2025 have not burdened the Groupwith any costs as a market premium has been paid in by the participants. Based on analysis of the historical volatility ofthe company´sand comparable companies' share price, the expected volatility during the warrants' term has been assessed at 30%(45%).Inputs in the model for warrantsgranted in 2022 were:a) The warrants are awarded against payment of an warrantpremium and are earned based on Humble Groupover a three-year period. Vested warrantcan be redeemed within three months of vesting.b) Grant priceSEK 23.90(2021;SEK 35.72)c) Grant date: May 25,2022 (2021;June 17,2021)d) Expiration date: June 15,2025(2021; June 8,2024)e) Share price on the grant date: SEK 15.94(2021; SEK 23.82)f) Expected volatility in the company´sshare price: 30%(2021; 45%)g) Expected dividend yield: 0 %(2021;0 %)h) Risk-free interest rate: 1.54 %(2021;-0.20 %).The expected volatility of the share price is based on the historical volatility (based on the remaining term of the warrant), adjusted for the expected changes infuture volatility because ofavailable public information.NOTE9–OTHER OPERATING EXPENSES

NOTE10–ITEMS AFFECTING COMPARABILITYHumble Grouprecognises items affecting comparability to EBITDA in order to visualise comparable figures that are adjusted for the items that occur in historical numbers for various reasons. Items affecting comparability mainly refer to the following:a)Acquisition related cost comprises external expenses due to legal and financial advisors, external consultancy firms and different expertise within detailed questions in the due diligence process. It also comprises costs related to previous owners’historical business decisions that for various reasons have had a negative profitability impact under Humble Groups ownership. The acquisition related cost is recognised as a loss to the Other external expenses in the Income statement.b)Revaluation of contingent considerations are recognised as an Other operating income or Other operating expense once the updated assessment is made. Contingent considerations are frequently reassessed based on management’s best estimate of expected future cash-or share payments.c)Employment-related compensation refers to considerations in the share purchase agreements that the sellers are entitled to a cash bonus if they remain in service after the transaction is completed. These items have a negative cash effect when they are paidand the effect is reported as a personnel cost in the income statement over the time that the compensation is earned.The penalty refers to the part of the share purchase agreements between Humble Groupand the seller that the seller must repay of the purchase price paid to Humble Groupif they leave their services after the transaction. Such risk is reduced by penalties of the fine. If the seller remains in service for the agreed contract term, this item has no cash flow effect. The part of the purchase price that must be repaid if the seller leaves his position constitutes a separate transaction in accordance with IFRS and must therefore not be included as part of the purchase price for the acquired business. Instead, this part is reported as a personnel cost and reported over time as the services are delivered.d)Depreciation of acquired surplus value in inventory relates to acquired subsidiaries with a significant surplus value identified in the purchase price allocation related to inventory or finished goods. The surplus value is typically identified in subsidiaries with own inhouse production, since large part of the value creation have remained in the business and will as such be realised once the goods have been sold. Typical inventory turnover in the Groupis between 1-2 months, which impact Raw materials and Consumables during the quarter when an acquisition has been carried out.e)Donations refers to the donations to the non-profit organization Humble Smile Foundation as well as a one-time goods donation to Ukraine in the beginning of the war.f)Restructuring costs primarily refer to costs related to the Group’srestructuring, such as a factory move of Naty with a total of MSEK 18, which was part of the contingent consideration and is expected to improve profit margins, quality and the competitiveness of the products in 2023. The item also contains items of a one-off nature for, among other things, legal representation in in connection with the acquisition process of MSEK 5, costs for the completion of factory construction of MSEK 3 and costs linked to a production stoppage caused by a salmonella outbreak at a supplier of MSEK 2.The main adjustment item during the year was related to revaluation of contingent considerations of MSEK -111 and employee-related compensation and lock-in penalties of MSEK 72.
-37
-31
-30

NOTE11–FINANCIAL INCOME AND FINANCIAL EXPENSESNOTE12–INCOME TAXNOTE13–EARNING PER SHAREEarnings per share is calculated by dividing the year's earnings by a weighted average number of ordinary shares outstanding during the period. Weighted average number of ordinary shares and potential ordinary shares used as denominator when calculating earnings per share after dilution in the event of positive reported earnings.
Group current tax rate is 20.6% (2021: 20.6%, 2020: 21.4%) and effective tax rate was 2,876% (2021: -2%, 2020: -2%). 
-30 M SEK of non-deductible expenses is relates to tax effect of non-deductable interest expense.
* No adjustment when calculating after dilution in the event of a negative result

Information regarding the classification of securitiesWarrants granted to employees under Humble Group’sstock warrantprogram have been determined to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the performance conditions attached to the warrants, total return to shareholders, would have been achieved based on the company´sperformance up to the balance sheet date, and to the extent they give rise to a dilutive effect. The warrants have not been included in the determination of earnings per share before dilution. Further information about the warrants can be found in Note 8 Renumeration to personneletc.NOTE14–INTANGIBLE ASSETSASSESSMENT OF IMPAIRMENT NEED FOR GOODWILL AND OTHER INTANGIBLE ASSETSGoodwill and other intangible assets constitute a significant portion of Humble Group’sbalance sheet. The Groupconducts an annual assessment of the assets' value, which is based on the calculation of discounted future cash flows for the cash-generating units where goodwill and other intangible assets are recognized. The impairment test relies on a high degree of judgments and assumptions about future cash flows. The following outlines how the company has made its assessment, along with a description of key assumptions and sensitivity analyses.The assumptions that have the greatest impact on the test are the terminal growth rate and the discount rate (cost of capital). Other important assumptions also include assessments of future developments regarding growth, gross margins, expense levels, working capital requirements, and

investment needs. It is also noted that no impairment need has been identified based on the assumptions made.Goodwill and intangible assets (brands) with indefinite useful lives are allocated to the cash-generating units identified per business segment of the Group. For these brands, there is no predictable limit to the period during which the brand is expected to generate net inflows for Humble Group.The recoverable amount for the cash-generating units has been determined based on calculations of the value in use. These calculations are based on estimated future cash flows before tax, derived from the financial budgets for 2023 of the companies, which have been approved by the Groupmanagement. Cash flows beyond 2023 are then projected based on expected growth rates, gross margin, expense levels, working capital requirements, and investment needs. Cash flows extending beyond a five-year period are extrapolated using a long-term growth rate of 2%for all business segments. The pre-tax discount rate used amounts to approximately 10.81%(2021: 8.85%, 2020: 8.41%) for all business segments. The calculation as of December 31, 2022, indicates that the value in use exceeds the carrying value for all cash-generating units, resulting in no impairment requirement.The assumptions in the cash flow forecast have been determined by the group management and are based on past experiences, the financial history of the business segments, and the group management's knowledge of the industry. Other important assumptionsGrowth rateBased on factors such as product development, sales synergies, and assessed market potential, the company believes that the business segments have good opportunities to stabilize and strengthen their market shares. The expected average annual growth rate varies depending on the business segments, and the group management makes individual assessments based on each company´sconditions and market potential. Sales development in all business segments is expected to be positive during the forecast period.GrossmarginsThe gross margins are assumed to remain stable during the forecast period as efficiency improvements and coordination efforts continue to be implemented according to plan. Furthermore, an assumption has been made that the business segments' gross margins will develop positively as cost synergies continue to be realized according to plan.Operating expensesOperating expenses and personnel costs are expected to remain stable or decrease in relation to sales for all business segments. This is deemed to be in line with the investments that the Groupwill make to achieve the forecasted revenue goals and planned efficiency improvements.Sensitivity analysisA sensitivity analysis reveals that the remaining goodwill value for all cash-generating units would still be supported if the discount rate were to increase by 1 percentage point or if the terminal growth ratewere to decrease by 1 percentage point.The value in use for the cash-generating segment Sustainable Care amounts to approximately MSEK 4393 for 2022. The sensitivity analysis shows that the difference between the value in use and the carrying value of goodwill and other identified excesses is relatively small but still justifiable if the discount rate were to increase by 1 percent or if the terminal growth rate were to decrease by 1 percent. The carrying value of goodwill for the Sustainable Care business segment assumes continued stable growth for the coming years. Any future significant negative deviations, beyond those described above and deemed to be enduring, may indicate the existence of an impairment requirement for the goodwill of the business segment.The group management assesses that the discount rate and terminal growth rate are the most significant assumptions for the impairment test. Therefore, no sensitivity analysis has been conducted specifically related to other important assumptions suchas growth rate, gross margins, or expenses. However, the group management assesses that if negative deviations occur simultaneously across multiple parameters, there would be an impairment requirement as the expected cash flows for the business segments would be adversely affected to an extent where the value in use would fall below the carrying value for all business segments.

NOTE15–TANGIBLE FIXED ASSETS
0
0
0
2 277
1 001
366

NOTE16–LEASE AGREEMENTThe total cash flow related to leasing agreements was MSEK -52(2021: MSEK -20, 2020: MSEK -1). For information on the maturity of the lease debt, see Note 4 Financial risk management.

NOTE17 –DEFERRED TAXDeferred tax assets are reported for tax loss deductions or other deductions to the extent that it is likely that they can be utilized through future taxable profits. Unused loss deductions for which no deferred tax asset has been reported amounts to MSEK56 as of 2022-12-31 (2021-12-31: MSEK 85, 2020-12-31: MSEK 123, 2020-01-01: MSEK 0). Deferred tax on unused loss deductions amounts to MSEK 25 as of 2022-12-31 (2021-12-31: MSEK 34, 2020-12-31: MSEK 0, 2020-01-01: MSEK 0). The deficit deductions do not expire at any time. The unused loss carry-forwards relate primarily to historical losses in Humble Group AB between the years 2009-2020.NOTE18 –EQUITY IN ASSOCIATED COMPANIESWithin Humble Group there are three holdings that are classified as associated companies, Amerpharma Sp.z.o.o., part-owned by Humble Group AB, Snacksmack AB, part-owned by Grahns Konfektyr AB, and Solent Group (SA) Pty Ltd, part-owned by Solent Global Ltd.Profit from shares in associated companies amounted to MSEK -4 (2021; MSEK 1; 2020; MSEK 0). For more information on the parent company´sholdings in Amerpharma, see Note 49 Shares in associated companies and joint arrangements. The remaining two companies are considered to be individually immaterial to the Group.

NOTE19–OTHER LONG-TERM SECURITIES HOLDINGS AND OTHER LONG-TERM RECEIVABLESAdditional items through the acquisition of subsidiaries primarily consist of deposits for rental guarantees and deposit insurance with, among other things, fixed income funds and short-term liquid investments.NOTE20–INVENTORYCosts of goods for the Groupare included in the item Finished goods and merchandise in the report on comprehensive income and amount to MSEK 769 (2021: MSEK 363, 2020: MSEK 22). As of 2022-12-31, inventory contained MSEK 0 of acquired surplus values in stock upon acquisition of subsidiaries (2021-12-31: MSEK 3, 2020-12-31; MSEK 0). During 2022, MSEK 3 was expensed from acquired surplus values in inventory (2021; MSEK 31, 2020; MSEK 0).NOTE21–ACCOUNTS RECEIVABLESThe Groupapplies the simplified method for calculating expected credit losses for all accounts receivable where the reserve is calculated based on the risk of loss for the entire term of the receivable. Historically, the Grouphas experienced insignificant credit losses. Based on historical data and with a forward-looking assessment, the future credit losses are not expected to be significant for any customers individually or aggregated, which forms the basis for no general provisions for future credit losses being reported at group level, but provisions for expected creditlosses are made by the respective subsidiaries. For more information on the provision for expected credit losses, see Note 4 Financial risk management.

NOTE22–OTHER SHORT-TERM RECEIVABLESNOTE23–PREPAID EXPENSES AND ACCRUED INCOMENOTE24 –LIQUID FUNDSIn 2022, the parent company signed a revolving credit facility with Nordea and SEB for a total credit facility of MSEK 650, consisting of a revolving credit facility of MSEK 450 and a granted overdraft facility of MSEK 200. The credit facility runs for 1 year and can be extended on request by up to 1 year until renegotiation if such request is sent to the loan agent no later than June 30, 2023.The credit facility is conditional on two financial covenants, namely that a) Net interest-bearing liabilities after deduction of Liquid funds in relation to Adjusted EBITDA Proforma does not exceed 5x, and that b) Super Senior secured debt in relation to Adjusted EBITDA Proforma does not exceed1.00x.There are no other overdrafts in the Group at the end of the financial year.

NOTE25–FINANCIAL INSTRUMENT PER CLASSIFICATIONNOTE26–INTEREST-BEARING LIABILITIESBOND LOANDuring 2021, Humble Group AB issued two bond loans with a total credit limit of MSEK 2000. At the end of the financial year, the company has issued MSEK 300 (2021; MSEK 300) and MSEK 1500 (2021; MSEK 1200), respectively, within the framework of senior bond loans 2021-2024 and 2021-2025.Bond loans 2021-2024 are due for payment on January 5, 2024 and bear an average interest rate of 9.50%per year (2021: 9.50%per year). Bond loans 2021-2025 are due for payment on July 21, 2025 and run with interest base Stibor 3M plus an interest margin of 8.25%. The interest base is determined two days before each new interest period begins.LIABILITIES TO CREDIT INSTITUTIONSLiabilities to credit institutions consist of a revolving credit facility signed by the Parent Company with Nordea and SEB as well as property loans linked to properties in subsidiaries. The revolving credit facility runs through October 14, 2023 with an option to extend based on the lender's discretion.The revolving credit facility with Nordea and SEB has a total credit facility of MSEK 650, consisting of a revolving credit facilityof MSEK 450 and a granted overdraft facility of MSEK 200. For information regarding overdrafts, see Note 24 Liquid funds. The credit facility runs for 1 year up to and including 14 October 2023, where Humble Group has the option to request an extension of up to 1 year. The parent company´s

borrowing is in SEK and the reported value corresponds in all material respects to the fair value of the borrowing because the interest on this borrowing is at par with current market interest rates or because the borrowing is short-term.For debts to credit institutions, collateral has been provided in the form of shares in subsidiaries to a value of MSEK 3765 (2021-12-31: MSEK 3740, 2020-12-31: MSEK 0). For further information, see Note 30 Pledged assetsand contingent liabilities.FINANCIAL COVENANTSThe parent company´sborrowing is subject to a commitment that certain covenants must be fulfilled, which briefly include that a) Interest-bearing liabilities net after deduction for Liquid funds in relation to Adjusted EBITDA Proforma does not exceed 5x, and that b) Super Senior secured debt in relation to Adjusted EBITDA Proforma does not exceed1.00x. The parent company fulfils all loan conditions during the period 2020-2022.NOTE27–PROVISIONSProvisions for other taxes consist of a tax expense and provision for a possible tax attributable to previous taxation years in the parent company of a total of MSEK 6.9 as of 2022-12-31. NOTE28 -OTHER LIABILITIES AND CONTINGENT CONSIDERATIONSNOTE29–ACCRUED EXPENSES AND PREPAID INCOME

NOTE30–PLEDGED ASSETS AND CONTINGENT LIABILITIESThere are no contingent liabilities such as ongoing disputes or guarantee commitments in the parent company or any of the Group’ssubsidiaries at the end of the financial year.NOTE31–BUSINESS COMBINATIONSBUSINESS COMBINATIONS2022The acquisitions are presented on an aggregated level, as the relative amounts of the individual acquisitions are not deemed to be material, except in the acquisitions of Go Superfoods Ltd., LEV Group, and Body Science International Pty Ltd.
*During 2021, Humble Group AB issued several senior secured bond debt of total M SEK 1,500 with a total framework of M SEK 2,000. The parent company 
Humble Group AB is the issuer of the bonds. The bonds are secured through pledge of shares in Humble Group AB, M onday 2 Sunday AB, Bayn Solutions 
AB, Tweek AB, Bayn Production AB, Green Sales Distributions AB, The Humble Co. AB, Golden Athlete AB, Grahns Konfektyr AB, Performance R Us AB, 
Viterna AB, Ewalco AB, Naty AB, Be:Son Gross AB. Recognised amount is the group value on net assets in the pledged shares of the subsidiaries as of 
year end. In the parent company, the recognised value is the book value of the pledged shares direct or indirect owned by the parent company.

SUMMARY OF DISTRIBUTION OF PURCHASE PRICE, PPA –IFRSGO SUPERFOODS LTDOn April 29, 2022, the parent company acquired 100%of the share capital of Go Superfoods Ltd, a company engaged in the production and delivery of premium organic superfoods. Identified intangible assets are related to Customer Relationships of MSEK31, Brands of MSEK97, Deferred Tax Liability of MSEK24,and Goodwill of MSEK57.Significant estimates: Contingent considerationIn the event that a specific predetermined accumulated EBITDA for the period of April 2021 to December 2023 is achieved by the subsidiary, contingent consideration of up to a total of MSEK74 may be paid in cash after the buyer's Annual General Meetingin 2024.The potential nominal amount to be paid according to the agreement amounts to MSEK74 for accumulated EBITDA. The fair value of the contingent consideration was MSEK47 at the initial recognition and was estimated by calculating the present value of the future expected cash flows at the end of the reporting period. The calculations are based on a discount rate of 10.81%.Employment linked considerationThe acquisition agreement includes a penalty clause stating that the selling party, identified as a key person in the acquired business, may be obligated to repay a portion of the received purchase price to Humble in the event that employment is terminated before the agreed-upon employment period has expired. Out of the total purchase price, MSEK2.5 has been classified as a prepaid expense for these penalties, with a due date of April 28, 2025. The purchase price is conditional upon continued employment at the due date, which is why, from an accounting perspective, it will be recognized as personnel expenses linearly over the period until the expiration date.GoodwillGoodwillis attributable to the value of existing skills and capabilities within the organization to develop and produce future successful assets, as well as synergies from collaboration within Humble Group. No portion of the recognized goodwill is expected to be tax deductible.

Revenue and profit contributionThe acquisition of Go Superfoods Ltd contributed net sales of MSEK125 to the Groupfor the period from April 29, 2022, to December 31, 2022. Go Superfoods Ltd also contributed an EBITDA of MSEK11 for the same period. If Go Superfoods Ltd had been consolidated from January 1, 2022, the Group’sincome statement would show net sales of MSEK140 and an EBITDA of MSEK10.Acquisition-related costsAcquisition-related costs of MSEK4.5 are included in the consolidated statement of comprehensive income as well as in the operating activities in the cash flow analysis of the Group.LEV GROUPOn June 14, 2022, the parent company acquired 100%of the share capital of LEV Group, a business that offers proteins with high biological value, ready-made meals, as well as dietary supplements. Identified intangible assets are related to Customer Relationships amounting to MSEK25, Brands amounting to MSEK46, Deferred tax liability amounting to MSEK15, and Goodwill amounting toMSEK146.Significant estimates: Contingent considerationIn the event that certain predetermined EBITDA targets are achieved by the subsidiary for the years ending 2022, 2023, and 2024, a contingent consideration of up to MSEK93 may be paid in cash at the buyer's Annual General Meetingin the year following each respective financial year.The potential nominal amount to be paid according to the agreement amounts to MSEK76 for evenly distributed EBITDA over the three years. The actual value of the contingent consideration, which is MSEK62, has been estimated bycalculating the present value of future expected cash flows. The calculations are based on a discount rate of 10.81%.Employment linked considerationIn the acquisition agreement, there is a penalty clause stating that the selling party, identified as a key person in the acquired business, may be liable to repay a portion of the received purchase price as a penalty to Humble in the event that employment terminates before the agreed-upon employment period expires. Of the total purchase price, MSEK5.3 has been classified as a prepaid expense related to these penalties, with a due date of June 14, 2026. The purchase price is conditional upon continued employment at the due date, and therefore, from an accounting perspective, it will be recognized as personnelexpenses linearly over the period until the expiration date.GoodwillGoodwill is attributable to the value of existing skills and capabilities within the organization to develop and produce future successful assets, as well as synergies from collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax deductible.Revenue and profit contributionThe acquisition of LEV Group contributed net sales of MSEK67 to the Group for the period from 2022-06-14 to 2022-12-31. LEV Group also contributed an EBITDA of MSEK26 during the same period. If LEV Group had been consolidated from January 1, 2022, the Group’sincome statement would have shown net sales of MSEK124 and an EBITDA of MSEK35.Acquisition-related costsAcquisition-related costs of MSEK 1 are included in the consolidated statement of comprehensive income and in the operating activities in the cash flow analysis.BODY SCIENCE INTERNATIONAL PTY LTDOn August 15, 2022, the parent company acquired 100%of the share capital in Body Science International Pty Ltd, a company engaged in performance-based dietary supplements. Identified intangible assets include Customer Relationships of MSEK 38, Brands of MSEK96, Deferred Tax Liability ofMSEK 36, and Goodwill of MSEK 205.Significant estimates: Contingent considerationIn the event that certain predetermined EBITDA targets are achieved by the subsidiary for the cumulative period of 2022-2024, a conditional additional purchase price of up to a maximum of MSEK 104 may be paid in cash at the buyer's Annual General Meetingin 2025. The possible nominal amount to be paid under the agreement is MSEK 83. The actual value of the conditional additional purchase price, which is MSEK 62, has been estimated by calculating the present value of future expected cash flows. The calculations are based on a discount rate of 10.81%. At the end of the fiscal year 2022, MSEK 18 of the conditional additional purchase price has been reversed based on management's forecasts of future expected EBITDA levels. This has been recognized as revenue in the same amount included in Other operating income.Employment linked considerationIn the acquisition agreement, there is a penalty clause stating that the selling party, identified as a key person in the acquired business, may be liable to repay a portion of the received purchase price as a penalty to Humble if employment is terminated before the agreed-upon employment period has expired. Of the total purchase price, MSEK 6 has been classified as a prepaid expense for these penalties, with a due date of August 14, 2026. The purchase price is contingent upon continued employment at the due date, which is why, from an accounting perspective, it will be recognized as personnel expenses linearly over the period until the expiration date.

GoodwillGoodwill is attributable to the value of existing competence and capabilities within the organization to develop and produce future successful assets, as well as the synergies from collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax-deductible.Revenue and profit contributionThe acquisition of Body Science International Pty Ltd contributed net sales of MSEK 130 to the Groupfor the period from August 15, 2022, to December 31, 2022. Body Science International Pty Ltd also contributed an EBITDA of MSEK 21 during the same period. If Body Science International Pty Ltd had been consolidated from January 1, 2022, the Group’sincome statement would have presented net sales of MSEK 310 and an EBITDA of MSEK43.Acquisition-related costsAcquisition-related costs of MSEK4 are included in the Group’sconsolidated statement of comprehensive income as well as in the operating activities section of the cash flow analysisBUSINESS COMBINATIONS2021The acquisitions are presented on an aggregated level, as the relative amounts of the individual acquisitions are not deemed to be material, except in the acquisitions of The Humble Co., Fancystage, Naty, Swedish Food Group, Solent and True Gum.

SUMMARY OF DISTRIBUTION OF PURCHASE PRICE, PPA –IFRSTHE HUMBLE CO.On March 18, 2021, the parent company acquired 100%of the share capital in The Humble Co., a Sweden-based group that sells environmentally friendly and innovative oral products. Identified intangible assets include Customer Relationships amounting to MSEK 68, Brands amounting to MSEK 324, Deferred Tax Liability amounting to MSEK 94, and Goodwill amounting to MSEK 821.Significant estimates: Contingent considerationAdditional contingent consideration potentially payable at the time of acquisition was based on adjusted EBITDA levels for the fiscal years 2021 and 2022. The total initial amount recorded was MSEK 58 and would be paid in cash during the first quarter of 2022 and 2023, respectively.The possible nominal amount to be paid according to the agreement ranges between MSEK 40 and 60 and is based on thesubsidiary's underlying performance. The contingent earn-out consideration has no cap. The actual value of the contingent consideration, amounting to MSEK 58, has been estimated by calculating the present value of expected future cash flows. The calculations are based on a discount rate of 8.4%and the forecasts from the acquisition process.Employment linked considerationThere was no employment-related compensation or penalties as part of the total consideration or transaction.At the end of the fiscal year 2022, the contingent earn-out consideration has been reversed by MSEK 7 based on management's updated assessments. This amount has been recognized as revenue in Miscellaneous operating income.GoodwillGoodwill is attributable to the value of existing skills and capabilities within the organization to develop and produce future successful assets, as well as synergies from collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax-deductible.Revenue and profit contribution.The acquisition of The Humble Co. contributed net sales of

MSEK 102 to the Group for the period from 2021-03-18 to 2021-12-31. The Humble Co. also contributed an EBITDA of MSEK 24 during the same period. If The Humble Co. had been consolidated from January 1, 2021, the Group’sincome statement would show net sales of MSEK 130 and an EBITDA of MSEK 34.Acquisition-related costsAcquisition-related costs of MSEK 8 are included in the Group’sconsolidated statement of comprehensive income and in theongoing operations in the cash flow analysis.FANCYSTAGE UNIPESSOAL LDAOn August 2, 2021, the parent company acquired 100%of the share capital of Fancystage Unipessoal Lda, a company based in Portugal engaged in the manufacturing of personal hygiene andcosmetic products. Identified intangible assets include Customer Relationships valued at MSEK 59, Deferred Tax Liability of MSEK 12, and Goodwill of MSEK 275.Significant estimates: Contingent considerationIn the event that certain predetermined EBITDA targets are achieved by the subsidiary for the years ending in 2021, 2022, and 2023, a contingent additional purchase price of up to MSEK 123 may be paid in cash after the buyer's Annual General Meetings in 2022, 2023, and 2024.The potential nominal amount to be paid according to the agreement is estimated to be between MSEK 120 and 150, based on the underlying performance of the subsidiary, and the total potential additional purchase price is capped at 19 MEUR over a three-year period. The actual value of the contingent additional purchase price at the initial reporting date amounted to MSEK 122 and has been estimated by calculating the present value of future expected cash flows. The calculations are based ona discount rate of 8.4%and the forecasts from the acquisition process.At the end of the fiscal year 2022, the total contingent purchase price has been adjusted upwards by a net amount of MSEK 8 based on the actual results from the subsidiary, which has been recognized as an expense of the corresponding amount included in Other operating costs.Employment linked considerationOut of the total consideration, MSEK 107 is classified as employment-related compensation paid in October 2021. The payment was subject to certain conditions, including the continued employment of a key employee after the completion of the transaction. Additionally, MSEK 7.6 represents remaining bonuses payable annually, with MSEK 1.8 due on August 1, 2024. The purchase prices are contingent upon ongoing employment at the maturity date, and therefore, from an accounting perspective, they will be recognized as personnel expenses during the period until the maturity date.GoodwillGoodwill is attributable to the value of existing skills and capabilities within the organization to develop and produce future successful assets, as well as synergies from the collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax deductible.Revenue and profit contribution.The acquisition of Fancystage Unipessoal Lda. contributed net sales of MSEK 31 to the Groupfor the period from 2021-08-02 to 2021-12-31. Fancystage Unipessoal Lda. also contributed an EBITDA of MSEK 20 during the same period. If Fancystage Unipessoal Lda. had been consolidated from January 1, 2021, the Group’sincome statement would have presented net sales of MSEK 72 and an EBITDA of MSEK 45.Acquisition-related costsAcquisition-related costs of MSEK 1.6 are included in the Group’sstatement of comprehensive income and in the operating activities in the cash flow analysis.NATY ABOn August 26, 2021, the parent company acquired 100%of the share capital of Naty AB, a group engaged in the production of environmentally friendly baby and feminine hygiene products. Identified intangible assets include Customer Relationships amounting to MSEK 86, Brands amounting to MSEK 216, Deferred TaxLiability of MSEK 63, and Goodwill of MSEK 501.Significant estimates: Contingent considerationIn the event that the subsidiary successfully negotiates a factory relocation and achieves a predetermined positive impact on the gross margin by the end of May 2022, a conditional additional purchase price of up to a maximum of MSEK 100 may be paid in cash in May 2023 and May 2024.The potential nominal amount to be paid according to the agreement ranges between MSEK 50 and 100, depending on the actual reduction in production costs resulting from the factory relocation. The actual value of the conditional additional purchase price at the initial reporting date amounted to MSEK 66 and has been estimated by calculating the present value of future expected cash flows. The calculations are based on a discount rate of 8.4%and forecasts from the acquisition process.Employment linked considerationThe acquisition agreement includes a penalty clause that stipulates that the selling party, identified as a key person in the acquired business, may be liable to repay a portion of the received purchase price to Humble in the form of a penalty if their employment terminates before the agreed-upon employment period has elapsed. Of the total purchase price, MSEK 2.5 has been classified as a prepaid expense relating

to these penalties, with a due date in August 2023. The purchase price is contingent upon continued employment at the due date, which is why, from an accounting perspective, it will be recognized as personnel expenses linearly over the period until the expiration date.GoodwillGoodwill is attributable to the value of existing expertise and capabilities within the organization to develop and produce future successful assets, as well as synergies from collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax deductible.Revenue and profit contribution.The acquisition of Naty AB contributed net sales of MSEK 94 to the Groupfor the period between August 26, 2021, and December 31, 2021. Naty AB also contributed an EBITDA of MSEK 15 during the same period. If Naty AB had been consolidated from January 1, 2021, the Group’sincome statement would have presented net sales of MSEK 268 and an EBITDA of MSEK 39.Acquisition-related costsAcquisition-related costs of MSEK 1 are included in the Group’sstatement of comprehensive income as well as in the operating activities in the cash flow analysis.SWEDISH FOOD GROUPABOn October 5, 2021, the parent company acquired 100%of the share capital in Swedish Food GroupAB, a group that offers innovative and modern food and beverage products. Identified intangible assets are related to Customer Relationships amounting to MSEK 16, Brands amounting to MSEK 144, Deferred Tax Liability amounting to MSEK 34, and Goodwill amounting to MSEK 143.Significant estimates: Contingent considerationIn the event that certain predetermined EBITDA levels are achieved by the subsidiary for the years ending in 2021, 2022, and2023, a total conditional additional purchase price of up to MSEK 90 may be paid in cash after the buyer's Annual General Meetings in 2022, 2023, and 2024.The possible nominal amount to be paid according to the agreement is estimated to range between MSEK 25 and 40 and is based on the subsidiary's underlying performance. The total potential conditional additional purchase price is limited to a maximum of MSEK 90 over a period of three years. The actual value of the conditional additional purchase price atthe initial reporting date amounted to MSEK 56 and has been estimated by calculating the present value of future expected cash flows. The calculations are based on a discount rate of 8.4%and the forecasts from the acquisition process.At the end of the fiscal year 2022, the conditional additional purchase price has been reversed by MSEK 35 as the actual EBITDA levels achieved by the subsidiary were lower than the initial estimates. This has been recorded as revenue in the corresponding amount included inOther operating income.Employment linked considerationThe acquisition agreement includes a penalty clause stating that the selling party, identified as a key individual in the acquired business, may be liable to repay a portion of the received purchase price as a penalty to Humble if employment is terminated before the agreed-upon employment period has expired. Of the total purchase price, MSEK 8.8 has been classified as a prepaid expense related to these penalties, with a maturity date of October 4, 2024. The purchase price is conditional upon continued employment at the maturity date, which is why, from an accounting perspective, it will be recognized as personnel costs linearly over the period until the expiration date.GoodwillGoodwill is attributable to the value of existing knowledge and capabilities within the organization to develop and produce future successful assets, as well as synergies from the collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax-deductible.Revenue and profit contribution.The acquisition of Swedish Food Group AB contributed net sales of MSEK 70 to the Groupfor the period from 2021-10-05 to 2021-12-31. Swedish Food Group AB also contributed an EBITDA of MSEK 2 during the same period. If Swedish Food Group AB had been consolidated from January 1, 2021, the Group’sincome statement would have presented net sales of MSEK 244 and an EBITDA of MSEK 6.Acquisition-related costsAcquisition-related costs of MSEK 500 are included in the Group’sconsolidated income statement and in the operating activities in the cash flow analysis.

SOLENT GLOBAL LTDOn October 5, 2021, the parent company acquired 100%of the share capital of SolentGlobal Ltd, a group that provides a comprehensive service package to the global retail industry in health & beauty, food & snacks, and home care. Identified intangible assets include Customer Relationships valued at MSEK 141, Brands valued at MSEK 432, Deferred Tax Liability of MSEK 110, and Goodwill of MSEK 598.Significant estimates: Contingent considerationIn the event that certain predetermined EBITDA levels are achieved by the subsidiary for the years ending in 2021, 2022, and 2023, a total contingent additional purchase consideration of up to MSEK 256 may be paid in cash after the buyer's Annual General Meetings in 2022, 2023, and 2024.The possible nominal amount to be paid according to the agreement is estimated to be between MSEK 220 and 250, based on the subsidiary's underlying performance, and the total potential contingent additional purchase consideration is limited to MGBP 27.5 for a three-year period. The actual value of the contingent additional purchase consideration at the initial reporting date amounted to MSEK 214 and has been estimated by calculating the present value of expected future cash flows. The calculations are based on a discount rate of 8.4%and the forecasts from the acquisition process.At the end of the financial year, the contingent purchase consideration has been reduced by MSEK 5 based on updated forecasts from the company´smanagement, which has been recognized as revenue in the same amount included in Other operating income.Employment linked considerationOf the total consideration, MSEK 77 relates to employment-related compensation that was paid out in February 2022. The payment was subject to certain conditions, including the retention of a key employee after the completion of the transaction, and it has been accountedfor as personnel costs until the payment date. The acquisition agreement also includes a penalty clause, which means that the selling party identified as a key person in the acquired business may be liable to repay a portion of the received purchase consideration as a penalty to Humble if their employment is terminated before the agreed-upon employment period expires.Out of the total purchase consideration, MSEK 32 has been classified as a prepaid expense relating to these penalties, with a due date of December 31, 2024. The purchase consideration is contingent upon continued employment at the due date, which is why, from an accounting perspective, it will be recognized as personnel costs linearly over the period until the expiration date.GoodwillGoodwill is attributable to the value of existing expertise and capabilities within the organization to develop and producefuture successful assets, as well as synergies from collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax deductible.Revenue and profit contribution.The acquisition of Solent Global Ltd contributed et sales of MSEK 284 to the Groupfor the period between October 5, 2021, and December 31, 2021. Solent Global Ltd also contributed an EBITDA of MSEK 49 during the same period. If Solent Global Ltd had been consolidated from January 1, 2021, the Group’sincome statement would show net sales of MSEK 948 and an EBITDA of MSEK 109.Acquisition-related costsAcquisition-related costs of MSEK 14 are included in the Group’sconsolidated statement of comprehensive income and are also reflected in the ongoing operations in the cash flow analysis.TRUE APS (TRUE GUM)On December 14, 2021, the parent company acquired 100%of the share capital in True Aps, a company engaged in the production of plastic-free chewing gum. Identified intangible assets include Customer Relationshipsamounting to MSEK 11, Brands valued at MSEK 130, a Deferred Tax Liability of MSEK 32, and Goodwill valued at MSEK 176.Significant estimates: Contingent considerationIn the event that certain predetermined EBITDA levels are achieved by the subsidiary forthe years ending 2022, 2023, and 2024, a total conditional additional purchase consideration of up to MSEK 78 can be paid in cash after the buyer's Annual General Meetings for 2022, 2023, and 2024.The possible nominal amount to be paid according to the agreement is limited to MEUR 10 and is based on the subsidiary's financial performance linked to EBITDA. The actual value of the conditional additional purchase consideration of MSEK 62 has been estimated by calculating the present value of future expected cash flows. The calculations are based on a discount rate of 8.4%.At the end of the financial year, the conditional purchase consideration has been reduced by MSEK 34 based on updated forecasts from the company´smanagement, which has been recognized as revenue in the amount included in Other operating income.

Employment linked considerationThe acquisition agreement includes a penalty clause stating that the selling party, identified as a key individual in the acquired business, may be liable to repay a portion of the received purchase consideration to Humble in the form of a penalty if employment is terminated before the agreed-upon employment period expires. Of the total purchase consideration, MSEK 1.6 has been classified as a prepaid expense related to these penalties, with a maturity date of December 14, 2024. The purchase consideration is conditional upon continued employment at the maturity date, which is why, from an accounting perspective, it will be recognized as personnel expenses linearly over the period until the expiration date.GoodwillGoodwill is attributable to the value of existing expertise and capabilities within the organization to develop and produce future successful assets, as well as the synergiesderived from collaboration within the Humble Group. No portion of the recognized goodwill is expected to be tax-deductible.Revenue and profit contribution.The acquisition of True Aps contributed net sales of MSEK 10 to the Groupfor the period from 2021-12-14 to 2021-12-31. True Aps also contributed an EBITDA of MSEK 2 during the same period. If True Aps had been consolidated from January 1, 2021, the Group’sincome statement would have shown net sales of MSEK 103 and an EBITDA of MSEK 7.Acquisition-related costsAcquisition-related costs of MSEK 2 are included in the Group’sstatement of comprehensive income and in the operating activities section of the cash flow analysis.BUSINESS COMBINATIONS2020The acquisitions are presented on an aggregated level, as the relative amounts of the individual acquisitions are not deemed to be material.

SUMMARY OF DISTRIBUTION OF PURCHASE PRICE, PPA –IFRSAcquisitionsDuring 2020, the parent company acquired 100%of six subsidiaries and 51%of Amerpharma SP z o.o. The subsidiaries have operations within sugar-reduced food and snacks products. Identified excess values are linked to Customer Relations of MSEK44, Trademark and brands of MSEK 16, Deferred tax liability of MSEK 11 and Goodwill of MSEK 163.Significant estimate: contingent considerationThree acquisitions made during 2020 had an agreement of contingent considerations of total MSEK 39. These considerations were due to payment within 12 months and have as such not been restated to fair value due to the short duration. Of the initial contingent consideration, none remain as of the presentation of this report due to payments of MSEK 38 and derecognition of MSEK 1.Employment linked considerationNo employee-related compensationor lock-in-penalties are related to the acquisitions carried out during 2020.GoodwillThe goodwill is attributable to the value of existing skills and abilities in the organisation to develop and produce future successful assets, and synergies from collaboration in Humble Group. It will not be deductible for tax purposes.Revenue and profitcontributionThe acquisition of the subsidiaries contributed with net sales of MSEK 24 to the Group for the period from each acquisition date to end of 2020. The subsidiaries also contributed with an EBITDA of MSEK -14during the same period. If the subsidiaries would have been consolidated from January 1, 2020, the Group’sincome statement would present additional net sales of MSEK 187and EBITDA of MSEK -18.Acquisition-related costsAcquisition-related costs of 5 MSEK are included in the statement of profit and loss and in operating cash flows in the statement of cash flows.NOTE32–RELATED PARTY DISCLOSURESThe highest parent company in the Groupis Humble GroupAB. Related parties are all subsidiaries within the Groupas well as senior executives in the Groupand their close relatives. Transactions take place on market terms. For information on remuneration to the CEO, board and senior executives, see Note 8 Remuneration to employees, etc.For information on holdings in subsidiaries, see Note 48 Shares in subsidiaries.No transactions with related parties have taken place in 2022 that had a significant impact. The smaller transactions that have taken place relates to leases of previous owners' properties. Rental agreements between the parties are based on an arm's lengthperspective and on market conditions. For information on the parent company´stransactions with related parties, see Note 61 Related Party disclosure.

NOTE33–ADJUSTMENT FOR NON-CASH ITEMS FROM OPERATING ACTIVITESNOTE34–CHANGES IN LIABILITIES BELONGING TO FINANCING ACTIVITES

NOTE35–SUBSEQUENT EVENTSOn January 16, it was announced that Humble Grouphad signed a conditional binding agreement with Privab Grossisterna AB, Aktiebolaget Cool & Candy and Skövde Snabbgross AB regarding the acquisition of all shares in Privabbolagen. The acquired Privab companies will be consolidated as of March 1.As partof the agreement in connection with the acquisition of La Praline Scandinavia AB which was signed in April 2022, Humble Groupalso completed the acquisition of Napame Holding AB on March 1, 2023, including the property where Humble's subsidiary La PralineScandinavia AB conducts regular business operations. Below is a summary of completed acquisitions after the balance sheet date.On April 11, Humble Group’schairman of the board Peter Werme announced that he is declining re-election for the coming fiscal year.

NOTE36–EFFECT OF FIRST-TIME ADOPTION OF IFRSThe Annual Report2022 is Humble Group’sfirst annual report prepared in accordance with International Financial Reporting Standards (IFRS). The accounting principles found in Note 2Summary of significant accounting principleshave been applied when the consolidated financial statements for Humble Grouphave been prepared as of December 31, 2022, and for the comparative information presented from and including the opening statement of financial position as of January 1, 2020. In this annual report, the Grouphas presented balance sheets for accounting periods ending on 31 December 2022, 31 December 2021, 31 December 2020 and 1 January 2020 as well as income statements for the financial years January-December 2022, 2021 and 2020. When preparing the opening statement of financial position as of January 1, 2020, and the report on financial position as of December 31, 2020, December 31, 2021, and December 31, 2022, according to IFRS, the amounts in previous financial statements were adjusted because they had been prepared in accordance with BFNAR 2012:1 Annual accounts and consolidated accounts (K3). An explanation of how the transition from previous GAAP to IFRS has affected the Group’sfinancial position and performance is shown in the tables that follow below and in their corresponding references.EXEMPTIONS IN THE OPENING IFRS STATEMENT OF FINANCIAL POSITIONThe first time IFRS is applied in the consolidated financial statements, IFRS 1, First-time Adoption of International Financial Reporting Standards, should be applied. The main rule is that allapplicable IFRS and IAS standards, which have entered into force and been approved by the EU, must be applied retrospectively. However, IFRS 1 contains transitional provisions that give companies a certain choice. Below are the exemptions permitted by IFRS from full retrospective application of all standards that the Grouphas chosen to apply when preparing the opening statement of financial position.Exemptions for cumulative translation differencesIFRS 1 allows cumulative translation differences reported in equity to be deemed to be zero at the date of transition to IFRS. This is a simplification compared to determining cumulative translation differences in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, from the time a subsidiary or associate was formed or acquired. Humble Grouphas elected to deem all cumulative translation differences in the equity reserve to be zero and reclassify these to retained earnings as of the dateof transition to IFRS (January 1, 2020).Exemptions for leasesHumble Grouphas elected to apply the exemption to apply IFRS 16 Leases from the date of transition (January 1, 2020) and forward. The exemption implies that the lease liability is measured at the present value of the remaining lease payments at the date of transition, discounted using the lessee's incremental borrowing rate. The right-of-use asset is measured at an amount equal to the lease liability.The Grouphas also elected to apply the following, based on IFRS 1, at the date of transition:Hindsight’s are used, such as in determining the lease term if the contract contains options to extend or terminate the lease.Short-term leases (leases where the initial lease period is long-term, but where the remaining lease period is shorter than 12 months) have not been included in the calculation of the lease liability. A right-of-use asset or a lease liability is not reported for leases where the underlying assets are of low value.Exemptions for business combinations The standard IFRS 1 applies when an entity first adopts IFRS and it gives the first-time adopter the possibility of applying IFRS 3, Business combinations, either prospectively from the date of transition to IFRS or from a specific time before the date of transition. This is a simplification from full retrospective application which would require restatement of all business combinations prior to the date of transition. The Grouphas elected to apply IFRS 3 prospectively for business combinations that take place after 2020-01-01, the date of transition to IFRS. Business combinations that took place before the transition date have thus not been restated.RECONCILIATION OF PREVIOUS GAAP AND IFRSAccording to IFRS 1, the Groupshould present a reconciliation of equity and total comprehensive income reported in accordance with previous GAAP to its equity and total comprehensive income in accordance with IFRS. The Group’stransition to IFRS has had no impact on the total cash flows from operating activities, investment activities or financing activities. On the other hand, a reclassification of cash flows has taken place between financing activities and operating activities as principal elements of lease liabilities are reported within financing activities after the transition to IFRS. According to previous GAAP, the total cash flow from lease agreements was reported as cash flows from operating activities.

The tables below show the reconciliation of equity and total comprehensive income in accordance with previousGAAP to equity and total comprehensive income in accordance with IFRS.EFFECTS ON TOTAL COMPREHENSIVE INCOME
*Profit and loss after tax and Total Comprehensive Income for the period are attributable in their entirety to the shareholdes of the parent company

EFFECTS ON ASSETS
* No adjustments on opening balance of 2020 as a result of no effect of the transition to IFRS

EFFECTS ON EQUITY AND LIABILITY
* No adjustments on opening balance of 2020 as a result of no effect of the transition to IFRS

TRANSITION DISCLOSUREa) LeaseThe Grouponly acts as a lessee. At the date of transition to IFRS, the Groupreports a right-of-use asset and a lease liability in the balance sheet for all leases except where the underlying asset is of low value or for short-term agreements.As of January 1, 2020, the lease liability has been measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate. The weighted average incremental borrowing rate used in the transition to IFRS (January 1, 2020) amounted to 8.4%. Right-of-use assets are measured at the date of transition at an amount equal to the lease liability adjusted by the amount of any prepaid lease payments relating to that lease recognised in the statement of financial position immediately before the date of transition to IFRS. The Groupreports a lease liability amounting to MSEK 0 as of January 1, 2020, and to MSEK 8 as of December 31, 2020, and MSEK 108 as of December 31, 2021. The right-of-use assets amounted toMSEK0 at the date of transition and to MSEK 8as of December 31, 2020, and MSEK 109 as of December 31, 2021. In the statement of comprehensive income, right-of-use assets are depreciated on a straight-line basis over the lease term and interest is calculated on the lease liability with a fixed interest rate reported in the respective period. In the statement of comprehensive income, depreciation on right-of-use assets is reported as an expense and interest expenses are reported among financial expenses, instead of lease fees which were previously reported among Other external expenses.b)ReclassificationsConsolidated statement of comprehensive incomeReclassifications have been made of the following items in the consolidated statement of comprehensive income: "Interest income" is called "Financial income", "Interest expenses" is called "Financial expenses" and "Current tax" and “Deferred tax” is called "Income tax". Compared to previous GAAP, items are added in connection with the Income Statement that must be reported as Other comprehensive income. These are reported by the Groupin a separate report called "Other comprehensive income". Consolidated statement of financial positionAccording to IFRS, provisions must not be reported under a separate heading called "Provisions” but reported under one of the headings "Long-term liabilities" or "Short-term liabilities" depending on the nature of the provision. Provisions have thus been reclassified to "Long-term liabilities" and "Short-term liabilities" respectively, and deferred tax liabilities to "Long-term liabilities". Exchange rate differences was previously reported included in “Other equity including profit from period” and is now presented on a line in the total shareholders equity.c)Deferred taxesDeferred tax is reported on all IFRS adjustments in cases where the adjustments result in temporary differences in the balance sheet. Adjustments to deferred tax mainly consist of the effects on deferred tax arising through recalculation of business acquisitions and deferred tax attributable to additional right-of-use assets and leasing liabilities.d)FinancialinstrumentsUnder previous accounting principles, Humble Grouphas reported all financial instruments at acquisition value. In connection with the transition to IFRS, the valuation bases for financial instruments have changed. Under previous accounting principles, the Grouphas valued its long-term securities holdings and short-term investments at acquisition value. In accordance with IFRS 9, the Group’slong-term securities holdings and short-term investments are reported at fair value through profit and loss. In accordance with IFRS, contingent considerations that are classified as financial liabilities are also reported at fair value.In the Group’sincome statement, the revaluation to fair value of contingent considerations is reported as an Other operating income or Other operating expenses. In accordance with previously applied accounting principles, Humble Grouphas applied an impairment model for credit losses based on an event that has occurred. In accordance with IFRS 9, companies applying IFRS must apply a model for expected credit losses which means that a credit loss is reported when the company becomes a party to the financial instrument. The application of the model for expected credit losses has not had any significant impact on Humble Group’scredit risk provisions.Under previous accounting principles, the Grouphas classified borrowing costs as an asset that is expensed during the term of the agreement. In accordance with the effective interest method, these costs are included in the accrued acquisition value of thedebt, whereby these are reclassified.

e)Associated companiesAdjustments has been made according to the Equity Method, where holdings in associated companies wereinitially reported in the Group’sbalance sheet according to the Proportional Method.g)Restatement of business combinations and of amortisation of goodwillTable in Note 31 Business combinationsshows the Groups acquired companies in 2021 and 2020. The acquisitions have been restated in accordance with IFRS 3 Business combinations and the most significant differences between previous GAAP and IFRS 3 are that according to IFRS 3, intangible assets are separated to a larger extent from goodwill. In connection with the acquisitions, there are also acquisition related costs which have been reported as part of purchase consideration according to previous GAAP. According to IFRS, these costs must be reported in the statement of comprehensive income. Furthermore, some of the acquisitions include contingent considerations which are measured at fair value in connection with the restatement of the acquisitions and are included as part of purchase consideration and reported as a liability. The tables below show the adjustments made to intangible assets in connection with the restatement of the acquisitions for 2021 and 2020, respectively. For detailed information about the acquisitions, see Note 31 Business combinations.Total effect on depreciation and amortisation in the statement of comprehensive income for the full year 2020 amounts to MSEK 20 and consists of reversal of goodwill amortisation (MSEK 7), reversal of other intangible assets amortisation (MSEK 14) and depreciation of right-of-use assets (MSEK -1).Total effect on depreciation and amortisation in the statement of comprehensive income for the full year 2021 amounts to MSEK 398 and consistsof reversal of goodwill amortisation (MSEK 175) reversal of other intangible assets amortisation (MSEK -221), depreciation of right-of-use assets (MSEK -18) and additional depreciation of depreciation of tangible assets..

PARENT COMPANY INCOME STATEMENT
In the parent company, there are no items that are reported as other comprehensive income, which is why total comprehensive income corresponds to the year's result.

PARENT COMPANY BALANCE SHEET–ASSETS

PARENT COMPANY BALANCE SHEET –EQUITY AND LIABILITY

PARENT COMPANY CHANGE IN EQUITY

PARENT COMPANY CASH FLOW STATEMENT

PARENT COMPANY NOTES NOTE37–ACCOUNTING PRINCIPLES OF THE PARENT COMPANYThe annual report ofthe parent company has been prepared in accordance with RFR 2, Reporting for Legal Entities and the Swedish Annual Accounts Act. RFR 2 states that the parent company shall apply International Financial Reporting Standards (IFRS) as adopted by the EU, to the extent this is possible within the framework of the Annual Accounts Act and the Pension Obligations Vesting Act (Tryggandelagen), and with regards to the relationship between accounting and taxation. The recommendation states which exceptions and additions that are to be used in relation to IFRS. The parent company applies other accounting principles than the Groupas stated below.FORMATThe income statement and balance sheet follow the format of the Annual Accounts Act. The statement of changes in equity follows the Group’spresentation format but must contain the columns specified in the Annual Accounts Act. Furthermore, there are differences regarding names of line items compared with the consolidated accounts, mainly regarding cash and cash equivalents, financial income and expenses, income tax and equity.SHARES IN SUBSIDIARIESShares in subsidiaries are reported at acquisition cost less any impairment loss. Acquisition-related costs and contingent considerations are included in the acquisition value. The contingent considerations are reported as financial liabilities, to the amount which the management assesses as most likely to be paid. The contingent considerations are continuously revalued and reported at fair value using the Group’saverage cost of capital. Dividends received are reported as financial income. When there is an indication that shares and participations in subsidiaries are impaired, an estimate of the recoverable amount is made. If this is lower than the carrying amount, an impairment loss is recorded. Impairment is recorded within “Profit (loss) from participations in Groupcompanies” in the income statement.FINANCIALINSTRUMENTThe parent company does not apply IFRS 9. The parent company instead applies the rules specified in RFR 2 (IFRS 9 Financial instruments).Financial instruments are measured at cost. In subsequent periods, financial assets acquired with the intention of being held in the short term stated at the lower of cost and net realisable value.When calculating the net realisable value of receivables that are reported as current assets, the principles for impairment testing and loss allowance in IFRS 9 shall be applied. For receivables measured at acquisition cost at Grouplevel, the loss allowance reported in the Groupin accordance with IFRS 9 must also be recognised in the parent company. SEGMENTREPORTINGInformation will only be provided for the breakdown of net sales on segments and geographical areas.LEASINGThe parent company does not apply IFRS 16 Leases, instead RFR 2 IFRS 16 Leases p.2-12 is applied. This choice means that no right-of-use asset or lease liability is recognised in the balance sheet, instead the lease fee is reported as an expense on a straight-line basis over the lease term.GROUPCONTRIBUTIONGroupcontributions made from parent companies to subsidiaries and received from subsidiaries to parent companies are reported according to the alternative rule as appropriations in the income statement and as short-term liabilities or receivables until the Groupcontribution has been settled.

NOTE38–PARENT COMPANYDISCLOSURE OF REVENUEThe parent company´snet sales for 2022 amounted to MSEK 21 (2021; MSEK 2, 2020; MSEK 12). The net sales were essentially intercompany and corresponded to time spent on strategic advice and ongoing management withthe parent company´ssubsidiaries, as well as invoicing of group costs.There were no material external net sales in 2022 or 2021, whereupon net sales have not been presented by geographic area or by segment.NOTE39–OTHER OPERATING INCOMENOTE40–RENUMERATION TO AUDITORSNOTE41–RENUMERATION TO PERSONNEL ETC.

For information on remuneration to senior executives, see Note 8 Remuneration to personneletc.INCENTIVE PROGRAMAs all the Group’swarrantprograms are found in the parent company, see Note 8 Remuneration to personnel etc. for information on the warrantprogramme.NOTE42–OPERATING LEASING EXPENSESFuture aggregate minimum lease payments for non-cancellable operating leases are presented in the table below.Leasing expenses during the financial year for the parent company amounted to KSEK 53 (2021: KSEK 29, 2020: KSEK 17).NOTE43–OTHER OPERATING EXPENSESNOTE44–INTEREST INCOME AND SIMILAR ITEMS,AND INTEREST EXPENSE AND SIMILAR ITEMS

NOTE45–INCOME TAXThe parent company´scurrent tax rate is20.6%(2021: 20.6%, 2020: 21.4%) and the parent company´seffective tax is-15.6%(2021: 27.5%, 2020: 0.2%). NOTE46–INTANGIBLE FIXED ASSETSNOTE47–TANGIBLE FIXEDASSETS

NOTE48–SHARES IN SUBSIDARIES
2022-12-31
2021-12-31
2020-12-31
2020-01-01
 Bayn Bulgaria Ltd
BG204200897
Bulgaria, Sofia
100%
-
                   
-
                   
-
                   
-
                   
 Bayn Europe Financial AB
559131-8331
Sweden, Stockholm
100%
102
                   
102
                   
102
                   
0
                       
 Bayn Solutions AB
559152-1371
Sweden, Stockholm
100%
4 573
               
4 573
               
1 573
                
0
                       
 M onday2Sunday AB
559027-8700
Sweden, Stockholm
100%
61 206
             
61 206
             
56 467
            
-
                   
 Tweek AB 
559010-9822
Sweden, Varberg
100%
82 414
             
82 414
             
75 414
             
-
                   
 Bayn Production AB
559168-2371
Sweden, Varberg
100%
23 168
             
11 168
               
8 168
                
-
                   
 Bayn Nordic AB
559291-6406 
Sweden, Stockholm
100%
50
                     
50
                     
50
                     
-
                   
 Green Sales Newco AB
559265-6069
Sweden, Stockholm
100%
28 489
            
28 489
            
28 322
            
-
                   
 Green Sales Distributions AB
556644-2256
Sweden, Kumla
100%
-
                   
-
                   
-
                   
-
                   
 BE:Son Gross AB
556284-2897
Sweden, Varberg
100%
-
                   
-
                   
-
                   
-
                   
 Nordfood International AB
556831-8678
Sweden, Varberg
100%
-
                   
-
                   
-
                   
-
                   
 Golden Athlete AB
556998-5194
Sweden, Stockholm
100%
19 964
             
21 102
              
21 102
              
-
                   
 Performance R Us AB
556629-0630
Sweden, Stockholm
100%
-
                   
-
                   
-
                   
-
                   
 Performance R Us AS
NO917903484
Norway, Fredrikstad
100%
-
                   
-
                   
-
                   
-
                   
 Nordic Sports Nutrition AB
556642-8693
Sweden, Lindesberg
100%
-
                   
-
                   
-
                   
-
                   
 Fitness Emire Nordic AB
559135-4625
Sweden, Lindesberg
100%
-
                   
-
                   
-
                   
-
                   
 Viterna AB 
559223-7134
Sweden, Stockholm
100%
-
                   
-
                   
-
                   
-
                   
Fitnessgrossisten AS
NO992343230
Norway, Kristiansand
100%
43 478
            
-
                   
-
                   
-
                   
 The Humble Co. 
556936-4341
Sweden, Stockholm
100%
1 199 751
         
1 207 164
        
-
                   
-
                   
 JB Operations AB
559265-6218
Sweden, Stockholm
100%
-
                   
-
                   
-
                   
-
                   
 The Eco Gang AB
559277-6818
Sweden, Stockholm
100%
-
                   
-
                   
-
                   
-
                   
 The Humble Company North America Inc C4632856
USA, California
100%
-
                   
-
                   
-
                   
-
                   
 Grahns Konfektyr AB
556724-8884
Sweden, Skövde
100%
75 773
            
75 773
            
-
                   
-
                   
 Snacksmack AB
559075-5103
Sweden, Skövde
50%
-
                   
-
                   
-
                   
-
                   
 Kryddhuset i Ljung AB
556416-9786
Sweden, Ljung
100%
14 233
             
14 233
             
-
                   
-
                   
 Wellibites AB
559160-0175
Sweden, Gothenburg
100%
63 324
            
61 547
             
-
                   
-
                   
 Ewalco Holding AB
556580-5537
Sweden, Gothenburg
100%
199 365
           
170 676
           
-
                   
-
                   
 Ewalco Aktiebolag 
556056-0152
Sweden, Gothenburg
100%
-
                   
-
                   
-
                   
-
                   
 Aktiebolaget Fermia
556162-1508
Sweden, Gothenburg
100%
-
                   
-
                   
-
                   
-
                   
 Fewalco Fastighets AB
556667-5335
Sweden, Gothenburg
100%
-
                   
-
                   
-
                   
-
                   
 Ewalco International Aktiebolag
556120-7605
Sweden, Gothenburg
100%
-
                   
-
                   
-
                   
-
                   
 Ewalco M arine AB
556688-6924
Sweden, Gothenburg
100%
-
                   
-
                   
-
                   
-
                   
 FancyStage Unipessoal Lda
510.250.530
Portugal, Trofa
100%
501 762
           
494 896
          
-
                   
-
                   
 M arabu M arkenvertireb Gmbh
HRB 67273
Germany, Langenfeld
100%
77 794
            
79 586
            
-
                   
-
                   
 Naty AB
556487-2223
Sweden, Stockholm
100%
836 516
           
829 408
          
-
                   
-
                   
 Naty SARL
FR505180679
France, Paris
100%
-
                   
-
                   
-
                   
-
                   
 Naty USA Inc.
P12000030239
USA, Florida
100%
-
                   
-
                   
-
                   
-
                   
 Naty GM BH
HRB190128B
Germany, Berlin
100%
-
                   
-
                   
-
                   
-
                   
 Naty Korea LLC
SK663-86-01143
South Korea, Seoul
100%
-
                   
-
                   
-
                   
-
                   
 Naty Ltd
GB13611208
United Kingdom, 
100%
-
                   
-
                   
-
                   
-
                   
 Swedish Food Group AB
559213-3861
Sweden, Lund
100%
259 078
          
294 773
          
-
                   
-
                   
 First Class Brands of Sweden AB
556666-3315
Sweden, Lund
100%
-
                   
-
                   
-
                   
-
                   
 FoodConcept Sweden AB
556925-8055
Sweden, Lund
100%
-
                   
-
                   
-
                   
-
                   
 HealthyCo AB
559006-3862
Sweden, Lund
100%
-
                   
-
                   
-
                   
-
                   
 Solent Global Ltd
GB10818497
United Kingdom, 
100%
1 251 240
        
1 255 865
       
-
                   
-
                   
 Solent Global Holdings Ltd
GB08544214
United Kingdom, 
100%
-
                   
-
                   
-
                   
-
                   
 Solent Group (SA) Pty Ltd
SA2015/347642/07 South Africa, Cape 
49%
-
                   
-
                   
-
                   
-
                   
 Solent International Ltd
GB04293623
United Kingdom, 
100%
-
                   
-
                   
-
                   
-
                   
C o mpany name
C o rpo rate reg. 
N o
D o micile
Shares & 
Vo tes
B o o k value (KSEK)

Solent Homecare Ltd
GB09398128
United Kingdom, 
100%
-
                   
-
                   
-
                   
-
                   
 Xpel M arketing Ltd
GB06557112
United Kingdom, 
100%
-
                   
-
                   
-
                   
-
                   
 Solent M anufacturing Ltd (HK)
HK575873
Hong Kong, Kowloon
100%
-
                   
-
                   
-
                   
-
                   
 Solent M anufacturing Ltd (PRC)
CN9131000058-
343458XL
China, Shanghai
100%
-
                   
-
                   
-
                   
-
                   
 Retail Brands Ltd
GB01625974
United Kingdom, 
Hampshire
100%
-
                   
-
                   
-
                   
-
                   
Solent Brands Ltd
GB10152689
United Kingdom, 
Hampshire
100%
-
                   
-
                   
-
                   
-
                   
Solent Packaging Ltd
GB04819079
United Kingdom, 
Hampshire
100%
-
                   
-
                   
-
                   
-
                   
Solent Group SA (HK) Ltd
HK2179777
Hong Kong, Kowloon
100%
-
                   
-
                   
-
                   
-
                   
Solent Home and Garden Ltd
GB06344152
United Kingdom, 
Hampshire
100%
-
                   
-
                   
-
                   
-
                   
 Carls-Bergh Pharma AB
556057-6638
Sweden, Gothenburg
100%
17 730
             
22 383
            
-
                   
-
                   
 Assertia Fastigheter AB
559111-9580
Sweden, Gothenburg
100%
-
                   
-
                   
-
                   
-
                   
 SweCarb AB
556609-8793
Sweden, Kalmar
100%
43 825
            
40 455
            
-
                   
-
                   
 Soya OY
FO0789690-3
Finland, Tammisaari
100%
38 683
            
39 703
            
-
                   
-
                   
 FAB Tallebo 
FO1480049-8
Finland, Tammisaari
100%
-
                   
-
                   
-
                   
-
                   
 Leksvall Bioenergi OY AB
FO2999475-8
Finland, Tammisaari
100%
-
                   
-
                   
-
                   
-
                   
 Delsbo Candle AB
556655-3722
Sweden, Delsbo
100%
82 626
            
74 155
             
-
                   
-
                   
 Group 472 Aps
CVR41551909
Denmark, 
100%
-
                   
-
                   
-
                   
-
                   
 True Aps
CVR38460161
Denmark, 
100%
257 345
          
306 595
          
-
                   
-
                   
 True Company GmbH
HRB166353
Germany, Hamburg
100%
-
                   
-
                   
-
                   
-
                   
      Arne & Björn AB
556729-3815
Sweden, Gråbo
100%
59 484
            
-
                   
-
                   
-
                   
           Bars Produktion i Gråbo AB
556648-3029
Sweden, Gråbo
100%
-
                   
-
                   
-
                   
-
                   
           Gudrun Fastighet AB
559203-2188
Sweden, Gråbo
100%
-
                   
-
                   
-
                   
-
                   
           Runes Specialbageri AB
556168-8853
Sweden, Gråbo
100%
-
                   
-
                   
-
                   
-
                   
      La Praline Scandinavia AB
556702-5373
Sweden, Borås
100%
21 711
               
0
-
                   
-
                   
      Grenna Konfektyr AB
556357-5066
Sweden, Jönköping
100%
24 584
            
0
-
                   
-
                   
           Grenna Polkagriskokeri AB
559221-9439
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
           CLJ Grenna AB
559223-4362
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
      Superfoods Group Ltd
GB12499852
United Kingdom, 
Sheffield
100%
223 423
          
0
-
                   
-
                   
           Go Superfoods Ltd
GB08319689
United Kingdom, 
Sheffield
100%
-
                   
-
                   
-
                   
-
                   
           Green Origins Superfoods Ltd
GB690744
United Kingdom, 
Sheffield
100%
-
                   
-
                   
-
                   
-
                   
      Nya M edicaNatumin AB
559370-2797
Sweden, Jönköping
100%
119 427
            
0
-
                   
-
                   
           Ambria Dermatology AB
556617-8751
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
           DeNovaStella AB
556605-4465
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
           M edica Clinical Nord Sverige AB
556749-4223
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
           Natumin Pharma AB
556474-7748
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
           Nordic Immotech Sweden AB
556729-1363
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
           Vitalkost AS
NO961937434
Norway, Tönsberg
100%
-
                   
-
                   
-
                   
-
                   
             Corpus M edicus AS
NO856154432
Norway, Tönsberg
100%
-
                   
-
                   
-
                   
-
                   
           Tricutan AB
556702-6256
Sweden, Jönköping
100%
-
                   
-
                   
-
                   
-
                   
      Franssons Konfektyr AB
556223-9946
Sweden, Gränna
100%
39 752
            
-
                   
-
                   
-
                   
Laboratiorio Francediet - Fabrico de 
Produtos de Dietética LDA
PT504 738 003
Portugal, Porto
100%
-
                   
-
                   
-
                   
-
                   
Protinortesul - Comercializacao do 
Produtos Dietéticos LDA
PT506 325 695
Portugal, Porto
100%
-
                   
-
                   
-
                   
-
                   
Nutrilisboa - Comercializacao do Produtos 
Dieteticos LDA
PT506 626 717
Portugal, Lisbon
100%
-
                   
-
                   
-
                   
-
                   
Nutricelebration Unipessoal LDA
PT510 650 589
Portugal, Lisbon
100%
-
                   
-
                   
-
                   
-
                   
Protiminho - Design e Publicidade LDA
PT507 386 620
Portugal, Porto
100%
-
                   
-
                   
-
                   
-
                   
FDiet Lev CD, S.L.
SP B86494556
Spain, M adrid
100%
236 866
          
-
                   
-
                   
-
                   
Cebripast - Centro De Fabrico de 
Pastelaria Nutritiva LDA
PT513 278 524
Portugal, Aveiro
100%
-
                   
-
                   
-
                   
-
                   
Amber House Ltd
GB05317536
United Kingdom, 
100%
91 355
             
-
                   
-
                   
-
                   
Sam & Son Grossist AB
556328-2879
Sweden, Nässjö
100%
123 921
            
-
                   
-
                   
-
                   
Go'Berts Konfektyr AB
556549-3920
Sweden, Nässjö
100%
-
                   
-
                   
-
                   
-
                   
Grossistcentralen i Stockholm AB
556045-0263
Sweden, Stockholm
100%
20 424
            
-
                   
-
                   
-
                   
Humble Pacific Holdings Pty Ltd
ACN 660 974 498
Australia, Queensland 100%
128 016
            
-
                   
-
                   
-
                   
Body Science International Pty Ltd
ACN 101 197 835
Australia, Queensland 100%
-
                   
-
                   
-
                   
-
                   
T o tal bo o ked value
6 271 453
5 176 315
191 198
There have been no changes in the shares or voting rights.

NOTE49–SHARES IN ASSOCIATED COMPANIES AND JOINT ARRANGEMENTSINDIVIDUALLY INSIGNIFICANT INTEREST COMPANIESThe table above presents the associated companies in which the parent company has direct ownership. Furthermore, the Grouphas holdings in two further associated companies, Snacksmack AB, part-owned by Grahns Konfektyr AB, and Solent Group(SA) Pty Ltd, part-owned by Solent Global Ltd. Both companies are considered individually immaterial. All holdings have been reported according to the Equity Method.NOTE50–INVENTORYNOTE51 –OTHER SHORT-TERM RECEIVABLESNOTE52 –PREPAID EXPENSES AND ACCRUED INCOMENOTE53–LIQUID FUNDSMore information about the parent company´srevolving credit facility is presented in Note 24 Liquid funds.

NOTE54–SHARE CAPITALThere is only one class of shares and all shares have equal voting rights. All shares issued by the parent company are fully paid. During 2022, the number of shares has increased by approximately 54 million shares. The largest increase relates to a targeted cash new issue in May 2022 of 33 million shares, which brought Humble Groupapproximately MSEK 530 before transaction costs. Furthermore, 21 million shares were issued as property in kind in connection with the acquisition of subsidiaries. Finally, 327142 employee warrants in series 2019/2022 were used to subscribe for an equal number of new shares in Humble Group. Remaining unused warrants in program 2019/2022 were cancelled.At the Annual General Meetingin May 2022, it was decided to introduce a new warrant program, which resulted in 2400000 new warrants being issued. During 2022, 80000 unassigned warrantss from the 2021/2024 warrant program were also cancelled. Further information on Humble Group’swarrant program can be found in Note 8 Renumeration to personneletc.NOTE55–DEFERRED TAXDeferred tax assets are reported for tax loss deductions or other deductions to the extent that it is likely that they can be utilized through future taxable profits. The parent company has no unused loss carryforward for which no deferred tax asset has been reported for any of the periods presented. Deferred tax on unused loss carryforwards amounts to MSEK 18 per 12-31-2022 (2021-12-31: MSEK 27, 2020-12-31: MSEK 0, 2020-01-01 MSEK 0). The deficit deductions do not expire at any time.

NOTE56–INTEREST-BEARING LIABILITIESMore information about the parent company´sinterest-bearing liabilities is presented in Note 4 Financial risk management.NOTE57–OTHER LIABILITIES AND PROVISIONSNOTE58–ACCRUED EXPENSES AND PREPAID INCOME

NOTE59–PLEDGED ASSETS AND CONTINGENT LIABILITIESThere are no contingent liabilities such as ongoing disputes or guarantee commitments in the parent company at the end of the financial year.NOTE60–BUSINESS COMBINATIONSAll the parent company´sacquisitions are presented in Note 31 Business combinations.NOTE61–RELATED PARTY DISCLOSURESThe highest parent company in the Groupis Humble GroupAB. Related parties are all subsidiaries within the Groupas well as senior executives in the Groupand their close relatives. Transactions take place on market terms. For information on compensation to the CEO, board and senior executives, seeNote 8 Renumeration to employees etc.For information on holdings in subsidiaries, see Note 48 Shares in subsidiaries.The following transactions have taken place with related parties.This year's lending primarily consists of the parent company´sfinancing of acquisitions through subsidiaries in the Group.

NOTE62 –ADJUSTMENT FOR NON-CASH ITEMS FROM OPERATING ACTIVITESNOTE63–CHANGES IN LIABILITIES BELONGING TO FINANCING ACTIVITESNOTE64–PROPOSED APPROPRIATION OF PROFITSThe Board of Directors of Humble Group AB proposes that no dividend be paid for the financial year 2022 and that the accumulated loss for the year be appropriated as follows (SEK):NOTE65–SUBSEQUENT EVENTSFor the parent company´ssignificant events after the balance sheet date, see Note 35Subsequent events. No other significant events have taken place for the parent company after the end of the financial year.

NOTE66–EFFECTS FOR THE PARENT COMPANY OF FIRST-TIME ADOPTION OF RFR 2The Annual Report 2022 is Humble Group AB’s first annual report prepared in accordance with RFR 2 Reporting for Legal Entities and the Swedish Annual Accounts Act.The accounting principles found in Note 37Accounting principles of the parent companyhave been applied when the consolidated financial statements for Humble have been prepared as of December 31, 2022, and for the comparative information presented from and including the opening statement of financial position as of January 1, 2020, which is the same date the Group transition to IFRS. An explanation of how the transition from previous accounting standards to RFR2 has affected the Parent Company´sfinancialposition and performance is shown in the tables that follow below.EXEMPTIONS IN THE OPENING RFR 2 STATEMENT OF FINANCIAL POSITIONThe transition to RFR 2 is reported in accordance with the application of IFRS 1 The first time IFRS. The main rule is that all applicable IFRS and IAS standards, which have entered into force and been approved by the EU with the exceptions described inRFR 2, shall be applied with retrospectively. However, IFRS 1 contains transitional provisions that give companies a certain amount of choice.The Parent Company has chosen, in accordance with RFR 2, to apply the following exemptions:Not applying IFRS 9 but instead choosing to apply RFR 2 (IFRS 9 Financial Instruments, p. 3-10) based on cost of acquisition according to ÅRL.Not applying IFRS 16 but instead choosing to apply the exemption rules in RFR 2 and report leases as operating leases.EFFECTS ON TOTAL COMPREHENSIVE INCOME AND BALANCE SHEETThe transition has had the following effects on the parent company´sincome statement and balance sheet.

* No adjustments on opening balance of 2020 as a result of no effect of the transition to IFRS

* No adjustments on opening balance of 2020 as a result of no effect of the transition to IFRS

SIGNATURESStockholm April27,2023Peter WermeDajana MirbornChairman of the boardDirectorHenrik PatekOla CronholmDirectorDirectorHans SkruvforsBjörn WidegrenDirectorDirectorSimon PetrénChief Executive OfficerOur audit report has been released according to digital signatures.BDO Mälardalen ABCarl-Johan KjellmanAuthorized Public Accountant

AUDITOR'S REPORTTo the general meeting of the shareholders of Humble Group AB Corporate identity number 556794-4797 REPORT ON THE ANNUAL ACCOUNTSOPINIONS We have audited the annual accounts and consolidated accounts of Humble Group AB for the year 2022. The annual accounts and consolidated accounts of the company are included on pages 40-119 in this document.In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of 31 December 2022 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position as per 31 December 2022 and its financial performance and cash flow for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts.We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group.BASIS FOR OPINIONSWe conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the "Auditor’s Responsibilities" section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.OTHER INFORMATION THAN THE ANNUAL ACCOUNTSThis document also contains information other than the annual accounts and consolidated accounts and can be found on pages 1-39. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not coverthis other information and we do not express any form of assurance conclusion regarding this other information.In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated.If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTORThe Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, with regard to the consolidated accounts, in accordance with IFRS as adopted by the EU. The board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or mistake.In preparing the annual accounts and consolidated accounts, the Board of Directors and the Managing Director are responsible for the assessment of the company´sand the Group’sability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the ManagingDirector intends to liquidate the company, to cease operations, or has no realistic alternative but to do so.AUDITOR'S RESPONSIBILITYOur objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a wholeare free from material misstatement, whether due to fraud or mistake, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs andgenerally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or mistake and are considered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or mistake, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from mistake, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of the company´sinternal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company´sinternal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Managing Director.• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company´sand the goup's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company to cease to continue as a going concern.• Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation.• Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We are solely responsible for our opinions.We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified.REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSOPINIONSIn addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Humble Group AB for the year 2022 and the proposed appropriations of the company´sprofit or loss.We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year.BASIS FOR OPINIONSWe conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the "Auditor’s Responsibilities" section. We are independent of the parent company in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinions.RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTORThe Board of Directors is responsible for the proposal for appropriations of the company´sprofit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company´sand the group type of operations, size and risks place on the size of the parent company´sand the Group’sequity, consolidation requirements, liquidity and position in general.The Board of Directors is responsible for the company´sorganization and the administration of the company´saffairs. This includes among other things continuous assessment ofthe company´sand the Group’sfinancial situation and ensuring that the company´sand the goups organization is designed so that the accounting, management of assets and the company´sfinancial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the company´saccounting in accordance with law and handle the management of assets in a reassuring manner.

AUDITOR'S RESPONSIBILITYOur objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect:• has undertaken any action or been guilty of any omission which can give rise to liability to the company, or• in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.Our objective concerning the audit of the proposed appropriations of the company´sprofit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act.Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company´sprofit or loss are not in accordance with the Companies Act.As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations of the company´sprofit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations andwhere deviations and violations would have particular importance for the company´ssituation. We examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to our opinion concerning discharge fromliability. As a basis for our opinion on the Board of Directors’ proposed appropriations of the company´sprofit or loss we examined whether the proposal is in accordance with the Companies Act.Stockholm according to digital signatureBDO Mälardalen ABCarl-Johan Kjellman

ANNUAL GENERAL MEETINGHumble Group AB (publ), 556794-4797 (the "Company"), will hold theAnnual General Meetingon Friday, May 19, 2023 at 09.30 in the Company´spremises at the address Klara Norra Kyrkogata 29 in Stockholm. Check-in and registration begins at 09.20.RIGHT TO ATTEND THE MEETINGShareholders who wish to participate in the general meeting must:be entered as a shareholder in the share register maintained by Euroclear Sweden AB ("Euroclear") on May 10, 2023, alternatively, if the shares are trustee-registered, request that the trustee register the shares with voting rights no later than May 12, 2023,have notified their participation to the Company according to the instructions under the heading "Notification" no later than May 12, 2023.NOTIFICATIONNotification can be made by letter to Humble Group AB (publ), Att. The notification must contain information about the shareholder's full name or company name, social security number or organization number, address, telephone number and, where applicable, the number of assistants (maximum two) who are intended to be brought to the general meeting.Shareholders who do not wish to participate in the meeting physically can exercise their right to vote at the meeting by proxy with a written, signed and dated power of attorney. If the power of attorney is issued by a legal entity, a copy of the registration certificate or equivalent authorization document for the legal entity must be attached.To facilitate entry at the meeting, powers of attorney, registration certificate and other authorization documents should be available to the Company at the Company´saddress Humble Group AB (publ), Att. Johan Lennartsson, Klara Norra Kyrkogata 29, 111 22 Stockholm or viae-mail johan.lennartsson@humblegroup.se no later than May 12, 2023. Please note that notification of participation at the meeting must be made even if the shareholder wishes to exercise his right to vote at the meeting by proxy. Submitted power of attorney does not count as notification to the meeting. A proxy form is available on the Company´swebsite(https://humblegroup.se/investerare/bolagsstyrning/).TRUSTEE REGISTERED SHARESShareholders who have had a trustee register their shares through a bank or other trustee must request from the trustee to be entered in the share register at Euroclear in order to be able to participate in the general meeting (registration of voting rights). As stated above, the nominee must have completed the voting rights registration with Euroclear no later than Friday 12 May 2023. The shareholder must therefore contact their nominee well in advance of this date and register their voting rights in accordance with the nominee's instructions.ERRANDSThe agenda for the Annual General Meetingis available on Humble Group’swebsite. Information that a summons has taken place was announced in Svenska DagbladetDIVIDENDThe board proposes that no dividend be paid for the financial year 2022 and that the funds that according to the Company´sbalance sheet are at the disposal of the general meeting are disposed of according to the board's proposal in the annual report for the financial year 2022.ELECTION COMMITTEEFor the Annual General Meeting2022, the nomination committee consists of Henrik Patek (representative of RoosGruppen), Aram Jimal (representative of NCPA), Henrik Forsberg (representative of Neudi & Co.) and Peter Werme in his capacity as chairman of the board of Humble Group.For questions, please contact:Simon Petrén, CEO, Humble Group AB (publ)E-mail: simon.petren@humblegroup.sePhone+46 (0)8 61 32888