August 2021

Cary Group reports strong growth and further acquisitions during the second quarter

Cary Group, a leading European vehicle glass repair and replacement service provider, today presents selected information on the company’s financial and operational development for the second quarter of 2021.

Anders Jensen, CEO of Cary Group, comments:
”In the second quarter, demand picked up again in our key markets, following an easing of Covid-19 related lock-down measures, and Cary Group was able to deliver strong growth of 40%. Our M&A journey continued with the acquisition of Quick Car Fix in Norway, specialising in SMART repair (Small to Medium Area Repair Techniques). In total, we closed seven acquisitions in the quarter.

Profitability amounted to 17.8% (21.9) and was affected by increased marketing spend as markets continue to reopen and costs for rebranding in Norway, lower cost base in the second quarter of 2020 in connection with the Covid-19 outbreak and a negative mix effect through relatively higher sales in Rest of Europe.

The number of workshops including mobile units increased by 12% to 601 in the second quarter, compared with 536 in the second quarter of 2020. A strong geographical presence plays an important role in our aim to offer our services as close to our customers as possible.

After the end of the period, we completed the acquisition of Ralarsa, Spain's second largest player in within automotive glass repair and replacement. The acquisition represents a further important step in our continued expansion in Europe, where Spain is the second country, after UK, outside of the Nordics. Spain is one of the leading markets in Europe and Ralarsa fits well into Cary Group’s business.”

Second quarter 2021

Net sales increased by 40% to SEK 575m (412).
Adjusted EBITA increased to SEK 102m (90), corresponding to an adjusted EBITA margin of 17.8% (21.9).
Operating profit (EBIT) rose to SEK 85m (76).

First six months of 2021

Net sales increased by 21% to SEK 1,032m (852).
Adjusted EBITA increased to SEK 175m (151), corresponding to an adjusted EBITA margin of 17.0% (17.7).
Operating profit (EBIT) amounted to SEK 146m (127).

Significant events during the second quarter

In April, Cary Group acquired 80% of the Norwegian company Quick Car Fix which specialises in SMART Repair – Small to Medium Area Repair Techniques. Quick Car Fix reported total revenue of approximately NOK 57m in 2020, corresponding to approximately SEK 55m.

Significant events after the end of the period

In early July, Cary Group acquired Autoklinik in Malmö, which specialises in auto body repair. Autoklinik i Malmö had total revenue of approximately SEK 38m in 2020.
In late July, Cary Group also acquired Auto Cristal Ralarsa ("Ralarsa"), Spain's second largest automotive glass repair and replacement company. In 2020, Ralarsa operated more than 235 workshops, of which 155 are franchise-owned, and 85 mobile units. Total sales, including sales from franchise businesses, amounted to EUR 51m and net sales attributable to the company totalled EUR 25m. The company has approximately 375 employees. Ralarsa's profitability is in line with that of Cary Group.

Financial summary

SEKm	2021 Q2	2020 Q2	Δ%	2021 Q1-2	2020 Q1-2	Δ%	2020 Full year
Net sales	575	412	39.7%	1,032	852	21.1%	1,651
EBITA*	94	88	7.1%	164	146	12.3%	239
EBITA-margin, %*	16.3%	21.3%	–	15.9%	17.1%	–	14.5%
Adjusted EBITA**	102	90	13.5%	175	151	16.2%	247
Adjusted EBITA-margin, %**	17.8%	21.9%	–	17.0%	17.7%	–	15.0%
Operating result (EBIT)	85	76	11.4%	146	127	15.0%	211

* EBITA is Operating profit before amortisation of intangible assets. EBITA margin is calculated as EBITA as a percentage of the Company's net sales.
** Adjusted EBITA is Operating profit before amortisation of intangible non-current assets, adjusted for items affecting comparability. Adjusted EBITA margin is calculated as Adjusted EBITA as a percentage of the Company's net sales.

For more information, please contact:

Anders Jensen, CEO of Cary Group
anders.jensen@carygroup.comor+46 10 102 98 74

Helene Gustafsson, Head of IR & Corporate Communication at Cary Group
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway, UK and Spain, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Ryds bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Danglas, Cary, Quick Car Fix, Autoklinik and Auto Cristal Ralarsa are our well known and successful brands with a total of 524 workshops and 397 mobile units. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visitwww.carygroup.com.

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August 2021

Cary Group takes next step in pan-European expansion by acquiring Ralarsa in Spain

Cary Group, a leading European vehicle glass repair and replacement service provider, today announces the acquisition of Auto Cristal Ralarsa (“Ralarsa”), the second largest vehicle glass repair and replacement company in Spain. In 2020, Ralarsa had over 235 workshops, of which 155 franchised owned, as well as 85 mobile units. Total sales including franchise revenue amounted to EUR 51 million and net sales attributable to the company was EUR 25 million. The company has around 375 employees.

“I am pleased to welcome yet another strong and well-appreciated brand to Cary Group. With the same set of values deriving from its history of a family-owned company and strong relationships with insurance providers, a leading market position and a profitability in line with Cary Group’s, Ralarsa is a logical addition to our business and our way of working. The Spanish market for vehicle glass repair, replacement and calibration is an important part of the European market with a strong growth outlook for the coming years, driven by a growing car fleet, increased mileage per car and increased complexity of windscreens driving the need for calibration. The acquisition of Ralarsa constitutes a great step in expanding our footprint in Europe and brings a solid platform for further acceleration of our pan-European expansion”, says Anders Jensen, CEO of Cary Group.

Ralarsa specialises in vehicle glass repair and replacement, including calibration of Advanced Driver Assistance Systems (ADAS). The company operates through own and franchise workshops and mobile units and has three own distribution and logistics warehouses, in Barcelona, Madrid, and Sevilla. Ralarsa operates nationally and has over 235 workshops, of which 155 franchised owned, across the whole country.

The company is headquartered in Barcelona and was founded in 1978. Ralarsa’s current CEO, Joan Jordi Arsalaguet, will continue as the CEO under Cary Group’s ownership. The acquisition, which relates to a 100 percent stake in Ralarsa, was signed and closed on 29 July 2021 and will be part of Cary Group’s business from the third quarter of 2021.

For more information, please contact:

Anders Jensen, CEO of Cary Group
anders.jensen@carygroup.comor+46 10 102 98 74

Helene Gustafsson, Head of IR & Corporate Communication at Cary Group
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway and the UK, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Ryds bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Danglas, Cary and Quick Car Fix are our well known and successful brands with a total of 289 workshops, 314 mobile units, 1,000 employees and SEK 1,650m in turnover. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visitwww.carygroup.com.

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anders-jensen-with-juan-alberto-arsalaguet

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July 2021

Cary Group is proud to announce the acquisition of Autoklinik

Cary Group has acquired 90 percent of Autoklinik i Malmö AB, “Autoklinik”, an auto service and body repair workshop in Malmö. Autoklinik was founded in 1983 by the Radomski family and has been in the family’s ownership since. Autoklinik specialises in auto service, body repair and paint for several car brands. They are an authorized service and repair workshop for Hyundai, Honda, Fiat, Subaru and Isuzu and specialized damage repair partner for Bentley and McLaren, which are advanced cars that require great knowledge and skills from the technician. Autoklinik is also an approved body shop for Tesla cars.

“We are very happy to welcome Autoklinik to the Cary Group family. This is our first workshop in Sweden specialised in auto body repair and service and will serve as a great compliment to our vehicle glass replacement and repair business. The broadening of our service offering is part of our growth agenda in the Nordic Region. We are very happy that Robert Radomski, from the founder family, keeps a 10% share of the company and we are looking forward to continuing to develop Autoklinik together with him”,says Mats Green, Regional Head of Nordics at Cary Group.

Autoklinik has 30 employees, primarily body repair technicians and paint workers. In 2020 Autoklinik’s net sales attained approximately 38 MSEK.

With the acquisition, Cary Group is expanding its offering in Sweden. In March 2021 Cary Group acquired the Danish company Crashpoint A/S, which specializes in body repair and paint and is an approved body shop for Tesla, as a complement to Cary Group’s existing Danish business.

For more information, please contact:

Mats Green, Regional Head of Nordics at Cary Group
mats.green@carygroup.comor +46 10 121 96 00

Helene Gustafsson, Head of IR & Corporate Communication at Cary Group
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway and the UK, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Rydsbilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Quick Car Fix are our well known and successful brands with a total of 289 workshops, 314 mobile units, 1,000 employees and SEK 1,650m in turnover. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visit www.carygroup.com.

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June 2021

Cary Group publishes Sustainability Report 2020

Cary Group, a leading European vehicle glass repair and replacement service provider, today publishes its Sustainability Report for 2020. Cary Group offers solutions that help sustain the life, value and safety features of vehicles. Caring for and repairing, instead of replacing, with social responsibility and minimal environmental impact, is the foundation of sustainable car care at Cary Group.

“At Cary Group we believe in having a strategy which has sustainability as an integrated, core part of how we build our company. We do not believe in having a sustainability strategy – we have a sustainable strategy. As volumes increase it has become even more important to find sustainable solutions in everything we do. Our aim to always repair instead of replacing a windscreen when possible is one of them. In 2020, Cary Group repaired 125,175 windscreens, saving approximately 5 tonnes of CO2. By developing smarter solutions, we will be able to contribute to making mobility more sustainable, adapt to customer needs, create stronger teams and individuals, and reduce our climate impact. With a humble approach, this is how we want to lead the industry transformation and continue our journey ahead”,says Linda Wikström, COO and Deputy CEO Cary Group.

Cary Group’s ambition is to be the most sustainable company in the industry with a strong connection between business strategy, brand value and sustainability management. Reducing the climate impact is one of Cary Group’s priorities, but so is dedicated work to creating added value for the Group’s co-workers, including securing their health and safety.

The full Sustainability Report is available on Cary Group’s website,www.carygroup.com.

For more information, please contact:

Linda Wikström, COO and Deputy CEO
linda.wikstrom@carygroup.com or +46 10 788 82 73

Helene Gustafsson, Head of IR & Corporate Communication
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway and the UK, specializing in vehicle glass repair and replacement with a complementary offering in auto body repair. Rydsbilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Quick Car Fix are our well known and successful brands with a total of 289 workshops, 314 mobile units, 1,000 employees and SEK 1,650m in turnover. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visit www.carygroup.com.

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June 2021

Cary Group strengthens the Board of Directors with three new members to accelerate pan-European expansion

Cary Group, market leader in sustainable car care solutions, is proud to announce the appointment of Juan Vargues, Magdalena Persson and Ragnhild Wiborg as new members to its Board of Directors. This will bring in new expertise and capabilities to help accelerate the international expansion and becoming the sustainable choice for consumers and insurance providers across Europe.

“I am very pleased with the addition of three new Board members, all with excellent backgrounds to support the strategy and growth journey of Cary Group. Juan Vargues, Magdalena Persson and Ragnhild Wiborg bring a wealth of experience and high competence with experience in the field of sustainability, working with strong brands, international expansion and with an acquisition-led growth agenda. Their combined experience will be important in Cary Group's continued growth in Europe. I look forward to working with the Board of Directors and the company’s management team in these exciting times ahead”, says Magnus Lindquist, Chairman of the Board of Directors.

“I would also like to extend my sincere thanks to Annette Kumlien and Andreas Näsvik, who both have declined re-election as Board members. Their joint efforts through the work of the Board of Directors of Cary Group have been important contributions to the strong development of the company”, Magnus Lindquist continues.

Juan Vargues’ current positions include President and CEO of Dometic and Board member of Munters. Previous assignments include Executive Vice President of ASSA ABLOY and President of ASSA ABLOY Entrance Systems, President and CEO of Besam Group and various positions within SKF Group.

Magdalena Persson has been the CEO of Interflora, SamSari and WM-data Business Partner and has had various positions within Microsoft. She is currently the Chairman of the Board of Directors of Iver Management AB, a Board Member of NCAB Group, Intrum AB, Recover Nordic and an industrial advisor to EQT Partners.

Ragnhild Wiborg is the Chair of the Board of EAM Solar AS and a Board Member of Intrum AB, Rana Gruber ASA and Kistefos ASA. She was previously active in asset management as CIO and Portfolio Manager at Odin Fonder and Wiborg Kapitalförvaltning.

Following the appointments, the Board of Directors of Cary Group consists of Magnus Lindquist (Chairman of the Board), Joakim Andreasson, Juan Vargues, Leif Ryd, Magdalena Persson and Ragnhild Wiborg.

For more information, please contact:

Magnus Lindquist, Chairman of the Board of Directors
magnus.lindquist@cordet.comor +46 73 316 09 63

Helene Gustafsson, Head of IR & Corporate Communication
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway and the UK, specializing in vehicle glass repair and replacement and auto body repair. Ryds bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Quick Car Fix are our well known and successful brands with a total of 289 workshops, 314 mobile units, 1,000 employees and 1,650 MSEK in turnover. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visitwww.carygroup.com.

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