During the year, the group has carried out and initiated a number of structural measures aimed at streamlining operations, making the group structure more efficient, and concentrating resources on the businesses judged to have the greatest long-term value and earnings potential.
As a result of these measures, operations, customer relationships, operational resources, and future earnings opportunities have increasingly been consolidated into a smaller number of companies. Management's assessment is that the new structure creates better conditions for governance, resource utilization, profitability, and future growth.
Impact on the year's results
In light of the changed group structure, the parent company has carried out a renewed assessment of the carrying values of shares in subsidiaries and certain intra-group receivables. The assessment has been based on the business plans, cash flows, and organizational conditions deemed relevant following the structural measures carried out and planned.
The largest item affecting results during the year relates to impairments of shares in subsidiaries as well as certain previously intra-group receivables. The total accounting effects amount to approximately SEK 120 million. The impairments are a consequence of value and future earnings opportunities being concentrated to a greater extent in other parts of the group than those that previously formed the basis for the parent company's reported asset values. The adjustments have been carried out in accordance with applicable accounting principles and ensure that the balance sheet reflects the structure and conditions in place following the restructuring.
Assessment of value development
Management's assessment is that the measures carried out, taken together, strengthen the group's long-term value potential. The restructuring has meant that assets, customer relationships, and future earnings opportunities have been concentrated to a greater extent in the businesses where the long-term value potential is judged to be greatest.
The improved earnings capacity that the new structure is expected to enable is not fully reflected in the parent company's reported asset values as of the balance sheet date, since the accounting is based on applicable accounting principles and not on expected future synergies or future efficiency effects.
The year's results are therefore materially affected by accounting effects attributable to the restructuring, while management assesses that the measures carried out improve the group's future conditions for profitability, strengthened cash flows, and long-term value creation.
The overall assessment of the Board and management is that, following the structural measures carried out, the group is better positioned to gradually strengthen its earnings capacity and thereby increase the value of the parent company's total asset base over time

• Gross profit margin and overall financial performance remain largely in line with budget projections.
• New customer agreements have been secured for 2026, with an estimated annual volume exceeding SEK 100 Msek
• A growing proportion of booking transactions is processed through digital channels, including the app, website, and tailored customer portals.
• The rapid increase in digital bookings optimizes resource allocation and enables continued internal cost efficiencies and further cost reductions.