New Risk • May 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.5% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (65% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (9.5% net profit margin). Market cap is less than US$100m (kr536.3m market cap, or US$57.8m). Announcement • May 11
Envar Holding AB (publ) to Report Fiscal Year 2026 Results on Feb 16, 2027 Envar Holding AB (publ) announced that they will report fiscal year 2026 results at 9:00 AM, Central European Standard Time on Feb 16, 2027 New Risk • Apr 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (80% accrual ratio). Minor Risk Market cap is less than US$100m (kr537.5m market cap, or US$58.7m). Reported Earnings • Apr 14
Full year 2025 earnings released: EPS: kr0.98 (vs kr0.88 in FY 2024) Full year 2025 results: EPS: kr0.98 (up from kr0.88 in FY 2024). Revenue: kr125.4m (up 52% from FY 2024). Net income: kr12.2m (up 11% from FY 2024). Profit margin: 9.8% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr40.40, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 14x in the Entertainment industry in Sweden. Total returns to shareholders of 119% over the past year. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr36.70, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 13x in the Entertainment industry in Sweden. Total returns to shareholders of 104% over the past year. Buy Or Sell Opportunity • Feb 13
Now 27% overvalued Over the last 90 days, the stock has fallen 9.7% to kr50.00. The fair value is estimated to be kr39.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Nov 12
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr36.3m (up 55% from 3Q 2024). Net income: kr4.61m (down 24% from 3Q 2024). Profit margin: 13% (down from 26% in 3Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr56.60, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 18x in the Entertainment industry in Sweden. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to kr65.00, the stock trades at a trailing P/E ratio of 37.2x. Average trailing P/E is 22x in the Entertainment industry in Sweden. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr44.70, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 21x in the Entertainment industry in Sweden. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr40.40, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 19x in the Entertainment industry in Sweden. Reported Earnings • Aug 26
Second quarter 2025 earnings released Second quarter 2025 results: EPS: kr0.38. Revenue: kr30.3m (up 29% from 2Q 2024). Net income: kr4.80m (down 21% from 2Q 2024). Profit margin: 16% (down from 26% in 2Q 2024). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Aug 20
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 114% to kr39.50. The fair value is estimated to be kr31.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last year. Earnings per share has grown by 397%. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr29.40, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 20x in the Entertainment industry in Sweden. Buy Or Sell Opportunity • Jun 16
Now 29% undervalued Over the last 90 days, the stock has risen 29% to kr22.00. The fair value is estimated to be kr30.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last year. Earnings per share has grown by 397%. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to kr28.10, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 13x in the Entertainment industry in Sweden. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (62% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (kr271.3m market cap, or US$28.1m). Reported Earnings • May 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr27.4m (down 1.7% from 1Q 2024). Net income: kr3.28m (down 54% from 1Q 2024). Profit margin: 12% (down from 25% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Reported Earnings • Apr 28
Full year 2024 earnings released: EPS: kr0.88 (vs kr0.091 in FY 2023) Full year 2024 results: EPS: kr0.88 (up from kr0.091 in FY 2023). Revenue: kr82.5m (up 13% from FY 2023). Net income: kr11.0m (up kr10.1m from FY 2023). Profit margin: 13% (up from 1.2% in FY 2023). Announcement • Apr 25
Envar Holding AB (publ), Annual General Meeting, May 27, 2025 Envar Holding AB (publ), Annual General Meeting, May 27, 2025, at 14:00 W. Europe Standard Time. Location: at advokatfirman delphi, mastersamuelsgatan 17, stockholm Sweden Reported Earnings • Feb 18
Full year 2024 earnings released Full year 2024 results: Revenue: kr87.2m (up 19% from FY 2023). Net income: kr11.0m (up kr10.1m from FY 2023). Profit margin: 13% (up from 1.2% in FY 2023). The increase in margin was driven by higher revenue. Board Change • Jan 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Chairperson Karl Daugaard is the most experienced director on the board, commencing their role in 2024. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
