Slides
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Interim report Q4/2025 Successful year ends with exceptionally strong profit
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Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 2
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Northern Europe’s leading confectionery company creating joy through iconic brands for over 160 years 3 Employees 2,500 (on average) Countries with operations 12 Profitability 12.1% Operating profit margin, adj.10 Superbrands of net sales >50% Joined the Science Based Targets initiative (SBTi) in 2020 Net sales 8.5 SEKbn Pastilles & Gum Candy & Chocolate Pick & mix Powered by Joy All numbers are FY2025
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Investment case 4 Northern Europe’s leading confectionery company, creating joy through iconic brands for over 160 years A non-cyclical market with stable consumer demand outgrowing FMCG Food Broad confectionery portfolio favoured by evolving consumer preferences Iconic brand portfolio of international Superbrands and strong local hero brands with high consumer loyalty Attractive growth opportunities in scaling of Superbrands, focused expansion beyond core markets, and excelling in marketing and innovation Attractive cash flow generation with clear upside on margin and shareholder value 2 3 4 5 8 Selective M&A to accelerate strategy of geographic presence and category expansion 6 7 Committed to sustainability and responsible sourcing across the value chain 1
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Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 5
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To be the winning confectionery company, inspiring a more joyful world Our vision 6
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Strategic framework to drive profitable growth Win with our Superbrands Grow beyond core markets Excel in marketing and innovation Enhancing the operating model 1 2 3 Vision Strategic priorities Further leverage people & culture Accelerator To be the winning confectionery company, inspiring a more joyful world Selective M&A Enablers 7
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2023 Another major step for Superbrands • Kexchoklad is the most sold countline brand in Swedish retail • Follows successful re-launch in Denmark in 2024 • Brand building follows the Swedish assets • Focused marketing efforts further support launch throughout 2026 Kexchoklad expands into Finland 8 Further geographical expansion at the end of 2025 Win with our Superbrands1 Market share target reached during first weeks Expanding Superbrands into new Core markets #1 in Sweden Above 90% weighted distribution* in Finnish retail at launch * % of total Chocolate category sales that comes from stores where the product is present 2024 2025
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Update on global agreement with IKEA Food Supply AG 9 Grow beyond core markets2 Building a truly global collaboration with IKEA* over the mid-term • Global agreement signed in 2025 with IKEA Food Supply AG • The global agreement focuses on selected Superbrands and one local hero brand • Cloetta’s products have now been made available in 14 countries in Europe under the global agreement • Further gradual roll-out of geographical expansion expected during 2026 -2027 • Other commercial details and plans part of the confidential agreement and further updates will be given to the extent that the agreement allows IKEA* * The agreement is signed with IKEA Food Supply AG
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Continued progress on expanding existing NA business Continued strong growth, preparation to expand both segments proceeding according to set 3 -year plan 10 Grow beyond core markets2 Update on on-going North America expansion Commercial infrastructure • Local commercial leader in place to implement go-to-market-strategy and build the local organisation • Central support from Europe will continue • Next update expected in connection with the Q2/2026 interim report Branded packaged products • Initial geographical focus on U.S. East Coast • Packaging and recipe development to fulfill significantly food regulatory requirements completed to enable roll-out in 2026/2027 Pick & mix • Pilot projects delivered consumer insights needed to successfully launch P&M in NA in the long-term • CandyKing NYC store opened to support brand and concept launch in NA
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Showcasing the CandyKing brand and concept Opening of NYC store marks CandyKing’s US entry 11 Grow beyond core markets2 Brand and concept launched in the U.S. • CandyKing is an iconic pick & mix candy brand • Execution of set 3-year plan continues • Store has been profitable since it’s opening • Current focus on consumer and customer brand and concept awareness
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14% Our long-term financial targets >50%<1.5x3-4% Organic sales growth Dividend policyNet debt /EBITDA¹Adjusted EBIT margin Previous target 1-2% 14% long-term Around 2.5x 40-60% long-term ≥12% by 2027 12¹ Net debt / EBITDA target may be temporarily exceeded in the event of acquisitions, provided there is a clear path to de-leveraging of profit after tax
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Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 13
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Successful year ends with exceptionally strong profit Q4/2025 • Growth in both business segments • Continued strong performance in the Nordics, more stable sales in the rest of Europe • Another quarter of lower inflation affected market dynamics • Partial compensation for supplier quality incident in 2024 received • Full-year EBIT margin step-up driven by margin-enhancing activities, expected savings related to the change in operating structure and was aided by the compensation • Progress on the long-term plan for geographical expansion for P&M • Another step closer to delivering on all our long-term financial targets • The Board proposes an increased dividend of SEK 1.40 (1.10) per share 14 SEK bn Q4 Net sales +1.1% Q4 Organic sales growth Branded Pick & mix +0.5% +2.7% 2.2 Organic growth
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Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 15
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16 Year-to-date organic sales +1.9% Net sales Q4/24 +1.1% Organic growth +0.0% Structural changes -3.5% FX Q4/25 2 285 2 231 -2.4% Branded packaged: +0.5% Pick & mix: +2.7% 2024 +1.9% Organic growth -0.5% Structural changes -2.4% FX 2025 8 613 8 525 -1.0% Branded packaged: -0.9% Pick & mix: +9.1% Q4/2025 YTD/2025
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Sales development Q4 share of net sales and organic sales growth by quarter 17 71% 29% Branded packaged products Pick & mix Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 6.1% 20.5% 14.8% 10.9% 11.1% 3.6% 1.2% 1.4% 1.6% -3.4% 1.0% -1.8% 21.0% 32.7% 22.4% 16.4% 13.6% 11.7% 3.4% 18.6% 17.3% 4.6% 21.3% 9.4% 2.7% 0.5%
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18 Continued significant EBIT-margin step-up Operating profit, adjusted • Improvement driven by previous fair pricing and savings from new operating structure • Profitability further strengthened by net revenue management including portfolio optimisation • Uplift achieved with continued long-term investments in Superbrands • Expected partial compensation for 2024 supplier quality incident tips full-year margin above 12% 70 Q4/24 -7 Vol./Mix Price/ Cost -12 FX Q4/25 258 309 11.3% 13.9% 193 2024 -41 Vol./Mix Price/ Cost -29 FX 2025 910 1 033 10.6% 12.1% YTD/2025Q4/2025
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Branded profitability recovery continued in the quarter Operating profit, adjusted, by segment 19 Branded packaged Pick & mix 214 25440 Q4/24 var. Q4/25 44 5511 Q4/24 var. Q4/25 13.1% 16.1% 6.7% 8.5% 740 79959 2024 var. 2025 170 23464 2024 var. 2025 11.9% 13.4% 7.1% 9.2% YTD/2025Q4/2025
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20 10 Q4/24 -28 Items affecting comparability -12 FX Net SG&A Q4/25 548 518 -30 24.0% 23.2% SG&A 41 2024 -80 Items affecting comparability -39 FX Net SG&A 2025 2 059 1 981 -78 23.9% 23.2% YTD/2025Q4/2025 Cost savings from new operating structure on track
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21 Strong FCF driven by improved working capital Cash flow Q4/2025 298 394 379 127 1 Cash flow before changes in working capital Changes in working capital -31 Investments in PP&E and intangible assets Free cash flow Other investing activities -16 Cash flow from financing activities Cash flow for the period 250 264 255 58 12 -44 -21 Q4/2024 • Strong free cash flow driven by working capital development on receivables and payables on top of an improved operating result • Full year cash flow from operating activities exceeded SEK 1.0bn and free cash flow exceeded SEK 0.9bn, both at an all time-high
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Lowest-ever Net debt/EBITDA • Net debt/EBITDA of 0.7x remains well below long-term target of 1.5x • Net debt decreased below SEK 1.0bn driven by the strong cash flow in the quarter • Unutilised financing and access to cash of SEK 2.8bn • Dividend proposal of SEK 1.40 (1.10) per share 22 Financial position 0 500 1,000 1,500 2,000 2,500 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1.5 0.1 1.4 Utilised 0.9 1.2 0.7 Unutilised 1.5 2.8 Access to cash 2023 Net debt/EBITDA Net debt 2024 2025 2022 Commercial Papers Credit Facilities Cash
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Q&A
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Thank you. We hope the rest of your day is filled with many moments of joy! Upcoming IR events 2026 Feb 5 Investor lunch in Stockholm (arranged by Danske Bank) Mar 12 Annual and Sustainability report 2025 Apr 10 Plant visit for retail investors to Ljungsbro (arranged by DNB Carnegie Montrose) Apr 21 Annual General Meeting 2026 May 6 Interim report Q1 May 28 Plant visit to Dublin in Ireland (arranged by Nordea) Jun 3-4 Handelsbanken Nordic Small & Mid Cap Seminar (Stockholm)
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Appendix
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Greenfield facility – Pro forma profit and loss YTD 26Pro forma information included to increase the comparability of financial tables. In February 2025, Cloetta announced that it will not proceed with the greenfield plant project.
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Important information • This presentation has been prepared by Cloetta AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. • This presentation is not for presentation or transmission into the United States or to any U.S. person, as that term is defined under Regulation S promulgated under the Securities Act of 1933, as amended. • This presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressedor implied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfullyoperate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. • The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. • No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. 27