Slides
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Interim report Q3/2026 Strong organic volume growth and mid-term profitability target reached a year ahead of plan
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Agenda 1. Strategic priorities and financial targets 2. Quarterly update 3. Financials 4. Q&A 2
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To be the winning confectionery company, inspiring a more joyful world Our vision 3
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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 4
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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 5¹ 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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Progressing according to plan CandyKing pilots and NYC store provide proof of concept CandyKing first to bring Swedish P&M candy to U.S. retail Nationwide listing of Ahlgrens bilar at Target Growing beyond core by creating a winning portfolio and expanding distribution - focus on markets with high consumption per capita Significant expansion milestones in 2026 6 Grow beyond core markets2 Update on 3-year expansion plan outside core markets Increased distribution of Red Band portfolio 5 CandyKing pilots at three different retailers by year-end Expand Chewits portfolio Revamp CandyKing Building a global collaboration with IKEA Food Supply AG over the mid-term Further gradual roll- out of geographical expansion on-going Commercial details part of confidential agreement, further updates given as agreement allows IKEA Two Superbrands launched in addition to local hero brands Initiated
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Sweden’s most sold foam candy makes U.S. launch 7 Very successful launch of Ahlgrens bilar at Target Very successful launch of iconic Superbrand in U.S. retail • Nationwide supplier to Target with +2,000 stores across all U.S. states • 4 flavor variants of Ahlgrens bilar gradually available nationwide and on target.com this fall Grow beyond core markets 2 Launch campaign reached 30M U.S. consumers
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Superbrand novelty launch in all core markets 8 Excel in marketing and innovation3 Superbrands Red Band and Malaco launch multisensory product range • Demonstrates the accelerated innovation in line with evolving consumer trends and behaviours • The launch also builds on Cloetta’s existing portfolio of foam candy and demonstrates the continued focus on consumer- led innovation • Foam confectionery continues to grow in popularity, sour flavours remain particularly popular • Consumers increasingly seeking engaging and memorable consumption experiences • Social media amplifies demand for multisensory candy, highlighting texture, colour and sound when consumed - Sprinkled Foamies brings together multiple textures in one bite • Available in two flavour variants across nine markets in Europe, including all Cloetta’s five core markets Strong launch performance Building fast distribution between 40% - 70% in launched markets
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Agenda 1. Strategic priorities and financial targets 2. Quarterly update 3. Financials 4. Q&A 9
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Another very strong quarter with volume-driven growth Q3/2026 • Volume-driven growth in both business segments with organic sales growth 2.3% • Sales growth reflects net effect of strong volume growth and price adjustments • Year-to-date organic growth 3.3%, in line with long-term target • Further progress in line with strategic priorities; • Novelty Sprinkled Foamies launched on accelerated innovation timeline • Superbrand Ahlgrens bilar launched in U.S. retail through Target • Five CandyKing pilots in Germany at three different retail chains • Strong adjusted EBIT margin of 12.7% mainly driven by growing volumes, favourable product mix, and strong operational efficiency across the business • Mid-term profitability target now reached, more than a year ahead of plan 10 SEK bn Q3 Net sales +2.3% Q3 Organic sales growth Branded Pick & mix +1.8% +3.4% 2.2 Organic growth
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Agenda 1. Strategic priorities and financial targets 2. Quarterly update 3. Financials 4. Q&A 11
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12 YTD organic growth +3.3% in line with long-term target Net sales Q3/25 +2.3% Organic growth +0.3% FX Q3/26 2 177 2 233 +2.6% Branded packaged: +1.8% Pick & mix: +3.4% Q3/2026 2025 +3.3% Organic growth -1.1% FX 2026 6 294 6 432 +2.2% Branded packaged: +2.8% Pick & mix: +4.3% YTD/2026
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Strong volume growth drive sales in both segments Q3 share of net sales and organic sales growth by quarter 13 70% 30% Branded packaged products Pick & mix Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q3/26 10.9% 11.1% 3.6% 1.2% 1.4% 1.6% -3.4% 1.0% -1.8% 0.8% 3.6% 1.8% Q2/26 3.3% 16.4% 13.6% 11.7% 3.4% 18.6% 17.3% 4.6% 21.3% 9.4% 2.7% 14.9% -4.6% 3.4%
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14 Volume-driven margin uplift continues in Q3 Operating profit, adjusted 36 2 Q3/25 Vol./Mix -14 Price/ Cost FX Q3/26 259 283 11.9% 12.7% 117 25 2025 Vol./Mix Price/ Cost 0 FX 2026 724 866 11.5% 13.5% YTD/2026Q3/2026 • Volume growth and favourable mix drive profit in both segments • Operational efficiency across the business partially offset by expected step-up in strategic marketing investment • Stepped-up strategic marketing investment continues in Q4
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Branded packaged profit up; P&M back in line with target Operating profit, adjusted, by segment 15 Branded packaged Pick & mix 197 22427 Q3/25 var. Q3/26 62 59 Q3/25 var. Q3/26 -3 12.9% 14.4% 9.5% 8.7% Q3/2026 545 650105 2025 var. 2026 179 21637 2025 var. 2026 12.4% 14.6% 9.4% 11.0% YTD/2026
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16 SG&A 444 480 1 41 Q3/25 -6 Items affecting comparability FX Net SG&A Q3/26 +36 21.5%20.4% Q3/2026 Q3 step-up reflects strategic marketing investments 53 2025 -55 Items affecting comparability -21 FX Net SG&A 2026 1 463 1 440 -23 22.4%23.2% YTD/2026
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17 Continued strong Free cash flow Cash flow Q3/2026 262 260 242 49 Cash flow before changes in working capital Changes in working capital -51 Investments in PP&E and intangible assets Free cash flow 0 Other investing activities Cash flow from financing activities Cash flow for the period -18 239 339 141 1 -41 -830 -490 Q3/2025 • Strong Free cash flow driven by operating result as changes in working capital offsets investment in capex • YTD Free cash flow of SEK 490 m below last year’s record high primarily due higher capex • Higher capex supports new plans as previously shared, while full step-up of spend to communicated 4-5% of Net Sales to start in 2027
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Continued strong financial position with low leverage • Net debt/EBITDA of 0.7x improved 0.4x vs last year and remains well below long-term target of 1.5x • Net debt SEK 1.0bn and an all-time low level for a Q3 • Unutilised financing and access to cash of SEK 3.0bn 18 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1.5 Q3 0.1 1.4 Utilised 0.9 1.3 0.8 Unutilised 1.5 3.0 Access to cash 2023 Net debt/EBITDA 2024 2025 2026 Commercial Papers Credit Facilities Cash Net debt/EBITDA Net debt
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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 Nov 5, 2026 Road show in Stockholm (hosted by Nordea) Nov 12, 2026 Road show in Frankfurt (hosted by SEB) Nov 17, 2026 Berenberg Pan-European Discovery Conference USA 2026 (digital) Nov 18, 2026 Avanza Investor Day 2026 (Stockholm) Feb 3, 2027 Year-end Report 2026 Mar 11, 2027 Annual and Sustainability Report 2026 Apr 13, 2027 Annual General Meeting 2027
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Appendix
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Investment case 22 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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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 expressed or 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. 23