Interim report
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Strong organic volume growth and mid-term profitability target reached a year ahead of plan E vents after the end of the reporting period • There were no significant events after the end of the reporting period K ey ratios Third quarter 9 months Rolling 12 Full Y ear SEKm 2026 2025 ∆, % 2026 2025 ∆, % Oct 2025– Sep 2026 2025 Net sales 2,233 2 ,1 7 7 2 .6¹ 6,432 6,294 2. 2¹ 8,663 8,525 Operating profit, adjusted 283 259 9.3 866 724 19.6 1, 175 1,033 Operating profit margin, adjusted, % 12.7 11.9 0.8-pts 13.5 11.5 2.0-pts 13.6 1 2 .1 Operating profit (EBIT) 283 255 11. 0 867 793 9. 3 1, 182 1, 108 Operating profit margin (EBIT margin), % 12.7 11.7 1.0-pts 13.5 12.6 0.9-pts 13.6 13.0 Profit before tax 295 231 2 7.7 851 719 1 8.4 1, 150 1,018 Profit for the period 246 189 30.2 673 558 20.6 906 791 Earnings per share, basic, SEK 0.87 0.66 31.8 2.37 1.96 20.9 3 .1 9 2.78 Earnings per share, diluted, SEK 0.86 0.66 3 0.3 2.37 1.96 2 0.9 3 .1 8 2.78 Net debt/EBITDA, x (Rolling 12 months) 0.7 1 .1 -36.4 0.7 1 .1 -36.4 0.7 0.7 Free cash flow 260 339 - 23.3 490 530 -7. 5 884 924 C ash flow from operating activities 311 380 -1 8.2 619 632 -2 .1 1,044 1,057 1 Organic growth at constant exchange rates was 2.3 per cent for the quarter and 3.3 per cent for the first nine months of the year. See further under Net sales on page 3. SEK 2.2 bn 2.3 % 12.7% Net sales Organic sales growth Operating profit margin, adjusted Conference call and web presentation Arranged on report publication day at 10:00 a.m. CET. We kindly ask those who wish to dial-in to make sure you are connected to the phone conference by calling in and to register a few minutes before the conference begins. An on -demand version of the call will be available on www.cloetta.com later the same day. Broadcast link https://creo-live.avalon.events/6f823b4a-99bb-4b52-8f31-229e16082412 Dial-in numbers SE: +46 8 5051 0031 UK: +44 (0) 203 059 58 63 US: +1 (1) 631 570 56 13 Third quarter • Sales in the quarter increased organically by 2.3 per cent • Sales in the quarter of Branded packaged products increased organically by 1.8 per cent and sales of Pick & mix increased organically by 3.4 per cent • Net sales for the quarter increased by 2.6 per cent to SEK 2,233m (2,177) including a positive impact from foreign exchange rates of 0.3 per cent • Operating profit, adjusted for items affecting comparability, amounted to SEK 283m (259) • Operating profit amounted to SEK 283m (255), with items affecting comparability of SEK 0m (-4) • Operating profit, adjusted, of Branded packaged products amounted to SEK 224m (197) • Operating profit, adjusted, of Pick & mix amounted to SEK 59m (62) • Profit for the period amounted to SEK 246m (189), which equates to basic and diluted earnings per share of SEK 0.87 (0.66) and SEK 0.86 (0.66) respectively • Cash flow from operating activities was SEK 311m (380) • Net debt/EBITDA ratio was 0.7x (1.1) Q3 Interim report July–September 2026
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Cloetta Interim report July-September 2026 2 Comments from the CEO Strong organic volume growth and mid-term profitability target reached a year ahead of plan Our strategy execution continues to deliver clear results, and we report another very strong quarter with volume- driven growth in both business segments. Our performance during the first nine months was in line with all our long- term financial targets. We have now reached our mid-term profitability target, more than a year ahead of plan, driven by growing volumes, a favourable product mix and strong operational efficiency across the business. Organic growth in the quarter was 2.3 per cent, with reported sales growth of 2.6 per cent including the positive effect related to exchange differences of 0.3 per cent. Organic growth for the first nine months was 3.3 per cent, well in line with our long-term growth target of 3-4 per cent. Global forward-looking inflation concerns continued to be high, while we have seen increased price volatility in many of our input materials. Our sales growth in the quarter reflects the net effect of the strong volume growth partially offset by the execution of our fair pricing strategy during the quarter. We also expect to have a temporary and limited effect on our growth in the fourth quarter due to disturbances in the IT systems of a large customer in Central Europe and a third-party logistics provider in the Nordics in October. During the quarter, we made further progress in line with all three strategic priorities - to win with our Superbrands in core markets, to grow beyond core markets and to excel in marketing and innovation. We successfully launched the novelty Sprinkled Foamies under our Superbrands Red Band and Malaco in our core markets. This novelty multisensory product range demonstrates our accelerated innovation in line with evolving consumer trends and behaviours. We continue to bring our iconic Swedish candy brands to the North American market. In September, we brought our Superbrand Ahlgrens bilar into U.S. retail through Target. The launch that includes four flavour variants has so far been very successful. We also continue the geographical expansion of our Superbrand CandyKing, our leading Pick & mix concept. In Germany, we will in total have five CandyKing pilots by year-end at three different retail chains. We look forward to providing further news related to our geographical expansion around year-end. Our strong adjusted EBIT margin of 12.7 per cent in the quarter was mainly driven by growing volumes, a favourable product mix and strong operational efficiency across the business. We have no w reached our mid-term profitability target more than a year ahead of plan wi th increased strategic marketing investments bo th in our Superbrands and our on-going geographical expansion. As previously communicated, the step up in strategic marketing investments in the third quarter will also continue in the fourth quarter. We remain focused on delivering further profitable growth and reaching our targeted adjusted EBITDA-margin of 14 per cent, which we intend to do no later than 2030. Our attractive cash flow generation continues, and our Net debt/EBITDA ratio continued to remain well below the long-term target. With this significant financial flexibility, we remain selective and only seek opportunities that can accelerate our strategy execution. I’m very proud of our people, whose commitment, energy and joy have again shown what a more focused and efficient Cloetta can deliver. I also take this opportunity to thank our consumers, customers, partners and shareholders for their continued trust and engagement! Katarina Tell P resident and CEO “We have now reached our mid-term profitability target, more than a year ahead of plan.”
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Cloetta Interim report July–September 2026 3 Financial overview General information Changes in operating environment and short -term uncertainties The on-going geopolitical uncertainty has increased the risk of global supply chain disruptions and further cost inflation. Cloetta does not have operations in any of the countries directly affected but continues to monitor developments closely. The geopolitical uncertainty has had limited, but not material, effects on Cloetta’s sales. Compensation for quality incident in 2025-2026 In the first quarter of 2024, Cloetta recognised a provision for an isolated case of a raw material quality deviation at a supplier with a negative impact on the operating profit. In the fourth quarter of 2025 and first quarter of 2026, Cloetta received compensation for the effect of the incident, and the process has been concluded. The total compensation amounts to SEK 44m, of which SEK 32m had a positive effect on the operating result in the fourth quarter of 2025 and SEK 12m on the operating result in the first quarter of 2026. Q3 development N et sales Net sales for the quarter increased by SEK 56m to SEK 2,233m (2,177) compared to the same period last year. Organic growth was 2.3 per cent. Changes in net sales, % Jul–Sep 2026 Jan–Sep 2026 Organic growth 2.3 3.3 Changes in exchange rates 0.3 -1. 1 Total 2.6 2.2 Gross profit Gross profit, adjusted for items affecting comparability, amounted to SEK 763m (697) which equates to a gross margin, adjusted, of 34.2 per cent (32.0). The increase was mainly driven by strong volume growth, a favourable product mix, including positive development of Superbrands in core markets, and continued strong operational efficiency. Gross profit amounted to SEK 763m (699) which equates to a gross margin of 34.2 per cent (32.1). O perating profit Operating profit, adjusted for items affecting comparability, amounted to SEK 283m (259), and was positively impacted by the higher gross profit and efficiencies through the new organisational structure implemented in October 2025. This was partially offset by increased strategic marketing investments in the geographical expansion and the launch of the novelty Sprinkled Foamies under Superbrands Red Band and Malaco in all core markets. Operating profit amounted to SEK 283m (255). I tems affecting comparability Operating profit for the quarter includes items affecting comparability of SEK 0m (-4). Ne t financial items Net financial items for the quarter amounted to SEK 12m (-24). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -8m (-16), exchange differences on cash and cash equivalents were SEK 12m (5) and unrealised gains on single currency interest rate swaps were SEK 16m (2). Other financial items amounted to SEK -8m (-15). Of the total net financial items SEK 4m (-19) was non-cash in nature. Profit for the period Profit for the quarter was SEK 246m (189), which equates to basic and diluted earnings per share of SEK 0.87 (0.66) and SEK 0.86 (0.66) respectively. Income tax for the period was SEK -49m (-42). The effective tax rate for the quarter was 16.6 per cent (18.2) and was positively impacted by the revaluation of a tax provision . Free cash flow The free cash flow was SEK 260m (339). Cash flow from operating activities before changes in working capital was SEK 262 m (239). The cash flow from changes in working capital was SEK 49 m (141). The cash flow from investments in property, plant and equipment and intangible assets was SEK -51m (-41). Cash flow from changes in working capital Cash flow from changes in working capital was SEK 49m (141). The cash flow from changes in working capital was positively impacted by a decrease in inventories for an amount of SEK 157m (163) and an increase in payables of SEK 43m (143), partially offset by an increase in receivables of SEK -151m (-165). Cash flow from other investing activities Cash flow from other investing activities was SEK 0 m (1). C ash flow from financing activities The cash flow from financing activities amounted to SEK -18m (-830), mainly related to lease liability payments of SEK -18m (-17). In the third quarter of 2025, an amount of SEK - 813m was related to net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs .
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Cloetta Interim report July–September 2026 4 Development during the year N et sales Net sales for the first nine months of the year increased by SEK 138m to SEK 6,432 m (6,294) compared to the same period last year. Organic growth was 3.3 per cent. G ross profit Gross profit, adjusted for items affecting comparability, amounted to SEK 2,307m (2,133) which equates to a gross margin, adjusted, of 35.9 per cent (33.9). The increase was mainly driven by strong volume growth in both segments, a favourable product mix, including positive development of Superbrands in core markets and a strong operational efficiency. This was partly offset by changes in foreign exchange rates. Gross profit amounted to SEK 2,307m (2,256) which equates to a gross margin of 35.9 per cent (35.8). O perating profit Operating profit, adjusted for items affecting comparability, amounted to SEK 866m (724), and was positively impacted by the higher gross profit and efficiencies through the new organisational structure implemented in October 2025. This was partially offset by increased strategic marketing investments in the geographical expansion and our Superbrands coupled with general cost inflation. Operating profit amounted to SEK 867m (793). Items affecting comparability Operating profit includes items affecting comparability of SEK 1m (69). The items affecting comparability in 2025 mainly related to releases of restructuring provisions as a result of not proceeding with the greenfield investment project, partly offset by the recognition of a restructuring provision for the change in the organisational structure. Net financial items Net financial items for the period amounted to SEK -16m (-74). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -28m (-44), exchange differences on cash and cash equivalents were SEK 7m (13) and unrealised gains on single currency interest rate swaps were SEK 28m (-2). Other financial items amounted to SEK - 23m (-41). The comparative figure includes a release of prepaid commitment fees on unutilised credit facilities of SEK -9m. Of the total net financial items SEK -9m (-53) was non-cash in nature. P rofit for the period Profit for the period was SEK 673m (558), which equates to basic and diluted earnings per share of SEK 2.37 (1.96). Income tax for the period was SEK -178m (-161). The effective tax rate for the first nine months of the year was 20.9 per cent (22.4) and was positively impacted by the revaluation of a tax provision. Free cash flow The free cash flow was SEK 490m (530). Cash flow from operating activities before changes in working capital was SEK 747m (684). The cash flow from changes in working capital was SEK - 128m (-52). The cash flow from investments in property, plant and equipment and intangible assets was SEK -129m (-102). Cash flow from changes in working capital Cash flow from changes in working capital was SEK -128m (-52). The cash flow from changes in working capital was negatively impacted by an increase in receivables of SEK -256m (-117), partly offset by a decrease in inventories for an amount of SEK 75m (-57) and an increase in payables of SEK 53m (122). Cash flow from other investing activities Cash flow from other investing activities was SEK 0 m (1). C ash flow from financing activities The cash flow from financing activities was SEK - 450m (-1,176) and was related to the dividend distribution of SEK - 398m (-313) and payments of lease liabilities of SEK - 52m (-50). In 2025, an amount of SEK -813m was related to net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs. F inancial position Consolidated equity at 30 September 2026 amounted to SEK 6,187m (5,572), which equates to SEK 21.5 (19.4) per share outstanding. Net debt at 30 September 2026 was SEK 957m (1,361). Long-term borrowings amounted to SEK 1,476m (1,440) and consisted of SEK 1,416m (1,382) in gross non-current loans from credit institutions, SEK 65m (67) in non-current lease liabilities and SEK -5m (-9) in capitalised transaction costs. Total short-term borrowings amounted to SEK 199m (201) and consisted of SEK 149m (149) in commercial papers, SEK 53m (55) in current lease liabilities, SEK 1m (0) in accrued interest on borrowings from credit institutions and SEK -4m (-3) in capitalised transaction costs. N et sales Operating profit, adjusted Free cash flow 0 500 1,000 1,500 2,000 2,500 Q1 Q2 Q3 Q4 SEKm 2025 2026 0 50 100 150 200 250 300 350 Q1 Q2 Q3 Q4 SEKm 2025 2026 -50 0 50 100 150 200 250 300 350 400 450 Q1 Q2 Q3 Q4 SEKm 2025 2026
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Cloetta Interim report July–September 2026 5 SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 Gross non-current loans from credit institutions 1,416 1,382 1, 353 Commercial papers 149 149 149 Lease liabilities 118 122 115 D erivative financial instruments 82 47 76 Interest payable 1 0 0 Gross debt 1,766 1,700 1,693 Cash and cash equivalents -809 -339 -73 7 Net debt 957 1,361 9 56 Cash and cash equivalents at 30 September 2026 amounted to SEK 80 9 m (339). At 30 September 2026, Cloetta had an unutilised credit facility of SEK 1,303m (1,271) and the possibility to issue additional commercial papers for an amount of SEK 850m (850). Performance by business segment Cloetta’s operating segments are Branded packaged products and Pick & mix. The chief operating decision-maker (CODM), which is the President and CEO of the Group, primarily uses external net sales and operating profit, adjusted for items affecting comparability, to assess the performance of its operating segments. Items affecting comparability, net financial items and income tax are not allocated to segments, as these are managed centrally. No segment information is provided to or assessed by the CODM on assets and liabilities and therefore these are not separately disclosed. Information related to each reportable segment (business segment) is set out below. Business segments The Cloetta Group comprises two segments: B randed packaged products and Pick & mix. The Pick & mix net sales and adjusted operating profit relate to Cloetta’s complete offering in Pick & mix including products, displays and accompanying store and logistic services. All other activities within the Cloetta Group are reflected in the Branded packaged products segment. Segment Branded packaged products Q3 development Net Sales Net sales for the quarter increased by SEK 30m to SEK 1,555m (1,525) compared to the same period last year. Organic growth was 1.8 per cent. O perating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 224m (197). The increase in adjusted operating profit was mainly driven by volume growth, a favourable product mix, including positive development of Superbrands in core markets and continued strong operational efficiency. This was achieved with increased strategic marketing investments in Superbrands including the launch of the novelty Sprinkled Foamies under Superbrands Red Band and Malaco in all core markets. D evelopment during the year Net Sales Net sales for the first nine months of the year increased by SEK 72m to SEK 4,462m (4,390) compared to the same period last year. Organic growth was 2.8 per cent. O perating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 650m (545). The increase in adjusted operating profit was mainly driven by volume growth, a favourable product mix, including positive development of Superbrands in core markets and a strong operational efficiency. This was achieved with increased strategic investments in the geographical expansion and in Superbrands. S egment Pick & mix Q3 development Net Sales Net sales for the quarter increased by SEK 26m to SEK 678m (652) compared to the same period last year. Organic growth was 3.4 per cent. Operating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 59m (62). The decrease was driven by strategic investments in the geographical expansion offset by continued margin-enhancing initiatives. D evelopment during the year Net Sales Net sales for the first nine months of the year increased by SEK 66m to SEK 1,970m (1,904) compared to the same period last year. Organic growth was 4.3 per cent. Operating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 216m (179). The increase was mainly driven by strong volume growth and continued operational efficiency including margin- enhancing initiatives. This was partially offset by strategic investments in the geographical expansion. Other disclosures Seasonal variations Cloetta’s sales and operating profit show some seasonal variation. First- and second-quarter sales are affected by when in March or April Easter occurs. The effect is primarily driven by sales in Sweden and can amount to SEK 30-50m in years when Easter occurs significantly earlier or later than in the previous year. Fourth quarter sales are usually higher than in the first three quarters, which is mainly attributable to the sale of products in Sweden in connection with the holiday season.
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Cloetta Interim report July–September 2026 6 E mployees The average number of employees during the quarter was 2,451 (2,513). Events after the end of the reporting period There were no significant events after the end of the reporting period. Jul– Sep 2026 SEKm Branded packaged products Pick & mix Total Jan–Sep 2026 SEKm Branded packaged products Pick & mix Total Net sales 1,555 678 2,233 Net sales 4, 462 1,970 6,432 Operating profit, adjusted 224 59 283 Operating profit, adjusted 650 216 866 Items affecting comparability 0 Items affecting comparability 1 Operating profit 283 Operating profit 867 Net financial items 12 Net financial items -16 Profit before tax 295 Profit before tax 851 Income tax -49 Income tax -178 Profit for the period 246 Profit for the period 673 Jul–Sep 2025 SEKm Branded packaged products Pick & mix Total Jan–Sep 2025 SEKm Branded packaged products Pick & mix Total Net sales 1,525 652 2,177 Net sales 4 ,390 1,904 6,294 Operating profit, adjusted 197 62 259 Operating profit, adjusted 54 5 179 724 Items affecting comparability -4 Items affecting comparability 69 Operating profit 255 Operating profit 793 Net financial items -24 Net financial items -74 Profit before tax 231 Profit before tax 719 Income tax -42 Income tax -161 Profit for the period 189 Profit for the period 558
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Cloetta Interim report July–September 2026 7 Strategic priorities 1 Win with our Superbrands Increased focus across the core markets on ten selected brands to drive profitable growth through increased distribution and by continuing to stretch the brands into new categories. 2 Grow beyond core markets Increased focus on Germany and UK, as the European markets with the largest confectionery retail sales and the highest per capita consumption, and on North America to leverage demand for Swedish Candy 3 Excel in marketing and innovation Accelerated new product and commercial development to enable maximum incremental growth, while continuing our successful marketing effectiveness program across Cloetta to boost our working media. T o successfully deliver on these strategic priorities, focus will be placed on further enhancing Cloetta’s operating model through net revenue management, a supply chain fit for purpose and an effective operating structure, as well as selective M&A. C loetta’s sustainability agenda, A Sweeter Future, focuses on creating joy and long-lasting value For You, For People and For the Planet. The initiatives within the sustainability agenda cover topics all across the value chain where Cloetta has the ability to make an impact. Further information on Cloetta’s sustainability journey is available in the latest Annual Report as well as on www.cloetta.com/en/sustainability. ______________________________________________________________ Assurance of the Board of Directors and CEO The Board of Directors’ and CEO assurance that the interim report provides a true and fair view of the business activities, financial position, and results of operations of the Group and the Parent Company and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed, has been provided on a signature page not included in this online version of the report. Stockholm, 4 November, 2026 Cloetta AB (publ) M orten Falkenberg, Board Chairman Patrick Bergander, Member of the Board Malin Jennerholm, Member of the Board Alan McLean Raleigh, Member of the Board Pauline Lindwall, Member of the Board Camilla Svenfelt, Member of the Board Mikael Svenfelt, Member of the Board Lena Grönedal, Employee Board member Katarina Tell, President and CEO ______________________________________________________________ Upcoming financial reports Y ear-end report 2026 February 3, 2027 Annual and Sustainability Report 2026 March 11, 2027 Interim report Q1 2027 April 29, 2027 Interim report Q2 2027 July 15, 2027 Interim report Q3 2027 October 28, 2027 Cloetta continuously updates its financial reporting dates and investor events on www.cloetta.com/en/investors/calendar- investors/. ______________________________________________________________ This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at 07:30 a.m. CET on 4 November 2026. ______________________________________________________________ Contact Laura Lindholm, Director Communications and Investor Relations + 46 70 511 26 22 C loetta’s press and investor desk + 46 76 696 59 40 ir@cloetta.com p ress.group@cloetta.com sustainability@cloetta.com
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Cloetta Interim report July–September 2026 8 Auditor’s report To the Board of directors in Cloetta AB (publ), corporate identity number 556308 -8144 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Cloetta AB (publ) as of 30 September 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenti ng this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all si gnificant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Malmö 4 November 2026 Öhrlings PricewaterhouseCoopers AB Vicky Johansson Eva Carlsvi Authorized Public Accountant Authorized Public Accountant Auditor in charge T his is a translation of the Swedish language original. In the event of any differences between this translation and the Swed ish language original, the latter shall prevail.
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Cloetta Interim report July–September 2026 9 Financial statements in summary Consolidated profit and loss account 1 On 11 May 2026 and 14 May 2025 respectively 819,782 and 617,109 treasury shares were granted to the participants of the long-term share-based incentive plan 2023 and 2022 on vesting. At reporting date, Cloetta has three forward contracts to repurchase own shares in place for in total 3,215,328 shares to fulfil its future obligations to deliver shares to the participants of the long-term share-based incentive plans, if vesting conditions are met. Third quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Net sales 2,233 2 ,1 7 7 6,432 6,294 8,663 8,525 Cost of goods sold -1,470 -1,478 -4 ,1 2 5 -4,038 -5,523 -5,436 Gross profit 763 699 2,307 2,256 3 ,1 4 0 3,089 Selling expenses -304 -26 3 -911 -86 6 -1,229 -1, 184 General and administrative expenses -176 -1 81 -529 -5 97 -729 -79 7 Operating profit 283 255 867 793 1, 182 1, 108 Exchange differences on cash and cash equivalents in foreign currencies 12 5 7 13 7 13 Other financial income 21 9 41 32 51 42 Other financial expenses -21 -38 -64 -119 -90 -145 Net financial items 12 -24 -16 -74 -32 -90 Profit before tax 295 231 851 719 1, 150 1,018 Income tax -49 -42 -178 -161 -244 -227 Profit for the period 246 189 673 558 906 791 Profit for the period attributable to: O wners of the Parent Company 246 189 673 558 906 791 Earnings per share, SEK Ba sic1 0.87 0.66 2.37 1.96 3 .1 9 2.78 Diluted1 0.86 0.66 2.37 1.96 3 .1 8 2.78 Number of shares outstanding at end of period1 287,502,298 286,682,516 287,502,298 286,682,516 287,502,298 286,682,516 Average number of shares (basic)1 284,286,970 285, 151,024 284,318,344 284,861,684 284,319,485 284,725,873 Average number of shares (diluted)1 284,502,619 285,295,062 284,544, 170 285,016, 148 284,544,897 284,884,305
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Cloetta Interim report July–September 2026 10 Consolidated statement of comprehensive income Third quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Profit for the period 246 189 673 558 906 791 Other comprehensive income R emeasurement of defined benefit pension plans 24 6 11 13 17 19 Income tax on remeasurement of defined benefit pension plans -5 -1 -2 -3 -3 -4 Items that will never be reclassified to profit or loss for the period 19 5 9 10 14 15 Currency translation differences 118 -37 257 -1 70 154 -27 3 Hedge of a net investment in a foreign operation -29 9 -61 52 -34 79 Income tax on hedge of a net investment in a foreign operation 6 -2 12 -10 7 -15 Items that may be reclassified to profit or loss for the period 95 -3 0 208 -1 28 127 -2 09 T otal other comprehensive income 114 -25 217 -118 141 -1 94 T otal comprehensive income, net of tax 360 164 890 440 1,047 597 T otal comprehensive income for the period attributable to: Owners of the Parent Company 360 164 890 440 1,047 597 Net financial items Th ird quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Exchange differe nces on cash and cash equivalents in foreign currencies 12 5 7 13 7 13 Other financial income, third parties 5 8 13 28 19 34 Unrealised gains on single currency interest rate swaps 16 - 28 - 32 4 Realised gains on single currency interest rate swaps - 1 0 4 0 4 Total other financial income 21 9 41 32 51 42 Interest expenses third -party borrowings and realised losses on single currency interest rate swaps -13 -25 -41 -76 -59 -94 Amortisation of capitalised transaction costs -1 -9 -3 -11 -4 -12 Unrealised losses on single currency interest rate swaps 0 2 - -2 1 - 1 Other financial expenses, third parties -7 -6 -20 -30 -28 -38 Total other financial expenses -21 -3 8 -64 -119 -90 -1 45 Net financial items 12 -24 -16 -74 -32 -90
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Cloetta Interim report July–September 2026 11 Condensed consolidated balance sheet SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets I ntangible assets 5,772 5,682 5 ,596 Property, plant and equipment 1,598 1,592 1,544 Deferred tax asset 23 31 25 Derivative financial instruments 13 - 2 Other financial assets 3 3 3 To t a l n o n-current assets 7,409 7,308 7,1 70 C urrent assets Inventories 1,364 1,345 1,377 Other current assets 1,504 1,348 1, 129 Derivative financial instruments 14 1 1 Cash and cash equivalents 809 339 737 T otal current assets 3,691 3,033 3,244 TOT AL ASSETS 11, 100 10,341 10 ,414 EQUITY AND LIABILITIES Equity 6 ,1 8 7 5,572 5,706 No n-current liabilities Long-term borrowings 1,476 1,440 1,408 Deferred tax liability 946 883 8 89 Derivative financial instruments - 1 - Provisions for pensions and other long-term employee benefits 354 369 364 Provisions - 1 1 To t a l n o n-current liabilities 2,776 2,694 2,662 Current liabilities Short-term borrowings 199 201 1 97 Derivative financial instruments 109 47 79 Other current liabilities 1,823 1,777 1,739 Provisions 6 50 31 T otal current liabilities 2 ,1 37 2,075 2,046 TOT AL EQUITY AND LIABILITIES 11, 100 10,341 10,414
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Cloetta Interim report July–September 2026 12 Condensed consolidated statement of changes in equity 9 months Full year SEKm 2026 2025 2025 Equity at beginning of period 5,706 5,434 5,434 P rofit for the period 673 558 79 1 Other comprehensive income 217 -118 -194 T otal comprehensive income 890 440 5 97 Transactions with owners Forward contract to repurchase own shares -34 - -35 Share-based payments 23 11 23 Dividend1 -401 -3 15 -315 Dividend on outstanding shares in forward contracts to repurchase own shares 3 2 2 To t a l transactions with owners -409 -3 02 -325 Equity at end of period 6 ,1 8 7 5,572 5,706 1 The dividend paid in 202 6 comprised a dividend of SEK 1.40 (1.10 ) per share. Condensed consolidated cash flow statement Th ird quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Cash flow from operating activities before changes in working capital 262 239 747 684 1,045 982 Cash flow from changes in working capital 49 141 -128 -52 -1 75 Cash flow from operating activities 311 380 619 632 1,044 1,057 Cash flows from investments in property, plant and equipment and intangible assets -51 -4 1 -129 -10 2 -160 -13 3 Cash flow from other investing activities 0 1 0 1 1 2 Cash flow from investing activities -51 -40 -129 -1 01 -159 -1 31 Cash flow from operating and investing activities 260 340 490 531 885 926 Cash flow from financing activities -18 -8 30 -450 -1, 176 -466 -1, 192 Cash flow for the period 242 -490 40 -645 419 -266 Cash and cash equivalents at beginning of period 547 815 737 953 339 953 Cash flow for the period 242 -490 40 -645 419 -266 Exchange difference 20 14 32 31 51 50 T otal cash and cash equivalents at end of period 809 339 809 339 809 737
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Cloetta Interim report July–September 2026 13 Condensed consolidated key figures Third quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Profit Net sales 2,233 2 ,1 7 7 6,432 6,294 8,663 8,525 Net sales, change, % 2.6 -0. 9 2.2 -0. 5 1.0 -1 .0 Organic net sales, change, % 2.3 1.3 3.3 2.2 2.7 1.9 Gr oss margin, % 34.2 3 2 .1 35.9 35.8 36.2 36.2 Depreciation -61 -6 5 -189 -18 8 -249 -2 48 Amortisation -3 -3 -8 -8 -11 -11 Impairment other non-current assets 0 1 -1 -5 -5 -9 Operating profit, adjusted 283 259 866 724 1, 175 1,033 O perating profit margin, adjusted % 12.7 11.9 13.5 11.5 13.6 1 2 .1 O perating profit (EBIT) 283 255 867 793 1, 182 1, 108 Operating profit margin (EBIT margin), % 12.7 11.7 13.5 12.6 13.6 13.0 E BITDA, adjusted 347 326 1,064 919 1,440 1,295 EBITDA 347 322 1,065 994 1,447 1,376 Profit margin, % 13.2 10.6 13.2 11.4 13.3 11.9 S egments B randed packaged products N et sales 1,555 1,525 4,462 4,390 6,044 5,972 Operating profit, adjusted 224 197 650 545 904 799 O perating profit margin, adjusted % 14.4 12.9 14.6 12.4 15.0 13.4 P ick & mix N et sales 678 652 1,970 1,904 2,619 2,553 O perating profit, adjusted 59 62 216 179 271 234 Operating profit margin, adjusted % 8.7 9.5 11.0 9.4 10.3 9.2 F inancial position W orking capital 1,063 1,033 1,063 1,033 1,063 888 C apital expenditure 70 65 189 146 232 189 N et debt 957 1,361 957 1,361 957 956 Capital employed 8,325 7,630 8,325 7,630 8,325 7,754 R eturn on capital employed, % (Rolling 12 months) 15.5 14.0 15.5 14.0 15.5 14.3 Equity/ assets ratio, % 55.7 53.9 55.7 53.9 55.7 54.8 N et debt/equity ratio, % 15.5 24.4 15.5 24.4 15.5 16.8 R eturn on equity, % (Rolling 12 months) 14.6 12.8 14.6 12.8 14.6 13.9 Equity per share, SEK 21.5 19.4 21.5 19.4 21.5 19.9 Net debt/EBITDA, x (Rolling 12 months) 0.7 1 .1 0.7 1 .1 0.7 0.7 C ash flow C ash flow from operating activities 311 380 619 632 1,044 1,057 C ash flow from investing activities -51 -40 -129 -101 -159 -131 Cash flow after investments 260 340 490 531 885 926 F ree cash flow 260 339 490 530 884 924 F ree cash flow yield (Rolling 12 months), % 6.0 8.2 6.0 8.2 6.0 8.0 Cash flow from operating activities per share, SEK 1 .1 1.3 2.2 2.2 3.6 3.7 E mployees A verage number of employees 2,451 2,513 2,449 2,536 2,456 2,521
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Cloetta Interim report July–September 2026 14 Reconciliation of alternative performance measures key figures Third quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Items affecting comparability Acquisitions, integration and restructurings 0 -4 1 69 7 75 of which: impairment non-current assets - - - -6 - -6 Items affecting comparability 0 -4 1 69 7 75 Corresponding line in the condensed consolidated profit and loss account: Cost of goods sold - 2 0 123 0 123 Selling expenses 0 0 1 -33 2 -32 Ge neral and administrative expenses 0 -6 0 -21 5 -16 To t a l 0 -4 1 69 7 75 Operating profit, adjusted O perating profit 283 255 867 793 1, 182 1, 108 M inus: Items affecting comparability 0 -4 1 69 7 75 Operating profit, adjusted 283 259 866 724 1, 175 1,033 Net sales 2,233 2 ,1 7 7 6,432 6,294 8,663 8,525 Op erating profit margin, adjusted, % 12.7 11.9 13.5 11.5 13.6 12.1 E BITDA, adjusted Operating profit 283 255 867 793 1, 182 1, 108 M inus: Depreciation -61 -65 -189 -18 8 -249 -2 48 Minus: Amortisation -3 -3 -8 -8 -11 -11 Minus: Impairment non-current assets 0 1 - 1 -5 -5 -9 E BITDA 347 322 1,065 994 1,447 1,376 Minus: Items affecting comparability (excl. impairment non-current assets) 0 -4 1 75 7 81 E BITDA, adjusted 347 326 1,064 919 1,440 1,295 C apital employed T otal assets 11, 100 10,341 11, 100 10,341 11, 100 10,414 M inus: Deferred tax liability 946 883 946 883 946 889 M inus: Non-current provisions - 1 - 1 - 1 Minus: Current provisions 6 50 6 50 6 31 M inus: Other current liabilities 1,823 1,777 1,823 1,777 1,823 1,739 C apital employed 8,325 7,630 8,325 7,630 8,325 7,754 Capital employed comparative period previous year 7,630 8 ,1 0 1 7,630 8 ,1 0 1 7,630 8,370 Average capital employed 7,978 7,866 7,978 7,866 7,978 8,062
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Cloetta Interim report July–September 2026 15 Reconciliation alternative performance measures, continued Th ird quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Return on capital employed Operating profit (Rolling 12 months) 1, 182 1,045 1, 182 1,045 1, 182 1, 108 Financial income (Rolling 12 months) 51 55 51 55 51 42 O perating profit plus financial income (Rolling 12 months) 1,233 1, 100 1,233 1, 100 1,233 1, 150 Average capital employed 7,978 7,866 7,978 7,866 7,978 8,062 R eturn on capital employed, % 15.5 14.0 15.5 14.0 15.5 14.3 F ree cash flow yield Cash flow from operating activities (Rolling 12 months) 1,044 940 1,044 940 1,044 1,057 Cash flows from investments in property, plant and equipment and intangible assets (Rolling 12 months) -160 -14 6 -160 -14 6 -160 -13 3 Free cash flow (Rolling 12 months) 884 794 884 794 884 924 Number of shares outstanding 287,502,298 286,682,516 287,502,298 286,682,516 287,502,298 286,682,516 Free cash flow per share (Rolling 12 months), SEK 3.07 2.77 3.07 2.77 3.07 3.22 Market price per share, SEK 51.40 33.92 51.40 33.92 51.40 40.46 Free cash flow yield (Rolling 12 months), % 6.0 8.2 6.0 8.2 6.0 8.0 C hanges in net sales N et sales 2,233 2 ,1 7 7 6,432 6,294 8,663 8,525 Net sales comparative period previous year 2 ,1 7 7 2 ,1 9 6 6,294 6,328 8,579 8,613 N et sales, change 56 -19 138 -34 84 -88 Minus: Structural changes - - - -4 1 - -4 1 Minus: Changes in exchange rates 6 -48 -70 -131 -149 -210 Organic growth 50 29 208 138 233 163 Structural changes, % - - - -0 .7 - -0. 5 Organic growth, % 2.3 1.3 3.3 2.2 2.7 1.9
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Cloetta Interim report July–September 2026 16 Quarterly data SEKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Profit and loss account Net sales 2,233 2,087 2 , 112 2,231 2 ,1 7 7 2,078 2,039 2,285 2 ,1 9 6 Cost of goods sold -1,470 -1,285 -1,370 -1,398 -1,478 -1,355 -1,205 -1,485 -1,493 Gross profit 763 802 74 2 833 699 723 834 800 703 Selling expenses -304 -331 -2 76 -318 -263 -320 -283 -327 -268 General and administrative expenses -176 -161 -192 -200 -181 -215 -201 -221 -197 Operating profit 283 310 274 315 255 188 350 252 238 Exchange differences on cash and cash equivalents in foreign currencies 12 -5 0 0 5 -10 18 4 -26 Other financial income 21 0 20 10 9 9 14 23 20 Other financial expenses -21 -22 -21 -26 -38 -34 -47 -47 -66 Net financial items 12 -27 - 1 -16 -24 -35 -15 -20 -72 Profit before tax 295 283 273 299 231 153 335 232 166 Income tax -49 -65 -64 -66 -42 -37 -82 -74 -36 Profit for the period 246 218 2 09 233 189 116 253 158 130 Profit for the period attributable to: Owners of the Parent Company 246 218 209 233 189 116 253 158 130 Key figures Profit Depreciation, amortisation and impairment -64 -68 -66 -67 -67 -61 -73 -52 -57 Operating profit, adjusted 283 310 273 309 259 240 225 258 238 EBITDA, adjusted 347 378 339 37 6 326 301 292 327 306 EBITDA 347 378 34 0 382 322 249 423 304 295 Operating profit margin, adjusted % 12.7 14.9 12.9 13.9 11.9 11.5 11.0 11.3 10.8 Operating profit margin (EBIT margin), % 12.7 14.9 1 3.0 1 4 .1 11.7 9.0 17.2 11.0 10.8 Earnings per share, SEK Basic1 0.87 0.77 0.74 0.82 0.66 0.41 0.89 0.55 0.45 Diluted1 0.86 0.77 0 .74 0.82 0.66 0.41 0.89 0.55 0.45 Dividend per share proposed, SEK2 - - - 1.40 - - - 1. 10 - Segments Branded packaged products Net sales 1,555 1,471 1,436 1,582 1,525 1,432 1,433 1,631 1,588 Operating profit, adjusted 224 234 192 254 197 181 167 214 191 Operating profit margin, adjusted % 14.4 15.9 1 3.4 1 6 .1 12.9 12.6 11.7 1 3 .1 12.0 Pick & mix Net sales 678 616 676 649 652 646 606 654 608 Operating profit/loss, adjusted 59 76 81 55 62 59 58 44 47 Operating profit margin, adjusted % 8.7 12.3 1 2.0 8.5 9.5 9 .1 9.6 6.7 7.7 Financial position Share price, last paid, SEK 51.40 4 9 .1 8 53.05 40.46 33.92 34.04 28.36 25.20 24.46 Return on equity, % (Rolling 12 months) 14.6 14.6 1 2.5 13.9 12.8 12.2 11.4 8.8 8.8 Equity per share, SEK 21.5 20.2 2 0.8 19.9 19.4 18.8 19.2 19.0 1 8 .1 Net Debt/EBITDA, x (Rolling 12 months) 0.7 0.8 0.6 0.7 1 .1 1.4 1 .1 1.3 1.6 Cash flow Free cash flow 260 86 14 4 394 339 -8 199 264 211 Cash flow from operating activities per share, SEK 1 .1 0.4 0 .6 1.5 1.3 0 .1 0.8 1 .1 0.9 1 On 11 May 2026 and 14 May 2025 respectively 819,782 and 617,109 treasury shares were granted to the participants of the long-term share-based incentive plan 2023 and 2022 on vesting. At reporting date, Cloetta has three forward contracts to repurchase own shares in place for in total 3,215,328 shares to fulfil its future obligations to deliver shares to the participants of the long-term share-based incentive plans, if vesting conditions are met. 2 The proposed dividend in 2025 and 2024 was approved by the AGM 2026 on 21 April 2026 and the AGM 2025 on 10 April 2025 respectively.
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Cloetta Interim report July–September 2026 17 Reconciliation of alternative performance measures per quarter SEKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Items affecting comparability Acquisitions, integration and restructurings 0 0 1 6 -4 -52 125 -6 0 of which: impairment non-current assets - - - - - - -6 17 11 Items affecting comparability 0 0 1 6 -4 -52 125 -6 0 Corresponding line in the condensed consolidated profit and loss account: Cost of goods sold - 0 0 - 2 -8 129 16 6 Selling expenses 0 0 1 1 0 -33 - - - General and administrative expenses 0 0 0 5 -6 -11 -4 -22 -6 To t a l 0 0 1 6 -4 -52 125 -6 0 Operating profit, adjusted O perating profit 283 310 2 74 315 255 188 350 252 238 Minus: Items affecting comparability 0 0 1 6 -4 -52 125 -6 0 Operating profit, adjusted 283 310 273 309 259 240 225 258 238 Net sales 2,233 2,087 2 , 112 2,231 2 ,1 7 7 2,078 2,039 2,285 2 ,1 9 6 Operating profit margin, adjusted, % 12.7 14.9 1 2.9 13.9 11.9 11.5 11.0 11.3 10.8 EBITDA, adjusted Operating profit 283 310 2 74 315 255 188 350 252 238 Minus: Depreciation -61 -66 -62 -60 -65 -58 -65 -66 -65 Minus: Amortisation -3 -2 -3 -3 -3 -3 -2 -3 -3 Minus: Impairment non-current assets 0 0 - 1 -4 1 - -6 17 11 EBITDA 347 378 340 382 322 249 423 304 295 Minus: Items affecting comparability (excl. impairment non-current assets) 0 0 1 6 -4 -52 131 -23 -11 EBITDA, adjusted 347 378 3 39 376 326 301 292 327 306 Capital employed T otal assets 11, 100 10,612 1 0,791 10,414 10,341 10,890 11,029 11, 145 10,886 Minus: Deferred tax liability 946 924 87 2 889 883 856 829 910 840 Minus: Non-current provisions - - - 1 1 1 2 163 161 Minus: Current provisions 6 11 15 31 50 64 13 11 14 Minus: Other current liabilities 1,823 1,732 1 ,864 1,739 1,777 1,690 1,870 1,691 1,770 Capital employed 8,325 7,945 8 ,040 7,754 7,630 8,279 8,315 8,370 8 ,1 0 1 Capital employed comparative period previous year 7,630 8,279 8,315 8,370 8 ,1 0 1 7,995 8,316 7,973 8,053 Average capital employed 7,978 8, 112 8 ,1 78 8,062 7,866 8 ,1 37 8,316 8 ,1 72 8,077
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Cloetta Interim report July–September 2026 18 Reconciliation alternative performance measures, continued SEKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Return on capital employed Operating profit (Rolling 12 months) 1, 182 1, 154 1 ,032 1, 108 1,045 1,028 964 807 729 Financial income (Rolling 12 months) 51 39 48 42 55 66 90 111 127 Operating profit plus financial income (Rolling 12 months) 1,233 1, 193 1 ,080 1, 150 1, 100 1,094 1,054 918 856 Average capital employed 7,978 8, 112 8 ,1 7 8 8,062 7,866 8 ,1 3 7 8,316 8 ,1 7 2 8,077 Return on capital employed, % 15.5 14.7 1 3.2 14.3 14.0 13.4 12.7 11.2 10.6 Free cash flow yield Cash flow from operating activities (Rolling 12 months) 1,044 1, 113 1 ,008 1,057 940 809 847 765 935 Cash flows from investments in property, plant and equipment and intangible assets (Rolling 12 months) -160 -150 -13 9 -133 -146 -143 -145 -163 -203 Free cash flow (Rolling 12 months) 884 963 8 69 924 794 666 702 602 732 Number of shares outstanding 287,502,298 287,502,298 2 86,682,516 286,682,516 286,682,516 286,682,516 286,065,407 286,065,407 286,065,407 Free cash flow per share (Rolling 12 months), SEK 3.07 3.35 3 .03 3.22 2.77 2.32 2.45 2 .1 0 2.56 Market price per share, SEK 51.40 4 9 .1 8 5 3.05 40.46 33.92 34.04 28.36 25.20 24.46 Free cash flow yield (Rolling 12 months), % 6.0 6.8 5 .7 8.0 8.2 6.8 8.6 8.3 10.5 Changes in net sales Net sales 2,233 2,087 2 , 112 2,231 2 ,1 7 7 2,078 2,039 2,285 2 ,1 9 6 Net sales comparative period previous year 2 ,1 7 7 2,078 2,039 2,285 2 ,1 9 6 2,038 2,094 2 ,1 8 2 2 ,1 4 8 Net sales, change 56 9 7 3 -54 -19 40 -55 103 48 Minus: Structural changes - - - - - -20 -21 -28 -32 Minus: Changes in exchange rates 6 -8 -68 -79 -48 -72 -11 7 -42 Organic growth 50 17 1 41 25 29 132 -23 124 122 S tructural changes, % - - - - - -1.0 -1.0 -1.3 -1.5 Organic growth, % 2.3 0.8 6 .9 1 .1 1.3 6.5 -1 .1 5.7 5.7
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Cloetta Interim report July–September 2026 19 Parent company Condensed parent company profit and loss account P rofit/loss for the period corresponds to comprehensive income for the period. Condensed parent company balance sheet SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets 4,911 4,920 4 ,892 Current assets 44 470 40 9 TOT AL ASSETS 4,955 5,390 5 ,301 EQ UITY AND LIABILITIES Equity 3,989 3,725 4, 547 Non-current liabilities B orrowings 161 160 157 Provisions 2 2 2 To t a l n o n-current liabilities 163 162 159 C urrent liabilities Borrowings 149 149 149 Other current liabilities 654 1,354 446 T otal current liabilities 803 1,503 5 95 TOT AL EQUITY AND LIABILITIES 4,955 5,390 5 ,301 Thi rd quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Net sales 35 35 103 116 154 167 Gross profit 35 35 103 116 154 167 General and administrative expenses -38 -40 -111 -114 -169 -172 Operating profit/loss -3 -5 -8 2 -15 -5 Net financial items -165 -17 -178 -38 194 334 D ividend income - - - - 555 555 Profit/loss before tax -168 -22 -186 -36 734 884 I ncome tax 34 4 37 7 -38 -68 P rofit/loss for the period -134 -18 -149 -29 696 816
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Cloetta Interim report July–September 2026 20 Condensed parent company statement of changes in equity 9 months Full year SEKm 2026 2025 2025 Equity at beginning of period 4,547 4,056 4, 056 Profit/loss for the period -149 -29 81 6 T otal comprehensive income -149 -29 8 16 T ransactions with owners Forward contract to repurchase own shares -34 - - 35 Share-based payments 23 11 23 D ividend1 -401 -315 -315 Dividend on outstanding shares in forward contracts to repurchase own shares 3 2 2 T otal transactions with owners -409 -3 02 -325 E quity at end of period 3,989 3,725 4, 547 1 The dividend paid in 202 6 comprised a dividend of SEK 1.40 (1. 10) per share.
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Cloetta Interim report July–September 2026 21 Accounting and valuation policies, disclosures and risk factors A ccounting and valuation policies Compliance with legislation and accounting standards The consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations issued by the IFRS Interpretations Committee (IFRIC) which have been endorsed by the European Commission for application in the EU. The applied standards and interpretations are those that were in force and had been endorsed by the EU at 1 January 2026. The consolidated interim report is presented compliant with IAS 34, Interim Financial Reporting, and in compliance with the relevant provisions in the Swedish Annual Accounts Act and the Swedish Securities Market Act. The interim report for the P arent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which are consistent with the provisions in recommendation RFR 2, Accounting for Legal Entities. For lease accounting the company makes use of the exemption under RFR 2 to treat all leases as operating lease. B asis of accounting The same accounting policies and methods of computation are applied in the interim financial statements as in the most recent annual financial statements. Reference is made to Note 1 ‘General information and accounting and valuation policies of the Group’ and Note 31 ‘Changes in accounting policies’ in the Annual and sustainability report 2025 at www.cloetta.com. No new standards are effective as from 1 January 2026 which have been endorsed by the EU. IFRS 18 “Presentation and Disclosure in Financial Statements”, effective from 1 January 2027, will impact the presentation and disclosure of the consolidated financial statements. During the quarter, Cloetta performed an impact analysis on Cloetta’s financial reporting. The adoption of IFRS 18 is expected to have an impact on the following information included in Cloetta’s consolidated financial statements: • C onsolidated profit and loss account: to improve the structure of the profit and loss account, IFRS 18 introduces the categories operating, investing and financing in addition to the already existing categories for income tax and discontinued operations. The most significant impact on Cloetta’s profit and loss account is the reclassification of certain items currently reported in the net financial items towards the operating category, impacting Cloetta’s operating result. The impact is not expected to be significant. Other items currently reported in the net financial items will be reported in the investing or in the financing category based on their nature. • Consolidated cash flow statement: under IFRS 18, interest paid will be reported as part of the cash flow from financing activities, while interest received will be reported within the cash flow from investing activities. Both items are currently reported in the cash flow from operating activities. As a result, Cloetta’s cash flow from operating activities will improve due to the paid interest currently exceeding the received interest. • Consolidated balance sheet: under IFRS 18, goodwill is required to be presented separately in the balance sheet. Consequently, Cloetta will disaggregate goodwill from the intangible assets in its consolidated balance sheet. • Management-Defined Performance Measures (MPMs): IFRS 18 requires the disclosure of subtotals of income and expenses that an entity uses in public communications outside financial statements to communicate aspects of the financial performance of the entity. Cloetta currently discloses the Alternative Performance Measures (APMs) in its financial reporting. The MPMs constitute a subset of APMs. Cloetta will therefore separately present the APMs containing subtotals of income and expenses as MPMs from the remaining APMs. The change in principles for aggregation and disaggregation is not expected to have a significant impact on the items presented on the face of the consolidated balance sheet or disclosed in the notes. As of the first quarter of 2027, comparative figures will be restated and reconciliations between Cloetta’s current presentation and the presentation under IFRS 18 will be included in Cloetta’s interim reports.
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Cloetta Interim report July–September 2026 22 Disclosures Disaggregation of revenue from contracts with customers Cloetta generates revenues from the transfer of goods and services at a point in time and over time in the following major sales categories and performance obligations. Disaggregation of revenue B reakdown of net sales by category Th ird quarter 9 months Rolling 12 Full year % 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Candy 62 62 62 62 62 62 Chocolate 22 23 23 23 23 23 Pastilles 10 9 9 9 9 9 C hewing gum 5 4 5 4 5 4 Nuts 0 1 0 1 0 1 O ther 1 1 1 1 1 1 To t a l 100 100 100 100 100 100 B reakdown of net sales by country Third quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Branded packaged products 1,555 1,525 4,462 4,390 6,044 5,972 Pick & mix 678 652 1,970 1,904 2,619 2,553 To t a l 2,233 2 ,1 7 7 6,432 6,294 8,663 8,525 Th ird quarter 9 months Rolling 12 Full year % 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Core markets Sweden 30 30 31 31 32 31 Finland 21 20 20 20 20 20 The Netherlands 13 14 14 14 13 14 Denmark 11 10 11 11 11 11 Norway 7 7 6 6 6 6 Beyond core markets Germany 7 7 7 7 7 7 The UK 4 5 4 4 4 4 Other markets 7 7 7 7 7 7 To t a l 100 100 100 100 100 100 Core markets 82 81 82 82 82 82 Beyond core markets 18 19 18 18 18 18
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Cloetta Interim report July–September 2026 23 Leases Right-of-use assets SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 Land and buildings 41 47 43 T ransportation 62 59 59 Other equipment 11 11 8 T otal right-of-use assets 114 117 110 Ad ditions to the right-of-use assets were SEK 19m (24) during the quarter and SEK 60m (44) during the first nine months of the year. Lease liability SEKm 30 Sep 2026 30 Sep 2025 31 Dec 2025 Current 53 55 51 Non-current (between 1-5 years) 59 57 55 Non-current (over 5 years) 6 10 9 T otal Lease liability 118 122 115 T he non-current lease liability of SEK 65m (67) is reflected in the ‘long-term borrowings’. The current lease liability of SEK 53m (55) is reflected in the ‘short-term borrowings’. Depreciation charge right -of-use assets Other disclosures Th ird quarter 9 months Rolling 12 Full year S EKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Recognised in: I nterest expense - 1 - 1 -3 -3 -4 -4 net financial items, in the profit and loss a ccount Expense relating to leases of low-value assets that are not short-term leases 0 0 -1 -1 -1 -1 cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account Expense relating to short-term leases, where no right-of-use asset has been recognized -2 -2 -6 -5 -7 -6 c ost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account Expense relating to variable lease payments not included in lease liabilities -7 -7 -22 -21 -28 -27 cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account T otal cash outflow for leases -19 -18 -54 -53 -72 -71 c ash flow from operating activities and financing activities, in the cash flow statement Th ird quarter 9 months Rolling 12 Full year SEKm 2026 2025 2026 2025 Oct 2025– Sep 2026 2025 Land and buildings -5 -6 -16 -18 -21 -23 T ransportation -9 -9 -33 -26 -43 -36 Other equipment -3 -3 -10 -8 -13 -11 T otal depreciation charge right-of-use assets -17 -1 8 -59 -52 -77 -70
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Cloetta Interim report July–September 2026 24 Taxes The effective tax rate for the period was positively impacted by the revaluation of a tax provision. F air value measurement The only items recognised at fair value after initial recognition are: • the interest rate swaps categorised within level 2 of the fair value hierarchy in all periods presented; as well as • the deferred selling price related to the divestment of the Nutisal brand that is categorised within level 2 of the fair value hierarchy. T he fair values of financial assets (loans and receivables) and liabilities measured at amortised cost are approximately equal to carrying amounts. F or measurement purposes, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The fair value measurements by level according to the fair value measurement hierarchy are as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (that is, derived from prices) (level 2). • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
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Cloetta Interim report July–September 2026 25 The following table presents the carrying amounts and fair values of the Group’s financial assets and liabilities, including their levels in the fair value hierarchy: 30 Sep 2026 Carrying amount Fair value SEKm Mandatorily at FVTPL Financial assets at amortised cost Other financial liabilities at carrying value To t a l Level 1 Level 2 Level 3 To t a l Financial assets • T rade and other receivables, excluding other taxes and social security receivables and prepaid expenses and accrued income - 1,304 - 1,304 • Single currency interest rate swaps 27 - - 27 - 27 - 27 • Cash and cash equivalents - 809 - 809 T otal assets 27 2, 113 - 2 ,1 4 0 - 27 - 27 Financial liabilities • Loans from credit institutions - - 1,416 1,416 • Commercial papers - - 149 149 • Forward contract to repurchase own shares - - 109 109 - -56 - -56 • T rade and other payables, excluding other taxes and social security payables - - 1,531 1,531 T otal liabilities - - 3,205 3,205 - -56 - -56 31 Dec 2025 Carrying amount Fair value SEKm Mandatorily at FVTPL Financial assets at amortised cost Other financial liabilities at carrying value To t a l Level 1 Level 2 Level 3 To t a l Financial assets • T rade and other receivables, excluding other taxes and social security receivables and prepaid expenses and accrued income - 980 - 980 • Single currency interest rate swaps 3 - - 3 - 3 - 3 • Cash and cash equivalents - 737 - 737 T otal assets 3 1,717 - 1,720 - 3 - 3 Financial liabilities • Loans from credit institutions - - 1,353 1,353 • Commercial papers - - 149 149 • Forward contract to repurchase own shares - - 75 75 - -27 - -27 • Single currency interest rate swaps 4 - - 4 - 4 - 4 • T rade and other payables, excluding other taxes and social security payables - - 1,450 1,450 T otal liabilities 4 - 3,027 3,031 - -23 - -23
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Cloetta Interim report July–September 2026 26 N o transfers between fair value hierarchy levels have occurred during the financial year or the prior financial year. The fair value of financial instruments that are not traded in an active market (for example, over -the- counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included within level 2. The valuation of the instruments is based on quoted market prices, but the underlying swap amounts are based on the specific requirements of the Group. These instruments are therefore included within level 2. The fair value measurement of the contingent earn-out consideration requires the use of significant unobservable inputs and is thereby initially categorised at level 3. The valuation techniques and inputs used to value financial instruments are: • Quoted market prices or dealer quotes for similar instruments. • The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. • The fair value of forward foreign currency contracts is calculated using the difference between the exchange rate on the spot date with the contractually agreed upon exchange rates. • Other techniques, such as discounted cash flow analysis, are used to determine the fair value of the remaining financial instruments. The contingent earn-out consideration is measured at fair value using a scenario model with an earn-out threshold, different results and related changes. These data are aligned with the earn-out contract. The inter- relationship between significant unobservable inputs and fair value measurement are: The estimated fair value of the contingent earn -out consideration related to the divestment of the Nutisal brand would increase (decrease) if the forecasted combined sales value of Cloetta and De Monchy Food Group of the Nutisal products during the period 1 July 2024 until 30 June 2025 was higher (lower). Pa rent Company Cloetta AB’s primary activities include head office functions such as group - wide management and administration. The comments below refer to the period from 1 January to 30 September 2026. Net sales in the Parent Company amounted to SEK 103m (116) and relate mainly to intra-group services. Operating profit/loss was SEK -8m (2). Net financial items totalled SEK -178m (-38). Loss before tax was SEK -186m (-36) and loss for the period was SEK -149m (-29). Cash and cash equivalents and short- term investments amounted to SEK 0m (0). T he Cloetta share Cloetta’s class B share is listed on Nasdaq Stockholm, Mid Cap. During the period from 1 January to 30 September 2026, a total of 69,365,892 shares were traded for a combined value of SEK 3,522m, equivalent to around 25 per cent of the total number of class B shares at the end of the period. The highest quoted bid price during the period from 1 January to 30 September 2026 was SEK 58.40 (30 July) and the lowest was SEK 39.80 (7 January). The share price on 30 September 2026 was SEK 51.40 (last price paid). During the period from 1 January to 30 September 2026, the Cloetta share increased by 27.0 per cent while the Nasdaq OMX Stockholm PI increased by 7.7 per cent. Cloetta’s share capital at 30 September 2026 amounted to 1,443,096,495. The total number of shares is 288,619,299, consisting of 5,735,249 (5,735,249) class A shares and 282,884,050 (282,884,050) class B shares, equal to a quota value of SEK 5 per share. At 30 September 2026, Cloetta had 1,117,001 class B shares in treasury. Sha reholders On 30 September 2026, Cloetta AB had 52,108 shareholders. The largest shareholder was AB Malfors Promotor with a holding corresponding to 43.15 per cent of the votes and 33.00 per cent of the share capital in the company. Van Lanschot Kempen Investment Management was the second largest shareholder with 4.53 per cent of the votes and 5.34 per cent of the share capital. The third largest shareholder was Nordea Funds with 2.24 per cent of the votes and 2.64 per cent of the share capital. Cloetta regularly updates its list of shareholders on its investor website www.cloetta.com/en/investors/. 30 Sep 2025 Carrying amount Fair value SEKm Mandatorily at FVTPL Financial assets at amortised cost Other financial liabilities at carrying value To t a l Level 1 Level 2 Level 3 To t a l Financial assets • T rade and other receivables, excluding other taxes and social security receivables and prepaid expenses and accrued income - 1,235 - 1,235 • Contingent earn-out consideration and deferred selling price 2 - - 2 - 2 - 2 • Single currency interest rate swaps 1 - - 1 - 1 - 1 • Cash and cash equivalents - 339 - 339 T otal assets 3 1,574 - 1,577 - 3 - 3 Financial liabilities • Loans from credit institutions - - 1,382 1,382 • Commercial papers - - 149 149 • Forward contract to repurchase own shares - - 40 40 - -12 - -12 • Single currency interest rate swaps 8 - - 8 - 8 - 8 • T rade and other payables, excluding other taxes and social security payables - - 1,461 1,461 T otal liabilities 8 - 3,032 3,040 - - 4 - -4
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Cloetta Interim report July–September 2026 27 Risk factors Cloetta is an internationally active company that is exposed to a number of market and financial risks. All identified risks are monitored continuously and, if needed, risk mitigating measures are taken to limit their impact. The most relevant risk factors are described in the Annual and sustainability report 2025 and consist of industry and market-related risks, operational risks and financial risks. Compared to the Annual and sustainability report, which was issued on 12 March 2026, the risk-profile of Cloetta has not significantly changed although the rising input costs and global supply chain challenges are materialising and may further affect the business performance of Cloetta.
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Cloetta Interim report July–September 2026 28 Margins Return Capital structure Definitions All amounts in the tables are presented in SEK millions unless otherwise stated. All amounts in brackets () represent comparative figures for the same period of the prior year , unless otherwise stated. Gross margin Net sales less cost of goods sold as a percentage of net sales. Gross margin measures production profitability. Gross margin, adjusted Net sales, adjusted for items affecting comparability less cost of goods sold, adjusted for items affecting comparability as a percentage of net sales, adjusted for items affecting comparability. Adjusted gross margin excludes the impact of items affecting comparability, enabling a comparison of production profitability. Operating profit margin, adjusted Operating profit, adjusted for items affecting comparability, as a percentage of net sales. Adjusted operating profit margin excludes the impact of items affecting comparability, enabling a comparison of operational profitability. Operating profit margin (EBIT margin) Operating profit expressed as a percentage of net sales. Operating profit margin is used for measuring the operational profitability. Profit margin Profit/loss before tax expressed as a percentage of net sales. This metric enables the profitability to be compared across locations where corporate taxes differ. Free cash flow Sum of the cash flow from operating activities and cash flow from investments in property, plant and equipment and intangible assets. The free cash flow is the cash flow available to all investors consisting of shareholders and lenders. Free cash flow yield Free cash flow of the last 12 months divided by the number of outstanding shares at the end of the period and consequently divided by the market price per share at the end of the period. This metric is an indicator for the return on investment of investors in the company. Return on capital employed Operating profit plus financial income as a percentage of average capital employed. The average capital employed is calculated by taking the capital employed per period end and the capital employed by period end of the comparative period in the previous year divided by two. Return on capital employed is used to analyse profitability, based on the amount of capital used. The leverage of the company is the reason that this metric is used next to return on equity, because it includes equity, but takes into account borrowings and other liabilities as well. Return on equity Profit from continuing operations for the period as a percentage of total equity. Return on equity is used to measure profit generation, given the resources attributable to the owners of the Parent Company. Capital employed T otal assets less interest-free liabilities (including deferred tax). Capital employed measures the amount of capital used and serves as input for the return on capital employed. Equity/ assets ratio Equity at the end of the period as a percentage of total assets. The equity/ assets ratio represents the amount of assets on which shareholders have a residual claim. This ratio is an indicator of the company’s leverage used to finance the firm. Gross debt Gross current and non-current borrowings, credit overdraft facilities, lease liabilities, derivative financial instruments and interest payable. Gross debt represents the total debt obligation of the company irrespective of its maturity. Net debt Gross debt less cash and cash equivalents. The net debt is used as an indication of the ability to pay off all debts if these became due simultaneously on the day of calculation, using only available cash and cash equivalents. Net debt/EBITDA Net debt at the end of the period divided by the EBITDA, adjusted, for the last 12 months, taking into consideration the annualisation of EBITDA for acquired or divested companies. The net debt/EBITDA ratio approximates the company’s ability to decrease its debt. It represents the number of years it would take to pay back debt if net debt and EBITDA were held constant, ignoring the impact of cash flows from interest, tax and capital expenditure. Net debt/ equity ratio Net debt at the end of the period divided by equity at the end of the period. The net debt/ equity ratio measures the extent to which the company is funded by debt. Because cash and overdraft facilities can be used to pay-off debt at short notice, the leverage takes into account net debt instead of gross debt. Working capital T otal inventories and trade and other receivables adjusted for trade and other payables. Working capital is used to measure the company's ability, besides cash and cash equivalents, to meet current operational obligations. Definition/ calculation Purpose
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Cloetta Interim report July–September 2026 29 Data per share Other definitions Cash flow from operating activities per share Cash flow from operating activities in the period divided by the average number of outstanding shares. The cash flow from operating activities per share measures the amount of cash the company generates per share from the revenues it brings in, irrespective of the capital investments and cash flows related to the financing structure of the company. Earnings per share Profit for the period divided by the average number of outstanding shares adjusted for the effect of treasury shares. The earnings per share measures the amount of net profit that is available for payment to shareholders per share. Equity per share Equity at the end of the period divided by number of outstanding shares at the end of the period. Equity per share measures the net-asset value backing up each share of the company's equity and determines if a company is increasing shareholder value over time. Amortisation Amortisation of intangible assets except for amortisation on software which is included in “Depreciation”. Amortisation deviates from depreciation where amortisation has the purpose to spread capitalised expenses over the useful lifetime of these expenses. Depreciation Depreciation of property, plant and equipment and amortisation of software. Depreciation deviates from amortisation where depreciation has the purpose to spread the cost of a non-current asset over the useful lifetime of these assets. EBITDA Operating profit before depreciation, amortisation and impairments of other non-current assets. EBITDA is used to measure the cash flow generated from operating activities, eliminating the impact of financing and accounting decisions. EBITDA, adjusted Operating profit, adjusted for items affecting comparability, before depreciation, amortisation and impairments of other non-current assets. Adjusted EBITDA increases the comparability of EBITDA. Effective tax rate Income tax as a percentage of profit before tax. This metric enables the income tax to be compared across locations where corporate taxes differ. Gross profit, adjusted Net sales, adjusted for items affecting comparability less cost of goods sold, adjusted for items affecting comparability. Gross profit, adjusted increases the comparability of gross profit. Items affecting comparability Items affecting comparability are those significant items which are separately disclosed by virtue of their size or incidence, in order to enable a full understanding of the Group's financial performance. These include items such as restructurings, impact from acquisitions or divestments. Items affecting comparability increases the comparability of the Group's financial performance. Net financial items The total of exchange differences on cash and cash equivalent in foreign currencies, other financial income and other financial expenses. The net financial items reflects the company's total costs of external financing. Net sales, change Net sales as a percentage of net sales in the comparative period of the previous year. Net sales, change reflects the company's realised top-line growth over time. Operating profit (EBIT) Operating profit consists of comprehensive income before net financial items and income tax. This metric enables the profitability to be compared across locations where corporate taxes differ, irrespective the financing structure of the company. Operating profit (EBIT), adjusted Operating profit adjusted for items affecting comparability. Operating profit, adjusted increases the comparability of operating profit. Organic growth Net sales, change excluding acquisition-driven growth and changes in exchanges rates. Organic growth excludes the impact of changes in group structure and exchange rates, enabling a comparison on net sales growth over time. Structural changes Net sales, change resulting from changes in group structure. Structural changes measure the contribution of changes in group structure to the net sales growth. Glossary Branded packaged products Products that are mainly sold under brands and are packaged. FVTPL Fair Value Through Profit and Loss. Pick & mix Cloetta’s range of candy and natural snacks that are picked by the consumers themselves. Pick & mix concept Cloetta’s complete concept in pick & mix including products, displays and accompanying store and logistic services.
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Cloetta Interim report July–September 2026 30 Exchange rates SEK 30 Sep 2026 30 Sep 2025 31 Dec 2025 EUR, average 10.9141 11. 1055 11.0675 EUR, end of period 11.3310 11.0565 10.8215 NOK, average 0.9836 0.9480 0.9440 NOK, end of period 1.0394 0.9429 0.9137 GBP , average 12.6368 13.0415 12.9086 GBP , end of period 13.2584 12.6591 12.4014 DKK, average 1.4604 1.4883 1.4829 DKK, end of period 1.5158 1.4811 1.4489 A bout Cloetta Cloetta is Northern Europe’s leading confectionery company with the vision to be the winning confectionery company, inspiring a more joyful world. Our core markets are Sweden, Finland, Denmark, Norway and the Netherlands and our products are sold in more than 60 countries worldwide. Cloetta has six production units in five countries and the company’s class B-shares are traded on Nasdaq Stockholm. C loetta AB (publ) Corp. ID no. 556308-8144 Landsvägen 50A, Box 2052, 174 02, Sundbyberg, Sweden T el +46 (0)8-52 72 88 00 More information about Cloetta is available at www.cloetta.com