Slides
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1 Robert Dackeskog, President and CEO Magnus Carlsson, CFO Interim Report Q3 2026 Operational progress in a continued challenging market
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2 Disclaimer – This presentation has been prepared by Duni AB (the “Company”) solely for use at this investor 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. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. – The Information has been prepared solely for information purposes. The information does not constitute investment advice and does not form part of, and should not be construed as, an offer or the solicitation of an offer to subscribe for or purchase securities of the Company. Nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. – 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 successfully operate 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, except as required by applicable law, the Company does not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it and nor does it intend to. – 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.
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3 IN TE RIM REPORT Q3 2026 Agenda • Highlights • Q3 Key activities • Market outlook • Q3 Key Financial performance incl. Business areas • Sustainability & Our long-term targets • Financials • Summary • Q&A 3
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4 IN TE RIM REPORT Q3 2026 Q3 in brief • Organic sales growth of 1.7%, driven by continued strong development in Australia as well as increased napkin volumes in Europe • Operating income impacted by transition costs, elevated fuel prices and continued weak restaurant demand in Europe • Logistics transition stabilized during the quarter • Strategic priorities continued with unchanged focus 4
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5 IN TE RIM REPORT Q3 2026 Key activities in the quarter Logistics transition – significant progress • Backlog eliminated and operational stability significantly improved • Transfer of remaining German volumes continued during Q3, with completion expected in Q4 • Transition cost impact expected to decrease coming quarters
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6 IN TE RIM REPORT Q3 2026 Key activities in the quarter Developing the offering • Strong initial pre -order interest ahead of the d.ls lighting platform launch • Duniform strengthened its offering through a new brand concept and mono -material solutions with improved recyclability • New PPWR-related requirements entered into force, with Duni Group well prepared to meet the new requirements
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7 IN TE RIM REPORT Q3 2026 Market Development • Market conditions remained weak throughout H1 2026, with no clear signs of recovery • Full service restaurants in Germany most negatively impacted with visits down -6,1% Jan-Aug vs Last year and -25% vs 2019. • Restaurants continued to face pressure from weak consumer demand and increased price sensitivity • Cost inflation remained elevated, driven by labor, food and energy expenses • The hospitality sector remained under pressure despite some support from domestic travel Source: Dehoga, Q2 2026
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8 IN TE RIM REPORT Q3 2026 European Foodservice – Key Trends • Full service restaurants continue to face pressure, while quick service channels remain more resilient • European foodservice traffic remains broadly flat, with stronger growth is seen in markets such as China, the US and Canada • Morning meal is the only daypart gaining share globally, reflecting changing consumption patterns Source: Circana, CREST®, Q2 2026 -0.8% 0.0% -0.2% -0.6% -1.4% -1.9% BIG 5 Germany Spain Italy France Great Britain -0.8% -0.1% -0.2% -0.9% -2.0% Total Foodservice Retail Foodservice Non Commercial Quick Service Restaurants Full Service Restaurants 1.0% -0.8% 1.9% Spend Visits Eater Cheque Foodservice Trend Year to Date July 2026 vs Year to Date July 2025 BIG 5 by KPI, by country and BIG 5 by channel. Source:, CREST®, Foodservice Trend YTD July 2026 vs 2025 Visit Trend by Country Visit Trend BIG 5 by Channel
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9 Net sales amounted to SEK 2,033 m (1,972) SEK 2,033 m Operating income amounted to SEK 133 m (168) SEK 133 m Operating margin was 6.5% (8.5) 6.5% N E T S ALE S O PE R AT IN G IN C O ME O PE R AT IN G M AR G IN Q3 2026 Key Financials
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10 Q3 Comments N E T S ALE S • Sales up 2.0% in fixed currencies • Improved delivery performance supported sales as remaining backorders were cleared • European full service restaurant visits remained lower compared to last year, particularly in Germany • Private label sales increased as customers remained focused on cost control • Australia continued to perform well, while the Middle East remained weak 6,000 8,000 1,500 2,000 LTMQUARTER NET SALES NET SALES, SEK M NET SALES LAST 12 MONTHS (LTM), SEK M O PE R AT IN G IN C O ME 0 200 400 600 800 0 60 120 180 240 LTMQUARTER OPERATING INCOME OPERATING INCOME, SEK M OPERATING INCOME LAST 12 MONTHS, SEK M • Income impacted by costs related to the logistics transition • Freight inefficiencies and increased fuel prices resulted in elevated costs • Weak European restaurant demand and a less favorable product mix continued to weigh on income • Cost saving measures contributed positively, partly offsetting higher IT costs • Australia contributed positively, while the Middle East remained under pressure
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11 Net sales amounted to SEK 1,217 m (1,221) SEK 1,217 m Operating income amounted to SEK 92 m (140) SEK 92 m Operating margin was 7.5% (11.5) 7.5% N E T S ALE S O PE R AT IN G IN C O ME O PE R AT IN G M AR G IN BA Dining Solutions
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12 Dining Solutions Q3 2026 • Sales up 0.1% in fixed currencies, supported by the clearing of remaining backorders from Q2 • Private label demand remained strong, reflecting continued customer focus on cost control • Sales to Germany remained weak while growth was generated in Italy supported by the cooperation with Seti. Business in the Middle East continued to be negatively impacted by the geopolitical instability. • Operating income remained impacted by elevated logistics costs, weak restaurant traffic and an unfavorable product mix 4,000 5,000 0 200 400 600 800 1,000 1,200 1,400 LTMQUARTER NET SALES NET SALES, SEK M NET SALES LAST 12 MONTHS (LTM), SEK M -200 0 200 400 600 800 0 40 80 120 160 200 LTMQUARTER OPERATING INCOME OPERATING INCOME, SEK M OPERATING INCOME LAST 12 MONTHS, SEK M
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13 Net Sales amounted to SEK 816 m (751) SEK 816 m Operating Income SEK 41 m (27) SEK 41 m Operating Margin was 5.0% (3.7) 5.0% N E T S ALE S O PE R AT IN G IN C O ME O PE R AT IN G M AR G IN BA Food Packaging Solutions
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14 Food Packaging Solutions Q3 2026 • Sales up 5.1% in fixed currencies, driven by Australia and acquired companies • European sales broadly stable, with growth in Denmark and Norway offsetting weaker development in Germany • Duniform outperformed other parts of the take-away portfolio, supported by continued development in machines, services and packaging solutions • Operating income improved year-on-year, supported by gross margin improvements, despite elevated logistics costs 2,800 3,500 0 200 400 600 800 1,000 LTMQUARTER NET SALES NET SALES, SEK M NET SALES LAST 12 MONTHS (LTM), SEK M 0 20 40 60 80 100 120 140 160 0 10 20 30 40 50 60 LTMQUARTER OPERATING INCOME OPERATING INCOME, SEK M OPERATING INCOME LAST 12 MONTHS, SEK M
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15 Expand our Innovative Offering to Customers and Consumers Strengthen our Market Positions in Europe and Asia Pacific Enhance our Operational Efficiency and Enable Regional Differentiation Environmentally Leading • Become circular at scale • Reach net zero • Act for biodiversity Socially Engaged • Be a great place to work • Promote fair work across the value chain Well Governed • Secure a well- managed company • Build a resilient value chain A Trusted Sustainability Leader Enabling people to enjoy good food, well-being, and togetherness– today and for generations to come. Enabling people to enjoy good food, well-being, and togetherness – today and for generations to come. Margin: >10%Growth: >5% Margin: >10%Growth: >6% Dividend: >50% Share of Circular inputs: 90% Scope 1 & 2 emissions: -57% Supplier CoC signature: 100% Scope 3 emissions: -46% Lost-time incidents: < 10 LTIs per 1,000 employees "O U R D EC AD E O F A C TI ON ” A Trusted Sustainability Leader
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16 (minskning 58 %) T A R G E T Sales growth Operating margin Dividend Share of circular input materials Climate target Lost-time incidents Suppliers who have signed the Code of Business Conduct >6 % >10% >50% 90% -57% <10 100% Currency-adjusted sales growth over a business cycle. (2030 target, base year 2025) Scope 1 & 2 target 2030 (full year) base year 2019. per 1,000 employees (2030 target, base year 2025) (2030 target, base year 2025) O U T C O M E Rolling 12 months Rolling 12 months Full year 2025 KPI status Jan 1– Sept 30 Rolling 12 months Rolling 12 months KPI status Jan 1 – Sept 30 -0.7% 6.1% 75% 87% -62% 20 91% D U N I G R O U P Group Targets 16
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17 Financials
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18 Income Statement SEK m Q3 / 2026 Q3 / 2025 YTD / 2026 YTD / 2025 LTM / 2025-26 FY / 2025 Net sales 2,033 1,972 5,620 5,720 7,586 7,685 Gross profit1) 454 497 1,255 1,365 1,772 1,882 Gross margin 22.3% 25.2% 22.3% 23.9% 23.4% 24.5% Selling expenses 1) -200 -193 -597 -589 -808 -801 Administrative expenses 1) -137 -129 -412 -360 -556 -504 R & D expenses -8 -6 -23 -20 -30 -28 Other operating net -16 -18 -38 -51 -59 -72 EBIT 94 151 185 344 318 477 Adjustments1) -39 -17 -112 -54 -141 -83 Operating income 2) 133 168 297 398 459 560 Operating margin 6.5% 8.5% 5.3% 7.0% 6.1% 7.3% Financial net -48 -14 -102 -40 -109 -47 Taxes -14 -26 -32 -67 -70 -106 Net income 32 112 51 237 138 324 Earnings per share, attributable to equity holders of the Parent Company 0.70 2.23 0.99 4.83 2.81 6.64 1) Restructuring costs Q3 2026 had a negative impact on Gross profit of SEK 15 m, negative impact of SEK 7 m on Selling expenses and positive impact of SEK 1 m on Administrative expenses while it was no impact in Q3 2025. 2) Operating income adjusted for restructuring costs, fair value allocations and amortization of intangible assets identified in connection with business acquisitions.
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19 Business Area Financials SEK m Q3 / 2026 Q3 / 2025 YTD / 2026 YTD / 2025 LTM / 2025-26 FY / 2025 Dining Solutions Net sales Operating income 1) Operating margin 1,217 92 7.5% 1,221 140 11.5% 3,312 205 6.2% 3,477 341 9.8% 4,513 337 7.5% 4,678 473 10.1% Food Packaging Solutions Net sales Operating income 1) Operating margin 816 41 5.0% 751 27 3.7% 2,308 92 4.0% 2,242 57 2.6% 3,072 122 4.0% 3,007 87 2.9% Duni Group Net sales Operating income 1) Operating margin 2,033 133 6.5% 1,972 168 8.5% 5,620 297 5.3% 5,720 398 7.0% 7,586 459 6.1% 7,685 560 7.3% 1) Operating income adjusted for fair value allocations and amortization of intangible assets identified in connection with business acquisitions and for restructuring costs.
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20 Operating Cash Flow SEK m Q3 / 2026 Q3 / 2025 YTD / 2026 YTD / 2025 LTM / 2025-26 FY / 2025 Operating EBITDA 1) 175 207 421 513 615 708 Capital expenditure -25 -67 -132 -133 -246 -247 Change in; Inventory -55 39 -87 71 -118 40 Accounts receivable -110 -15 -145 -67 -80 -2 Accounts payable 0 53 -83 -153 -9 -79 Other operating working capital 59 11 69 -117 14 26 Change in working capital -106 89 -246 -267 -193 -15 Operating cash flow 2) 44 229 43 113 176 446 1) Operating EBITDA is EBITDA less restructuring costs and fair value allocations and effects from IFRS 16 Leases. 2) Operating cash flow excludes changes in right-of-use assets and changes in leasing debts.
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21 SEK m September 2026 December 2025 September 2025 Goodwill 2,842 2,664 2,696 Tangible and intangible fixed assets 2,617 1,982 1,925 Net financial assets 1) 191 105 121 Inventories 1,593 1,397 1,390 Accounts receivable 1,347 1,125 1,209 Accounts payable -713 -751 -688 Other operating assets and liabilities 3) -1,101 -896 -1,238 Net assets 6,777 5,626 5,415 Net debt 2,855 1,591 1,458 Equity 3,922 4,035 3,957 Equity and net debt 6,777 5,626 5,415 ROCE2) 7% 10% 11% ROCE2) w/o Goodwill 13% 21% 24% Net debt / Equity 73% 39% 37% Net debt / EBITDA 2) 3.88 2.00 1.81 1) Deferred tax assets and liabilities + Income tax receivables and payables. 2) Operating income adjusted for fair value allocations and amortization of intangible assets identified in connection with business acquisitions and for restructuring costs. Calculated based on the last twelve months. 3) Including restructuring provision and derivatives. Financial Position
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22 IN TE RIM REPORT Q3 2026 Summary • Significant operational progress, with a more stable logistics setup • Operating income impacted by transition costs, elevated fuel prices and continued weak restaurant demand in Europe • Focus remains on completing the volume transfer and supporting future growth
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23 Q & A
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