Interim report
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SECTION 1Q3 2026 Interim Report Interim report January 1 – September 30, 2026
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Net sales, quarter, SEK m Net sales last 12 months (L TM), SEK m Quarter LT M Operating income last 12 months (L TM), SEK m Operating income quarter, SEK m Quarter LT M 2Q3 2026 Interim Report GROUP July 1 - September 30 • Net sales amounted to SEK 2,033 m (1,972), corresponding to an increase of 3.1%. At constant exchange rates, net sales increased by 2.0%, primarily driven by continued strong development in Australia and increased sales of customers’ own-brand products in Europe. • Operating income amounted to SEK 133 m (168) and was affected by higher logistics and freight costs, as well as a less favorable product mix in Europe. • EBIT was affected by restructuring costs of SEK 21 m, mainly related to the unused portion of the new warehouse in Meppen and the efficiency program within sales and administration communicated in the second quarter. • Earnings per share attributable to Parent Company’s shareholders amounted to SEK 0.70 (2.23). Operational progress in a continued challenging market Key financials SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 Net sales 2,033 1,972 5,620 5,720 7,586 7,685 Organic growth 1.7% -0.5% -1.6% -0.6% -3.1% -2.1% Sales growth. currency-adjusted 2.0% 7.9% -1.0% 7.4% -0.7% 6.0% Operating income1) 133 168 297 398 459 560 Operating margin1) 6.5% 8.5% 5.3% 7.0% 6.1% 7.3% EBIT 94 151 185 344 318 477 EBIT margin 4.6% 7.7% 3.3% 6.0 % 4.2% 6.2% Income after financial items 46 138 83 304 209 430 Income after tax 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 Adjusted earnings per share attributable to equity holders of the Parent Company1) 1.06 2.23 2.09 4.83 4.06 6.87 Return on capital employed. excluding goodwill 12.7% 23.9% 12.7% 23.9% 12.7% 20.7% 1) For reconciliation of alternative key financials. definition of key financials and the glossary. see pages 27-29. 0 60 120 180 240 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 500 1000 1500 2000 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 200 400 600 800 0 2000 4000 6000 8000 Duni Group is a market leader in attractive, environmentally sound and functional products for table setting and take- away. The Group markets and sells its products under the brands Duni, BioPak, Paper+Design and Poppies, which are represented in more than 50 markets. Duni has around 2,800 employees spread out across 26 countries, with its headquarters in Malmö and production sites in Sweden, Slovenia, Germany, Poland, Thailand, and the UK. Duni is listed on the NASDAQ Stockholm under the ticker name “DUNI”. Its ISIN code is SE0000616716. This information is information that Duni AB is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:45 CET on October 23, 2026.
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The business area’s a 3Q3 2026 Interim Report CEO SUMMARY How would you summarize the third quarter? We achieved growth of 3.1%, of which 1.7% was organic, primarily driven by good development in Australia as well as increased napkin volumes in Europe. We have resolved the delivery issues we experienced before the summer in connection with the transition to an external logistics partner. However, work remains to optimize freight costs, which weighed on income during the quarter. These effects are expected to gradually decrease over the coming quarters and, together with higher fuel prices, are the main reason for our income development. What progress was made in the logistics transition during the quarter? Significant progress was made during the quarter. Already by mid- summer we had worked through the backorders built up during the spring, after which the focus shifted to improving logistics processes and delivery precision. The decision to postpone the transfer of volumes for the German market, which we communicated in the second quarter, provided the necessary room to stabilize operations. During the quarter, we were therefore able to resume the transfer to our logistics partner. The remaining German volumes will be fully transferred before year-end. At the same time, some work remains before the transition is fully completed. We are now in a considerably more stable position than when we reported the second quarter, and we are confident that the transfer will be completed during the fourth quarter. How are you working to strengthen Duni Group’s position for the future? Even during a year in which significant focus has been placed on the logistics transition, we continue to develop the business and invest in additional areas that strengthen our competitiveness over time. Among other things, we see positive effects from the acquisition of Seti, completed at the end of 2024. Together with Duni’s organization in Italy, we have strengthened our presence in Southern Europe and created new opportunities for profitable growth in the region. The development during the year confirms the value of building a more balanced geographical presence in Europe and reducing dependence on individual markets. Within Dining Solutions, we are now launching our lighting platform d.ls, broadening our offering to the hotel and restaurant market. At the same time, we continue to develop Food Packaging Solutions through Duniform, where the combination of machines, service and packaging solutions creates an increasingly strong offering for customers in the food industry. In parallel with our growth initiatives, we are also implementing the cost savings program communicated in the previous quarter. What are the most important priorities during the final months of the year? The main priority is to complete the logistics transition in a controlled manner while continuing to improve quality and efficiency throughout the business, with particular focus on transportation costs. In parallel, we are working to create conditions for continued growth by strengthening our customer offering, developing our market positions and ensuring that we are well positioned as activity among our customers gradually increases. What gives you the greatest confidence ahead of 2027? Through the changes and investments we are making in production, logistics and our product portfolio, we create better conditions for the future. During the year, we have also adapted to the prevailing market conditions through cost-saving programs within sales and administration. As a result, we will enter 2027 with a stronger operational platform than we had at the beginning of the year. Robert Dackeskog, President and CEO, Duni Group Interview with the CEO
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Duni Group offers solutions that make a meal complete - from napkins, table covers, and candles to functional packaging and systems for the growing take-away market. Every product unites quality, design and care. Through our concepts, we want to contribute to more than just food – we create moments to come together, enjoy and share experiences with a clear conscience. Sustainability, both environmental and social, is a natural starting point in everything we do. We deliver concepts that create experiences Napkins Table covers Candles Packaging solutions Serving products Other NorthEast Central West South Rest of World Other Sales A global Group The Group has 2,695 employees in 26 countries. We market and sell our products in more than 50 markets worldwide. We are headquartered in Malmö, Sweden and have production units in Sweden, Germany, Poland, Thailand, Slovenia, and the UK. Two complementary business areas Duni Group's operations are divided into two business areas: Dining Solutions, with its focus on products and concepts for the set table, and Food Packaging Solutions, which offers sustainable packaging solutions for food and beverages. The business areas have their own sales forces and are responsible for their respective brand strategies, as well as their own marketing communications, product development and innovation. Duni Group’s solutions are sold primarily under the brands Duni, Paper+Design, Poppies, BioPak and Duniform. Sales offices Production units Per product group Per region Net sales 4Q3 2026 Interim Report DUNI GROUP
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-10 0 10 20 30 40 2026 LT M 2025202420232022 Group targets TargetSales growth Operating margin Dividend Share of circular input materials Climate target Lost time incidents Suppliers who have signed the Code of Business Conduct >6% Currency-adjusted sales growth over a business cycle. >10% >50% 90% (Target 2030, base year 2025) -57% Scope 1 & 2 target, 2030 (full year) base year 2019. <10 per 1,000 employees (Target 2030, base year 2025) 100% (Target 2030, base year 2025) Outcome Rolling 12 months Rolling 12 months Full year 2025 KPI status Jan 1 – Sep 30 Rolling 12 months Rolling 12 months KPI status Jan 1 - Sep 30 -0.7% 6.1% 75% 87% -62% 20 91% Comment The sales development over the past 12 months is explained by a generally weak market and a shift towards lower-priced products. In addition, challenges related to the logistics transition since the second quarter of 2026. The operating profit margin over the past 12 months is affected by lower volumes and the product mix. In addition, challenges related to the logistics transition since the second quarter of 2026. The dividend of SEK 5.00 per share, divided into two payment installments, corresponds to 75% of the profit after tax attributable to the Parent Company. The sec- ond installment will be paid on 17 November 2026. The share of circular input materi- als is slightly lower than reported in the previous quarter (88%) due to increased purchases of plastic materials. The 2030 target has already been achieved, with an annual index target for continuous improve- ment. Index target for 2026: 36; outcome for Q1–Q3: 38. The accident frequency is slightly higher than in the previous quar- ter (Q2 R12 2026: 19). The work to review causes and increase focus on personal safety continues. The figure reported in the previous quarter has been adjusted from 20 to 19 following a correction to the number of accidents after publication of the report. Performance in line with the previ- ous quarter. Continued increase in the number of BioPak Group sup- pliers that have signed the Code of Business Conduct. History -10 0 10 20 30 40 2026 LT M 2025202420232022 0 2 4 6 8 10 2026 LT M 2025202420232022 -1,0 -0,8 -0,6 -0,4 -0,2 0,0 2026 LT M 2025202320212019 -1,0 -0,8 -0,6 -0,4 -0,2 0,0 2026 Q/two.lf 2025202320212019 0 20 40 60 80 100 20252024202320222021 0 5 10 15 20 25 2026 LT M 2025202420232022 0 20 40 60 80 100 2026 LT M 2025202420232022 0 20 40 60 80 100 2026 LT M 2025202420232022 OutcomeTarget OutcomeTarget OutcomeTarget OutcomeTarget OutcomeTarget OutcomeTarget OutcomeTarget For definitions of the Group targets, see page 29 5Q3 2026 Interim Report GROUP
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July 1 – September 30 Net sales increased by SEK 68 m to SEK 2,033 m (1,972) compared with the corresponding period last year. At constant exchange rates, this corresponded to an increase of 2%. The increase was primarily explained by continued strong development in Australia and increased sales of customers’ own-brand products in Europe. At the beginning of the quarter, delivery capabil- ity improved while the remaining backorders built up during the spring were gradually worked down. Activity in the restaurant market contin- ued to develop weakly. Restaurant visits declined in several European markets, not least in Germany, where the latest market data showed a decline of 6.8%. Despite this develop- ment, volumes within the Group’s branded port- folio were in line with the previous year in all European markets except the Central region (Germany, Austria and Switzerland). This indi- cates that the Group’s market position remains strong, even in a situation where demand in the HoReCa market is developing weakly. However, the industry’s focus on costs remained high, contributing to a clear increase in sales of cus- tomers’ own-brand products. Sales in the Middle East continue to be affected by the geopolitical situation in the region. In Australia, operations developed positively, driven by good demand and a gradually stron- ger market position. January 1 – September 30 Net sales decreased by SEK 100 m to SEK 5,620 m (5,720) compared with the corresponding period last year. At constant exchange rates, this corresponded to a decrease of 1.0%. Sales development during the first nine months of the year was characterized by cautious con- sumer behavior in the European HoReCa mar- ket, with weak restaurant visits in several mar- kets, particularly Germany. The restaurant mar- ket’s continuing focus on cost control contrib- uted to a clear increase in demand for customers’ own-brand products. Overall, vol- umes developed positively during the period, but the changed product mix had an impact on sales value through a higher share of products with lower sales value. Within Food Packaging Solutions, development was more stable, as weaker development in Europe was balanced by growth in Australia. During the second quarter, sales development was also negatively affected by delivery disrup- tions related to the scale-up of the new ware- house in Germany. Sales in the Middle East were affected by geo- political uncertainty in the region, primarily impacting Dining Solutions. Net sales SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 % fixed exchange rates 9 months Jan-Sep 2026 9 months Jan-Sep 2025 % fixed exchange rates 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 Dining Solutions 1,217 1,221 0.1% 3,312 3,477 -2.9% 4,513 4,678 Food Packaging Solutions 816 751 5.1% 2,308 2,242 2.0% 3,072 3,007 Duni Group 2,033 1,972 2.0% 5,620 5,720 -1.0% 7,586 7,685 Change in net sales % 3 months Jul-Sep 2026 Organic growth 1.7% Acquisitions 0.3% Currency impact 1.1% Duni Group 3.1% Group – Net sales 6Q3 2026 Interim Report GROUP
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Operating income SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2026 1) 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2026 1) 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 Dining Solutions 92 93 140 205 210 341 337 473 Food Packaging Solutions 41 39 27 92 91 57 122 87 Duni Group 133 132 168 297 301 398 459 560 July 1 – September 30 Operating income amounted to SEK 133 m (168), corresponding to an operating margin of 6.5% (8.5%). The operating gross margin amounted to 23.0% (25.2%). The quarter’s operating income was affected by costs related to the transition to the new ware- house in Germany as well as increased freight costs. The extended implementation period resulted in increased costs for dual warehouse solutions. Freight costs increased due to both higher fuel prices and less efficient distribution to customers. In addition to the logistics transition, income was affected by a continued cautious market environment in the European restaurant market, where a higher share of sales of customers’ own-brand products contributed to a less favor- able product mix. Realized effects from previously communicated cost-saving programs in Europe contributed positively to income and offset increased IT costs related to ongoing investments. In addi- tion, the quarter was positively affected by cur- rency and revaluation effects. In the Middle East, income continued to be affected by the geopolitical situation in the region and the lower activity level within the hotel and restaurant segment. In Australia, income developed positively supported by improved gross profit. Restructuring costs amounted to SEK 21 m and relate to costs incurred for the unused portion of the new warehouse in Meppen, Germany, as well as the continuation of the efficiency pro- gram within sales and administration announced in the second quarter. This program is expected to generate annual savings of SEK 34 m, with full effect from the fourth quarter. Restructuring costs are not included in operat- ing income but are reported as non-recurring items, together with amortization of intangible assets identified in connection with acquisitions and fair value allocations. See Note 4 and the table on page 27 explaining the bridge between EBIT and operating income. Income after financial items amounted to SEK 46 m (138). Income after tax amounted to SEK 32 m (112). January 1 – September 30 Operating income amounted to SEK 297 m (398), corresponding to an operating margin of 5.3% (7.0%). The operating gross margin amounted to 23.1% (23.9%). The general development of operating income during the first nine months of the year followed the same pattern as in the quarter. Restructuring costs for the first nine months of the year were of the same nature as for the quarter and amounted to SEK 65 m. Income after financial items amounted to SEK 83 m (304). Income after tax amounted to SEK 51 m (237). Group – Income 1) Reported operating income 2026 recalculated at 2025 exchange rates. 7Q3 2026 Interim Report GROUP
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Dining Solutions The Dining Solutions business area stands for sustainable and innovative solutions for the set table. The range consists mainly of napkins, table covers and candle concepts, and is sold under the brands Duni, Paper+Design and Pop - pies. Customers are mainly in the hotel and restaurant sector, the so-called HoReCa market, where sales are largely made through wholesal - ers. Retail and the specialist trade are also important customer groups. The business area is a European market leader in the premium seg - ment for napkins and table covers. 8Q3 2026 Interim Report DINING SOLUTIONS
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Operating income • Operating income was affected by high logis- tics and transportation costs. The increase in costs was driven by both general cost environ- ment and temporary effects from the ramp-up of the new warehouse in Germany, in the form of dual warehouse solutions and less efficient distribution to customers. • Declining restaurant visits in several European markets, particularly Germany, contributed to weak development in the HoReCa market and thus demand for higher-value-added products. • Income in the Middle East continued to be affected by the geopolitical situation in the region and the lower activity level within the hotel and restaurant segment. • Positive currency and revaluation effects strengthened income during the quarter. Business events during the quarter • Ahead of the launch of the d.ls lighting platform on 1 October, pre-orders indicated strong initial interest from restaurants and wholesalers in several European markets. • The recently launched products Softiq and Velviq are devel- oping well in the market. This confirms our innovation capa- bility and our ability to transform customer insights into attractive offerings. • Several customer wins within the core business were secured during the quarter, contributing to a stronger market position for Dining Solutions. Net sales • Net sales increased by 0.1% at constant exchange rates. Development was positively affected by the gradual reduction of the backlog built up during the spring. • Sales in the Middle East decreased compared with the previous year due to continued geopoliti- cal uncertainty and consequently lower activity within the hotel and restaurant segment. • Demand for customers’ own-brand products con- tinued to develop strongly during the quarter, driven by the restaurant market’s continued focus on cost control. • Development within Duni Group’s brand portfolio varied between markets. The weakest develop- ment was noted in the Central region (Germany, Austria and Switzerland), where demand was affected by fewer restaurant visits. The strongest development was seen in Italy, where sales increased at a double-digit rate, supported by the collaboration with the acquired company Seti. 0 200 400 600 800 1000 1200 1400 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 1000 2000 3000 4000 5000 0 50 100 150 200 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 -200 50 300 550 800 Nettoomsättning Operativt resultat 0 200 400 600 800 1000 1200 1400 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 1000 2000 3000 4000 5000 0 50 100 150 200 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 -200 50 300 550 800 Nettoomsättning Operativt resultat July 1 - September 30 Net sales 1,217 SEK (1,221) m Operating income 92 SEK (140) m Operating margin 7.5% (11.5%) NorthEast Central West By region Net sales South Rest of World Other Sales Net sales, quarter, SEK m Net sales last 12 months (L TM), SEK m Quarter LT M Operating income last 12 months (L TM), SEK m Operating income quarter, SEK m Quarter LT M January 1 - September 30 Net sales 3,312 SEK (3,477) m Operating income 205 SEK (341) m Operating margin 6.2% (9.8%) 9Q3 2026 Interim Report DINING SOLUTIONS
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Food Packaging Solutions The Food Packaging Solutions business area offers environmentally sound concepts for meal packaging and serving products for applications including take-away, ready-to-eat meals, and various types of catering. The business area’s customers are various types of restaurants with take-away concepts and companies that are active in the health and patient care sectors. Stores and other food producers are also major customer groups. Products and services in the business area are sold under the Duni, BioPak and Duni - form brands. The business area has a mar - ket-leading position in Australia. 10Q3 2026 Interim Report FOOD PACKAGING SOLUTIONS
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Operating income • Operating income improved compared with the previous year, primarily driven by positive inventory revaluation effects. • Income was simultaneously affected by high logistics costs related to the transition to the new warehouse in Germany as well as gener- ally higher freight cost environment. • Temporarily higher indirect costs affected BioPak Group’s income. Business events during the quarter • Large parts of the Duniform range transitioned to mono-material pure polypropylene (PP), improving recyclability and strengthen- ing compatibility with existing recycling systems. • Duniform launched the new brand concept “Protect Your Food. Protect Your Business.” to clarify the integrated offering of machines, packaging, service and advisory services. • New PPWR-related requirements entered into force during the quarter. Duni Group has prepared its operations and product portfolio for several years to meet the new regulatory require- ments. Net sales • Net sales increased by 5.1% at constant exchange rates, primarily driven by continued strong development in Australia and contribu- tions from acquired companies. • Organically, development in Europe was in line with the previous year. Gradually improved delivery capability during the quarter contrib- uted positively to sales development, while weaker performance in Germany was offset by strong growth particularly in Denmark and Norway. • Duniform developed better than other parts of the business area’s take-away range, driven by continued progress within machinery, service and packaging solutions. • BioPak Group continued to develop positively in Australia, where the business area further strengthened its market position during the quarter. 0 200 400 600 800 1000 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 700 1400 2100 2800 3500 0 15 30 45 60 75 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 50 100 150 200 250 Nettoomsättning Operativt resultat 0 200 400 600 800 1000 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 700 1400 2100 2800 3500 0 15 30 45 60 75 Q3 -26 Q2 -26 Q1 -26 Q4 -25 Q3 -25 Q2 -25 Q1 -25 Q4 -24 Q3 -24 Q2 -24 Q1 -24 Q4 -23 Q3 -23 0 50 100 150 200 250 Nettoomsättning Operativt resultat July 1 - September 30 Net sales 816 SEK (751) m Operating income 41 SEK (27) m Operating margin 5.0% (3.7%) NorthEast Central West By region Net sales South Rest of World Other Sales Net sales, quarter, SEK m Net sales last 12 months (L TM), SEK m Quarter LT M Operating income last 12 months (L TM), SEK m Operating income quarter, SEK m Quarter LT M January 1 - September 30 Net sales 2,308 SEK (2,242) m Operating income 92 SEK (57) m Operating margin 4.0% (2.6%) 11Q3 2026 Interim Report FOOD PACKAGING SOLUTIONS
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Financial overview Cash flow and funding The Group’s cash flow from operating activities amounted to SEK -73 m (260) for the period Jan- uary 1–September 30. Account receivable amounted to SEK 1,347 m (1,209), account pay- able to SEK 713 m (688) and inventories to SEK 1,593 m (1,390). The deterioration in operating cash flow was driven by both a temporary inven- tory build-up and lower sales and income. Cash flow including investing activities amounted to SEK -295 m (-42), of which net acquisitions of subsidiaries amounted to SEK -90 m (-428). Net investments for the period amounted to SEK 132 m (134). Depreciation for the period amounted to SEK 268 m (228), of which depreciation of right-of-use assets amounted to SEK 86 m (54). In January, the Group gained access to the new external logistics facility in Meppen, Germany. This resulted in a new financial lease agreement of approximately SEK 615 m with a maturity of 15 years. The Group’s net interest-bearing debt as of 30 September 2026 amounted to SEK 2,855 m (1,458). At the end of 2025, net interest-bearing debt amounted to SEK 1,591 m. The increase is primarily attributable to the lease liability increasing by approximately SEK 615 m as described above. In March, Duni AB entered into an agreement for new long-term financing totalling EUR 200 m involving two banks. The financing is a sustain- ability-linked revolving credit facility with a term of 3+1+1 years. In June, an existing loan of SEK 200 m was converted into a three-year facility of EUR 25 m, and during the quarter BioPak Pty Ltd’s local facility was increased by AUD 20 m to a total of AUD 85 m, while all other terms remained unchanged. Net financial items Net financial items for the period January 1– September 30 amounted to SEK -102 m (-40), of which currency translation effects impacted by SEK -12.6 m (+7.7). Interest income decreased as several interest-rate swaps with favourable interest levels expired, while interest expenses increased as a result of higher indebtedness. The annual interest expense for the new lease contract relating to the logistics facility in Mep- pen is estimated at approximately SEK 30 m. T axes Total reported tax expense for the period Janu- ary 1–September 30 amounted to SEK 32 m (67), corresponding to an effective tax rate of 38.7% (22.2%). Reported tax for the period includes adjustments and one-off effects from previous years amounting to SEK -6.9 m (5.4). The effec- tive tax rate excluding adjustments from previ- ous years amounted to 30.3%. Earnings per share This year’s earnings per share, attributable to equity holders of the Parent Company, before and after dilution, amounted to SEK 0.99 (4.83). The share As of September 30, 2026, the share capital amounted to SEK 58,748,790 and consisted of 46,999,032 outstanding ordinary shares. The quotient value of the shares is SEK 1.25 per share. Shareholders Duni AB (publ) is listed on NASDAQ Stockholm under the ticker name “DUNI”. The three largest shareholders at the end of the period were Mellby Gård AB (52.55%), Carnegie Fonder AB (6.38%) and Protector Forsikring ASA (3,97%). Personnel On September 30, 2026, there were 2,695 (2,740) employees. 1,223 (1,074) of the employees were engaged in production. Duni Group’s production plants are located in Bramsche and Wolken- stein, Germany, in Poznan, Poland, in Bengts- fors, Sweden, in Bangkok, Thailand, in Kranj, Slo- venia, and in St Helens, UK. Acquisitions In February, an agreement was signed to acquire 100% of the shares in Solserv Solutions & Services Europe AB (Solserv). The acquisition took place on April 1, 2026 and is consolidated within the Food Packaging Solutions business area. The company has annual net sales of approximately SEK 50 m and a total of six employees. Solserv offers a complete range of machines for rapid composting and specializes in the sale of large packaging machines to the industrial sector. The company also offers after- sales service and consumables. The acquisition strengthens Duni Group’s offering within the Duniform brand with increased service capacity, technical expertise and an established cus- tomer base. At the same time, Duniform is taking a clear step into the industrial segment, comple- menting existing concepts aimed at retailers and smaller producers, and strengthening the Group’s position in the Swedish and Nordic markets. During the quarter, changes were made to the ownership structure of BioPak Pty Ltd in con- nection with the company’s founders leaving the company and divesting their shareholding. Duni AB and Five V Pty Ltd acquired shares, while Duni AB divested part of its holding to Five V. Following the transactions, Duni AB’s ownership amounts to 57.0% (53.37%) and Five V’s to 40.9% (29.1%), while the remaining 2.1% is held by a small number of minority shareholders. Duni AB’s net consideration amounted to SEK 59.6 m and was financed within the existing facility. This is recognised in equity as a transaction with non-controlling interests. New establishments No new establishments were carried out during the period. FINANCIAL OVERVIEW 12Q3 2026 Interim Report
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risk, liquidity risk, interest rate risk, currency risk and credit risk. Group Finance is responsible for prioritizing and managing financial risks in accor- dance with the Group’s Financial Policy. The Finan- cial Policy focuses on the unpredictability of the financial markets and seeks to minimize potential adverse effects on the Group’s financial results. The Financial Policy is reviewed and approved annually by the Board of Directors. The Group’s Enterprise Risk Management pro- cess, risks and risk management are described in more detail in the Annual and Sustainability Report 2025. The Group’s contingent liabilities have increased since the start of the year by SEK 7 m to SEK 93 m (86). Transactions with related parties No significant related-party transactions took place during the third quarter of 2026. Significant events during the period No significant events occurred during the period. Significant events after the balance sheet date No significant events occurred after the balance sheet date. Interim reports Q4 February 5, 2027 Q1 April 29, 2027 Annual General Meeting 2027 The Annual General Meeting of Duni AB will be held in Malmö on 25 May 2027 at 3:00 p.m. Further information will shortly be available on Duni’s website. Parent Company Net sales amounted to SEK 1,012 m (1,037) for the period January 1–September 30. Income after financial items amounted to SEK 97 m (53). During the quarter, BioPak Pty Ltd distributed dividends totalling SEK 171 m, of which Duni AB received SEK 96 m and non-controlling interests received SEK 75 m. Duni AB recognised a capi- tal gain of SEK 60 m from the divestment of BioPak Pty Ltd shares to Five V Pty Ltd. At Duni AB’s Annual General Meeting in May, it was resolved that a dividend would be paid in two instalments, SEK 117.5 m in May and SEK 117.5 m in November. The entire amount has been recognised as a deduction from equity and the unpaid portion is included under current liabilities in the balance sheets of both the Par- ent Company and the Group. Interest-bearing net debt amounts to SEK 716 m (506). Net invest- ments amounted to SEK 51 m (37) and deprecia- tion and amortisation to SEK 12 m (12). Accounting principles The interim report for the Group has been pre- pared in accordance with IAS 34 and the Swed- ish Annual Accounts Act. The Parent Company’s financial statements have been prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish Annual Accounts Act. Accounting principles have been applied as reported in the Annual Report for the year ended on December 31, 2025. Information in the report Duni AB (publ) publishes this information in accordance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on October 23 at 07:45 AM. Risks and risk management for Duni Group The Group has established an Enterprise Risk Management process, which serves as a frame- work for risk management. The aim of the pro- cess is to identify opportunities and limit risks that may have a negative impact on Duni Group’s financial and sustainability targets. The risks are divided into four risk areas: strategic and external risks, operational risks, sustainabil- ity risks and financial risks. Strategic and external risks refer to risks that may have an impact on the company’s opera- tions, business model and market position. The Board and management develop strategies to manage these risks, which is done through strategy meetings. It is not unusual for these risks to be driven by external factors that are linked to the external environment and may affect Duni Group’s long-term goals and strat- egy. This includes risks related to acquisitions, suppliers, regulations and laws. External factors that may also affect operations include raw material prices, transport costs, local restric- tions, price competition, taxes, a worsening economy, and changes in market demand. Events that could lead to fewer restaurant vis - its, reduced demand and increased price com - petition, affect volumes and gross margins, among other things through increased dis - counts and customer bonuses. The develop - ment of a varied and attractive range is import - ant for the Group to achieve good sales and earnings development. The current volatile geopolitical situation in the world makes it difficult to assess potential risks and their effects. Risks associated with conflicts or uncertainties in markets where Duni Group operates are evaluated on an ongoing basis, with corrective measures if necessary. Operational risks are risks that Duni Group should largely control, manage and prevent itself, and which primarily concern processes, assets, compliance and employees. Disruption in facto- ries and logistics can be mitigated and prevented with good maintenance and knowledge. Product safety is an important area where Duni Group has a responsibility towards customers and consum- ers to ensure that products sold are safe to use. There is also a keen focus on deficiencies in IT systems, as any disruption can seriously harm the Company. Operational risks are normally managed by each operational unit. Sustainability risks include environmental and climate risks, human rights and corruption. This also includes risks such as not being able to keep up with external requirements regarding material development, reporting, or legal requirements. Many of these risks are managed through active preventive measures, such as audits of suppliers in accordance with the Code of Business Conduct, to ensure compliance in the value chain. Duni Group also conducts inter- nal training related to the Code of Conduct and its supplementary governance documents, such as the Anti-Corruption Policy. There are also processes and control mechanisms imple- mented linked to the prevention of unethical behavior in areas such as sales, purchasing and production. The Group also has an established whistleblower function that employees can use if necessary. To read more about the Company’s extensive sustainability work, see the Annual and Sustainability Report 2025. Financial risks include financing and refinancing FINANCIAL OVERVIEW 13Q3 2026 Interim Report
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At 10:00 AM on Friday October 23, the report will be presented at a telephone conference, which can also be followed online. To access the audio conference call, please visit this link: https:/ /events.inderes.com/duni-group/q3-re- port-2026/dial-in This link allows participants to register to obtain a personal code for the audio conference. To follow the webcast, please visit this link: https:/ /events.inderes.com/duni-group/q3-re- port-2026 This link gives participants access to the live event. Both a Swedish and an English version of this report have been prepared. In the event of any discrepancy between the two, the Swedish ver- sion will apply. Malmö, October 22, 2026 Robert Dackeskog, President and CEO For additional information, please contact: Magnus Carlsson, EVP Finance/CFO +46 (0)40-10 62 00 magnus.carlsson@duni.com Petra Lamorell, Interim Head of Communications petra.lamorell@duni.com Duni AB (publ) Box 237 201 22 Malmö Phone: +46 (0)40-10 62 00 www.dunigroup.com Company registration number: 556536-7488 FINANCIAL OVERVIEW 14Q3 2026 Interim Report
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1 Auditor’s report To the Board of directors in Duni AB, corporate identity number 556536-7488 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Duni AB as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting 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 significant 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, 22 October 2026 Öhrlings PricewaterhouseCoopers AB Johan Rönnbäck Neda Feher Authorized Public Accountant Authorized Public Accountant Auditor in charge This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. FINANCIAL OVERVIEW 15Q3 2026 Interim Report
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Financial statements SEK m (note 1) 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 Net sales 2,033 1,972 5,620 5,720 7,586 7,685 Cost of goods sold -1,579 -1,475 -4,366 -4,355 -5,814 -5,803 Gross profit 454 497 1,255 1,365 1,772 1,882 Selling expenses -200 -193 -597 -589 -808 -801 Administrative expenses -137 -129 -412 -360 -556 -504 Research and development expenses -8 -6 -23 -20 -30 -28 Other operating income 10 4 40 24 47 31 Other operating expenses -26 -23 -78 -75 -106 -103 EBIT 94 151 185 344 318 477 Financial income 2 2 5 3 7 4 Financial expenses -50 -15 -107 -38 -116 -47 Income from participation in associated companies 0 0 0 -5 0 -5 Net financial items -48 -14 -102 -40 -109 -47 Income after financial items 46 138 83 304 209 430 Income tax -14 -26 -32 -67 -70 -106 Net income 32 112 51 237 138 324 Net income for the period attributable to: Equity holders of the Parent Company 33 105 47 227 132 312 Non-controlling interests -1 7 4 10 6 12 Earnings per share attributable to equity holders of the Parent Company: Before and after dilution (SEK) 0.70 2.23 0.99 4.83 2.81 6.64 Average number of shares before and after dilution (’000) 46,999 46,999 46,999 46,999 46,999 46,999 Consolidated Income Statement FINANCIAL STATEMENTS 16Q3 2026 Interim Report
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SEK m (note 1) 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 Net income 32 112 51 237 138 324 Other comprehensive income Items that will not be reclassified to profit or loss: Remeasurement of net pension obligation* 2 -1 2 1 3 2 To t a l 2 -1 2 1 3 2 Items that may be reclassified subsequently to profit or loss: Translation differences for the period when translating foreign operations 75 -44 202 -250 160 -291 Cash flow hedging 1 0 2 -4 0 -6 To t a l 76 -44 203 -254 160 -297 Other comprehensive income for the period, net of tax 78 -44 205 -253 163 -295 Sum of comprehensive income for the period 110 68 256 -16 302 30 – Of which non-controlling interests 15 3 59 -59 56 -63 *Post-employment benefit obligations are recalculated each quarter since interest rates vary depending on market circumstances; a lower rate of interest gives rise to a higher cost in comprehensive income and a higher pension debt, while a higher rate of interest gives rise to a lower cost in comprehensive income and a lower pension debt than in the preceding quarter. Consolidated Statement of Comprehensive Income FINANCIAL STATEMENTS 17Q3 2026 Interim Report
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SEK m 2026 2025 2024 Quarter Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Net sales 2,033 1,823 1,764 1,965 1,972 1,884 1,863 2,057 Cost of goods sold -1,579 -1,443 -1,343 -1,448 -1,475 -1,449 -1,431 -1,540 Gross profit 454 380 421 517 497 435 433 517 Selling expenses -200 -204 -193 -212 -193 -194 -202 -201 Administrative expenses -137 -140 -135 -144 -129 -121 -111 -118 Research and development expenses -8 -8 -8 -7 -6 -9 -6 -10 Other operating income 10 17 13 7 4 10 9 10 Other operating expenses -26 -28 -24 -28 -23 -19 -33 -35 EBIT 94 17 75 133 151 103 90 163 Financial income 2 1 1 2 2 -3 3 4 Financial expenses -50 -28 -29 -9 -15 -16 -6 -18 Income from participation in associated companies 0 0 0 0 0 -5 0 0 Net financial items -48 -27 -28 -7 -14 -24 -3 -15 Income after financial items 46 -10 47 126 138 79 87 149 Income tax -14 -5 -13 -38 -26 -17 -24 -42 Net income 32 -15 34 88 112 62 63 107 Income attributable to: Equity holders of the Parent Company 33 -21 34 85 105 59 63 100 Non-controlling interests -1 5 0 2 7 4 -1 7 Condensed Consolidated Quarterly Income Statements FINANCIAL STATEMENTS 18Q3 2026 Interim Report
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Condensed Consolidated Balance Sheets SEK m (note 2) September 30 2026 Dec 31 2025 September 30 2025 ASSETS Fixed assets Goodwill 2,842 2,664 2,696 Other intangible assets 506 487 449 Tangible assets 2,111 1,495 1,475 Financial assets 316 257 312 T otal fixed assets 5,775 4,902 4,932 Current assets Inventory 1,593 1,397 1,390 Accounts receivable 1,347 1,125 1,209 Other receivables 362 302 369 Cash and cash equivalents 293 331 293 T otal current assets 3,595 3,156 3,261 TOTAL ASSETS 9,370 8,057 8,193 SHAREHOLDERS’ EQUITY AND LIABILITIES Equity Shareholders’ equity attributable to equity holders of the Parent Company 3,348 3,404 3,322 Non-controlling interests 574 631 635 T otal equity 3,922 4,035 3,957 Long-term liabilities Long-term financial liabilities 2,942 1,726 1,552 Other long-term liabilities 478 420 520 T otal long-term liabilities 3,421 2,146 2,072 Short-term liabilities Accounts payable 713 751 688 Short-term financial liabilities 96 78 78 Other short-term liabilities 1,218 1,047 1,399 T otal short-term liabilities 2,027 1,876 2,165 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 9,370 8,057 8,193 FINANCIAL STATEMENTS 19Q3 2026 Interim Report
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Consolidated Statement of Changes in Equity Attributable to equity holders of the Parent Company SEK m Share capital Other injected capital Reserves Profit carried forward incl. net income for the period Total equity, equity holders of the Parent Company Non-controlling interests Total equity Opening balance January 1, 2025 59 1,681 177 1,597 3,514 694 4,208 Net income – – – 227 227 10 237 Other comprehensive income for the period, net after tax – – -185 1 -184 -69 -253 Sum of comprehensive income for the period 0 0 -185 228 43 -59 -16 Dividend paid to shareholders – – – -235 -235 – -235 Opening balance October 1, 2025 59 1,681 -8 1,590 3,322 635 3,957 Net income – – – 85 85 2 87 Other comprehensive income for the period, net of tax – – -37 1 -36 -6 -42 Sum of comprehensive income for the period 0 0 -37 86 49 -4 45 Revaluation of liability to minority interests – – – 33 33 – 33 Opening balance January 1, 2026 59 1,681 -45 1,709 3,404 631 4,035 Net income – – – 47 47 4 51 Other comprehensive income for the period, net of tax – – 148 2 150 55 205 Sum of comprehensive income for the period 0 0 148 49 197 59 256 Dividend paid to shareholders – – – -235 -235 – -235 Dividends to non-controlling interests – – – – - -75 -75 Transactions with the minority – – – -18 -18 -42 -60 Closing balance September 30 2026 59 1,681 103 1,505 3,348 574 3,922 FINANCIAL STATEMENTS 20Q3 2026 Interim Report
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SEK m 9 months Jan-Sep 2026 9 months Jan-Sep 2025 Operating activities Reported EBIT 185 344 Adjusted for items not included in cash flow, etc. 190 206 Paid interest and tax -202 -217 Change in working capital -246 -74 Cash flow from operating activities -73 260 Investments Acquisitions of fixed assets -134 -136 Sales of fixed assets 2 2 Acquisition of subsidiaries -30 -428 Disposal of holdings without a controlling interest 93 - Acquisition of non-controlling interests -153 - Cash flow from investments -222 -302 Financing Taken up loans1) 753 724 Amortization of debt1) -270 -269 Dividend to shareholders -117 -117 Dividends to non-controlling interests -75 - Net change, overdraft facilities and other financial liabilities 3 -2 Net change in lease liability -49 -48 Cash flow from financing 245 288 Cash flow for the period -50 -13 Cash and cash equivalents, opening balance 331 323 Exchange difference, cash and cash equivalents 12 -17 Cash and cash equivalents, closing balance 293 293 1) Loans and amortizations within the adopted credit facility are reported gross for durations exceeding three months, in accordance with IAS 7. Condensed Consolidated Cash Flow Statement FINANCIAL STATEMENTS 21Q3 2026 Interim Report
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3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 Net sales, SEK m 2,033 1,972 5,620 5,720 7,586 7,685 Gross profit, SEK m 454 497 1,255 1,365 1,772 1,882 Operating income, SEK m 133 168 297 398 459 560 Operating EBITDA, SEK m 207 224 512 572 736 797 Operating profit, EBIT, SEK m 94 151 185 344 318 477 EBITDA, SEK m 186 224 453 572 669 787 Interest-bearing net debt, SEK m 2,855 1,458 2,855 1,458 2,855 1,591 Number of employees 2,695 2,740 2,695 2,740 2,695 2,721 Sales growth, currency-adjusted 2.0% 7.9% -1.0% 7.4% -0.7% 6.0% Organic growth 1.7% -0.5% -1.6% -0.6% -3.1% -2.1% Gross margin 22.3% 25.2% 22.3% 23.9% 23.4% 24.5% Operating gross margin 23.0% 25.2% 23.1% 23.9% 23.6% 24.2% Operating margin 6.5% 8.5% 5.3% 7.0% 6.1% 7.3% Operating EBITDA margin 10.2% 11.4% 9.1% 10.0% 9.7% 10.4% EBIT margin 4.6% 7.7% 3.3% 6.0% 4.2% 6.2% EBITDA margin 9.2% 11.4% 8.1% 10.0% 8.8% 10.2% Return on shareholders’ equity 0.8% 2.8% 1.3% 6.0% 3.5% 8.0% Return on capital employed1) 7.1% 11.3% 7.1% 11.3% 7.1% 10.4% Return on capital employed, excluding goodwill 1) 12.7% 23.9% 12.7% 23.9% 12.7% 20.7% Interest-bearing net debt/equity 72.8% 36.8% 72.8% 36.8% 72.8% 39.4% Interest-bearing net debt/EBITDA1) 3.88 1.81 3.88 1.81 3.88 2.00 Proportion of circular input materials 2) 86% – 87% – – 87% Scope 1 and 2 carbon intensity, index 33 34 37 37 38 37 Work-related accidents resulting in absence – – – – 20 18 Suppliers who have signed the Code of Business Conduct 2) – – 91% – – 86% 1)Calculated on the basis of the last twelve months and operating income. 2) Measurement started for the full year 2025 and will be measured quarterly. Alternative key financials are described in definitions. For reconciliation of these, see Note 5. Key financials FINANCIAL STATEMENTS 22Q3 2026 Interim Report
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SEK m (note 1) 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 Net sales 366 360 1,012 1,037 Cost of goods sold -364 -346 -980 -997 Gross profit 2 14 32 39 Selling expenses -31 -28 -107 -94 Administrative expenses -69 -61 -226 -199 Research and development expenses -6 -5 -18 -16 Other operating income 82 80 259 242 Other operating expenses -12 -19 -50 -48 EBIT -33 -18 -110 -75 Revenue from participation in Group companies 165 100 178 133 Financial income 78 16 111 42 Financial expenses -33 -17 -81 -47 Net financial items 210 99 207 127 Income after financial items 177 81 97 53 Income tax 9 1 27 4 Net income 186 82 124 57 SEK m (note 1) 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 Net income 186 82 124 57 Other comprehensive income1) Items that may be reclassified subsequently to profit or loss: Cash flow hedging 1 0 2 -4 To t a l 1 0 2 -4 Other comprehensive income for the period, net of tax 1 0 2 -4 Sum of comprehensive income for the period 187 81 126 53 – Attributable to equity holders of the Parent Company 187 81 126 53 1) The Parent Company does not have any items that “will not be reclassified to profit or loss”. Condensed Parent Company Income Statements Parent Company Statement of Comprehensive Income FINANCIAL STATEMENTS 23Q3 2026 Interim Report
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Condensed Parent Company Balance Sheet SEK m (note 2) Sep 30 2026 Dec 31 2025 Sep 30 2025 ASSETS Fixed assets Intangible assets 122 90 71 Tangible assets 34 27 25 Financial assets 4,589 4,327 4,361 T otal fixed assets 4,746 4,445 4,456 Current assets Inventory 72 54 52 Accounts receivable 149 114 132 Other receivables 664 412 529 Cash and bank balances 120 189 140 T otal current assets 1,005 768 853 TOTAL ASSETS 5,751 5,213 5,309 EQUITY, PROVISIONS AND LIABILITIES Equity Restricted equity 123 123 98 Non-restricted equity 2,517 2,626 2,389 T otal equity 2,640 2,749 2,487 Provisions 91 95 97 Long-term liabilities Long-term financial liabilities 1,695 1,281 1,139 Other long-term liabilities 73 72 130 T otal long-term liabilities 1,767 1,353 1,269 Short-term liabilities Accounts payable 47 60 42 Short-term financial liabilities 0 0 0 Other short-term liabilities 1,206 956 1,415 T otal short-term liabilities 1,253 1,017 1,457 TOTAL EQUITY, PROVISIONS AND LIABILITIES 5,751 5,213 5,309 FINANCIAL STATEMENTS 24Q3 2026 Interim Report
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Note 1 – Accounting and valuation principles As of January 1, 2005, Duni applies the International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Finan- cial Reporting. The consolidated financial state- ments have been prepared in accordance with the IFRS as adopted by the EU and with the related ref- erence to Chapter 9 of the Swedish Annual Accounts Act. The Parent Company’s financial statements are prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish Annual Accounts Act. The accounting principles are the same as in the Annual Report for the year ended on December 31, 2025, with the addition that participations in associ- ated companies are reported in accordance with the cost method in the Parent Company. Note 2 – Financial assets and liabilities The Group has derivative instruments measured at fair value and held for hedging purposes that are classi- fied at level 2. Level 2 derivative instruments consist of currency forward contracts and interest rate swaps, and are used for hedging purposes. Measurement of currency forward contracts at fair value is based on published forward prices on an active market. The measurement of interest rate swaps is based on for- ward interest rates produced from observable yield curves. The discounting has no material impact on the measurement of level 2 derivative instruments. In con- nection with the acquisition of Solserv, a contingent consideration liability arose, which is classified as a level 3 fair value measurement. The contingent consid- eration is payable in 2028 and is linked to the future EBITDA performance of the acquired business. As described in greater detail in the Annual Report for the year ended on December 31, 2025, the financial assets and liabilities comprise items with short terms to Operating segments, Group Jul-Sep 2026 Jul-Sep 2025 SEK m Dining Solutions Food Packaging Solutions Duni Group Dining Solutions Food Packaging Solutions Duni Group Total net sales 1,246 818 2,064 1,253 751 2,004 Revenue from other segments 29 3 31 32 0 32 Net sales from external customers 1,217 816 2,033 1,221 751 1,972 Operating income 92 41 133 140 27 168 EBIT 94 151 Net financial items -48 -14 Income after financial items 46 138 Jan-Sep 2026 Jan-Sep 2025 SEK m Dining Solutions Food Packaging Solutions Duni Group Dining Solutions Food Packaging Solutions Duni Group Total net sales 3,382 2,313 5,695 3,531 2,243 5,774 Revenue from other segments 70 5 75 53 1 54 Net sales from external customers 3,312 2,308 5,620 3,477 2,242 5,720 Operating income 205 92 297 341 57 398 EBIT 185 344 Net financial items -102 -40 Income after financial items 83 304 Notes maturity. The fair value is therefore in all essential respects considered to correspond to the carrying amount. Note 3 – Segment reporting Group Management, which is the highest executive and decision-making body, decides on the allocation of resources within the Group and evaluates the results of operations. Group Management manages the performance of the business through the business areas on the basis of sales and operating income. The Group’s operations are divided into two business areas: Dining Solutions and Food Packaging Solutions. Each business area has full responsibility for its respective value chain. Sales are divided into six regions, which comprise: • NorthEast: Northern and Eastern Europe • Central: Germany, Austria and Switzerland • West: The Netherlands, Belgium, Luxembourg, the UK and Ireland • South: France, Spain and Italy • Rest of World: All sales outside Europe, where Australia accounts for approximately 72%, New Zealand just over 12% and the remaining share mainly Thailand, Singapore, the USA and the United Arab Emirates, of about 2-5% each. • Other Sales: External sales of tissue and airlaid materials from the Skåpafors factory and exter- nal sales of finance and accounting services from the finance function in Poznan are included in the Dining Solutions business area. Group-wide functions such as accounting, peo- ple & culture, sustainability, communications and IT are largely shared by the business areas, and the expenses for these are allocated by the percentage of sales of each business area, Din- ing Solutions and Food Packaging Solutions. The Dining Solutions business area has a verti- cally integrated business model for small paper- based products such as napkins and table cov- ers. This means that the entire production and delivery chain is owned and controlled by the business area, from material manufacture and concept development to conversion and distri- bution. The Food Packaging Solutions business area does not have in-house production. There is a large procurement organization here, and it is a major part of the business. FINANCIAL STATEMENTS 25Q3 2026 Interim Report
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Quarterly overview per segment 2026 2025 2024 SEK m Jul - Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Dining Solutions 1,217 1,045 1,050 1,201 1,221 1,138 1,118 1,208 Food Packaging Solutions 816 779 714 764 751 746 745 849 Duni Group 2,033 1,823 1,764 1,965 1,972 1,884 1,863 2,057 Operating income 2026 2025 2024 SEK m Jul - Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Dining Solutions 92 31 82 132 140 99 102 152 Food Packaging Solutions 41 34 18 30 27 22 7 26 Duni Group 133 65 100 162 168 121 110 178 Net sales per region, the Group SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 20261) 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 20261) 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 NorthEast 344 345 221 921 927 941 1,233 1,253 Central 463 462 484 1,374 1,397 1,453 1,884 1,962 West 425 428 539 1,126 1,158 1,156 1,528 1,558 South 180 181 169 468 477 491 616 639 Rest of World 581 557 524 1,622 1,595 1,562 2,180 2,120 Other Sales 39 39 35 110 110 116 145 151 Duni Group 2,033 2,012 1,972 5,620 5,665 5,720 7,586 7,685 Time of revenue recognition Goods/services transferred at once 2 033 2,012 1,972 5,620 5,665 5,720 7,586 7,685 Goods/services transferred over time - - - - - - - - To t a l 2,033 2,012 1,972 5,620 5,665 5,720 7,586 7,685 1) Reported net sales for 2026 recalculated at 2025 exchange rates. FINANCIAL STATEMENTS 26Q3 2026 Interim Report
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Net sales per product group Jan-Sep 2026 SEK m Dining Solutions Food Packaging Solutions Duni Group Napkins 2,531 74 2,605 Table covers 410 0 410 Candles 92 0 92 Packaging solutions 8 886 895 Serving products 0 1218 1,218 Other 270 130 400 To t a l 3,312 2,308 5,620 Net sales per region, Dining Solutions business area SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 20261) 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 20261) 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 NorthEast 226 226 118 582 587 600 786 804 Central 408 407 424 1,207 1,227 1,269 1,662 1,724 West 323 325 433 830 853 858 1,137 1,165 South 147 148 138 384 391 397 505 518 Rest of World 74 76 74 200 208 238 278 316 Other Sales 39 39 35 110 110 116 145 151 Duni Group 1,217 1,222 1,221 3,312 3,376 3,477 4,513 4,678 1) Reported net sales for 2026 recalculated at 2025 exchange rates. Net sales per region, Food Packaging Solutions business area SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 20261) 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 20261) 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 months Jan-Dec 2025 NorthEast 118 118 103 339 340 342 446 449 Central 56 55 60 167 170 184 222 239 West 102 103 106 296 305 298 391 393 South 33 33 32 84 86 94 111 121 Rest of World 507 481 451 1,422 1,388 1,324 1,902 1,805 Other Sales 0 0 0 0 0 0 0 0 Duni Group 816 790 751 2,308 2,288 2,242 3,072 3,007 Restructuring expenses for the year amount to SEK 65 m (0). Two types of items affecting comparability were recognized during the year. The first relates to costs incurred for the unutilized part of the new external ware- house in Meppen, Germany, amounting to SEK 41 m. The second relates to an efficiency program in sales and administration initiated during the year, amounting to SEK 24 m and pertaining to personnel costs. This is expected to generate annual savings of SEK 34 m, with full effect from the fourth quarter of 2026. Note 4 – Reporting and disclosures on restructuring costs Restructuring costs SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 month Jan-Dec 2025 Cost of goods sold 0 - 0 - 0 0 Logistics costs -15 0 -41 0 -22 20 Selling expenses -7 - -19 - -40 -21 Administrative expenses 1 - -5 - -12 -7 Other operating expenses/ income - - - - - - To t a l -21 0 -65 0 -74 -9 1) Reported net sales for 2026 recalculated at 2025 exchange rates. FINANCIAL STATEMENTS 27Q3 2026 Interim Report
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Note 5 – Alternative key financials Bridge between operating income and EBIT SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 month Jan-Dec 2025 Operating income excluding IFRS 16 Leases 120 165 266 390 425 549 Effects of IFRS 16 Leases 13 3 32 9 34 12 Operating income 133 168 297 398 459 560 Restructuring costs -21 0 -65 0 -74 −9 Unrealized value changes. derivative instruments 0 - 6 - 6 - Amortization of intangible assets iden- tified in business combinations -18 -16 -53 -54 -73 −74 Fair value allocation in connection with acquisitions 0 0 0 0 0 0 EBIT 94 151 185 344 318 477 Bridge between operating EBITDA, EBITDA and EBIT SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 month Jan-Dec 2025 Operating EBITDA excluding IFRS 16 Leases 160 205 389 510 583 703 Effects of IFRS 16 Leases 48 19 123 62 154 93 Operating EBITDA 207 224 512 572 736 797 Restructuring costs -21 0 -65 0 -74 −9 Unrealized value changes. derivative instruments 0 0 6 0 6 0 Fair value allocation in connection with acquisitions 0 0 0 0 0 0 EBITDA 186 224 453 572 669 787 Amortization of intangible assets iden- tified in business combinations -18 -16 -53 -54 -73 −74 Amortization of right-of-use assets -35 -16 -91 -54 -119 −82 Other amortization included in EBIT -40 -40 -124 -120 -158 −155 EBIT 94 151 185 344 318 477 Bridge between reported net sales and organic growth SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 month Jan-Dec 2025 Net sales 2,033 1,972 5,620 5,720 7,586 7,685 Currency effect1) -21 89 44 210 44 350 Currency-adjusted net sales 2,012 2,061 5,665 5,930 7,630 8,035 Less acquisitions -5 -161 -38 -440 -188 -616 Net sales for organic growth 2,006 1,900 5,626 5,490 7,442 7,419 Organic growth 1.7% -0.5% -1.6% -0.6% -3.1% -2.1% 1) Reported net sales for 2026 recalculated at 2025 exchange rates. Bridge between net income for the period attributable to equity holders of the Parent Company and adjusted net income attributable to equity holders of the Parent Company, and adjusted earnings per share, SEK (equity holders of the Parent Company) SEK m 3 months Jul-Sep 2026 3 months Jul-Sep 2025 9 months Jan-Sep 2026 9 months Jan-Sep 2025 12 months Oct-Sep 2025/26 12 month Jan-Dec 2025 Net income for the period attribut- able to Equity holders of the Parent Company 33 105 47 227 132 312 Add back restructuring costs 21 0 65 0 74 9 Add back tax effect -4 0 -13 0 -15 -2 Adjusted earnings, Parent Compa- ny’s shareholders 50 105 98 227 191 323 Average number of shares (’000) 46,999 46,999 46,999 46,999 46,999 46,999 Adjusted earnings per share, SEK (equity holders of the Parent Com- pany) 1.06 2.23 2.09 4.83 4.06 6.87 FINANCIAL STATEMENTS 28Q3 2026 Interim Report
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Definitions of key financials Definitions of group targets The Group uses financial metrics that are not defined by the IFRS in some cases but instead are alternative key financials. The purpose is to give the reader further information, which contributes to a better and more specific comparison of the com- pany’s performance from year to year. One alterna- tive key financial used is Operating income. The management team manages its activities and the business areas are measured using this metric. For reconciliation of alternative key financials, see Note 5. The key financials are defined as follows: Adjusted net income attributable to equity holders of the Parent Company Net income for the period attributable to equity holders of the Parent Company minus restructuring costs for the year and their tax effect. Capital employed Non-interest-bearing fixed and current assets, excluding deferred tax assets, less non-interest-bearing liabilities. Cost of goods sold Cost of goods sold, including production and logistics costs. Earnings per share Net income divided by the average number of shares. EBIT Earnings before interest and taxes. EBIT margin EBIT as a percentage of net sales. EBITA Earnings before interest, taxes and amortization. EBITDA Earnings before interest, taxes, depreciation and amorti- zation (including impairment). EBITDA margin EBITDA as a percentage of net sales. Gross margin Gross profit as a percentage of net sales. Interest-bearing net debt Interest-bearing liabilities and pensions less cash and cash equivalents and interest-bearing receivables. Number of employees The number of active full-time employees at the end of the period. Operating EBITDA EBITDA less restructuring costs and fair value allocations. Operating EBITDA margin Operating EBITDA as a percentage of net sales. Operating income EBIT less restructuring costs, fair value allocations and amortization of intangible assets identified in connection with business acquisitions. Operating margin Operating result as a percentage of sales. Organic growth Sales growth adjusted for currencies and acquisitions. Acquired companies are included in organic growth when they have comparable quarters. Return on capital employed Operating profit as a percentage of capital employed. Return on shareholders’ equity Net income as a percentage of equity. Climate target, scope 1 & 2 The target measures the company’s carbon dioxide emissions for scope 1 & 2 and is reported once per year. Quarterly we measure 12 months moving average. We also report carbon dioxide intensity as an index. The cal- culated intensity index based on total scope 1 & 2 CO2e (metric tons) from Duni Group’s operations divided by the total production volume (metric tons) from the Group’s production units. Dividend It is the Board of Directors’ long-term intention for divi- dends to amount to at least 50% of income after tax. Lost time incidents The target measures work-related accidents with sick leave. It aims to prevent accidents, ill health and injuries in the workplace. It contributes to safe working conditions and is designed to promote employee health and safety. The number of reported accidents per 1,000 employees. Operating margin The target is for the Group’s operating margin to be at least 10%. Profitability is to be increased through sales growth, continued focus on premium products and con- tinued improvements within purchasing and production. Sales growth The target is to achieve currency-adjusted sales growth in sales in excess of 6% per year over an economic cycle. The target includes both organic growth and growth from acquisitions, adjusted for currency, with the aim that approximately half of the growth shall be organic. Share of circular input materials The target measures our shift towards increased use of recycled or renewable materials, which contributes to a reduced negative environmental footprint from our prod- ucts. Suppliers who have signed the Code of Business Conduct The target measures the percentage of suppliers (with a turnover above 100 000 SEK per year) that have signed the company’s Business Partner Code of Conduct. The CoC is our tool for ensuring responsible working condi- tions and minimizing risks of unethical behavior in our value chain. FINANCIAL STATEMENTS 29Q3 2026 Interim Report
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Airlaid A material known for its wetness allocation, absorption capability and softness. The process is based on using air to divide the fibers in the material, instead of water as in traditional tissue production. Airlaid is used for table cov- ers, placemats and napkins. Bagasse Bagasse is a waste product from cane sugar processing after the sugar has been extracted. The material is fully biodegradable. Bagasse is used primarily in the BioPak business area’s meal packaging solutions and serving products such as plates, bowls and take-away boxes. BioDunicel® Sustainable premium table covers and placemats made with tissue and potato starch binder, produced by Duni’s team in Germany. BioDunisoft® Sustainable premium napkins made with groundbreak- ing BioBinder™ based on food waste. Circularity An integrated holistic approach to the sustainability-re- lated challenges faced by the Group. It encompasses the whole life cycle – from material selection and impact on the life cycle, to end-of-life solutions. Converting The production phase in which tissue and airlaid in large rolls are cut, pressed, embossed and folded into finished napkins and table covers. Currency adjusted/currency impact translation effects Figures adjusted for changes in exchange rates related to consolidation. Figures for 2026 are calculated at exchange rates for 2025. Effects of translation of balance sheet items are not included. EUDR The EU Deforestation Regulation is the EU’s regulation on deforestation. Goodfoodmood® The Dining Solutions business area’s brand platform – to create a pleasant atmosphere and positive mood at all times when food and drink are prepared and served – a Goodfoodmood. Our Decade of Action Duni Group’s updated strategy with a long-term vision, a higher purpose and a clear sustainability agenda based on UN Agenda 2030. With our “Decade of Action”, we want to lead the way in sustainability. PPWR The Packaging and Packaging Waste Regulation is the new EU regulation on packaging and packaging waste. Private label Products labeled with the customer’s own brand. Science Based T argets (SBT) A method for companies to set scientifically based cli- mate targets in line with the Paris Agreement. The com- pany inventories its emissions throughout its value chain and links its targets to investments in which economy, feasibility and other effects are closely investigated. The GHG Protocol The leading standard for business to measure, manage, and report greenhouse gas emissions. UNGC The UN Global Compact (UNGC) is the world’s largest initiative to unite the business community around corpo- rate sustainability, no matter how large or complex a company is or where it is located. Vertical integration Vertical integration means that the Group, through the Dining Solutions business area, owns virtually the entire value chain for table covers and napkins (tissue and air- laid). Glossary FINANCIAL STATEMENTS 30Q3 2026 Interim Report
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Dunigroup.com Duni AB (publ) • Box 237 • SE-201 22 Malmö • Sweden • Visiting address Hallenborgs gata 1 A • Tel +46 (0)40-10 62 00 • www.dunigroup.se Company registration number: 556536-7488