Slides
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22 October 2025 Quarterly Report January – September 2025
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2 Group ~1.4 Annual net sales, EUR billion ~7,200 Employees >125 Locations ~20 Countries Americas ~15% Share of net sales ~1,100 Employees ~15 Locations Europe ~70% Share of net sales ~5,200 Employees ~100 Locations Asia ~15% Share of net sales ~900 Employees ~20 Locations Elanders today FY 2024
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3 Elanders’ customer segments Our customer segments’ approximate share of total net sales.* *As a percentage of total net sales FY 2024. Electronics 26% Fashion 23% Automotive 18% Other 16% Industrial 12% Health Care 5%
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Operational highlights and financials Q3, 2025
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5 Third quarter 2025 Signs of improvement in the market Organic negative growth of 4 percent but adjusted for falling prices in Air & Sea, 2 percent negative growth. Demand showed signs of improvement at the end of the quarter. Adjusted EBITA margin continued to improve and came in better than both the previous quarter and last year, reaching 7.3 percent compared to 6.6 last year. The improved EBITA margin is a result of implemented cost-side measures. During the third quarter, we decided to carry out further restructuring within our largest subsidiary, LGI. North America turned to organic growth and Asia remained stable. Europe showed negative growth mainly due to declining prices in Air & Sea.
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6 Third quarter 2025 September 2025 YTD 2025 YTD 2024 Rolling 12m FY 2024 FY 2023 FY 2022 Rolling 60m Operating cash flow excl. acquisitions, MSEK 1,323 1,436 1,866 1,978 2,170 1,254 8,614 EBITDA, MSEK 1,270 1,666 1,801 2,197 1,967 1,940 9,309 Cash conversion, % 104% 86% 104% 90% 110% 65% 93% Cash conversion continue to be strong and came in at 73 (40)%. Decrease in working capital, together with the strengthening of the Swedish krona, reduced net debt excluding IFRS 16 by SEK 218 million during the first nine months of the year despite dividends of SEK 147 million in the second quarter. Including IFRS 16, net debt was reduced by SEK 907 million.
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7 Third quarter 2025 Supply Chain Solutions, sales improved Negative organic growth of four percent, adjusted for declining prices in Air & Sea a negative growth of one percent. In the third quarter, North America turned to positive organic growth, mainly driven by Bergen Logistics, Asia remained stable, but Europe had negative growth, mainly driven by declining Air & Sea prices. Adjusted EBITA margin improved both quarter-over-quarter and year-over-year as a result of cost-side measures. Non-recurring items for the quarter amounted to SEK 80 million and mainly related to structural measures in LGI. Cash conversion continued to be very positive. 80% (80%) Share of total net sales (rolling 12m) 83% (89%) Share of EBITA (rolling 12m) Supply Chain Solutions Key figures Q3 2025 Q3 2024 Net sales, MSEK 2,307 2,977 EBITA adjusted, MSEK 183 214 EBITA margin adjusted, % 7.9 7.2 EBITA, MSEK 102 358 EBITA margin, % 4.4 12.0 Cash conversion, % 105 47
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8 Third quarter 2025 Continued weaker demand, signs of improvement Weak demand at the beginning of the quarter, which improved in the end of the quarter, resulted in negative organic growth of four percent. Both adjusted EBITA and EBITA margin improved compared to last year as a result of cost-side measures implemented in the first half of the year. During the quarter, new print volumes with an annual sales value of EUR 5 million were successfully implemented in Germany and came from an external printing company that had closed down. Cash conversion was weak as a result of sales growth in September and inventory build-up ahead of the fourth quarter. Print & Packaging Solutions 20% (20%) Share of total net sales (rolling 12m) 17% (11%) Share of EBITA (rolling 12m) Key figures Q3 2025 Q3 2024 Net sales, MSEK 593 656 EBITA adjusted, MSEK 36 32 EBITA margin adjusted, % 6.0 4.9 EBITA, MSEK 36 32 EBITA margin, % 6.0 4.9 Cash conversion, % 9 70
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9 Electronics 27% Demand continues to be stable. Organic growth in the quarter of around one percent. Fashion 24% Negative organic growth around five percent, adjusted for Air & Sea, positive growth of around one percent. North America had a growth rate of four percent. Automotive 16% Demand improved compared to previous quarters but remained organically negative by around six percent. Other 17% Negative organic growth around three percent, an improvement compared to the second quarter. Industrial 12% Negative organic growth around seven percent, an improvement compared to the second quarter. Health Care 4% Negative organic growth of around twelve percent. Negative growth as a result of two discontinued customers. The underlying business remains stable. Customer segments Percentage of total net sales for the rolling 12 months as of September 30, 2025.
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10 Going forward The ongoing trade negotiations continues to create a great deal of uncertainty, but despite this, we saw a higher activity regarding new enquiries and in the quarter, we took on new customers and renewed several important major projects. In the quarter, we were also able to see the results of all our measures on the cost side, and with the additional measures we have now implemented, we will enter next year with a clearly lower cost base but with continued capacity for growth. We continue to maintain a high pace in our rollout of the Group’s global warehouse system CloudX and in our implementation of AI solutions which overtime will lower our cost base further, increase our efficiency and create a more competitive solutions. We still believe that trade barriers overtime will create opportunities for global players such as Elanders by breaking up global logistics chains and replacing them with regional and local logistics chains.
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11 Questions?
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12 This is Elanders Two business areas HQ Mölndal, Sweden NASDAQ OMX Stockholm Supply Chain Solutions 80% Print & Packaging Solutions 20% Global operations Number of employees ~7,000 ~20 Number of countries ~2.0M m2 of production and warehouse space >125 Number of locations ~1.4B Annual net sales, EUR billion
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13 Elanders’ business proposal We develop efficient end-to- end solutions that makes life easier for our customers. With our global footprint we can offer both local and global solutions and also help local companies to act global. When it comes to sustainability we always try to deliver the best solution for our clients and also to develop unique solutions when it comes to life cycle management. Our deep integration into our clients processes makes us a solid long time partner and we have been serving the majority of our big clients for more than 20 years. We have a very entrepreneurial approach to everything we do which makes it possible for us to deliver fast, flexible and bespoke solutions. 1 2 543
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14 Balanced mix of high-growth and durable customer segments Customer segment Growth opportunity Cyclicality Fashion High Medium Electronics High Medium Automotive Medium High Industrial Medium High Health Care High Low Other High Medium Fashion 24% Electronics 27% Health Care 5% Other 17% Industrial 12% Automotive 16% CUSTOMER SEGMENTS Key highlightsCustomer segments
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15 Our end-to-end solution Diversified customer base channelled into unified processes creates opportunities for multi-sites and knowledge sharing which benefits our clients. Elanders’ customer segments Recipients Automotive Electronics Fashion Health CareIndustrial Consumers Retail Hospitals E-commerce Factories Other Production & Assembly Distribution & Outbound Services Procurement & Inbound Services rocurement nbound er ices ife ycle anagement istribution utbound er ices roduction ssembly rocurement nbound er ices ife ycle anagement istribution utbound er ices roduction ssembly Life Cycle Management
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16 Elanders’ growth opportunities OMNICHANNEL / E-COMMERCE LIFE CYCLE MANAGEMENT OUTSOURCING ONLINE PRINT Multi-channel sales Manage a product’s lifecycle Contract logistics Printed products ordered via e-commerce Target group B2B & B2C B2B & B2C B2B B2B & B2C Elanders USP CloudX, proprietary global WMS-system Network solution with own and external partners Global & Flexible One of the biggest players in Europe
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17 17 Sustainability – Key figures 40 thousand tonnes CO2e (FY 2024) Scope 1 & 2 emissions (Base year: 52,000 tonnes) 203 thousand tonnes CO2e (FY 2024) Scope 3 emissions (Base year: 229,000 tonnes) 29 percent (FY 2024) Percentage of female supervisors (2023: 28%) 62 percent (FY 2024) Percentage of renewable electricity (2023: 61%) 44 thousand tonnes CO2e (FY 2024) Emissions avoided within Life Cycle Management (2023: 27,000 tonnes) 7,324 persons (FY 2024) Average number of employees (2023: 7,203)
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Thank you!