Interim report
Page 1
We supply the world Elanders Quarterly Report January – September 2025
Page 2
This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail. Further information can be found on Elanders’ website www.elanders.com or requested via e-mail info@elanders.com. Questions concerning this report can be addressed to: Magnus Nilsson Åsa Vilsson Elanders AB (publ) President and Group CEO Group CFO (Company ID 556008-1621) Phone: +46 31 750 07 50 Phone: +46 31 750 07 50 Flöjelbergsgatan 1 C, 431 37 Mölndal, Sweden Phone: +46 31 750 00 00 This information is information that Elanders AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 11:00 CET on 22 October 2025. �3 Summary �4 Comments by the CEO �5 Group 09 Parent company 09 Other information 11 Auditor’s report 12 Consolidated financial statements 20 Quarterly data 21 Five year overview 23 Reconciliation of alternative performance measures 25 Parent company’s financial statements 26 Financial definitions Elanders is a global logistics company offering a broad service range of integrated solutions within supply chain management. The business is mainly operated through the two business areas Supply Chain Solutions and Print & Packaging Solutions. The Group has approximately 7,000 employees and operates in around 20 countries on four continents. The most important markets are China, Germany, Singapore, Sweden, the UK and the USA. The customers are divided into six segments according to their respective business; Automotive, Electronics, Fashion, Health Care, Industrial and Other. Integrated solutions worldwide Contents — Q3 2025 NETTOOMSÄTTNING, MKR 0 1,000 2,000 3,000 4,000 Q3 2025 Q3 2024 Q3 2023 Q3 2022 Net sales, MSEK 0 100 200 300 Q3 2025 Q3 2024 Q3 2023 Q3 2022 EBITA, MKR Adjusted EBITA, MSEK 0 100 200 300 400 500 600 Q3 2025 Q3 2024 Q3 2023 Q3 2022 EBIT, MKR Lorem ipsum Operating cash flow excl. acquisitions, MSEK
Page 3
Elanders — Q3 2025 — �3 Financial overview January – September Third quarter Last 12 months Full year 20242025 2024 2025 2024 Net sales, MSEK 9,148 10,369 2,872 3,598 12,922 14,143 EBITDA, MSEK 1,270 1,666 433 699 1,801 2,197 EBITDA excl. IFRS 16, MSEK 394 792 150 405 620 1,019 EBITA adjusted, MSEK 1) 2) 510 632 210 237 757 879 EBITA margin adjusted, % 1) 2) 5.6 6.1 7.3 6.6 5.9 6.2 EBITA, MSEK 1) 324 698 129 375 519 893 EBITA margin, % 1) 3.5 6.7 4.5 10.4 4.0 6.3 Result after tax adjusted, MSEK 2) 38 117 45 48 64 143 Earnings per share adjusted, SEK 2) 0.98 3.20 1.21 1.31 1.63 3.85 Result after tax, MSEK –95 197 –11 188 –110 183 Earnings per share, SEK –2.80 5.48 –0.38 5.25 –3.29 4.99 Operating cash flow excl. acquisitions, MSEK 1,323 1,436 316 279 1,866 1,978 Cash conversion, % 104.2 86.2 73.0 39.9 103.6 90.0 Free cash flow, MSEK 852 887 163 88 1,214 1,249 Free cash flow per share, SEK 24.11 25.10 4.60 2.49 34.33 35.32 Net debt, MSEK 8,205 8,925 8,205 8,925 8,205 9,112 Net debt excl. IFRS 16, MSEK 3,813 4,046 3,813 4,046 3,813 4,031 Net debt/EBITDA ratio RTM adjusted, times 3) 4.4 3.7 4.4 3.7 4.4 4.0 1) EBITA refers to operating result plus amortization of assets identified in conjunction with acquisitions. 2) One-off items have been excluded in the adjusted measures. 3) Net debt/EBITDA ratio RTM adjusted is calculated on a rolling twelve-month period (RTM) and excludes IFRS 16 effects, one-off items and adjusted for proforma results for acquisitions. Summary — Net sales amounted to MSEK 9,148 (10,369), which corresponded to an organic net sales reduction of three percent compared to the same period last year, excluding acquisitions and discontinued operations, and using unchanged exchange rates. — Adjusted EBITA amounted to MSEK 510 (632), which equaled an adjusted EBITA margin of 5.6 (6.1) percent. — Operating profit was impacted by one-off items of MSEK –185 (66), which mainly referred to structural measures to meet a weaker market and over time improve the Group’s margins. The structural measures are expected to result in annual cost savings of around MSEK 232, of which around MSEK 99 in 2025. — Adjusted result after tax amounted to MSEK 38 (117), corresponding to SEK 0.98 (3.20) per share. — Operating cash flow adjusted for purchase prices for acquisitions amounted to MSEK 1,323 (1,436). Operating cash flow including acquisitions amounted to MSEK 1,305 (359). — Cash conversion was 104 (86) percent, excluding purchase prices for acquisitions. — Free cash flow per share was SEK 24.11 (25.10). — Net debt decreased by MSEK 907 to MSEK 8,205 compared to MSEK 9,112 at the beginning of the year. Excluding effects from IFRS 16, net debt decreased by MSEK 218 to MSEK 3,813 compared to MSEK 4,031 at the beginning of the year. January – September 2025 — Net sales amounted to MSEK 2,872 (3,598), which corresponded to an organic net sales reduction of four percent compared to the same period last year, excluding acquisitions and discontinued operations, and using unchanged exchange rates. — Adjusted EBITA amounted to MSEK 210 (237), which equaled an adjusted EBITA margin of 7.3 (6.6) percent. — Operating profit was impacted by one-off items of MSEK –80 (139), which mainly referred to structural measures. — Adjusted result after tax amounted to MSEK 45 (48), corresponding to SEK 1.21 (1.31) per share. — Operating cash flow adjusted for purchase prices for acquisitions increased to MSEK 316 (279). Operating cash flow including acquisitions amounted to MSEK 316 (218). — Cash conversion increased to 73 (40) percent, excluding purchase prices for acquisitions. — Free cash flow per share increased to SEK 4.60 (2.49). — In the third quarter, the Group extended its credit agreement. The extension ensures financing for the Group’s operations until the third quarter of 2028. The agreement represents an important step toward increased financial stability and long-term growth. Third quarter 2025
Page 4
Supply Chain Solutions improved its margin compared to both the preceding quarter and last year. However, sales continued to decline, although at a slower pace than in the preceding quarter. Adjusted for freight forwarding services within our Air & Sea busi- ness, that have experienced declining prices due to overcapacity in the market, organic growth was –1% compared to –3% in the pre- ceding quarter. A positive development in the quarter was that we could see organic growth in North America through improved new sales and stable demand from existing clients. Asia also remained stable in the quarter. Europe, on the other hand, was weaker than last year, mainly due to the decline in prices for freight forwarding from Asia to Europe. During the quarter LGI’s new CEO Florian Beck conducted an extensive review of the business resulting in cost measures and savings within white-collar staffing. In addition to this, measures have been executed to reduce warehouse overcapac- ity. These structural measures will have a positive effect already in the fourth quarter. The business area Print & Packaging Solutions improved its result and margin compared to both the preceding quarter and last year. This improvement is the result of the consolidation of produc- tion capacity that we have carried out, along with cost-side mea- sures. The consolidation has streamlined operational efficiency and contributed to a more sustainable cost structure. Sales declined in line with the preceding quarter, but towards the end of the quarter we could see a clear recovery driven by a combination of stabilized demand from existing clients and an increase in new sales. The trade tariffs on imported goods introduced by the USA, as well as the ongoing trade negotiations, continue to create consider- able uncertainties in the market. In spite of this, we have seen signs of stabilization when it comes to existing clients in recent months, where their forecasts align better with outcomes. The number of requests from new potential customers has also increased gradually and in the quarter, we have both secured several new customers and renewed a number of strategic contracts. At the same time, we note that the trend towards more decentralized production contin- ues, creating long-term opportunities for growth within logistics. This means an increased need for more warehouse locations and more complex distribution solutions. Elanders is well positioned to meet these changes thanks to our global presence enabling us to handle our clients’ volumes in several different markets. Our proprietary warehouse management system CloudX, with its scal- ability, gives us an advantage by enabling our customers to easily carry out an integration in one local market and then expand their warehouse capacity on a global scale within Elanders’ network, without any further costly integrations. Our continuous efforts to improve our cash flow, reduce our working capital and optimize our investments continue in order to reduce our net debt over time. The Group continues its efforts to prepare for the EU Corpo- rate Sustainability Reporting Directive, CSRD. We are monitoring the progress of proposed potential regulatory relief within sustain- ability reporting in parallel to our work to ensure that the Annual and Sustainability Report for 2025 will align with the directives in force. During the quarter, the Group’s climate targets have been vali- dated and approved by the Science Based Targets initiative (SBTi). This is a significant step in our long-term efforts to reduce our climate impact and develop a more sustainable business. Mölndal, 22 October 2025 Magnus Nilsson President and Group CEO Comments by the CEO The cost measures that we have carried out continue to contribute to increased adjusted EBITA margins. During the third quarter, the margin improved compared to both the preceding quarter and the same period last year. Demand also improved slightly compared to the preceding quarter. As part of our efforts to further improve profitability we have decided on additional cost measures within our largest subsidiary LGI.
Page 5
Elanders — Q3 2025 — �5 Net sales — Organic growth January – September Third quarter Full year 2024MSEK 2025 2024 2025 2024 Comparison periods 10,369 10,292 3,598 3,253 13,867 Exchange rate fluctuations –308 –51 –146 –99 –34 Discontinued operations/businesses –597 –449 –438 52 –382 Acquisitions 30 771 — 266 927 Organic change –346 –194 –142 126 –235 Current period 9,148 10,369 2,872 3,598 14,143 Organic growth, % –3.3 –1.9 –3.9 3.9 –1.7 Group Net sales and result January – September Net sales decreased by MSEK 1,221 to MSEK 9,148 (10,369) compared to the same period last year. Excluding exchange rate fluctuations, discontinued operations and acquisitions, net sales declined organically by three percent. Sales improved slightly during the third quarter compared to the second, but were lower than last year. This decline was to a large extent due to lower prices for freight forwarding services within Air & Sea, which is a consequence of an overcapacity in the market. This predominantly impacted the Fashion customer segment in Europe. Despite continued market uncertainty, the com- pany could observe signs of stabilization and, in some cases, also a certain recovery within selected segments and markets, especially towards the end of the quarter. In North America organic growth was noted, mainly within Fashion, but also within Automotive. Demand within Electronics, which had been strong during the first six months of the year, declined somewhat in the third quarter, but still showed continued organic growth. Demand within the Indus- trial customer segment improved within Supply Chain Solutions but continued to decline within Print & Packaging Solutions during the quarter. The considerable structural measures initiated during the first six months of the year, which encompass parts of both busi- ness areas in Europe, are progressing according to plan. This has contributed to an improved EBITA margin compared to the first six months of the year. In the largest subsidiary of the Group, LGI, the new CEO has conducted an extensive review of the operations. This has resulted in the identification of further large savings, par- ticularly within white-collar staffing, as well as measures to reduce warehouse overcapacity. This structural measure is expected to have a positive effect already starting in the fourth quarter. Adjusted EBITA, i.e. the operating result adjusted for amor- tization of assets identified in conjunction with acquisitions and one-off items, was MSEK 510 (632) which corresponded to an adjusted EBITA margin of 5.6 (6.1) percent. Including one-off items, EBITA decreased from MSEK 698 to MSEK 324. One-off items amounted to MSEK –185 (66). These mainly referred to the structural measures implemented during the current quarter as well as the previously announced management change within LGI along with structural measures carried out in prior periods within both business areas. Last year’s one-off items mainly referred to a revaluation of the additional consideration for the acquisition of Kammac, that did not develop as expected, as well as structural measures within Supply Chain Solutions. The net debt has decreased primarily due to a stronger Swedish krona and an improved cash flow. Despite of this, the impact of high interest expenses remains as a consequence of the current debt in combination with continued high interest rates. Third quarter Net sales decreased by MSEK 726 to 2,872 (3,598) compared to the same period last year. Excluding exchange rate fluctuations, discontinued operations and acquisitions, net sales declined organi- cally by four percent. Adjusted for freight forwarding within Air & Sea operations, that have experienced declining prices due to overcapacity in the market, net sales declined organically by two percent. Adjusted EBITA, i.e. the operating result adjusted for amorti- zation of assets identified in conjunction with acquisitions and one- off items, decreased by MSEK 27 to MSEK 210 (237). which cor- responded to an adjusted EBITA margin of 7.3 (6.6) percent. The increased EBITA margin is a result of the previously implemented structural measures carried out as well as a partial stabilization in demand. The result of the period includes one-off items amounting to MSEK –80 (139) that primarily referred to cost-side structural measures within LGI. Last year’s one-off items mainly referred to a revaluation of the additional consideration for the acquisition of Kammac, that did not develop as expected.
Page 6
Supply Chain Solutions �0% �3% In the third quarter net sales in the business area declined organi- cally with four percent compared to the same quarter last year, excluding acquisitions, discontinued operations and using un- changed exchange rates. In spite of a continued uncertain market situation, signs were noted of stabilization and, in some cases, also a certain recovery within selected customer segments and markets, especially towards the end of the quarter. The decline in net sales was to a large extent due to lower prices for freight forwarding services within Air & Sea, as a consequence of an overcapacity in the market. This predominantly affected Fashion in Europe, but also Industrial. Adjusted for freight forwarding within Air & Sea, however, both Fashion and Industrial showed organic growth. The Electronics customer segment, that has been stable during the year, continued to grow organically also in the third quarter. A posi- tive development during the quarter was that Fashion in North America, that earlier has had a slow development, showed organic growth of four percent. The Automotive customer segment, which continues to face major structural challenges, had negative organic growth although the decline was halved compared to the first six months of the year. The considerable structural measures that were carried out at the end of the previous year and during the first six months of this year have contributed to an improved adjusted EBITA margin during the third quarter compared to preceding periods. The new CEO for the subsidiary LGI has conducted an extensive review of the business that has resulted in further structural measures. LGI is building a more efficient organization while retaining the capacity for future expansion. The measures affect around 70 employees, mainly white-collars. Included in the structural measures there are also a consolidation of warehouse space in order to reduce over- capacity. The company has also renewed several important client contracts and is in final negotiations concerning new inquiries. Adjusted EBITA, i.e. the operating result adjusted for amorti- zation of assets identified in conjunction with acquisitions and one- off items, was MSEK 183 (214) in the quarter, which corresponded to an adjusted EBITA margin of 7.9 (7.2) percent. The quarter’s one-off items amounted to MSEK –80 (144) and primarily referred to structural measures within LGI. The global trend towards regionalized and decentralized pro- duction continues. This development creates strategic opportunities for Elanders, as the increased supply chain complexity increases the need for a larger number of warehouse locations and more complex distribution solutions. Over time, these challenges are expected to generate growth for the Group. Group Supply Chain Solutions January – September Third quarter Last 12 months Full year 20242025 2024 2025 2024 Net sales, MSEK 7,402 8,464 2,307 2,977 10,414 11,475 EBITDA, MSEK 1,145 1,469 367 640 1,569 1,893 EBITA adjusted, MSEK 1) 2) 453 545 183 214 629 722 EBITA margin adjusted, % 1) 2) 6.1 6.4 7.9 7.2 6.0 6.3 EBITA, MSEK 1) 324 634 102 358 457 768 EBITA margin, % 4.4 7.5 4.4 12.0 4.4 6.7 Cash conversion, % 133.4 85.5 105.0 47.2 118.2 83.7 Average number of employees 5,741 6,064 5,679 5,982 5,794 6,036 1) EBITA refers to operating result plus amortization of assets identified in conjunction with acquisitions. 2) One-off items have been excluded in the adjusted measures. Elanders is one of the leading companies in the world in global solutions for supply chain management. The range of services includes, among other things, taking responsibility for and optimizing customers’ material and product flows, everything from sourcing and procurement combined with warehousing to after sales service. The company’s proprietary warehouse management system CloudX, that includes AI functionality, offers clients value- creating services and the expansion of stor- age capacity within Elanders’ global network without any further costly IT integrations. Supply Chain Solutions — share of net sales (Last 12 months) Supply Chain Solutions — share of EBITA (Last 12 months)
Page 7
Elanders — Q3 2025 — �7 Print & Packaging Solutions 20% 17% The third quarter net sales for the business area declined organi- cally by four percent compared to the same quarter last year, excluding acquisitions, discontinued operations and using unchanged exchange rates. The uncertain market situation and the decline in demand for printed matter remained during the third quarter, although the impact was slightly less than in the first six months of the year. The Automotive customer segment continued to develop nega- tively, but the rate of decline decreased somewhat in the quarter. On the contrary, sales within Industrial declined at an increased rate, while growth slowed down within the strategically important online print. The weak market has, however, created new business opportunities. In the quarter the company took over a number of customers from a German company that had ceased its opera- tions. Furthermore, several new agreements were secured and the business area is actively participating in important tenders that are expected to contribute positively next year. The consolidations and cost measures implemented during the first quarter have had a positive effect on the result and contributed to an improved EBITA margin in the third quarter compared to the first six months of the year. The consolidation has streamlined op- erations and laid the foundations for a more sustainable and robust cost structure in the long term. Adjusted EBITA, i.e. the operating result adjusted for amortization of assets identified in conjunction with acquisitions and one-off items, was MSEK 36 (32), which cor- responded to an adjusted EBITA margin of 6.0 (4.9) percent. The current market situation within print is characterized by uncertainty, which creates challenges for future development. At the same time, opportunities for growth remain, especially within online print and the publishing segment, where demand for flexible and digitally integrated solutions is increasing. For Elanders, as one of the largest players within print, the weak market conditions of- fer opportunities for the consolidation of production in the markets that are important for the Group. Print & Packaging Solutions January – September Third quarter Last 12 months Full year 20242025 2024 2025 2024 Net sales, MSEK 1,838 2,007 593 656 2,634 2,803 EBITDA, MSEK 155 256 75 74 262 363 EBITA adjusted, MSEK 1) 2) 88 124 36 32 159 195 EBITA margin adjusted, % 1) 2) 4.8 6.2 6.0 4.9 6.0 6.9 EBITA, MSEK 1) 31 124 36 32 93 186 EBITA margin, % 1.7 6.2 6.0 4.9 3.5 6.6 Cash conversion, % 96.4 88.0 8.7 70.2 79.9 78.6 Average number of employees 1,153 1,272 1,064 1,263 1,186 1,275 1) EBITA refers to operating result plus amortization of assets identified in conjunction with acquisitions. 2) One-off items have been excluded in the adjusted measures. Through its capacity to innovate and its global presence, the business area Print & Packaging Solutions offers cost-effective solutions that can handle customers’ local and global needs for printed material and packaging, often in combination with advanced online ordering platforms, value- added services and just-in-time deliveries. Print & Packaging Solutions — share of net sales (Last 12 months) Print & Packaging Solutions — share of EBITA (Last 12 months)
Page 8
Important events during the period January – September — Structural measures Supply Chain Solutions As a response to a slow start to the year, the Group decided to implement cost-saving measures within the Supply Chain Solutions business area. The measures are part of efforts to strengthen long-term profitability and adapt the operations to current market conditions. The structural measures have been implemented continuously and are expected to result in annual cost savings of approximately MSEK 130, of which around MSEK 42 in 2025. The measures primarily affect Elanders’ subsidiary LGI and mainly referred to severance pay provisions. Structural measures of MSEK 113 impacted the result in the period, of which MSEK 31 in the first quarter, MSEK 6 in the second quarter and MSEK 76 in the third quarter. — Structural measures Print & Packaging Solutions During the first quarter, it was decided that the offset operation in Hungary will be discontinued and that the volumes will be moved to Poland. The Group is also consolidating two of its UK entities to one entity. In addition, structural measures were implemented in Germany and Sweden. These measures are a response to a weaker market and incurred one-off costs of MSEK 57, which referred to severance pay provisions and other restructuring costs, impacting the result in the first quarter. The measures are expected to result in annual cost savings of approximately MSEK 102, of which around MSEK 57 in 2025. — Changes in Group Management During the period, Florian Beck replaced Bernd Schwenger as CEO of Elanders’ subsidiary LGI and as a member of Elanders’ Group Management. Florian Beck comes from the role of COO of Bergen Logistics and has been part of the Group for ten years, of which nine years at LGI. He has a solid background in contract logistics and business development and has previously held several senior positions within the Group. Charles Ickes has assumed the role of Group COO to strengthen the strategic coordination and operational integration of Elanders’ global supply chain network. In parallel, he will remain in his current position as CEO of Elanders’ subsidiary Bergen Logistics. — Global developments Geopolitical changes and potential trade conflicts continue to create uncertainty in the world. Elanders is monitoring the situa- tion and will make necessary adjustments to operations if needed. — Revised climate targets During the period, Elanders climate targets have been validated and approved by the Science Based Targets initiative (SBTi). The climate targets are deemed to be aligned with the latest climate science and in line with the Paris Agreement's goals to limit global warming to a maximum of 1.5 degrees. According to these targets, Elanders commits to reducing greenhouse gas emissions in its own operations (scope 1 and 2) by 50 percent by 2030, compared to the base year 2021. For the value chain (scope 3), emissions will be reduced by 25 percent by 2030, compared to the base year 2022. The long-term target is to reach net zero emissions across all scopes by 2050. Third quarter — Structural measures Supply Chain Solutions During the quarter, LGI’s new CEO, Florian Beck, conducted a comprehensive review of the operations and identified opportu- nities for cost savings among white-collar employees, as well as measures to reduce overcapacity in warehouse space. These actions resulted in structural measures of MSEK 76, which impacted the result in the third quarter. Investments and depreciation January – September Net investments for the period amounted to MSEK 113 (1,171), of which purchase prices for acquisitions accounted for MSEK 18 (1,076). Depreciation, amortization and write-downs amounted to MSEK 1,022 (1,048). Third quarter Net investments for the period amounted to MSEK 20 (93), of which purchase prices for acquisitions accounted for MSEK 0 (60). Depreciation, amortization and write-downs amounted to MSEK 328 (351). Financial position, cash flow and financing January – September Excluding purchase prices for acquisitions, the operating cash flow amounted to MSEK 1,323 (1,436). Including acquisitions, the oper- ating cash flow for the period was MSEK 1,305 (359). Net debt decreased by MSEK 907 to MSEK 8,205 compared with MSEK 9,112 at the beginning of the year. The reduction was mainly due to currency exchange rate effects, which reduced net debt by MSEK 612, as well as amortizations and revaluations of the Group’s leasing liabilities totaling MSEK 358. The dividend to shareholders increased net debt by MSEK 147, while work- ing capital contributed to a reduction of MSEK 69. On a rolling twelve-month basis, the net debt/EBITDA ratio was 4.6, compared with 4.1 at the beginning of the year. Excluding effects from IFRS 16, net debt decreased by MSEK 218 to MSEK 3,813 compared to MSEK 4,031 at the begin- ning of the year. Exchange rate fluctuations and lower working capital reduced the net debt by MSEK 281 and MSEK 56 respec- tively, during the period. The dividend to shareholders increased net debt by MSEK 147. Excluding IFRS 16 effects, the net debt/ EBITDA ratio was 4.4 on a rolling twelve-month basis, excluding one-off items and adjusted for proforma results for acquisitions, in comparison to 4.0 at the beginning of the year. During the year, the Group extended its credit agreement on two occasions. The first extension took place in the first quarter, and a second extension occurred in the third quarter. The group has now secured financing for its operations, and the facility matures in the third quarter of 2028. The agreement represents an important step toward increased financial stability and long-term growth. The Group’s credit agreements contain a financial covenant that must be met in order to secure the financing. This covenant is the net debt/EBITDA ratio that is calculated excluding IFRS 16 Group, Parent company and Other information
Page 9
Elanders — Q3 2025 — �9 Elanders’ offer Elanders offers integrated and customized solutions for handling all or part of the customers’ supply chain. The Group can take complete responsibility for complex and global deliveries that may include purchasing, storage, configuration, production and distribution. The offer also includes order management solutions, payment flows and after market services on behalf of the customers. The services are provided by business-minded employees who, with their expertise and aided by intelligent IT solutions, contribute to developing the customers’ offers. These offers are often totally dependent on efficient product, component and service flows as well as traceability and information. In addition to the offer to the B2B market, the Group also sells reused and refurbished IT- related products via its own brand ReuseIT and photo products via the brands fotokasten and myphotobook directly to consumers. Goal and strategy The goal for Elanders is to be a leader in global end-to-end solu- tions in supply chain management and to be the best at meeting customers’ demands on efficiency and delivery, with sustainability in focus. Elanders helps customers with their business-critical processes, locally and globally, through integrated and customized solutions for managing all or parts of their supply chains. At the same time, the customers’ climate footprint is reduced through op- timization of both material and product flows. Elanders has a par- ticular focus on advanced logistics solutions with a large portion of value-added services. The Group develops its customers’ business in cooperation with them, strengthens their competitiveness and makes their supply chain more sustainable. Optimal managing of the supply chain makes an operation both more cost-efficient and sustainable through reduced resource consumption in production, warehousing and transportation. Elanders strives to have a balanced mix of customers in terms of both geographies and industries. This is done with the aim of re- ducing the effect of fluctuations in individual markets as well as of general business cycles. The Group wants to be a strategic business partner to its customers and support them in developing further. Risks and uncertainties Elanders divides risks into business risks (customer concentration, operational risk, risks in operating expenses, contracts and dispu- tes), financial risks (currency, interest, financing/liquidity and credit risk) as well as circumstantial risks (business cycle sensitivity, wars The parent company has provided intragroup services. The average number of employees during the period was 11 (13) and at the end of the period the number of employees was 11 (11). Parent company Other information effects but adjusted for proforma results in acquisitions and excluding one-off items. This financial covenant was met as of the balance sheet date. Third quarter Excluding purchase prices for acquisitions, the operating cash flow totaling MSEK 316 (279). Including acquisitions, the operating cash flow for the period was MSEK 316 (218). During the quarter, the Group extended its credit agreement. The extension means that the Group has now secured financing for its operations, and the facility matures in the third quarter of 2028, which represents an important step toward increased financial stability and long-term growth. Personnel January – September The average number of employees during the period was 6,905 (7,349), whereof 166 (163) in Sweden. At the end of the period the Group had 6,712 (7,217) employees, whereof 162 (164) in Sweden. Third quarter The average number of employees during the period was 6,754 (7,258), whereof 164 (165) in Sweden.
Page 10
and conflicts, pandemics and increased demands in a changing world). These risks, together with a sensitivity analysis, are descri- bed in detail in the Annual and Sustainability Report for 2024 and remain unchanged since this report. Efforts to reduce greenhouse gas emissions Elanders can use its business model and global presence for the benefit of both a reduced climate footprint and increased profitabi- lity. On behalf of customers, Elanders manages and optimizes flows of both raw materials and components as well as finished products. Through a broad service portfolio and geographical spread, Elanders can offer customized logistics solutions close to the customer’s busi- ness and the end customer. In this way, the customer can reduce emissions, not least in their transport systems, and at the same time optimize costs. As a partner to the customer, Elanders can further make visible the emissions in the customer’s value chain and offer alternative solutions aimed at where the customer has its greatest impact and needs. Elanders has committed to targets regarding reduction of generated greenhouse gas (GHG) emissions. The GHG reduction targets are both short- and long term. — Year 2030 – Reducing greenhouse gas emissions in its own operations (scope 1 and 2) by 50 percent, compared to the base year 2021. For the value chain (scope 3), emissions will be reduced by 25 percent by 2030, compared to the base year 2022. — Year 2050 – The long-term target is to achieve net-zero emissions across all scopes. Elanders is working to ensure that each individual subsidiary has an action plan for emission reductions in line with the adopted targets. For a detailed report on the Group’s emissions, outcomes and targets, please refer to Elanders Annual and Sustainability Report for 2024. Seasonal variations The Group’s net sales, and thereby income, are affected by seasonal variations. Historically the fourth quarter has been somewhat stronger than the other quarters. Transactions with related parties The following transactions with related parties have occurred during the period: — One of the members of the Board, Erik Gabrielson, is a partner in the law firm Vinge, which provides the company with legal services. — The Group leases a property in a subsidiary, where the property is wholly owned by a person who has significant influence in the subsidiary in question. Remuneration is considered on par with the market for all of these transactions. Events after the balance sheet date Besides what has been described in this report, no other major events have taken place after the balance sheet date. Forecast No forecast is given for 2025. Accounting principles The interim report for the Group has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The accounting principles, including important estima- tions and assessments as well as calculation methods, are consistent with those presented in Elanders’ Annual and Sustainability Report for 2024. Nomination committee for the Annual General Meeting 2026 The nomination committee for the Annual General Meeting on 24 April 2026 is as follows: — Carl Bennet, Chairman of the nomination committee and contact, represents Carl Bennet AB. — Dan Frohm, Chairman of the Board. — Anders Oscarsson, Svolder AB. — Jannis Kitsakis, Fourth Swedish National Pension Fund. — Viktor Henriksson, Carnegie Funds. Shareholders who would like to submit proposals to Elanders’ 2026 nomination committee, can contact the nomination commit- tee by e-mail at valberedning@elanders.com or by mail: Elanders AB, Att: Nomination committee, Flöjelbergsgatan 1 C, SE-431 37 Mölndal, Sweden. Annual General Meeting 2026 Elanders AB’s Annual General Meeting will be held on April 24, 2026, Södra Porten Konferenscenter, Flöjelbergsgatan 1 C, Mölndal, Sweden. Shareholders wishing to have a matter addressed at the Annual General Meeting can submit their proposal to Elanders’ Board Chairman by e-mail: arsstamma@elanders.com, or by mail: Elanders AB, Flöjelbergs- gatan 1 C, SE-431 37 Mölndal, Sweden. To ensure inclusion in the notice and thus in the Annual General Meeting’s agenda, proposals must be received by the company not later than February 27, 2026. Other information and Auditor’s report
Page 11
Elanders — Q3 2025 — 11 Financial calendar — Fourth quarter 2025 28 January 2026 — Annual and Sustainability Report 2025 23 March 2026 — First quarter 2026 24 April 2026 — Annual General Meeting 2026 24 April 2026 — Second quarter 2026 14 July 2026 — Third quarter 2026 23 October 2026 Conference call In connection with issuing the report on the third quarter 2025, Elanders will hold a press and analysts conference call on 22 October 2025, at 15:00 CET, hosted by Magnus Nilsson, President and Group CEO, and Åsa Vilsson, Group CFO. We invite fund managers, analysts and the media to participate in the conference call. To join, register your details using the registration link below. Once registered, you will receive a separate email containing dial in number(s) and PINs. Register for the conference call here. Agenda 14:50 Conference number is opened 15:00 Presentation of quarterly results 15:20 Q&A 16:00 End of the conference During the conference call a presentation will be held. To access the presentation, please use this link: https://www.elanders.com/ investors/presentations/ Access recording The conference call will be recorded and will be available until January 27, 2026. Call the preferred telephone number stated in the link below, followed by 0845499#. Dial-in numbers for the recording can be found here Keypad controls can be found here Elanders AB (publ) corp. reg. no. 556008-1621 Auditor’s report Introduction We have reviewed the condensed interim financial information (interim report) of Elanders AB as of 30 September 2025 and the nine-months period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information 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 review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A re view consists of making inquiries, primarily of persons respon- sible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accor- dingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. Mölndal, 22 October 2025 Ernst & Young AB Andreas Mast Authorized Public Accountant
Page 12
Condensed income statements January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Net sales 9,148 10,369 2,872 3,598 12,922 14,143 Cost of products and services sold -7,522 –8,591 -2,293 –2,967 –10,662 –11,731 Gross profit 1,627 1,778 579 631 2,260 2,411 Sales and administrative expenses –1,416 –1,364 –488 –455 –1,926 –1,874 Other operating income 66 236 23 178 135 305 Other operating expenses –27 –33 –8 –5 –52 –57 Operating result 249 618 105 348 416 786 Net financial items –360 –381 –118 –134 –486 –507 Result after financial items –111 237 –14 214 –70 278 Income tax 16 –40 2 –26 –40 –95 Result for the period –95 197 –11 188 –110 183 Result for the period attributable to: — parent company shareholders –99 194 –13 186 –116 176 — non-controlling interests 4 3 2 2 7 7 Earnings per share, SEK 1) 2) –2.80 5.48 –0.38 5.25 –3.29 4.99 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 35,358 Outstanding shares at the end of the year, in thousands 35,358 35,358 35,358 35,358 35,358 35,358 1) Earnings per share before and after dilution. 2) Earnings per share calculated by dividing the result for the period attributable to parent company shareholders by the average number of outstanding shares during the period. Condensed statements of comprehensive Income January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Result for the period –95 197 –11 188 –110 183 Items that will not be reclassified to the income statement Remeasurements after tax 0 0 0 0 0 0 Items that will be reclassified to the income statement Translation differences after tax –437 33 –42 –116 –211 259 Hedging of net investment abroad after tax 109 –11 15 25 51 –69 Other comprehensive income –328 23 –27 –91 –160 190 Total comprehensive income for the period –423 220 –39 97 –270 373 Total comprehensive income attributable to: — parent company shareholders –427 217 –41 95 –277 367 — non-controlling interests 4 3 2 2 7 6 Consolidated financial statements
Page 13
Elanders — Q3 2025 — 13 Condensed statements of cash flow January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Result after financial items –111 237 –14 214 –70 278 Adjustments for items not included in cash flow 1,101 860 351 174 1,456 1,215 Paid tax –112 –167 –37 –56 –167 –222 Cash flow from operating activities before changes in working capital 878 930 301 332 1,218 1,271 Changes in working capital 69 52 –120 –211 162 145 Cash flow from operating activities 947 982 181 120 1,380 1,416 Net investments in intangible and tangible assets –94 –95 –18 –32 –166 –167 Acquired and divested operations –18 –1,076 — –60 –25 –1,083 Change in long-term receivables –1 0 –1 0 –2 –1 Cash flow from investing activities –113 –1,171 –20 –93 –193 –1,251 Amortization of borrowing debts –127 –98 –41 –31 –174 –146 Amortization of lease liabilities –758 –747 –246 –258 –1,024 –1,014 New loans — 561 — 0 — 561 Other changes in long- and short-term borrowing 234 582 17 40 200 548 Dividend to shareholders –147 –147 — — –156 –156 Cash flow from financing activities –797 150 –270 –249 –1,154 –207 Cash flow for the period 36 –39 –109 –221 32 –42 Cash and cash equivalents at the beginning of the period 1,138 1,107 1,146 1,329 1,069 1,107 Translation difference –142 1 –5 –39 –69 74 Cash and cash equivalents at the end of the period 1,032 1,069 1,032 1,069 1,032 1,138 Net debt at the beginning of the period 9,112 8,191 8,224 9,030 8,925 8,191 Translation difference –612 223 –118 –92 –329 506 Acquired and divested operations — 311 — — — 311 Changes with cash effect –702 –229 –158 –86 –1,051 –578 Changes with no cash effect 407 429 257 73 659 682 Net debt at the end of the period 8,205 8,925 8,205 8,925 8,205 9,112 Operating cash flow 1,305 359 316 218 1,840 894
Page 14
Consolidated financial statements Condensed statements of financial position 30 Sep. 31 Dec. 2024MSEK 2025 2024 Assets Intangible assets 5,854 6,194 6,402 Tangible assets 4,986 5,579 5,796 Other fixed assets 573 519 569 Total fixed assets 11,413 12,291 12,768 Inventories 388 374 378 Accounts receivable 2,185 2,152 2,194 Other current assets 547 618 589 Cash and cash equivalents 1,032 1,069 1,138 Total current assets 4,152 4,213 4,300 Total assets 15,566 16,504 17,067 Equity and liabilities Equity 3,528 3,939 4,102 Liabilities Non-interest-bearing long-term liabilities 305 379 364 Interest-bearing long-term liabilities 8,072 8,763 8,952 Total long-term liabilities 8,377 9,142 9,315 Non-interest-bearing short-term liabilities 2,495 2,192 2,351 Interest-bearing short-term liabilities 1,165 1,231 1,298 Total short-term liabilities 3,661 3,424 3,649 Total equity and liabilities 15,566 16,504 17,067
Page 15
Elanders — Q3 2025 — 15 Segment reporting The Group has defined two operating segments which are the same as the two business areas Supply Chain Solutions and Print & Packing Solutions. The reporting is consistent with the internal reporting provided to the highest executive decision-maker in the Group, the Chief Executive Officer of the Elanders Group. The operations within each operating segment have similar economic characteristics and resemble each other regarding the nature of their products and services, production processes and customer types. Sales between segments takes place on market terms and have been eliminated in the Group’s total sales. No allocation of financial items is made by operating segment. Net sales per segment January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Supply Chain Solutions 7,402 8,464 2,307 2,977 10,414 11,475 Print & Packaging Solutions 1,838 2,007 593 656 2,634 2,803 Group functions 36 38 12 13 49 50 Eliminations –129 –140 –41 –47 –175 –186 Group net sales 9,148 10,369 2,872 3,598 12,922 14,143 Operating result per segment January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Supply Chain Solutions 252 559 79 333 360 667 Print & Packaging Solutions 27 118 34 30 87 179 Group functions –31 –60 –9 –15 –31 –60 Group operating result 249 618 105 348 416 786 Condensed statements of changes in equity January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Opening balance 4,102 3,864 3,571 3,833 3,939 3,864 Dividend to parent company shareholders –147 –147 — — –147 –147 Dividend to non-controlling interests — — — — –9 –9 Change in fair value of put and call option to acquire non-controlling interest –4 1 –4 8 15 21 Total comprehensive income for the period –423 220 –39 97 –270 373 Closing balance 3,528 3,939 3,528 3,939 3,528 4,102 Equity attributable to: — parent company shareholders 3,499 3,908 3,499 3,908 3,499 4,077 — non-controlling interests 29 31 29 31 29 25
Page 16
Consolidated financial statements Disaggregation of revenue Revenue has been divided into geographic markets, main revenue streams and customer segments since these are the categories the Group uses to present and analyze revenue in other contexts. Revenue for each category is presented per reportable segment. The Group’s customer contracts are easy to identify and products and services in a contract are largely connected and dependent on each other, and therefore part of an integrated offer. Main revenue streams are presented based on the internal names used in the Group. Sourcing & Procurement services refer to the purchase and procurement of products for customers as well as handling the flows connected to these products. Freight and transportation services refer to revenue from freight and trans- portation with our own trucks as well as pure freight forwarding. Other supply chain services such as fulfilment, kitting, warehous- ing, assembly and after sales services are presented under Other contract logistics services. Other work/services refer to pure print services and other services that do not fit into any of the first three categories. Intra-group invoicing regarding group functions is reported net in net sales to group companies. January – September Supply Chain Solutions Print & Packaging Solutions Total MSEK 2025 2024 2025 2024 2025 2024 Total net sales 7,402 8,464 1,838 2,007 9,240 10,472 Less: net sales to group companies –56 –61 –36 –42 –92 –103 Net sales 7,346 8,404 1,802 1,965 9,148 10,369 Supply Chain Solutions Print & Packaging Solutions Total MSEK 2025 2024 2025 2024 2025 2024 Customer segments Automotive 1,151 1,550 349 405 1,500 1,955 Electronics 2,334 2,593 43 45 2,377 2,638 Fashion 2,171 2,417 26 38 2,197 2,455 Health Care 392 438 43 46 435 484 Industrial 712 774 418 469 1,130 1,243 Other 586 631 923 962 1,509 1,593 Net sales 7,346 8,404 1,802 1,965 9,148 10,369 Main revenue streams Sourcing and procurement services 984 1,302 — — 984 1,302 Freight and transportation services 1,889 2,422 — — 1,889 2,422 Other contract logistics services 4,216 4,374 170 173 4,386 4,547 Other work/services 258 306 1,632 1,792 1,890 2,098 Net sales 7,346 8,404 1,802 1,965 9,148 10,369 Geographic markets Europe 4,881 5,377 1,530 1,697 6,411 7,073 Asia 1,179 1,500 24 24 1,203 1,524 North and South America 1,277 1,516 243 239 1,520 1,755 Other 9 11 5 6 15 17 Net sales 7,346 8,404 1,802 1,965 9,148 10,369
Page 17
Elanders — Q3 2025 — 17 Disaggregation of revenue (cont.) Third quarter Supply Chain Solutions Print & Packaging Solutions Total MSEK 2025 2024 2025 2024 2025 2024 Total net sales 2,307 2,977 593 656 2,901 3,632 Less: net sales to group companies –18 –19 –11 –16 –29 –34 Net sales 2,289 2,958 583 640 2,872 3,598 Supply Chain Solutions Print & Packaging Solutions Total MSEK 2025 2024 2025 2024 2025 2024 Customer segments Automotive 265 515 112 129 377 644 Electronics 725 973 13 16 738 989 Fashion 723 811 8 9 731 820 Health Care 127 153 11 15 138 168 Industrial 258 268 122 155 380 423 Other 190 237 318 316 508 553 Net sales 2,289 2,958 583 640 2,872 3,598 Main revenue streams Sourcing and procurement services 271 515 — — 271 515 Freight and transportation services 513 833 — — 513 833 Other contract logistics services 1,421 1,510 58 53 1,480 1,563 Other work/services 84 100 525 587 608 687 Net sales 2,289 2,958 583 640 2,872 3,598 Geographic markets Europe 1,512 1,903 498 552 2,010 2,455 Asia 344 589 7 8 351 597 North and South America 429 462 76 78 505 540 Other 3 4 2 2 5 6 Net sales 2,289 2,958 583 640 2,872 3,598
Page 18
Consolidated financial statements Disaggregation of revenue (cont.) Last 12 months and full year 2024 Supply Chain Solutions Print & Packaging Solutions Total MSEK Last 12 months Full year 2024 Last 12 months Full year 2024 Last 12 months Full year 2024 Total net sales 10,414 11,475 2,634 2,803 13,048 14,279 Less: net sales to group companies –75 –79 –51 –57 –126 –136 Net sales 10,339 11,396 2,583 2,746 12,922 14,143 Supply Chain Solutions Print & Packaging Solutions Total MSEK Last 12 months Full year 2024 Last 12 months Full year 2024 Last 12 months Full year 2024 Customer segments Automotive 1,592 1,992 477 532 2,069 2,524 Electronics 3,388 3,647 55 57 3,443 3,704 Fashion 3,016 3,263 38 50 3,055 3,313 Health Care 535 581 53 56 588 637 Industrial 974 1,036 574 625 1,548 1,661 Other 834 878 1,386 1,425 2,220 2,303 Net sales 10,339 11,396 2,583 2,746 12,922 14,143 Main revenue streams Sourcing and procurement services 1,555 1,873 — — 1,555 1,873 Freight and transportation services 2,659 3,192 — — 2,659 3,192 Other contract logistics services 5,767 5,925 224 227 5,990 6,152 Other work/services 358 406 2,359 2,519 2,717 2,926 Net sales 10,339 11,396 2,583 2,746 12,922 14,143 Geographic markets Europe 6,752 7,247 2,227 2,394 8,979 9,641 Asia 1,828 2,149 34 34 1,862 2,184 North and South America 1,746 1,985 314 310 2,060 2,295 Other 13 15 7 8 20 23 Net sales 10,339 11,396 2,583 2,746 12,922 14,143 Net sales per quarter 2025 2024 MSEK Third quarter Second quarter First quarter Fourth quarter Third quarter Second quarter Customer segments Automotive 377 550 573 569 644 658 Electronics 738 805 834 1,066 989 902 Fashion 731 714 752 858 820 842 Health Care 138 144 153 153 168 163 Industrial 380 350 400 418 423 414 Other 508 481 520 710 553 524 Net sales 2,872 3,044 3,232 3,774 3,598 3,503
Page 19
Elanders — Q3 2025 — 19 Acquisitions and divestments of operations Elanders has not made any acquisitions or divestments of opera- tions during January – September 2025. ReuseIT In October 2020 and March 2021, respectively, Elanders acquired 70 percent of the Renewed tech companies Azalea IT as well as ReuseIT Sweden AB and ReuseIT Finance AB. The acquisitions included a mandatory option to purchase the remaining shares in 2024 and 2025. During the first half of 2025, the remaining shares were acquired and the acquisition was completed. The shares were acquired for MSEK 18, which corresponded to the recognized li- ability for the put/call option. Bishopsgate Newco Ltd In February 2024, Elanders acquired almost 90 percent of the shares in the English company Bishopsgate Newco Ltd (“Bishopsgate”). The purchase price for the shares amounted to approximately MGBP 40 on a cash- and debt-free basis, and was charged to cash flow during the first quarter of 2024. In addition to this, there is also a mandatory put/call option that gives Elanders the right to buy the remaining shares based on the company’s future result development. Financial assets and liabilities measured at fair value The financial instruments recognized at fair value in the Group’s report on financial position consist primarily of contingent consid- erations related to acquisitions, conditional put and call options regarding non-controlling interests and a minor part of derivatives. Contingent considerations and mandatory put/call options are measured at fair value within level 3, which means that valua- tion has been made based on inputs that are not observable in the market. Contingent considerations are recognized as financial liabilities and at fair value on the acquisition date. Contingent considerations are remeasured at each reporting period with any change recog- nized in profit or loss for the year. Contingent considerations are based on performance targets as agreed between the sellars and Elanders. As of September 30, 2025, the fair value of contingent considerations amounts to MSEK 3, compared with MSEK 3 at the beginning of the year. At the end of the period, the entire amount was recognized as current liability. Mandatory put/call options related to acquisitions of noncon- trolling interests are initially recognized as a financial liability at the present value of the strike price applicable at the period where the option can first be exercised. Changes in fair value for these liabilities are recognized in equity. Mandatory put/call options are based on performance targets as agreed between the sellars and Elanders. As of September 30, 2025, the fair value of mandatory put/call options amounts to MSEK 66, compared with MSEK 87 at the beginning of the year. The decrease is due to the acquisition of the remaining shares in ReuseIT AB through the exercise of a mandatory put/call option of MSEK 18 as well as exchange rate fluctuations. At the end of the period, the entire amount was recog- nized as long-term liability. The derivatives consist of forward contracts and are used for hedging purposes and are measured at fair value within level 2. Valuation at fair value of forward contracts is based on published forward rates on an active market. Derivatives for hedging pur- poses are recognized at fair value and are presented under other current assets and non-interest-bearing current liabilities. Changes in the value of cash flow hedges are reported in particular catego- ries under other comprehensive income until the hedged item is recorded in the income statement. Any result on hedge instruments attributable to the effective part of the hedge are recorded as equity under hedge provisions. Any result on hedge instruments attribut- able to the ineffective part of the hedge are recorded in the income statement. The hedge reserve for forward exchange contracts is less than MSEK 1 both as of September 30, 2025, and the comparison periods. The fair value of other financial assets and liabilities valued at their amortized purchase price is estimated to be equivalent to their book value.
Page 20
Quarterly data Quarterly data 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 Net sales, MSEK 2,872 3,044 3,232 3,774 3,598 3,503 3,268 3,574 3,253 EBITDA, MSEK 433 459 378 531 699 500 467 569 500 EBITDA excl. IFRS 16, MSEK 150 172 72 227 405 201 186 294 238 EBITA adjusted, MSEK 210 167 133 247 237 215 180 289 211 EBITA margin adjusted, % 7.3 5.5 4.1 6.6 6.6 6.1 5.5 8.1 6.5 EBITA, MSEK 129 149 46 195 375 168 155 264 211 EBITA margin, % 4.5 4.9 1.4 5.2 10.4 4.8 4.7 7.4 6.5 Operating result, MSEK 105 124 20 168 348 141 129 237 188 Operating margin, % 3.7 4.1 0.6 4.4 9.7 4.0 3.9 6.6 5.8 Result after financial items, MSEK –14 3 –101 41 214 5 18 143 105 Result after tax, MSEK –11 1 –85 –14 188 2 8 101 66 Earnings per share, SEK 1) –0.38 0.01 –2.43 –0.49 5.25 0.02 0.21 2.70 1.83 Operating cash flow, MSEK 316 486 503 535 218 20 121 –221 510 Cash flow from operating activities per share, SEK 5.12 9.99 11.66 12.26 3.40 9.74 14.64 14.42 12.04 Depreciation and write-downs, MSEK 328 335 358 363 351 359 338 331 312 Net investments, MSEK 20 22 72 80 93 529 550 893 51 Goodwill, MSEK 4,730 4,793 4,791 5,088 4,930 4,983 5,024 4,452 3,767 Total assets, MSEK 15,566 15,937 15,897 17,067 16,504 16,927 17,053 15,630 14,316 Equity, MSEK 3,528 3,571 3,778 4,102 3,939 3,833 4,004 3,864 3,893 Equity per share, SEK 98.97 100.24 106.10 115.33 110.52 107.58 112.46 108.50 109.00 Net debt, MSEK 8,205 8,224 8,250 9,112 8,925 9,030 8,948 8,191 7,022 Net debt excl. IFRS 16, MSEK 3,813 3,777 3,686 4,031 4,046 4,071 4,026 3,655 2,875 Capital employed, MSEK 11,733 11,795 12,028 13,214 12,864 12,863 12,952 12,055 10,915 Return on total assets, % 2) 6.1 3.4 15.9 4.4 8.8 3.5 4.0 11.5 4.7 Return on equity, % 2) –1.5 0.0 –8.8 –1.7 19.3 0.1 0.8 9.9 6.7 Return on capital employed, % 2) 3.6 4.2 0.6 5.1 10.8 4.4 4.1 8.3 6.7 Debt/equity ratio 2.3 2.3 2.2 2.2 2.3 2.4 2.2 2.1 1.8 Equity ratio, % 22.7 22.4 23.8 24.0 23.9 22.6 23.5 24.7 27.2 Interest coverage ratio 3) 0.9 1.4 1.4 1.6 1.9 1.7 2.0 2.2 2.4 Number of employees at the end of the period 6,712 6,832 6,983 7,175 7,217 7,351 7,458 7,474 7,106 1) There is no dilution. 2) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period). 3) Interest coverage ratio calculation is based on the last 12 month period.
Page 21
Elanders — Q3 2025 — 21 Five year overview — January – September 2025 2024 2023 2022 2021 Net sales, MSEK 9,148 10,369 10,292 10,875 8,369 EBITDA, MSEK 1,270 1,666 1,399 1,403 1,012 EBITA adjusted, MSEK 510 632 638 635 413 EBITA margin adjusted, % 5.6 6.1 6.2 5.8 4.9 EBITA, MSEK 324 698 556 666 413 EBITA margin, % 3.5 6.7 5.4 6.1 4.9 Result after tax, MSEK –95 197 156 347 211 Earnings per share, SEK 1) –2.80 5.48 4.32 9.42 5.84 Cash flow from operating activities per share, SEK 26.77 27.78 35.97 18.96 16.57 Equity per share, SEK 98.97 110.52 109.00 105.72 87.55 Return on equity, % 2) –3.7 6.6 5.3 12.5 9.1 Return on capital employed, % 2) 2.8 6.4 5.8 8.1 8.1 Operating margin, % 2.7 6.0 4.7 5.5 4.4 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 1) There is no dilution. 2) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period). Five year overview Five year overview — Third quarter 2025 2024 2023 2022 2021 Net sales, MSEK 2,872 3,598 3,253 3,979 2,865 EBITDA, MSEK 433 699 500 466 328 EBITA adjusted, MSEK 210 237 211 224 126 EBITA margin adjusted, % 7.3 6.6 6.5 5.6 4.4 EBITA, MSEK 129 375 211 216 126 EBITA margin, % 4.5 10.4 6.5 5.4 4.4 Result after tax, MSEK –11 188 66 115 57 Earnings per share, SEK 1) –0.38 5.25 1.83 3.10 1.54 Cash flow from operating activities per share, SEK 5.12 3.40 12.04 7.08 6.81 Equity per share, SEK 98.97 110.52 109.00 105.72 87.55 Return on equity, % 2) –1.5 19.3 6.7 12.1 7.2 Return on capital employed, % 2) 3.6 10.8 6.7 7.4 7.1 Operating margin, % 3.7 9.7 5.8 4.8 3.9 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 1) There is no dilution. 2) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period).
Page 22
Five year overview — Full year 2024 2023 2022 2021 2020 Net sales, MSEK 14,143 13,867 14,974 11,733 11,050 EBITDA, MSEK 2,197 1,967 1,940 1,468 1,431 EBITA adjusted, MSEK 879 927 966 658 598 EBITA margin adjusted, % 6.2 6.7 6.5 5.6 5.4 EBITA, MSEK 893 820 940 641 598 EBITA margin, % 6.3 5.9 6.3 5.5 5.4 Result after financial items, MSEK 278 398 666 482 414 Result after tax, MSEK 183 258 487 331 292 Earnings per share, SEK 1) 4.99 7.02 13.29 9.12 8.12 Cash flow from operating activities per share, SEK 40.04 50.39 31.27 30.07 48.80 Equity per share, SEK 115.33 108.50 108.46 92.67 81.65 Dividends per share, SEK 4.15 4.15 4.15 3.60 3.10 Return on total assets, % 5.1 6.5 11.6 6.3 6.4 Return on equity, % 4.5 6.5 13.0 10.4 9.9 Return on capital employed, % 6.1 6.4 8.3 8.5 8.6 Net debt/EBITDA ratio RTM, times 4.1 4.2 3.7 3.6 2.0 Net debt/EBITDA ratio RTM excl. IFRS 16, times 4.0 3.9 2.8 3.3 1.5 Debt/equity ratio, times 2.2 2.1 1.9 1.6 1.0 Equity ratio, % 24.0 24.7 26.6 28.0 33.6 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 1) There is no dilution. Five year overview
Page 23
Elanders — Q3 2025 — 23 Alternative performance measures are financial measures used to assess the Group’s performance and position. These measures can- not be directly derived from the financial reports and are intended to facilitate the analysis of the Group’s development. They should be seen as a complement to the financial reporting according to IFRS and may differ from measures used by other companies. Elanders applies ESMA’s guidelines on Alternative Performance Measures. For purposes and further definitions of the alternative performance measures, please refer to page 26. Reconciliation of alternative performance measures — Financial overview January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Operating result 249 618 105 348 416 786 Depreciation, amortization and write-downs 1,022 1,048 328 351 1,385 1,411 EBITDA 1,270 1,666 433 699 1,801 2,197 Operating result excl. IFRS 16 149 536 72 321 288 675 Depreciation, amortization and write-downs excl. IFRS 16 245 256 78 84 333 343 EBITDA excl. IFRS 16 394 792 150 405 620 1,019 Operating result 249 618 105 348 416 786 Amortization of assets identified in conjunction with acquisitions 76 80 24 27 103 108 EBITA 324 698 129 375 519 893 Adjustments for one-off items 185 –66 80 –139 238 –14 EBITA adjusted 510 632 210 237 757 879 EBITA margin, % 3.5 6.7 4.5 10.4 4.0 6.3 EBITA margin adjusted, % 5.6 6.1 7.3 6.6 5.9 6.2 Cash flow from operating activities 947 982 181 120 1,380 1,416 Net financial items 360 381 118 134 486 507 Paid tax 112 167 37 56 167 222 Net investments –113 –1,171 –20 –93 –193 –1,251 Operating cash flow 1,305 359 316 218 1,840 894 Adjustment for acquired and divested operations 18 1,076 — 60 25 1,083 Operating cash flow excl. acquisitions 1,323 1,436 316 279 1,866 1,978 Cash conversion, % 104.2 86.2 73.0 39.9 103.6 90.0 Cash flow from operating activities 947 982 181 120 1,380 1,416 Net investments in intangible and tangible assets –94 –95 –18 –32 –166 –167 Free cash flow 852 887 163 88 1,214 1,249 Free cash flow margin, % 9.3 8.6 5.7 2.4 9.4 8.8 Free cash flow per share, SEK 24.11 25.10 4.60 2.49 34.33 35.32 Average total assets 15,800 16,828 15,751 16,715 16,117 16,888 Average cash and cash equivalents –1,084 –1,266 –1,089 –1,199 –1,097 –1,234 Average non-interest-bearing liabilities –2,864 –2,669 –2,898 –2,653 –2,827 –2,681 Average capital employed 11,852 12,893 11,764 12,863 12,193 12,973 Annualized operating result 332 824 419 1,393 416 786 Return on capital employed, % 2.8 6.4 3.6 10.8 3.4 6.1 Reconciliation of alternative performance measures
Page 24
Reconciliation of alternative performance measures — EBITA adjusted January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Supply Chain Solutions 324 634 102 358 457 768 Print & Packaging Solutions 31 124 36 32 93 186 Group functions (incl. eliminations) –31 –60 –9 –15 –31 –60 EBITA 324 698 129 375 519 893 Supply Chain Solutions 129 –89 80 –144 172 –46 Print & Packaging Solutions 57 — — — 65 9 Group functions (incl. eliminations) — 23 — 5 — 23 Adjustments of EBITA 185 –66 80 –139 238 –14 Supply Chain Solutions 453 545 183 214 629 722 Print & Packaging Solutions 88 124 36 32 159 195 Group functions (incl. eliminations) –31 –37 –9 –10 –31 –37 EBITA adjusted 510 632 210 237 757 879 Specification of items affecting comparability Acquisition-related costs, Supply Chain Solutions — 20 — — — 20 Restructuring costs, Supply Chain Solutions 113 38 76 3 194 119 Revaluation of additional consideration, Supply Chain Solutions — –147 — –147 –38 –185 Restructuring costs, Print & Packaging Solutions 57 — — — 66 9 Other items affecting comparability, Supply Chain Solutions 16 — 4 — 16 — Other items affecting comparability, Group functions — 23 — 5 — 23 Total 185 –66 80 –139 238 –14 Reconciliation of alternative performance measures — Net debt 30 Sep. 31 Dec. 2024MSEK 2025 2024 Interest-bearing long-term liabilities 8,072 8,763 8,952 Interest-bearing short-term liabilities 1,165 1,231 1,298 Cash and cash equivalents –1,032 –1,069 –1,138 Net debt 8,205 8,925 9,112 Net debt/EBITDA ratio RTM, times 4.6 4.0 4.1 Interest-bearing long-term liabilities excl. IFRS 16 4,608 4,889 4,929 Interest-bearing short-term liabilities excl. IFRS 16 238 226 240 Cash and cash equivalents –1,032 –1,069 –1,138 Net debt excl. IFRS 16 3,813 4,046 4,031 Net debt/EBITDA ratio RTM excl. IFRS 16, times 6.1 3.7 4.0 EBITDA excl. IFRS 16 RTM adjusted 858 1,100 1,012 Net debt/EBITDA ratio RTM adjusted, times 1) 4.4 3.7 4.0 1) Net debt/EBITDA ratio RTM adjusted is calculated on a rolling twelve-month period (RTM) and excludes IFRS 16 effects, one-off items and adjusted for proforma results for acquisitions. Reconciliation of alternative performance measures
Page 25
Elanders — Q3 2025 — 25 Condensed statements of changes in equity January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Opening balance 1,890 1,998 1,809 1,773 1,787 1,998 Dividend –147 –147 — — –147 –147 Total comprehensive income for the period 66 –63 0 15 168 40 Closing balance 1,809 1,787 1,809 1,787 1,809 1,890 Condensed income statements January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Net sales 36 38 12 13 49 50 Operating expenses –67 –98 –21 –26 –80 –110 Operating result –31 –60 –9 –14 –31 –60 Net financial items 113 –23 8 32 198 62 Result after financial items 82 –83 –1 18 167 2 Income tax –16 20 1 –3 2 38 Result for the period 66 –63 0 15 168 40 Condensed statements of comprehensive income January – September Third quarter Last 12 months Full year 2024MSEK 2025 2024 2025 2024 Result for the period 66 –63 0 15 168 40 Other comprehensive income — — — — — — Total comprehensive income for the period 66 –63 0 15 168 40 Condensed balance sheets 30 Sep. 31 Dec. 2024MSEK 2025 2024 Assets Fixed assets 6,773 6,931 7,118 Current assets 389 295 407 Total assets 7,162 7,226 7,525 Equity, provisions and liabilities Restricted equity 686 686 686 Unrestricted equity 1,123 1,101 1,204 Provisions 11 20 18 Long-term liabilities 4,448 4,714 4,772 Short-term liabilities 894 705 845 Total equity, provisions and liabilities 7,162 7,226 7,525 Parent company’s financial statements
Page 26
Financial definitions Average number of employees The number of employees at the end of each month divided by number of months. Average number of shares Weighted average number of shares outstanding during the period. Capital employed Total assets less cash and cash equivalents and non-interest bearing liabilities. Cash conversion Operating cash flow, excluding considerations paid for acquisitions, in relation to EBITDA. This ratio reflects the Group’s ability to generate cash flow in relation to EBITDA. Debt/equity ratio Net debt in relation to reported equity, including non-controlling interests. The debt-to-equity ratio indicates the extent to which the company’s operations are financed through debt compared to equity. Earnings per share Result for the period attributable to parent company shareholders divided by the average number of shares. EBIT Earnings before interest and taxes; operating result. EBIT is used to analyze the profitability generated by operating activities. EBITA Earnings before interest, taxes and amortization; operating result (EBIT) plus amortization of assets identified in conjunction with acquisitions. EBITA adjusted Earnings before interest, taxes and amortization; operating result (EBIT) plus amortization of assets identified in conjunction with acquisitions adjusted for one-off items. EBITA adjusted reflects the profitability of the underlying business and enables comparisons between different reporting periods. EBITDA Earnings before interest, taxes, depreciation and amortization; operating result (EBIT) plus depreciation, amortization and write- downs of intangible assets and tangible fixed assets. EBITDA is used to evaluate the profitability generated by the operating activities. EBITDA excl. IFRS 16 RTM adjusted EBITDA excl. IFRS 16 RTM adjusted is calculated as the company’s reported EBITDA during the last twelve-month period (RTM) excluding IFRS 16 effects, one-off items and adjusted for proforma results for acquisitions. The key figure is used to calculate the ratio of net debt to adjusted EBITDA RTM, which is to be reported in accordance with the Group’s credit agreement. Equity ratio Equity, including non-controlling interests, in relation to total assets. The ratio provides a view of the proportion of total assets that have been financed by the shareholders. Free cash flow Cash flow from operating activities and investing activities, excluding acquisitions and divestment of operations. The key figure shows the Group’s ability to generate cash flows that can be utilized for future growth, debt repayment or distributed to shareholders. Free cash flow margin Free cash flow in relation to net sales. Interest coverage ratio Operating result plus interest income divided by interest costs. Net debt Interest bearing liabilities less cash and cash equivalents. The key ratio provides an indication of the company's solvency. One-off items Significant income/expenses affecting comparability between accounting periods. These items include, but are not limited to, revaluations of additional considerations, restructuring costs, acquisition-related costs and disputes. Operating cash flow Cash flow from operating activities and investing activities, adjusted for paid taxes and financial items. Indicates the cash flow from the group's core business. Operating margin Operating result (EBIT) in relation to net sales. Return on capital employed (ROCE) Operating result (EBIT) in relation to average capital employed. Return on equity Result for the year in relation to average equity. Return on total assets Operating result (EBIT) plus financial income in relation to average total assets. RTM Rolling twelve months. Financial definitions
Page 28
We supply the world For this Quarterly report, we have used the 100 percent recycled paper Nautilus Classic, which is an uncoated paper quality with an off-white surface. The quality is made from 100 percent recycled fiber raw material. Printed on 100 % recycled paper