Cloetta Ab Class B · OMXSTO:CLA_B
Cloetta Ab Class B — Q2 2026 Earnings Presentation
23 slides from Cloetta Ab Class B's earnings presentation, Jul 15, 2026
Slide 1: Superbrands and operational efficiency drive exceptional profitability
Superbrands and operational efficiency drive exceptional profitability Interim report Q2/2026
Slide 2: Agenda
Agenda 1. Strategic priorities and financial targets 2. Quarterly update 3. Financials 4. Q&A 2
Slide 3: Our vision
Our vision To be the winning confectionery company, inspiring a more joyful world 3
Slide 4: Strategic framework to drive profitable growth
Strategic framework to drive profitable growth Vision To be the winning confectionery company, inspiring a more joyful world 1 2 3 Win Grow Excel Strategic priorities with our beyond core in marketing and Superbrands markets innovation Accelerator Selective M&A Enhancing the operating model Enablers
Slide 5: Our long-term financial targets
Our long-term financial targets Organic sales growth Adjusted EBIT margin Net debt /EBITDA¹ Dividend policy 3-4% 14% <1.5x >50% long-term of profit after tax ≥12% by 2027 Previous target 1-2% 14% long-term Around 2.5x 40-60% ¹ Net debt / EBITDA target may be temporarily exceeded in the event of acqu
Slide 6: Enhancing the operating model to drive profitable growth
Enhancing the operating model Enhancing operating model to drive profitable growth Recap from Investor Day 2025 Margin and profit • Drive margin accretive NPDs • Remove unprofitable and small items through NRM • Focus on promo optimisation • Harmonise portfolio Effective • Focus on strategic priorit
Slide 7: Mid-term Capex step-up for capacity, efficiency and capabilities
Mid-term Capex step-up for capacity, efficiency and capabilities Manufacturing footprint Optimising our manufacturing network to support growth, flexibility and Capex as share of NSV cost competitiveness • Capacity investments aligned to growth priorities ~8% • Accelerated equipment modernisation, p
Slide 8: Securing a production network aligned to long-term growth
Securing a production network aligned to long-term growth, flexibility and competitiveness Capex split, including step-up, by investment area Capex for other Capex replacing manufacturing the greenfield technologies, including: project: Chocolate Moulded starch¹ Foam candy Capex for capacity, effici
Slide 9: Agenda
Agenda 1. Strategic priorities and financial targets 2. Quarterly update 3. Financials 4. Q&A 9
Slide 10: Superbrands and operational efficiency drive exceptional profitability
Superbrands and operational efficiency drive exceptional profitability Q2/2026 • Volume growth with exceptional profitability Q2 Net sales +0.8% • H1 organic growth 3.8 per cent, in line with long-term target of 3–4 per cent Organic growth • Quarterly P&M growth affected by earlier Easter • Superbra
Slide 11: Agenda
Agenda 1. Strategic priorities and financial targets 2. Quarterly update 3. Financials 4. Q&A 11
Slide 12: YTD organic sales +3.8% in line with long-term target
YTD organic sales +3.8% in line with long-term target Net sales Q2/2026 YTD/2026 +0.4% +2.0% +0.8% -0.4% +3.8% -1.8% 2 087 4 199 2 078 4 117 Branded packaged: +3.3% Branded packaged: +3.4% Pick & mix: -4.6% Pick & mix: +4.7% Q2/25 Organic growth FX Q2/26 2025 Organic growth FX 2026 12
Slide 13: Strong Superbrands growth; earlier Easter shows in P&M
Strong Superbrands growth; earlier Easter shows in P&M Q2 share of net sales and organic sales growth by quarter Branded packaged products 14.8% 10.9% 11.1% 3.6% 3.6% 3.3% 1.2% 1.4% 1.6% 1.0% 0.8% 70% -3.4% -1.8% Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Pick & mi
Slide 14: Continued margin gains with exceptionally strong Q2
Continued margin gains with exceptionally strong Q2 Operating profit, adjusted • Strong volume in both segments YTD and for Branded packaged products in Q2, while Pick & mix Q2/2026 YTD/2026 volume reflects expected Easter 14.9% 13.9% phasing to Q1 44 3 310 52 -2 583 • Favourable mix driven by 68 Su
Slide 15: Both segments driving profitability improvement
Both segments driving profitability improvement Operating profit, adjusted, by segment Q2/2026 YTD/2026 14.7% 12.1% 78 426 15.9% 348 12.6% 53 234 Branded packaged 181 Q2/25 var. Q2/26 2025 var. 2026 12.2% 9.3% Pick & mix 9.1% 12.3% 40 157 117 59 17 76 Q2/25 var. Q2/26 2025 var. 2026 15
Slide 16: Cost savings offset increased marketing investments
Cost savings offset increased marketing investments SG&A Q2/2026 YTD/2026 25.7% 23.6% 24.8% 22.9% -43 -59 535 -44 1 019 -49 -22 12 960 -2 3 492 Q2/25 Items FX Net SG&A Q2/26 2025 Items FX Net SG&A 2026 affecting affecting comparability comparability 16
Slide 17: Strong Free cash flow supported by earlier Easter
Strong Free cash flow supported by earlier Easter Cash flow Q2/2026 276 -150 • Strong Free cash flow driven by -40 higher operating result and 86 0 -415 supported by lower effect of working capital on account of Easter phasing • Capex to support new plans as previously shared, with -329 communicated
Slide 18: Lowest-ever Q2 Net debt/EBITDA
Lowest-ever Q2 Net debt/EBITDA Financial position • Net debt/EBITDA of 0.8x improved 0.6x vs last year and remains well below long-term target of 1.5x • Net debt at all-time low level of SEK 1.2bn for a Q2 despite higher dividend payments • Unutilised financing and access to cash of SEK 2.7bn Net de
Slide 19: Q&A
Q&A
Slide 20: Thank you.
Thank you. We hope the rest of your day is filled with many moments of joy! Upcoming IR events Aug 19, 2026 Nordea Equities’ Small & Mid Cap Days 2026 (Stockholm) Sep 17, 2026 Road show in New York City (arranged by Handelsbanken) Nov 4, 2026 Interim Report Q3 Nov 5, 2026 Road show in Stockholm (hos
Slide 21: Appendix
Appendix
Slide 22: Investment case
Investment case 1 Northern Europe’s leading confectionery company, creating joy through iconic brands for over 160 years 2 3 4 Iconic brand portfolio of A non-cyclical market with Broad confectionery portfolio international Superbrands and stable consumer demand favoured by evolving consumer strong
Slide 23: Important information
Important information • This presentation has been prepared by Cloetta AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not con