Slide 1: Successful year ends with exceptionally strong profit
Successful year ends with exceptionally strong profit Interim report Q4/2025
Slide 2: Agenda
Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 2
Slide 3: Northern Europe's leading confectionery company creating joy through iconic brands
Northern Europe’s leading confectionery company creating joy through iconic brands for over 160 years Candy & Chocolate Profitability Net sales Powered 12.1% by Joy 8.5 Operating profit SEKbn margin, adj. 10 Superbrands of net sales >50% Pastilles & Gum Countries with Joined the Employees Science Ba
Slide 4: 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 5: Agenda
Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 5
Slide 6: Our vision
Our vision To be the winning confectionery company, inspiring a more joyful world 6
Slide 7: 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 8: Win with our Superbrands: further geographical expansion at the end of 2025
1 Win with our Superbrands Further geographical expansion at the end of 2025 Kexchoklad expands into Finland #1 in Sweden Expanding Superbrands into Another major Market share new Core markets step for target Superbrands reached during first weeks • Kexchoklad is the most sold countline 2023 brand i
Slide 9: Update on global agreement with IKEA Food Supply AG
2 Grow beyond core markets Update on global agreement with IKEA Food Supply AG IKEA* Building a truly global collaboration with IKEA* over the mid-term • Global agreement signed in 2025 with IKEA Food Supply AG • The global agreement focuses on selected Superbrands and one local hero brand • Cloetta
Slide 10: Continued progress on expanding existing NA business
2 Grow beyond core markets Continued progress on expanding existing NA business Continued strong growth, preparation to expand both segments proceeding according to set 3-year plan Update on on-going North America expansion Commercial infrastructure • Local commercial leader in place to implement go
Slide 11: Showcasing the CandyKing brand and concept
2 Grow beyond core markets Showcasing the CandyKing brand and concept Opening of NYC store marks CandyKing’s US entry Brand and concept launched in the U.S. • CandyKing is an iconic pick & mix candy brand • Execution of set 3-year plan continues • Store has been profitable since it’s opening • Curre
Slide 12: 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 13: Agenda
Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 13
Slide 14: Successful year ends with exceptionally strong profit
Successful year ends with exceptionally strong profit Q4/2025 • Growth in both business segments Q4 Net sales • Continued strong performance in the Nordics, more stable sales in the rest of Europe +1.1% Organic growth • Another quarter of lower inflation affected market dynamics • Partial compensati
Slide 15: Agenda
Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 15
Slide 16: Year-to-date organic sales +1.9%
Year-to-date organic sales +1.9% Net sales Q4/2025 YTD/2025 -2.4% -1.0% +1.1% +0.0% -3.5% +1.9% -0.5% -2.4% 2 285 8 613 2 231 8 525 Branded packaged: +0.5% Branded packaged: -0.9% Pick & mix: +2.7% Pick & mix: +9.1% Q4/24 Organic Structural FX Q4/25 2024 Organic Structural FX 2025 growth changes gro
Slide 17: Sales development
Sales development Q4 share of net sales and organic sales growth by quarter Branded packaged products 20.5% 14.8% 10.9% 11.1% 6.1% 3.6% 1.2% 1.4% 1.6% 1.0% 0.5% 71% -3.4% -1.8% Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Pick & mix 32.7% 29% 22.4% 21.0% 21.3% 18.6%
Slide 18: Continued significant EBIT-margin step-up
Continued significant EBIT-margin step-up Operating profit, adjusted • Improvement driven by previous Q4/2025 YTD/2025 fair pricing and savings from 70 -12 13.9% 193 -29 12.1% new operating structure 309 1 033 • Profitability further strengthened 11.3% 10.6% by net revenue management 910 -41 258 -7
Slide 19: Branded profitability recovery continued in the quarter
Branded profitability recovery continued in the quarter Operating profit, adjusted, by segment Q4/2025 YTD/2025 16.1% 11.9% 13.4% 13.1% 40 254 59 799 740 214 Branded packaged Q4/24 var. Q4/25 2024 var. 2025 8.5% 9.2% 6.7% 11 55 7.1% 64 234 44 170 Pick & mix Q4/24 var. Q4/25 2024 var. 2025 19
Slide 20: Cost savings from new operating structure on track
Cost savings from new operating structure on track SG&A Q4/2025 YTD/2025 24.0% 23.2% 23.9% 23.2% -30 -78 548 -28 2 059 -80 -12 10 518 -39 41 1 981 Q4/24 Items FX Net SG&A Q4/25 2024 Items FX Net SG&A 2025 affecting affecting comparability comparability 20
Slide 21: Strong FCF driven by improved working capital
Strong FCF driven by improved working capital Cash flow Q4/2025 127 -31 394 1 -16 379 • Strong free cash flow driven by 298 working capital development on receivables and payables on top of an improved operating result Cash flow Changes Investments Free cash Other Cash Cash flow • Full year cash flo
Slide 22: Lowest-ever Net debt/EBITDA
Lowest-ever Net debt/EBITDA Financial position • Net debt/EBITDA of 0.7x remains well below long-term target of 1.5x • Net debt decreased below SEK 1.0bn driven by the strong cash flow in the quarter • Unutilised financing and access to cash of SEK 2.8bn • Dividend proposal of SEK 1.40 (1.10) per sh
Slide 23: Q&A
Q&A
Slide 24: Thank you.
Thank you. We hope the rest of your day is filled with many moments of joy! Upcoming IR events 2026 Feb 5 Investor lunch in Stockholm (arranged by Danske Bank) Mar 12 Annual and Sustainability report 2025 Apr 10 Plant visit for retail investors to Ljungsbro (arranged by DNB Carnegie Montrose) Apr 21
Slide 25: Appendix
Appendix
Slide 26: Greenfield facility – Pro forma profit and loss YTD
Greenfield facility – Pro forma profit and loss YTD Pro forma information included to increase the comparability of financial tables. In February 2025, Cloetta announced that it will not proceed with the greenfield plant project. 26
Slide 27: 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