Slide 1: Strong quarterly growth with continued strengthened profitability
Strong quarterly growth with continued strengthened profitability Interim report Q2/2025
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
Northern Europe’s leading confectionery company creating joy through iconic brands for over 160 years Candy & Chocolate Profitability Net sales Powered 10.6% 8,6 by Joy Operating profit SEKbn margin, adj. 10 Superbrands of net sales >50% Pastilles & Gum Countries with Joined the Employees operations
Slide 4: Investment case
Investment case 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 strong local hero
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: Very successful launch of ice cream cones
1 Win with our Superbrands Very successful launch of ice cream cones Continued successful entry of TUPLA in the ice cream category • Previous successful entry of Tupla in the ice cream category through tubs • In Q2, also TUPLA ice-cream cones were launched • Based on initial data and estimates, the
Slide 9: IKEA collaboration and further expansion in US
2 Grow beyond core markets IKEA collaboration and further expansion in US Update on the gradual step up in North America and new global agreement with IKEA New global agreement with IKEA Further expansion in North America • Sales during past two years based on a • Steadily growing sales limited agre
Slide 10: Our new long-term financial targets
Our new 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
Slide 11: Agenda
Agenda 1. Cloetta in brief 2. Strategic priorities and financial targets 3. Quarterly update 4. Financials 5. Q&A 11
Slide 12: Strong growth with continued strengthened profitability
Strong growth with continued strengthened profitability Q2/2025 • Strong growth on top of expected Easter sales effect Q2 Net sales +6.5% • Continued strengthening of profitability Organic growth • Broad portfolio continues to be a strategic strength during times of fast changes in consumer behaviou
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: Strong growth on top of the expected Easter sales effect
Strong growth on top of the expected Easter sales effect Net sales Q2/2025 YTD/2025 +2.0% -0.4% +6.5% -1.0% -3.5% +2.6% -1.0% -2.0% 2 078 4 132 2 038 4 117 Branded packaged: -1.2% Branded packaged: +1.0% Pick & mix: +12.7% Pick & mix: +21.3% Q2/24 Organic Structural FX Q2/25 2024 Organic Structural
Slide 15: Sales development
Sales development Q2 share of net sales and organic sales growth by quarter Branded packaged products 20.5% 14.8% 10.2% 10.9% 11.1% 8.2% 6.1% 3.6% 1.2% 1.4% 1.6% 1.0% 69% -3.4% Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Pick & mix 32.7% 31% 24.4% 22.4% 21.0% 21.3%
Slide 16: Continued strengthening of the profitability
Continued strengthening of the profitability Operating profit, adjusted • Improvement mainly driven by continued strong performance in Q2/2025 YTD/2025 the Pick & mix segment 11.3% 36 -10 11.5% 113 -12 10.0% 465 10.9% 240 414 -50 222 -8 • Profitability further strengthened by continued net revenue m
Slide 17: Profitability improved in both business segments
Profitability improved in both business segments Operating profit, adjusted, by segment Q2/2025 YTD/2025 12.3% 12.6% 11.2% 12.1% 183 -2 181 335 13 348 Branded packaged Q2/24 var. Q2/25 2024 var. 2025 9.1% 9.3% 20 59 38 117 7.1% 7.0% 39 79 Pick & mix Q2/24 var. Q2/25 2024 var. 2025 17
Slide 18: Investments in brands and salary inflation drive SG&A
Investments in brands and salary inflation drive SG&A SG&A Q2/2025 YTD/2025 29.1% 25.7% 25.3% 24.8% -58 -27 593 -53 1 046 -52 42 1 019 -15 10 535 -17 Q2/24 Items FX Net SG&A Q2/25 2024 Items FX Net SG&A 2025 affecting affecting comparability comparability 18
Slide 19: FCF follows seasonal pattern while improved YTD
FCF follows seasonal pattern while improved YTD Cash flow Q2/2025 241 -220 • Free cash flow in the quarter -29 follows seasonal pattern -330 while also affected by Easter -8 phasing. • YTD Free cash flow improved 50 per cent vs last year, from -338 SEK 127m to SEK 191m Cash flow Changes Investments
Slide 20: Lowest-ever Net debt/EBITDA for dividend-paying quarter
Lowest-ever Net debt/EBITDA for dividend-paying quarter Financial position • Net debt/EBITDA of 1.4x remains below long-term target of 1.5x despite annual dividend payment • Net debt of SEK 1.7bn increased mainly due to dividend payments of SEK 313m • Unutilised access to cash of SEK 2,4bn after can
Slide 21: Q&A
Q&A
Slide 22: Thank you.
Thank you. We hope the rest of your day is filled with many moments of joy! Upcoming IR events 2025 August 19 Plant visit to Ljungsbro in Sweden (arranged by SEB) October 11 Silent period starts November 5 Interim report Q3 November 6 Investor lunch in Stockholm (Danske Bank)
Slide 23: Appendix
Appendix
Slide 24: Greenfield facility – Pro forma profit and loss Q2
Greenfield facility – Pro forma profit and loss Q2 Q2/2025 Pro-forma Other items Reported Greenfield excl. affecting Adjusted greenfield comparability Net sales 2.078 - 2.078 - 2.078 Cost of goods sold -1.355 - -1.355 -8 -1.347 Gross profit 723 - 723 -8 731 Selling expenses -320 - -320 -33 -287 Gene
Slide 25: Greenfield facility – Pro forma profit and loss YtD
Greenfield facility – Pro forma profit and loss YtD Q2/2025 YtD Pro-forma Other items Reported Greenfield excl. affecting Adjusted greenfield comparability Net sales 4.117 - 4.117 4.117 Cost of goods sold -2.560 129 -2.689 -8 -2.681 Gross profit 1.557 129 1.428 -8 1.436 Selling expenses -603 - -603
Slide 26: 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