Slide 1: Interim Report Q3 2025
Interim Report Q3 2025 Improved operating profit despite continued challenging market conditions Robert Dackeskog, President and CEO Magnus Carlsson, CFO 1
Slide 2: Disclaimer
Disclaimer – This presentation has been prepared by Duni AB (the “Company”) solely looking statements involve known and unknown risks, uncertainties and for use at this investor presentation and is furnished to you solely for your other factors, which are in some cases beyond the Company’s control i
Slide 3: Agenda
Agenda – Highlights – Market outlook – Q3 summary – Business areas – Sustainability – Strategy ahead – Updated targets for 2026 – Financials – Summary – Q&A 3
Slide 4: Highlights Q3
Highlights Q3 • Operating profit improved by just over 10% during the quarter, despite continued challenging market conditions • Net sales grew by 7.9% during the period, compared to the same period last year • Acquired companies continued to contribute positively, driving both net sales and operati
Slide 5: Market Outlook
Market Outlook • Market remains weak, with persistent inflation and a challenging consumer climate • General decline in the hotel and restaurant sector, where price increases haven’t offset reduced volumes • Food- and drink-focused gastronomy hit hardest, with real revenues well below pre-crisis lev
Slide 6: European Foodservice: Uneven Recovery
European Foodservice: Uneven Recovery • Uneven recovery across markets: While some countries show signs of rebound, others continue to lag - making pan-European growth difficult to sustain • Lower visit frequency despite volume gains: Consumers are dining out less often than before the pandemic, whi
Slide 7: Q3 2025 Key Financials
Q3 2025 Key Financials N E T SA L E S OP E R A T I NG I NC OME OP E R A T I NG MA RG I N SEK 1,972 m SEK 168 m 8.5% Net sales amounted to Operating income amounted to Operating margin was SEK 1,972 m (1,910) SEK 168 m (151) 8.5% (7.9) 7
Slide 8: Q3 Comments
Q3 Comments N E T SA L E S + 3 . 3 % OP E R A T I NG I NC OME 8 . 5 % – Total sales increase 7.9% in fixed currencies thanks to contributions from – Improved result in the quarter primarily driven by acquired companies acquired companies and price increases – Lower volumes and mix effects continue t
Slide 9: BA Dining Solutions
BA Dining Solutions N E T SA L E S OP E R A T I NG I NC OME OP E R A T I NG MA RG I N SEK 1,221 m SEK 140 m 11.5% Net sales amounted to Operating income amounted to Operating margin was SEK 1,221 m (1,102) SEK 140 m (125) 11.5% (11.3) 9
Slide 10: Dining Solutions Q3 2025
Dining Solutions Q UARTER NE T S AL ES LTM Q3 2025 1,400 5,000 1,200 4,000 1,000 800 3,000 600 2,000 400 1,000 200 0 0 NE T S AL ES , S EK M NE T S AL ES LA ST 12 MONTHS (LTM) , SEK M – Volumes to the HoReCa market above last year whilst slight decline Q UARTER O PE RATING INCO ME LTM to the Retail
Slide 11: BA Food Packaging Solutions
BA Food Packaging Solutions N E T SA L E S OP E R A T I NG I NC OME OP E R A T I NG MA RG I N SEK 751 m SEK 27 m 3.7% Net Sales amounted to Operating Income Operating Margin was SEK 751 m (808) SEK 27 m (27) 3.7% (3.3) 11
Slide 12: Food Packaging Solutions Q3 2025
Food Packaging Q UARTER NE T S AL ES LTM Solutions Q3 2025 1,000 3,500 800 600 2,800 400 200 0 2,100 NE T S AL ES , S EK M NE T S AL ES LA ST 12 MONTHS (LTM) , SEK M - Negative sales development vs LY primarily driven by translation effects from a stronger SEK compared to last year - Lower volumes i
Slide 13: Our Decade of Action 2030
Our Decade of Action 2030 Our sustainability initiatives B E CO MI N G C I RC U L A R A T S C AL E GO I NG NE T Z E R O L I V I N G T H E CH A NG E 100% 0 CO2 #1 Circular target Net Zero carbon emissions for A trusted sustainability leader *Future KPI curr ently unde r r evie w Scope 1 and 2 13
Slide 14: Becoming Circular at Scale
Becoming Going Net Living the Circular at Zero Change Scale A C T IV I T I E S I N T H E Q UA R T E R A C T IV I T I E S I N T H E Q UA R T E R A C T IV I T I E S I N T H E Q UA R T E R • Relevo’s circular system launched • Quarterly reporting of climate • Duni Group nominated for in Sweden. data in
Slide 15: Updated targets from 2026
Updated targets from 2026 The Duni Group Board has decided to update the Duni Group strategy targets, effective January 2026. The decision marks the halfway point in the Group’s Decade of Action. Financial Targets: • Sales growth: ≥ 6% per year (previously 5%), including organic growth and acquisiti
Slide 16: Financials
Financials 16
Slide 17: Income Statement
Income Statement LTM / SEK m Q3 / 2025 Q3 / 2024 YTD / 2025 YTD / 2024 FY / 2024 2024-25 Net sales 1,972 1,910 5,720 5,521 7,777 7,578 Gross profit1) 497 326 1,365 1,214 1,881 1,731 Gross margin 25.2% 17.1% 23.9% 22.0% 24.2% 22.8% Selling expenses -193 -187 -589 -566 -790 -766 Administrative expense
Slide 18: Business Area Financials
Business Area Financials LTM / SEK m Q3 / 2025 Q3 / 2024 YTD /2025 YTD / 2024 FY / 2024 2024-25 Dining Solutions Net sales 1,221 1,102 3,477 3,202 4,685 4,409 Operating income1) 140 125 341 328 493 479 Operating margin 11.5% 11.3% 9.8% 10.2% 10.5% 10.9% Food Packaging Net sales 751 808 2,242 2,319 3
Slide 19: Operating Cash Flow
Operating Cash Flow LTM / SEK m Q3 / 2025 Q3 / 2024 YTD / 2025 YTD / 2024 FY / 2024 2024-25 Operating EBITDA1) 207 187 513 528 730 744 Capital expenditure -67 -51 -133 -118 -221 -205 Change in; Inventory 39 15 71 -98 58 -110 Accounts receivable -15 34 -67 20 6 93 Accounts payable 53 14 -153 -94 -2 5
Slide 20: Financial Position
Financial Position SEK m September 2025 December 2024 September 2024 Goodwill 2,696 2,407 2,361 Tangible and intangible fixed assets 1,925 1,681 1,648 Net financial assets1) 121 77 72 Inventories 1,390 1,476 1,464 Accounts receivable 1,209 1,118 1,176 Accounts payable -688 -827 -676 Other operating
Slide 21: Financial Targets
Financial Targets S A L E S GR OW T H OP E R A T I NG M A RG I N D I V I DE N D P A Y OU T R AT I O > 5% > 10% 40+% Organic growth of 5% over a business cycle Top line growth – premium focus Target at least 40% of net profit Consider acquisitions to reach new markets or to strengthen Improvements in
Slide 22: Summary Q3
Summary Q3 • Despite continued weak market conditions, operating profit improved by just over 10% during the quarter • Net sales grew by 7.9% during the period, compared to the same period last year • Acquired companies continued to contribute positively, driving growth in both net sales and operati
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