Slide 1: Strong uplift in profitability continues
Strong uplift in profitability continues Interim report Q3/2025
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 10.6% by Joy 8,6 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 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 strong local her
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: Two major candy category launches this fall
1 Win with our Superbrands Two major candy category launches this fall On-going launch of Fruity drops and Chewit Soft Bites Cloetta’s breakthrough innovation Tasty chew candies with surprising core with more than 30% real fruit juice* for the most delicious juicy fruit taste Available in 3 joyful f
Slide 9: New consumers to brand and pastilles category
1 Win with our Superbrands New consumers to brand and pastilles category Very succesful limited edition launch of Läkerol Hot Pepper pastilles in the Nordics Limited launch +40% targeting new consumers for of consumers both the Läkerol new to the brand and the pastilles pastilles category category 9
Slide 10: 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 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 uplift in profitability continues
Strong uplift in profitability continues Q3/2025 • Another quarter of significant EBIT margin step-up Q3 Net sales +1.3% • Strong uplift in profitability now successfully established Organic growth • Regional variation in organic growth • Strong organic sales growth in the Nordic region SEK 2.2 bn •
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: Year-to-date organic sales +2.2%
Year-to-date organic sales +2.2% Net sales Q3/2025 YTD/2025 -0.9% -0.5% +1.3% +0.0% -2.2% +2.2% -0.7% -2.0% 2 196 6 328 2 177 6 294 Branded packaged: -1.8% Branded packaged: -1.4% Pick & mix: +9.4% Pick & mix: +11.6% Q3/24 Organic Structural FX Q3/25 2024 Organic Structural FX 2025 growth changes gr
Slide 15: Sales development
Sales development Q3 share of net sales and organic sales growth by quarter Branded packaged products 20.5% 14.8% 10.2% 10.9% 11.1% 6.1% 3.6% 1.2% 1.4% 1.6% 1.0% 70% -3.4% -1.8% Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Pick & mix 32.7% 30% 22.4% 21.0% 21.3% 18.6%
Slide 16: Strong uplift in profitability continues
Strong uplift in profitability continues Operating profit, adjusted • Improvement driven by previous Q3/2025 YTD/2025 fair pricing and disciplined cost -18 11.5% 11.9% 148 58 -6 724 control 259 10.8% 10.3% • Profitability further strengthened 238 -31 652 -58 by net revenue management including portf
Slide 17: Another quarterly profitability uplift in both segments
Another quarterly profitability uplift in both segments Operating profit, adjusted, by segment Q3/2025 YTD/2025 12.0% 12.9% 11.5% 12.4% 191 6 197 526 19 545 Branded packaged Q3/24 var. Q3/25 2024 var. 2025 9.5% 9.4% 7.7% 15 62 53 179 7.2% 47 126 Pick & mix Q3/24 var. Q3/25 2024 var. 2025 17
Slide 18: Cost control and continued investments in Superbrands
Cost control and continued investments in Superbrands SG&A Q3/2025 YTD/2025 21.2% 20.4% -21 23.9% 23.2% -48 465 0 -10 1 511 -52 -11 -27 31 1 463 444 Q3/24 Items FX Net SG&A Q3/25 2024 Items FX Net SG&A 2025 affecting affecting comparability comparability 18
Slide 19: Strong FCF driven by improved working capital
Strong FCF driven by improved working capital Cash flow Q3/2025 141 -41 339 1 -830 • Strong free cash flow 239 driven by working capital development on inventories and payables • YTD free cash flow exceeds SEK 0.5bn for the first time already in Q3 -490 Cash flow Changes Investments Free cash Other
Slide 20: Lowest-ever Net debt/EBITDA
Lowest-ever Net debt/EBITDA Financial position • Net debt/EBITDA of 1.1x remains below long-term target of 1.5x • Net debt of SEK 1.4bn decreased due to the strong cash flow in the quarter • New credit facilities agreement was signed in September on favorable terms and lower commitments • Unutilised
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 Nov 10, 2025 Plant visit to Ljungsbro in Sweden (arranged by Danske Bank) Nov 12, 2025 Berenberg Pan-European Discovery Conference USA Feb 4, 2026 Year-end report 2025 Feb 5, 2026 Investor lunch in Stockho
Slide 23: Appendix
Appendix
Slide 24: Greenfield facility – Pro forma profit and loss YTD
Greenfield facility – Pro forma profit and loss YTD Q3/2025 YtD Pro-forma Other items Reported Greenfield excl. affecting Adjusted greenfield comparability Net sales 6.294 - 6.294 - 6.294 Cost of goods sold -4.038 129 -4.167 -6 -4.161 Gross profit 2.256 129 2.127 -6 2.133 Selling expenses -866 - -86
Slide 25: 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