Slide 1: Interim Report Q2 2025
Interim Report Q2 2025 Subdued economic situation balanced by targeted measures and acquisitions 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 – Q2 summary – Business areas – Sustainability – Strategy ahead – Financials – Summary – Q&A 3
Slide 4: Highlights Q2
Highlights Q2 • Weak market and economic conditions pressured demand and volumes, though the quarter ended stronger than it began • Recent acquisitions had a positive impact; structural measures were taken to adapt to market conditions • Sales and marketing organization restructured as planned, incl
Slide 5: Market Outlook
Market Outlook • Continued weak market, persistent inflation, and a challenging consumer climate. 2025 declining trend and below historical average • General decline in the hotel and restaurant sector, where price increases have not offset reduced volumes • In Germany, our largest market, Horeca vis
Slide 6: Consumers are Trading Down to Cheaper Places
‘Consumers are Trading Down to Cheaper Places Casual Dining Quick Service Retail/ Cost Sector Convenience € 4 6 9 15 25 50 ( ircana Trading Down in Visits (mio.) in EU BIG 5 - Estimated Volume Source: CREST . ‘* — Height of bars indicates eater cheks, width of field indicates visit volume Circana, L
Slide 7: Q2 2025 Key Financials
Q2 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 1,884 m SEK 121 m 6.4% Net sales amounted to Operating income amounted to Operating margin was SEK 1,884 m (1,875) SEK 121 m (135) 6.4% (7.2) 7
Slide 8: Q2 Comments
Q2 Comments N E T SA L E S + 5 . 2 % OP E R A T I NG I NC OME - 1 0 . 3 % – Total sales increase 5.2% in fixed currencies thanks to contributions from – Decline primarily driven by lower volumes and negative mix effects in Europe acquired companies – Continuous efficiency improvement measures in pro
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 1,138 m SEK 99 m 8.7% Net sales amounted to Operating income amounted to Operating margin was SEK 1,138 m (1,069) SEK 99 m (93) 8.7% (8.7) 9
Slide 10: Dining Solutions Q2 2025
Dining Solutions Q UARTER NE T S AL ES LTM Q2 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 slightly below last year whilst double Q UARTER O PE RATING INCO ME LTM digit volume
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 746 m SEK 22 m 3.0% Net Sales amounted to Operating Income Operating Margin was SEK 746 m (806) SEK 22 m (42) 3.0% (5.1) 11
Slide 12: Food Packaging Solutions Q2 2025
Food Packaging Q UARTER NE T S AL ES LTM Solutions Q2 2025 1,000 3,500 800 2,800 600 2,100 400 1,400 200 700 0 0 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 by SEK 60 m primarily driven by the European operations and translation effects from a
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 • Phase 1 completed for adaption to • Transport procurement for • Work on updated double the EU Deforestation Regu
Slide 15: A Trusted Sustainability Leader in our Industry by 2030
STRATEGY FOR GROWTH A Trusted Sustainability Leader in our Industry by 2030 STRATEGIC PRIORITIES Increase innovative offering to customers and consumers Grow positions in Europe and Asia Pacific Enhance operational efficiency and enable regional differentiation B E CO MI N G C I RC U L A R A T S C A
Slide 16: Financials
Financials 16
Slide 17: Income Statement
Income Statement LTM / SEK m Q2 / 2025 Q2 / 2024 YTD / 2025 YTD / 2024 FY / 2024 2024-25 Net sales 1,884 1,875 3,747 3,611 7,714 7,578 Gross profit 435 453 868 888 1,711 1,731 Gross margin 23.1% 24.1% 23.2% 24.6% 22.2% 22.8% Selling expenses -194 -191 -396 -378 -784 -766 Administrative expenses -121
Slide 18: Business Area Financials
Business Area Financials LTM / SEK m Q2 / 2025 Q2 / 2024 YTD /2025 YTD / 2024 FY / 2024 2024-25 Dining Solutions Net sales 1,138 1,069 2,256 2,099 4,566 4,409 Operating income1) 99 93 201 203 477 479 Operating margin 8.7% 8.7% 8.9% 9.7% 10.5% 10.9% Food Packaging Net sales 746 806 1,491 1,512 3,148
Slide 19: Operating Cash Flow
Operating Cash Flow LTM / SEK m Q2 / 2025 Q2 / 2024 YTD / 2025 YTD / 2024 FY / 2024 2024-25 Operating EBITDA1) 159 168 307 341 710 744 Capital expenditure -44 -41 -67 -67 -206 -205 Change in; Inventory 157 -19 32 -113 34 -110 Accounts receivable -82 -53 -52 -14 55 93 Accounts payable -152 29 -206 -1
Slide 20: Financial Position
Financial Position SEK m June 2025 December 2024 July 2024 Goodwill 2,708 2,407 2,306 Tangible and intangible fixed assets 1,967 1,681 1,547 Net financial assets1) 141 77 30 Inventories 1,432 1,476 1,461 Accounts receivable 1,202 1,118 1,188 Accounts payable -644 -827 -649 Other operating assets and
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 Q2
Summary Q2 • Weak market and economic conditions • Recent acquisitions had a positive impact and enabled growth • Sales and marketing organization restructured as planned. Expected annual impact: approx. SEK 30 m from Q4 2025 • Improved operational cash flow driven by lower inventory levels 22
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