Slide 1: Year End Report 2025
Year End Report 2025 Increased full-year net sales despite weak demand 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 – Q4 summary – Business areas – Sustainability – Financials – Summary – Q&A 3
Slide 4: Highlights
Highlights Full year 2025: • Net sales increased in 2025 compared to 2024 - despite challenging market conditions and geopolitical uncertainty • Organic growth declined, mainly due to currency effects and continued subdued demand in the market • Acquisitions and efficiency initiatives taken – streng
Slide 5: Market Outlook
Market Outlook • Market conditions remain subdued across the sector • Revenues have declined in real terms over the past year • Inflation continues to weigh on purchasing power and volumes • Nominal growth has not been sufficient to offset pressure on real demand Source: Dehoga, Q3 2025 5
Slide 6: European Foodservice - Evolving Market Dynamics
European Foodservice - Evolving Market Dynamics • Consumers increasingly shift toward lower-priced foodservice options • More occasions are being replaced by at-home solutions rather than traded down within the category • Total market visits continue to decline as these patterns become more entrench
Slide 7: Q4 2025 Key Financials
Q4 2025 Key Financials N E T S ALE S O P E R A T I N G I N C O ME OPE RAT ING M ARGIN SEK 1,965m SEK 162 m 8.2% Net sales amounted to Operating income amounted to Operating margin was SEK 1,965 m (2,057) SEK 162 m (178) 8.2% (8.7) 7
Slide 8: Q4 Comments
Q4 Comments N E T S ALE S O P E R A T I N G I N C O ME – Total sales increase 1.5% in fixed currencies thanks to contributions from – Lower operating income in the quarter primarily driven negative currency effects acquired companies combined with negative mix effects from increased demand of produc
Slide 9: BA Dining Solutions
BA Dining Solutions N E T S ALE S O P E R A T I N G I N C O ME OPE RAT ING M ARGIN SEK 1,201 m SEK 132 m 11.0% Net sales amounted to Operating income amounted to Operating margin was SEK 1,201 m (1,208) SEK 132 m (152) 11.0% (12.6) 9
Slide 10: Dining Solutions Q4 2025
Dining Solutions QUARTER NET SALES LTM Q4 2025 1,400 5,000 1,200 1,000 800 4,000 600 400 200 0 3,000 NET SALES, SEK M NET SALES LAST 12 MONTHS (LTM), SEK M – Volumes to the HoReCa market above last year whilst decline to the QUARTER OPERATING INCOME LTM Retail segment due to temporary gap between co
Slide 11: BA Food Packaging Solutions
BA Food Packaging Solutions N E T S ALE S O P E R A T I N G I N C O ME OPE RAT ING M ARGIN SEK 764 m SEK 30 m 3.9% Net Sales amounted to Operating Income Operating Margin was SEK 764 m (849) SEK 30 m (26) 3.9% (3.1) 11
Slide 12: Food Packaging Solutions Q4 2025
Food Packaging QUARTER NET SALES LTM Solutions Q4 2025 1,000 3,500 800 600 400 200 0 2,800 NET SALES, SEK M NET SALES LAST 12 MONTHS (LTM), SEK M - Negative sales development vs LY primarily driven by translation effects from a stronger SEK compared to last year - Negative sales development in Europ
Slide 13: Our Decade of Action 2030
Our Decade of Action 2030 Our sustainability initiatives B E C O MI N G C I R C U L A R A T S C A L E GOING N ET ZER O L IVIN G THE CHA NGE 100% 0 CO2 #1 Circular target Net Zero carbon emissions for A trusted sustainability leader *Future KPI currently under review Scope 1 and 2 13
Slide 14: Becoming Circular at Scale
Becoming Going Net Living the Circular at Zero Change Scale ACT IVIT IES IN T HE QUART ER ACT IVIT IES IN T HE QUART ER ACT IVIT IES IN T HE QUART ER • Octaview launched: less material • Started external verification of • Adaptation to EUDR legislation. and improved design for recycling. CO2 calcula
Slide 15: Financials
Financials 15
Slide 16: Income Statement
Income Statement SEK m Q4 / 2025 Q4 / 2024 FY / 2025 FY / 2024 Net sales 1,965 2,057 7,685 7,578 Gross profit 1) 517 517 1,882 1,731 Gross margin 26.3% 25.1% 24.5% 22.8% Selling expenses1) -212 -201 -801 -766 Administrative expenses1) -144 -118 -504 -438 R & D expenses -7 -10 -28 -38 Other operating
Slide 17: Business Area Financials
Business Area Financials SEK m Q4 / 2025 Q4 / 2024 FY /2025 FY / 2024 Dining Solutions Net sales 1,201 1,208 4,678 4,409 Operating income1) 132 152 473 479 Operating margin 11.0% 12.6% 10.1% 10.9% Food Packaging Solutions Net sales 764 849 3,007 3,168 Operating income1) 30 26 87 125 Operating margin
Slide 18: Operating Cash Flow
Operating Cash Flow SEK m Q4 / 2025 Q4 / 2024 FY / 2025 FY / 2024 Operating EBITDA 1) 195 216 708 744 Capital expenditure -114 -86 -247 -205 Change in; Inventory -31 -13 40 -110 Accounts receivable 66 73 -2 93 Accounts payable 74 151 -79 57 Other operating working capital -50 -47 26 -96 Change in wo
Slide 19: Financial Position
Financial Position SEK m December 2025 December 2024 Goodwill 2,664 2,407 Tangible and intangible fixed assets 1,982 1,681 Net financial assets1) 105 77 Inventories 1,397 1,476 Accounts receivable 1,125 1,118 Accounts payable -751 -827 Other operating assets and liabilities 3) -896 -809 Net assets 5
Slide 20: Financial Targets - 2025
Financial Targets - 2025 SA LE S G R O W TH OPE RAT ING M ARGIN DIV IDE ND PA YOUT RAT IO > 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 manufactu
Slide 21: Our Long-term Targets From January 2026
O U R D E C A D E O F A C T IO N Our Long-term Targets From January 2026 S H A R E OF C I R C U L A R I N P U T S S C OP E 1 & 2 S C OP E 3 90% -57% -46% L OS S - T I ME I N C I D E N T S SU PPL IER COC S IGNAT URE <10 100% LTIs per 1,000 employees SA LE S G R O W TH OPE RAT ING M ARGIN DIV IDE ND >
Slide 22: Summary 2025
Summary 2025 • Net sales increased for the full year 2025 - despite challenging market conditions and geopolitical uncertainty • Organic growth declined during 2025, negatively impacting underlying profitability • Continue to strenghten our long-term capabilities • The Board of Directors proposes an
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