Annual Report

Content

Olvi Group2
Olvi Group in 2024 3
CEO's review4
Olvi Group introduction5
Product categories9
Megatrends	10
Strategy	11
Risk management12
Sustainability at Olvi Group	13

Board of Directors's Report and Financial

Statements20
Board of Director's Report21
Sustainability Statement	34
Financial Statements	97

Governance...................................................................................... 142

Supplementary appendix to the sustainability reporting...............................................153

Olvi – Positive moments of enjoyment

Olvi is an international beverage group that produces a wide range of alcoholic and non-alcoholic products. Olvi Group employs more than 2,400 beverage professionals, focusing on providing moments of enjoyment to consumers through our diverse range of high-quality products.

In 2024, our sales volume was at a record high of 989.7 million litres, and our net sales were EUR 656.9 million. Our goal is to be the most wanted multi-local beverage house and to grow profitably and sustainably. Achieving this goal is made possible by the long-term implementation of our strategy and a strong value-based corporate culture, and by taking sustainability into account in our daily operations throughout the value chain.

This report includes a presentation of our Group in 2024 and the Board of Directors' report, which includes a sustainability statement, as well as the financial statements, a corporate governance statement and a remuneration report.

This PDF report is a translation which has been published voluntarily and is not an xHTML document compliant with the ESEF (European Single Electronic Format) regulation.

Olvi Group in 2024

43.7 Investments, EUR million

2,425

Personnel

60.3%

12.4%

Adjusted EBIT margin from net sales

Equity ratio

Steadily driven by our new strategy

2024 was our renewed strategy's first year. We focused on profitable, sustainable growth and invested especially in people, the development of our diverse product range and the use of data. We achieved an excellent performance in a challenging market: our net sales, operating result, and sales volume all grew. We provided consumers with 7 million moments of enjoyment, every day.

We were able to maintain and grow our strong market shares and improve our profitability despite consumers' weak purchasing power and intensified competition. The first year of our strategy showed that we are heading in the right direction. I would like to thank every Olvi employee, as well as all our customers and partners, for enabling this great performance.

In 2024, we invested in our skilled people by reforming the organisation and strengthening it with new roles, increasing training and developing leadership. Our heritage and unique culture are our strengths, and cherishing them plays a significant role in engaging our employees.

We invested in our data capabilities by developing and harmonising our systems and processes, enabling better data-driven leadership. We strengthened the efficiency of our production and supply chain, which was reflected for example in Finland through recordhigh delivery accuracy during the summer, despite the exceptionally warm weather. We continued our investments in both Iisalmi in Finland and locally in our other countries of operation.

We focused on optimising and developing our product range to meet local customers' and consumers' needs, and agilely responded to changes in the operating environment. We invested in the multi-channel availability of our products and interesting product launches. In line with our strategy, we also increased the share of non-alcoholic products in our total volume.

Sustainability is an essential part of everything we do, and we took several significant steps towards our goals. We developed the use of renewable energy, reduced water use, and invested in understanding human rights impacts and biodiversity. We strive for carbon neutrality in our own operations and throughout the value chain. Our long-term sustainability efforts were recognised by the renowned Time magazine: we were ranked on the list of the world's 500 most sustainable growth companies, which was published for the first time.

In this strategy period, we are aiming for profitable growth and an EBIT level of more than 12%, which we successfully exceeded in 2024. We are determined to continue strengthening our competitiveness and improving the profitability of our core business by developing our capabilities and product range. We are also actively seeking inorganic expansion opportunities to accelerate growth. We strive to sustainably increase shareholder value and provide more than 10 million moments of enjoyment in consumers' lives, every day.

Our vision is to be the most wanted multi-local beverage house. In 2025, we will continue to implement our strategy systematically, both at Group level and locally, guided by our values and through strong partnerships – positively and together.

Patrik Lundell CEO Olvi plc

Olvi Group introduction

Olvi was founded in 1878. We have remained to operate as an independent Finnish company that has expanded from a brewery into an international beverage group. We operate in six different countries through our subsidiaries. Our head office is still located in Iisalmi, our place of origin.

We have achieved a total production of one billion litres of beverages across different product categories: beers, soft drinks, mineral and vitamin waters, long drinks, sports, wellness and energy drinks, ciders, and juices. Our portfolio consists of our attractive own brands, complemented by strong manufacturing and distribution partnerships with wellknown international brands. We know the local market and consumer preferences, and we launch hundreds of novelties every year. In 2024 our products were exported to almost 80 countries.

Our Group's operations are divided into three segments in accordance with the countries in which our companies operate: Finland, the Baltic Sea region and Belarus.

Our goal is to be the most wanted multi-local beverage house, and profitable and sustainable growth is at the core of our strategy. Growth is made possible by skilled people, agile and developing operations, our diverse product range available across different channels, and efficient use of data.

Our values – local, positive, respectful and agile – guide our day-to-day operations, and how we interact and work with one another and our customers and partners.

Sustainability is reflected in our operations throughout the value chain. We invest in the safety, training and well-being of our personnel. We are committed to contributing to the fight against climate change and biodiversity loss, and we promote the realisation of human rights. We work to promote the responsible consumption of our products and, in accordance with our strategy, to increase the share of non-alcoholic products.

Sales volume

Net sales

989.7 million litres 2024

EUR 656.9 million 2024 Adjusted operating result EUR 81.4 million 2024

Sales volume by product category

Sales volume, net sales and adjusted operating result 2020-2024

Business segment: Finland

Our Finnish business segment includes our parent company Olvi plc, founded in 1878, located in Iisalmi, as well as Servaali Oy and the Helsinki Distilling Company, which operate in Helsinki. Olvi is Finland's third largest brewery and beverage manufacturer. In Finland, beers are our largest product category, and we are the market leader.

Servaali Oy is a company specialising in the import and distribution of beverages, with several well-known international beverage brands in its range. The Helsinki Distilling Company is known for its the hand-crafted distillates. These include the internationally awardwinning gin, which is also used in Olvi's products, as well as the malt whiskies that are known worldwide.

In 2024, we maintained our strong market share in mild alcoholic beverages in Finland, despite the challenging market situation. We succeeded in improving our profitability through assortment optimisation and operational efficiency, among other means. We significantly improved our delivery accuracy during the summer season. We reacted quickly to the legislative change that permitted the sale of fermented beverages with an alcoholic strength of 5.5% to 8.0% in retail stores, making our products among the first to be available.

Sandels has been Finland's strongest beer brand since 2021. OLVI Hard Seltzer continued to be the clear market leader in its category, despite intensified competition. The popularity of non-alcoholic products grew, particularly in water, and Olvi Vichy was the most purchased carbonated mineral water in the Finnish

retail market. Our TEHO brand is the market leader in milk-based recovery drinks.

Our investments in improving warehouse and logistics capacity, as well as in the new brewhouse, progressed on schedule in Iisalmi. The new brew house is expected to be completed in 2026, and will increase our beer production capacity. The development of warehouse and collection capacity strengthens our competitiveness and improves our service level.

We promoted sustainability work through several initiatives that support our selected focus areas. To develop the sustainability assessments of products, we took part in the Food Data Finland project. To improve the water responsibility of the food chain, we participated in the business cooperation project of the Archipelago Sea Programme of ELY Centres.

OLVI • Iisalmi, Finland • Founded: 1878 • Group parent company

SERVAALI

• Helsinki, Finland • Founded: 1995 • Olvi plc's holding: 100%

THE HELSINKI DISTILLING COMPANY

• Helsinki, Finland • Founded: 2014 • Olvi plc's holding: 100% Sales volume 262.7 million litres, -2.0%

Net sales 239.5 EUR million, +4.9%

Adjusted operating result 25.8 EUR million, +47.2%

Business segment: Baltic Sea region

Our Baltic Sea region business segment includes the breweries of our subsidiaries in Estonia, Latvia, Lithuania and Denmark, which represent local history and offer a wide range of highly valued favourite products. In addition to alcoholic beverages, all the companies also manufacture a wide range of non-alcoholic products such as water and soft drinks, and low-alcohol beverages such as kvass.

Our Estonian subsidiary A. Le Coq is especially known for its beer, in which it is the market leader in its country. Juices are also a significant product group, and there is a juice factory in Estonia.

Our subsidiary Cēsu Alus, located in Latvia, is not only the oldest and largest brewery in the country and the market leader in beer, but also known for ciders and mixed drinks, among other products. The company also owns the well-known Piebalgas Alus microbrewery in Latvia, which is famous for its highly valued craft beers.

Our Lithuanian subsidiary Volfas Engelman is one of the best-known beer producers in its country, but its wide range also includes water and soft drinks, as well as various mixed drinks, ciders and energy drinks. In addition, the company owns a mineral water plant, where products under the Uniqa brand are manufactured.

The selection of our Danish subsidiary Bryggeriet Vestfyen differs from others in the sense that most of the products sold are non-alcoholic, with soft drinks being the largest product category. For example, Jolly Cola, a well-known classic in the Nordic countries, is part of Bryggeriet Vestfyen's product range.

In 2024, the weakening of consumer demand and purchasing power was reflected in sales volume development. In Denmark, the impact was also influenced by assortment optimisation, which improved the average price and long-term profitability. In the Baltic countries, price competition intensified. Nevertheless, profitability improved, which was affected not only by targeted price increases but also improved production efficiency and the stabilisation of cost increases.

In 2024, investments in the Baltic Sea region focused on increasing production capacity and developing operations, mainly by renewing production lines.

Our long-term sustainability work was recognised when Cēsu Alus achieved the Diamond level in the Sustainability Index for the second time in a row. In addition, A. Le Coq received the gold label for responsible business from the Estonian Responsible Business Forum.

A. LE COQ • Tartu, Estonia • Founded: 1807 • Olvi plc's holding: 100%

VOLFAS ENGELMAN • Kaunas, Lithuania • Founded: 1853 • Olvi plc's holding: 99.7%

• Olvi plc's holding: 99.9%

VESTFYEN • Assens, Denmark • Founded: 1885 • Olvi plc's holding: 100% Sales volume 381.7 million litres, -2.2%

Net sales 270.0 EUR million, +0.1%

Adjusted operating result 23.3 EUR million, +5.9%

Business segment: Belarus

Our subsidiary Lidskoe Pivo is one of the oldest and largest breweries in Belarus. It is known for its beer and is the market leader in energy drinks in its country. It is also famous for its kvass, a traditional cerealbased fermented low-alcoholic beverage, and soft drinks.

In 2024, the segment's sales volume increased in Belarus, especially in non-alcoholic products such as water, energy drinks and soft drinks. Sales were boosted by consumers' continued good purchasing power, which increased the overall market, and by the strengthened position of own brands in the market.

The war in Ukraine and the geopolitical situation have had a significant impact on Lidskoe Pivo's operations. The subsidiary is reported as part of Olvi Group, but operates as an independent unit, funded through cash flow from its own operations. Olvi does not invest in Belarus, but the necessary replacement investments in production and the legally required changes are financed through the subsidiary's own cash flow. Although the brewery's operating activities have been separated from Olvi Group, it continues to operate in accordance with the Group's common guidelines, values, and Western operating practices, and continues its sustainability efforts.

The weakening of the Belarusian rouble's exchange rate was reflected in the 2024 operating result, but profitability improved. A good level of profitability is a prerequisite for maintaining the company's independent operations. In 2024, temporary regulations on maximum dividend amounts were set in local laws. The

sales restrictions concerning shares in Olvi's subsidiary remained in force.

To promote the recycling and reuse of plastic bottles, Lidskoe Pivo organized a recycling project in Lida that is planned to be expanded to other cities in the coming years.

LIDSKOE PIVO • Lida, Belarus • Founded: 1876 • Olvi plc's holding: 96.4% Sales volume 351.3 million litres, +9.4%

Net sales 151.5 EUR million, +12.2%

Adjusted operating result 33.4 EUR million, +15.7%

Our diverse and extensive product range includes thousands of products. In 2024, we launched a total of 421 novelties across different categories, as seen in the images. Our products are exported to nearly 80 countries.

Megatrends

Global changes are shaping our operating environment. We recognise the impacts of megatrends on our business operations and prepare for the future by making sustainable choices that support our strategy.

	SUSTAINABLE DEVELOPMENT AND RESPONSIBLE OPERATING METHODS	DIGITALISATION	GLOBALISATION AND THE GLOBAL ECONOMY	CONSUMER BEHAVIOUR
CTS PA M I	• The importance of sustainability for business is highlighted, and expectations are growing: stakeholders expect transparency and safety throughout the value chain, and consumers are interested in the carbon footprint of products. • Regulations and reporting are increasing and tightening, and the scarcity of natural resources requires resource efficiency, as well as preventing and adapting to climate change. • The circular economy becomes a necessity, and the impacts of climate change such as warming, extreme weather events, changes in water resources and biodiversity loss are increasingly visible. • The development of sustainable technologies is progressing.	• The increase in the amount and need for information creates a data economy and digital ecosystems, as well as enabling faster and wider information-sharing. On the other hand, the importance of information security is emphasised. • Automation, robotics and artificial intelligence improve efficiency. • Digitalisation accelerates the transformation of technology and operations, which highlights the constant need for competence development. • Digitalisation and social media affect consumer behaviour and increase the demands for ease and speed. • The physical and virtual worlds connect on different platforms throughout the value chain.	• Global changes such as geopolitical tensions and the vulnerability of long supply chains are affecting local conditions. • The volume of local purchases is growing, and the markets are integrating as trends and product ideas spread rapidly. • Pandemics, epidemics and mental health problems are on the increase, and human rights perspectives are becoming more prominent. • The population is growing and ageing, and the dependency ratio is deteriorating. • Refugees and urbanisation are increasing, and economic and social inequalities are growing.	• Consumer choices emphasise naturalness, healthiness, individuality, sustainability and the origin of the product. • The lifespan of products is reducing as a result of the rapid globalisation of trends. Consumer groups are polarising, and consumption is personalised. • Single-person households are increasing, and the growth of hybrid shopping is changing the relationship between physical and digital purchasing. • Purchase decisions are increasingly based on peer reviews. • Inflation is reducing purchasing power and affecting consumer behaviour.
SE N O P S R RE U O	• We consider the impacts, risks, and opportunities of sustainability and develop our operations in accordance with the principles of sustainable development throughout the value chain in cooperation with our partners. • We actively participate in the fight against climate change and biodiversity loss by reducing emissions and promoting the circular economy. • We invest in sustainable technologies and in promoting social responsibility and local vitality.	• Digitalisation is a key part of our strategy to ensure competitiveness and change capability. • We are investing in data management and proactive management by knowledge and in improving information security. • We use multichannel communication and interaction in consumer communications and in improving the customer experience. • We ensure the competence of our personnel and integrate digitalisation into our everyday life.	• We are focusing on selected markets, distinguishing ourselves locally while strengthening our international capabilities. • We aim to use scenario work to identify geopolitical changes. • We react to global trends with agile operating models and product development. • We ensure the predictability of material prices and availability, focus on business continuity and risk management, and develop diversity management.	• We invest in consumer insight, marketing, sales and brand awareness. • We develop product innovations and new segments, taking health and well-being into account, as well as trends in flavours, raw materials and packaging. • We pay attention to the opportunities created by new consumer groups and packaging sizes. • We support multichannel sales and hybrid shopping and develop product and service concepts in different price categories. • We improve the management of production and logistics processes as product volumes increase.

Strategy

Our purpose is to provide moments of enjoyment with pride, and our goal is to be the most wanted multi-local beverage house – for all our stakeholders.

We have a wide, diverse and evolving range of products, through which we seek to be present in consumers' everyday moments. We are proud of our unique culture, long history and strong local approach, which is reflected in everything we do.

We work to have a positive impact on the people, communities and nature around us. With our committed ownership base, we continue to play a responsible role locally and globally, as we have for nearly 150 years.

Multi-locality is our way of operating and being present locally while taking advantage of the development and unified operating models enabled by our Group.

Our goal is to continue to offer the most attractive products to consumers, to be an attractive employer and the preferred partner for our customers and suppliers, to generate sustainable value for our owners, and to be the most attractive investment in our industry.

PURPOSE	TO PROUDLY PROVIDE MOMENTS OF ENJOYMENT
VISION	THE MOST WANTED MULTI-LOCAL BEVERAGE HOUSE
AMBITIONS	People powered excellence		Towards planet positive impact	10 million moments of enjoyment every day		Profitable growth ahead of market, EBIT >12%
DRIVERS AND ENABLERS	PROFITABLE CORE BUSINESS • Increasing the sales value of our strong core business • • The continuous improvement of operational efficiency • Efficient analytics enabling • development	EXTENSIVE RANGE OF PRODUCTS AND A MULTI-CHANNEL APPROACH Strengthening our market position in growing product categories and the HoReCa sales channel Developing the omnichannel approach	INTERNATIONAL BRANDS AND PARTNERSHIPS • Growing exports in a targeted manner • Further strengthening our partnerships with international brands • Building Olvi Group brands	PASSION FOR PEOPLE • Investing in the well-being of our personnel and their commitment • Development of critical skills	RESPECT FOR PLANET • Competitive advantages from sustainable ways of working and sustainable products • Supporting the green transition • Investments in sustainable energy and water solutions	DATA AS AN ACCELERATOR • Efficient utilisation of data in operational development and decision-making • Systems that support competitiveness
VALUES AND BEHAVIOURS	LOCAL We value local presence and manufacture our products for local consumers while still relying on the Group's strong support.		POSITIVE A positive attitude is our way of operating and responding to challenges.	RESPECTFUL We respect each other, our customers, partners and the environment.		AGILE We operate in an agile and customer-focused manner and develop our operations and product range dynamically on the basis of customer needs and data.

Risk management

Effective risk management is an essential part of business planning, management, and monitoring. Through a proactive approach, we aim to manage risks comprehensively at all organisational levels, ensuring the business continuity and development.

Risk management supports the achievement of our strategy and objectives, helping us to identify, assess, and manage risks that could affect the continuity and success of our business.

With systematic risk management, we can identify the strategic, business, financial, and compliance risks related to both our operations and our operating environment. In addition, an effective risk management process also supports the identification of new business opportunities and guides the focus of our development efforts.

Proactive risk management

Well-executed risk management enables proactive action, helps optimise resource use, and protects the organisation from various financial, operational, and compliance risks. Risk management supports decisionmaking, safeguards reputation, enhances security, and ensures the organisation's ability to anticipate and adapt to changing conditions, such as different market situations, regulatory changes, and external events and their impacts.

In Olvi Group's risk management, the goal is continuous and proactive operational development, with risks being assessed through regular risk analysis. The process includes identifying and mapping potential risks, analysing the propability of their occurrence, assessing their impacts, and planning preventive measures.

Risks in the Annual report

Risk identification plays a key role, as it enables proactive preparedness, the implementation of preventive measures, and a swift response to risk situations as part of business operations.

In 2024, the most significant risks identified were particularly related to the geopolitical situation, general cost levels, the situation in Belarus, and cybersecurity. Additionally, risks related to sustainability, such as questions related to human rights and climate change, have become a significant part of risk management.

Regulated information about significant risks and preparedness for them can be found in the Board of Directors' report.

The Corporate Governance Statement includes descriptions of how the company's internal control and risk management support the accuracy of financial reporting. The statement presents the main features of these systems and how we ensure that the financial reports we publish provide materially accurate information about the company's financial position.

Risks related to sustainability are described in more detail in the Sustainability Statement included in the Board of Directors' report.

SUSTAINABILITY AT OLVI GROUP

New era of sustainability reporting

During the past year, we developed sustainability extensively in Olvi Group. A key role was played by preparing for a new kind of sustainability reporting due to changes in legislation. Our sustainability work also received external recognition.

Geopolitical tension continued to be widely reflected in 2024. The warmest year on record brought many extreme weather events around the world, and topping the rapid progress of climate change requires significant efforts to reduce greenhouse gas emissions.

Sustainability is fostered globally. The United Nations (UN) held the world's largest biodiversity conference in Cali, where however no agreement could be reached on the metrics and funding for developing countries to combat biodiversity loss. Governments are aiming to stop biodiversity loss by 2030, but many countries still lack national plans in this regard. The UN Climate Change Conference in Baku agreed on finance to developing countries for climate change mitigation and adaptation. However, little attention was paid to action to mitigate climate change.

In 2024, we developed our sustainability work in line with the EU Corporate Sustainability Reporting Directive and standards that came into force at the beginning of last year. Our efforts focus on our material impacts, risks and opportunities, taking the environment, people and governance into account. Our first sustainability statement can be read as part of the Board of Directors' report. Other legislation – such as the EU Taxonomy Regulation, the EU Corporate Sustainability Due Diligence Directive and the Deforestation Regulation – also guides our operations and their development.

We further specified our climate scenario analysis and took measures to reduce our greenhouse gas emissions. The science-based climate targets have been submitted for validation for Science Based Targets initiative. We continued to report on our climate emissions and water use in accordance with the CDP, both of which we received rating B (scale A - D). We further developed our biodiversity protection plan and our human rights impact assessment processes.

In 2024, we received recognition from Time magazine as one of the world's best companies in sustainable growth. Olvi Group was one of the 500 sustainable growth companies worldwide, and the second best among the nine Finnish companies included in the ranking. The listing by Time and Statista estimates the revenue growth, financial stability and environmental impacts of thousands of companies.

We participated in Ecovadis' sustainability assessment for the first time in late 2024 and received a Gold Medal. The Gold Medal means that Olvi Group ranks in the top 5% of all assessed companies. The globally recognised Ecovadis evaluates sustainability based on four key categories: environmental impact, labour and human rights standards, ethics and procurement practices.

Sustainability at the Olvi group

Sustainability is part of our values, strategy and everyday activities. We work to improve sustainability in the beverage industry as a whole. We help our partners, customers and consumers make responsible choices.

We promote responsible and sustainable business in our own operations and the entire value chain. To contribute to the advancement of sustainable development, we increase the positive impacts and reduce the negative impacts. Effective cooperation with a network of partners plays a key role.

To secure biodiversity, we take account of sustainability in the procurement of raw materials and the carbon footprint of our products. To mitigate climate change, we reduce emissions throughout the value chain and progress towards carbon neutrality. We invest in our employees' safety and well-being at work, including in the value chain. We develop a common culture of sustainability for the Group.

The financial and social impacts of our operations create value for our stakeholders. In addition to providing sustainable products, we work to ensure responsible and transparent communication toward consumers. Our values serve as a basis for ethical business operations. Our Code of Conduct is a collection of our policies and functions as a guiding principle for our operations and corporate culture.

Based on the ESG framework (environmental, social and governance), Olvi Group's sustainability was divided into three focus areas and two supplementary themes through which we manage our responsibility efforts. The sustainability programme is based on Olvi Group's strategy, which was renewed in 2023, and a double materiality assessment.

The sustainability's main targets

People come first

• Zero serious accidents • Overall result AAA of the People Power personnel survey in 2030

We develop sustainability in line with ethical operating practices in cooperation with our partners

Employees and supplier partners adhere to the Code of Conduct
Impactful stakeholder work with each stakeholder

More sustainable products

Non-alcoholic products (< 0.5 vol-%) grow faster than other product categories
Measures to promote a responsible drinking culture in each product category in 2025
Sustainability is considered comprehensively in all products by 2030

In 2030:
Carbon neutral production (Scopes 1 & 2)
Value chain CO2e emissions -40% vs 2021 (Scope 3)
100% green electricity and 100% renewable thermal energy
Water usage < 2.5 litres per litre produced

People come first

We promote employees' well-being and safety at work and competence development. We pay attention to consistent management and equal treatment. We also strive to ensure the implementation of human rights in our value chain.

We are committed to being a positive, fair and safe workplace. We work to promote people's well-being and ensure the realisation of human rights, both in our own operations and in the value chain. We are a significant employer in the locations of our production plants, and we work to be a desired workplace for both current and potential new employees. We aim to ensure our ability to work together and use the Group's resources, expertise and experience. We encourage our employees to participate in operational development and present development ideas.

Our sub-focus areas include:

Corporate culture: Corporate culture is based on shared values, attitudes, and ways of thinking and working, as well as the spirit of the workplace community, which guides operations and ways of working. An enthusiastic, evolving and motivated personnel supports Olvi Group's success and the creation of an excellent work atmosphere.
Management, supervisory work and workplace skills: We strive to maintain and develop leadership, supervisory work and ways of working. These support our personnel's well-being at work, learning and professional development, information sharing and cooperation.
Competence development: We strive to enable work and career development. We support

our personnel in performing their duties and encourage them to acquire new skills and professional expertise.

• Safety at work: We aim to ensure smooth work without accidents. We are constantly working to detect and eliminate hazards and further develop our safety culture.

Occupational health and well-being at work: We maintain well-being at work and the working capacity of our personnel, as well as the experience of meaningful work. We are continuously developing our ways of working and our work environment to promote smooth and productive work and eliminate health risks and hazards.
Equal opportunities and diversity: We work to take diversity, equality and inclusion into account in our operations. We treat all our employees equally and do not tolerate discrimination. Equal treatment is reflected in recruitment and career progress opportunities, among other aspects.

Sustainability actions in 2024

We conducted human rights risk assessments and implement measures based on them
We set up group-level training to develop skills in sustainability
We participated in a DEI peer learning group to develop diversity, equity and inclusion

CASE Results of the personnel survey developed positively

The PeoplePower personnel survey helps Olvi Group develop the workplace community and monitor employees' well-being. In the 2024 survey, our result was AA+ (2022: AA). Olvi Group's overall result and response rate improved from the previous survey.

The employee experience particularly emphasises inspiration and dedication, which consist of commitment, management and performance. The results of the personnel survey improved in several areas such as decision making, clearly defined roles, reasonable workload and employee engagement.

Respecting the environment

We work to continuously reduce our environmental footprint and to improve our resource efficiency. In addition to developing our own operations, we aim to steer our value chain towards a more positive impact.

Protecting nature and its diversity, as well as climate change adaptation and mitigation, is important for safeguarding our operating conditions. The loss of biodiversity and global warming are reflected especially in the production of agricultural raw materials. The availability of raw materials is ensured with research cooperation to develop regenerative agriculture in particular and developing water use with partners.

The Group's own climate emissions mainly consist of steam and heating energy, as well as the electricity used. The parent company Olvi and Vestfyen already use only or mainly renewable energy. Most of the Group's climate emissions come from the value chain. We lower the carbon footprint of the value chain with our partners in terms of materials and transport, for example. More information on environmental topics is also available on supplementary appendix to the sustainability reporting.

Our sub-focus areas include:

Biodiversity: We increase our understanding of our impact on biodiversity and develop measures to protect biodiversity. We engage in cooperation especially to promote regerative farming.
Reducing our carbon footprint: To reduce emissions, we increase the use of recycled materials and reduce packaging. In transport, we increase the use of renewable fuels and

electricity, and optimise routes and distribution. We increase the proportion of renewable energy and energy efficiency.

• Sustainable water use: We make our water use more efficient through optimisation and by developing washing solutions. We look for ways

to increase water recycling and reuse. We invest in efficient wastewater pretreatment to improve wastewater quality.
Promoting the circular economy: We reduce the use of materials and reuse and recycle materials. We increase the role of the circular economy in raw materials and packaging materials by adding recycled and waste materials, for example. We develop the reuse of process side streams and material flows. We work with local organisations to develop systems for recycling beverage packaging.

Sustainability actions in 2024

We involved in the science-based nature targets program by UN Global Compact Network Finland
We use Green electricity in production plants in Finland, Baltics and Denmark
We use by-products, such as mash and excess yeast, mainly as farm animal feed or for biogas production
We increased the use of recycled plastic in plastic bottles was (100,000 kg)

CASE Towards greener logistics

Transport is the second most significant source of climate emissions in Olvi Group. Emissions are reduced through daily work such as planning transport and increasing the use of renewable fuel. Logistics partners are mainly in charge from transport, and the operations are developed in close cooperation with them.

In 2024, a share of electirc transportation was increased especially bytaking into use second electric truck in Estonia. In Lithuania, transports started to run also with biogas trucks. In addition, the biofuel pilot started in 2023 was expanded in Finland, significantly increasing the amount of biofuel used.

More sustainable products

We are committed to promoting responsible consumer communications, a responsible drinking culture and moderate consumption in all our operations. We take responsibility comprehensively into account in developing our products and product selection.

We focus on great-tasting products that have been produced sustainably and better meet consumers' various expectations. Sustainability is an important part of our product development. In line with our strategy, we are increasing the number of nonalcoholic products and developing the healthiness of the products.

We promote the use of sustainable ingredients and packaging materials in our products. In cooperation with our innovative partners, we have also used excess materials as ingredients for our products since 2021.

Our sub-focus areas include:

Sustainable product concepts: We develop sustainable product concepts to make sustainability comprehensively part of all products. Our definition of a sustainable product includes a criteria for the product, its materials and material suppliers. The criteria take environmental sustainability, social sustainability and consumers' health broadly into account.
Responsible consumption: We support moderate use in all product categories. We are adding smaller packaging sizes and organise activities to promote moderate use. We increase nonalcoholic products and launch sugar-free or lower-sugar products. We communicate to consumers about the sustainability of our products. We take measures to promote a responsible drinking culture.

Product safety: Product development and quality control ensure the safety of our products: the safety of the contents and packaging of the product throughout its life cycle. With the aid of product labelling, every product can be traced all the way from the ingredients to the shop shelves. Products must comply with laws, statutory requirements and quality standards.
Responsible consumer information: We ensure clear and sufficient product information on the product label and on the company's websites. Voluntary warning signs can be found on almost
all the Group's alcohol packaging, as well as instructions for use on energy drink packaging. We monitor consumer feedback on our products and develop our operations based on these.
Responsible marketing: In addition to official marketing and advertising guidelines and regulations, we adhere to self-regulation, which is partly stricter than the regulations issued by the authorities. We seek to ensure that all Olvi Group's marketing is in accordance with responsible practices, and particularly that the volume of marketing that emphasises sustainability aspects increases in relation to all marketing activities.

Sustainability actions in 2024

We launched 22 non-alcoholic products in beers, ciders, long drinks and wines
We reduced sugar levels in several product categories and we searched for natural alternatives in raw materials
We updated and expanded product information on the companies' websites and added voluntary labelling such as nutritional information on alcohol products

CASE Campaigns to promote responsible consumption

In 2024, the parent company Olvi organised the Olvi Vichy brand's nationwide We Vichy a Merry Christmas campaign, which encouraged consumers to choose non-alcoholic products as an alternative to celebrating Christmas. A responsible drinking culture was highlighted with the slogan "Let's take it easy at Christmas".

A. Le Coq, Cēsu Alus and Volfas Engelman campaigned against drink-driving. A. Le Coq and Cēsu Alus were involved in campaigns that focused on driving sober at Midsummer. Volfas Engelman organised a campaign during the Aurum 1,006 km motorsport event.

Ethical operating practices

Honest and fair ways of working are an integral part of our values and business operations in all our market areas. Responsible ways of working are necessary for maintaining trust between Olvi Group and its stakeholders.

To ensure the continuity of responsible business practices, it is essential that we have up-to-date ethical guidelines and operating models. The Group's policies support compliance with the Code of Conduct. The Code of Conduct serves as a basis for the Code of Conduct for Partners. The Group's Code of Conduct describes the foundation of our responsible operations:

We respect

Zero tolerance of bribery and corruption
Healthy and effective competition and business Applicable laws and regulations The company's tangible and intangible assets
The avoidance of conflicts of interest between private lives and work at Olvi Group
Independence from politics
Honest, diligent and respectful communication with stakeholders
The disclosure of reliable up-to-date information to investors

We care about

- Human rights and equality

Our personnel's health and safety Reduction of an environmental footprint

We raise our concerns • Through operating models that tackles unethical behaviour

Olvi Group has a Whistleblowing channel for all stakeholders. It allows anyone such as an employee or supplier to let the company know confidentially and anonymously if they detect activities that are not in accordance with our ethical guidelines and values.

Sustainability actions in 2024

• We implemented the Group's Code of Conduct online training

We take part in the UN Global Compact initiative and are committed to its ten principles. We are committed to promoting the UN Sustainable Development Goals,and Olvi Group's sustainability work is related to eight goals in particular (more information on appendices).

We are committed to reducing climate emissions in accordance with the Paris Agreement, aiming for an average temperature increase of no more than 1.5 °C.The science-based climate emissions reduction targets we have set in accordance with the Science Based Targets initiative (SBTi) have been submitted for the approval. We participate in international reporting such as CDP and EcoVadis.

We comply with the International Labour Organization's (ILO) fundamental conventions andthe UN Guiding Principles on Business and Human Rights. In addition, we are committed to the guidelines issued by national brewing and soft drink industry associations on responsible marketing and sustainable development.

Cooperation with stakeholders

We want to do impactful and sustainable cooperation with our stakeholders. The financial and social impacts of our operations are reflected in our operating environment through local presence and employment, among others.

With our stakeholders, we want to engage in interactive cooperation that reflects our values, sustainability's main goals and ambitions. Together with our partners, we can further and build the leading sustainability practices of the industry where new perspectives and innovativeness play a key role. Mutually increasing sustainability awareness and knowledge is an important part of the cooperation.

Olvi Group's value creation model

Value is created for Olvi and its stakeholders as a result of Olvi Group's operations and value chain. Financial development, tax footprint, local presence, and employment are part of Olvi Group's value creation model. Financial development ensures resources for growth, development and value creation in accordance with the targets. The tax footprint indicates the payment of taxes and tax-like charges, which is one of our most significant social sustainability contributions. In 2024, Olvi Group paid EUR 674.5 million in taxes and employer contributions, of which 68.0% was excise duty (alcohol, soft drinks, packaging).

Local is one of our values, and we are involved in promoting the vitality and sustainability of our local communities. We engage in dialogue, cooperating with local operators and selecting local partners where

Tax footprint in 2024 EUR million

possible. We employ a considerable number of people directly or indirectly. We employ people indirectly in value chain especially in agriculture, packaging, maintenance, logistics, HoReCa and retail.

Olvi Group also creates value for stakeholders by acting in a socially sustainable manner by focusing on sponsorship and charity. The Group companies support sporting and cultural events, as well as work carried out for the benefit of children, young people, and the elderly, particularly in their local communities.

Olvi Foundation

Olvi's largest owner
Established in 1955
Founders Industrial Counsellor E.W. Åberg and Hedwig Åberg
Supports activities that benefit children and the elderly, supports young people's studies and postgraduate studies, supports local heritage work, and promotes the development of natural resources and the food economy companies Alcohol tax EUR 420.8 million
- In 2024, the foundation provided a total of EUR 2.45 million in grants

CASE Examples of cooperation projects

The Sustainable Crop Production project of Natural Resources Institute Finland (Luke) aims to advance diversification of farming
Luke's Plast-LIFE project in Finland exploring bio-based packaging materials as alternative solutions to fossil plastics in food packaging
A. Le Coq ja Cēsu Alus take part in the project Silver Strategies, which focuses on improving labor market opportunities for people approaching retirement age and in retirement age and developing anti-discrimination sets of measures for

Board of Directors' report and Financial Statements

Board of Directors' report	21
Sustainability Statement 34
Financial Statements 97

Board of Directors' report

Financial development 22
Governance 24
Business risks and their management 26
Olvi's shares and the stock market27
Near-term outlook and events after
the financial year30
The board of directors' proposal for distribution of profit30

Consolidated financial ratios 2022–2024	31
Parent company's financial ratios 2022–202432
Sustainability Statement34

Board of Directors' report

FINANCIAL DEVELOPMENT

	2024	2023	Change %
Sales volume, Mltr	989.7	975.8	1.4
Net sales, MEUR	656.9	630.6	4.2
Gross profit, MEUR	266.4	235.6	13.1
% of net sales	40.6	37.4
Adjusted operating result, MEUR	81.4	67.1	21.3
% of net sales	12.4	10.6
Items affecting the comparability of the operating result, MEUR	0.0	-12.2
Operating result, MEUR	81.4	54.9	48.2
% of net sales	12.4	8.7
Adjusted profit for the period, MEUR	62.4	50.7	23.2
% of net sales	9.5	8.0
Profit for the period	62.4	38.5	62.3
% of net sales	9.5	6.1
Earnings per share, EUR	2.98	1.85	61.2
Investments, MEUR	43.7	24.9	75.0
Equity per share, EUR	15.66	13.95	12.3
Equity ratio, %	60.3	59.0
Gearing, %	-12.4	-8.5
Return on investment, % (ROCE)	24.2	18.5

Olvi presents the adjusted operating result (EBIT) and the adjusted profit for the period as alternative performance measures to improve comparability between reporting periods.

Business development in the Group and the parent company

Sales volume increased by 1.4% to 989.7 (975.8) million litres. The development has been limited by consumers' weak purchasing power in the Finnish and Baltic markets, and by product range optimisation measures throughout the Group. On the other hand, sales volume in the Belarusian market has increased through market growth. Price competition increased as consumers sought more affordable products. Despite intensified competition, sales volumes were able to be increased in both retail sales and the hotel and restaurant channel (HoReCa), as well as maintaining and increasing market shares. On the other hand, exports, as well as and harbour and cross-border sales were lower than in the previous year. In terms of exports, the Group's operating model has been renewed during 2024, and the growth targets focus on the coming years. Thanks to good average price development in the third and fourth quarters, net sales increased by 4.2% to EUR 656.9 (630.6) million in January–December.

The adjusted operating result increased by 21.3% from the comparison period and was EUR 81.4 (67.1) million. Profitability has improved across all reporting segments due to the stabilisation of the increase in production costs, selection and price optimisation, the warm weather in the summer season and the improved efficiency of own operations. The relative operating result improved significantly from the previous year and was 12.4 (10.6). In line with the target, the operating margin has risen above 12%, returning profitability closer to the level achieved before the cost crisis caused by the coronavirus pandemic and the war in Ukraine.

The net sales of the parent company increased by 5.4%, and its operating profit increased by 45.4%.

PERFORMANCE BY BUSINESS SEGMENT

Finland

The net sales of business operations in Finland grew by 4.9% to EUR 239.5 (228.2) million, but the sales volume decreased by 2.0% to 262.7 (268.1) million litres as a result of changes made to the retail product range in particular. Sales were supported by the markedly higher accuracy of deliveries than in previous years, as processes and practices were further specified, and both the buffering of products in preparation for the season and an increase in collection capacity were carried out successfully. In terms of product categories, the sales of water and hard seltzers developed best. KevytOlo and Olvi Vichy have significantly increased sales and strengthened their brand position. In hard seltzers, Olvi has maintained a clear category market leadership despite intensified competition and has contributed to the growth of the market category. In beers, the product portfolio was systematically optimised in terms of volume. The market share of beer has remained strong at more than 50% and Sandels has remained the most popular beer in Finland, increasing sales.

With the change in alcohol legislation, retailers changed their selections to include fermented beverages with an alcohol by volume of 5.5% to 8.0%. This clearly increased the total sales of these products, despite the decrease in Alko's sales. As a whole, however, these products do not represent a significant portion of the sales volume or net sales of Finnish business operations, but they have become part of the retail selection and thereby also part of Olvi's product portfolio.

The operating result of Finnish business operations was EUR 25.8 (17.5) million. The operating result improved by 47.2% year-on-year, mainly as a result of improved production efficiency, the stabilisation of cost increases, changes in the product range, and price increases. Measures will continue to be taken in line with strategy targets to improve profitability by developing the product range and improving cost-effectiveness, among other means.

Baltic Sea region

The sales volume in the Baltic Sea region decreased by 2.2% to 381.7 (390.4) million litres, and net sales remained at the previous year's level, at EUR 270.0 (269.8) million. The decrease in the sales volume came from Denmark as a result of changes in the product range. In the Baltic countries, consumers' purchasing power developed poorly. This had a negative impact on the development of the demand for beverages and led to price competition, especially in the second half of the year. Sales in the segment's hotel and restaurant channel (HoReCa) developed better than in the previous year, while harbour and cross-border sales and exports remained at a lower level than in the previous year. In terms of product categories, the best increase in sales volume was recorded for mixed drinks, while product optimisation within the selection reduced the sales volume of beers.

Despite the difficult market situation, the Baltic Sea region's operating result improved by 5.9% and was EUR 23.3 (22.0) million. Profitability improved, as costs were no longer increasing, measures were taken to improve production efficiency, and targeted price increases were implemented. Profitability development in the segment came from the Baltic countries. Business development measures in Denmark will continue to improve profitability and increase sales.

Belarus

In Belarus, consumer demand increased and supported the development of the overall market. The segment's sales volume increased by 9.4% to 351.3 (321.2) million litres. Sales volume increased especially in non-alcoholic product categories, such as water, energy drinks and soft drinks, and growth was achieved in all sales channels. In addition to the increase in total demand, the market share increased in beers.

The Belarusian segment's net sales increased by 12.2% to EUR 151.5 (135.1) million. The exchange rate of the Belarusian rouble weakened from the comparison period. In the local currency, net sales grew by 21.0%. The adjusted operating result increased by 15.7% from the comparison period and was EUR 33.4 (28.9) million. In the local currency, the adjusted operating result improved by 25.1%. The Belarusian business is reported as part of Olvi Group, but it operates by means of its own cash flow financing, and there are some restrictions on the distribution of profits to the parent company.

Olvi Group's sales, net sales and result in 2024

SALES DEVELOPMENT

Olvi Group's sales volume grew by 1.4% in January–December, totalling 989.7 (975.8) million litres.

Sales volume, million litres	2024	2023	Change %
Finland	262.7	268.1	-2.0
Baltic Sea region	381.7	390.4	-2.2
Belarus	351.3	321.2	9.4
Eliminations	-6.1	-3.9
Total	989.7	975.8	1.4

The Group's net sales in January–December increased by 4.2% and were EUR 656.9 (630.6) million.

Net sales, EUR million	2024	2023	Change %
Finland	239.5	228.2	4.9
Baltic Sea region	270.0	269.8	0.1
Belarus	151.5	135.1	12.2
Eliminations	-4.1	-2.5
Total	656.9	630.6	4.2

On 1 January 2024, Olvi Group changed the presentation of the segments to correspond to the monitoring carried out by the management. Intra-segment business transactions are eliminated from the segments' sales volumes and net sales in their presentation. The comparison information has been changed accordingly.

FINANCIAL PERFORMANCE

The adjusted operating result increased by 21.3% in January–December and was EUR 81.4 (67.1) million. The improvement in the adjusted operating result was mainly caused by improved profitability in Finnish operations, compared with the corresponding period in the previous year. The operating result in January–December increased by 48.2% from the comparison period to EUR 81.4 (54.9) million. In the comparison period, the operating result was burdened by a fine imposed on the Belarusian subsidiary.

Adjusted operating result, EUR million	2024	2023	Change %
Finland	25.8	17.5	47.2
Baltic Sea region	23.3	22.0	5.9
Belarus	33.4	28.9	15.7
Eliminations	-1.1	-1.3
Total	81.4	67.1	21.3

Operating result, EUR million	2024	2023	Change %
Finland	25.8	17.5	47.2
Baltic Sea region	23.3	22.0	5.9
Belarus	33.4	16.7	100.1
Eliminations	-1.1	-1.3
Total	81.4	54.9	48.2

The Group's profit after taxes in 2024 was EUR 62.4 (38.5) million. Earnings per share calculated from the profit attributable to the owners of the parent company were EUR 2.98 (1.85) in 2024.

Financing and investments

Olvi Group's balance sheet total was EUR 539.6 (490.0) million on 31 December 2024. The increase in the balance sheet mainly resulted from growth in equity and non-current assets following investments. Equity per share was EUR 15.66 (13.95). The equity ratio was 60.3% (59.0%), and gearing was -12.4% (-8.5%). The Group's liquidity indicator, the current ratio, improved to 1.4 (1.3). The return on investment was 24.2% (18.5%). Interest-bearing liabilities amounted

to EUR 10.5 (7.0) million at the end of December. Of the interest-bearing liabilities, current liabilities accounted for EUR 3.7 (2.9) million.

Olvi Group's balance sheet and financial position are strong. The company has no net debt, and its ability to invest remained good. The Group's cash and cash equivalents stood at EUR 50.8 (31.5) million at the end of December. Olvi has various short-term financial instruments such as credit facilities for liquidity management. Cash flow from operating activities was EUR 86.1 (28.0) million. It improved due to an increase in the operating result and a change in working capital from the comparison period, especially in terms of accounts receivable. Cash flow from investing activities was EUR -38.6 (-27.7) million, and cash flow from financing activities was EUR -27.4 (-27.5) million.

Olvi Group's extension and replacement investments were EUR 43.7 (24.9) million in January–December. Of the investments, EUR 24.1 million was related to Finland, and EUR 13.9 million to subsidiaries in the Baltic Sea region. The warehouse and logistics investment at the Iisalmi plant has proceeded on schedule, and the brewhouse investment is in progress. Investments in the Baltic Sea region were mainly related to production line improvements. Replacement investments necessary for the continuity of production were made in Belarus through the subsidiary's cash flow financing, totalling EUR 5.7 million. In its investments, Olvi focuses on solutions that promote sustainable development, cost-effective operations and capacity development to meet business requirements.

Changes in the Group structure in 2024

No significant changes took place in Olvi's subsidiary holdings in January–December 2024.

At the end of the financial year, Olvi's holdings were as follows:

	2024	2023	Change, pp
AS A. Le Coq, Estonia	100.00	100.00	-
A/S Cēsu Alus, Latvia	99.88	99.88	-
AB Volfas Engelman, Lithuania	99.67	99.67	-
OAO Lidskoe Pivo, Belarus	96.36	96.36	-
Servaali Oy, Finland	100.00	100.00	-
The Helsinki Distilling Company, Finland	100.00	100.00	-
A/S Bryggeriet Vestfyen, Denmark	100.00	100.00	-

Olvi owns 50.0% of Arctic Silence Oy, which did not engage in any operating activities during 2024. In addition, Olvi plc's subsidiaries have holdings in companies. The Helsinki Distilling Company owns 100.0% of Helsingin tislaamoravintola Oy. AS A. Le Coq has a 49.0% holding in AS Karme and a 20.0% holding in Verska Mineraalvee OÜ in Estonia. A/S Cēsu Alus owns 100% of the share capital of SIA Piebalgas Alus. AB Volfas Engelman has a 100% holding in UAB Uniqa and UAB Alaus Pinta. OAO Lidskoe Pivo owns 100% of Trade House Lidskoe Pivo. During the financial year, A/S Bryggeriet Vestfyen redeemed the remaining 4.19% of the share capital of A/S Dansk Coladrik. At the end of the financial year, A/S Dansk Coladrik merged with A/S Bryggeriet Vestfyen.

Research and development

Research and development activities include the design and development of processes, operating methods, products, raw materials and packaging materials and the further development of existing products and packaging. Research and development expenditure is recognised as costs consisting of salaries, general administrative expenses and development project costs. The main purpose of product development at Olvi Group is to create new products for profitable and growing beverage segments.

R&D expenditure, EUR million	2024	2023	2022
R&D expenditure	9.7	5.6	5.4
% of net sales	1.5	0.9	0.9

During 2024, several new products were launched in Finland and by subsidiaries. The new products are presented on each company's website.

Salaries and fees

Salaries, employee benefits and incentives are always based on current laws and agreements, and on local practices in each country. In addition, salaries are determined based on how demanding the job is and on competence, performance and/or results in line with local good practices.

Salaries and fees during the financial year:

EUR 1,000	2024	2023
Salaries and fees	73,436	66,745

In accordance with its governance principles, the company publishes an annual remuneration report prepared in accordance with the EU's shareholder rights legislation and the recommendations concerning remuneration in the 2025 Governance Code. The report is published as an appendix to the annual report and is available on the company's website at www.olvigroup.fi.

GOVERNANCE

Governance principles

Olvi plc adheres to responsible and open governance of a high standard. Good corporate governance is based on laws and the regulations issued on the basis of laws, as well as self-regulation and practices. Open corporate governance supports the company's value creation and attractiveness as an investment.

Olvi plc complies with the Corporate Governance Recommendation issued by Nasdaq Helsinki Ltd, the Finland Chamber of Commerce and the Confederation of Finnish Industries as it stands at the time in question and explains any deviations from the recommendation. The company's operations and reporting comply with the Securities Market Association's Corporate Governance Code, which entered into force on 1 January 2025.

The implementation of the corporate governance principles is described in a separate corporate governance statement, which is attached to the annual report and is available on the company's website at www.olvigroup.fi.

Business strategy

Olvi Group has a common mission and vision. The purpose of operations is to provide moments of enjoyment with pride. The vision is to be the most wanted multi-local beverage house.

The Group-level strategy guides the operations of all Group companies. The Group also approves local flexibility in strategy implementation, as operating environments and competitive situations vary. The business is based on the Group's shared values: local, positive, respectful and agile.

Olvi Group pursues profitable growth and sustainable growth of shareholder value through a strong multi-local market position and a continuously evolving product portfolio that meets local needs. Growth is mainly sought organically, but targeted acquisitions in Europe are also possible to accelerate growth.

The sales value of strong core business operations is increased by focusing on identifying and responding to local customer needs through price and product range optimisation. In addition, the use of production capacity is optimised, operations are made more efficient, and investments are made to increase production capacity.
The market position is strengthened in growing beverage categories such as non-alcoholic beverages and wines. In addition, the position in the sales channel for hotels, restaurants and caterers (HoReCa) is strengthened by developing the offering to meet customer needs and by investing in customer relationships.
Product exports are increased in a targeted manner. Local product ranges are strengthened by means of internationally strong brands to support changes in consumption habits and in a manner that supports the growth of different sales channels. Group-level brand development will be invested in, especially in growing product categories.

Profitable growth is supported through Group synergies and consistent operating models in terms of the development of sustainability, competence and data capabilities. Investments are made in employees' well-being, expertise is developed, and the flow of information between Group companies is improved. The aim is to take effective sustainability actions and develop sustainable products. Investments are made in the company's own carbon neutral operations, the use of materials based on circular economy is increased, and investments are made in the sustainable use of water. Processes, tools and culture are developed to support information-driven decision making. Data is used to improve internal efficiency and in the customer interface. Competitiveness is strengthened by investing in systems that support business operations.

Olvi's strengths in the market environment include:

Strong multi-local position, tradition and presence in the domestic market
A wide range of products to meet local needs, developed based on changing consumer needs and market data
Efficient, agile and data-driven production
Strong distribution network
Strong retail competence, strengthening position in the HoReCa channel
Strong partnerships and customer relationships
Strengths and capabilities of an international group to develop operations
A responsible way of operation as part of the company's heritage
Innovative, skilled and committed personnel
Committed owners: long-term development of operations and investment capability
Experienced and knowledgeable management committed to increasing shareholder value

The above strengths and intangible resources, combined with a strong financial position, create a competitive advantage for Olvi Group. These include a brand portfolio, pricing power, customer loyalty and fairly stable demand for end products, high local market shares, proven capacity for renewal to meet changing consumer needs, extensive and efficient local distribution, and production efficiency. These will also enable future profitable growth and development.

The Board of Directors and the auditor

Since the Annual General Meeting, Nora Hortling has served as Chair, and Lasse Heinonen as Vice Chair of the Board. Tarmo Noop, Juho Nummela, Päivi Paltola and Christian Ståhlberg have served as members of the Board.

KPMG Oy Ab, Authorised Public Accountants, serves as the company's auditor, with Heidi Hyry, APA, as the principal auditor.

Management

Beginning in 2024, the management team structure was streamlined by separating the responsibilities of the company's management team in Finland from those of the Group Leadership Team. In line with this, a Group Leadership Team for Olvi Group was established and appointed on 1 January 2024 to strengthen the implementation of the Grouplevel strategy. In 2024, the Group Leadership Team consisted of the following persons and areas of responsibility:

The management team of the parent company, Olvi plc, consisted of the following members: Patrik Lundell, Group Chief Executive Officer; Antti Airaksinen, Marketing Director; Pia Hortling, Group Chief Sustainability and Sourcing Officer; Tiina-Liisa Liukkonen, Group Chief Finance and Information Officer; Marjatta Rissanen, Group Chief Human Resources and Communications Officer; Jouni Saarinen, Commercial Director; and Tomi Vuorinen, Director, Production and Supply Chain. The management team of the parent company is the management team of the Group's operations in Finland.

The managing directors of the subsidiaries in 2024:

AS A. Le Coq, Tartu, Estonia – Jaanus Vihand A/S Cēsu Alus, Cēsis, Latvia – Eva Sietiņsone AB Volfas Engelman, Kaunas, Lithuania – Marius Horbačauskas OAO Lidskoe Pivo, Lida, Belarus – Audrius Mikšys A/S Bryggeriet Vestfyen, Assens, Tanska – Jette Andersen Servaali Oy, Helsinki, Finland – Anna Ekström (Business Director) The Helsinki Distilling Company, Helsinki, Finland – Mikko Mykkänen.

The managing directors of the subsidiaries report to Patrik Lundell, CEO of Olvi plc. The boards of directors of the subsidiaries in the Baltic countries, Belarus and Denmark consist of Patrik Lundell (Chair), Pia Hortling, Tiina-Liisa Liukkonen and Marjatta Rissanen. In addition, the members of the Danish subsidiary include two employee representatives. The boards of directors of the Finnish subsidiaries consisted of the parent company's management. The management teams of the subsidiaries consist of the managing director of each company and approximately four heads of areas of responsibility.

BUSINESS RISKS AND THEIR MANAGEMENT

Risk management is part of Olvi Group's daily business planning and management, operational monitoring and internal control. Risk management ensures strategy implementation and secures the prerequisites for achieving business goals and securing continuity. The purpose of risk management is to be proactive and create an operating model with which business risks can be controlled comprehensively and systematically in all Group companies and at all organisational levels.

Risk management supports the achievement of goals through the identification of undesired operative and financial events. On the other hand, risk management also identifies and utilises emerging business opportunities.

Risks are assessed by analysing their probability and possible impacts. The impacts can be financial, or they can be related to information security and cybersecurity, reputation, employees, the local community, and the environment. The impact of the environment, including climate change and biodiversity, as well as human rights in both the company's own operations and its value chain, is also taken into account in the risk assessment. Based on risk analysis, an annually updated risk management development plan is prepared with the aim of continuous and proactive operational development, as well as the business continuity management plans. Risk analysis also reduces risks in operating activities. Olvi Group's risks are divided into strategic, business, financial and compliance risks.

Strategic risks are uncertainties related to the business environment and Olvi Group's ability to operate in the business environment and prepare for any changes. Such risks may be related to the general economic situation, sustainability requirements, the competitive position, legislation or technological development, and may affect financial or operational targets. It is important to ensure that the strategy is in line with the Group's risk appetite and risk tolerance.

Operational risks are circumstances or events that may prevent or hinder the achievement of goals or cause damage to the environment, people, property, business operations, data or Olvi's other operations.

Financial risks are related to Olvi Group's financial position. These may include the availability or price of financing, changes in exchange rates, and investments.

Compliance risks arise if a company fails to comply with the rules, laws or internal policies applicable to its operations. These may result in legal or administrative consequences, financial losses or reputational damage. Olvi Group's industry-specific requirements are related to food safety and environmental requirements, for example.

The Board of Directors is responsible for the risk management of the Olvi Group, as well as the internal control of business operations. The audit committee assesses the sufficiency, appropriateness and efficiency of risk management, as well as the key risk areas. Executive management is responsible for defining and implementing the risk management principles in line with the Group structure.

Near-term risks and uncertainties in business operations

The geopolitical situation continues to affect Olvi's operating environment. The war in Ukraine has significantly increased business risks. The pandemic caused problems in the availability of raw materials and packaging materials, and the war has further complicated the procurement of materials. The increase in the costs of materials, which started during the pandemic and continued in 2023, has levelled out as a whole since the beginning of 2024. However, uncertainty about prices and availability has continued in the market as a result of the war in Ukraine, geopolitical tension and weather events caused by climate change. Logistics costs have remained at a high level. In addition, uncertainty may be related to energy availability, prices or security of supply. Olvi is responding to the increase in costs by improving operational productivity and assessing sales prices and selections to maintain profitability.

Despite the easing of the increase in the overall cost level, high consumer prices and tax increases related to consumption continue to weaken consumers' purchasing power and affect consumer behaviour. This change is already being reflected in a shift in consumption to more affordable product options. In addition, overall consumption may decrease, and the premiumisation trend may come to a halt. However, there are differences between markets. Olvi Group is responding to the change by developing its product portfolio in line with consumer demand and by maintaining and strengthening its market shares. Successful strategy implementation will be a key success factor for the Group.

The business operations and financial forecasting in Belarus continue to involve considerable uncertainty. For example, the uncertainty concerns the development of exchange rates, the unpredictability of the operating environment, local legislation and taxation, trade sanctions, and the functioning of financial transactions with Western countries. Olvi's subsidiary operates independently in Belarus and is responsible for its procurements, among other aspects. In addition, the IT operating environment has been separated. The subsidiary finances its operations with cash flow from its own operations.

During 2024, legislative changes have been implemented in terms of dividend payments and laws preventing the sale of companies. The payment of dividends abroad by Western-owned companies has been restricted for 2024–2025 by setting regulations on maximum amounts. According to the current interpretation, the dividend that the Belarusian company can legally pay to the parent company is around EUR 1–3 million annually in 2024 and 2025. According to the management's assessment, the now known temporary restriction on the payment of dividends by the Belarusian subsidiary does not impair the parent company's ability to pay dividends. Despite legislative changes related to the prohibition to sell, the sales restrictions concerning shares in Olvi's subsidiary remain in force. Olvi has no permission to sell shares in its Belarusian subsidiary. The legislative situation is monitored, and the prerequisites and options for operating in the market are actively evaluated.

Cybersecurity threats have increased because of the escalation of the global geopolitical situation, among other reasons. Olvi Group has prepared for increased information security threats in a variety of ways, and the new requirements under the NIS2 cybersecurity directive have been implemented according to schedule.

The EU Packaging and Packaging Waste Regulation has been adopted. It entered into force on 11 February 2025 and will apply from 12 August 2026. The regulation also contains a number of transitional provisions for the start dates of the various obligations. In the coming years, the Commission will issue a number of implementing and delegated acts, as well as guidelines to further specify the requirements and their application. According to the current estimate, the new regulation will have a negative impact on the energy consumption and, consequently, climate emissions of product manufacturing and logistics, as well as on water use, which will have a direct impact on Olvi Group's chances of achieving the set environmental targets. In addition, it is likely to cause needs to invest in reusable bottles and transport packaging and in equipment for product filling and handling. The implementation process is monitored closely and the application guidelines of the regulation are being sought to be affected so that the sustainability aspects of Olvi Group's countries of operation are also taken into account.

Sustainability risks are identified through human rights and climate change impact assessments as part of the company's strategic, business, financial and compliance risks.

OLVI'S SHARES AND THE STOCK MARKET

Olvi's share capital at the end of December 2024 was EUR 20.8 million. The shares in the company totalled 20,722,232, of which 16,989,976 (82.0%) were listed Series A shares, and 3,732,256 (18.0%) were Series K shares.

Each Series A share entitles its holder to one (1) vote, and each Series K share entitles its holder to twenty (20) votes. Series A shares and Series K shares provide their holders with equal rights to dividends. A total of 1,623,387 (1,608,889) Series A shares in Olvi was traded on Nasdaq Helsinki Ltd during 2024. This represents 9.6% (9.5%) of the total number of Series A shares in Olvi. The value of the trading was EUR 49.4 (48.1) million.

Shares and share capital 31 Dec 2024

	Shares	%	Votes	%
Series K shares, registered	3,732,256	18.0	74,645,120	81.5
Series A shares, registered	16,989,976	82.0	16,989,976	18.5
Total	20,722,232	100.0	91,635,096	100.0

The price of a Series A share in Olvi on Nasdaq Helsinki Ltd was EUR 29.20 (28.05) at the end of 2024. The highest price of a Series A share in January–December was EUR 33.80 (34.95), and the lowest was EUR 28.05 (26.80). The average price in 2024 was EUR 30.44 (29.88).

At the end of December 2024, the market capitalisation of the Series A shares was EUR 495.5 (475.8) million, and the market capitalisation of all shares was EUR 604.5 (580.5) million.

The total number of shareholders in Olvi at the end of December 2024 was 24,109 (23,025). The proportion of foreign holdings and foreign and domestic nominee-registered holdings was 17.5% (18.9%) of the total number of book-entry shares and 4.0% (4.3%) of the total number of votes.

Share distribution 31 December 2024

	Number of	% of	Number of	% of
Number of book-entry shares	shareholders	shareholders	book-entry shares	book-entry shares Number of votes		% of votes
1–1,000	22,875	94.88	2,898,334	13.99	2,898,334	3.16
1,001–10,000	1,125	4.67	2,820,626	13.61	2,958,338	3.23
10,001–500,000	103	0.43	6,024,712	29.07	14,679,288	16.02
500,001–999,999,999,999	6	0.02	8,976,448	43.32	71,056,896	77.54
Waiting list			2,112	0.01	42,240	0.05
Total	24,109	100.00	20,722,232	100.00	91,635,096	100.00

Foreign and nominee-registered holdings 31 December 2024

	Number of shareholders	% of shareholders	Number of book-entry shares	% of book-entry shares Number of votes		% of votes
Foreign, total	71	0.29	39,131	0.19	39,131	0.04
Nominee-registered (foreign), total	6	0.02	430,116	2.08	430,116	0.47
Nominee-registered (Finnish), total	5	0.02	3,164,618	15.27	3,164,618	3.45
Total	82	0.33	3,633,865	17.54	3,633,865	3.97

SHAREHOLDING

Largest shareholders 31 December 2024

				Number of
	Series K	Series A	Total	%	votes	%
1. Olvi Foundation	2,363,904	990,613	3,354,517	16.19	48,268,693	52.67
2. The estate of Heikki Hortling *)	903,488	103,280	1,006,768	4.86	18,173,040	19.83
3. Timo Einari Hortling	212,888	49,152	262,040	1.26	4,306,912	4.70
4. Marit Hortling-Rinne	149,064	14,234	163,298	0.79	2,995,514	3.27
5. Nordea Bank Abp, nominee-registered		1,729,570	1,729,570	8.35	1,729,570	1.89
6. Skandinaviska Enskilda Banken Ab (publ), Helsinki branch, nominee-registered		1,368,690	1,368,690	6.60	1,368,690	1.49
7. Varma Mutual Pension Insurance Company		828,075	828,075	4.00	828,075	0.90
8. Ilmarinen Mutual Pension Insurance Company		692,348	692,348	3.34	692,348	0.76
9. Pia Johanna Hortling	23,388	28,894	52,282	0.25	496,654	0.54
10. Jens Einari Hortling	23,388	18,444	41,832	0.20	486,204	0.53
11. Ville Petteri Rinne	23,388	12,478	35,866	0.17	480,238	0.52
12. Valtteri Markunpoika Rinne	23,388	11,455	34,843	0.17	479,215	0.52
13. AC Invest Oy		464,000	464,000	2.24	464,000	0.51
14. OP-Finland Fund		418,503	418,503	2.02	418,503	0.46
15. Evli Finnish Small Cap Fund		389,204	389,204	1.88	389,204	0.42
16. Elo Mutual Pension Insurance Company		333,000	333,000	1.61	333,000	0.36
17. Citibank Europe plc, nominee-registered		320,681	320,681	1.55	320,681	0.35
18. Investment Fund Aktia Capital		216,400	216,400	1.04	216,400	0.24
19. Hannu Markus Laakkonen		216,072	216,072	1.04	216,072	0.24
20. Pensionsförsäkringsaktiebolaget Veritas		200,245	200,245	0.97	200,245	0.22
Other	9,360	8,584,638	8,593,998	41.47	8,771,838	9.58
Total	3,732,256	16,989,976	20,722,232	100.00	91,635,096	100.00

*) The shareholding includes shares held by the shareholder and the entities they control.

Sector distribution 31 December 2024

					Nominee-registered
	Number of shareholders	% of shareholders	Number of book-entry shares	% of book entry shares	Number of book-entry shares	% of book entry shares	Number of votes	% of votes
Companies	748	3.10	4,695,218	22.66			49,609,394	54.14
Financial and insurance institutions	32	0.13	1,464,056	7.06	3,164,618	15.28	4,628,674	5.05
Public entities	11	0.05	2,112,560	10.20			2,112,560	2.30
Non-profit organisations	118	0.49	336,660	1.62			336,660	0.37
Households	23,123	95.91	8,477,761	40.91			34,436,321	37.58
Foreign	77	0.32	39,131	0.19	430,116	2.07	469,247	0.51
Waiting list			2,112	0.01			42,240	0.05
Total	24,109	100.00	17,127,498	82.65	3,594,734	17.35	91,635,096	100.00

Shareholding

Registered share capital, EUR 1,000 20,759.

A dividend of EUR 1.20 per share for 2023 was paid on shares in Olvi plc (EUR 1.20 per share in 2022), totalling EUR 24.8 (24.8) million. The dividend was paid in two instalments. The first instalment, EUR 0.60 per share, was paid on 18 April 2024. The second instalment, EUR 0.60 per share, was paid on 3 September 2024.

Votes per Series A share 1

Votes per Series K share 20

Series K shares and Series A shares provide their holders with equal rights to dividends. The Articles of Association include a redemption clause concerning Series K shares.

INSIDERS

The insider guidelines issued for listed companies by the Helsinki Stock Exchange, the Finland Chamber of Commerce and the Confederation of Finnish Industry and Employers were adopted by Olvi plc as early as in 2000. In Finland, the Market Abuse Regulation (EU) No 596/2014 (MAR) became applicable on 3 July 2016. Olvi plc complies with the regulation in its insider management in accordance with the interpretation of the European Securities and Markets Authority (ESMA).

On 31 December 2024, Olvi plc had 24,109 (23,025) shareholders in the book-entry system, of whom 11 (10) were nominee-registered.

On 31 December 2024, the members of Olvi plc's Board of Directors and the CEO held a total of 45,535 Series A shares, representing 0.22% of all shares and 0.05% of the number of votes. The company's management holds no options.

Authorisations of the Board of Directors

On 26 March 2024, Olvi plc's Annual General Meeting (AGM) decided to authorise the Board of Directors to decide, within one year of the AGM, on the acquisition of Series A shares in the company with distributable funds. The authorisation covers up to 500,000 Series A shares, representing 2.4% of all shares in the company and 0.6% of the total number of votes provided by the shares. The authorisation revokes previous unused authorisations to acquire treasury shares.

The AGM also decided to authorise the Board of Directors to decide on the issue of up to 1,000,000 new Series A shares and the transfer of up to 500,000 Series A shares held by the company. This authorisation revokes previous unused authorisations to transfer treasury shares held by the company.

It was proposed that the authorisation to issue shares would be valid until the end of the 2025 Annual General Meeting, but not more than 18 months from the Annual General Meeting's decision concerning the authorisation to issue shares.

Share-based incentives

The purpose of long-term remuneration is to implement Olvi's strategy and achieve Olvi's targets, increase shareholder value, improve competitiveness, support profitable growth and relative profitability, and engage the company's operational management and key people.

Olvi has two separate share-based incentive plans in place: a performance-based share plan and a restricted share plan. The long-term performance-based share plan consists of individual share plans starting annually, each with a three-year performance period. The Board of Directors decides annually on the target group and targets of the incentive plan and on any rewards. The restricted share plan is used to engage key employees. A prerequisite for remuneration is the continuation of the employment relationship.

In the performance-based incentive plan, performance is assessed against the criteria at the end of the performance period, and any rewards to be paid depend on the level of success in achieving the set targets. The rewards are paid in the form of Olvi plc Series A shares after the end of the performance period and in the form of a cash portion that covers the taxes and statutory social insurance contributions incurred by the key people.

PERFORMANCE-BASED SHARE INCENTIVE PLANS

The table shows performance-based plans that have ended during the financial year (e), as well as ongoing (o) plans. From 2023 onwards, the targets and potential rewards of share incentives will be based on the achievement of the targets set for the Group's business segments in Finland and the Baltic Sea.

Performance period	Earning criteria and weighting (%)	Target group, number of people	Maximum	reward, pcs Actual reward, pcs
2021–2023 (e)	Operating result (50%), increase in the sales volume of	13	10,000	6,319
2022–2024 (o)	non-alcoholic products (40%),	16	10,670	259
2023–2025 (o)	value chain CO2e emissions reduction (10%)	16	10,600
2023–2025 (o)	Own investment (50%) and TSR (50%) *)	1	1,000
2024–2026 (o)	Operating result (50%), growth in net sales from non-alcoholic products (40%), reduction of CO2e emissions from own production (10%)	37	43,150

*) The TSR is tied to the Olvi Series A share's volume-weighted average price from 1 December 2024 to 31 January 2025 and to the dividends paid from the start of the programme until 31 January 2025.

The table shows new performance-based plans on which a decision was made during the financial year.

Performance period	Earning criteria and weighting (%)	Target group, number of people	Maximum	reward, pcs Actual reward, pcs
2025–2027	Operating result (50%), growth in net sales from non-alcoholic products (40%), reduction of CO2e emissions from own production (10%)	36	42,702

RESTRICTED SHARE INCENTIVE PLANS

Plans that have ended during the financial year (e), as well as ongoing (o) plans.

Performance period	Earning criterion	Target group, number of people	Maximum	reward, pcs Actual reward, pcs
2022–2023 (e)	Own investment and employment relationship	10	2,000	400
2024–2025 (o)	Employment relationship	19	3,250

New plans on which a decision was made during the financial year.

Performance period	Earning criterion	Target group, number of people	Maximum	reward, pcs Actual reward, pcs
2025–2026	Employment relationship	16	2,750

The share rewards are paid in one payment after the end of the performance period by the end of May in the following year. The rewards depend on the validity of the employment relationship at the time of payment. In addition to the share reward, a cash portion is paid, which covers the taxes and statutory social insurance contributions incurred by the key people.

The costs related to these incentive plans totalled EUR 983.1 thousand in the financial year. The total number of shares in the programmes is 63,079, and the weighted average of the fair value per share is EUR 29.31. The fair value measurement takes future dividend distribution into account. Olvi Group has no other share or option arrangements in place.

Treasury shares

At the beginning of January 2024, Olvi plc held 28,692 treasury Series A shares. In accordance with the share plan, Olvi plc transferred a total of 6,978 of its own Series A shares to the members of the target groups of the performance share plans and the matching share plan that ended during the financial year. The total acquisition price was EUR 223.0 thousand. The Series A shares transferred accounted for 0.03% of all shares.

At the end of the financial year, Olvi plc held a total of 21,714 of its own Series A shares as treasury shares. The total acquisition price of treasury shares was EUR 657.8 thousand. The treasury shares do not provide the company with voting rights. The Series A shares held by Olvi plc represent 0.10% of all shares in the company and 0.02% of all votes provided by the shares in the company. The treasury shares account for 0.13% of all Series A shares in the company and 0.13% of the votes provided by all Series A shares in the company.

Flagging notifications

Olvi plc did not receive any flagging notifications under chapter 9, section 5 of the Securities Markets Act in 2024.

NEAR-TERM OUTLOOK AND EVENTS AFTER THE FINANCIAL YEAR

In the financial statements bulletin of 11 February 2025, Olvi issued performance guidance, according to which the adjusted operating result for 2025 is expected to be EUR 82–90 million.

For the Finnish segment, the significant improvement in profitability in 2024 was based on the combined impact of the strengthened market positions of brands, assortment changes, cost-effectiveness and price increases. In 2025, the focus will be on profitable growth, the gradual and long-term improvement of price and selection optimisation, operational efficiency, among other aspects.

In the Baltic Sea segment in 2024, market shares were maintained despite intensified competition, thanks to strong local brands and the brands of the partners represented. Business development was affected by changes in consumer demand and intensified price competition in the Baltic countries and profitability challenges in Denmark. In 2025, investment will be made in strengthening multichannel sales and developing product range.

The development of consumer demand in the Belarusian segment was exceptionally strong in 2024. Uncertainties for 2025 are related to the continuity of strong domestic consumer demand and the development of the geopolitical situation and the local exchange rate.

THE BOARD OF DIRECTORS' PROPOSAL FOR DISTRIBUTION OF PROFIT

The parent company, Olvi plc, had EUR 164.6 (146.7) million in distributable funds on 31 December 2024, of which the profit for the period was EUR 42.7 (41.1) million.

Olvi plc's Board of Directors proposes to the Annual General Meeting that the distributable funds be used as follows:

1) A dividend of EUR 1.30 (1.20) shall be paid for 2024 on each Series K and Series A share, totalling EUR 26.9 (24.8) million. This dividend is 43.6% (64.9%) of Olvi Group's earnings per share and 43.6% (49.2%) of its adjusted earnings per share. The dividend shall be paid in two instalments. The first instalment (EUR 0.65 per share) shall be paid on 30 April 2025 to shareholders registered in the list of shareholders maintained by Euroclear Finland on the record date (22 April 2025). The second instalment (EUR 0.65 per share) shall be paid on 5 September 2025 to shareholders registered in the list of shareholders maintained by Euroclear Finland on the record date (29 August 2025). No dividend shall be paid on treasury shares.

2) EUR 137.7 million will be retained in the parent company's non-restricted equity.

CONSOLIDATED FINANCIAL RATIOS 2022–2024

Business volume and profitability EUR 1,000	2024	2023	2022
Net sales	656,907	630,605	583,703
Change, %	4.2	8.0	26.3
Operating result	81,386	54,918	22,364
% of net sales	12.4	8.7	3.8
Financial income and expenses	652	-646	-3,989
Profit before tax	82,038	54,918	18,374
% of net sales	12.5	8.7	3.1
Profit for the period	62,425	38,473	7,526
% of net sales	9.5	6.1	1.3
Balance sheet total	539,602	490,000	489,674
Cash flow ratio, %	13.4	9.3	12.4
Return on investment, % (ROI)	26.5	19.2	8.2
Return on investment, % (ROCE)	24.2	18.5	7.8
Return on equity, % (ROE)	20.3	13.5	2.6
Equity ratio, %	60.3	59.0	57.5
Current ratio	1.4	1.3	1.3
Gearing, %	-12.4	-8.5	-20.3
Capital expenditure on fixed assets	43,667	24,947	37,071
% of net sales	6.6	4.0	6.4
Net capital expenditure on fixed assets	42,715	23,845	35,834
% of net sales	6.5	3.8	6.1
Research and development costs	9,663	5,572	5,405
% of net sales	1.5	0.9	0.9
Salaries and fees	73,436	66,745	63,231
Average number of personnel:
Personnel in Finland	447	449	442
Personnel in Estonia, Latvia, Lithuania,
Denmark and Belarus	1,978	1,927	1,893
Total employees	2,425	2,376	2,335

Per-share ratios	2024	2023	2022
Earnings per share (EPS), euro, undiluted	2.98	1.85	0.39
Earnings per share (EPS), euro, diluted	2.98	1.85	0.39
Equity per share, EUR	15.66	13.95	13.49
*) Pay-out ratio, %	43.6	64.9	311.4
Price/Earnings ratio (P/E)	9.8	15.2	86.0

*) The amount of dividend used for calculating the 2024 ratios is the Board of Directors' proposal to the Annual General Meeting.

PARENT COMPANY'S FINANCIAL RATIOS 2022–2024

Business volume and profitability EUR 1,000	2024	2023	2022
Net sales	211,876	200,975	180,650
Change, %	5.4	11.3	6.8
Operating profit	25,427	17,492	18,137
% of net sales	12.0	8.7	10.0
Financial income and expenses	25,347	28,771	28,565
Profit before appropriations and taxes	50,774	46,263	46,702
% of net sales	24.0	23.0	25.9
Profit for the period	42,663	41,065	41,735
% of net sales	20.1	20.4	23.1
Balance sheet total	357,354	339,509	336,496
Cash flow ratio, %	26.4	26.4	29.4
Return on investment, % (ROI)	22.9	22.4	23.3
Return on equity, % (ROE)	21.4	21.9	24.2
Equity ratio, %	61.3	59.2	54.8
Current ratio	0.7	0.8	0.7
Gearing, %	-0.9	1.7	-8.7
Capital expenditure on fixed assets	23,928	10,072	15,238
% of net sales	11.3	5.0	8.4
Net capital expenditure on fixed assets	23,844	9,920	15,153
% of net sales	11.3	4.9	8.4
Research and development costs	3,401	1,884	1,523
% of net sales	1.6	0.9	0.8
Salaries and fees	28,411	20,840	19,722
Average number of personnel	409	396	392

Per-share ratios	2024	2023	2022
Earnings per share (EPS), EUR	2.17	2.04	2.06
Equity per share, EUR	10.58	9.72	8.91
*) Nominal divident per share, EUR	1.30	1.20	1.20
*) Effective divident yield, %	4.45	4.28	3.62
*) Pay-out ratio, %	59.9	58.8	58.3
Price/Earnings ratio (P/E)	13.4	13.7	16.1
Price of Series A share
at year end, EUR	29.20	28.05	33.15
highest, EUR	33.80	34.95	52.00
lowest, EUR	28.05	26.80	29.40
average price, EUR	30.44	29.88	35.31
Trading volume of A shares	1,623,387	1,608,889	2,351,044
% of all A shares outstanding	9.6	9.5	13.8
Market capitalisation of A shares 31 Dec, MEUR	495.5	475.8	562.2
Market capitalisation of K shares 31 Dec, MEUR	109.0	104.7	123.7
Total market capitalisation, MEUR	604.5	580.5	686.0
Number of shares
average number during the financial year, adjusted for share issues **)	20,698,293	20,690,905	20,700,783
total number at year end, adjusted for share issues **)	20,700,518	20,693,540	20,692,828

*) The amount of dividend used for calculating the 2024 ratios is the Board of Directors' proposal to the Annual General Meeting.

**) The treasury shares held by Olvi plc's have been deducted.

Calculation of financial ratios

Cash flow ratio, % = 100 *		Operating result + depreciation + financial income and expenses + extraordinary income and expenses – taxes	Effective dividend yield, % =	100 *	Dividend per share adjusted for share issues
		Net sales			Last trading price of the year, adjusted for share issues
Return on investment, % (ROI) =		Profit before tax + interest and other financial expenses	Price/Earnings ratio (P/E) =	Last trading price of the year, adjusted for share issues
	100 *	Balance sheet total – non-interest-bearing liabilities (average)			Earnings per share
					Dividend per share
Return on equity, % (ROE) =	100 *	Profit before tax – taxes	Pay-out ratio, % =	100 *	Earnings per share
		Shareholders' equity + non-controlling interests + voluntary provisions and depreciation difference, less deferred tax liability (average during the year)
			Market capitalisation of shares at year end =		Total number of shares at year end, adjusted for share issues* Price of Series A share at year end
		Shareholders' equity + non-controlling interests + voluntary provisions and depreciation difference, less deferred tax liability
Equity ratio, % =	100 *	Balance sheet total – advance payments received	The Group presents key ratios directly derived from the consolidated income statement (net sales, operating result, profit for the period and their proportions of net sales, as well as earnings per share). (Earnings per share = Profit for the period attributable to owners of the parent company / Average number of shares during the period, adjusted for share issues).
		Financial assets + inventories
Current ratio =		Current liabilities
Gearing, % =	100 *	Interest-bearing liabilities + advance payments received – cash and other liquid assets	In addition to its IFRS-based consolidated financial statements, Olvi plc presents Alternative Performance Measures that describe the financial performance of its business operations and provide a comparable overview of the company's profitability, solvency and liquidity.
		Shareholders' equity + voluntary provisions and depreciation difference, less deferred tax liability	The Group has applied the European Securities and Markets Authority's (ESMA) guidelines (effective since 3 July 2016) on Alternative Performance Measures and has determined such measures as follows:
Return on investment, % (ROCE) = 100 *		12-month rolling operating result	The Group presents sales volume data in millions of litres as an Alternative Performance Measure that supports net sales. Sales volume is an important and widely used indicator in the industry that describes the scope of operations.
		Shareholders' equity + non-controlling interest + interest-bearing liabilities
Earnings per share =		Profit before tax – taxes +/- non-controlling interest	To improve comparability between reporting periods, the Group also presents the adjusted operating result and the adjusted profit for the period as Alternative Performance Measures. The adjusted operating result is calculated by deducting significant items affecting comparability from the operating result (the fine imposed on the Belarusian
		Average number of shares during the period adjusted for share issues
		Shareholders' equity + voluntary provisions and depreciation difference, less deferred tax liability and non-controlling interests	company in the financial year 2023). The corresponding items have been deducted from the profit for the period when calculating the adjusted profit for the period.
Equity per share =		Number of shares on 31 December adjusted for share issues	Investments consist of increases in fixed assets, excluding increases under IFRS 16.

Sustainability Statement

General disclosures35
ESRS 2 General disclosures36
Sustainability statement reporting principles 36
Sustainability governance36
Sustainability strategy 39
Expectations and views of stakeholders42
Management of material impacts,
risks and opportunities43

Environmental information	51
EU Taxonomy 52
E1 Climate change56
E3 Water and marine resources 64
E5 Resource use and circular economy66

Social information69
S1 Own workforce 70
S2 Workers in the value chain 79
S4 Consumers and end-users 82

Governance information	86
G1 Business conduct	87

Sustainability Statement Appendices ..............89

General disclosures

ESRS 2 General disclosures	36
Sustainability statement reporting principles	36
Sustainability governance	36
Sustainability strategy	39
Expectations and views of stakeholders	42
Management of material impacts,
risks and opportunities	43

ESRS 2 General disclosures

SUSTAINABILITY STATEMENT REPORTING PRINCIPLES

Basis for preparation

Olvi Group consists of the parent company, Olvi, and subsidiaries in six countries. Sustainability Statement covers all companies in Olvi Group, and the data is consolidated in the same manner as in the financial statements. Associate companies and joint ventures are not included in the reported figures. The reporting also covers the material upstream and downstream value chain data, the scope of which has been determined in accordance with the double materiality assessment. The value chain is described in more detail under the Business Model and Value Chain. The reporting period is the financial year (1 January to 31 December 2024), which is the same as in financial reporting.

In 2024, Olvi Group updated its short-, mediumand long-term time horizon definitions used in sustainability reporting and risk management to comply with the sustainability reporting standards (European Sustainability Reporting Standards, ESRS). Estimations based on indirect sources have also been used in calculating emissions from the value chain. The calculation of emissions from the value chain is described in more detail in E1 Climate change. Any changes in the compilation and presentation of sustainability data are presented in connection with the topical standards. In 2024, Olvi Group did not detect any material reporting errors made in previous periods.

SUSTAINABILITY GOVERNANCE

The role of the administrative, management and supervisory bodies, and the management of sustainability matters

In addition to the information included in the Sustainability Statement, matters related to governance and remuneration have been reported under Corporate Governance Statement and Remuneration Report in Olvi plc's Annual Report.

OLVI PLC'S BOARD OF DIRECTORS AND BOARD COMMITTEES

Olvi plc's Board of Directors approves Olvi Group's strategic sustainability focus areas, targets and metrics, the impacts, risks and opportunities identified in the double materiality assessment, and the annual assured Sustainability Statement as part of the Board of Directors' report. The Board of Directors monitors the development of the sustainability metrics and the achievement of the targets set in the strategy. It also examines the sustainability targets in relation to the Group's strategy and its targets on a quarterly basis. The Board of Directors is kept up to date with reviews related to the impacts, risk and opportunities.

The Board of Directors' People and Sustainability Committee assists the company's Board of Directors by participating in the oversight of the Group's sustainability strategy and programme. The People and Sustainability Committee and the Board's Audit Committee participate in the preparation of the annual double materiality assessment and Sustainability Statement. The tasks of the Audit Committee include

risk management, such as ensuring an appropriate risk management process and monitoring risk assessment results. The Audit Committee regularly discusses sustainability-related topics, and monitors and oversees sustainability reporting and its reporting process and assurance.

Olvi Group's Chief Sustainability and Sourcing Officer reports to the committees on the implementation and development of the sustainability strategy, targets and action plans, on material changes in the company's operating environment, and on material impacts, risks and opportunities related to sustainable development. The committees report to the Board. As part of the Board of Directors' report and interim reports, the Board of Directors reports on the achievement of sustainability targets.

In 2024, the Board of Directors and its committees discussed the following material topics related to sustainability, among other matters:

Legislative changes related to sustainable development
Preparing for sustainability and EU Taxonomy reporting, including identifying and addressing legal requirements, and updating the Group's policies and sustainability governance model
Monitoring the short- and long-term sustainability metrics, and updating the main sustainability targets
Key sustainability projects under Olvi Group's strategy
Risk assessment processes, their development and the results of assessments (double materiality assessment, human rights impact assessment, climate risks, climate scenarios)

OLVI GROUP'S CEO AND GROUP LEADERSHIP TEAM

Olvi Group's CEO, with the other members of Olvi Group's Leadership Team, is responsible for aligning the sustainability strategy, targets and plans with the Group's strategy and business models. They also approve longer-term sustainability focus areas, targets and metrics for presentation to the Board of Directors, along with risk assessments and the impacts, risks and opportunities identified in the double materiality assessment, as well as related targets and metrics. Olvi Group's Leadership Team monitors the implementation of the sustainability programme and the execution of the plans related to the impacts, risks and opportunities. The Group's CEO approves the Group's policies, and reports to the Board of Directors on sustainability as part of the monitoring of the company's strategy.

The operations of the Group Leadership Team, established in 2024, have been developed during the year. From 2025 onwards, the Group Leadership Team monitors sustainability matters at least quarterly. In 2024, the Group Leadership Team discussed setting sustainability priorities and targets in accordance with the strategy, legislative changes and requirements related to sustainability reporting, the results of the double materiality assessment and risk analyses, and the action plan and targets for 2025. In addition, the members of the Group Leadership Team discussed, in other working groups and at meetings, changes in sustainability legislation and its impacts on Olvi Group's operations. On sustainability-related topics, Olvi Group's Chief Sustainability and Sourcing Officer, together with the Olvi Group's CEO, reported directly to the Board's committees.

THE SUPERVISORY BOARDS AND MANAGING DIRECTORS OF OLVI PLC'S SUBSIDIARIES

The Boards of Directors of Olvi plc's subsidiaries approve the strategic sustainability targets and metrics as part of the subsidiaries' operations, monitor the implementation of the sustainability programme in the Group companies, and together with their CEOs promote the execution of the sustainability programme in the companies on a quarterly basis.

GROUP SUSTAINABILITY MANAGEMENT TEAM

The Group's Sustainability Management Team consists of the persons responsible for the focus areas of the sustainability programme and the Group's ethical ways of operating, along with Olvi Group's Chief Sustainability and Sourcing Officer and Olvi Group's Sustainability Center of Excellence team. Established in 2024, the Group's Sustainability Management Team replaces the Sustainability Steering Group.

The Sustainability Management Team is responsible for determining, developing, and promoting the Group's sustainability strategy and programme, as well as the targets, metrics, and action plans for all time horizons. It also confirms the short- and medium-term targets, metrics and action plans. In addition, it is responsible for monitoring the implementation of sustainability targets and measures, as well considering the sustainability impacts, risks and opportunities in the development of operations. The Group's Sustainability Management Team meets at least quarterly.

SUSTAINABILITY'S RESPONSIBLE PERSONS AND SUSTAINABILITY WORKING GROUPS IN OLVI GROUP

Each focus area and all ethical operating practices within the sustainability programme have their own responsible person at the Group level. The responsible person, sustainability specialist(s), and representatives of the Group companies form a working group for each sustainability focus area and ethical operating practice. The working groups ensure the implementation of the Group's sustainability strategy, policies, action plans, targets and metrics, as well as the monitoring and development of data, and the monitoring of relevant sustainability legislation, while considering material impacts, risks and opportunities.

Information about the composition of administrative, management and supervisory bodies, and expertise in sustainability matters

During the 2024 financial year, the company had a sufficient number of Board members, considering the requirements set by the company's operations and development phases. In 2024, the Board had six (6) members, of whom 66.7% were men (4), and 33.3% women (2). The age distribution of the members of the Board of Directors was 38–56 years. In addition, the Board as a whole had the diverse competence and expertise required by the company's needs and the regulations. The nationalities, ages, professional backgrounds, and terms of office of the members of the Board of Directors were comprehensively represented in relation to the company's needs.

Of the six members of the Board, 83.3% (5) were independent of the company, and 66.7% (4) were independent of the company's significant shareholders. No members of the Board belong to the company's executive management.

In 2024, the members of the Board's Personnel and Sustainability Committee were Nora Hortling, Päivi Paltola and Christian Ståhlberg. In 2024, the members of the Board's Audit Committee were Lasse Heinonen, Juho Nummela and Tarmo Noop. The members of the Group's Board of Directors have extensive management experience in various sectors, such as beverages, wholesale, retail, the retail sale

of sustainable products, fibre-based products and renewable fuels in the Nordic and Baltic countries. In addition, Päivi Paltola, Christian Ståhlberg and Juho Nummela have specialised operational expertise in considering legislation related to sustainable development, such as the CSRD, the EU Taxonomy and the Green Claims requirements, in business operations. They also have specialised experience in the content requirements of sustainability reporting standards in terms of sustainability impacts, risks and opportunities relevant to Olvi Group.

With the management, the Board monitors changes in the operating environment and the development of regulations related to sustainable development, relying also on the insight and views of external experts. The Board of Directors is provided with regular training on sustainability and Olvi Group's impacts, risks and opportunities. The Board of Directors organises seminar meetings, where also external experts participated to discuss sustainability issues. The members of the Board also complete Olvi Group's Code of Conduct online course every two years.

Each focus area of the sustainability programme, as well as all ethical operating practices, has a designated person in charge in the Group Leadership Team. The People focus area is the responsibility of the Group's Chief Human Resources and Communications Officer, who has extensive experience and expertise in HR management. The Environment focus area is the responsibility of the Group's Technical Development Manager, who has extensive experience and expertise in the Group companies' technical sustainable development solutions. The Products focus area is the responsibility of the person in charge of the Group's sales and marketing process. The latter two report to the Group's Business Development Director, and they all have extensive experience and expertise in business and product development. The Group's

General Counsel, who has extensive experience and expertise in compliance, is responsible for the ethical operating practices.

Those responsible for the Group's sustainability are provided with regular internal and external trainings on sustainability and the Group's impacts, risks and opportunities. With the Group's Sustainability Team, they also participate in the meetings of the external sustainability advisory team. The team assesses the sustainability programme and its reporting, providing insight for its development. Meetings are held at least once a year. Assessments of the Group and its companies made by external parties are also used for assessing the sustainability work regularly. In addition, the Board of Directors and the Group Leadership Team have access to the expertise of the Group Chief Sustainability and Sourcing Officer and Olvi Group's Sustainability Center of Excellence team.

Integration of sustainability-related performance in incentive plans

Olvi Group has incentive and reward systems related to sustainability matters. The management of both Olvi Group and its companies have a long-term sharebased incentive plan, in which one of the earning criteria is the reduction of greenhouse gas emissions. Another earning criterion related to sustainability is an increase in the sales of non-alcoholic products. Both are among the Group's main sustainability targets. The incentive plan specifies the maximum number of shares that can be earned.

Sustainability-related performance is compared with the set targets, and the reward is conditional on the achievement of the targets. In the long-term performance-based share incentive programme, the sustainability targets represent half (50%) of the total earning potential for the CEO and other members of the management. The weight of the non-alcoholic

product sales volume is 40%, and that of the reduction of CO2e emissions throughout the value chain is 10%. Olvi plc's Board of Directors is not covered by the incentive plans.

The CEO, the Group's Leadership Team and the management of the group companies also have a short-term incentive plan with targets related to sustainability, such as the environment and personnel. The earning potential related to sustainability in shortterm incentive plans varies by position. In the 2024 short-term incentive programme (redeemable in 2025), 10% of the reward for the CEO and 3% of the reward for the other members of the management was related to the achievement of targets related to personnel and the ESG focus areas.

Olvi plc's Board of Directors annually decides on the incentive and reward plans for the CEO and the management.

Statement on due diligence

The sustainability due diligence process has been developed to identify, prevent and mitigate the negative impacts of operations and the value chain on sustainability. The process follows the OECD guidelines and the UN Guiding Principles on Business and Human Rights. Significant sustainability-related risks and impacts are reported annually in the Sustainability Statement, which also discusses the effectiveness of the measures taken.

Statement on due diligence

Core elements of the process	Paragraphs in the Sustainability Statement
a) Embedding due diligence in governance, strategy and the business model	ESRS 2 General disclosures: • Sustainability governance • Sustainability strategy • Management of material impacts, risks and opportunities
b) Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 General disclosures: • Expectations and views of stakeholders • Management of material impacts, risks and opportunities Topical standards S1, S2, S4: Engaging with stakeholders about impacts
c) Identification and assessment of adverse impacts	ESRS 2 General disclosures: • Management of material impacts, risks and opportunities • Material sustainability impacts, risks and opportunities
d) Taking actions to address those adverse impacts	Topical standards E1, E3, E5, S1, S2, S4: Actions
e) Tracking the effectiveness of these efforts and communicating	Sustainability Statement appendices: Olvi Group's policies and commitments Topical standards E1, E3, E5, S1, S2, S4: Targets

Risk management and internal control over sustainability reporting

The practices developed in the internal control of Olvi Group's financial reporting are used also in the internal control of sustainability reporting and the identification of risks. Risk management related to sustainability reporting includes the monthly monitoring of sustainability indicators in the Board of Directors and management teams, for example. The Group's Board of Directors also regularly discusses sustainability reporting risks in connection with the processing of annual and interim reports. In sustainability reporting, the accuracy and completeness of the information to be reported have been identified as the most significant risks. In particular, the challenge is obtaining the necessary information about the value chain, for which estimates may have to be used.

The sustainability governance model adopted by Olvi Group, defining the roles and responsibilities related to sustainability reporting, ensures the accuracy and completeness of the information reported in the Sustainability Statement.

The Board's duties include monitoring the effectiveness of internal control and risk management in terms of sustainability reporting, among others. The Group's financial management is responsible for coordinating and developing internal control in terms of financial reporting and sustainability reporting. Internal audit assesses the effectiveness of internal control as part of the assessment and assurance of the steering and control system.

Olvi Group's Chief Finance and Information Officer is responsible for the implementation of the Board of Directors' report, with the exception of the Sustainability Statement, which is the responsibility of Olvi Group's Chief Sustainability and Sourcing

Officer. The Group's Sustainability Center of Excellence team guides the sustainability reporting preparation process and monitors the accuracy and completeness of the reported information. Local companies are responsible for the implementation of local reporting processes, and the accuracy and completeness of the information reported.

Because of the wide-ranging nature of sustainability reporting, information for reporting is collected from several sources. In 2025, the continuous development of the Group's processes and information system environment will also support sustainability reporting – in particular, by increasing the automation and accuracy level of data collection and by enhancing the preparation of reporting.

Financial reporting is audited annually by an independent audit firm appointed at the Annual General Meeting. The information presented in the Sustainability Statement is assured by the same independent auditor. All findings reported to the Board by the external auditor are coordinated by the Group Chief Finance and Information Officer and processed in cooperation with the Group's Business Directors. The responsibilities and timelines related to the necessary corrective measures are determined, and their implementation is monitored and reviewed regularly. Any other findings resulting from audit measures based on internal control coordinated by internal audit or the Group's financial management concerning sustainability reporting are reported to the Board at least once a year.

SUSTAINABILITY STRATEGY

Strategy and management

Sustainability is one of the focus areas of Olvi Group's strategy. A key part of Olvi Group's strategy

is to reduce greenhouse gas emissions, increase non-alcoholic products, and promote human rights work. Olvi Group's sustainability programme and Sustainability Policy guide the Group's responsible business operations and sustainable development. The Sustainability Policy describes Olvi Group's sustainability targets and management in general terms, as well as the processes for identifying and assessing material impacts, risks and opportunities. The main sustainability targets cover the focus areas of the sustainability programme and the themes that support them.

MAIN TARGETS

The main targets for social sustainability focus on promoting an excellent corporate culture and preventing serious work accidents. The main targets for environmental sustainability include carbon neutral production and a carbon neutral value chain, production based entirely on green electricity and renewable thermal energy, and sustainable water use. In terms of sustainable products, Olvi Group develops sustainable product concepts, promotes a responsible drinking culture, and increases the proportion of nonalcoholic products in the selection.

The personnel, business partners and other partners are committed to adhering to ethical operating practices. Interactive cooperation with stakeholders supports the Group's sustainability targets. Impactful stakeholder work is carried out throughout the operations and the value chain. The targets and metrics for material sustainability topics are determined in accordance with the Group's processes.

In addition to interviews and surveys related to the materiality assessment, stakeholders' interests and views are heard through other forms of engagement and cooperation. Further information about interaction with key stakeholders is provided under Expectations

and views of stakeholders. Stakeholders' interests and views are considered when determining targets and metrics for material sustainability topics. The main sustainability targets are described in more detail under Management of material impacts, risks and opportunities.

CONTRIBUTIONS TO SUSTAINABLE DEVELOPMENT

In terms of investments, Olvi Group takes sustainability into account and invests in solutions that promote the achievement of sustainability targets. In achieving climate targets, the focus is on solutions that reduce the use of fossil fuels, improve energy efficiency, enable a circular economy and reduce carbon emissions directly.

In terms of social sustainability, efforts are made to promote safety and wellbeing at work, diversity and equality, and product safety. Investments in training and competence development support these themes. Good governance is supported by investments promoting information security and digitalisation, as well as transparent reporting.

To finance the investments, the Olvi Group uses green loan. The investment is classified as green based on the financier's Green Bond Framework, with criteria related to improving energy efficiency. With this investment, Olvi plc will be able to halve the heat consumption of the brewhouse of Iisalmi plant, and the investment will also significantly improve resource efficiency.

Business model and value chain

Olvi Group's operations are divided into three business segments: Finland, the Baltic Sea region and Belarus. In Finland, Olvi Group includes the parent company, Olvi plc, as well as the subsidiaries Servaali Oy and the Helsinki Distilling Company. In the Baltic Sea region, there are AS A. Le Coq in Estonia, A/S Cēsu Alus in Latvia, AB Volfas Engelman in Lithuania and

A/S Bryggeriet Vestfyen in Denmark. OAO Lidskoe Pivo operates in Belarus.

In addition to the companies' own markets, the Olvi Group had exports to almost 80 countries in 2024. Most exports were to Europe. Olvi Group's customer groups are corporate customers and consumers. On 31 December 2024, Olvi Group had a total of 2.459 employees. A more detailed breakdown of employees by country is presented under S1 Own workforce.

Olvi Group's largest product categories are beer, soft drinks and mineral waters. Olvi Group has strong market shares in mild alcoholic beverages. In non-alcoholic products, its market shares have developed favourably. In line with its strategy, Olvi Group focuses on strengthening its market position in growing product categories, such as non-alcoholic products, and in the HoReCa sales channel.

Olvi Group develops its product range taking consumers' expectations into account by adding especially sugar-free and low-sugar products and non-alcoholic products. In addition, the use of sustainable raw materials and packaging materials for products is promoted. The proportion of recycled materials in product packaging will continue to be increased.

Olvi Group's value chain consists of the following:

Upstream: Cultivation and material production, manufacture of raw materials and packaging, purchased finished products, transport and storage of materials and purchased finished products
Own operations: Production plants
Downstream: Transport and storage of finished products, customers (retail and serving), consumers and end-users, recycling

Olvi Group's value chain begins with primary production and agriculture in terms of raw materials. The majority of the materials purchased for products are packaging materials. At the end of 2024, Olvi Group had 344 suppliers of raw materials and packaging materials. Nearly all Olvi Group's logistics consist of road transport, and transport is carried out in cooperation with logistics partners.

In 2024, the Olvi Group had 11 457 corporate customers. Products reach consumers through different sales channels, such as stores and HoReCa operations. Used consumer packaging of Olvi Group's products is recycled, which enables the materials of the products to be reused and promotes the circular economy. Finland, Estonia, Latvia, Lithuania and Denmark have deposit return systems for beverage packages. The development of a similar system in Belarus is being investigated.

Value creation at Olvi Group

The table describes Olvi Group's production inputs, outputs and outcomes for customers, investors and other stakeholders in 2024.

• Other taxes: EUR 55.3 million

EXPECTATIONS AND VIEWS OF STAKEHOLDERS

For Olvi Group, it is important to hear and understand the interests, views and needs of key stakeholders in terms of sustainability. The background information for the double materiality assessment prepared in 2024 takes into account Olvi Group's materiality assessments from previous years, in which a wide range of stakeholders participated through surveys and interviews, as well as the sustainability stakeholder studies carried out.

The impacts, risks and opportunities resulting from the double materiality assessment will be considered in surveys and interviews for stakeholders in 2025. The double materiality assessment is updated as necessary based on these results.

Active discussion and cooperation with stakeholders is important for the implementation of Olvi Group's strategy and for business development. Impactful stakeholder work with different stakeholders is one of the Group's main sustainability targets. Olvi Group seeks to engage in interactive cooperation that reflects the Group's values and main sustainability targets and objectives.

Stakeholder interaction takes place through different communication channels as part of the day-to-day activities. In addition, the Whistleblowing channel is available to all stakeholders. Stakeholders' views and feedback are reported to the Olvi Group's management, administration and supervisory bodies as part of regular sustainability-related reporting.

Stakeholder engagement
	Key topics	Responding to expectations	Interaction channels
Customers	• Innovative and safe products, good customer service and delivery reliability • Sustainability of products in all areas of sustainability – especially a sustainable value chain's emission reductions • The value chain's cooperation models and partnerships, sustainability information	• The maintenance of continuous and interactive dialogue and the use of feedback • Cooperation for the development of operations and products • Digitalisation and data	• Customer meetings and events • Surveys • Cooperation projects
Suppliers and other partners	• A partner with a good reputation that provides services and solutions that support competitiveness • Operations, products and sustainability information in line with sustainable development • Sustainable primary production, biodiversity and human rights throughout the value chain	• Development of cooperation to promote sustainability • Monitoring commitment to Code of Conduct • Development of audits in terms of sustainability	• General engagement • Code of Conduct • Meetings and events • Cooperation projects • Self-assessments, surveys and audits • Training
Consumers	• Safe products • Sustainable products and operations, as well as open, transparent and reliable information about products and their sustainability throughout the value chain • The provision of products of domestic origin	• Expanding the range of products containing raw materials and packaging materials that comply with the principles of the circular economy • Listening to consumers' insights and taking them into account • Active communication • Ensuring safe and high-quality products	• Customer service channels • Surveys and questionnaires • Websites and social media • Packaging
Employees	• Guaranteeing safety at work, and maintaining and promoting wellbeing at work • Competence development in accordance with tasks, including sustainability themes • Growing importance of environmental topics	• Everyday interaction and using feedback in the development of operations • Observation systems (e.g. safety observations) and other ways to participate in the development of operations • Training • Personnel survey and pulse surveys and the actions taken based on them	• Everyday interaction and feedback • Meeting practices • Training • Events • Internal communication and training channels • Personnel surveys and questionnaires • Performance reviews
Investors and shareholders	• Profitable growth, reputation and risk management • Progressive operations in sustainability matters in own operations, the product range and the value chain • Sustainability themes, in particular human rights, biodiversity and climate change • Stable payment of dividends and share price development	• Long-term climate emissions reduction targets, emissions reduction measures and CDP reporting • More comprehensive information for sustainability assessments • Creation of financial value	• Websites and social media • Annual General Meeting • Annual reports and interim reports (releases, videos) • Investor assessments • Other investor events and meetings
Society, the authorities and the media	• Society: the promotion of a responsible drinking culture and product selection, as well as the creation of financial value, good taxpaying capacity and social responsibility • The authorities: compliance with laws and regulations and the sustainable development of operations • The media: transparent and reliable information, as well as rapid communication, in accordance with the requirements for a listed company	• Tax payment and product selection development • Influencing through member associations and other industry organisations in different countries • Preparing for sustainability legislation and participation in research projects focusing on sustainable development • Active communication with the media	• Continuous dialogue and meetings • Cooperation projects • Monitoring the development of society's and the authorities' expectations • Active role in member associations • Participation in discussions in the media and engaging in cooperation
Industry organisations, other organisations and associations	• Sustainable operations throughout the value chain, compliance with commitments and risk management • Participation in industry development • Proactive role in managing ecological, social and economic change	• Participation in discussions with member associations and other industry organisations • Joining commitments aiming to promote sustainable industry operations, such as the UN Global Compact • Cooperation aiming to promote sustainability	• Continuous dialogue • Meetings and events • Cooperation projects • Memberships and partnerships
Local communities	• Impacts of own operations • The provision of support and collaboration opportunities • The development of sustainable operations	• Direct and indirect employment • Developing local vitality in cooperation with other operators in each area • Cooperation with cities/towns and educational institutions	• Continuous dialogue • Meetings and events • Initiatives and cooperation projects

MANAGEMENT OF MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Identification and assessment

Olvi Group conducts an annual double materiality assessment to identify and assess the impacts, risks and opportunities of material topics. The assessment first assesses the actual and potential, negative and positive, sustainability impacts on society and the environment. This is followed by an assessment of financial effects – that is, the risks and opportunities related to Olvi Group's development, performance and financial position. The assessments take Olvi Group's impacts, risks and opportunities in both its own operations and the value chain into account.

In 2023, Olvi Group carried out its first double materiality assessment in accordance with the ESRS standards under the Corporate Sustainability Reporting Directive. The assessment was further specified during 2024. The Board approved the results of the double materiality assessment for the first time in late 2024.

The double materiality assessment was carried out in four different workshops on:

1) Value chain and impact analysis
2) Assessment of individual impacts:
Impact materiality
3) Assessment of individual impacts: Financial materiality
4) Verifying materiality results

Experts from all Olvi Group companies and from different functions at the Group and company level participated in the double materiality assessment workshops. They have in-depth knowledge of Olvi Group's day-to-day work and views on the topics discussed from the perspective of the Group and

Group companies. The following functions participated in the workshops: procurement, sales, marketing, financial management, HR, other management, sustainability, the environment and energy, and production and logistics.

Annual risk analyses, analyses of sustainability issues material for stakeholders, and the identification of megatrends at Olvi Group serve as a foundation for carrying out double materiality assessments. The process of identifying, assessing, and managing impacts and risks is integrated into the overall risk management process where applicable.

Sustainability risk analyses include the assessment of human rights impacts and the identification of climate risks. Climate risk identification and assessment rely on resilience analysis and climate scenario analysis, the implementation and results of which are described in more detail in E1 Climate change. The analyses have been integrated into ERM risk assessment and management. Sustainability-related risks are also associated with strategic, business, financial and compliance risks, which are assessed in accordance with the ERM risk processes.

To identify the expectations and needs of stakeholders, key stakeholders are, as a rule, involved through surveys, interviews or workshops. In addition, an analysis is made of the risks, opportunities and needs for change brought about by legislation. At the same time, megatrends affecting the operating environment and the beverage industry throughout the value chain are identified.

Both internal and external experts participated in the double materiality assessment process. In addition, the results of the previous years' stakeholder surveys and interviews were used in value chain analysis and

impact assessment workshops. In the autumn of 2025, updating the double materiality assessment in Olvi Group will include stakeholder surveys and interviews.

Value chain and impact analysis

The aim of the value chain analysis was to describe Olvi Group's operations, products, services and business relationships throughout the value chain. The analysis helps to understand the contexts and stakeholders of sustainability to identify and assess impacts, risks and opportunities. In addition, the aim was to identify the actual and potential impacts (positive and negative) and the risks and opportunities that affect or can reasonably be expected to affect the Olvi Group's financial development, performance and position.

The Group's value chain and subcategories were determined and used to identify key sustainability topics and stakeholders for each subcategory, as well as potential and actual positive or negative impacts. Olvi Group's value chain is described in more detail under Sustainability strategy.

ASSESSMENT OF INDIVIDUAL IMPACTS: IMPACT MATERIALITY

The assessment must take the company's actual and potential, negative and positive, impacts on its own operations and the upstream and downstream value chain into account. The impact assessment must be carried out for the short-, medium- and long-term time horizons, covering all stakeholders affected by the company.

The impact list created in the first workshop was used to assess and score individual impacts. The short-, medium- and long-term time horizons were determined in accordance with ESRS reporting.

The impacts were assessed in terms of severity and likelihood. Severity consists of an assessment of

scale, scope and remediability. Scoring scales were determined for each of them.

Scale: How severe the negative impact is, or how beneficial the positive impact is, for the topic being assessed
Scope: How extensive the negative or positive impacts are. In terms of environmental impacts, scope can be understood as the extent of environmental damage or as a geographical area.
Remediability: Whether remediation or restoration is possible, and to what extent. Remediability was determined only for negative impacts.

Likelihood was assessed using a scoring scale for both positive and negative impacts. The total impact scores consisted of the sum of the severity and likelihood of the impact. In the assessment of potential negative human rights impacts, the severity of the impact takes precedence over its likelihood, as serious human rights impacts can cause significant harm, even if their likelihood is low, and they must therefore be classified as a material impact, regardless of the overall score.

ASSESSMENT OF INDIVIDUAL IMPACTS: FINANCIAL MATERIALITY

The assessment must take into account sustainability factors that create risks and opportunities, and that affect the company's financial position, financial performance, cash flows, access to finance or cost of capital. These are considered in the short, medium or long term.

The third workshop assessed risks and opportunities for sustainability topics covered by each sustainability reporting standard, as well as company-specific risks and opportunities, to identify financial effects. The assessment also addressed the risks and opportunities for the Olvi Group's economic activities caused by the negative and positive impacts identified in the previous workshop. Risks and opportunities were scored based on the likelihood of occurrence and the magnitude of the estimated financial effect.

The likelihood of occurrence and the magnitude of the effect were assessed using the scale used in Olvi Group's risk management, as well as the time horizons valid at the time of preparing the double materiality assessment (less than one month, 1–6 months, less than a year, more than a year).

The risk management process was updated towards the end of 2024. Going forward, the timescales for risk management and financial impact assessment will correspond to the time horizons used for ESRS reporting. The overall scores for specific risks related to financial effects were formed as an average of likelihood and magnitude.

VERIFYING MATERIALITY RESULTS

A summary of the impact materiality and financial materiality was reviewed, and the thresholds for materiality were established. In the summary, negative and positive impacts were prioritised based on their relative severity and likelihood, and risks and opportunities based on their magnitude and likelihood.

As a result of the double materiality assessment, the following were identified as material reporting standards: E1 Climate change; E3 Water and marine resources; E5 Resource use and circular economy; S4 Consumers and end-users; S1 Own workforce; S2 Workers in the value chain; and G1 Business conduct. E2 Pollution, E4 Biodiversity and ecosystems, as well as S3 Affected communities, were excluded from reporting.

In 2024, the results of the double materiality assessment were further specified, and the datapoints for the material sub-topics and their sub-topics were

listed. Sustainability and the related material impacts, risks and opportunities are a key part of Olvi Group's strategy and business model. In particular, certain material impacts, risks and opportunities have been identified as strategically significant, and these have main sustainability targets. In terms of climate, the Group's strategy and business model, as well as the resilience analysis and its results, are described in more detail under E1 Climate change.

The material topics, sub-topics and the latter's sub-topics that were identified based on the double materiality assessment were discussed in the Board committees and approved by the Board. In addition,

it has been ensured that the approved double materiality assessment results are based on the sustainability topics identified through stakeholder engagement, along with their associated impacts, risks and opportunities, which are described and scored in detail.

The results of the materiality assessment approved by the Board – that is, Olvi Group's material impacts, risks and opportunities – are described in more detail in the following tables. The tables show the nature of the impacts, risks and opportunities, and whether they concern the Group's own operations or the value chain, as well as the time horizons. These are followed by a presentation of Olvi Group's main sustainability targets and metrics to respond to the identified material impacts.

The appendices at the end of the Sustainability Statement contain a table listing Olvi Group's policies and commitments, as well as their relevant stakeholders and availability. More information about the impacts and risks related to Olvi Group's material sustainability topics, as well as the measures to manage them, is provided in connection with the standard concerning each topic in the Sustainability Statement. In addition, the appendices at the end of the Sustainability Statement contain a table of Olvi Group's certified management systems that help manage impacts, risks and opportunities.

Double materiality matrix Environment Social Governance

Non-material

IMPACT MATERIALITY

Material

(E5)

FINANCIAL MATERIALITY

Material sustainability impacts, risks and opportunities

			POSITION IN THE VALUE CHAIN				TIME HORIZON
MATERIAL SUB-TOPIC	IMPACT, RISK OR OPPORTUNITY	UPSTREAM	OWN OPERATIONS	DOWNSTREAM DESCRIPTION		SHORT	MEDIUM	LONG
E1 CLIMATE CHANGE
Climate change mitigation
Greenhouse gas emissions					Olvi Group's own operations, the production of beverages, generate • Scope 1 greenhouse gas emissions from the Group's own production plants • Scope 2 greenhouse gas emissions from purchased energy
					To mitigate climate change, Olvi Group • has submitted its science-based emissions reduction targets for approval • has drawn up action plans to reduce emissions in both its own operations and the value chain • progresses towards carbon neutrality, in particular by increasing the share of renewable electricity and energy
Greenhouse gas emissions					• The production and transport of materials and services acquired by Olvi Group as a beverage manufacturer generate greenhouse gas emissions. • The delivery of products to customers, sales and the disposal of packaging also cause greenhouse gas emissions.
Financial effects of reducing greenhouse gas emissions					Reducing greenhouse gas emissions from the Group's own operations requires additional investments.
Energy
Increasing the use of renewable energy (to reduce greenhouse gas emissions)					Olvi Group has action plans to reduce energy consumption and increase the proportion of renewable energy to create a positive environmental impact: • energy audits are carried out regularly in all operating units • heat recovery systems are being developed • automatic heating/cooling control and energy recovery in warehouses are being developed • switching to LED lighting in all operating units All operating units have investment plans for the use of renewable energy/electricity by 2030.
Greenhouse gas emissions resulting from energy consumption					As a beverage manufacturer, Olvi Group uses energy daily in its own operations, which has a negative impact arising from the greenhouse gas emissions caused by energy consumption. However, Olvi Group does not operate in an energy-intensive sector. Energy has been assessed in the same manner as greenhouse gas emissions (Scopes 1 & 2), as it generates the majority of Olvi Group's own greenhouse gas emissions.
Increasing the use of renewable energy (to reduce greenhouse gas emissions)					Olvi Group's goal of a carbon neutral value chain includes reducing energy emissions. The Code of Conduct for Partners emphasises the reduction of energy use and the transition to the use of renewable energy. The progress of the change is monitored in the supplier assessment process.
Greenhouse gas emissions resulting from energy consumption					Olvi Group's value chain must use energy in its economic/operating activities, which causes greenhouse gas and emissions has a negative impact. The energy impact is only part of the greenhouse gas impact of the value chain and is also easier to remediate.
Financial effects of non-renewable energy use					Relying on fossil fuels can expose all companies and the value chain to energy price fluctuations and supply disruptions.

		POSITION IN THE VALUE CHAIN					TIME HORIZON
MATERIAL SUB-TOPIC	IMPACT, RISK OR OPPORTUNITY	UPSTREAM	OWN OPERATIONS	DOWNSTREAM DESCRIPTION		SHORT	MEDIUM	LONG
E3 Water and marine resources
Water
The impact of water consumption on water resources in own operations					Olvi Group has targets to reduce water withdrawal per litre produced in all Group companies to reduce the impact on local water resources. The most important tools for reducing water consumption are the development of circular washes and production planning.
The impact of water consumption on water resources in own operations					• As a beverage manufacturer, Olvi Group uses large volumes of water in its production and affects local water resources. • Olvi Group's sites are not located in water risk areas. Permit requirements determine how much water may be withdrawn, based on the formation of new water. Olvi Group companies adhere to these restrictions. • Sustainable water use reduces the negative impact on water in these areas.
The impact of water withdrawal on water resources in the value chain					Olvi Group's partners affect local water resources. Through Olvi Group's Code of Conduct for Partners, its partners are obligated to reduce their environmental impacts, including in terms of water. However, detailed information about water use in the value chain does not yet exist.
E5 Resource use and circular economy
Resource outflows related to products and services
Promoting the circular economy in own operations					Surplus materials are sorted and recycled as material fractions for reuse. By-products (spent grain and surplus yeast) are sold for animal feed or biogas production.
Promoting the circular economy in the downstream value chain					• Olvi Group's products are sold in recyclable or reusable packaging to consumers and end-users. • The recycling rate for primary packaging recycled as material, such as cans, is high in all Group companies, with the exception of Belarus, which is developing its system. • Transport packaging of products, such as pallets and trays, is reusable or recyclable. • Consumed beverages are recycled through wastewater treatment.
Resource inflows, including resource use
Resource use and circulation in own operations					The most important packaging materials are aluminium cans, and plastic and glass bottles. In addition, some corrugated cardboard is used. The main raw materials are water, barley and sugar. In addition, small amounts of various fruits and hops are used. An increasing proportion of packaging materials is made from recycled materials. Some primary packaging materials are reusable, and all packaging materials are recyclable.
Resource use and circulation in the upstream value chain					Olvi Group's value chain develops the use of recycled materials but also uses virgin materials, which affects the environment. The most significant impact comes from aluminium, which is being replaced with green aluminium. An increasing proportion of packaging materials is made from recycled materials. Some primary packaging materials are reusable, and all packaging materials are recyclable.

			POSITION IN THE VALUE CHAIN				TIME HORIZON
MATERIAL SUB-TOPIC	IMPACT, RISK OR OPPORTUNITY	UPSTREAM	OWN OPERATIONS	DOWNSTREAM DESCRIPTION		SHORT	MEDIUM	LONG
S1 Own workforce
Working conditions
Secure employment, Adequate wages, Social dialogue, Freedom of association, including the existence of works councils, and the information, consultation and participation rights of workers, Collective bargaining, Working time, Work-life balance			• All matters related to working conditions are based on local laws and regulations, including collective agreements. Olvi Group provides its employees with a sense of security and continuity, as well as certainty about their work and livelihood, by carrying out long-term business planning. Employees are encouraged to participate in associations, works councils and negotiations collectively. • Olvi Group focuses on creating a flexible working culture by offering flexible working time models where possible, along with different shift arrangements and models.
Working time			Olvi Group's measures such as the promotion of a flexible working culture help to create a better working environment through working hours, which contributes to a positive employer image and is reflected in the availability of new employees.
Health and safety					In terms of working conditions, Olvi Group complies with local legislation and regulations regarding the health and safety system. Olvi Group provides health care services through occupational health care, which consists of preventive and reactive health care, health support, and wellbeing. Workplace health and safety rules, near-miss reports and compliance with instructions, training, protective clothing, and regulations prevent accidents.
Equal treatment and equal opportunities for all
Gender equality and equal pay for work of equal value					The majority of Olvi Group's employees feel that they are treated fairly and equitably, regardless of their status, gender, age or other similar factors. Fair and equal treatment is reflected in recruitment, salaries and career development opportunities, among other aspects.
Diversity			• Olvi Group has guidelines to prevent discrimination. • Olvi Group ensures that diversity is also reflected in the Boards and management teams of the Group companies.
Training and skills development					Olvi Group encourages its employees and offers them opportunities to participate in training and competence development to motivate, develop skills and knowledge, and ensure that the strategy is implemented, and the targets are achieved.
Measures to prevent violence and harassment in the workplace					Olvi Group has zero tolerance for discrimination and harassment. All violations and inappropriate behaviour are addressed immediately.
Other work-related rights
Privacy					The impacts related to the information and data of the Group's own personnel are carefully managed. Olvi Group has processes in place to ensure privacy and confidentiality, including in cases of whistleblowing.
S2 Workers in the value chain
Working conditions
Secure employment					• Olvi Group's procurement and sales agreements create visibility and predictability for resourcing (such as personnel, costs and time) for suppliers and customers for a certain period. • Olvi Group's Code of Conduct for Partners requires compliance with the right to adequate wages. Wages must also meet at least the minimum requirements of the law or the industry, and no deductions may be made from wages as a disciplinary measure. In addition, a written employment contract must be offered. The situation is monitored in connection with the supplier assessment process.

		POSITION IN THE VALUE CHAIN					TIME HORIZON
MATERIAL SUB-TOPIC	IMPACT, RISK OR OPPORTUNITY	UPSTREAM	OWN OPERATIONS	DOWNSTREAM DESCRIPTION		SHORT	MEDIUM	LONG
S4 Consumers and end-users
Information-related impacts on consumers and/or end-users
Access to quality information			Product packaging and the Group companies' websites provide consumers with clear product information.
Personal safety of consumers and/or end-users
Health and safety					• Diseases related to alcohol and obesity resulting from the excessive use of alcohol and products with a high sugar content. • Misuse of products such as energy drinks by vulnerable user groups (such as adolescents and pregnant women). • Accidents and alcohol poisoning resulting from alcohol abuse.
	• Product content safety and safety during its life cycle. The product must be safe for the consumer in all respects. • Healthier and special dietary products (gluten-free, low-alcohol and non-alcoholic, low-sugar, sugar-free) have an impact on consumer health. The availability of healthier beverages is also one of the consumers' expectations. • Non-alcoholic beverages maintain the consumer's hydration. • Moderate alcohol consumption can bring health and social benefits. • Moderate consumption of energy drinks in appropriate situations can improve attention, for example.
Social inclusion of consumers and/or end-users
Responsible marketing practices		• Promoting a culture of responsible drinking • Responsible consumer information: information for consumers to enable them to make more informed choices. • More responsible consumption habits through product information
Access to products and services		energy drinks		To promote responsible consumption, Olvi Group's products have warning labels that aim to prevent the harmful use of alcohol and
G1 Business conduct
Corporate culture
Promotion of corporate culture					Olvi Group has good governance practices in place, such as policies and ISO standards, which ensure a good corporate culture.
Corruption and bribery
Prevention and detection of corruption and bribery					Olvi Group instructs its employees in how to prevent corruption and bribery. These issues are addressed in the Anti-corruption Policy and the Whistleblowing guidelines. Olvi Group provides training on the content of the operating instructions.
Protection of whistleblowers
Protection of whistleblowers					• Olvi Group's Whistleblowing channel enables employees and other stakeholders to submit a confidential report if they detect breaches of the Group's Code of Conduct or values. Olvi Group provides information and training to its employees about the Whistleblowing channel. • Olvi Group has procedures in place to investigate reports and protect whistleblowers.

Main targets and metrics

FOCUS AREA	ESG	LONGER-TERM TARGET	TARGET 2024	OUTCOME 2024	TARGET 2025
Carbon neutral value chain	E	• 2030: Carbon neutral production (Scopes 1 & 2) • 2030: The value chain's CO2e emissions -40% vs 2021 (Scope 3) • 2040: Carbon neutral value chain	• CO2e emissions < 2023 (Scopes 1 & 2) • Creating a roadmap for production other than Olvi and for the value chain • The whole value chain's CO2e emissions -5.5% vs 2023 (Scopes 1, 2, 3)	• Olvi's own production carbon neutral, Scopes 1 & 2 total -13,4 % • A roadmap created for the production of other Group companies (Scopes 1 & 2) and at the Group level for the value chain (Scope 3) • Year 2024, the whole value chain total -1.3 %	• CO2e emissions < 2024 (Scopes 1 & 2) • The whole value chain's CO2e emissions -5.5% vs 2024 (Scopes 1, 2, 3) • Further specification of the roadmap by Group company in terms of the value chain (Scope 3)
Renewable energy	E	• 2030: 100% green electricity and 100% renewable thermal energy	• 100% green electricity (excl. Lidskoe Pivo) • Renewable thermal energy > in 2024 (46%)	• Green electricity 100% (excl. Lidskoe Pivo) • Renewable thermal energy 45%	• 100% green electricity (excl. Lidskoe Pivo) • Renewable thermal energy > in 2024
Water	E	• 2030: Water use 2.5 litres per litre produced	• Water use < in 2023 (2.8 litres per litre produced)	• Water use 2.79 litres per litre produced	• Water use < in 2024
Culture of zero serious accidents	S	• Continuous: Zero serious accidents	• Number of accidents -10% vs 2023 (31)	• 28 accidents (-9.7%)	• Number of accidents -10% vs 2024
Committed personnel	S	• 2030: overall rating in the PeoplePower personnel survey AAA	• Achieving key development measures based on the results of the 2024 PeoplePower personnel survey	• Implementation of the most important development measures started, especially in terms of cooperation, supervisory work and management development	• Achieving key development measures based on the results of the 2024 PeoplePower personnel survey, especially in terms of cooperation, supervisory work and management development
Sustainable product concepts	ES	• 2030: Sustainability is considered comprehensively in all products	• Updating the criteria for a sustainable product to include the legal requirements for sustainability entering into force • Linking sustainable product concepts to product categories and brands	• Updating the sustainable product criteria to include legal requirement for sustainability has been started • Linking sustainable product concepts to product categories and brands in progress	• Updating the criteria for a sustainable product to include the legal requirements for sustainability entering into force • Linking sustainable product concepts to product categories and brands
Promoting a responsible drinking culture	ES	• 2025: Measures to promote a responsible drinking culture in each product category	• Identification of sustainability messages by product category in each Group company (excl. Olvi, where this has already been completed)	• Identification of sustainability messages by product category in each Group company in progress	• Identification of sustainability messages by product category in each Group company has been completed (excl. Olvi, where this has already been completed)
Proportion of non alcoholic product sales	ES	• Continuous: non-alcoholic products (< 0.5 vol.%) grow faster than other product categories	• Non-alcoholic products (< 0.5 vol.%) grow faster than other product categories	• Non-alcoholic products grew 5.1% faster than other product categories	• Non-alcoholic products (< 0.5 vol.%) grow faster than other product categories
Compliance with the Code of Conduct	G	• Continuous: 100% of employees confirm their commitment to compliance with the Code of Conduct annually and repeat the training every two years • Continuous: 100% of supplying partners commit to the Code of Conduct	• 100% of employees have completed the Code of Conduct training • 100% of direct suppliers are committed to the Code of Conduct	• 79% of employees have completed the Code of Conduct training • 84% of direct suppliers are committed to the Code of Conduct	• 100% of employees have confirmed their commitment to compliance with the Code of Conduct • 100% of supplying partners are committed to the Code of Conduct
Impactful stakeholder work	ESG	• 2025: Impactful stakeholder work with each stakeholder group	• The most important partner in each stakeholder group identified and action plan prepared	• Key partners identified; some action plans will be complemented	• The most important partner in each stakeholder group identified and action plan prepared

Environmental information

EU Taxonomy 52
E1 Climate change56
E3 Water and marine resources	64
E5 Resource use and circular economy	66

EU Taxonomy Accounting policies

The EU Taxonomy is a classification system for sustainable finance that defines the criteria for environmentally sustainable economic activities. Companies subject to the reporting obligation must report on the taxonomy-eligible and taxonomyaligned proportion of their economic activities. Taxonomy-eligible activities are included in the economic activities defined in the EU Taxonomy Regulation, and a taxonomy-aligned activity contributes significantly to at least one of the six environmental objectives of the EU Taxonomy, does not harm other environmental objectives and meets the minimum safeguards for human rights and labour standards.

Olvi plc has assessed the taxonomy eligibility and alignment of its economic activities and compliance with the taxonomy reporting required by the EU Taxonomy Regulation. The activities were reviewed against the economic activities listed in the regulations in force at the time of reporting.

At the end of 2024, NACE classification or indicators had not yet been included for the food and beverage industry in the EU taxonomy. Olvi plc is a group of beverage companies, whose net sales consist almost entirely of the production, import and sale of beverages, which means Olvi plc's main business (C11 Manufacture of beverages) is not taxonomy-eligible. Thus, Olvi plc does not report taxonomy-eligible or taxonomy-aligned turnover for 2024, as in the previous year.

During 2024, the identification of taxonomy-eligible activities has been refined. In terms of capital

expenditure, in the economic activities of Olvi Group has been identified as a significant taxonomy-eligible economic activity under 7.7 Acquisition and ownership of buildings, the capital expenditure related to which in 2024 consisted of amounts recognised in the balance sheet as right-of-use assets from property lease agreements. In terms of taxonomy alignment, it has not been possible to obtain all the required information to carry out the alignment assessment. For this reason, Olvi plc does not report taxonomy-aligned capital expenditure in 2024. In 2023, no taxonomyeligible capital expenditures were reported.

Olvi Group has no taxonomy-eligible operating expenditure related to taxonomy-eligible turnover or other taxonomy-eligible operating expenditure that have been identified as material. Therefore, no taxonomy-eligible or taxonomy-aligned operating expenditure are reported for 2024, as in the previous year.

Olvi plc will continue to develop taxonomy assessment and reporting, especially in terms of alignment requirements in 2025. Minimum safeguards will be developed through the human rights impact assessment process of own operations and value chain, as well as by engaging partners in ethical business practices. Additionally, the development and interpretation of the EU Taxonomy Regulation will be monitored. In terms of legislation, indicators describing food production and the beverage industry are still expected, particularly regarding the transition to a circular economy and the protection and restoration of biodiversity and ecosystems.

The key performance indicators of the EU Taxonomy – turnover, capital expenditure and operating expenditure – are presented in different tables in accordance with the Taxonomy Regulation. Each project and activity are assessed individually and assigned to only one economic activity under the EU Taxonomy. Thus, no items have been double-counted for the numerators.

Total turnover, which in 2024 also corresponds to the numerator of the reported turnover, is reported as the total turnover of Olvi Group, as presented in the consolidated income statement. Most of the turnover come from the sale of beverages and beverage products, and a small portion from rental income from equipment services. The accounting principles for the turnover and a more detailed breakdown are presented in Note 2 to the consolidated financial statements.

The total capital expenditures are reported as Olvi Group's investments in 2024, which are presented

in Note 11 (Intangible assets) to the consolidated financial statements, and in Note 13 (Tangible assets) in the row Additions (excluding goodwill). Investments related to the assets or processes of economic activities are reported as taxonomyeligible capital expenses. In 2024, property lease agreements recognized in the balance sheet were classified as taxonomy-eligible investments.

The total amount of operating expenditure, which in 2024 also corresponds to the numerator of the reported operating expenditure, is reported in accordance with the definition of the Taxonomy Regulation and includes the non-capitalised costs related to research and development of Olvi Group, the maintenance and repair of buildings, as well as short-term leases. Other direct costs related to the day-to-day servicing of assets of property, plant and equipment are also included, but not cost of goods sold. More information about Olvi Group's operating expenditure is provided in Notes 3–6 to the consolidated financial statements.

Template 1: Nuclear and fossil gas related activities

Row	Nuclear energy related activities
1.	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	NO
2.	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
3.	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	NO
	Fossil gas related activities
4.	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	NO
5.	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	NO
6.	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	NO

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

2024					Substantial Contribution Criteria				DNSH criteria ('Does Not Significantly Harm')
Economic Activities (1)	Code (2)	Turnover (3)	Proportion of Turnover 2024 (4)	Climate Change Mitigation (5)	Climate Change Adaptation (6)	Water (7)	Pollution (8)	Circular Economy (9)	Biodiversity (10)	Climate Change Mitigation (11)	Climate Change Adaptation (12)	Water (13)	Pollution (14)	Circular Economy (15)	Biodiversity (16)	m Safeguards (17) Minimu	Proportion of Taxonomy (A.2.) turnover 2023 (18) aligned (A.1.) or eligible	Category enabling activity (19)	Category transitional activity (20)
		MEUR	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL Y; N; N/EL		Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.0	0.0%														0.0%
Of which Enabling		0.0	0.0%														0.0%	-
Of which Transitional		0.0	0.0%														0.0%		-
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)				EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0.0	0.0%														0.0%
A. Turnover of Taxonomy eligible activities (A.1+A.2)		0.0	0.0%														0.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities		656.9	100%
TOTAL		656.9	100%

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy non-eligible activity for the relevant environmental objective

EL - Taxonomy-eligible activity for the relevant objective

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering 2024

	2024				Substantial Contribution Criteria						DNSH criteria ('Does Not Significantly Harm')
Economic Activities (1)	Code (2)	CapEx (3)	Proportion of CapEx 2024 (4)	Climate Change Mitigation (5)	Climate Change Adaptation (6)	Water (7)	Pollution (8)	Circular Economy (9)	Biodiversity (10)	Climate Change	Mitigation (11)	Climate Change Adaptation (12)	Water (13)	Pollution (14)	Circular Economy (15)	Biodiversity (16)	m Safeguards (17) Minimu	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx 2023 (18)	Category enabling activity (19)	Category transitional activity (20)
		MEUR	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL		Y; N; N/EL Y; N; N/EL	Y/N		Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.0	0.0%															0.0%
Of which Enabling		0.0	0.0%															0.0%	-
Of which Transitional		0.0	0.0%															0.0%		-
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)				EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Acquisition and ownership of buildings	CCM 7.7.	4.0	8.1%	EL	N/EL	N/EL	N/EL	N/EL	N/EL									0.0%
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		4.0	8.1%															0.0%
A. CapEx of Taxonomy eligible activities (A.1+A.2)		4.0	8.1%															0.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities		45.3	91.9%
TOTAL		49.3	100.0%

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy non-eligible activity for the relevant environmental objective

EL - Taxonomy-eligible activity for the relevant objective

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering 2024

		Substantial Contribution Criteria							DNSH criteria ('Does Not Significantly Harm')
Economic Activities (1)	Code (2)	OpEx (3)	Proportion of OpEx 2024 (4)	Climate Change Mitigation (5)	Climate Change Adaptation (6)	Water (7)	Pollution (8)	Circular Economy (9)	Biodiversity (10)	Climate Change Mitigation (11)	Climate Change Adaptation (12)	Water (13)	Pollution (14)	Circular Economy (15)	Biodiversity (16)	m Safeguards (17) Minimu	Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) OpEx 2023 (18)	Category enabling activity (19)	Category transitional activity (20)
		MEUR	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL Y; N; N/EL		Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.0	0.0%														0.0%
Of which Enabling		0.0	0.0%														0.0%	-
Of which Transitional		0.0	0.0%														0.0%		-
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)				EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0.0	0.0%														0.0%
A. OpEx of Taxonomy eligible activities (A.1+A.2)		0.0	0.0%														0.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities		22.0	100%
TOTAL		22.0	100%

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective

N/EL – Not eligible, Taxonomy non-eligible activity for the relevant environmental objective

EL - Taxonomy-eligible activity for the relevant objective

E1 Climate change

TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION

Climate risks and opportunities

Material impacts, risks and opportunities related to climate change mitigation and adaptation were identified in accordance with Olvi Group's double materiality assessment. The process and the identified impacts, risks and opportunities are described in more detail under ESRS 2 General disclosures. Material impacts or risks include climate change mitigation both in own operations and in the value chain and, related to this, the climate emissions generated in the production of the energy used, increasing the share of renewable energy, and the financial impacts of the use of fossil energy, both in own operations and in the value chain.

The identification and assessment of Olvi Group's climate risks and opportunities are carried out annually as part of the Group's risk and opportunity mapping process, which is described under ESRS 2 General disclosures. In addition to existing companyspecific information, the TCFD reporting framework (Task Force on Climate-related Financial Disclosures) and, as far as biodiversity is concerned, the TNFD (Task Force on Nature-related Financial Disclosures) framework are utilized in the mapping of climate risks and opportunities, where applicable. Transition risks as well as all physical risks, including the risks related to temperature, wind, water, soil and land masses, are assessed considering the potential financial impact and likelihood in the short, medium and long term in both own operations and the value chain.

SCENARIO ANALYSIS

The climate scenario workshops in 2024 looked at three global warming scenarios based on the NGFS (Network of Central Banks and Supervisors for Greening the Financial System) scenario model:

Delayed transition: There will be no emission reduction in the next few years, leading to strong regulatory actions and a rapid drop in emissions after 2030, limiting global warming to below 2°C.
Net zero 2050: The transition will take place in a controlled manner, limiting global warming to below 1.5°C and achieving carbon neutrality by 2050.
Current policies: As a result of underdeveloped regulation and insufficient action, the temperature rise may exceed 3°C, exposing the Earth to strong physical risks.

Based on these scenarios, risks to the industry and areas of operation were identified and assessed in material terms. In different scenarios, the impacts and costs focus on different periods, but some of the impacts are similar in all scenarios. There are uncertainties, especially in terms of the value chain and longer time horizons.

The most significant transition risks identified were uncertainties related to legislation, such as requirements impacting the availability and price of materials, as well as the regulation of energy production, which can impact energy prices and availability, as well as investments and technologies related to energy production. Anticipation and the timing of actions are important in minimising risks. Transition risks are highlighted especially in

the Delayed transition scenario. Physical risks may affect in particular the availability, quality and price of materials, especially those of agricultural origin. Cooperation and familiarising partners are important in ensuring delivery and operational reliability. The dependence of the operations on agricultural materials highlights the significance of physical risks. Physical risks are particularly highlighted in the Current policies scenario. The main risks identified based on risk assessments and scenario analysis and the actions taken to minimise them are presented in the table Climate-related risks on the next page.

RESILIENCE ANALYSIS

In 2024, in a resilience analysis – which was based on a scenario analysis, identified climate risks, climate emissions and water risks – factors affecting adaptation were identified by a sustainability expert team and persons in charge in small groups. The assessment took into account both own operations and the upstream and downstream value chain, especially the closest parts of the chain. In terms of own operations, the quality and quantity of the energy used as part of the operations, as well as the production growth forecasts, were taken into account.

Climate-related risks

				Time horizon
	Impacts	Control measures	Short	Medium	Long
Transition risks
Policy and legal	• Legislation on climate change mitigation and adaptation is increasing, affecting in particular the packaging used, materials and material recycling, as well as equipment. These can increase operating and investment costs, as well as tax-like fees. • The EU's demands for the green transition may increase or change the costs of forms of energy and affect transport costs • In the future, neglecting the supervision of partners' performance and access to information in the value chain may even lead to penalties	• The development of legislation is monitored and taken into account in the planning of operations and investments • Emissions are reduced, and science-based climate targets are set • Increased reporting is prepared for through system development • Active cooperation with stakeholders (e.g. suppliers, industry advocacy organisations) is ensured
Technology	• Equipment may become prematurely outdated because of technological development • Investments and costs to deploy new technologies	• Utilization of new technologies, especially to improve the energy efficiency of operations • Participating in research and development projects • Monitoring technological developments and their potential impacts on operations, materials and equipment used or investments in equipment • Preparing for investments in new equipment in the future
Market	• Changes in consumer preferences may be reflected in favouring products that are considered sustainable, which may lead to changes in product demand • Consumers' willingness to pay for more sustainably manufactured products may vary • The availability of renewable energy may be low and prices high • The availability of renewable packaging materials may be low and prices high	• Development of sustainable products • Communication and active interaction with consumers • Providing a diverse product portfolio • Monitoring different renewable forms of energy, their availability and price development and taking them into account in investments • Monitoring the development, availability and price development of packaging materials and taking them into account in operations
Reputation	• There may be negative impacts on reputation, which may affect business development if stakeholders' expectations for sustainable products and sustainable business operations are not met	• Active cooperation with stakeholders (e.g. suppliers, industry advocacy organisations) is ensured • Investing in topical, clear, and transparent communication
Physical risks
Acute	• An increase in extreme weather conditions may affect the yield, quality and price of crops, such as barley • Floods, heavy rainfall and heat may have an impact on the availability, quality and price of raw materials and packaging materials • Floods and storms may cause problems in logistics • Storms may affect the availability of electricity at production plants, or energy generation	• Aiming to select agricultural raw materials that are less sensitive to weather conditions • Cooperating with value chain to develop agriculture in a more environmentally friendly and sustainable direction • Investing in effective relationships with suppliers • Proactive preparations, including storage • Production plants and main sourcing areas are not located in areas where extreme weather conditions, such as hurricanes, heavy rainfall or floods, are common
Chronic	• In the long term, droughts and heat caused by the average temperature rise may reduce the farming conditions of certain products in current farming areas • Long-term changes in rainfall and temperature may have an impact on the availability, quality and price of raw materials and packaging materials • Droughts may lead to the decreased availability of groundwater, while heavy rainfall or changes in runoff may reduce the quality of groundwater	• Cooperating with the value chain to develop agriculture in a more environmentally friendly and sustainable direction • Investing in effective relationships with suppliers • Monitoring and assessing water availability and quality • Continuously improving the efficiency of the water use and other materials

The resilience analysis assessed potential problem areas, such as the abandonment of fossil fuels, especially in the value chain, and the reduction of the climate impact of materials and transport. The analysis involves uncertainties, especially in terms of physical risks. Uncertainty about geographical impacts in the value chain may affect price and availability, especially for agriculture-based but also for other materials. There are more uncertainties related to impacts further away in the value chain.

The location of own operations and main sourcing areas protects Olvi Group to some extent from the rapid realisation of physical risks.

In the Current policies scenario, the challenges related to the price, quality and availability of raw materials can be significant for Olvi Group's operations, and protection against these is sought especially by developing supplier cooperation and participating in research and development projects.
In the Delayed transition scenario, the impact of regulation on energy production and price may be reflected significantly in Olvi Group's operations. Measures aimed at the carbon neutrality targets of own operations and value chain will improve the Group's adaptability in this scenario.
The impacts of the Net zero 2050 scenario are the most controlled, however, including less severe impacts on both raw materials and energy production.

Factors that affect consumers' purchasing power and willingness to pay, such as strong regulation, may also affect the Group's operations in all the scenarios. Developing and maintaining a diverse product portfolio that interests consumers ensures that the operating prerequisites are maintained in all scenarios.

Transition plan

Olvi Group strives to mitigate climate change in both its own operations and the value chain. Most of the climate emissions are generated in the value chain, where the possibilities for influence are limited. The Group has set science-based climate targets, currently under assessment for approval, with requirements to limit the global warming to at least 1.5°C, in line with the Paris Agreement. In addition, the Group's main sustainability targets, the carbon neutrality of its own production by 2030 and the carbon neutrality of its value chain by 2040, are more ambitious than the Paris Agreement. With the help of climate risk assessment, scenario analyses and climate emission calculation, the climate impacts of the Group's operations have been identified, and in 2024, a transition plan for carbon neutral operations in terms of the value chain was created on the basis of these and the set targets. The transition plan for own operations to achieve the set targets has been created in 2023.

In accordance with the transition plan, emissions from own production will be reduced by using renewable electricity and renewable energy sources, as well as by improving energy efficiency. In reducing emissions in the value chain, material development and packaging redesign, product portfolio development and the reduction of transport emissions are the most important tools. Reducing emissions in own operations will require significant investments in renewable heat and steam production in several production plants if the market does not have the opportunity to replace fossil fuels with renewable ones using existing equipment. The brewhouse investment launched at the Iisalmi plant will significantly reduce the amount of energy used. Other investments which increase energy efficiency will be continuously identified and implemented at different plants. Possible packaging

Transition plan towards 2030 Scope 1 Scope 2 Scope 3 GHG emissions

Ambitious scenarios, Scope 1, Scope 2 and Scope 3 CAT 1, CAT 4 and CAT 9, selected emission hotspots, 75% of Scope 3 2021. FLAG removals are not considered. Plan will be unfolded further yearly. Packaging material scenarios A and B are alternative and can also partially overlap. *FLAG = Forest, land use and agricultural sectors

development may later require investments in production lines in different production plants.

Existing energy production methods in own production plants (steam, heat) will produce climate emissions until they can be replaced with renewable energy production methods by 2030 at the latest through investments or technological development. The use of products generates climate emissions when customers sell products to consumers chilled. However, this is not necessary for the products, so unavoidable, or locked-in, climate emissions do not arise from the use of the products. The impacts of the transition plan have been taken into account in the Group's investment plan and in the related financing plan. In accordance with the strategy, the main metrics of sustainability have been built to support the conversion of operations into lower-emission operations. The Olvi Group Leadership Team and the Board of Directors have approved the targets and will approve the further specification of the transition plan during 2025.

In terms of Olvi Group's own operations (Scope 1 and Scope 2), the first phase of the transition plan is the transition to renewable electricity, along with emission-free energy production at the production plants in Iisalmi and Denmark. These have been implemented as planned. During 2024, a Grouplevel emission reduction plan for the value chain has been created (Figure Transition plan towards 2030). During 2025, preliminary company-specific plans will be further specified. Efforts to reduce emissions, especially in terms of purchased materials and transport, have already been carried out in all companies.

APPROACH AND POLICIES

Principles and practices related to climate change mitigation and adaptation are described in the Environmental Policy, which also takes into account stakeholder engagement. Olvi Group's Code of Conduct for Partners addresses matters related to climate change mitigation and adaptation from the partners' perspective. In addition, consideration of environmental sustainability in procurement is described in the Sourcing Policy, and consideration of the product's environmental sustainability is described in the Product Policy. The stakeholder coverage of Olvi Group's Code of Conduct and all its policies, as well as the highest body responsible for implementation and availability to stakeholders, are described in Sustainability Statement Appendices.

The Environmental Policy includes a commitment to climate change mitigation in accordance with the Paris Agreement, as well as to Science Based Target initiative. It defines the goal of mitigating climate change by reducing climate emissions, increasing energy efficiency, reducing energy use and gradually switching to renewable energy sources. In addition, there is a commitment to manage transition risks arising from climate change and to adapt operations to the impacts of climate-related physical risks both in own operations and in the value chain. Olvi Group is not excluded from the EU Paris Agreement benchmarks in accordance with Commission Delegated Regulation (EU) 2020/1818.

Climate change mitigation supports two of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 7: Affordable and clean energy, and 13: Climate action.

Actions

OWN OPERATIONS

Actions related to climate change mitigation mainly focus on significant emission sources in own operations, which include steam and heat production, and the electricity used. The transition to renewable energy sources is progressing. Olvi's Finnish plants and the Danish plant already use renewable energy sources, such as woodchips and bio-based fuel oil for steam and heat production. In addition, the A. Le Coq and Cēsu Alus plants produce biogas from wastewater to partly replace fossil fuels. Either investments in renewable heating plants or possibly a bio-based fuel to replace fossil fuel used in existing heating plants are planned by 2030 to replace the fossil fuel used. Future developments will determine the scale of the investments required. Renewable electricity is in use in all Group companies in Finland and the Baltic Sea region after the Danish plant switched to renewable electricity in 2024. In Belarus, there is no possibility for this so far.

Continuous efforts are being made to reduce energy use through various measures such as increasing heat recovery, developing lighting and air conditioning, and other ways identified as a result of energy audits. In 2024, an energy audit related to the brewery process was carried out at the Latvian and Lithuanian plants, and heat recovery projects were promoted in most breweries. The Iisalmi plant has started to implement a brewhouse investment, which will be completed in 2026 and will significantly reduce the need for the energy used. The investment is financed with a green loan in accordance with the financier's Green Bond Framework. The terms of the loan are linked to improving energy efficiency. Smaller changes and investments are constantly planned and implemented in all Group companies. Continuous maintenance prevents the additional use of energy arising from the poor condition of equipment.

VALUE CHAIN

In terms of the value chain, efforts are being made to mitigate climate change in accordance with the transition plan prepared in 2024 in all Group companies. The most important actions focus on the use and transport of materials. The climate emissions of materials are reduced by lightening packaging, increasing the use of renewable materials, reducing waste and further developing the product portfolio. The activities and targets related to materials are described in more detail under E5 Resource use and the circular economy. Emissions from transport are reduced through day-to-day work, such as planning transport, and increasing the use of renewable fuel. Transport is mainly carried out by logistics partners, and operations are developed in close cooperation with them. In 2024, a second electric truck was introduced in Estonia. In Lithuania, transportation has also switched to using biogas truck. In addition, the biofuel pilot started in 2023 was expanded in Finland, which significantly increased the amount of biofuel used.

OTHER ACTIONS

Outside the transition plan, smaller measures to reduce climate emissions, such as the sorting and reuse of materials, the reduction of waste, the utilisation of side streams and the modernisation of refrigeration equipment, are constantly being implemented throughout the Group. To develop the end-use of packaging, the aim is to encourage consumers to recycle packaging with the help of labels and campaigns. To reduce emissions from the value chain, the Code of Conduct for Partners, supplier audits and the self-assessment of raw material and packaging material suppliers started in 2024 include themes related to climate change mitigation and adaptation. During 2025, the scope of ethical guidance and self-assessment will be extended to indirect suppliers to increase effectiveness.

Targets

Olvi Group has set science-based climate targets, which are currently under approval, with the base year being 2021. The base year was normal for operations, with the exception of the low level of commuting caused by the pandemic, which does not significantly affect the level of ambition. The targets have been set to develop operations, taking into account the expectations of customers and investors, as well as other stakeholders In addition, the Group has more general main sustainability targets: the carbon neutrality of its own production (Scope 1 and Scope 2, market-based) by 2030, and the carbon neutrality of the value chain by 2040. The sub-targets in own operations include increasing the share of renewable energy annually, as well as using only renewable electricity, excluding Belarus, where renewable electricity is currently not available.

TOTAL EMISSIONS

The total greenhouse gas emissions in 2024 were 422,566 t CO2e, and the emission intensity was 0.427 kg CO2e per liter of product sold. Compared to the previous year, there was a decrease of 2.1% in total emissions and 3.5% in emission intensity. For our own operations, Scope 1 emissions decreased by 0.7% to 11,460 t CO2e, and Scope 2 emissions decreased by 22.3% to 12,726 t CO2e. Combined Scope 1+2 emissions decreased by 13,4%. The Scope 1+2 emission intensity was 0.024 kg CO2e per liter of product sold, which is 14.6% less than the previous year. The total Scope 3 emissions in the value chain in 2024 were 398,380 t CO2e, a decrease of 1.3% compared to the previous year. The emission intensity of the value chain emissions was 0.403 kg CO2e per liter sold, which is 2.7% less than the previous year. The emissions are described above in the Figure Transition Plan to 2030 and in more detail in the section Metrics and Accounting Policies.

OWN OPERATIONS

For own operations, the Olvi Iisalmi production plant achieved carbon neutrality in 2023, and the only emissions from the Danish production plant's own operations in 2024 were from reserve power and methane and nitrous oxide generated in the energy combustion of biofuels. In other production plants, the replacement of fossil fuels in energy production will mainly take place closer to the target year 2030, as a result of the projected technology and market development. A significant decrease in Scope 2 emissions was achieved when the Danish brewery switched to green electricity.

To achieve the carbon neutrality target of the own operations of the parent company's Iisalmi plant, 345 t CO2e of climate emissions have been offset in 2024 to cancel the emissions of nitrogen and methane from energy produced with biofuels and the emissions of the transport fuel used by purchasing carbon credits from the Puro- and VCS-certified wood waste biocarbon project in Bolivia and the VCS-certified wastewater biogas project in Thailand. The offset emissions account for 6%, of the avoided ~5,500 t CO2e emissions that fossil fuel use would generate. From offset, 13% is in the biocarbon project and 87% in the wastewater treatment project. Carbon credits will continue to be used in 2025, but they are not part of Olvi Group's carbon neutrality targets.

VALUE CHAIN

Most of the emissions in the value chain come from the materials purchased for the products. Therefore, the increase in production volumes especially complicates the reduction of overall emissions.

In 2024, logistics emissions increased largely due to the growth in production volume, although the use of biofuels partially reduced emissions. Despite the increased volume, emissions from purchased

materials were successfully reduced. Emissions related to product use decreased due to more accurate calculations and changes in practices.

Actions according to transition plan is expected to reduce emissions in the value chain. The emission reduction in the value chain is expected to accelerate in the late 2020s as a result of the growth of renewable energy and other development measures.

Metrics and accounting policies

GHG emissions

Energy consumption by energy sources

	2024
Fossil, %	45.7
Nuclear, %	0.0
Renewable, %	54.3

Energy consumption

Fossil	2024
Fuel consumption from coal and coal products, MWh	0.0
Fuel consumption from crude oil and petroleum products, MWh	895.2
Fuel consumption from natural gas, MWh	44,646.4
Fuel consumption from other fossil sources, MWh	0.0
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources, MWh	49,890.3
Total fossil energy consumption, MWh	95,431.9

Nuclear
Consumption from nuclear sources, MWh	0.0

Renewable
Fuel consumption for renewable sources, including biomass, MWh	51,811.4
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources, MWh	61,413.4
The consumption of self-generated non-fuel renewable energy, MWh	349.7
Total renewable energy consumption, MWh	113,574.5
Total energy consumption, MWh	209,006.5

	Retrospective		Milestones and target years
								Annual % target /
	Base year 2021	2023	2024	Change, %	2025	2030	(2050)	Base year
Scope 1 GHG Emissions
Gross Scope 1 GHG emissions, tCO2e	12,470	11,544	11,460	-0.7		0		*)
Percentage of Scope 1 GHG emissions from regulated emission trading schemes, %	0	0	0	0
Scope 2 GHG Emissions
Gross location-based Scope 2 GHG emissions, tCO2e	29,256	28,019	27,174	-3.0
Gross market-based Scope 2 GHG emissions, tCO2e	16,981	16,369	12,726	-22.3		0		*)
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions, tCO2e	389,373	403,601	398,380	-1.3		233,624		5.5
1 Purchased goods and services	313,967	322,507	321,002	-0.5
2 Capital goods	3,374	6,457	7,926	22.7
4 Upstream transportation and distribution	21,635	23,929	26,825	12.1
5 Waste generated in operations	1,732	1,745	1,480	-15.2
6 Business travel	1,582	1,472	1,399	-5.0
7 Employee commuting	1,806	1,798	1,794	-0.2
9 Downstream transportation and distribution	17,050	19,156	20,104	4.9
11 Use of sold products	19,193	19,232	9,748	-49.3
12 End-of-life treatment of sold products	9,034	7,306	8,104	10.9
Total GHG emissions
Total GHG emissions (location-based), tCO2e	431,099	443,164	437,013	-1.4
Total GHG emissions (market-based), tCO2e	418,824	431,514	422,566	-2,1

* The Olvi Group aims for carbon neutrality in its own production by 2030. There is no annual target percentage for emission reductions, as the majority of reductions will occur near the target year 2030 due to investments or market developments.

Energy intensity

	2024
Total energy consumption from activities in high climate impact sectors, MWh	209,006.5
Energy intensity, MWh/EUR million	318.2

Greenhouse gas emissions intensity

	2024
Total GHG emissions (location-based) per net revenue, tCO2e/EUR million	665.3
Total GHG emissions (market-based) per net revenue, tCO2e/EUR million	643.3

Accounting policies

Olvi Group's business (NACE 11 Manufacture of beverages) belongs to high climate impact sectors. Therefore, the Group's total net sales (EUR 656.9 million), as reported in the financial statements, have been used to determine the energy intensity.

The climate emissions of the Olvi Group are calculated annually at all production sites. The calculation is performed in accordance with the Greenhouse Gas Protocol (GHG). Additionally, the Beverage Industry GHG Emissions Sector Guidance (v.4.3) and the GLEC Framework (GLEC Framework 3.1) for transportation are used. The calculation is limited according to the control principle, taking into account the emissions from partially owned but company-controlled operations in full. The calculation includes emissions from own operations (Scope 1), purchased energy emissions (Scope 2), and material parts of the value chain emissions (Scope 3)

Scope 1

Scope 1 calculation includes fuels used in energy production and fuels used in the company's own and leased vehicles. Additionally, methane and nitrous oxide emissions from biomass used in energy combustion are included. The data used in the calculation has been collected based on consumption and purchase data by energy type and production facility, and there are no significant uncertainties associated with these. The emission factors for fuels are mainly from Statistics Finland and have been supplemented, especially for biofuels, with data from the United

States Environmental Protection Agency (EPA) and the United Kingdom governmental (BEIS) databases.

Scope 2

Scope 2 calculation includes purchased electricity, steam, and heat. The data used in the calculation has been collected based on consumption and purchase data by energy type and production facility, and there are no significant uncertainties associated with these. Renewable electricity is purchased using both electricity contracts and Guarantees of Origin (GoO). The emission factors for electricity are mainly from the Association of Issuing Bodies (AIB) and Statistics Finland databases. Residual factors are used in the calculation of market-based emissions if renewable electricity has not been used, but it is available. The calculation of electricity emissions has been done using a sliding three-year average of emission factors. Supplier-specific emission factors supplemented with Statistics Finland emission factors are used in the calculation of purchased heat and steam. Market-based calculation is used for Scope 2 emissions when calculating total emissions and emission targets.

Scope 3

The value chain calculation covers all material categories. The share of emissions calculated based on primary data received from suppliers or other partners in the value chain is 60.6%.

C1 Purchased goods and services includes all direct purchases and significant indirect purchases. Emissions have been calculated using quantity

data based on own purchase and production data. In some cases, procurement spend have also been used for indirect purchases. Reliable supplier emission factors have been primarily used as emission factors, supplemented with international databases such as EcoInvent, Agribalyse, Ademe, and BEIS.

C2 Capital goods includes significant long-term investments and purchases. Emissions have been calculated using quantity and procurement spend data. The emission factors are mainly from public databases such as EcoInvent, Ademe, International Stainless Steel (ISSF), and BEIS.

C4 Upstream transportation and distribution includes inbound and outbound transportation paid by the Olvi Group. The calculation is primarily based on fuel consumption and secondarily on kilometers driven or tonne kilometers. The data has been collected from suppliers, based on consumption or average consumption or location data. The emission factors are from public databases GLEC Framework and BEIS and include emissions from fuel production (WTW). Methane and nitrous oxide emissions from biofuels are included. Part of emission data is from partners.

C5 Waste generated in operations includes all material fractions going to recycling and landfill, side streams, and wastewater. Emissions have been calculated using quantity data based on own production and sales data. The emission factors are mainly from the EPA database. Methane and nitrous oxide emissions from wastewater

treatment are included. Part of emission data is from partners.

C6 Business travel includes business trips and sales organisation drives. The calculation is mainly based on kilometer data, and some trips are estimated. Fuel data has also been used. The emission factors are from the BEIS database and include emissions from fuel production (WTW) and RF emissions for air travel. The emission factors for fuels are from the Statistics Finland database. Part of emission data is from partners.

C7 Employee commuting includes trips made by permanent and temporary employees between home and work. The calculation is mainly based on kilometer data, and some trips and way of commuting are estimated. The emission factors are from the BEIS database and include emissions from fuel production (WTW).

C9 Downstream transportation and distribution includes inbound and outbound transportation paid by partners. The calculation is mainly based on tonne kilometers driven, which are estimated based on quantity and location data. There are uncertainties in the data, especially for export products. The emission factors are from the GLEC Framework database and include emissions from fuel production (WTW).

C11 Use of sold products includes electricity used for cooling products at customer premises. The sales period and the amount of cooled products are estimated by product group, and electricity consumption is based on the consumption of

the most common devices. The emission factors for electricity are mainly from the Association of Issuing Bodies (AIB) and Statistics Finland databases, calculated as a three-year rolling average of residual factors. Cooling of products at consumers' homes is not considered due to the lack of a reliable estimate.

C12 End-of-life treatment of sold products includes the recycling of sold product packaging after use. The calculation is based on quantity data and includes both primary and secondary packaging. The handling methods for packaging are based on country-specific information on the recycling of primary packaging and the handling of other materials. The emission factors are from the EPA database. An assumed waste rate of 8% for sold products is included in the calculation.

The following categories have been excluded from the calculation as they are not applicable to the operations: C8 Upstream leased assets, C10 Processing of sold products, C13 Downstream leased assets, C14 Franchises, and C15 Investments. C3 Fuel- and energy-related activities (not included in Scope 1 & 2) will be added to the calculation in 2025 in line with science-based climate targets.

Internal logistics within the group and the impact of outsourced terminals are excluded from the calculation as they are not material in the overall context. The calculation considers at least carbon dioxide, methane, and nitrous oxide emissions according to the available factors when other emissions are not significant. There

are uncertainties in the emission factors as primary factors may be incomplete or include emissions allocated to other categories, such as transportation. Emissions related to transportation have been reclassified, and the calculation of purchased products has been developed in 2024, so the figures are not directly comparable to previous years.

Biogenic climate emissions

Biogenic carbon dioxide emissions are formed in the brewery fermentation process, biomass-based energy production, and wastewater treatment processes. The amount of biogenic emissions in 2024 was 35,258 t CO2e Scope 1, 12,848 t CO2e Scope 2, and 3,164 t CO2e Scope 3. Separate data on biogenic emissions in the value chain is not yet available.

The intensity of greenhouse gas emissions is calculated by dividing the total location-based or market-based gross greenhouse gas emissions by Olvi Group's turnover (EUR 656.9 million), as reported in the financial statements.

E3 Water and marine resources

APPROACH AND POLICIES

Material impacts, risks and opportunities concerning water and marine resources have been identified in accordance with Olvi Group's double materiality assessment. The process and identified impacts, risks and opportunities are described under ESRS 2 General disclosures. These material impacts include water withdrawal and water consumption.

Water risks assessment

As a beverage manufacturer, Olvi Group uses water in its production and affects local water resources through water withdrawals. The risks related to the availability and quality of water are assessed annually, mainly using the WRI Aqueduct Water Risk Atlas tool. The water risks are taken into account in accordance with the principles of risk management in environmental and enterprise risk assessments. Olvi Group's sites are not located in water stress areas, and its manufacturing sites have an environmental permit, which is based on an environmental impact assessment of the operations and the minimisation of adverse impacts. The permit determines the maximum amount of water withdrawal based on local water use and water formation. In most countries, the permit process also includes a general hearing on the potential impacts on the local community. No significant issues have emerged from the hearings.

Water use in own operations

Water-related principles and practices are described as part of the Environmental Policy. It addresses actions related to water withdrawal and water

consumption that have a positive or negative impact on the use and quality of water in the Group's own operations. The objective of the policy is to reduce water withdrawals and wastewater by guiding towards water use efficiency, reducing the load on the aquatic environment and improving the efficiency of water recycling and reuse. The policy aims to ensure sustainable water use and protect clean water resources and their adequacy for stakeholders in the areas of operation. The stakeholder coverage of Olvi Group's Code of Conduct and all its policies, as well as the highest body responsible for implementation and availability to stakeholders, are described in Sustainability Statement Appendices.

Water use in value chain

The principles and practices related to the value chain and water use in the value chain are described in the Code of Conduct for Partners, which is based on Olvi Group's Code of Conduct. Engagement in the guidance focuses particularly on upstream partners in the value chain. The Code of Conduct for Partners requires the reduction of negative impacts and risks related to water use by minimising water withdrawals, wastewater generation and the load caused by wastewater, as well as by ensuring the sustainable use of water. The Code of Conduct places particular emphasis on minimising negative impacts in areas of high water-stress and requires suppliers to further extend the due diligence obligation into their own value chain. In addition, suppliers and partners are required to comply with the Code of Conduct for Partners.

ACTIONS

Own operations

In Olvi Group's own operations, water is mainly needed for products, washing and energy production. The aim is to reduce water withdrawals and water consumption by further improving the efficiency of water use. Production and washing processes are constantly being developed, and washing is optimised through production planning. The design of the products does not have a significant impact on the amount of water withdrawal or consumption. In 2024, production units underwent technical audits in Latvia and Lithuania, where, in addition to the potential for energy savings, opportunities were identified to achieve significant savings in water use in the coming years.

The current state of water recycling and reuse, as well as opportunities in own operations, were examined during 2024. Water is recycled mainly in closed washing systems related to production, and rinsing water reused in earlier washing phases. Recycling and reuse aim to reduce water withdrawals, reduce the amount of wastewater and minimise its load. However, these must not compromise the quality and hygiene of the water used for food production.

Measurement and monitoring related to water consumption was further developed in 2024. This specified further the monitoring of water withdrawals and wastewater discharges, improving data management and developing management tools, especially in the Baltic and Belarus Group companies.

Development work continues throughout the Group. As the target is to maximise water use efficiency the potential for more extensive use of wastewater in biogas production was further investigated in 2024.

Various actions aimed at further developing water use are being planned at Olvi Group. At the Iisalmi plant, a brewhouse investment has been started, which will be commissioned in 2026, and together with the investment in a bottle washing machine in Lithuania, will reduce the amount of water used. Other measures and investments of different sizes are being explored or implemented at all the Group's production plants. The investment needs have been taken into account in the Group's investment plan and the related financing plan.

Value chain

Olvi Group's partners have an impact on local water resources around the world. The most significant water impacts are concentrated at the beginning of the value chain. The self-assessment practice for raw material and packaging material suppliers was started in 2024, and covered all raw material and packaging material suppliers by the end of the year. The evaluation also includes water, as do risk-based supplier audits. The audit practice complements self-assessment in assessing the capabilities and development of the partner network. In 2025, the water use of the most significant raw material and packaging material suppliers in the value chain will be examined in more detail to identify its overall impact. These actions will significantly improve visibility into water use in the value chain.

The actions aimed at taking care of water resources support one of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 6: Clean Water and Sanitation.

TARGETS

Olvi Group has a voluntary target to improve its water efficiency and reduce water withdrawals per litre produced in all Group companies in order to reduce the impact on local water resources. The previous target of less than 2.8 litres per litre produced was achieved in 2023, and now the target is to reduce water withdrawals at the Group level to less than 2.5 litres per litre produced by 2030. The process of setting targets is described in more detail under ESRS 2 General disclosures. In 2024, water withdrawals from own wells or local water suppliers totalled 2,682 million litres. This is 2.79 litres of water withdrawn per litre of finished product, which is 0.4% less than in the previous year.

One of Olvi Group's voluntary key sustainability targets is to commit all suppliers to the Code of Conduct for Partners. In 2024, 84 percent of direct suppliers were committed to the Code of Conduct. In addition, some of the indirect suppliers have made a

commitment to the Code of Conduct. During 2025, all significant indirect suppliers will be included in the supplier management tool and thereby brought under the scope of the ethical guidelines. These include especially logistics and maintenance partners as well as specifically determined important indirect suppliers, such as water and pest control providers. The goal is to cover 100 percent of the suppliers with whom the Olvi Group has recurring business and who exceed the set company-specific euro threshold during the year 2025. In the following years, the aim is to extend the Code of Conduct to cover rarely used suppliers, and to extend the identification and prevention of impacts and risks more widely and with increased focus on customers.

The number of partners committed to the Code of Conduct will be used as the metric. More detailed sector- or partner-specific requirements and targets may be set unilaterally or together with the partner if the need arises. During 2025, the suppliers' self-assessment practice will also be extended to significant indirect partners. The most significant partners' sustainability activities, in terms of water and other aspects, will also be assessed using external assessment platforms or practices, to obtain sufficient certainty about the level of their operations.

METRICS AND ACCOUNTING POLICIES

Water withdrawal and consumption

	2024
Water withdrawals 1,000 m3	2,682
Water withdrawals l/l	2.79
Water consumption 1,000 m3	932
Water intensity (water consumption per net sales, m3/EUR million)	1,418

Accounting policies

The water consumption is calculated by subtracting the amount of water discharges from the amount of water withdrawals. Most of the consumed water is bound to the manufactured products. Water is also bound in the spent grain and surplus yeast directed to the side streams, and water evaporates to some extent during the manufacturing process. Water consumption also includes products manufactured for internal sale. In the calculation of the water

intensity ratio, the total water consumption is related to the Group's total net sales, as reported in the financial statements.

The amount of water withdrawal is monitored regularly at each production site and reported as a KPI value on a monthly basis. Water withdrawal is a key measure of water use efficiency (water withdrawal in litres per litre of finished product). Measurements have not been separately validated.

E5 Resource use and circular economy

APPROACH AND POLICIES

As a manufacturing industry operator, Olvi Group uses significant amounts of raw materials and packaging materials. Material impacts, risks and opportunities related to the circular economy and the use of materials have been identified in accordance with Olvi Group's double materiality assessment. The process and identified impacts, risks and opportunities are described under ESRS 2 General disclosures.

Resource inflows and use, as well as resource outflows related to products and services, in both own operations and the value chain, have been identified as material impacts. All the Group's production units, as well as Servaali, which purchases and distributes products, have been included in the assessment. Of the business units, only Trade House Lidskoe Pivo and the Helsinki Distilling Company's Helsingin tislaamoravintola Oy are not linked to material impacts, risks or opportunities related to the resource use and the circular economy as they do not have production activities.

The principles and practices related to the circular economy and the use of materials are described in the Environmental Policy and in the related Product and Sourcing Policies. The Environmental Policy addresses both positive and negative impacts related to material inflows and outflows. It outlines the commitment to reducing the carbon footprint and supporting biodiversity. Important parts of these targets include the optimisation of the material use, the transition from virgin materials to recycled or renewable materials, operations in accordance with the principles of the circular economy, and the sustainable use of water. Water-related matters are described under E3 Water and marine resources.

The Product Policy also addresses both positive and negative effects related to material inflows and outflows. It describes the consideration of the environmental impacts of products, such as the choice of packaging materials and ensuring the recyclability of packaging. In addition, the consideration of environmental sustainability in procurement is described in the Sourcing Policy. The stakeholder coverage of Olvi Group's Code of Conduct and all its policies, as well as the highest body responsible for implementation and availability to stakeholders, are described in Sustainability Statement Appendices.

All manufacturing sites have an environmental permit, which is based on an environmental impact assessment of the operations and the minimisation of adverse impacts. In some countries, the permit process also includes a general hearing on the potential impacts on the local community. No significant issues have emerged from the hearings. Customers and consumers may communicate on matters related to the use of materials and the circular economy through the companies' feedback channels. These channels are described in more detail under S4 Consumers and end-users. Customers can also contact the local sales organisation directly.

A significant proportion of the environmental impact of the materials used arises from partners' operations or is determined by their choices. The actions of customers and consumers also have an impact.

Therefore, the Environmental Policy takes into account the involvement of stakeholders, such as the supply chain, and the corresponding targets are described in the Code of Conduct for Partners. Suppliers and partners are required to comply with the Code of Conduct for Partners. Regarding the significant positive and/or negative impact on the outflows of materials, the Product Policy outlines that consumers are communicated about the recyclability and recycling of packaging.

ACTIONS

Olvi Group's material use and its development has positive and negative impacts on both the inflows and use of resources, and the resource outflows related to products. The essential materials include raw materials, such as malt, sugar, and water, as well as packaging materials, such as aluminium cans, glass and plastic bottles, shrink wrap and cardboard packaging. In addition, transport packaging such as pallets, plastic trays and crates, containers and cardboard packaging are needed to transport both incoming and outgoing materials and finished products. The outflows mainly consist of finished products, the environmental impact of which is determined by the recycling and end-use of their packaging materials.

Raw materials

The quantity and quality of the incoming materials depend on the product portfolio and production volumes. In terms of raw materials, the aim is always to make the most efficient use of materials and avoid waste through production planning and content

product development, as well as through using the same materials in different products, optimising order sizes and taking care of appropriate inventory turnover. The most commonly utilised recycled materials are surplus fruits and their peels in flavouring beverages.

Packaging materials

The aim is to reduce the amount of packaging materials through various optimisation actions, such as lightening and redesigned primary and secondary packaging. In terms of plastic bottles and cans, various lightening actions have been implemented for several years, and these have resulted in significant reduction of materials at the Group level. Packaging development will continue in all Group companies in cooperation with suppliers. However, the primary function of packaging is to protect the product, which means lightening measures can only be carried out up to the limit set by product safety and quality standards. In 2025, the clarification of the environmental impacts of different types of packaging will continue in order to steer the product portfolio in a more environmentally sustainable direction through selected packaging materials. However, the EU's Single-Use Plastics (SUP) Directive and Packaging and Packaging Waste Regulation must also be taken into account, as these will guide the industry's packaging practices by 2030.

The use of virgin, meaning new, materials has been reduced by using recycled materials in both plastic bottles and cardboard packaging. In Belarus, efforts are currently being made to introduce a legislative change that would allow the use of recycled plastic in primary packaging. Within the EU, the use of recycled

PET material in bottles will be increased during 2025 and further until 2030. Recycled material is also used as part of the material in glass and aluminium packaging. Most of cardboard packages are already made of recycled fibre. The possibilities of using various recycled plastics and bio-based plastics have also been explored, as well as the possibilities of reducing the use of colourings and using more environmentally friendly colourings in packaging. The use of recycled materials is monitored, and efforts are made to further increase their use in all Group companies.

Transport packaging

Various transport packaging and platforms, such as pallets, containers and canisters, are used to transport incoming materials. Some of these can be used further within the company, some are collected and returned to suppliers, and some are recycled as material. Pallets are also repaired and sold on in accordance with the principles of the circular economy. During 2024, the monitoring of circulating materials in different companies has been developed, and the development work will continue during 2025 to get a better picture of the total use of materials.

Resource outflows related to products and their positive and negative impacts on the environment mainly come from finished products, which are mostly delivered to Group countries. The content of the products is recycled through wastewater treatment. To utilise the materials, all the packaging used in Olvi Group is recyclable as material. Primary packaging is mainly recycled through packaging deposit return systems and multipack product packaging materials through general recycling systems. With the exception of Belarus, the companies participate in the beverage packaging deposit return system and seek to increase the recycling of consumer packaging materials. In Belarus, the creation of a deposit return system

is being explored. The effectiveness of actions is monitored by country using the return rates for bottles and cans reported by local deposit return systems.

Reusable beverage packaging

Olvi Group companies use some reusable glass bottles and beverage kegs. Using these will reduce the amount of virgin material, but other environmental impacts are not unambiguous. The use of reusable packaging varies by country, with reusable glass bottles mainly used in Estonia, Latvia and Lithuania, while glass bottles are solely or almost exclusively recycled as a material in Finland, Denmark and Belarus. Reusable restaurant kegs are in use in all countries. Other current primary packaging is not suitable for reuse. The use of reusable bottles will be developed in line with the EU Packaging and Packaging Waste Regulation and its interpretations by 2030. This may require significant financial investments, mainly in companies in which reusable bottles are not currently in use. The need for and magnitude of possible investments will become clear when national interpretations of the legislation and customers' actions are established.

Material flows in value chain

Olvi Group companies do not have direct visibility into all material flows across the value chain. The Code of Conduct for Partners requires that the principles of the circular economy are taken into account in material flows. In addition, suppliers' self-assessment deals with waste treatment and material flows. During 2025, the aim is to deepen the overall picture of the value chain's material use, especially in relation to the suppliers. The recycling and disposal of consumer and customer materials outside the primary packaging return system can be assessed to some extent based on country-specific recycling data.

The actions aimed at developing material use support one of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 13: Climate actions.

TARGETS

One of the key sustainability targets is a product portfolio that meets the criteria for a sustainable product in 2030. Environmentally friendly packaging is part of the criteria for a sustainable product, and the Group's goal is to increase the use of recycled materials in product packaging in all Group companies. The use of recycled PET material in bottles in EU will be increased to at least 25% of plastic primary packaging material by 2025 and to at least 30% by 2030. In 2024, the amount of recycled plastic in primary packaging was 5,7% at the Group level in EU. In addition, the use of plastic materials is monitored in accordance with the EU Single-Use Plastics (SUP) Directive. No numerical targets have been set for the proportion of recycled materials in other packaging materials because of the nature of the manufacturing process for glass and aluminium. However, the recycled material content is monitored annually in all companies for both primary and secondary packaging, and the aim is to increase the use of recycled materials in cooperation with suppliers.

The quantity and quality of incoming materials depend on the product portfolio and production volumes. As a result of changes in production volumes, direct quantitative material reduction targets do not guide material use and have not been set, although various measures are being taken to reduce the use of materials. During 2025, the reporting of material flows at the Group level will be further developed, including circulating transport packaging.

In terms of the outflows of materials, the recyclability of all packaging and packaging recycling instructions for consumers and customers are maintained. The targets are assessed with the help of the return rates of deposit return systems for packaging. The latest figures are presented in the table below. In addition, efforts are being made to further develop the use of side streams, such as finding new opportunities to use spent grain and surplus yeast. The companies' internal sorting practices will be further developed, and applications for potentially reusable waste materials will be sought. The achievement of targets is monitored annually through the amount of material fractions and waste.

METRICS AND ACCOUNTING POLICIES

Resource inflows

	2024
Total weight of products and materials used, tonnes	2,954,723
Reused, recycled and secondary reused materials (packaging materials), tonnes	58,305
Reused, recycled and secondary reused materials (packaging materials), %	58.2
Sustainably sourced biological materials, %	0

Resource outflows

	2024
Rate of recyclable content in packaging, %	100

Recycling system and return rates for disposable packaging

	Finland	Estonia	Latvia	Lithuania	Denmark
Plastic bottle, %	90	89	92	89	91
Glass bottle, %	99	92	84	86	88
Can, %	98	86	86	91	93

Accounting policies

Material resource inflows are described in the section Actions. Rare earth metals are not used. Of the EU's critical raw materials, only aluminium as the raw material for can packaging is significant.

The material inflow calculation covers biological and technical packaging materials and raw materials including water, used for the manufacturing of products, as well as ready products purchased from partners for sale during the reporting period. Water used for washing production facilities and equipment has been included. The figures do not take into account the transport packaging of products, such as pallets and plastic trays, whose closer monitoring will be further developed. Materials used for maintenance or construction, marketing materials and other non-product-related materials have not been taken into account.

Renewable packaging material is packaging made of biological materials, such as cardboard. Secondary reused material includes the proportion of packaging made of recycled material, such as recycled plastic and recycled glass, as well as aluminium. Renewable and secondary reused materials have been calculated in accordance with the procurement volumes. Reused material includes as such the reusable primary packaging stock that has been filled during the reporting year. Renewable and secondary reused materials partly contain the same materials, as some of the secondary reused materials are also renewable (paperboard and cardboard), but they have been included only once in the calculation. Packaging materials

of purchased ready products have not been considered.

With regard to biological raw materials, no sustainable procurement has been carried out, as certifications are not common for the raw materials used. In terms of biological packaging materials, certified materials have not been purchased, but Olvi Group is committed not to cause deforestation through its operations. Fixed assets and their increase are reported in the financial statements.

The calculation is based on the procurement weights that have been reported by the supplier or measured. Liquid raw materials have been taken into account as wet weights. Slight inaccuracies may be caused by inaccuracies in the net and gross weight data of purchased finished products, as well as by small net and gross weight differences in some material categories, but these do not have a significant impact on the outcome.

All Olvi Group companies sell food products that are packaged in recyclable and partly also reusable packaging. Most of the products are manufactured in the Group's production plants. In accordance with the nature of the products, the product is designed to be used once, excluding reusable packaging. Transport packaging is either reusable, such as pallets, trays and crates, or recyclable, such as packaging plastic and cardboard boxes. For purchased products, the inaccuracy of gross and net weight data may cause slight inaccuracies in the calculation but does not have a significant impact on the outcome.

Social information

S1 Own workforce70
S2 Workers in the value chain 79
S4 Consumers and end-users 82

S1 Own workforce

APPROACH AND POLICIES

Material impacts, risks and opportunities concerning own employees in an employment relationship have been identified in accordance with Olvi Group's double materiality assessment. The double materiality assessment and Olvi Group's material impacts, risks and opportunities identified through the analysis are described in more detail under ESRS 2 General disclosures. The impacts, risks and opportunities related to non-employees will be further examined during 2025.

The management of material impacts, risks and opportunities concerning own employees is described in Olvi Group's People Policy in particular, as well as in the policies for work safety, information security and personal data protection. In addition, Olvi Group's Code of Conduct and Sustainability Policy address topics that are important in terms of its own employees. The interests of own employees have been taken into account when drawing up policies concerning them by examining the results of the double materiality assessment, personnel surveys and personnel forums, among others.

Commitments

Through the Code of Conduct and its supplementary policies, Olvi Group is committed to respecting and promoting internationally recognised human rights and standards in accordance with the UN International Bill of Human Rights, the International Labour Organisation's (ILO's) Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. The Code of Conduct and the People Policy state in relation to own workforce that Olvi Group does

not tolerate forced labour, the use of child labour or human trafficking.

In addition, Olvi Group is committed to the UN Guiding Principles on Business and Human Rights (UNGPs). The Group's Human Rights Commitment describes these processes in more detail, taking different stakeholders into account. Olvi Group has not been informed of any severe human rights incidents related to the Group's workforce during the reporting period.

Human rights impacts' assessments

In 2024, Olvi Group carried out a human rights impact assessment and an impact risk assessment for workforce in accordance with the UN Guiding Principles on Business and Human Rights. Olvi Group's most significant impacts on employees are related to health, work-life balance, equality and non-discrimination, as well as to the protection of privacy and personal data protection. Actions to prevent and mitigate these impacts are described under Actions in this topical standard.

A human rights impact assessment based on general information and a risk assessment of impacts has also been carried out for employees, who are not in direct employment relationship with Olvi Group, but for whom it has managerial responsibility. These include self-employed people and people employed by a third-party primarily engaged in employment activities. The assessments will be further deepened during 2025. For employees who are not in a direct employment relationship, more information is needed for a more detailed risk assessment. The aim is to identify the most significant groups of employees, develop processes and examine the potential material impacts,

risks and opportunities related to these employees. If necessary, the double materiality assessment will be updated based on a more detailed risk assessment.

People Policy

The People Policy describes personnel practices with the aim of supporting the Group's strategic objectives, building a positive and innovative corporate culture, supporting employees' performance at work and maintaining employees' well-being at work. In addition, the aim is to maintain the employer image, ensure the Group's operations and make use of the Group's resources, knowledge and experience to develop operations. The policy also highlights the interaction channels for employees, as well as Whistleblowing channel for raising concerns. One of the goals of the People Policy is a positive, innovative and agile corporate culture, which is described in more detail under G1 Business Conduct. The goals of the People Policy related to personnel planning and recruitment, as well as to supervisory work and management, support the management of the material impacts concerning own employees.

Health and safety

Employees' health and safety has a positive impact, and supporting the occupational health and well-being of own employees is one of the objectives of the People Policy. To maintain the employees' ability to work, they are encouraged to contribute to a culture of open discussion, and health services are provided to employees through occupational healthcare. In accordance with the policy, Olvi Group focuses on ensuring the physical, mental and social well-being of its employees and providing a substance-free working environment. The purpose of Olvi Group's Work Safety Policy is to ensure that everyone working in the Group companies can perform their duties safely and is not exposed to hazards or other factors that would endanger their mental or physical safety.

The objective of the Work Safety Policy is to focus on a safety-oriented mindset and a safety culture in which the guideline on work safety principles plays a central role. The active role of the management and the employees is also one of the objectives. Employees' work safety awareness and training are invested in, and they are encouraged to make safety observations. The objective of the continuous development of work safety practices is to maintain and continuously improve common operating models. The Group has a common model for the prevention and investigation of occupational accidents.

The Work Safety Policy also describes the Group's management systems. All Group companies have their own occupational health and safety management systems to ensure the quality and consistency of operations that also meet the legal requirements. In addition, most Group breweries have certified occupational health and safety management systems (ISO 45001 standard). Some companies use the ISO 45003 standard focusing on psychological health and safety at work.

Working conditions

One of the objectives of the People Policy is to guarantee working conditions, by which ensuring Olvi Group has a positive impact on its own employees. In accordance with the policy, the aim is to ensure adequate wages, working time and work-life balance in terms of working conditions. Through working hours, Olvi Group creates a better working environment by means of variousactions, which builds a positive employer image. This reduces employee turnover and facilitates the availability of new employees, which also has a positive financial impact.

The policy also provides information about other matters related to working conditions, including social dialogue, freedom of association, the existence of

works councils, and the information, consultation, and participation rights of workers, as well as collective bargaining. Freedom of association, including the right to join trade unions and exercise the right to collective bargaining, are respected. Employees are encouraged to participate in regular social dialogue forums. All matters related to working conditions are subject to local laws, regulations and rules. In accordance with the People Policy, secure employment is also ensured.

Equal treatment and equal opportunities

By ensuring diversity, gender equality and equal pay for work of equal value, Olvi Group's operations have a positive impact on its own employees. One of the objectives of the People Policy is to promote equal opportunities and diversity, including a more inclusive operating culture. In accordance with the policy, all employees are treated equally regardless of age, sex, gender identity, ethnic background, race, colour, sexual orientation, disability, political opinions, religion, national extraction or social origin, or other similar aspects. Olvi Group has guidelines aimed at preventing discrimination.

Measures to combat potential violence and harassment in the workplace are seen as having a positive impact on own employees. The People Policy outlines that Olvi Group has zero tolerance for discrimination and harassment in all circumstances. Olvi Group does not tolerate any form of discrimination, physical, sexual, verbal or psychological harassment, or any form of abusive behaviour or bullying. In accordance with the policy, discrimination, violations and inappropriate behaviour are addressed immediately through processes planned for such situations.

Personnel training and skills development have a positive impact, and this is one of the objectives of the People Policy. In accordance with the policy, Olvi Group organises performance reviews and develops employees' skills through company- and group-level training.

Information security and data protection

The realisation of the privacy of own workforce has a positive impact on Olvi Group. The purpose of the Data Protection Policy is to reduce and manage the risks associated with personal data processing and data protection. Policy's most important objective is to ensure the protection of personal data. In addition, the objectives include the appropriate processing of personal data, as well as informing the data subjects of the purpose for which personal data is collected.

The aim of the Information Security Policy is to reduce and manage risks related to information security. The aim of information security management is to ensure the continuity of business and minimise the risk of damage by preventing information security incidents and breaches and reducing their potential impacts. The objectives of the policy focus on the access management of information systems, the classification and processing of information, the physical information security of facilities, the security of equipment, and the use of the Group's information network. Objectives also relate to key users and users managing and maintaining information systems, as well as the acquisition, development and maintenance of information systems. In addition, the policy aims to ensure the continuity of business and information security.

The coverage of all policies, the highest body accountable for implementation and the availability for stakeholders are described in Sustainability Statement Appendices. To manage the impacts of its own employees, Olvi Group monitors and assesses the effectiveness of the actions related to the objectives

of the policies at different organisational levels. More information is provided as part of the description of the roles of the administrative, management and supervisory bodies under ESRS 2 General disclosures. The Group's employees are regularly informed about the progress of the targets related to the objectives and related actions through various internal channels.

HEALTH AND SAFETY

Actions

Olvi Group aims to have a positive impact on its own employees through health and safety actions.

OCCUPATIONAL HEALTH

Olvi Group is continuously developing its ways of working and its working environment to promote smooth and productive work and eliminate health risks and hazards. All Group companies plan the work, and the machines and equipment required to carry out the work, as well as the working environment and working conditions, in a manner that eliminates any adverse impacts on physical and mental health and any risks to employees.

Olvi Group implements continuous actions to promote the health and well-being of employees at work. Occupational health risks are regularly identified at all Olvi Group's production plants, and actions are taken based on the findings, and the effectiveness of the actions is monitored. All companies in Olvi Group have systems and procedures for reporting work-related health issues. In the whole Group, efforts are made to detect any factors that affect ability to work at an early stage, especially by encouraging a culture of open discussion.

In terms of sickness absences, effective treatment and measures are ensured with the help of the

occupational healthcare provider. Healthcare is provided in all Group companies in accordance with the laws and practices of the country in question. All Group companies invest in work ergonomics and health and well-being through various actions, events and lectures. In addition, Olvi Group organises programmes and events that support well-being at work in each company. The whole Group also supports leisure-time physical activities and hobbies.

WORK SAFETY

Olvi Group works to ensure accident-free and smooth work for both its own personnel and external employees working in its facilities. Continuous efforts are being made to develop ways of working and detect, prevent and eliminate hazards. Safety risk assessments and audits are carried out annually at all Olvi Group production plants by in-house and external occupational safety experts, as well as in connection with operational or equipment changes. Based on these, actions are determined, the effectiveness of which is monitored.

In the Group, the personnel's competence in safety matters is ensured through induction, safety training and up-to-date instructions, which are available both on a general level and related to each task. Each employee at Olvi Group's plants has the appropriate protective equipment and clothing.

Employees are encouraged to make safety observations in all Group companies through systems and applications designed for this purpose. Each safety observation is processed, the necessary actions are taken based on the observations, and the implementation of the actions is monitored. The Group companies are constantly developing their operations and practices related to safety observations and their effective exploitation.

In 2024, the Group companies continued to implement the Group's work safety principles, and this work will continue in 2025. The principles include:

Taking safety into account in all operations
Paying attention to cleanliness and order
Actively making safety observations
Wearing appropriate protective equipment and clothing
Taking care of well-being and coping at work

All companies in Olvi Group have systems and procedures for monitoring, reporting, investigating and correcting near misses and accidents. In 2025, the Group companies will continue to develop the Group's model for the prevention and investigation of occupational accidents. In addition, in 2025, online work safety training will be carried out for the all the Group's employees.

In 2025, Olvi Group companies will share their occupational health and safety practices with one another and evaluate to identify any need for new joint measures.

The actions to promote employees' health and safety support from the eight UN sustainable development goals that are the most significant for Olvi Group, 3: Good health and well-being and 8: Decent work and economic growth.

Targets

Olvi Group measures occupational health and working capacity by monitoring sickness absences. The Group's permanent long-term target is to achieve a sickness absence rate of 3.5% of all the working hours of its own employees. In 2024, the Group's sickness absence rate was 4.3%, when in 2023 it was 4.5%.. Employees' occupational health is also monitored by means of a personnel survey. Based on the survey results, development targets are set for each function,

and their implementation is monitored regularly. Employees participate in setting development targets.

Olvi Group measures the safety of the working environment based on the total number of accidents and absences caused by accidents. In 2024, a total of 28 accidents were reported in Olvi Group, which was 3 accidents less, meaning 9.7% less than in the previous year. The value for the comparison year has a figure adjusted to correspond to the definition of an accident used in 2024. The decrease in the number of accidents is explained by the fact that Olvi Group has developed a way to identify and assess workplace hazards and risks and to plan preventive measures to minimise risks.

One of Olvi Group's key sustainability targets was to achieve zero accidents and accident-related absences by the end of 2024. From 2025 onwards, this will be replaced by a continuous target of zero serious work accidents per year. A serious accident is an accident that results in more than 30 days of absence, fractures or serious injuries, or fatalities. In 2024, there were two serious accidents, while there was one serious accident in the previous year. Matters related to safety are reported to the management on a monthly basis.

EQUAL TREATMENT AND EQUAL OPPORTUNITIES

Actions

In terms of diversity, Olvi Group takes actions aimed at achieving positive impacts on its own workforce. The Code of Conduct online course, which is mandatory for all Group employees, deals with diversity and nondiscrimination as one of its themes.

DIVERSITY

The Group companies have tools and guidelines to promote diversity and prevent discrimination. The parent company, Olvi, is committed to promoting diversity, equality and inclusion in the workplace community through the FIBS corporate responsibility network's Diversity commitment. In 2024, Cēsu Alus joined the Strength in Diversity initiative established by a foundation under the Latvian administration. Cēsu Alus received the Silver status as a sign of the successful implementation of the diversity policy and the active participation of employees in promoting an inclusive working environment.

In 2024, Olvi Group joined in the DEI peer learning group of UN Global Compact Finland. The peer learning group studies tools that support the development of diversity, equity and inclusion and deepens the Group's knowledge and skills related to the themes. In 2025, the Group's common operating methods will be developed to take diversity, equity and inclusion into account. A current state analysis will be used to determine the focus areas and actions. In addition, general diversity guidelines will be created and guidelines will be updated, regarding recruitment in particular.

The Group's gender distribution has remained stable. Of the Group's employees, 60% were men and 40% were women in 2024. In 2024, 67% of the members of Olvi plc's Board of Directors were men, and 33% were women. Of the members of the Group's senior management (the Group Leadership Team, the companies' management teams and the subsidiaries' boards of directors), 49% were men and 51% were women. Gender equality is currently implemented quite well throughout Olvi Group, and no separate actions are considered necessary in relation to

recruitment, for example. The current state of the implementation of gender equality will be examined in more detail as part of the diversity plan in 2025.

EQUAL PAY

Olvi Group develops equal pay processes that assess the complexity of tasks in the same way. All Group companies regularly carry out wage comparisons to ensure equal pay. In 2024, Olvi Group drew up an operating model for assessing work tasks and defining the pay criteria. In 2025, consistent pay and remuneration practices will continue to be developed to ensure that remuneration is based on the complexity of the task, personal competence, experience and performance at work.

PREVENTION OF HARASSMENT

To combat any violence and harassment in the workplace, Olvi Group takes measures that have a positive impact in preventing these. The Group's Code of Conduct online course, which is mandatory for all employees, deals with harassment as one of its themes. Olvi, the parent company, and Volfas Engelman have their own separate guidelines for the management of any harassment and inappropriate treatment. Other Group companies also have their own instructions and training programmes that have the prevention of harassment as one of the topics. In 2025, it will be ensured that all Group companies have the necessary instructions for employees to prevent violence, harassment and inappropriate treatment.

The actions to promote employee diversity and nondiscrimination support one of the eight UN sustainable development goals that are the most significant for Olvi Group, 8: Decent work and economic growth.

Targets

Olvi Group measures the implementation of equity by means of a question in the personnel survey. According to the results of the 2024 personnel survey, most of the Group's employees feel that they are treated fairly and equally regardless of their position, gender and age (3.5/4). There is no specific target level determined for the result of the question. The result of the question has remained at a good level: in the previous personnel survey in 2022, the result was 3.3/4.

Based on the results of the personnel survey, company-level development targets are set as necessary. Olvi Group will set new diversity targets and metrics when the action plan for the Group's diversity plan is completed in 2025. These personnel survey questions and the related targets will be developed in cooperation with some of the Group's employees.

In terms of violence and harassment in the workplace, the Group's target is zero cases. In 2024, one case was reported through the Whistleblowing channel. In 2025, Olvi Group will develop the Group's common processes and channels for reporting incidents of violence and harassment.

TRAINING AND SKILLS DEVELOPMENT

Actions

In connection with training and skills development, Olvi Group undertakes various actions aimed at achieving positive impacts on its own workforce. Olvi Group supports the competence and development of personnel, and the building of a common operating culture through both company- and group-level training and operational development. The personnel are provided with a diverse range of training by both traditional means and online.

TRAINING

The Group organises training on the Code of Conduct and other policies. The Group's Code of Conduct online training was launched in 2024 and is mandatory for all employees. In addition, company-specific online training is available on work safety and data protection, for example.

In 2024, Olvi Group organised to all employees a sustainability webinar series on social sustainability, environmental sustainability, the value chain, ethical operating practices, sustainable product development and financial sustainability. In addition to the sustainability webinar series, the Group focused extensively on increasing sustainability awareness through other trainings as well.

New employees are provided with orientation through traditional personal induction, work guidance and joint training. Training is offered to the persons providing induction training. Also, feedback on induction training is collected to develop operations.

SKILLS DEVELOPMENT

Employees are encouraged to take the initiative and actively develop their skills. The Group invests in a career path creation; that is, how an employee can

grow and develop into the most demanding tasks from the beginning of their career. The competence and development needs of the personnel are identified through annual performance reviews, which are carried out in all Group companies. Through these reviews, it is ensured that employees have the competence required for their jobs, as well as clear development goals and areas of responsibility.

In 2025, the review and development of the performance review processes and models will begin at the company and group level, and this work will continue in the nex year. In addition, training themes related to management that support the strategy will continue. The Group's online training on sustainability, work safety, information security and data protection will be published in 2025. In addition to these, the Group provides training for specific groups, taking the tasks and responsibilities of the employees into account.

The actions aimed at employees' training and competence development support one of the eight UN sustainable development goals that are the most significant for Olvi Group, 4: Quality Education.

Targets

Olvi Group measures the implementation of performance reviews to identify the competence and development needs of its personnel. During performance reviews, employees and the supervisor determine the employee's personal development goals. The goal is for 100% of all permanent employees to undergo an annual performance review. In 2024, 78.1 % of the Group's permanent employees participated in performance reviews. In 2025, the performance review practices and reporting will be further specified for temporary employees, after which the targets for the number of performance reviews held annually will also be determined.

Olvi Group monitors the time spent by employees in training. In 2024, Group employees spent an average of 44.8 hours in training, when in 2023 it was 7.1 hours. The number of reported trainings has increased because more training has been organised, and more attention has been paid to recording practices. No specific target level has been determined for the time spent in training. Training completion reporting practices will be developed to ensure up-to-date monitoring of training volumes by focus area and as required by law. After this development, targets will be set for monitoring training.

WORKING CONDITIONS

Actions

Working conditions include secure employment, adequate wages, working time and work-life balance. In addition, they include social dialogue, freedom of association, the existence of works councils and the information, consultation and participation rights of workers, as well as collective bargaining.

In addition to complying with local laws, companies have company-specific guidelines that take into account the safety of employees, the continuity of employment and the security of livelihood. In addition to these, the Group carries out long-term business planning that reflects the need for employees (number, position, competence) in the long term. The majority of Olvi Group employees are employed on a permanent basis, but seasonal workers are also needed because of the nature of the Group's operations.

Remuneration at Olvi Group is always based on current laws and agreements in accordance with country-specific practices. In addition, salaries are determined based on how demanding the job is and on competence, performance and results. Olvi Group develops consistent processes related to pay and remuneration. Based on Olvi Group's assessments carried out in 2024, the Group does not have any employees in any of its companies with wages below the applicable adequate wage level.

In terms of working hours, Olvi Group complies with local legislation and regulations, as well as with overtime and holiday guidelines and monitoring. Enabling a flexible work culture has a positive impact on maintaining the work-life balance of employees. Prerequisites for work and work flexibility are developed in the Group companies. Flexible working time models and part-time work, as well as remote and hybrid work, are offered as far as possible. Various shift arrangements and models are tested to promote well-being at work. Olvi Group also enables long- or short-term leaves for such reasons as studies or job alternation.

All Group employees are covered by collective agreements. Employees are encouraged to participate in associations and works councils. The information, consultation and participation rights of employees apply in all Group companies. These may vary between countries, depending on culture and employee interest.

Olvi Group employees are heard through cooperation steering groups and other cooperation bodies. Employees are encouraged to participate in regular social dialogue forums. Through structured social dialogue, the aim is to address concerns, improve working conditions and maintain a fair and inclusive workplace that supports employees' well-being at work.

Olvi Group is planning to draw up a well-being action plan related to working hours in the coming years. The action plan covers different groups of

employees, such as shift and office workers. Olvi Group companies regularly review whether new actions are required in terms of working conditions.

The actions aimed at developing employees' working conditions support one of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 8: Decent work and economic growth.

Targets

By focusing on the development of working conditions, Olvi Group can have an impact on employees' job satisfaction and level of commitment. One of the Group's main sustainability targets is committed personnel that is measured by means of a personnel survey. The personnel survey focuses on the employee experience, organisational functionality and elements of corporate culture.

In 2030, the target for the overall result of the PeoplePower personnel survey is AAA. Olvi Group's result was AA+ in the 2024 personnel survey. Based on the survey results, the Group determines common and department-specific development goals and actions for workplace communities in cooperation with employees. A number of Group employees also participate in the development of personnel survey questions and the related targets.

OTHER WORK-RELATED RIGHTS – PRIVACY

Actions

Olvi Group focuses on ensuring privacy and information security for its own employees. To protect personal data, access rights to databases containing sensitive personal data are carefully managed. Through regular training and communication Olvi Group ensures that employees using confidential information are aware

of the rules concerning the processing of confidential and sensitive personal data.

INFORMATION SECURITY

The Group has prepared for the increasing information security threats in many ways. Olvi Group's operations depend on the functionality of its IT systems. Prolonged malfunctions arising from cybersecurity threats or system break-ins can cause significant problems if they occur.

Olvi Group is continuously developing the security of its IT services. Olvi Group's information systems are protected through regular updates, backups, firewalls, anti-malware software, content filters and threat detection programs. The Group's information security service responds to deviations and alerts detected by these information security programs and takes the necessary actions. Training for personnel and information about information security risks and how to avoid them are provided on a regular basis.

In 2024, Olvi Group developed its operating methods to ensure the daily operation of its IT services and the best possible protection against data loss, as well as monitoring and responding to information security threats. During the year, there was zero confirmed information security incidents. In 2024, Olvi Group updated its recovery plan and network access management practices and renewed its backup solutions and firewalls. Employees' awareness of information security threats was increased through communication and training, with a particular focus on phishing. Resources for information security were increased, and processes were developed to respond to the industry's changed regulations, such as the Cybersecurity Directive.

In 2025, the focus will be on further improving the level of information security and introducing even more enhanced access control. In addition, online trainings on the Group's information security and data protection will be provided.

Employee privacy measures support one of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 4: Quality Education.

Targets

Olvi Group's target is to prevent data breaches. In addition, the goal for 2025 is for the Group's employees to complete the new online information security and data protection trainings.

ENGAGING WITH OWN EMPLOYEES AND THEIR REPRESENTATIVES ABOUT IMPACTS

Olvi Group regularly interacts with its employees through various channels concerning the Group's actual and potential material impacts. As far as possible, Olvi Group takes its own employees' views into account in its decision-making processes. Own employees are heard in connection with both the strategy update and operational development. The Group Chief Human Resources and Communications Officer has the operational responsibility to ensure that communication with own employees takes place, and that the results of the communication are taken into account in the Group's operating practices.

One channel for engaging with employees is the PeoplePower personnel survey, which is carried out every two years. It focuses on the employee experience, the functionality of the organisation and the elements of culture. The employee experience particularly emphasises inspiration and dedication, which consist of commitment, management and performance. Based on the survey results, the

Group determines common and department-specific development goals and measures for workplace communities in cooperation with employees. In addition to the personnel survey, less extensive Pulse surveys are organised annually.

Olvi Group maintains regular contact with employees through the intranet, email, newsletters, meetings and briefings, among other means. Olvi Group companies also have various programs and applications through which employees can make observations related to safety, for example.

The industry's collective agreements are companyspecific and are regularly renewed by the parties. Olvi Group maintains contact with employees and employees' representatives in accordance with local laws and agreements through a shop steward organisation and by encouraging all employees to participate in joint or department meetings and to have an impact through personnel and other surveys. In committees in which employees are represented, issues related to occupational safety and health are reviewed.

In 2025, Olvi Group will determine and harmonise the processes for engaging with its own personnel about impacts.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN EMPLOYEES TO RAISE CONCERNS

Olvi Group companies have several channels for employees to raise concerns. Employees are advised to contact the supervisor or the local HR department if their concerns are related to HR management, such as employment and workplace community issues. However, if an employee feels unable to discuss these issues with their local HR department, they can report their observations and concerns anonymously through the Whistleblowing channel. The Whistleblowing channel and the process for handling reports are described in more detail in the G1 Business Conduct section under Whistleblowing channel.

Olvi Group's Whistleblowing guidelines provide information about the Whistleblowing channel and its processes. Information is also provided in the Code of Conduct and the Anti-corruption Policy. Through communication and training, the Group ensures that its employees are aware of the channels for raising concerns. The Code of Conduct online training, which is mandatory for all Group employees, contains information about the Whistleblowing channel. In 2025, the Group's employees will be provided with training on the updated Whistleblowing guidelines.

Employees can also raise concerns through other channels, such as performance reviews and personnel surveys. In accordance with these, the necessary actions will be taken.

METRICS AND ACCOUNTING POLICIES

Employee head count by gender
-------------------------------	--	--	--	--

	Number of employees 2024 (head count)
Female	977
Male	1,482
Total employees	2,459
Total employees (FTE)	2,425

Employee head count by country

	Number of employees 2024 (head count)
Finland	449
Estonia	383
Latvia	289
Lithuania	306
Denmark	95
Belarus	937
Total employees	2,459

Employees by contract type

	Female	Male	Total
Number of permanent employees	946	1,434	2,380
Number of temporary employees	24	31	55
Number of non-guaranted hours employees	7	17	24
Total employees	977	1,482	2,459

Employee turnover

	2024
Employee turnover, %	12.3
Number of employees who have left during 2024	292

Collective bargaining coverage rate and social dialogue

	Collective bargaining coverage	Social dialogue
Coverage rate	Employees – EEA	Workplace representation (EEA only)
0-19%
20-39%
40-59%
60-79%
80-100%	Finland, Estonia, Latvia, Lithuania	Finland, Estonia, Latvia, Lithuania

Diversity metrics

Gender distribution at top management level	Persons	%
Board, female	2	33.3
Board, male	4	66.7
Group management team, female	3	50.0
Group management team, male	3	50.0

Employees by age group	Persons	%
Under 30 years old	459	18.7
30–50 years old	1,424	57.9
Over 50 years old	576	23.4
Total	2,459	100.0

Training and skills development metrics

	2024
Percentage of employees that participated in regular performance and career development reviews, %	78.1
Average number of training hours completed per employee	44.8

Health and safety metrics

2024

0
0
28
6.6
100

Olvi is not aware of any such cases
Olvi is not aware of any such cases

Compensation metrics

	2024
Gender pay gap	17,0
Annual total remuneration ratio	24,7

Incidents, complaints and severe human rights impacts

	2024
Number of incidents of discrimination, including harassment	1
Number of complaints filed through channels for own employees to raise concerns	1
Number of complaints filed to National Contact Points for OECD Multinational Enterprises	0
Fines, penalties and compensation for damages as a result of the incidents and complaints, EUR	0
Number of confirmed severe human rights incidents connected to own employees	0
Confirmed severe human rights incidents connected to own employees that are cases of nonrespect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises	0
Fines, penalties and compensation for damages related to confirmed severe human rights incidents, EUR	0

Accounting policies

The numbers of employees presented in the calculations include the employees of the whole Olvi Group, and the numbers presented in the tables are the numbers of personnel at the end of the reporting period on 31 December 2024. In addition, the average number of employees (FTE) is presented, calculated based on working hours and reported as an average for the whole year. The number is presented in the financial statements in Note 5.

Employee turnover refers to all permanent employees who have left during 2024. Due to the seasonal nature of the business, also temporary employees are hired to meet increased demand. Most of the temporary employees are not employed at the end of the reporting period when the headcount is calculated.

In terms of the top management, management diversity metrics present information about the members of the Board of Directors and the Group Leadership Team, including the Group CEO. For both the management and the employees, gender distribution data is presented in accordance with the data from the Group companies' HR management systems. The data is based on the breakdown of the national identification numbers of the countries of operation (woman/man).

Remuneration figures have been calculated based on personnel in active employment. The total remuneration ratio of women to men has been calculated by comparing the average gross hourly earnings of men and women in the total number

of employees as a percentage of the average wage level of men. It includes all employees at the end of the year and takes into account the number of personnel divided by gender. The total remuneration ratio is calculated by comparing the annual total earnings of the highest-paid employee, the Group CEO, with the median annual earnings of all other employees at the end of the year.

The number of employees by employment contract type includes all employees in an active employment relationship on 31 December 2024. Permanent employees regularly work either part-time or full-time without a specified end date, while temporary employees regularly work either part-time or full-time at the end of the year with a specified end date. Employees with nonguaranteed hours do not have minimum or fixed working hours.

The coverage of collective agreements takes into account the agreements signed by Olvi plc or its subsidiaries or the agreements signed by the employees' association of which Olvi plc or its subsidiary is a member. The coverage rate for employees' representatives includes all employees covered by a representative. This applies to trade union representatives (selected in accordance with national law and practice) or other appropriately elected representatives freely chosen by the employees.

Work-related accidents and the rate of workrelated accidents only include own employees. Work-related accidents that have occurred include all work-related accidents that have caused at

least one day of absence. The accident frequency rate has been calculated as the number of accidents at work per one million hours worked.

The total number of incidents of discrimination and harassment includes all cases of discrimination, including harassment, reported through the Whistleblowing channel, supervisors or HR departments. Severe human rights violations against own employees include modern slavery, human trafficking or child labour, and are reported in accordance with the definitions of the UN Guiding Principles on Business and Human Rights (UNGPs).

S2 Workers in the value chain

APPROACH AND POLICIES

Material impacts, risks and opportunities concerning workers in the value chain have been identified in accordance with Olvi Group's double materiality assessment. The process and identified impacts, risks and opportunities are described under ESRS 2 General disclosures. Secure employment has been identified as a material impact, covering various actions related to the permanence of the employment relationship. Impacts, risks and opportunities related to other themes were also identified, but based on the available information, they were not deemed material. After the completion of the double materiality assessment, a human rights impact assessment in the value chain was carried out in late 2024, as well as an impact risk assessment. These were conducted in accordance with the UN Guiding Principles on Business and Human Rights (UNGPs). For a more detailed risk assessment, more information about the Group's value chains is needed, so the assessments will be further deepened during 2025. Based on the results of a more detailed risk assessment, the double materiality assessment will be updated if needed.

Human rights impacts in Olvi Group's value chain have been identified in relation to both materials and countries of origin, based especially on information published by the UN Human Rights Council and Amnesty International. In particular, agricultural materials such as juices, wines and sugar cane-based sugar were identified as high-risk materials. In addition, potential human rights risks were identified in terms of packaging materials in the multiphase production chain for aluminium cans. Only the Belarusian subsidiary, which operates independently in Belarus,

has significant purchasing volumes from high-risk countries. Because of the current situation, this subsidiary procure most of its materials from Belarus and some items not available in Belarus from Russia, which are classified as high-risk countries. Other Group companies do not make procurement from these countries. In terms of high-risk materials procured from high-risk countries, Brazil, Hungary, Turkey and the United States, where some fruit and/or berry juices are procured, were identified as the most significant in addition to the countries mentioned above. Due to possible impacts, the implementation of the human rights of the suppliers in the juice category will be examined in more detail during 2025, although the purchasing volumes are not significant at the Group scale.

Code of Conduct

The principles and practices related to the value chain and workers in the value chain are described in the Code of Conduct for Partners, which is based on Olvi Group's Code of Conduct. The Code of Conduct for Partners addresses positive and potential negative impacts and risks related to labour and human rights, and safety and health, such as secure employment, for workers in the value chain. The Code of Conduct for Partners requires partners to comply with internationally recognised labour and human rights, to take care of employees' health and safety, to extend the due diligence obligation to their own value chain and to report any violations to Olvi Group. According to Code of Conduct, partners are expected to adhere to the UN Guiding Principles on Business and Human Rights. The Code of Conduct for Partners explicitly prohibits the human trafficking, forced labour and child labour.

Sourcing and Human Rights

The Sourcing Policy describes practices related to partners that have a positive impact on employees' secure employment, such as contract practices. We require our suppliers and partners to comply with our Code of Conduct for Partners. The coverage of the Code of Conduct for Partners, and the highest body accountable for implementation and the availability for stakeholders are described in Sustainability Statement Appendices.

Through the Code of Conduct and the supplementary policies, Olvi Group is committed to respecting and promoting internationally recognised human rights and standards. These include the UN International Bill of Human Rights, the International Labour Organisation's (ILO's) Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises, which are also included in the Code of Conduct for Partners. In addition, Olvi Group is committed to international sustainable business commitments and initiatives, such as the UN Guiding Principles on Business and Human Rights.

The Group's Human Rights Commitment describes these processes in more detail, taking different stakeholders into account. The Olvi Group has not been made aware of, nor has it encountered any reports or instances of actions by its partner or a company in its value chain for violation of the above-mentioned principles. A more detailed process for monitoring compliance with the Code of Conduct for Partners, which includes the requirements of international human rights conventions, is currently being considered.

SECURE EMPLOYMENT

Actions

Olvi Group's contractual relationships have a positive impact on the secure employment of workers in the closest parts of the value chain. The further along the value chain and the larger the partner companies, the smaller the influence of the Group companies is. The Group seeks to help its partners to provide stable employment by entering into fair and long-term agreements that enable its partners to plan ahead. The basis is mainly Olvi Group's sourcing contract, which was updated at the end of 2024 to cover labour and human rights in the value chain more extensively, as well as the requirements of the due diligence process.

SOURCING AND HUMAN RIGHTS

The majority of purchases are made from long-term partners with whom the Group has well-established sourcing relationships. Raw material and packaging material suppliers are provided with purchasing forecasts well in advance, and reasonable payment times are negotiated. The operating model enables the mutual exchange of information and development, and increases the stability and predictability of operations.

The aim is to ensure all human rights in the value chain through both the procurement operating models and the Code of Conduct for Partners. The Code of Conduct was updated in 2024 to reflect the current requirements of sustainability , and it addresses all other significant human rights impacts in addition to secure employment. In the procurement process, the basic capabilities of raw material and packaging material suppliers are ensured before entering into a sourcing contract, as part of the due diligence process. The capabilities of these partners are assessed through regular selfassessment, which also covers social sustainability topics, such as respect for fundamental human rights, fair working rules and occupational safety. The selfassessment practice was introduced during 2024 and at the end of the year it covered all raw material and packaging material suppliers. Regularly repeated self-assessment of partners is used to assess the capabilities and development of the partner network.

The same topics are covered in risk-based supplier audits, where, when possible, work-related matters are discussed with both supervisors and employees. Observation during visits aims to exclude human rights violations. The correction of non-conformities and development needs identified in the audits is monitored in accordance with the audit guidelines and, if necessary, a re-assessment is carried out. The audit practice complements self-assessment in assessing the capabilities and development of the partner network.

In addition to the current assessment process, Olvi Group will introduce new tools and operating models during 2025, such as amfori BSCI framework, to ensure that suppliers comply with international standards concerning working conditions and human rights. Themes to focus include working hours, payroll, safety and healthy working conditions. In future, Olvi Group will also use well-known sustainability assessments for evaluating suppliers, such as EcoVadis, which covers a wide range of social sustainability aspects.

CODE OF CONDUCT

All raw material and packaging material suppliers are required, in accordance with the main sustainability target, to commit to Olvi Group's Code of Conduct for Partners. In addition, some other suppliers, such as logistics and software suppliers, are already committed to complying with the Code of Conduct for Partners. The agreements signed aim to create transparency in procurement and requirements, which, together with the Code of Conduct, guide partners towards providing permanent and fair employment,

such as clear employment relationships and working conditions in line with the agreements.

The actions aimed at promoting employees' human rights in the value chain support two of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 3: Good health and wellbeing and 8: Decent work and economic growth.

Targets

One of Olvi Group's key sustainability targets is to carry out impactful stakeholder work with key stakeholders, such as suppliers, in 2025. The process of setting targets is described in more detail under ESRS 2 General disclosures. In terms of suppliers, the focus is on key partners and on developing cooperation with them. The main focus of the development of cooperation is on the development of sustainability-related operating models and documents and on increasing sustainability awareness and information reciprocally.

SOURCING AND HUMAN RIGHTS

Olvi Group is in the process of updating its sourcing contracts. The purpose of updating the contract base is, among other aspects, to ensure the fulfilment of the due diligence obligation in the value chain in terms of human rights, including matters related to employment relationships. The agreements will be updated in stages, starting at the beginning of 2025.

In the process of assessing human rights impacts and risks, new information became available at the end of 2024. Based on this, the situation will be further clarified and the cooperation developed to minimise negative human rights impacts with potential high-risk operators in raw materials and packaging materials. During 2025, the aim is to deepen the understanding of human rights impacts, as well as the prevention of negative impacts and the promotion of positive

impacts in high-risk categories. At the same time, the due diligence obligation will be extended further in the supply chains.

CODE OF CONDUCT

Another one of Olvi Group's key sustainability targets is to commit all suppliers to the Code of Conduct for Partners. During the year 2025, all significant indirect suppliers will be included in the supplier management tool and thereby brought under the scope of the Code of Conduct. These include, in particular, logistics and maintenance partners, as well as specifically determined important indirect suppliers, such as water and pest control providers. The goal is to cover 100% of the suppliers with whom Olvi Group has recurring business and who exceed the set company-specific euro threshold during the year 2025. The suppliers will also be provided with information about human rights requirements to support their understanding of the ethical guidelines.

In the following years, the aim is to expand the Code of Conduct through the system to include rarely used suppliers, to extend the identification and prevention of impacts and risks more widely and also increasingly on customers and to create a process for impact assessment. By the end of 2024, 84% of direct suppliers had committed to the Code of Conduct through the sourcing system. In addition, some of the indirect suppliers have committed to the Code of Conduct but estimating the coverage without the system's support is challenging.

partners' sustainability activities will also be assessed using external evaluation platforms or practices, to obtain sufficient certainty about the level of their operations.

ENGAGING WITH VALUE CHAIN WORKERS ABOUT IMPACTS

Communication with workers in the value chain takes place towards suppliers mainly as part of regular procurement operations under Olvi Group's Chief Sustainability and Sourcing Officer and more broadly in connection with risk-based audits. Supplier cooperation is most widely carried out with significant raw material and packaging material suppliers, such as in the can category, which has been identified as a potential high-risk category. All Olvi Group's can suppliers are participating in the Aluminium Stewardship Initiative (ASI), which promotes sustainable aluminium production. Any problems or matters that need to be addressed are processed, and the necessary measures are assessed on a case-bycase basis by the procurement and sustainability organisation.

Communication towards customers takes place under the supervision of commercial directors in sales organisations in accordance with local practices. The Group's sales organisations are in regular contact with customers' employees, and many of them have known their customers for a long period of time. The Group's common practices for ensuring customers' social sustainability actions will be developed in the following years to meet the requirements of the future due diligence obligation.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR VALUE CHAIN WORKERS TO RAISE CONCERNS

The Code of Conduct obliges partner companies to contact Olvi Group immediately if violations of the Code of Conduct are detected. To report negative impacts, partners and their employees can contact Olvi Group companies through all feedback channels: websites, messages, letters or telephone. In addition, there is a secure third-party Whistleblowing channel, through which suspected misconduct can be reported. The whistleblowing channel is discussed in more detail under G1 Business Conduct. The channels can be found on Olvi Group companies' websites and information about them in contract materials, but employees' awareness of or trust in the channels has not yet been specifically assessed.

If a human rights violation or neglect comes to light through the supplier's self-assessment tool or an on-site audit, the operator is required to take adequate measures to correct the incident and prevent a similar event in the future. When information comes from outside the Group, the partner is contacted and requested for an explanation of what has happened and the corrective measures, as well as how similar incidents can be prevented from happening in the future. The primary goal is to correct the partner's erroneous actions. The secondary course of action is to terminate the partnership if the corrective measures are not sufficient despite discussions. The operating model enables partners to develop their operations.

S4 Consumers and end-users

APPROACH AND POLICIES

The material impacts, risks and opportunities concerning consumers and end-users have been identified in accordance with Olvi Group's double materiality assessment. The process and identified impacts, risks and opportunities are described under ESRS 2 General disclosures. These material impacts include health and safety, the access to products and services, responsible marketing practices, and the access to quality information.

The principles and practices related to consumers, products and consumer marketing are described in both the Product and Marketing Policies, which also take into account the human rights impacts on consumers. The policies also highlight interaction channels for consumers to provide feedback and a whistleblowing channel for expressing concerns. In addition, Olvi Group's Code of Conduct and Sustainability, Environmental and Sourcing Policies address topics that are significant for the consumer. The coverage of Olvi Group's Code of Conduct and the coverage of all policies in terms of stakeholders, the highest body accountable for implementation and the availability for stakeholders, are described in Sustainability Statement Appendices.

The Product Policy covers topics related to the health, safety and well-being of consumers, as well as responsible marketing practices. The most important objectives are practices related to product safety, consumer information and consumer marketing, which ensure consumer safety and help consumers make

choices that are appropriate for themselves and the situation. The policy aims to reduce any adverse impacts on consumers by developing the healthiness of products and promoting a responsible drinking culture and responsible consumption, for example. In addition, of the topics covered by the policy, the development of sustainable products and product portfolios and minimising the environmental impacts of operations have a positive impact on consumers' health and well-being.

The Marketing Policy addresses topics related to product availability, responsible marketing practices and high-quality product information. The objectives of the Marketing Policy focus on the promotion of a responsible drinking culture, responsible consumer information and the specification of the target audience. These are aimed at guiding consumers towards the healthier and safer use of products. In addition, the objectives include ethical, respectful and truthful marketing, which prevents potential negative impacts on consumers' well-being.

In addition to the legislation in force in each country, Olvi Group complies with self-regulation and industry guidelines, such as those of the national associations of the brewing and soft drinks industry, the Brewers of Europe, UNESDA Soft Drinks Europe, and the European Cider and Fruit Wine Association (AICV). The Marketing Policy describes the minimum requirements for external marketing concerning all the Group's brands, thus indirectly covering all consumers and end-users, including children, young people and other people in a vulnerable position.

Commitments

Through the Code of Conduct and its supplementary policies, Olvi Group is committed to respecting and promoting internationally recognised human rights and standards, such as the UN International Bill of Human Rights, the International Labour Organisation's (ILO's) Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. In addition, Olvi Group is committed to international sustainable business commitments and initiatives, such as the UN Guiding Principles on Business and Human Rights (UNGPs).

The Group's Human Rights Commitment describes these processes in more detail, taking different stakeholders into account. Compliance with the Code of Conduct and the policies that include the requirements of international human rights conventions is regularly monitored by means of metrics describing product safety, consumer information and marketing ethics, for example.

In 2024, Olvi Group carried out a human rights impact assessment and an impact risk assessment for consumers and end-users in accordance with the UN Guiding Principles on Business and Human Rights. Olvi Group's most significant impacts are related to consumers' health and safety. Actions to prevent and mitigate the impacts are described under Health and safety. The assessments will be further deepened during 2025, and based on the results, the double materiality assessment will be updated if needed.

HEALTH AND SAFETY

Actions

Olvi Group's products have direct impacts on consumers' health, safety and well-being. Mainly consumers in the Group's countries of operation are affected by both positive and negative impacts, but products are also widely exported to other countries. However, the impacts outside the Group's countries of operation are quite limited, as export volumes in any destination country do not account for a significant share of total sales.

Products may affect health through the product safety of the contents or packaging, as well as the nutritional properties of the product. Ensuring product safety is one of the most important tasks of all Group companies to ensure consumer safety. Promoting the moderate consumption of products and developing the healthiness of product contents promotes consumer health and prevent possible adverse impacts of products.

The safety of the contents and the packaging of the products for the consumer throughout the life cycle is ensured through cooperation between product development and quality assurance in all production plants. The safety of the products and the fulfilment of the requirements of laws, official regulations and company-specific certified quality standards are ensured during the product development process. The products are manufactured in accordance with product-specific manufacturing standards, and the raw materials and packaging materials used have

specifications. Quality assurance ensures the quality of the materials and products used through sensory, chemical and microbiological analyses at different stages of production. Batch-specific traceability of products and an effective recall process ensure product safety in case of issues.

Product quality is continuously monitored, and the effectiveness of actions is measured by especially monitoring the development of consumer feedback and possible recalls, at both the company and Group level. The product safety risks are managed by following the HACCP (Hazard Analysis and Critical Control Points) monitoring system, and through selfmonitoring. In addition, most of the Group's breweries have certified product safety systems (further information in Sustainability Statement Appendices) that help to develop product safety beyond the legislative requirements. Annual external audits serve as metrics for monitoring the development of the product safety culture.

The appropriate use of products generally has beneficial impacts on consumer well-being, such as nutrition, hydration and pleasure. However, excessive consumption of products containing alcohol and sugar may cause health problems and disruptive behaviour. In accordance with its main sustainability targets, Olvi Group continuously seeks to support the development of a responsible drinking culture by guiding consumers to enjoy products in moderation and by offering different options for different needs and uses. However, the assessment of the effectiveness of the measures is not carried out separately because of its problematic nature.

The marketing of each Group company is constantly striving to identify development needs in the product portfolio in order to respond to consumers' changing needs. The product range is developed in

accordance with the main targets of the strategy and sustainability by, for example, increasing the supply of alcohol-free, low-sugar and sugar-free products. In addition, to support reasonable consumption, all Group companies offer alternative product packaging sizes for different needs. In line with its main sustainability targets, the Group launched 421 novelties in 2024. A total of 22 non-alcoholic new products were launched in the beer, long drink, cider, and wine categories. Sugar-free or low-sugar products were introduced in soft drinks, the water category, energy drinks, and alcoholic mixes. In total, around 70 new products responded to the health megatrend in 2024.

Actions to promote consumers' health and safety support two of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 3: Good health and well-being and 12: Responsible consumption and production.

Targets

In terms of product safety, the Group aims to maintain at least the very good level of previous years in consumer feedback and product recalls, as well as to maintain current product safety standards. In addition to regular internal monitoring, these metrics are reviewed in external audits of product safety systems annually. Product safety system will be certified for A. Le Coq's main plant during 2025, after which all major units have corresponding certification.

Olvi Group's goal is to increase the sales share of non-alcoholic (< 0.5% by volume) products more than alcohol products annually, thus guiding the expansion of the product range towards non-alcoholic alternatives to support consumers' health. In 2024, the sales share of non-alcoholic products increased by 5,1% compared with the alcoholic product sales. The criteria for sustainable product concepts will be updated during 2025 in line with the new legislation.

To support sustainable product concepts, a new Group-wide target set in 2024 is to increase the sales share of sugar-free and low-sugar products annually. The development of the sugar content of the products will be used as the metric, but setting the baseline still requires further development of the calculation. The calculation method and baseline will be further specified during 2025 at the Group level. The Group companies will also continue to launch alternative packaging sizes in different product categories. However, the impact of the Group's actions on consumers' health and well-being is very difficult to measure or assess reliably, so the impact is assessed by monitoring the development of sales volumes of product categories. The process of setting targets is described in more detail under ESRS 2 General disclosures.

ACCESS TO PRODUCTS AND SERVICES

Actions

All Olvi Group's products are not suitable for all consumers. Correct consumer information have a positive impact on consumer consumption behaviour, as it allows consumers to avoid products that are not suitable for them. Taking particularly sensitive consumer groups into account, additional information about the suitability of the products is available on the packaging in all countries of operation, such as alcohol product warning labels (not for pregnant women, not for motorists, not for minors) and energy drink warning labels (not recommended for children or pregnant women). Also, allergen labelling on the packaging helps the consumer find suitable products. The coverage of the labelling on the packaging for own brands is regularly monitored at both company and Group level. Exported products are subject to local legislation.

Activities aimed specifically at children and young people, such as marketing, are voluntarily restricted in all Group companies to prevent possible harm by targeting marketing and by avoiding marketing that appeals to children in alcohol products, for example. The websites have age limits in place to protect young consumers. However, it is quite difficult to assess the effectiveness of the actions aimed at consumers separately from the rest of the operating environment, so Olvi Group focuses on choosing justified actions instead of assessments.

Targets

Legislation concerning different product categories differs somewhat in terms of packaging labelling requirements. Similarly, there may be different legislation or interpretations in different countries of operation. Each country operates within the framework of local legislation. At the end of 2024, voluntary warning labels were found on own brands' alcohol packaging in Estonia, Latvia, Lithuania and Belarus. In Finland, apart from spirits and imported wines, warning labels can be found on all own brands' alcohol packaging. Voluntary warning labels about alcohol consumption will be added to all own products in the next few years in all countries of operation. In addition, voluntary labels are increasingly tried to add on partners' products to be sold. More information about partners' products is also shared on digital platforms. Restrictions on availability have been shown to reduce the use of products, but similar information for voluntary labelling is not available as a basis for impact assessment.

RESPONSIBLE MARKETING PRACTICES

Actions

Olvi Group is committed to responsible product advertising and marketing, as defined by the guidelines of international, European and national operators, such as the International Chamber of Commerce and FoodDrinkEurope. In addition to advertising, marketing ethics also apply to sponsorship activities. The update of the Marketing Policy in 2024 provided a clearer framework for responsible marketing activities, for example, in terms of marketing energy drinks to young people. The marketing management in all Group companies regularly monitors to ensure that marketing remains in line with ethics. The number of possible complaints by the authorities per Group company is monitored as a metric.

Responsible marketing practices have an impact on consumers' health. Agreed practices ensure that marketing aims to guide consumers towards moderate consumption and healthier alternatives. The content of responsible marketing was therefore determined in 2024, and in future, the volume of marketing in accordance with the criteria will be monitored by company annually, aiming for annual growth. To support responsible consumption, sustainabilityrelated information that is of interest to consumers in all Group countries, except for Finland, will be examined, so that the marketing of product categories can be targeted effectively. Based on previous research in Finland, the study has been prepared at the Group level in the current year, and it will be carried out in 2025.

The Group companies operate both in their own and in the industry's joint initiatives to support moderate consumption and sober driving, such as Kohtuullisesti. fi and Selge Gruppijuhi, and provide educational materials for schools to prevent alcohol addiction.

However, in terms of health and well-being, it is very difficult to assess the effectiveness of advertising and marketing aimed at consumers separately from other changes in society, and thus Olvi Group focuses on implementing measures that are assessed to reach consumers based on marketing effectiveness measurements. The effectiveness of marketing is measured by monitoring the use of online media, social media actions, the effectiveness of search engine advertising and the cost-effectiveness of advertising, among other aspects.

Consumers and partners are also communicated about the environmental impacts of products and their reduction both in own operations and the value chain. Apart from Belarus, the Group companies participate in the deposit return system of beverage packaging and seek to increase the recycling of consumer packaging materials. The effectiveness of actions is monitored by country using the return percentages for bottles and cans reported by local deposit systems.

Actions to promote responsible marketing practices support two of the eight UN Sustainable Development Goals that are the most significant for Olvi Group, 3: Good health and well-being and 12: Responsible consumption and production. Environmental communication related to products supports UN Sustainable Development Goal 13: Climate action.

Targets

To support the key sustainability target of responsible consumption, the monitoring of the volume of responsible marketing measures will be systematised during 2025 with the aim of increasing the volume and coverage of responsible marketing annually. The baseline will be set at the level of responsible marketing measures in 2024, focusing for example on non-alcoholic beers and moderate consumption. The attractiveness of sustainability messages to

consumers in different product categories will be examined outside the parent company during 2025, and the information will be used in the future to develop more effective sustainability communication. In addition, possible complaints from the authorities on marketing are monitored by Group company. In 2024, Olvi Group did not receive any complaints or penalties from the authorities regarding marketing. Internal awareness of responsible marketing among the whole personnel will be increased during 2025 by sharing information about various marketing activities. Additional actions and possible additional targets, as well as the monitoring and impact assessment process, will be reviewed during 2025.

ACCESS TO QUALITY INFORMATION

Actions

Each Olvi Group company seeks to have a positive impact on consumers' health, safety and well-being by means of clear and high-quality consumer information. Correct and sufficient information secures consumers' ability to make informed purchasing decisions. Clear product information on product labels and the Group companies' websites helps consumers choose the products that are right for them. Based on the content information, the consumer is able to choose a suitable product for their use situation, such as a non-alcoholic alternative, and to identify possible allergens, among other aspects. In own products, the correctness and legal compliance of the labels is ensured during the product development process. Consumer information on packaging is often also examined in connection with product safety audits.

Almost all own products come with at least a list of ingredients and energy content, but wines, for example often only include mandatory information in accordance with the legislation, such as allergens. Marketing regularly monitors the coverage of ingredient, allergen and nutritional information labelling on the packaging by Group company. All packaging also has recycling labels to guide the consumer to return the packaging materials to the correct recycling fractions and for reuse. Assessing the effectiveness of an individual company's measures in the consumer interface is very challenging. Therefore, Olvi Group does not carry out a separate impact assessment but ensures that the consumer can make informed choices by acting in line with the targets.

Sufficient and transparent consumer information supports three of the eight UN Sustainable Development Goals that are the most significant for Olvi Group 3: Good health and well-being, 12: Responsible consumption and production and 13: Climate action.

Targets

In product categories where information is not mandatory, such as spirits and wines, ingredient and nutritional information will be added to the packaging of own products and the digital platforms in all Group companies over the next few years. The target is that by the end of 2026, in addition to allergens, information about ingredients and energy content will be available for all own brands' products, either on the packaging or on digital platforms. By the end of 2024, allergen information was provided for all own products, ingredient list was available for the majority of products, and nutritional information, at least energy content, was available for approximately three out of four products. In addition, digital platforms often provide more product information about ingredients, nutritional content, raw materials and manufacturing, in both non-alcoholic and alcoholic products.

ENGAGING WITH CONSUMERS AND END-USERS ABOUT IMPACTS

Olvi Group communicates with consumers through both advertising and information conveyed through products. Advertising is carried out on social media, in paper magazines, on television and in sales outlets, for example. The aim of advertising is to provide the consumer with information about the products and the company. In addition, information about the products and the company is shared on the Group companies' websites, social media channels and other platforms. On these platforms, the information can be more in-depth and extensive in terms of product content or environmental impacts, for example. Regular consumer and stakeholder surveys are also carried out to determine consumers' wishes and needs.

Olvi Group has various communication channels for consumers, which are typically managed and run by the customer service or quality assurance unit under the supervision of a Management Team member. Consumers may at any time ask questions about or provide feedback on the company's products or operations on the website and by calling or writing to the company. Oral feedback is also received from consumers at various contact points, such as at fairs and consumer events. Trained personnel take care of the internal coordination of the necessary analysis, responses to consumers and internal distribution of feedback for further use.

The amount of consumer feedback and response times are monitored on a monthly basis. Suggestions for improvement and development that have emerged from the feedback are taken forward by the responsible parties by launching new flavours or packaging sizes, for example.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR CONSUMERS AND END-USERS TO RAISE CONCERNS

To bring up negative impacts, consumers can contact the Group companies through all the feedback channels: websites, messages, letters or telephone. Contact information can be found on all product packaging, making it easy for the consumer to contact companies. Consumers also have access to a secure third-party Whistleblowing channel, through which they can report suspected misconduct. The whistleblowing channel is described in more detail under G1 Business Conduct.

Complaints from consumers are processed in the same manner as other consumer feedback, which is discussed under previous chapter. If necessary, a more detailed examination of the products or processes is carried out to find out the cause of the problem. Corrective actions are taken to prevent the recurrence of the defect or problem. Corrective actions are determined and carried out by the relevant department under the direction of the supervisor. A product recall can be carried out if a product defect harmful to the consumer is detected. The number of recalls is one of the quality metrics monitored regularly.

Olvi Group aims to prevent the negative impacts of products by promoting responsible consumption by means of products, the product portfolio and marketing. Voluntary restrictions on advertising for young people, the promotion of sober driving and moderate consumption campaigns are examples of the prevention of negative impacts. Some of the actions are carried out independently in Group companies, and some in cooperation with the industry or other partners.

Governance information

G1 Business conduct ....................................................87

G1 Business conduct

BUSINESS CONDUCT AND CORPORATE CULTURE – APPROACH AND POLICIES

Material impacts, risks and opportunities concerning business conduct and corporate culture have been identified in accordance with Olvi Group's double materiality assessment. The double materiality assessment and Olvi Group's material impacts identified through the assessment related to corporate culture and business conduct, whistleblower protection, and prevention of corruption and bribery are described in more detail under ESRS 2 General disclosures.

Olvi Group's Code of Conduct constitutes key principles for operations and corporate culture in Olvi Group, defining the foundation for our responsible activities. The Code of Conduct contains all the material ethical operating practices of Olvi Group. Olvi Group's suppliers and partners are committed to complying with the Code of Conduct for Partners.

The implementation of the ethical practices in the Group and within the value chain is one of the main goals of sustainability. In accordance with the Code of Conduct, the Board of Directors, the management and the personnel in all Group companies confirm their commitment to complying with the Code of Conduct annually and complete the Code of Conduct online training every two years. Also ethical operating practices are taken into account in other communication and training.

In 2024, the Board of Directors, the management and the personnel were obligated to complete online

training focusing specifically on selected ethical operating practices. In 2025, information briefings focusing on the topics of the Code of Conduct will be organised.

The Group's policies support compliance with the Code of Conduct. The policies guide the daily operations and their development, taking material impacts, risks and opportunities into account. The policies and their objectives are based on the results of the double materiality assessment, which takes into account the views and expectations of stakeholders. Olvi Group's employees must commit to the policies, and they are provided with training related to it. The stakeholder coverage of Olvi Group's Code of Conduct and all its policies, as well as the highest body responsible for implementation and availability to stakeholders, are described in in Sustainability Statement Appendices.

In 2024, most of the Group's policies were updated, and a new human rights commitment was created. In 2025, the processes will be further harmonised and developed to enable monitoring more closely the commitment to the material policies in terms of different roles.

Olvi Group's Anti-corruption Policy focuses on preventing and detecting fraud, bribery and corruption in Olvi Group. The policy outlines Olvi Group's zero tolerance for any kind of abuse and is in line with the UN Convention against Corruption. Anti-corruption and anti-bribery are also part of the Code of Conduct. In Olvi Group, the procurement and sales functions are the most vulnerable to corruption because of their main tasks.

The Anti-corruption Policy and the supplementary Whistleblowing guidelines provide information about Olvi Group's procedures for investigation and measures in the event of suspected misconduct related to business conduct. The Anti-corruption Policy, Whistleblowing guidelines and procedures are described in more detail under Prevention and detection of corruption and bribery in this topical standard. In addition to these, the Anti-corruption Policy provide instructions on working with third parties and the due diligence audits related to them.

Corporate culture

A well-functioning corporate culture is at the core of Olvi Group's operations, as well as being one of the areas of its People Policy. Inspired, evolving and committed employees play a key role in creating an excellent work atmosphere. Olvi Group's values, leadership, supervisory competence development and common ways of working are important aspects of its corporate culture. The development of the corporate culture is monitored through the PeoplePower personnel survey and pulse surveys.

The Olvi Group personnel survey, which is carried out every two years, focuses on the personnel experience, the functionality of the organisation and the elements of culture. Based on the survey results, common and department-specific development goals and actions are determined in cooperation with employees to develop workplace communities.

To strengthen responsible operations and the corporate culture during 2025, a section focusing on ethical operating practices will be created for

the personnel survey. One of the Group's main sustainability objectives is to achieve an overall AAA rating in the results of the personnel survey in 2030.

WHISTLEBLOWING CHANNEL

Olvi Group's Whistleblowing guidelines provide information about the Whistleblowing channel and its processes. Information is also provided in the Code of Conduct and the Anti-corruption Policy. The Whistleblowing channel is available to all internal and external stakeholders. Through the Whistleblowing channel, anyone – such as an employee or a supplier – can confidentially and anonymously bring to the company's attention an activity or a matter that is illegal or contrary to Olvi Group's Code of Conduct and values.

Illegal or unethical activities, including corruption and bribery, are primarily reported to the supervisor or to the legal or HR department. The Whistleblowing channel is available on Group's and the Group companies' websites. At the beginning of 2024, Olvi Group updated the Whistleblowing channel tool, enabling each Group company to also have its own channel. The Whistleblowing channel is maintained by an external partner to ensure anonymity.

The reports filed through the Whistleblowing channel are processed by specific persons assigned to this task, and they are regularly provided with training related to this. Information about the Whistleblowing channel as an alternative to reporting illegal or unethical activity is provided for employees in the

Code of Conduct online training. In addition, the Whistleblowing channel will be one of the focus areas of internal communication in 2025. In 2024, Olvi Group received 4 reports through the Whistleblowing channel. The reports were related to product quality, phishing, individual behaviour and intellectual property rights.

The Whistleblowing guidelines outline processes for identifying, reporting and investigating concerns, and they also cover the protection of whistleblowers from potential retaliation. The reports are processed carefully and in confidence, coordinated by the persons responsible in Olvi Group and using the information and expertise of others to investigate the issues if necessary.

Persons who may be involved in the case do not themselves become aware of the reports made during the investigation. The identity of the person submitting the report is protected. If known, it will not be disclosed. The notifier will always be informed of the completed review, and any necessary measures are taken.

PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY

Olvi Group has zero tolerance for corruption and bribery both in its own operations and in the value chain. This is included in the Code of Conduct and the Code of Conduct for Partners. Suppliers are required to comply with anti-corruption and anti-bribery principles by following Olvi Group's Code of Conduct for Partners. The suppliers' anti-corruption and anti-bribery practices are ensured through audits. Olvi Group participates in the UN Global Compact initiative and is committed to its ten principles, including the prevention of corruption.

The prevention of corruption and bribery is part of governance mechanisms, which are subject to internal control systems, such as the risk management and assessment process. Olvi Group's procedures for preventing, detecting and addressing corruption and bribery are described in the Anti-corruption Policy and the supplementary Whistleblowing guidelines. The Anti-corruption Policy describes in more detail the different categories of corruption and bribery, as well as the different guidelines related to them in Olvi Group. An employee must immediately report to their supervisor or the Group General Counsel if they detect or suspect misconduct. It is also possible to use Olvi Group's Whistleblowing channel.

Ensuring employee awareness of the content of the Anti-corruption Policy and the supplementary Whistleblowing guidelines plays an important role in preventing bribery and corruption. Information is provided through written instructions, procedures, regular training and continuous communication through internal channels.

In 2024, the Board of Directors, the management and the employees were obligated to complete the Code of Conduct online training, which includes anti-corruption and anti-bribery topics. Separate mandatory training will be provided for those working in high-risk functions in 2025. Anti-bribery and anticorruption will also be one of the topics in internal training sessions for all employees in the next year.

To detect corruption and bribery, the members of the companies' management teams are responsible for ensuring that, in their area of responsibility, by means of organising activities, tasks, responsibilities and instructions, the possibility of corruption or bribery is eliminated, and the possibility of detecting corruption or bribery is effectively implemented. This is supported by the Group's common guidelines and

Completion of the Code of Conduct online training and reports received through the Whistleblowing channel

Code of Conduct online training	2024
The percentage of total employees who have completed the training, %	79
The percentage of the Board of Directors and top management who have completed the training, %	100
The percentage of employees in risk functions who have completed the training, %	90
Reports received through the Whistleblowing channel	2024

Total number of reports 4

supervisory practices, in the development of which these themes are also taken into account. In addition, the management of the companies is responsible for ensuring that corruption risks and the highest-risk operations have been identified in their areas of responsibility, and that the likelihood and impacts of each risk have been assessed.

The Whistleblowing guidelines provide more detailed information about the investigation process and reporting and the action to be taken in cases of suspected misconduct, such as corruption and bribery. Before the actual investigation, a severity assessment and preliminary investigation of the case are carried out by individually appointed persons.

The investigation may be carried out by a Group company, Olvi Group or an external party under the supervision of Olvi Group. The investigation focuses on collecting, in various ways, sufficient information about the suspected act or activity, the circumstances at the time, the persons and entities involved, and the damage caused, as well as the risks and the benefit achieved.

All information related to the investigation is treated confidentially and is accessible only to the persons involved in the investigation. Olvi Group or the company in question is responsible for the protection of the identity of the information source, confidentiality, the prevention of retaliation, and legal protection. Persons suspected of being involved in the case must not participate in the investigations, nor must sections of the governance chain involved in day-to-day managerial or operational tasks aimed at preventing and detecting such activities.

Any suspected misconduct is documented. The CEO of Olvi Group receives a written report at the end of the investigation. The People and Sustainability Committee is regularly informed about the number of cases of suspected misconduct and the number of investigations, and reports on these to the Board of Directors. Based on the results of the investigation, the CEO of Olvi Group decides on any further measures with the help of the HR department. An employee or partner who violates Olvi Group's business principles or engages in illegal or unethical activities may suffer negative consequences.

Sustainability Statement Appendices

Sustainability Statement Appendices ...................... 90

Sustainability Statement Appendices

Olvi Group's policies and commitments

The CEO of Olvi Group approves all policies and the human rights commitment being the highest accountable body for their implementation.

	STAKEHOLDER COVERAGE	AVAILABILITY TO STAKEHOLDERS
Code of Conduct	Own employees	Intra-Group and intra-company channels and websites
Code of Conduct for Partners	The whole value chain	Agreements and websites
Anti-corruption Policy	Own employees	Intra-Group and intra-company channels
Environmental Policy	Own employees, contract employees and visitors to the company's facilities	Intra-Group and intra-company channels and websites
People Policy	Own employees and contract employees	Intra-Group and intra-company channels
Work Safety Policy	Own employees, contract employees and visitors to the company's facilities	Intra-Group and intra-company channels
Taxation Policy	Own employees	Intra-Group and intra-company channels
Cost Approval Policy	Own employees	Intra-Group and intra-company channels
Information Security Policy	Own employees	Intra-Group and intra-company channels
Personal Data Protection Policy	Own employees	Intra-Group and intra-company channels
Sourcing Policy	Own employees	Intra-Group and intra-company channels
Product Policy	Own employees	Intra-Group and intra-company channels
Marketing Policy	Own employees	Intra-Group and intra-company channels and websites
Communication Policy	Own employees	Intra-Group and intra-company channels
Sustainability Policy	Own employees	Intra-Group and intra-company channels
Human Rights Commitment	Own employees	Intra-Group and intra-company channels

Olvi Group's certified management systems

COMPANY	QUALITY ISO 9001	THE ENVIRONMENT ISO 14001	OCCUPATIONAL SAFETY ISO 45001	FOOD SAFETY ISO 22000 / FSSC 22000 / IFS / BRC	ENERGY ISO 50001
Olvi Oyj				IFS 8 / ISO 22000 (spring water)
A. Le Coq				FSSC 22000 (juices)
Cēsu Alus				BRC GC 9
Volfas Engelman				IFS 8
Lidskoe Pivo				FSSC 22000
Bryggeriet Vestfyen				IFS 8
Uniqa				IFS 8

Disclosure requirements in ESRS covered by the undertaking's Sustainability Statement

The table below presents a list of disclosure requirements for the Sustainability Statement. The information to be presented as material has been defined based on the impacts, risks, and opportunities resulting from the Olvi Group's double materiality assesment. The double materiality assessment process is described in more detail under ESRS 2 General Information - Management of Material Impacts, Risks, and Opportunities.

STANDARD		SECTION
ESRS 2 General disclosures
BP-1	General basis for preparation of sustainability statements	Sustainability statement reporting principles
BP-2	Disclosures in relation to specific circumstances	Sustainability statement reporting principles
GOV-1	The role of the administrative, management and supervisory bodies	Sustainability governance
GOV-2	Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	Sustainability governance
GOV-3	Integration of sustainability related performance in incentive schemes	Sustainability governance
GOV-4	Statement on due diligence	Sustainability governance
GOV-5	Risk management and internal controls over sustainability reporting	Sustainability governance
SBM-1	Strategy, business model and value chain	Sustainability strategy
SBM-2	Interests and views of stakeholders	Expectations and views of stakeholders
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	Management of material impacts, risks and opportunities
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	Management of material impacts, risks and opportunities
IRO-2	Disclosure requirements in ESRS covered by the undertaking's sustainability statement	Sustainability Statement appendices
E1 Climate change
GOV-3	Integration of sustainability related performance in incentive schemes	ESRS 2 Sustainability governance
E1-1	Transition plan for climate change mitigation	Transition plan for climate change mitigation
SBM-3	Material impacts, risks and opportunities, and their interaction with strategy and business model	Transition plan for climate change mitigation
IRO-1	Description of the processes to identify and assess material climaterelated impacts, risks and opportunities	ESRS 2 Management of material impacts, risks and opportunities
E1-2	Policies related to climate change mitigation and adaptation	Approach and policies
E1-3	Actions and resources in relation to climate change policies	Actions
E1-4	Targets related to climate change mitigation and adaptation	Targets
E1-5	Energy consumption and mix	Metrics and accounting policies
E1-6	Gross Scopes 1, 2, 3 and Total GHG emissions	Metrics and accounting policies
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	Targets

STANDARD		SECTION
E3 Water and marine resources
IRO-1	Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities	ESRS 2 Management of material impacts, risks and opportunities
E3-1	Policies related to water and marine resources	Approach and policies
E3-2	Actions and resources related to water and marine resources	Actions
E3-3	Targets related to water and marine resources	Targets
E3-4	Water consumption	Metrics and accounting policies
E5 Resource use and circular economy
IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	ESRS 2 Management of material impacts, risks and opportunities
E5-1	Policies related to resource use and circular economy	Approach and policies
E5-2	Actions and resources related to resource use and circular economy	Actions
E5-3	Targets related to resource use and circular economy	Targets
E5-4	Resource inflows	Metrics and accounting policies
E5-5	Resource outflows	Metrics and accounting policies
S1 Own workforce
SBM-2	Interests and views of stakeholders	ESRS 2 Expectations and views of stakeholders
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	ESRS 2 Management of material impacts, risks and opportunities
S1-1	Policies related to own workforce	Approach and policies
S1-2	Processes for engaging with own workers and workers' representatives about impacts	Engaging with own employees and their representatives about impacts
S1-3	Processes to remediate negative impacts and channels for own workers to raise concerns	Processes to remediate negative impacts and channels for own employees to raise concerns
S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	Health and safety, Equal treatment and equal opportunities, Training and skills development, Working conditions, Other work-related rights – Privacy
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Health and safety, Equal treatment and equal opportunities, Training and skills development, Working conditions, Other work-related rights – Privacy
S1-6	Characteristics of the undertaking's employees	Metrics and accounting policies
S1-8	Collective bargaining coverage and social dialogue	Metrics and accounting policies
S1-9	Diversity metrics	Metrics and accounting policies
S1-10	Adequate wages	Working conditions
S1-13	Training and skills development metrics	Metrics and accounting policies
S1-14	Health and safety metrics	Metrics and accounting policies
S1-16	Compensation metrics (pay gap and total compensation)	Metrics and accounting policies
S1-17	Incidents, complaints and severe human rights impacts	Metrics and accounting policies

STANDARD		SECTION
S2 Workers in the value chain
SBM-2	Interests and views of stakeholders	ESRS 2 Expectations and views of stakeholders
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	ESRS 2 Management of material impacts, risks and opportunities
S2-1	Policies related to value chain workers	Approach and policies
S2-2	Processes for engaging with value chain workers about impacts	Engaging with value chain workers about impacts
S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	Processes to remediate negative impacts and channels for value chain workers to raise concerns
S2-4	Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions	Secure employment
S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Secure employment
S4 Consumers and end-users
SBM-2	Interests and views of stakeholders	ESRS 2 Expectations and views of stakeholders
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	ESRS 2 Management of material impacts, risks and opportunities
S4-1	Policies related to consumers and end-users	Approach and policies
S4-2	Processes for engaging with consumers and end-users about impacts	Engaging with consumers and end-users about impacts
S4-3	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
S4-4	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	Health and safety, Access to products and services, Responsible marketing practices, Access to quality information
S4-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Health and safety, Access to products and services, Responsible marketing practices, Access to quality information
G1 Business conduct
GOV-1	The role of the administrative, supervisory and management bodies	ESRS 2 Sustainability governance
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	ESRS 2 Management of material impacts, risks and opportunities
G1-1	Business conduct policies and corporate culture	Business conduct and corporate culture – Approach and policies
G1-3	Prevention and detection of corruption and bribery	Prevention and detection of corruption and bribery

List of datapoints in cross-cutting and topical standards that derive from other EU legislation

The following table presents the data points in ESRS 2 and topical ESRS standards derived from other European Union (EU) legislation as listed in ESRS 2 Appendix B. The table indicates where the data points can be found within the Sustainability Statement, which data points are not material, and whether a phase-in has been used.

DISCLOSURE REQUIREMENT	DATAPOINT		SECTION
ESRS 2 GOV-1	21 d)	Board's gender diversity	ESRS 2 Sustainability governance
ESRS 2 GOV-1	21 e)	Percentage of board members who are independent	ESRS 2 Sustainability governance
ESRS 2 GOV-4	30	Statement on due diligence	ESRS 2 Sustainability governance
ESRS 2 SBM-1	40 d) i	Involvement in activities related to fossil fuel activities	Not material
ESRS 2 SBM-1	40 d) ii	Involvement in activities related to chemical production	Not material
ESRS 2 SBM-1	40 d) iii	Involvement in activities related to controversial weapons	Not material
ESRS 2 SBM-1	40 d) iv	Involvement in activities related to cultivation and production of tobacco	Not material
ESRS E1-1	14	Transition plan to reach climate neutrality by 2050	E1 Transition plan for climate change mitigation
ESRS E1-1	16 g)	Undertakings excluded from Paris-aligned Benchmarks	E1 Approach and policies
ESRS E1-4	34	GHG emission reduction targets	E1 Transition plan for climate change mitigation, Targets
ESRS E1-5	38	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	E1 Metrics and accounting policies
ESRS E1-5	37	Energy consumption and mix	E1 Metrics and accounting policies
ESRS E1-5	40-43	Energy intensity associated with activities in high climate impact sectors	E1 Metrics and accounting policies
ESRS E1-6	44	Gross Scope 1, 2, 3 and Total GHG emissions	E1 Metrics and accounting policies
ESRS E1-6	53-55	Gross GHG emissions intensity	E1 Metrics and accounting policies
ESRS E1-7	56	GHG removals and carbon credits	E1 Metrics and accounting policies
ESRS E1-9	66	Exposure of the benchmark portfolio to climate-related physical risks	Phase-in used
ESRS E1-9	66 a), 66 c)	Disaggregation of monetary amounts by acute and chronic physical Location of significant assets at material physical risk	Phase-in used
ESRS E1-9	67 c)	Breakdown of the carrying value of its real estate assets by energy-efficiency classes	Phase-in used
ESRS E1-9	69	Degree of exposure of the portfolio to climate-related opportunities	Phase-in used
ESRS E2-4	28	Amount of each pollutant listed in Annex II of the EPRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil	Not material
ESRS E3-1	9	Water and marine resources	E3 Approach and policies
ESRS E3-1	13	Dedicated policy	Not material
ESRS E3-1	14	Sustainable oceans and seas	Not material

DISCLOSURE REQUIREMENT	DATAPOINT		SECTION
ESRS E3-4	28 c)	Total water recycled and reused	Not material
ESRS E3-4	29	Total water consumption in m3 per net revenue on own operations	E3 Metrics and accounting policies
ESRS 2 - SBM-3 - E4	16 a) i	-	Not material
ESRS 2 - SBM-3 - E4	16 b)	-	Not material
ESRS 2 - SBM-3 - E4	16 c)	-	Not material
ESRS E4-2	24 b)	Sustainable land / agriculture practices or policies	Not material
ESRS E4-2	24 c)	Sustainable oceans/ seas practices or policies	Not material
ESRS E4-2	24 d)	Policies to address deforestation	Not material
ESRS E5-5	37 d)	Non-recycled waste	Not material
ESRS E5-5	39	Hazardous waste and radioactive waste	Not material
ESRS 2 - SBM-3 - S1	14 f)	Risk of incidents of forced labour	Not material
ESRS 2 - SBM-3 - S1	14 g)	Risk of incidents of child labour	Not material
ESRS S1-1	20	Human rights policy commitments	S1 Approach and policies
ESRS S1-1	21	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8	S1 Approach and policies
ESRS S1-1	22	Processes and measures for preventing trafficking in human beings	S1 Approach and policies
ESRS S1-1	23	Workplace accident prevention policy or management system	S1 Approach and policies
ESRS S1-3	32 c)	Grievance/complaints handling mechanisms	S1 Processes to remediate negative impacts and channels for own employees to raise concerns
ESRS S1-14	88 b), 88 c)	Number of fatalities and number and rate of work-related accidents	S1 Metrics and accounting policies
ESRS S1-14	88 e)	Number of days lost to injuries, accidents, fatalities or illness	Phase-in used
ESRS S1-16	97 a)	Unadjusted gender pay gap	S1 Metrics and accounting policies
ESRS S1-16	97 b)	Excessive CEO pay ratio	S1 Metrics and accounting policies
ESRS S1-17	103 a)	Incidents of discrimination	S1 Metrics and accounting policies
ESRS S1-17	104 a)	Non-respect of UNGPs on Business and Human Rights and OECD	S1 Metrics and accounting policies
ESRS 2 - SBM-3 - S2	11 b)	Significant risk of child labour or forced labour in the value chain	Not material
ESRS S2-1	17	Human rights policy commitments	S2 Approach and policies
ESRS S2-1	18	Policies related to value chain workers	S2 Approach and policies
ESRS S2-1	19	Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines	S2 Approach and policies

DISCLOSURE REQUIREMENT	DATAPOINT		SECTION
ESRS S2-1	19	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8	S2 Approach and policies
ESRS S2-4	36	Human rights issues and incidents connected to its upstream and downstream value chain	S2 Approach and policies
ESRS S3-1	16	Human rights policy commitments	Not material
ESRS S3-1	17	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines	Not material
ESRS S3-4	36	Human rights issues and incidents	Not material
ESRS S4-1	16	Policies related to consumers and end-users	S4 Approach and policies
ESRS S4-1	17	Non-respect of UNGPs on Business and Human Rights and OECD guidelines	S4 Approach and policies
ESRS S4-4	35	Human rights issues and incidents	Not material
ESRS G1-1	10 b)	United Nations Convention against Corruption	Not material
ESRS G1-1	10 d)	Protection of whistle-blowers	Not material
ESRS G1-4	24 a)	Fines for violation of anti-corruption and anti-bribery laws	Not material
ESRS G1-4	24 b)	Standards of anti-corruption and anti-bribery	Not material

Financial Statements

Consolidated Financial Statements (IFRS)98
Consolidated Statement of Comprehensive Income98
Consolidated Balance Sheet 99
Consolidated Cash Flow Statement	100
Consolidated Statement of Changes in Equity101
Notes to the Consolidated Financial Statements	103

Parent company's financial statements (FAS) 125
Parent Company's Income Statement	125
Parent Company's Balance Sheet	125
Parent Company's Cash Flow Statement	126
Notes to the Parent Company's Financial Statements	126
The Board Of Directors' Proposal for Distribution of Profit	133
Auditor's note	134

Auditor's report	135

Assurance report on the Sustainability
Statement	138

Members of Olvi plc's Board of Directors
as of the Annual General Meeting
on 26 March 2024 140

Consolidated Financial Statements (IFRS)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR 1,000	Note	2024	2023
Gross sales		1,360,025	1,326,568
Excise taxes and other adjustments		-703,118	-695,963
NET SALES	1 & 2	656,907	630,605

Cost of sales GROSS PROFIT		-390,476 266,431	-394,977 235,628

Logistics, sales and marketing expenses	3	-136,998	-126,605
Administrative expenses	3	-49,235	-41,472
Other operating income	4	1,937	989
Other operating expenses	4	-749	-13,622
OPERATING RESULT		81,386	54,918
Financial income	8	2,237	990
Financial expenses	8	-1,637	-1,682
Share of the profit of associated companies and joint ventures	22	52	45

PROFIT BEFORE TAX		82,038	54,271

Income taxes	9	-19,613	-15,798
PROFIT FOR THE PERIOD		62,425	38,473

EUR 1,000 Note	2024	2023
Other items of comprehensive income that may be later reclassified to profit or loss:
Translation differences related to foreign subsidiaries	-1,363	-5,003
Other comprehensive income total	-1,363	-5,003
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	61,062	33,470
Distribution of the profit for the period:
- Owners of the parent company	61,669	38,251
- Non-controlling interest	756	222
Distribution of comprehensive income for the period:
- Owners of the parent company	60,356	33,430
- Non-controlling interest	706	40
Earnings per share calculated from profit attributable to owners of the parent company:

Undiluted earnings per share (EUR)	2.98	1.85
Diluted earnings per share (EUR)	2.98	1.85

CONSOLIDATED BALANCE SHEET

EUR 1,000	Note	2024	2023
ASSETS

Non-current assets
Intangible assets	11	9,313	10,518
Goodwill	11 & 12	22,204	22,204
Tangible assets	13	235,669	213,182
Holdings in associated companies and joint ventures	22	1,012	1,032
Other investments	14	893	1,042
Loans receivable and other long-term receivables	14	6,023	5,544
Deferred tax assets	9	4,429	4,370
Total non-current assets		279,543	257,892
Current assets
Inventories	15	76,247	74,190
Accounts receivable and other receivables	14	131,495	125,815
Income tax receivables		1,566	645
Cash and cash equivalents	16	50,751	31,458
Total current assets		260,059	232,108

TOTAL ASSETS		539,602	490,000

EUR 1,000	Note	2024	2023
EQUITY AND LIABILITIES

Equity attributable to owners of the parent company
Share capital	17	20,759	20,759
Fair value reserve	17	295	295
Treasury shares	17	-658	-881
Other reserves	17	1,092	1,092
Translation differences		-58,081	-56,768
Retained earnings		360,820	324,120
Total equity attributable to owners of the parent company		324,227	288,617
Non-controlling interest		1,335	721
Total equity		325,562	289,338

Non-current liabilities
Financial liabilities	18	6,755	4,098
Other liabilities	20	793	782
Deferred tax liabilities	9	13,973	14,100
Current liabilities
Financial liabilities	18	3,744	2,908
Accounts payable and other payables	20	187,116	178,751
Income tax liability		1,659	23
Total liabilities		214,040	200,662

TOTAL EQUITY AND LIABILITIES		539,602	490,000

CONSOLIDATED CASH FLOW STATEMENT

EUR 1,000	Note	2024	2023
Cash flow from operating activities
Profit for the period		62,425	38,473
Adjustments		44,009	36,557
Change in net working capital:
Increase (-) / decrease (+) in accounts receivable and other receivables	14	-5,945	-20,279
Increase (-) / decrease (+) in inventories	15	-2,544	-6,377
Increase (-) / decrease (+) in accounts payable and other payables	20	4,484	-4,789
Interest paid	8	-479	-408
Interest received	8	1,707	531
Dividends received	8	6	10
Taxes paid	9	-17,608	-15,764
Cash flow from operating activities (A)		86,055	27,954

Cash flow from investing activities
Investments in tangible assets	13	-37,856	-23,687
Investments in intangible assets	11	-1,608	-1,863
Capital gains on disposal of tangible assets	13	836	591
Acquisition of shares from non-controlling interest	22	0	-2,737
Dividends received	22	72	41
Cash flow from investing activities (B)		-38,556	-27,655

EUR 1,000	Note	2024	2023
Cash flow from financing activities
Loan withdrawals	18	17,306	4,577
Repayment of loans	18	-19,783	-6,165
Acquisition of treasury shares	17	0	-604
Dividends paid	17	-24,907	-25,339
Cash flow from financing activities (C)		-27,384	-27,531

Increase (+) / decrease (-) in cash and cash equivalents (A+B+C)		20,115	-27,232

Cash and cash equivalents 1 Jan	16	31,458	61,207
Impact of exchange rate changes		-822	-2,517
Cash and cash equivalents 31 Dec	16	50,751	31,458

Adjustments to cash flow from operating activities:

EUR 1,000	2024	2023
Adjustments to cash flow from operating activities before change in working capital:
Depreciation and amortisation	25,818	24,779
Capital gains and losses on disposals of fixed assets	-8	477
Share of the profit of associated companies and joint ventures	-52	-45
Financial income and expenses	-939	48
Income taxes	19,614	15,798
Other adjustments	-424	-4,501
Total	44,009	36,557

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR 1,000	A	B	C	D	E	F	G	H	I
Equity 1 Jan 2024	20,759	295	-881	1,092	-56,768	324,120	288,617	721	289,338
Comprehensive income
Profit for the period						61,669	61,669	756	62,425
Other items of comprehensive income
Translation differences					-1,313		-1,313	-50	-1,363
Other items of comprehensive income total					-1,313		-1,313	-50	-1,363
Total comprehensive income for the period					-1,313	61,669	60,356	706	61,062
Business transactions with shareholders
Dividend payment						-24,834	-24,834	-70	-24,904
Share-based incentives, value of work performance						983	983		983
Sales of treasury shares to personnel			223			-381	-158		-158
Other changes						-714	-714		-714
Business transactions with shareholders, total			223			-24,946	-24,723	-70	-24,793
Changes in holdings in subsidiaries
Acquisition of shares from non-controlling interest						-45	-45		-45
Change in non-controlling interest						22	22	-22	0
Changes in holdings in subsidiaries, total						-23	-23	-22	-45
Equity 31 Dec 2024	20,759	295	-658	1,092	-58,081	360,820	324,227	1,335	325,562

A = Share capital

B = Fair value reserve

C = Reserve for treasury shares

D = Other reserves

E = Translation differences

F = Retained earnings

G = Equity attributable to shareholders

H = Attributable to non-controlling interest

I = Total

Other reserves include the share premium account, legal reserve and other reserves.

EUR 1,000	A	B	C	D	E	F	G	H	I
Equity 1 Jan 2023	20,759	295	-1,079	1,092	-52,030	310,194	279,231	2,514	281,745
Comprehensive income
Profit for the period						38,251	38,251	222	38,473
Other items of comprehensive income
Translation differences					-4,821		-4,821	-182	-5,003
Other items of comprehensive income total					-4,821		-4,821	-182	-5,003
Total comprehensive income for the period					-4,821	38,251	33,430	40	33,470
Business transactions with shareholders
Dividend payment						-24,817	-24,817	-557	-25,374
Share-based incentives, value of work performance						619	619		619
Acquisition of treasury shares			-604				-604		-604
Sales of treasury shares to personnel			802			-1,374	-572		-572
Other changes					83	-7	76	-22	54
Business transactions with shareholders, total			198		83	-25,579	-25,298	-579	-25,877
Changes in holdings in subsidiaries
Change in non-controlling interest						1,254	1,254	-1,254	0
Changes in holdings in subsidiaries, total						1,254	1,254	-1,254	0
Equity 31 Dec 2023	20,759	295	-881	1,092	-56,768	324,120	288,617	721	289,338

A = Share capital

B = Fair value reserve

C = Reserve for treasury shares

D = Other reserves

E = Translation differences

F = Retained earnings

G = Equity attributable to shareholders

H = Attributable to non-controlling interest

I = Total

Other reserves include the share premium account, legal reserve and other reserves.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Accounting Policies

BASIC INFORMATION ABOUT THE GROUP

Olvi plc ("company") and its subsidiaries (jointly "the Group") manufacture beers, ciders, long drinks, mineral water, juices, soft drinks, energy drinks, sports beverages, kvass, whisky and other non-alcoholic and alcoholic beverages. The companies belonging to Olvi Group are located in Finland, Estonia, Latvia, Lithuania, Denmark and Belarus.

The Olvi Group's parent company is Olvi plc (Business ID 0170318–9). The parent company's Series A shares are quoted on the Nasdaq Helsinki Ltd Main List. The parent company is headquartered in Iisalmi, and its registered address is PO Box 16, 74101 Iisalmi, Finland. In addition, the OLVI Foundation prepares consolidated financial statements, into which Olvi Group is consolidated. The foundation's address is PO Box 16, 74101 Iisalmi.

A copy of the consolidated financial statements is available on the Internet at www.olvigroup.fi or from the headquarters of the Group's parent company at Olvitie I-IV, 74100 Iisalmi.

Olvi plc's Board of Directors has approved the disclosure of the financial statements bulletin for 2024 on 20 March 2025. According to the Finnish Limited Liability Companies Act, shareholders have the option to approve or reject the financial statements at a General Meeting of Shareholders to be held after disclosure. The General Meeting of Shareholders may also decide on amending the financial statements.

Olvi plc's official consolidated financial statements have been published in accordance with the European Single Electronic Format (ESEF) reporting requirements in xHTML format including iXBRL tags. In addition, a PDF version of the consolidated financial statements is available on the company's website www.olvigroup.fi/en.

BASIS OF PREPARATION

The consolidated financial statements have been prepared in accordance with the adopted International Financial Reporting Standards (IFRS), following the IAS and IFRS standards that were in force on 31 December 2024, as well as IAS and IFRS standards and SIC and IFRIC interpretations. In the Finnish Accounting Act and the regulations enacted by virtue of the Act, International Financial Reporting Standards refers to the standards and interpretations thereof approved for use in the European Union in accordance with the procedure specified in Regulation (EC) No 1606/2002. The notes to the financial statements also comply with the Finnish accounting and corporate laws that supplement the IFRS.

The consolidated financial statements have been prepared on the basis of original cost, with the exception of financial assets and liabilities recognised at fair value through other comprehensive income or through profit or loss, derivative contracts, and share-based transactions settled in cash, which have been recognised at fair value. The financial statement information is presented in thousands of euros (EUR 1,000). For presentation, individual figures and totals have been rounded to full thousands, which may cause rounding differences when addition is performed.

CONSOLIDATION PRINCIPLES

Subsidiaries

The consolidated financial statements include the parent company Olvi plc and all its subsidiaries. Subsidiaries are entities in which the Group has control. The Group controls an entity when the Group is exposed to or entitled to variable returns from its involvement with the entity and can affect those returns through its power over the entity. Acquired subsidiaries are consolidated from the date control commences, and divested subsidiaries are consolidated until the date control ceases.

Intra-Group shareholdings have been eliminated using the acquisition cost method. The consideration given and the acquired entity's identifiable assets and assumed liabilities have been measured at fair value at the time of acquisition.

All intra-Group business transactions, receivables, liabilities, unrealised gains and internal profit distribution are eliminated during the preparation of the consolidated financial statements. Unrealised losses are not eliminated if they arise from impairment.

The distribution of profit or loss for the financial period and the distribution of comprehensive income between the parent company's shareholders and non-controlling interests is presented in connection with the statement of comprehensive income. Comprehensive income is allocated between parent company shareholders and noncontrolling interests even if this leads to a negative share being allocated to non-controlling interests. The share of equity attributable to non-controlling interests is presented as a separate balance sheet item under shareholders' equity. Changes in the parent company's holding in a subsidiary that do not lead to loss of control are treated as equity transactions.

Associates and joint ventures

Associates are entities in which the Group has significant influence but not control. Significant influence generally arises when the Group holds more than 20 per cent of the voting power of the entity or the Group otherwise has significant influence but not control.

Associates are consolidated using the equity method. The share of profit in associates has been calculated in accordance with the Group's holding and presented as a separate item in the income statement after financial income and expenses. If the Group's share of an associate's losses exceeds the book value of the investment, the investment is recognised on the balance sheet at zero value, and losses exceeding the book value are not taken into account unless the Group is otherwise committed to the fulfilment of the associate's obligations.

A joint arrangement is an arrangement where two or more parties have joint control. Olvi's joint arrangement is a joint venture that is consolidated using the equity method.

TRANSLATION OF FOREIGN CURRENCY ITEMS

Foreign subsidiaries

The items included in the financial statements of the Olvi Group companies are valued in the currency of each unit's primary operating environment ("the functional currency"). These consolidated financial statements are presented in euros, which is the functional and presentation currency of the Group's parent company.

The income and expense items in the income statements of Group companies whose functional and financial statements currency is not the euro have been translated into the Group's reporting currency using the average exchange rate for the period. Balance sheet items have been translated into the reporting currency at the exchange rate valid on the balance sheet date. The different exchange rates applicable to the conversion of profit or loss in the income statement and on the balance sheet result in a translation difference recognised in shareholders' equity on the balance sheet, and any change in this difference is recognised in items of other comprehensive income. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences arising from equity items accumulated after the acquisition, are recognised in items of other comprehensive income. When a subsidiary is divested in full or in part, accumulated translation differences are recognised in the income statement as part of the sales gain or loss.

Goodwill arising from the acquisition of foreign entities and the fair value adjustments made to the book values of the assets and liabilities of such foreign entities upon acquisition are treated as assets and liabilities belonging to the foreign entities. They are converted into euro at the exchange rates valid on the closing date of the reporting period.

Transactions in foreign currencies

Foreign currency transactions have been translated into the functional currency at the exchange rate valid on the transaction date. Monetary items denominated in a foreign currency have been translated into the functional currency at the exchange rates valid on the closing date of the reporting period.

Gains and losses arising from business transactions in a foreign currency and the conversion of monetary items are recognised through profit and loss. Foreign exchange gains and losses from operations are included in the corresponding items above the operating result. Foreign exchange gains and losses on loans denominated in a foreign currency are included in financial income and expenses, with the exception of exchange rate differences on foreign currency items that constitute part of the net investment made in a foreign unit. These exchange rate differences are recognised in items of other comprehensive income, and accumulated exchange rate differences are included in the translation difference presented in shareholders' equity.

OPERATING RESULT

IAS 1 Presentation of Financial Statements does not define the concept of operating result. The Group has defined it as follows: operating result is the net amount created by adding other operating income to net sales and subtracting the cost of sales, fixed operating expenses including depreciation and amortisation, as well as other operating expenses.

All income statement items other than the above are presented below the operating result. Exchange rate differences are included in the operating result if they arise from items associated with business operations. Otherwise, they are recognised in financial items. The principles for the calculation of other ratios are presented under Calculation of Financial Ratios.

ACCOUNTING POLICIES REQUIRING THE MANAGEMENT'S JUDGEMENT AND KEY UNCERTAINTIES RELATED TO ESTIMATES

The preparation of the financial statements in accordance with the IFRS requires the Group's management to make certain estimates and considerations. Furthermore, the application of accounting policies requires choice and consideration. This applies particularly to cases in which valid IFRS standards provide for alternative methods of recognition, measurement or presentation.

Uncertainties related to estimates

Estimates made in connection with the preparation of the financial statements are based on the management's best understanding on the balance sheet date, and the outcome may differ from the estimates and assumptions. The estimates are based on previous experiences and assumptions concerning the future that are deemed most probable on the balance sheet date with regard to aspects such as the expected development of the Group's financial operating environment in terms of sales and the level of costs. The estimates take into account the business impact of the war in Ukraine and the geopolitical situation.

The Group, regularly and jointly with the management of subsidiaries, monitors the realisation of estimates and assumptions, as well as changes in the underlying factors, by applying several sources of information, both internal and external. Any changes in the estimates and assumptions are recognised in the financial period during which the estimates and assumptions are adjusted and in all subsequent financial periods.

The most important sectors in which the management has applied consideration and that require the use of estimates and assumptions are presented in the following notes sections:

Note 5 Cost of employee benefits, personnel and share-based payments
Note 9 Income Taxes
Note 11 Intangible Assets
Note 12 Impairment and impairment testing of goodwill
Note 13 Tangible Assets
Note 14.3 Accounts receivable and other receivables
Note 15 Inventories

CLIMATE-RELATED MATTERS IN THE CONSOLIDATED FINANCIAL STATEMENTS

The management has taken the impacts of climate risks, including climate change scenarios and emissions reduction targets, as well as the impacts of the measures taken or to be taken to mitigate them, into account in its assessments and judgements in the preparation of the financial statements. Climate-related aspects have been assessed in relation to the following items in the consolidated financial statements in particular:

Goodwill: The key variables used in Olvi Group's impairment testing are based on strategy-based operational planning, which takes the investments necessary and required by legislative changes into account to achieve the sustainability targets, as well as any changes to tax-like payments, which can be responded to with changes to the products and product portfolio. (Notes 11 and 12)
Tangible and intangible assets: Climate-related matters may affect the recognition and valuation of intangible and tangible assets. At the end of the reporting period, climate-related matters did not have a material impact on the estimated useful life of the assets or the impairment of the assets. Olvi Group will continue to invest in the use of renewable energy and other means to achieve the emissions reduction targets. Olvi Group's climaterelated targets are described in more detail in the Sustainability Statement as part of the Board of Directors' report. (Notes 11 and 13)
Inventories: Climate-related matters may affect the valuation of inventories, but during the reporting period, climate-related matters had no material impact on the valuation of Olvi Group's inventories. (Note 15)
Interest-bearing liabilities: During the financial year, Olvi plc signed a EUR 22 million loan agreement in accordance with the Green Bond Framework, the criteria of which are related to improving energy efficiency. The loan will be drawn down during the 2025 financial year.
Employee benefits: Olvi Group has sustainability-related incentive and reward plans. One earning criterion in the management's long-term share-based incentive plan is the reduction of greenhouse gas emissions, and the other earning criterion is the increase in the sales of non-alcoholic products. Both are among the Group's main sustainability targets. The management's short-term incentive plan also includes sustainability-related targets such as the environment and personnel. The earning potential related to sustainability in short-term incentive plans varies by position. (Note 5)
Costs related to energy, materials and logistics: Climate-related matters may have an impact on the availability and price of materials and services needed in the production supply chain, thus increasing costs. (Note 3)

In 2024, no significant impacts arising from climate change were detected in estimates and judgements related to financial reporting for the above-mentioned aspects. As a result, asset or liability valuations have not changed significantly because of climate change risks.

APPLICATION OF NEW OR AMENDED IFRS STANDARDS AND INTERPRETATIONS

In 2024, the Group adopted the following amended standards published by the IASB that must be applied to financial periods beginning on or after 1 January 2024:

IAS 1 Presentation of Financial Statements
IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures
IFRS 16 Leases
IFRIC agenda decisions concerning IAS 27 Separate Financial Statements, IFRS 3 Business Combinations, IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRS 8 8 Operating Segments.

The new standard does not have impact on consolidated financial statements.

In addition, the amendments to the following standards must be applied to financial periods beginning on or after 1 January 2025:

IAS 21 The Effects of Changes in Foreign Exchange Rates
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 19 Subsidiaries without Public Accountability: Disclosures
IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments
Annual improvements on: IFRS 7 Financial Instruments: Disclosures and the related application guidelines, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IAS 7 Statement of Cash Flows, IFRS 7 Financial Instruments: Disclosures ja IFRS 9 Financial Instruments.

1. Segment information

REPORTING SEGMENTS

The Group's operating segments are defined on the basis of the management model and internal reporting applied to strategic decisions by the Group's executive management, which is identified as the chief executive decision-maker. The Group's top management consists of the parent company's CEO and Board of Directors.

Olvi Group's operating segments consist of the Group's geographical areas of operation, which are Finland, Baltic Sea region and Belarus. The products and services of the reporting segments are produced in a specific economic environment, where the risks and profitability differ from those in the economic environments of the other segments. Net sales in the reporting segments mostly arise from the wholesale of various beverages. The net sales also include a minor amount of services to licensed restaurants in the form of beverage-serving equipment. The Group's management assesses the operating segments' performance based on the operating result (EBIT). Interest income and expenses are not allocated to the segments, because the Group's financing is managed by the parent company, Olvi plc, in a centralised manner. Pricing between segments is based on fair market terms.

A segment's assets and liabilities refer to business items that the segment uses in its business operations and that can be allocated to the segment on reasonable grounds. The segment's assets include also the acquisition cost of the shares in subsidiaries. Unallocated items include financial items, as well as items common to the entire Group. Any impairment without a cash flow impact is not allocated to segments but are included in eliminations. Investments include increases in tangible and intangible assets that are used during more than one financial period.

SEGMENTS' INCOME, ASSETS AND LIABILITIES 2024 AND 2023:

2024
EUR/L 1,000		Finland Baltic Sea region	Belarus	Eliminations	Group
Sales volume	262,717	381,729	351,317	-6,053	989,710

INCOME
External net sales	238,793	266,596	151,518	0	656,907
Internal net sales	664	3,427	0	-4,091	0
Total net sales	239,457	270,023	151,518	-4,091	656,907
EARNINGS
Segment's operating result	25,783	23,285	33,377	-1,059	81,386
Financial income					2,237
Financial expenses					-1,637
Share of profit or loss of associated companies		52			52
Income taxes	-6,453	-3,753	-10,260	853	-19,613
Profit for the period					62,425

OTHER INFORMATION
Segment's assets	340,601	247,404	83,238	-138,648	532,595
Investments in associated companies and joint ventures	50	962			1,012
Unallocated assets					5,995
Group's total assets					539,602

Segment's liabilities	123,096	56,205	14,773	-5,749	188,325
Unallocated liabilities					25,715
Group's total liabilities					214,040

Segment's investments	24,122	13,900	5,645		43,667

Depreciation and impairment	11,664	13,385	0	769	25,818

Net sales by country 2024

2024		Finland Baltic Sea region		Belarus Other countries	Group
External net sales	235,743	239,879	150,533	30,752	656,907
Total net sales	235,743	239,879	150,533	30,752	656,907

Finland Baltic Sea region		Belarus	Eliminations	Group
268,085	390,374	321,231	-3,940	975,750

228,200	267,375	135,030	0	630,605
34	2,432	0	-2,466	0
228,234	269,807	135,030	-2,466	630,605

17,511	21,991	16,680	-1,264	54,918
				990
				-1,682
	45			45
-4,238	-3,374	-9,366	1,180	-15,798
				38,473

319,448	235,340	65,411	-136,247	483,952
50	982			1,032
				5,016
				490,000
118,282	52,440	13,858	-6,792	177,788
				22,874
				200,662
10,072	12,874	2,001		24,947
11,176	12,518	97	988	24,779

Net sales by country 2023

2023		Finland Baltic Sea region		Belarus Other countries	Group
External net sales	225,820	237,692	134,145	32,948	630,605
Total net sales	225,820	237,692	134,145	32,948	630,605

2. Net sales

ACCOUNTING POLICIES

Olvi applies IFRS 15 Revenue from Contracts with Customers. Net sales consist of consideration received for the sales of products and services measured at fair value, less indirect taxes, discounts and translation differences for sales in foreign currencies.

Performance obligations

The performance obligation of beverage sales is the delivery of beverage products to the customer in accordance with the terms of the contract. Transport that may be included in the beverage delivery is not a separate performance obligation. Customer agreements do not include services concerning products or other elements/ performance obligations. In the case of equipment service sales, the performance obligation is to provide the customer with cooling equipment or other similar rental equipment for the period specified in the contract.

Recognition of sales

The sales of beverages and beverage products are recognised at the moment when the Group has delivered the products to the location agreed in the customer contract and when control over the products has been transferred to the customer. Delivery is considered to have taken place when the risk of non-marketability and damage has been transferred to the customer and Olvi has no outstanding obligations towards the customer. Beverage deliveries do not include any return terms and conditions. The Group leases out beverage-serving equipment to its HoReCa customers and coolers to its retailers. Rental income is recognised in equal instalments over the lease period. The accounting policies for leases are described in Note 13 Tangible assets.

The amount of net sales

Net sales are recorded at the amount expected to be received from customers as consideration for the transfer of a product or service. The transaction price is determined on the basis of the contract with the customer, less annual discounts estimated at the time of sale in accordance with the terms and conditions of the contract, as well as any returns of defective products. Olvi Group applies the practical expedient allowed under IFRS 15.121a and therefore does not disclose the aggregate amount of the transaction price allocated to outstanding or partly outstanding performance obligations at the end of the reporting period.

Classification of net sales

2024
EUR 1,000		Finland Baltic Sea region	Belarus	Group
INCOME
Beverage sales	236,464	266,596	151,518	654,578
Equipment services	2,329	0	0	2,329
Total net sales	238,793	266,596	151,518	656,907

2023
EUR 1,000		Finland Baltic Sea region	Belarus	Group
INCOME
Beverage sales	225,991	267,375	135,030	628,396
Equipment services	2,209	0	0	2,209
Total net sales	228,200	267,375	135,030	630,605

Contract balances

	2024	2023
Trade receivables	115,879	113,835
Customer contract assets	6,862	4,447
Customer contract liabilities	2,841	3,066
Advances received	232	219
Total	125,814	121,567

Trade receivables are based on customer invoicing. The provision for credit losses recognised on trade receivables is presented in Note 14.3. Accounts receivable and other receivables.

3. Logistics, sales, marketing and administrative expenses

EUR 1,000	2024	2023
Logistics, sales and marketing expenses
Sales freight	43,093	40,172
Other logistics expenses	32,259	31,323
Sales and marketing expenses	61,646	55,110
Administrative expenses	49,235	41,472
Total logistics, sales, marketing and administrative expenses	186,233	168,077

4. Other operating income and expenses

EUR 1,000	2024	2023
Sales gains on property, plant and equipment	594	127
Rental income	239	203
Other	1,104	659
Total other operating income	1,937	989

Other income in other operating income consists of items such as government grants as well as sales of by-products from manufacturing.

EUR 1,000	2024	2023
Sales losses on and scrapping of property, plant and equipment	669	690
Other operating expenses	80	12,932
Total other operating expenses	749	13,622

Other operating expenses for 2023 include a fine of EUR 12.2 million imposed on the Belarusian subsidiary.

5. Cost of employee benefits, personnel and share-based payments

ACCOUNTING POLICIES

Salary expenses

Employee salary expenses are accrued as an expense for the financial year in accordance with the accrual basis of accounting. The total remuneration paid by Olvi to its personnel consists of a fixed basic salary, possible bonuses, possible incentives, and fringe and other employee benefits.

Pension obligations

The Group's pension plans are defined contribution plans. In defined contribution plans, the Group makes fixed payments to a third party. The Group has no legal or factual obligation to make any additional contributions if the entity receiving the payments fails to pay the pension benefits in question. Contributions paid to defined contribution pension plans are recognised in the income statement during the period to which the charge applies.

Share-based payments

Olvi has granted share-based incentive plans to its key personnel. The Group applies IFRS 2 Share-based Payments to all share-based business transactions.

Arrangements settled in equity instruments and cash are measured at fair value based on the market price of Olvi share on the date of granting and those are recognised as expenses in the income statement in equal instalments over the vesting period. Rewards paid in cash are solely paid to cover taxes and tax-like charges. The earnings effect of the arrangement is presented in the income statement under employee benefit expenses. When calculating the fair value of the share, the expected dividends have been taken into account. The total value of the share-based payment, including the cash portion, is recognised in equity, and the value of the cash portion is also based on Olvi's share price on the grant date.

The cost determined at the time of granting the share-based bonuses is based on the Group management's estimate of the number of shares that are expected to become vested at the end of the vesting period. The Group updates the expectation of the final number of shares on each balance sheet date. The changes in the estimates are recognised in the income statement.

Estimates and assumptions requiring management's judgement

The number of shares to be granted is assessed at each financial statement date. The assessment considers changes in Olvi's and its reporting segments' profit forecasts, turnover of personnel eligible for the incentive plan, and other factors influencing the number of shares to be granted.

Employee benefits

EUR 1,000	2024	2023
Salaries	73,436	66,745
Pension costs – defined contribution	5,030	4,620
Benefits exercised and payable in stock	533	293
Benefits payable in cash	450	267
Other personnel expenses	7,835	7,247
Total	87,284	79,172

Number of personnel on average during the period	2024	2023
Finland	447	449
Baltic Sea region	1,068	1,066
Belarus	910	861
Total	2,425	2,376

REMUNERATION PAID TO CEO AND OTHER MANAGEMENT TEAM MEMBERS

Remuneration paid to CEO and other Management Team members in the 2024 and 2023 financial years are as follows:
EUR 1,000	2024	2023
CEO
Salaries and other short-term employee benefits	613	358
Total	613	358

EUR 1,000	2024	2023
Other members of the Management Team
Salaries and other short-term employee benefits	1,315	1,039
Share-based payments	234	239
Total	1,549	1,278

Board remuneration

EUR 1,000	2024	2023
Hortling Nora	101	77
Hakkarainen Pentti	0	16
Heinonen Lasse	60	46
Markula Elisa	0	7
Noop Tarmo	37	0
Nummela Juho	47	39
Paltola Päivi	52	40
Ståhlberg Christian	52	33
Total	349	258

PERFORMANCE-BASED SHARE INCENTIVE PLANS

Performance period	Earning criteria and weighting (%)	Target group, number of people	Maximum reward, pcs	Actual reward, pcs
2021–2023 (e)	Operating result (50%), increa se in the sales volume of non-alcoholic products (40%), value chain CO2e emissions reduction (10%)	13	10,000	6,319
2022–2024 (o)		16	10,670	259
2023–2025 (o)		16	10,600
2023–2025 (o)	Own investment (50%) and TSR (50%) *)	1	1,000
2024–2026 (o)	Operating result (50%), growth in net sales from non alcoholic products (40%), reduction of CO2e emissions from own production (10%)	37	43,150

*) The TSR is tied to the Olvi Series A share's volume-weighted average price from 1 December 2024 to 31 January 2025 and to the dividends paid from the start of the programme until 31 January 2025.

The table shows new performance-based plans on which a decision was made during the financial year.

Performance period	Earning criteria and weighting (%)	Target group, number of people	Maximum reward, pcs	Actual reward, pcs
2025–2027	Operating result (50%), growth in net sales from non alcoholic products (40%), reduction of CO2e emissions from own production (10%)	36	42,702

Restricted share incentive plans

Plans that have ended during the financial year (e), as well as ongoing (o) plans.

Performance period	Earning criterion	Target group, number of people	Maximum reward, pcs	Actual reward, pcs
2022–2023 (e)	Own investment and employment relationship	10	2,000	400
2024–2025 (o)	Employment relationship	19	3,250

New plans on which a decision was made during the financial year.

Performance period	Earning criterion	Target group, number of people	Maximum reward, pcs	Actual reward, pcs
2025–2026	Työsuhde	16	2,750

The costs related to these plans totalled EUR 983.1 thousand in the financial period The book value of liabilities related to incentive plans at the end of the financial year was EUR 1,206.3 thousand. The total number of shares in the programmes is 63,079, and the weighted average of the fair value per share is EUR 29.31. The fair value measurement takes estimated future dividend distribution into account. Olvi Group has no other share or option arrangements in place.

6. Research and development costs

ACCOUNTING POLICIES

Research and development costs are recognised as an expense in the income statement.

The income statement includes EUR 9.7 million in R&D costs recognised as expenses in 2024 (EUR 5.6 million in 2023), or 1.5% (0.9%) of net sales.

7. Audit costs

EUR 1,000	2024	2023
Auditing firm elected by the General Meeting
Fees for statutory audit	268	263
Tax services	10	0
Other services	77	21
Total	355	284

Other entities
Fees for statutory audit	8	51
Associated auditing services	0	3
Other services	27	1
Total	36	55

8. Financial income and expenses

EUR 1,000	2024	2023
Dividend income from investments held as fixed assets	6	10
Interest income from bank deposits	1,584	413
Exchange rate differences	364	397
Other interest and financial income	283	170
Total	2,237	990

EUR 1,000	2024	2023
Interest expenses on leases	336	173
Interest expenses on financial liabilities measured at amortised cost	480	408
Exchange rate differences	443	791
Other financial expenses	378	310
Total	1,637	1,682

9. Income taxes

ACCOUNTING POLICIES

Income taxes

The tax expense in the consolidated income statement comprises tax based on the taxable income for the period and change in deferred tax. The tax based on the taxable income for the period is calculated on the basis of taxable income in accordance with the tax rate valid in each country. The tax is adjusted for any taxes associated with previous periods. The Group will offset tax receivables and liabilities based on the taxable income for the period only if the Group has a legally enforceable right to offset the recognised items against each other and the Group will either provide payment on a net basis or simultaneously realise an asset and repay a debt. The Group estimates that had no uncertain tax positions on 31 December 2024.

Taxes in the income statement

EUR 1,000	2024	2023
Tax based on taxable income for the period	18,630	13,042
Taxes from previous financial periods	1,173	3,859
Deferred taxes	-190	-1,103
Total	19,613	15,798

Reconciliation between the tax expenses in the income statement and taxes calculated in accordance with the Finnish tax rate 20.0% (20.0%):

EUR 1,000	2024	2023
Profit before tax	82,038	54,271
Taxes calculated at the home country's rate	16,408	10,854
Effect of different tax rates for foreign subsidiaries	375	-1,298
Tax-free income	-116	-118
Tax effect of non-deductible items	2,415	3,839
Taxable income not included in the income statement	0	-4
Deductible expenses outside the income statement	-2,199	-2,981
Loss for the period for which no DTA is recognised	1,205	1,210
Taxes from previous financial period	1,173	3,859
Other taxes and adjustments	352	437
Taxes in the income statement	19,613	15,798

Taxes from previous financial period include the additional tax imposed on the Belarusian subsidiary. The tax effect of the non-deductible items in 2023 includes a fine of EUR 12.2 million imposed on the Belarusian subsidiary.

DEFERRED TAX ASSETS AND LIABILITIES

Accounting policies

Deferred taxes are calculated on temporary differences between book value and tax base. However, a deferred tax liability will not be booked on the original recognition of goodwill, or if it arises from the original recognition of an asset or liability item when the case does not concern a business combination and the transaction does not affect the accounted earnings or taxable income at the time of its realisation. Deferred taxes are recognised for investments in subsidiaries, associates and joint ventures unless the Group is able to determine the time when a temporary difference will be reversed, and when the temporary difference is not likely to be reversed in the foreseeable future.

Within the Group, the most substantial temporary differences arise from depreciation on tangible assets, arrangements settled in equity instruments, planned profit distribution and the share-based incentive plan. Deferred taxes are calculated at tax rates enacted or practically approved by the balance sheet date, which are expected to be applicable when the deferred tax asset is realised, or the deferred tax liability is paid.

Deferred tax assets and liabilities are presented on the balance sheet as separate items under non-current assets or liabilities. The Group will offset deferred tax assets and liabilities only in the case that the Group has a legally enforceable right to offset the tax receivables and liabilities based on taxable income for the period and the deferred tax assets and liabilities are associated with income taxes collected by the same tax authority either from the same taxpayer or another taxpayer who is either planning to offset the tax assets and liabilities based on taxable income for the period or to realise the receivable and pay the liabilities simultaneously in each future period during which a substantial amount of deferred tax liabilities is expected to be paid or a substantial amount of deferred tax assets is expected to be utilised.

Estimates and assessments by management

There is always some uncertainty in terms of recognising income taxes and deferred taxes in the financial statements. The amount of deferred tax assets and the probability of their utilisation are assessed at every closing of the accounts. Deferred tax assets arising from confirmed losses are recognised up to the probable amount of taxable income in the future against which the temporary difference can be utilised. Deferred tax on tax-deductible losses has been recognised until the tax year 2024 to the probable amount of taxable income in the future. The amount of unrecognised deferred tax assets is EUR 1,429 thousand.

Deferred tax receivables and payables 2024

EUR 1,000	31.12.2023	Recognised through profit and loss	31.12.2024
Tangible and intangible assets	1,712	892	2,604
Share-based incentives	94	39	133
Confirmed losses	2,069	-397	1,672
Other items	495	-475	20
Deferred tax assets total	4,370	59	4,429

EUR 1,000	31.12.2023	Recognised through profit and loss	Exchange rate differences	31.12.2024
Tangible and intangible assets	9,928	-211	-5	9,712
Profit distribution	2,961	163	0	3,124
Other items	1,211	-74	0	1,137
Deferred tax liabilities total	14,100	-122	-5	13,973

The Group companies have a total of EUR 14,937 thousand of unused tax-deductible losses, of which EUR 458 thousand will expire between 2027 and 2028. In other respects, the losses do not have an expiry date. A deferred tax liability of EUR 3,124 thousand for the planned profit distribution of AS A. Le Coq and A/S Cēsu Alus for the period has been recognised in the 2024 financial statements. No deferred tax liability has been recognised for the undistributed profits (EUR 73,256 thousand) of AS A. Le Coq and A/S Cēsu Alus, as the parent company is able to control when the temporary difference will be reversed, and the temporary difference is not likely to be reversed in the foreseeable future. If a deferred tax liability was recognised for the undistributed profits, its effect would be EUR 13,027 thousand.

Deferred tax receivables and payables 2023

EUR 1,000	31.12.2022	Recognised through profit and loss	Exchange rate differences	31.12.2023
Tangible and intangible assets	306	1,413	-7	1,712
Share-based incentives	290	-196	0	94
Confirmed losses	1,943	126	0	2,069
Other items	31	464	0	495
Deferred tax assets total	2,569	1,808	-7	4,370

EUR 1,000	31.12.2022	Recognised through profit and loss	Exchange rate differences	31.12.2023
Tangible and intangible assets	10,005	-7	-70	9,928
Profit distribution	2,783	178	0	2,961
Other items	678	533	0	1,211
Deferred tax liabilities total	13,466	704	-70	14,100

10. Earnings per share

ACCOUNTING POLICIES

Undiluted earnings per share are calculated by dividing the profit for the financial period attributable to the parent company's shareholders by the weighted average of shares outstanding during the financial period. When calculating the weighted average, the number of treasury shares in the company's possession is deducted from the number of shares. Olvi plc held a total of 21,714 of its own Series A shares on 31 December 2024.

EARNINGS PER SHARE 2024 AND 2023:

	2024	2023
Profit attributable to parent company shareholders (EUR 1,000)	61,669	38,251
Weighted average number of shares during the financial period (1,000)	20,722	20,722
Effect of treasury shares (1,000)	-24	-31
Weighted average number of shares for the calculation of EPS (1,000)	20,698	20,691
Undiluted/diluted earnings per share (EUR per share)	2.98	1.85

More information about treasury shares is provided in Note 17 Notes concerning shareholders' equity.

During 2023 and 2024, Olvi Group has not had options or any other plans having a dilution effect, which means that undiluted earnings per share and earnings per share adjusted for dilution have been equal during these years.

11. Intangible assets

ACCOUNTING POLICIES

Goodwill

Goodwill arising from business combinations is recognised at the amount in which the total of the consideration given, the share of non-controlling interests in the acquired entity and any previous holding exceeds the fair value of the net assets acquired.

No regular amortisation is recognised on goodwill, but it is tested for impairment annually or, if necessary, more frequently. For this purpose, goodwill is allocated to cash-generating units that correspond to the management's way of monitoring the business and the associated goodwill. In the Group, the cash-generating units correspond to the operating countries reported to the executive management. Goodwill is recognised at original cost, less impairment. Previously recognised impairment of goodwill will not be reversed.

Research and development costs

Research costs are recognised as expenses in the income statement. Development costs that qualify for capitalisation under IAS 38 are recognised on the balance sheet and depreciated according to the probable economic life of the asset. Olvi Group had EUR 85 thousand in capitalised development costs on 31 December 2024 (40 thousand on 31 December 2023).

Intangible assets

An intangible asset item is recognised on the balance sheet only if its acquisition cost can be reliably determined and it is probable that the expected economic benefit from the item will be to the Group's advantage. Intangible assets with a limited useful life are booked on the balance sheet at original cost and recognised as expenses in the income statement by straight-line amortisation over their known or estimated useful life. No amortisation is recognised on intangible assets with an unlimited useful life, but they are tested annually for impairment.

Estimates and assessments by management

The valuation of goodwill and other assets with unlimited useful lives always involves some uncertainty and management's judgement. Making valuation calculations requires the management's estimates of the future development of the cash-generating units' business operations and cash flows.

THE AMORTISATION PERIODS FOR INTANGIBLE ASSETS

Development costs	6 years
Customer relationships	5–6 years
Trademarks	10 years
Software	5 years
Others	5 years

CHANGES IN INTANGIBLE ASSETS IN THE 2024 AND 2023 FINANCIAL YEARS:
--------------------------------------------------------------------	--

EUR 1,000	Goodwill	Intangible assets	Total
Acquisition cost 1 Jan 2024	31,226	46,352	77,578
Additions	0	1,607	1,607
Transfers between items	0	-567	-567
Exchange rate differences	-10	-19	-29
Acquisition cost 31 Dec 2024	31,216	47,373	78,589

Accumulated depreciation and impairment 1 Jan 2024	9,022	35,834	44,856
Depreciation	0	2,407	2,407
Accumulated depreciation on deductions and transfers	0	-168	-168
Exchange rate differences	-10	-13	-23
Accumulated depreciation and impairment 31 Dec 2024	9,012	38,060	47,072

Book value 1 Jan 2024	22,204	10,518	32,722
Book value 31 Dec 2024	22,204	9,313	31,517

Intangible assets mainly consist of customer relationships, trademarks, computer software and leases on land areas. Intangible assets include an intangible right of EUR 107 thousand with an unlimited useful life, for which amortisation according to plan is not recognised.

EUR 1,000	Goodwill	Intangible assets	Total
Acquisition cost 1 Jan 2023	31,254	44,419	75,673
Additions	0	1,863	1,863
Transfers between items	0	212	212
Exchange rate differences	-28	-142	-170
Acquisition cost 31 Dec 2023	31,226	46,352	77,578
Accumulated depreciation and impairment 1 Jan 2023	9,050	33,446	42,496
Depreciation	0	2,494	2,494
Accumulated depreciation on deductions and transfers	0	-6	-6
Exchange rate differences	-28	-100	-128
Accumulated depreciation and impairment 31 Dec 2023	9,022	35,834	44,856
Book value 1 Jan 2023	22,204	10,972	33,176
Book value 31 Dec 2023	22,204	10,518	32,722

12. Impairment and impairment testing of goodwill

ACCOUNTING POLICIES

Impairment

The balance sheet values of non-current tangible and intangible assets are assessed for impairment on the balance sheet date and whenever there are indications that the value of an asset may have been impaired. The impairment test estimates the amount recoverable from an asset. The recoverable amount equals the fair value of an asset, less the costs arising from its transfer, or the value in use, if higher.

An impairment loss is recognised in the income statement when the book value of an asset exceeds its recoverable amount. If an impairment loss is attributable to a cash-generating unit, it is first allocated to reduce the goodwill attributable to the cash-generating unit and then to tangible assets whose valuation, in the management's estimation, involves the highest level of uncertainty. An impairment loss will be reversed if there is a change in the circumstances and the amount recoverable from an asset has changed since the recognition of the impairment loss. However, any impairment loss reversal may not exceed the amount that would be the book value of the asset if the impairment loss was not recognised. Impairment losses recognised on goodwill are not reversed in any circumstances.

Impairment testing

The Group carries out annual impairment testing of goodwill and intangible assets with an unlimited useful life. This is done at the level of cash-generating units. The information on the Baltic Sea region segment combines the information for the cash-generating units in Estonia, Latvia, Lithuania and Denmark. Recoverable amounts from cashgenerating units are determined through calculations based on value in use. The preparation of these calculations requires the use of estimates. The key variables used for the calculation of value in use are budgeted sales volume and budgeted net sales and operating result, as well as the WACC (Belarus cost of equity) and growth percentage applied. Estimated sales and production volumes are based on existing fixed assets.

Estimates and assessments by management

The goodwill testing calculations contain management estimates and assumptions, and are therefore susceptible to changes. Making calculations requires the management's estimates of the future development of the cashgenerating units' business operations and cash flows. The present values of cash flows have been calculated using the weighted average cost of capital (WACC) values/cost of equity calculated for the cash-generating units tested. Impairment tests are performed annually, or when there are indications of circumstances that could cause impairment.

IMPAIRMENT TESTING VARIABLES 2024

2024	Finland	Baltic Sea region	Belarus
Goodwill	11,075	11,128	0
Growth percentage	2%	2%	n/a
WACC (pre-tax)/Cost of equity	7.53	5.95-8.67	33.24

2023
Goodwill	11,075	11,128	0
Growth percentage	2%	2%	n/a
WACC (pre-tax)/Cost of equity	8.82	8.55–9.09	27.09

The table above presents the WACC before taxes (previously after taxes), and the comparison figures for 2023 have been adjusted accordingly. In addition to goodwill, a water withdrawal right with an unlimited useful life, with a book value of EUR 1,017 thousand, has been allocated to the cash-generating unit in Lithuania, which is included in the Baltic Sea region segment.

FINLAND AND THE BALTIC SEA REGION

The estimated future cash flows used for impairment testing are based on financial plans approved by the Group's management. The cash flow estimates are based on financial plans for the next five years. Cash flow estimates due later than five years are extrapolated using estimated growth rates that do not exceed the estimated longterm growth rates of the cash-generating units. In the assessment of future cash flows, the management has also compared previous financial plans with the actual development. Impairment testing in 2024 showed that the recoverable amounts of the tested cash-generating units significantly exceeded the balance sheet values of the goodwill allocated to them and other tested assets. Testing showed no indications of impairment of goodwill or the intangible asset with an unlimited useful life.

BELARUS

Changes in the business environment caused by the war in Ukraine started 2022 have been taken into account in the Belarusian segment. Sanctions have been imposed on Belarus, and Belarus has imposed countersanctions on EU countries in particular. Various laws affecting business operations and ownership have been enacted that restrict the rights of Western owners, for example. In addition, the predictability of the development of exchange rates in Belarus has decreased, and financial transactions have become more difficult.

The above uncertainties related to the operating environment must be taken into account in the assessment of recoverable amounts. Impairment testing has been carried out in the Belarusian business segment by using the fair value less costs of disposal, taking into account the euro-denominated dividends to be paid to the parent company over the next two years based on the estimated net profit and the financial position. Market-based estimates of the company's value have been used as the residual value. The financial benefit for the parent company calculated based on dividends over a two-year period is linked to the uncertainty involved in the predictability of the operating environment. The discount rate used is the cost of equity, i.e., 33.24%. The specific risk associated with the asset

has been assessed, and it has been taken into account in the euro-denominated cash flow estimates in terms of dividends and the residual value.

For the 2022 financial statements (31 December 2022), the management assessed the book value of the Belarusian business segment in a changed operating environment. Based on the assessment, an impairment of EUR 35.0 million was recognised in the financial statements (31 December 2022). Based on the management's assessment and testing, the balance sheet valuation of the Belarusian business segment on 31 December 2024 is materially at the right level, and there is no need to change the impairment recognised. The fair value (hierarchy level 3) of the Belarusian business segment at 31 December 2024 was EUR 50.2 million. The fair value involves significant uncertainty. The estimate has been carried out carefully using the management's judgement and the best possible knowledge, taking the difficult operating conditions into account. The fair value of the assets and liabilities does not represent the company's financial value in a normal, more stable business environment or its business performance in the local currency.

SENSITIVITY ANALYSIS

Finland and the Baltic Sea region

The impairment sensitivity of the calculations made was tested for all cash-generating units by estimating how much one variable could change in order to maintain the recoverable amount equal to the balance sheet value of the asset. The assets at the time of testing the balance sheet items amounted to EUR 91.0 million and EUR 176.3 million for the Finland and Baltic Sea segments respectively. The recoverable amount was EUR 545,4 million for the Finland segment and EUR 563,3 million for the Baltic Sea segment. Based on sensitivity analyses, Olvi's management estimates that reasonably likely changes to key assumptions will not have such an effect that the balance sheet value of the goodwill and tested assets will exceed fair value.

Belarus

Based on the sensitivity analysis, it can be stated that almost any change in the assumptions will result in a change in the fair values of the balance sheet items, which were essentially equal to their book value on the balance sheet date. Olvi plc's Board of Directors is actively monitoring the development of the economic situation in Belarus and any impact this may have.

13. Tangible assets

ACCOUNTING POLICIES

Recognition of tangible assets

Tangible assets are recognised on the balance sheet at original cost, less accumulated depreciation and impairment. Depreciation is recognised on assets by using the straight-line method over their estimated useful life. Depreciation is not recognised on land areas. The residual value and useful life of assets are reviewed upon each closing of the

accounts and adjusted if necessary to reflect any changes in the expected economic benefit. Depreciation on a tangible asset will be discontinued when the asset is classified as available for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. Sales gains and losses arising from the decommissioning and transfer of tangible assets are included in other operating income or other operating expenses. A sales gain or loss is determined as the difference between the sales price and the residual acquisition cost. The acquisition cost of tangible assets includes costs directly arising from the acquisition of a tangible asset.

Any subsequent costs arising from additions to an asset, the partial replacement of an asset or the maintenance of an asset are included in the book value of a tangible asset only if it is probable that future economic benefit associated with the asset will be to the Group's advantage and that the acquisition cost of the asset can be reliably determined. Service costs – that is, repair and maintenance costs – are recognised through profit or loss once they are realised.

THE DEPRECIATION PERIODS FOR TANGIBLE ASSETS

Buildings and structures 10–40 years Plant machinery and equipment 15–20 years Recyclable packaging 5–20 years Other tangible assets 5 years

Government grants

Public subsidies such as government grants associated with the acquisition of tangible assets are recognised as deductions in the book values of tangible assets when it is reasonably certain that the subsidies will be received and that the Group fulfils the preconditions for receiving such subsidies. The subsidies will be recognised as income through reduced depreciation over the useful life of the asset.

Subsidies received as compensation for realised costs are recognised in the income statement at the same time as the associated costs are recognised as expenses. Such subsidies are presented in other operating income.

IFRS 16 LEASES

The Group as a lessee

Asset items acquired on lease agreements, excluding short-term and low-value leases, are recognised on the balance sheet at the fair value of the leased item at the beginning of the lease period or at a lower present value of minimum rents. Asset items acquired on lease agreements are depreciated over the useful life of the item or the lease period, whichever is shorter. Leasing rents payable are divided into financial expenses and reduction of debt over the lease period so that the interest rate on the debt remaining in each financial period is equal. As the discount rate, the Group primarily uses the internal rate of return in the lease or, if this cannot be determined, the incremental borrowing rate. Lease liabilities are included in interest-bearing financial liabilities on the balance sheet. The Group's lease agreements mainly consist of vehicles, leased production equipment and rental premises.

The lease term is the period of time during which the lease cannot be cancelled. Any options to extend or terminate a lease will be accounted for if it is reasonably certain that the options will or will not be exercised. Leases valid until further notice in which the period of notice is no longer than 12 months are classified as short-term leases. Lease expenses under short-term leases are recognised through profit or loss in equal instalments.

The Group as a lessor

The Group does not currently have any finance lease agreements as a lessor, but all beverage distribution and cooling equipment leases are operating leases. The leased-out assets are part of the Group's fixed assets, and the rental income from operating leases is recognised as income in the income statement for the duration of the lease.

The risk associated with assets leased out is managed through asset insurance policies. The leases are valid until further notice and can be terminated. The book value of assets leased out is EUR 3.5 million (EUR 3.6 million in 2023). The amount of rental income received is not significant in terms of the Group's overall business.

Estimates and assessments by management

Leases valid until further notice in which the period of notice is no longer than 12 months are classified as short-term leases. The amount of these leases is not material in Olvi Group.

OUTGOING CASH FLOW FROM LEASES

EUR 1,000	2024	2023
Repayment of lease liabilities	-1,694	-1,143
Interest expenses on leases	-336	-173
Expenses related to short-term and low-value leases	-5,714	-5,668
Total	-7,744	-6,984

CHANGES IN TANGIBLE ASSETS IN THE 2024 AND 2023 FINANCIAL YEARS:

EUR 1,000	Land and water areas	Buildings	Buildings, right-of-use asset	Machinery and equipment	Machinery and equipment, right-of-use asset	Other tangible assets	Other tangible assets, right-of-use asset	Advance payments and procurement in progress	Total
Acquisition cost 1 Jan 2024	2,297	159,391	3,194	386,865	4,141	42,583	4,680	5,789	608,942
Additions	0	583	3,969	5,670	901	4,328	762	31,479	47,691
Deductions	-5	-17	-11	-2,024	-8	-1,215	-113	0	-3,394
Transfer between items	0	1,046	0	7,157	-346	409	-609	-10,883	-3,226
Exchange rate differences	0	-358	-18	-1,068	0	-70	0	-92	-1,606
Acquisition cost 31 Dec 2024	2,292	160,645	7,134	396,600	4,687	46,035	4,720	26,293	648,407
Accumulated depreciation and impairment 1 Jan 2024	0	91,478	780	277,698	2,296	19,838	3,549	120	395,760
Depreciation and impairment	0	3,961	548	14,144	672	3,458	700	6	23,489
Accumulated depreciation on deductions and transfers	0	-36	-1	-3,440	-336	-378	-718	0	-4,910
Exchange rate differences	0	-134	-12	-1,393	-0	-60	0	-3	-1,601
Accumulated depreciation and impairment 31 Dec 2024	0	95,270	1,316	287,008	2,631	22,859	3,530	124	412,738
Book value 1 Jan 2024	2,297	67,913	2,414	109,167	1,845	22,744	1,131	5,668	213,182
Book value 31 Dec 2024	2,292	65,375	5,818	109,591	2,056	23,177	1,190	26,170	235,669

Other tangible assets mainly consist of packaging, vehicles, equipment included in equipment service and office furniture.

EUR 1,000	Land and water areas	Buildings	Buildings, right-of-use asset	Machinery and equipment	Machinery and equipment, right-of-use asset	Other tangible assets	Other tangible assets, right-of-use asset	Advance payments and procurement in progress	Total
Acquisition cost 1 Jan 2023	2,297	150,984	1,348	360,804	8,106	40,458	72	16,899	580,969
Additions	0	1,275	1,951	4,713	760	4,021	848	13,074	26,642
Deductions	0	-8	0	-679	45	-1,173	-67	-18	-1,898
Transfer between items	0	10,192	0	30,885	-4,769	-115	3,827	-24,044	15,976
Exchange rate differences	0	-3,052	-105	-8,858	-1	-608	0	-123	-12,748
Acquisition cost 31 Dec 2023	2,297	159,391	3,194	386,865	4,141	42,583	4,680	5,789	608,942
Accumulated depreciation and impairment 1 Jan 2023	0	82,653	736	263,609	5,622	20,111	72	0	372,804
Depreciation and impairment	0	3,954	124	14,864	510	2,668	617	-29	22,709
Accumulated depreciation on deductions and transfers	0	5,824	0	10,193	-3,837	-2,452	2,860	178	12,767
Exchange rate differences	0	-953	-80	-10,969	0	-489	0	-29	-12,520
Accumulated depreciation and impairment 31 Dec 2023	0	91,478	780	277,698	2,296	19,838	3,549	120	395,760
Book value 1 Jan 2023	2,297	68,331	611	97,195	2,485	20,347	0	16,899	208,165
Book value 31 Dec 2023	2,297	67,913	2,414	109,167	1,845	22,744	1,131	5,668	213,182

14. Financial assets

ACCOUNTING POLICIES

Classification, recognition and measurement of financial assets

The Group's financial assets are classified into the following groups:

financial assets recognised at amortised cost (loans receivable and other long-term receivables)
financial assets recognised at fair value through profit or loss (derivatives) and
financial assets recognised at fair value through other comprehensive income (other investments).

The classification is based on the purpose of acquiring the financial assets and carried out upon original acquisition. With regard to equity investments, the irrevocable option of recognising them at fair value through other comprehensive income has been exercised at the time of acquisition. Transaction costs are included in the original book value of financial assets. On the balance sheet, they are included in current or non-current assets according to their nature; in the latter group if the time to maturity is more than 12 months. Financial assets are derecognised once the rights to the investment's cash flows have ceased or have been transferred to another party, and the Group has transferred any substantial risks and benefits of ownership.

Impairment of financial assets

On each balance sheet date, the Group estimates whether there is objective evidence that the value of a financial asset item or financial asset group may have been impaired If there is evidence of potential impairment, the amount of the loss is determined as the difference between the book value of the asset and its fair value or the present value of estimated future cash flows discounted at the original effective interest rate. Impairment is recognised through profit or loss in financial items or other operating expenses (impairment of accounts receivable).

CLASSIFICATION OF FINANCIAL ASSETS

EUR 1,000	Amortised cost	Fair value through other comprehensive income	Level	Fair value
31.12.2024
Other investments		893	3	893
Loans receivable and other long-term receivables	6,023		3	6,023
Accounts receivable and other receivables	131,495			131,495

EUR 1,000	Amortised cost	Fair value through other comprehensive income	Level	Fair value
31.12.2023
Other investments		1,042	3	1,042
Loans receivable and other long-term receivables	5,544		3	5,544
Accounts receivable and other receivables	125,815			125,815

14.1. OTHER INVESTMENTS

Accounting policies

The Group's other investments consist mostly of unquoted equity holdings contributing to a Group company's operations, as well as shares in a limited liability housing company. Measurement at hierarchy level 3 has been determined on the basis of valuation by an external expert. Shares have been measured at fair value through other comprehensive income, as these holdings do not belong to Olvi's core business. The error margin of valuation is +/- 2 per cent, based on an external expert's estimate.

EUR 1,000	2024	2023
Book value 1 Jan	1,042	1,046
Deductions	-149	-4
Book value 31 Dec	893	1,042

14.2. LOANS RECEIVABLE AND OTHER LONG-TERM RECEIVABLES

EUR 1,000	2024	2023
Loans receivable	1,326	1,282
Other long-term receivables	4,697	4,262
Total	6,023	5,544

Loans receivable and other long-term receivables include the Group's loans receivable and other long-term receivables. Other long-term receivables consist mainly of security deposits and granted sales bonuses to customers. The book value of other long-term receivables is essentially equal to their fair value.

14.3. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

Accounting policies

Trade receivables are invoiced receivables from customers arising based on Olvi Group's ordinary business operations and are current non-interest-bearing receivables. Trade receivables are initially recognised at the value that is believed to be charged and later at amortised cost. Olvi Group applies a simplified procedure for the recognition of expected credit losses in accordance with IFRS 9, according to which expected credit losses over the entire period of validity are recognised for all trade receivables. Prepayments and accrued income are expense advances and prepaid expenses that belong to the next financial year.

Estimates and assessments by management

The recognition of the expected credit loss amount and the forward-looking impairment provision is based on the management's best estimate of future credit losses, and previous knowledge and experience of credit losses.

ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES 2024 AND 2023:

EUR 1,000	2024	2023
Accounts receivable	115,879	113,835
Prepayments and accrued income	15,616	11,980
Other receivables	0	0
Total	131,495	125,815

On the balance sheet date, accounts receivable included a credit loss provision of EUR 793 thousand (EUR 813 thousand in 2023). During the financial period, the Group recognised EUR 327 thousand in credit losses on accounts receivable (EUR 1.271 thousand in 2023) in the income statement. Essential items included in prepayments and accrued income are associated with the accrual of rents and the costs of marketing and sales, insurance and administration.

	2024
EUR 1,000	Gross accounts receivable	Provision	Net accounts receivable
Not due	107,144	58	107,086
Overdue
Less than 30 days	7,779	91	7,688
31–60 days	427	63	364
61–90 days	387	9	378
91–120 days	74	-3	77
More than 120 days	861	575	286
Total	116,672	793	115,879

EUR 1,000		2023
	Gross accounts receivable	Provision	Net accounts receivable
Not due	103,734	146	103,588
Overdue
Less than 30 days	9,180	81	9,099
31–60 days	261	17	243
61–90 days	326	150	176
91–120 days	133	10	124
More than 120 days	1,014	409	605
Total	114,648	813	113,835

ACCOUNTS RECEIVABLES BY CURRENCY

EUR/other 1,000	2024		2023
	other	EUR	other	EUR
EUR	98,945	98,945	98,213	98,213
BYN	58,825	16,229	50,467	14,271
DKK	11,172	1,498	16,130	2,164

15. Inventories

ACCOUNTING POLICIES

Inventories are recognised at acquisition cost or a lower probable transfer price. The acquisition cost of raw materials and supplies is determined using the weighted average price method. The acquisition cost of finished products and work in progress is based on the standard cost price. The standard cost price includes raw materials, costs arising from direct work performance, other direct costs, and the share of the variable and fixed costs of manufacturing. The probable transfer price lower than the acquisition cost refers to the estimated sales price available through normal business operations, less the estimated costs of finishing the product and costs of sale.

ESTIMATES AND ASSUMPTIONS REQUIRING MANAGEMENT'S JUDGEMENT

The standard cost price as a valuation method always involves the management's estimates to some degree. The estimates are related to the determination of the cost level, as well as to the estimated production volumes and sales forecasts. The valuation of inventories also requires careful assessment by the management in terms of possible non-marketability deductions.

INVENTORIES IN 2024 AND 2023:

EUR 1,000	2024	2023
Materials and supplies	30,910	29,012
Unfinished products	5,935	5,930
Finished products/goods	32,860	32,544
Other inventories	6,542	6,704
Total	76,247	74,190

Non-marketability deductions on inventories were recognised for EUR 5,221 thousand in 2024 (EUR 3,621 thousand in 2023).

16. Cash and cash equivalents

ACCOUNTING POLICIES

Cash and cash equivalents comprise cash, bank deposits withdrawable on demand and other highly liquid short-term investments. Items classified as cash and cash equivalents have a maturity of no more than three months calculated from the time of acquisition. Cash and cash equivalents, as well as deposits and fixed income investments, are measured at amortised cost. Any amount withdrawn from account overdraft facilities is presented in other current liabilities.

CASH AND CASH EQUIVALENTS IN 2024 AND 2023:

EUR 1,000	2024	2023
Cash and cash equivalents	50,751	31,458
Total	50,751	31,458

Of the cash and cash equivalents, EUR 17.9 million is allocated to the Belarusian segment (EUR 7.1 million in 2023). The use of Belarusian cash and cash equivalents outside the country involves uncertainty.

17. Notes concerning shareholders' equity

ACCOUNTING POLICIES

The Group classifies the financial instruments it has issued either as shareholders' equity or liabilities (financial liabilities). An equity instrument is any contract that presents a right to a share of an entity's assets after the deduction of all of the entity's debt.

Outstanding Series K and Series A shares are presented as share capital. Any transaction costs immediately arising from the issue of new shares or options, after being adjusted for tax effects, are presented in shareholders' equity as a deduction of payments received.

If the Group acquires the company's own shares, the consideration paid and the immediate costs of acquisition are deducted from shareholders' equity until the shares are annulled or re-released into circulation. The value date for acquisition of treasury shares is the actual trading date.

If the shares are re-released, the consideration received, less immediate transaction, costs, is included in shareholders' equity.

NUMBER OF SHARES

EUR 1,000	Number of Series K shares	Number of Series A shares	Share capital, EUR	Fair value reserve, EUR	Treasury shares, EUR	Other reserves, EUR	Total, EUR
31.12.2023	3,732,256	16,961,284	20,759	295	-881	1,092	21,265
Issue of treasury shares to employees		6,978			223		223
31.12.2024	3,732,256	16,968,262	20,759	295	-658	1,092	21,488

The maximum number of shares is 6.0 million Series K shares and 24.0 million Series A shares (6.0 million Series K shares and 24.0 million Series A shares in 2023). The minimum number of Series K shares is 1.5 million. The minimum number of Series K and Series A shares is 7.5 million in total. Each Series A share entitles its holder to one vote, and each Series K share entitles its holder to 20 votes. Series A shares and Series K shares provide their holders with equal rights to dividends. The Group's maximum share capital is EUR 60.0 million (EUR 60.0 million in 2023), and its minimum share capital is EUR 15.0 (15.0) million. All issued shares have been paid in full.

Other reserves include the share premium account, legal reserve and other reserves.

DESCRIPTIONS OF EQUITY RESERVES

Fair value reserve

The fair value reserve includes changes in the fair value of other investments.

Treasury shares

Share premium account

The share premium account comprises any subscription price in excess of the nominal value of shares upon share issues. The share no longer has a par value.

Legal reserve

The legal reserve originates from reserve transfers made due to an obligation formerly included in the Articles of Association.

Translation differences

The translation differences reserve includes translation differences arising from the conversion of the financial statements of foreign subsidiaries.

Payment of dividends

The dividend proposed by the Board of Directors to the General Meeting of Shareholders has not been recognised in these financial statements. Dividends will only be recognised on the basis of the General Meeting's decision.

After the balance sheet date, the Board of Directors has proposed a dividend of EUR 1.30 per share for both Series K and Series A shares for 2024, totalling EUR 26.9 million. The dividend for 2023 was paid at EUR 1.20 per share, totalling EUR 24.8 million. The dividend was paid on 18 April 2024 and 3 September 2024.

18. Financial liabilities

ACCOUNTING POLICIES

Recognition and measurement of financial liabilities

Financial liabilities are initially recognised at fair value including transaction costs. They are subsequently measured at original amortised cost using the effective interest method. A financial liability is derecognised once the liability or part thereof has ceased to exist – in other words, once the obligation specified in the contract has been fulfilled or annulled or has expired. Financial liabilities are divided into non-current and current liabilities on the basis of their period of realisation. Financial liabilities are classified as current unless the Group has an unconditional right to postpone repayment for at least 12 months after the end of the reporting period.

FINANCIAL LIABILITIES IN 2024 AND 2023:

EUR 1,000	2024	2023
Non-current interest-bearing liabilities
Loans from financial institutions	120	105
Lease liabilities	6,635	3,993
Total	6,755	4,098

Current interest-bearing liabilities
Loans from financial institutions	1,245	1,547
Lease liabilities	2,499	1,361
Total	3,744	2,908

On 31 December 2024, the Group's financial liabilities consisted mostly of lease liabilities and a minor amount of other financial liabilities. The fair values of financial liabilities correspond to their book values.

MATURITIES OF FINANCIAL LIABILITIES

Less than 1 year		1–5 years More than 5 years
1,245	120	0
2,499	5,950	685
75,997	0	0
79,741	6,070	685

2023

EUR 1,000	Less than 1 year		1–5 years More than 5 years
Loans from financial institutions	1,547	105	0
Lease liabilities	1,361	3,234	759
Accounts payable	68,252	0	0
Total	71,160	3,339	759

The lease liabilities in the table include the interest component.

RECONCILIATION OF FINANCIAL LIABILITIES

	Increase in lease
EUR 1,000	1.1.2024	Cashflows	liabilities	Other changes	31.12.2024
Loans from financial institutions	1,652	-81		-206	1,365
Lease liabilities	5,354	-2,030	5,810		9,134
Total	7,006	-2,111	5,810	-206	10,499

	Increase in lease
EUR 1,000	1.1.2023	Cashflows	liabilities	Other changes	31.12.2023
Loans from financial institutions	1,147	505			1,652
Lease liabilities	2,984	-1,316	3,686		5,354
Other liabilities	16	-16			0
Total	4,147	-827	3,686	0	7,006

19. Management of financial risks

The Group is exposed to financial risks in its normal course of business: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk.

The purpose of financial risk management is to minimise the adverse effects of changes in the financial markets on the Group's financial performance, shareholders' equity and liquidity. The general principles of the Group's risk management are approved by the Board of Directors of the parent company, and the parent company's management, together with the management of the subsidiaries, is responsible for their practical implementation. Responsibility for Olvi Group's financing tasks is centralised in the parent company, Olvi plc. The objectives of centralisation include the optimisation of cash flows and financing costs, as well as efficient risk management.

I MARKET RISK

I 1. Foreign exchange risk

Olvi Group operates internationally, and its business involves risks arising from exchange rate fluctuations. Foreign exchange risks arise from commercial transactions – in other words, cash flows from purchases and sales – and investments in foreign subsidiaries, internal loan receivables and the conversion of the subsidiary's financial statements into euro.

The Group's most significant foreign exchange risk arises from its operations in Belarus. Operations in Belarus involve foreign exchange risks arising from the cash flows of purchases and sales in a foreign currency, as well as the investment in the Belarusian subsidiary, internal financing and the conversion of the subsidiary's income statement and balance sheet items into euro. The Belarusian currency has fluctuated substantially in recent years and will continue to carry a risk of devaluation in the future. If realised, this risk will result in a decrease in Olvi Group's operating result, net profit and shareholders' equity denominated in euro.

With regard to the net investment in the Belarusian subsidiary, the Group is exposed to balance sheet conversion risk. The translation position at 31 December 2024 was EUR 39.0 million, corresponding to the equity of the subsidiary adjusted for the amount of the impairment (EUR 21.5 million in 2023, excluding the impairment of EUR 35.0 million). An exchange rate change of +/- 10% would have impacted consolidated profit for the period by EUR +2.2/-1.8 million and consolidated shareholders' equity by around EUR +4.3/-1.8 million. The impact of the impairment, adjusted for

exchange rate changes, at 31 December 2024, was EUR 28.7 million. The equity translation difference for the financial year was EUR -1.4 million.

The Group's other foreign exchange risks can be considered minor. The functional currency of the Group's most recent acquisition, A/S Bryggeriet Vestfyen, is the Danish krone, while the functional and reporting currency of its other foreign subsidiaries is the euro. The Group has a minor amount of purchases and sales in other currencies. Due to the nature of the business, the time between order and delivery is short, which results in minor operations-related foreign exchange risk. Foreign exchange risk is also reduced by the fact that most of the Group's product sales and purchases of raw materials are denominated in euro. Consolidated financial income and expenses include EUR 364 thousand in exchange rate gains (EUR 397 thousand in 2023) and EUR 443 thousand in exchange rate losses (EUR 791 thousand in 2023).

Olvi Group regularly assesses the exchange rate risks related to its operations and financing. Exchange rates can be hedged if this is considered reasonable. Accounts receivable and payable in foreign currencies are presented in Note 14.3 Accounts receivable and other receivables and Note 20 Accounts payable and other payables.

I 2. Interest rate risk

The Group's credit risk arises from interest-bearing financial liabilities and the related interest expenses. Most of the Group's income and operational cash flows are independent of market interest rate fluctuations.

The Group may use interest rate swaps to reduce the interest rate risk. The Group aims to optimise financial costs through operational measures and to manage the interest rate risk using available means. The Group had no interest rate swaps valid on the balance sheet date 31 December 2024.

The Group's interest-bearing liabilities on 31 December 2024 consisted mainly of lease liabilities and a minor amount of loans from financial institutions. Liabilities to financial institutions amounted to EUR 1.4 million on 31 December 2024, while lease liabilities amounted to EUR 9.1 million (lease liabilities EUR 5.4 million in 2023). At the current level of loans, changes in the interest rate level do not have any essential impact on the consolidated net profit before tax.

The maturity distribution of financial liabilities is presented in Note 18 Financial liabilities.

II CREDIT RISK

The Group's credit risk arises from wholesale and HoReCa (hotel, restaurant, catering) customers with outstanding accounts receivable. The creditworthiness of the Group's customers is reviewed regularly and always when entering into agreements with new customers The Group only extends credit to businesses with flawless credit ratings. Furthermore, the Group aims to control credit risks through the efficient collection of receivables. The amount of customer-specific accounts receivable is monitored regularly, and the customer's creditworthiness is reassessed if necessary.

Olvi Group applies a simplified procedure for the recognition of expected credit losses in accordance with IFRS 9, according to which expected credit losses over the entire period of validity are recognised for all trade receivables. The recognition of the expected credit loss amount and the forward-looking impairment provision is based on the management's best estimate of future credit losses, and previous knowledge and experience of credit losses. Factors suggesting impairment of accounts receivable include the debtor's substantial financial difficulties, a threat of bankruptcy or a payment delay exceeding 60 days, taking the general payment patterns in each country into account.

In relation to net sales, credit losses remain low, although they have increased slightly from the previous year. The Group does not have any significant concentrations of credit risk on receivables, because its accounts receivable is distributed across a variety of customers and geographical regions. The two largest customers in the Finland segment account for 23.0% (23.1% in 2023) of the Group's total sales. The amount of final credit losses recognised in 2024 was EUR 327 thousand (EUR 1.271 thousand in 2023). On the balance sheet date, accounts receivable included a credit loss provision of EUR 793 thousand (EUR 813 thousand in 2023). There is no material credit risk related to other non-current receivables.

The maturity distribution of accounts receivable and the credit loss provision is presented in Note 14.3 Accounts receivable and other receivables.

III LIQUIDITY RISK

Olvi Group's parent company and subsidiaries prepare monthly rolling cash flow estimates that the Group uses for assessing the amount of financing required for business operations in order to maintain sufficient liquid assets to fund everyday operations and investments, as well as to repay any loans falling due. The Group aims to secure the availability and flexibility of funding by centralising the management of the Group's liquid assets with the parent company. The Group uses several different banks and different forms of financing. The Group aims to secure the availability and flexibility of funding with an account overdraft facility and credit limits.

On the balance sheet date, the Group had an account overdraft facility totalling EUR 32.7 million, of which 1.231,8 EUR million was in use on 31 December 2024. The Group also has EUR 5.0 million of unbinding credit limits, of which EUR 1,325.6 thousand was in use and binding credit limits totalling EUR 20.0 million, which was completely unused on 31 December 2024. Some of the facilities are valid until further notice, while some are renewed annually. Investments related to cash management are made in liquid money market instruments with a fundamentally low risk.

The parent company, Olvi plc, has access to a EUR 50 million commercial paper programme to secure short-term liquidity needs quickly and cost-efficiently. On the balance sheet date, Olvi plc did not have any short-term loans withdrawn under the commercial paper programme. To secure short-term liquidity, working capital is monitored regularly, and the aim is to reduce the amount of money tied up in working capital. Key factors include monitoring the turnover rate of receivables and inventory turnover and ensuring the effectiveness of credit control.

The Group had EUR 50,751 thousand in cash and cash equivalents on 31 December 2024 (EUR 31,458 thousand in 2023). Of the cash and cash equivalents, EUR 17.9 million is allocated to the Belarusian segment (EUR 7.1 million in 2023). The use of cash and cash equivalents outside the country involves uncertainty. The Group's liquidity on the balance sheet date was at a good level. The current ratio was 1.4 on 31 December 2024 (1.3 in 2023).

The maturity distribution of financial liabilities is presented in Note 18 Financial liabilities.

IV CAPITAL RISK MANAGEMENT

Olvi Group's long-term goal is to generate the highest possible added value on invested capital, taking into account the expectations imposed on the Group by various stakeholders and the company's development in the long term. The main principle of capital management is to maintain Olvi Group's strong financial position and ensure that the Group's financial needs can be fulfilled cost-efficiently, even in also critical financial market conditions. Another goal is to maintain an optimal capital structure in order to manage and reduce the cost of capital.

To maintain or change its capital structure, the Group may change the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, acquire treasury shares and annul them, or sell its assets to reduce debt. The capital structure is monitored through the equity ratio and the gearing ratio. Olvi Group's equity ratio on 31 December 2024 was 60.3% (59.0%), and its gearing was -12.4% (-8.5%). There is currently no material external financing in the Group, and the investments and dividends have been paid from cash flow.

20. Accounts payable and other payables

EUR 1,000	2024	2023
Non-current
Advances received	232	219
Accrued expenses	561	563
Total	793	782

Current
Accounts payable	75,997	68,252
Accrued expenses	32,799	31,989
Other liabilities	78,320	78,510
Total	187,116	178,751

Essential items included in accrued expenses are associated with subsequent remuneration and salary obligations, as well as the obligation to redeem recyclable packaging from customers. Other payables include, for example, accruals related to indirect taxes. Accounts payable and other payables fall due within 12 months, and their fair values correspond to their book values.

ACCOUNTS PAYABLE BY CURRENCY
------------------------------	--

EUR/other 1,000	2024		2023
	other	EUR	other	EUR
EUR	65,160	65,160	59,319	59,319
USD	87	84	97	88
BYN	25,687	7,087	21,855	6,180
GBP	26	31	14	16
RUB	93,565	823	46,512	472
CHF	0	0	71	77
DKK	20,968	2,812	15,655	2,100
SEK	4	0	4	0

21. Provisions, collateral and contingent liabilities

ACCOUNTING POLICIES

A provision is recognised on the balance sheet when the Group has a legal or factual obligation based on a previous event and it is probable that the fulfilment of the obligation requires payment or causes a financial loss, and the amount of the obligation can be reliably estimated. If there is a possibility to receive compensation for part of the obligation from a third party, the compensation is recognised as a separate asset item, but this is only done once the possibility of receiving compensation is practically certain. Provisions are measured at the present value of the costs required to cover the obligation.

A provision is recognised for onerous contracts if the costs necessary for fulfilling the obligations exceed the benefits available from the contract. A provision for environmental obligations is recognised when the Group has an obligation based on environmental legislation and the Group's environmental responsibility policy that is associated with the decommissioning of a production facility, remedy of environmental damage or transfer of equipment to another location.

OFF-BALANCE SHEET LIABILITIES

EUR 1,000	2024	2023
Minimum rents payable on the basis of other non-cancellable leases:
Within one year	998	1,300
Within more than one but less than five years	482	1,254
Total	1,480	2,554

EUR 1,000	2024	2023
Pledged assets and commitments
For own commitments	3,170	3,268

Other liabilities	67	567

CONTINGENT LIABILITIES

The financial statements for 2024 do not include contingent liabilities.

22. Subsidiaries, associated companies and joint ventures

SHAREHOLDINGS IN 2024 AND 2023:

	The Group's holding 2024 (%)	The Group's holding 2023 (%)	Share of votes 2024 (%)	Share of votes 2023 (%)
Olvi plc, parent company, Iisalmi, Finland
AS A. Le Coq, Tartu, Estonia	100.00	100.00	100.00	100.00
AS Karme, Karksi vald, Estonia	49.00	49.00	49.00	49.00
Verska Mineraalvee OÜ, Värska vald, Estonia	20.00	20.00	20.00	20.00
A/S Cēsu Alus, Cēsis, Latvia	99.88	99.88	99.88	99.88
SIA Piebalgas Alus, Latvia	99.88	99.88	99.88	99.88
AB Volfas Engelman, Kaunas, Lithuania	99.67	99.67	99.67	99.67
UAB Uniqa, Lithuania	99.67	99.67	99.67	99.67
UAB Alaus Pinta, Lithuania	99.67	99.67	99.67	99.67
OAO Lidskoe Pivo, Lida, Belarus	96.36	96.36	96.36	96.36
Trade House Lidskoe Pivo, Belarus	96.36	96.36	96.36	96.36
Servaali Oy, Helsinki, Finland	100.00	100.00	100.00	100.00
Servaali Sweden AB, Stockholm, Sweden	100.00	100.00	100.00	100.00
Helsingin tislaamo Oy / The Helsinki Distilling Company Ltd, Helsinki, Finland	100.00	100.00	100.00	100.00
Helsingin tislaamoravintola Oy, Helsinki, Finland	100.00	100.00	100.00	100.00
Arctic Silence Oy, Finland	50.00	50.00	50.00	50.00
A/S Bryggeriet Vestfyen, Assens, Denmark	100.00	100.00	100.00	100.00
A/S Dansk Coladrik, Denmark	100.00	95.81	100.00	95.81

The share in Arctic Silence Oy is treated as a joint venture, as the operators have joint control of the company.

CHANGES IN THE GROUP STRUCTURE

During the financial year, A/S Bryggeriet Vestfyen redeemed the remaining 4.19% of the share capital of A/S Dansk Coladrik. At the end of the financial year, A/S Dansk Coladrik merged with A/S Bryggeriet Vestfyen.

INFORMATION ABOUT THE GROUP'S ASSOCIATED COMPANIES AND JOINT VENTURES, THEIR AGGREGATE ASSETS, LIABILITIES, NET SALES AND PROFIT/LOSS:

EUR 1,000	2024	2023
Associated companies
AS Karme, Karksi vald, Estonia
Assets	131	117
Liabilities	23	18
Net sales	97	82
Profit/loss for the period	75	64
Verska Mineraalvee OÜ, Värska vald, Estonia
Assets	1,075	1,192
Liabilities	370	359
Net sales	1,516	1,274
Profit/loss for the period	78	67
Joint ventures
Arctic Silence Oy, Finland
Assets	100	100
Liabilities	0	0
Net sales	0	0
Profit/loss for the period	0	0

Olvi Group engages in sales and manufacturing co-operation with the associated companies and joint ventures.

HOLDINGS IN ASSOCIATED COMPANIES AND JOINT VENTURES

Holdings in entities consolidated using the equity method	2024	2023
Acquisition cost 1 January	1,032	1,025
Share of profit of entities consolidated using the equity method	52	45
Dividends received	-72	-38
Acquisition cost 31 December	1,012	1,032

Book value 1 Jan	1,032	1,025
Book value 31 Dec	1,012	1,032

23. Related party transactions

The Group's related parties include its subsidiaries, associates and joint ventures, as well as key management persons including the Board of Directors, the CEO and members of the Management Team, along with their immediate family and business interests.

RELATED PARTY TRANSACTIONS AND RELATED PARTY RECEIVABLES AND LIABILITIES

Transactions with associated companies, as well as receivables from and liabilities to related parties, in the 2024 and 2023 financial years are as follows:

EUR 1,000	2024	2023
Sales	481	435
Purchases	1,454	1,260
Receivables	71	35
Liabilities	167	112

Transactions with associated companies constitute part of normal business and have been carried out on market terms. More information about associated companies is provided in Note 22 Subsidiaries, associated companies and joint ventures.

Further information about the remuneration of the Board of Directors, the CEO and other management team members is provided in Note 5 Cost of employee benefits, personnel and share-based payments. No loans have been granted to the management.

24. Events after the reporting period

There are no substantial events after the closing date of the reporting period.

Parent company's financial statements (FAS)

PARENT COMPANY'S INCOME STATEMENT

EUR Note	2024	2023
Gross sales	535,912,799.66	543,430,021.40
Excise taxes and other adjustments	-324,036,570.39	-342,454,588.37
NET SALES	1 211,876,229.27	200,975,433.03

Increase (+) / decrease (-) in inventories of finished and unfinished products	-525,893.49	1,669,652.12
Other operating income	2 6,111,993.17	6,142,772.33

Materials and services	3 101,982,108.12	110,296,146.16
Personnel expenses	4 28,411,013.53	25,789,070.85
Depreciation and impairment	8 10,927,038.02	10,870,334.92
Other operating expenses	9 50,715,366.75	44,340,196.34

OPERATING PROFIT	25,426,802.53	17,492,109.21

Financial income and expenses 10	25,347,471.28	28,770,961.72

PROFIT BEFORE APPROPRIATIONS AND TAXES	50,774,273.81	46,263,070.93

Appropriations 11	-2,286,028.52	-1,171,671.27
Income taxes 12	-5,825,611.99	-4,026,752.12

PROFIT FOR THE PERIOD	42,662,633.30	41,064,647.54

PARENT COMPANY'S BALANCE SHEET

EUR	Note	2024	2023
ASSETS

NON-CURRENT ASSETS
Intangible assets	13	3,440,455.68	3,315,385.65
Tangible assets	13	105,124,615.14	92,332,901.01
Holdings in Group companies	14	109,004,478.70	100,914,559.42
Other investments	14	501,147.08	651,049.54
TOTAL NON-CURRENT ASSETS		218,070,696.60	197,213,895.62

CURRENT ASSETS
Inventories	16	11,641,548.64	12,163,823.58
Non-current receivables	17	51,726,460.20	50,748,833.71
Current receivables	17	58,411,890.82	64,226,620.54
Cash and cash equivalents		17,493,096.79	15,155,790.12
TOTAL CURRENT ASSETS		139,272,996.45	142,295,067.95

TOTAL ASSETS		357,343,693.05	339,508,963.57

EQUITY AND LIABILITIES
EQUITY
Share capital		20,758,808.00	20,758,808.00
Share premium account		856,975.83	856,975.83
Legal reserve		126,981.88	126,981.88
Retained earnings		121,977,929.48	105,664,494.96
Net profit for the period		42,662,633.30	41,064,647.54
TOTAL EQUITY	18	186,383,328.49	168,471,908.21

ACCUMULATED APPROPRIATIONS	19	40,868,899.50	40,782,870.98

LIABILITIES
Non-current liabilities		12,617,496.22	15,617,496.22
Current liabilities		117,473,968.84	114,636,688.16
TOTAL LIABILITIES	20	130,091,465.06	130,254,184.38

TOTAL EQUITY AND LIABILITIES		357,343,693.05	339,508,963.57

PARENT COMPANY'S CASH FLOW STATEMENT

EUR	Note	2024	2023
Cash flow from operating activities
Profit for the period		42,662,633.30	41,064,647.54
Adjustments:
Depreciation according to plan and impairment	8	10,927,038.02	10,870,334.92
Financial income and expenses	10	-25,403,540.59	-29,154,978.56
Other adjustments		8,403,357.42	2,169,938.00
Cash flow before change in working capital		36,589,488.15	24,949,941.90
Change in net working capital:
Increase (-) / decrease (+) in current non-interest-bearing accounts receivable and other receivables *)		5,810,929.67	-18,226,122.01
Increase (-) / decrease (+) in inventories		522,274.94	-1,141,330.51
Increase (-) / decrease (+) in current non-interest-bearing liabilities		-1,211,413.90	-6,928,538.30
Interest paid		-1,118,785.21	-1,066,993.21
Interest received		1,888,505.67	1,767,918.98
Dividends received		23,092,662.43	22,297,366.03
Taxes paid		-6,100,840.51	-4,312,039.50
Cash flow from operating activities (A)		59,472,821.24	17,340,203.38
Cash flow from investing activities
Investments in tangible and intangible assets		-19,871,829.46	-10,079,636.02
Proceeds from the sale of tangible and intangible assets		50,194.96	47,430.87
Expenditure on other investments		0.00	-2,736,691.00
Cash flow from investing activities (B)		-19,821,634.50	-12,768,896.15

Cash flow from financing activities
Repayment of loans		-3,000,000.00	-4,000,000.00
Dividends paid		-24,840,125.05	-24,825,306.09
Acquisition (-) / sale (+) of treasury shares		0.00	-470,348.36
Increase (-) / decrease (+) in long-term loan receivables		-9,473,755.02	1,284,314.00
Cash flow from financing activities (C)		-37,313,880.07	-28,011,340.45

Increase (+) / decrease (-) in cash and cash equivalents (A+B+C)		2,337,306.67	-23,440,033.22
Cash and cash equivalents 1 Jan		15,155,790.12	38,595,823.70
Cash and cash equivalents 31 Dec		17,493,096.79	15,155,790.12
Change in cash and cash equivalents		2,337,306.67	-23,440,033.22

*) Working capital was reduced by the parent company's decision to replace the factoring of accounts receivable with other forms of shortterm financing at the beginning of 2023.

NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENTS

Accounting policies

Olvi plc's financial year runs from 1 January to 31 December. The financial statements have been prepared in accordance with the Finnish Accounting Standards (FAS). The financial statements are presented in euros.

NON-CURRENT ASSETS

Intangible and tangible assets have been recognised on the balance sheet at their direct acquisition cost, less accumulated depreciation according to plan and any impairment. Depreciation according to plan has been calculated on a straight-line basis over the expected economic life of the asset item concerned.

Depreciation periods according to plan:
Development costs	6 years
Trademarks	10 years
Other intangible fixed assets	5 years
Buildings and structures	10–30 years
Plant machinery and equipment	15–20 years
Recyclable packaging	5–20 years
Other tangible assets	5 years

INVENTORIES

TREASURY SHARES

Acquired treasury shares are recognised as a reduction in retained earnings. The value date for the acquisition of treasury shares is the actual trading date.

NET SALES

Net sales consist of consideration received for the sales of products and services measured at fair value, less indirect taxes, discounts and translation differences for sales in foreign currencies. The sales of beverages and beverage products are recognised at the moment when Olvi has delivered the products to the location agreed with the customer and when control over the products has been transferred to the customer.

RESEARCH AND DEVELOPMENT COSTS

Research and development costs are recognised as expenses in the income statement.

PENSION EXPENSES

Pension cover for personnel has been arranged through a statutory TyEL (EPA) insurance policy with an external pension insurance company. Pension insurance contributions have been allocated to match the salaries booked on an accrual basis in the income statement.

SHARE-BASED INCENTIVE PLAN

Olvi plc has share-based incentive plans, under which rewards are paid to the participants partly in Series A shares in Olvi and partly in cash. The impact of the shares in the share-based incentive plan are recognised as a reduction in retained earnings on the date of expiry of the incentive plan. More information about the principles of the incentive plans is provided in Note 4 of consolidated financial statements "Cost of employee benefits, personnel and sharebased payments".

LEASES

Costs related to leases are recognised in other operating expenses in the income statement. Remaining lease liabilities are presented as off-balance sheet liabilities in the financial statements. When the company acts as a lessor, lease income is recognised in net sales.

INCOME TAXES

The tax expense in the income statement includes income taxes based on the taxable income for the period, adjustments to previous periods' taxes and changes in deferred taxes.

DEFERRED TAX ASSETS OR LIABILITIES

A deferred tax liability or asset has been calculated on temporary differences between taxation and the financial statements using the tax rate for upcoming years valid on the balance sheet date. The balance sheet includes deferred tax liabilities in their entirety and deferred tax assets up to the estimated probable amount.

DERIVATIVE CONTRACTS

The parent company's potential derivative contracts consist of interest rate swaps and commodity derivatives measured at fair value. Changes in fair value are recognised in the income statements under materials and services as well as financial items.

FOREIGN CURRENCY ITEMS

Transactions denominated in a foreign currency have been recognised during the financial year at the exchange rate on the transaction date, and any foreign currency receivables and liabilities outstanding on the balance sheet date have been recognised at the mean exchange rate on the balance sheet date.

ACCUMULATED APPROPRIATIONS

Accumulated appropriations consist of change in depreciation difference. The difference in depreciation according to plan and accounting depreciation, is shown as an appropriation in the income statement, and the accumulated difference in depreciation according to plan and accounting depreciation, is shown in the balance sheet as accumulated appropriations.

NOTES TO THE PARENT COMPANY'S INCOME STATEMENT

1. Net sales by market area

EUR	2024	2023
Finland	208,202,538.18	197,671,997.61
Russia	0.00	0.00
Estonia	2,902,336.34	2,648,990.46
Other exports	771,354.75	654,444.96
Total	211,876,229.27	200,975,433.03

2. Other operating income

EUR	2024	2023
Capital gains on disposals of fixed assets	134,711.13	7,694.79
Other	5,977,282.04	6,135,077.54
Total	6,111,993.17	6,142,772.33

3. Materials and services

EUR	2024	2023
Materials and supplies (goods)
Purchases during the financial year	101,964,801.46	110,824,467.77
Change in stocks	17,306.66	-528,321.61
Total	101,982,108.12	110,296,146.16

4. Personnel expenses

EUR	2024	2023
Wages, salaries and emoluments	23,626,129.52	21,316,846.63
Pension expenses	4,031,178.52	3,553,693.27
Other personnel expenses	753,705.49	918,530.95
Total	28,411,013.53	25,789,070.85

5. Management's salaries and emoluments

EUR	2024	2023
CEO	612,995.07	357,962.00
Chair of the Board	100,650.00	92,500.00
Other Board members	248,250.00	165,400.00
Total	961,895.07	615,862.00

6. Average number of personnel during the financial year

	2024	2023
Clerical employees	219	208
Workers	190	189
Total	409	397

7. Audit costs

EUR	2024	2023
Auditing firm elected by the General Meeting
Fees for statutory audit	111,441.81	120,388.00
Other services	50,778.38	13,804.86
Total	162,220.19	134,192.86

8. Depreciation and impairment

EUR	2024	2023
Depreciation and impairment on tangible and intangible assets	10,927,038.02	10,870,334.92
Total	10,927,038.02	10,870,334.92

9. Other operating expenses

EUR	2024	2023
Sales freight	18,287,264.42	16,531,991.75
Costs of marketing and sales	8,039,453.45	6,331,812.02
Other operating expenses	24,388,648.88	21,476,392.57
Total	50,715,366.75	44,340,196.34

10. Financial income and expenses

EUR	2024	2023
Dividend income from Group companies	22,551,285.46	26,569,776.01

Total income from long-term investments	3,466.82	8,839.50

Other interest and financial income
From Group companies	3,515,794.61	3,307,561.20
From others	535,335.97	367,390.12
Total	4,051,130.58	3,674,951.32

Total dividend income and other interest and financial income	26,605,882.86	30,253,566.83

Interest expenses and other financial expenses
To Group companies	774,404.02	801,530.46
To others	484,007.56	681,074.65
Total Interest expenses and other financial expenses	1,258,411.58	1,482,605.11

Total financial income and expenses	25,347,471.28	28,770,961.72

11. Appropriations

EUR	2024	2023
Difference between depreciation according to plan and depreciation applied in taxation	86,028.52	1,171,671.27
Group contributions	2,200,000.00	0.00
Total	2,286,028.52	1,171,671.27

12. Income taxes

EUR	2024	2023
Income tax on business operations	5,477,914.93	3,587,286.77
Taxes from previous financial periods	0.00	5,555.18
Other direct taxes	352,496.53	437,077.80
Change in deferred tax	-4,799.47	-3,167.63
Total	5,825,611.99	4,026,752.12

NOTES TO THE PARENT COMPANY'S BALANCE SHEET

13. Non-current assets

Intangible assets	Intangible assets	Prepayments on intangible assets	Total
Acquisition cost 1 Jan 2024	29,521,645.42	156,120.00	29,677,765.42
Additions	856,437.87	446,298.07	1,302,735.94
Transfers between items	550,388.07	-550,388.07	0.00
Acquisition cost 31 Dec 2024	30,928,471.36	52,030.00	30,980,501.36

Accumulated depreciation and impairment 1 Jan 2024	26,362,379.77	0.00	26,362,379.77
Depreciation	1,177,665.91	0.00	1,177,665.91
Accumulated depreciation and impairment 31 Dec 2024	27,540,045.68	0.00	27,540,045.68

Book value 1 Jan 2024	3,159,265.65	156,120.00	3,315,385.65
Book value 31 Dec 2024	3,388,425.68	52,030.00	3,440,455.68

					Advance payments and
Tangible assets	Land and water areas	Buildings	Machinery and equipment	Other tangible assets	procurement in progress	Total
Acquisition cost 1 Jan 2024	1,245,802.85		57,361,062.68 173,993,899.99	12,201,041.72		376,946.81 245,178,754.05
Additions	0.00	530,594.80	2,462,266.73	933,933.33	18,698,870.65	22,625,665.51
Deductions	0.00	-17,470.33	-81,101.64	-86,953.49	0.00	-185,525.46
Transfers between items	0.00	133,995.05	1,437,758.99	0.00	-1,571,754.04	0.00
Acquisition cost 31 Dec 2024	1,245,802.85	58,008,182.20	177,812,824.07	13,048,021.56	17,504,063.42	267,618,894.10

Accumulated depreciation and impairment 1 Jan 2024	0.00	29,774,559.51	119,513,316.29	3,557,977.24		0.00 152,845,853.04
Depreciation	0.00	1,496,174.17	7,634,879.57	618,318.37	0.00	9,749,372.11
Accumulated depreciation on deductions	0.00	-8,164.80	-56,773.12	-36,008.27	0.00	-100,946.19
Accumulated depreciation and impairment 31 Dec 2024	0.00	31,262,568.88	127,091,422.74	4,140,287.34		0.00 162,494,278.96

Book value 1 Jan 2024	1,245,802.85	27,586,503.17	54,480,583.70	8,643,064.48	376,946.81	92,332,901.01
Book value 31 Dec 2024	1,245,802.85	26,745,613.32	50,721,401.33	8,907,734.22	17,504,063.42	105,124,615.14

					31.12.2024	31.12.2023
Balance sheet value of machinery and equipment related to production operations 45,914,591.55				49,780,439.65

14. Investments

Holdings in Group companies	Other holdings	Total investments
100,914,559.42	666,720.95	101,581,280.37
8,089,919.28	106,942.34	8,196,861.62
0.00	-256,844.80	-256,844.80
109,004,478.70	516,818.49	109,521,297.19

0.00	15,671.41	15,671.41
0.00	15,671.41	15,671.41

100,914,559.42	651,049.54	101,565,608.96
109,004,478.70	501,147.08	109,505,625.78

15. Subsidiaries

	The parent company's holding 2024 (%)	The parent company's holding 2023 (%)
AS A. Le Coq, Tartu, Estonia	100.00	100.00
AS Karme, Karksi vald, Estonia	0.00	0.00
Verska Mineraalvee OÜ, Värska vald, Estonia	0.00	0.00
A/S Cēsu Alus, Cēsis, Latvia	99.88	99.88
SIA Piebalgas Alus, Latvia	99.88	99.88
AB Volfas Engelman, Kaunas, Lithuania	99.67	99.67
UAB Uniqa, Lithuania	99.67	99.67
UAB Alaus Pinta, Lithuania	99.67	99.67
OAO Lidskoe Pivo, Lida, Belarus	96.36	96.36
Trade House Lidskoe Pivo, Belarus	96.36	96.36
Servaali Oy, Helsinki, Finland	100.00	100.00
Servaali Sweden AB, Stockholm, Sweden	100.00	100.00
Helsingin tislaamo Oy / The Helsinki Distilling Company Ltd, Helsinki, Finland	100.00	100.00
Helsingin tislaamoravintola Oy, Helsinki, Finland	100.00	100.00
Arctic Silence Oy, Helsinki, Finland	50.00	50.00
A/S Bryggeriet Vestfyen, Assens, Denmark	100.00	100.00
A/S Dansk Coladrik, Denmark	100.00	95.81

16. Inventories

EUR	2024	2023
Materials and supplies	3,934,951.35	3,952,894.88
Unfinished products	1,560,848.66	1,494,869.71
Finished products/goods	6,145,748.63	6,716,058.99
Total	11,641,548.64	12,163,823.58

17. Receivables

EUR	2024	2023
Non-current receivables

Loans receivable from Group companies	48,079,951.03	47,139,982.38
Loans receivable non-Group companies	399,999.92	300,000.00
Deposits pledged as collateral	226,098.08	100,659.68
Deferred tax assets	11,285.01	6,485.54
Prepayments and accrued income	3,009,126.16	3,201,706.11
Total non-current receivables	51,726,460.20	50,748,833.71
Current receivables
Receivables from Group companies
Accounts receivable	941,953.24	2,251,567.13
Dividend and other receivables	1,003,015.84	1,535,695.73
Total receivables from Group companies	1,944,969.08	3,787,262.86
Receivables from non-Group companies
Accounts receivable	52,376,908.19	56,936,449.92
Other receivables	204,921.47	14,728.88
Prepayments and accrued income	3,885,092.08	3,488,178.88
Total receivables from non-Group companies	56,466,921.74	60,439,357.68
Total current receivables	58,411,890.82	64,226,620.54
Total receivables	110,138,351.02	114,975,454.25

EUR 2024		2023
Prepayments and accrued income
Income tax receivable	440,503.98	170,074.93
Excise tax receivables	527,216.16	988,174.49
Sales bonus accrual	453,755.07	266,007.32
Other prepayments and accrued income	2,463,616.87	2,063,922.14
Total prepayments and accrued income	3,885,092.08	3,488,178.88

Deferred tax assets
Deferred tax assets 1 Jan	6,485.54	14,093.91
Change in deferred tax	4,799.47	-7,608.37
Deferred tax assets 31 Dec	11,285.01	6,485.54

Loans receivable from Group companies are unsecured and renewable annually. The interest rate is determined at market terms based on the credit rating of the external service provider.

18. Equity

2024	2023
20,758,808.00	20,758,808.00
20,758,808.00	20,758,808.00

856,975.83	856,975.83
856,975.83	856,975.83

126,981.88	126,981.88

146,729,142.50	130,977,808.84
-24,832,248.00	-24,818,454.00
0.00	-604,398.36
81,034.98	109,538.48
121,977,929.48	105,664,494.96

42,662,633.30	41,064,647.54

186,383,328.49	168,471,908.21

Distributable unrestricted equity	2024	2023
Retained earnings	121,977,929.50	105,664,494.96
Net profit for the period	42,662,633.30	41,064,647.54
Total	164,640,562.80	146,729,142.50

At the end of the financial year, the number of treasury shares held by Olvi plc was 21,714 (28,692), with a total acquisition price of EUR 657,779.32 (EUR 880,762.53).

OLVI PLC'S SHARE CAPITAL IS DIVIDED INTO SHARE SERIES AS FOLLOWS:

	2024		2023
	Number	EUR	Votes	Number	EUR	Votes
Series K (20 votes per share), registered	3,732,256	3,732,256	74,645,120	3,732,256	3,732,256	74,645,120
Series K total	3,732,256	3,732,256	74,645,120	3,732,256	3,732,256	74,645,120
Series A (1 vote per share), registered	16,989,976	17,026,552	16,989,976	16,989,976	17,026,552	16,989,976
Series A total	16,989,976	17,026,552	16,989,976	16,989,976	17,026,552	16,989,976
Total 31 Dec	20,722,232	20,758,808	91,635,096	20,722,232	20,758,808	91,635,096

Votes per Series A share 1 Votes per Series K share 20

The registered share capital totalled EUR 20,758,808.00 on 31 December 2024.

A dividend of EUR 1.20 per share for 2023 (EUR 1.20 per share for 2022), totalling EUR 24.8 (24.8) million, was paid on shares in Olvi plc. The dividend was paid in two instalments. The first instalment, EUR 0.60 per share, was paid on 18 April 2024. The second instalment, EUR 0.60 per share, was paid on 3 September 2024. Series K shares and Series A shares provide their holders with equal rights to dividends. The Articles of Association include a redemption clause concerning Series K shares.

19. Accumulated appropriations

Accumulated appropriations consist of accumulated depreciation difference and the Group contribution granted.

20. Liabilities

EUR	2024	2023
Non-current liabilities

Other liabilities	44,544.22	44,544.22
Total	44,544.22	44,544.22

Liabilities to Group companies
Other liabilities	12,572,952.00	15,572,952.00
Total	12,572,952.00	15,572,952.00
Total non-current liabilities	12,617,496.22	15,617,496.22

Current liabilities
Accounts payable	36,871,453.28	33,328,523.59
Accrued expenses	16,780,742.01	15,733,098.44
Other liabilities	60,478,992.19	62,308,137.16
Total	114,131,187.48	111,369,759.19

Liabilities to Group companies
Other liabilities	3,000,000.00	3,000,000.00
Accounts payable	342,781.36	266,928.97
Total	3,342,781.36	3,266,928.97
Total current liabilities	117,473,968.84	114,636,688.16
Total liabilities	130,091,465.06	130,254,184.38

Accrued expenses
Provisions for personnel costs	6,946,422.19	5,973,768.03
Income tax liability	0.00	0.00
Accrued expenses on recyclable beverage packages	7,341,372.83	7,056,857.88
Annual discount liabilities	651,001.16	1,457,640.56
Other accrued expenses	1,841,945.78	1,244,831.97
Total accrued expenses	16,780,741.96	15,733,098.44
Non-interest-bearing liabilities 31 Dec	114,488,968.79	111,651,688.13
Liabilities falling due later than five years from now:
Loans from financial institutions and other loans	29,544.22	29,544.22

Other accrued expenses mainly consist of purchase invoices not yet received.

21. Pledges, contingent liabilities and other commitments

EUR	2024	2023
Pledges and contingent liabilities
For own commitments
Mortgages on land and buildings	1,345,503.00	1,336,170.00

Other off-balance sheet liabilities
Rental liabilities on business premises and land areas	2,677,303.46	1,520,154.86
Other liabilities	617,000.00	1,117,000.00

Total pledges, contingent liabilities and other commitments	4,639,806.46	3,973,324.86

The company is obligated to adjust the value-added tax deductions booked on real estate investments if the taxable use of the premises decreases during the review period. The maximum liability is EUR 2,154,203.22, and the final year of review is 2030.

On the balance sheet date, the company had an account overdraft facility totalling EUR 30.0 million, which was completely unused on 31 December 2024. The company also has EUR 5.0 million in unbinding credit limits, of which EUR 1,325,636.83 was in use and binding credit limits totalling EUR 20.0. million, which was completely unused on 31 December 2024.

Olvi plc has access to a EUR 50.0 million commercial paper programme. On the balance sheet date, Olvi plc did not have any short-term loans withdrawn under the commercial paper programme.

22. Leasing liabilities

EUR	2024	2023
Due within one year	385,715.49	225,093.62
Due later	420,095.82	193,848.89
Total	805,811.31	418,942.51

23. Derivative contracts

Olvi plc has no derivative contracts valid on the balance sheet date 31 December 2024.

The Board Of Directors' Proposal for Distribution of Profit

The parent company, Olvi plc, had EUR 164.6 (146.7) million in distributable funds on 31 December 2024, of which the profit for the period was EUR 42.7 (41.1) million.

Olvi plc's Board of Directors proposes to the Annual General Meeting that the distributable funds be used as follows:

• A dividend of EUR 1.30 (1.20) shall be paid for 2024 on each Series K and Series A share, totalling EUR 26.9 (24.8) million. This dividend is 43.6% (64,9%) of Olvi Group's earnings per share and 43.6% (49.2%) of its adjusted earnings per share.

The dividend shall be paid in two instalments. The first instalment (EUR 0.65 per share) shall be paid on 30 April 2025 to shareholders registered in the list of shareholders maintained by Euroclear Finland on the record date 22 April 2025. The second instalment (EUR 0.65 per share) shall be paid on 5 September 2025 to shareholders registered in the list of shareholders maintained by Euroclear Finland on the record date 29 August 2025.

No dividend shall be paid on treasury shares.

• EUR 137.7 million will be retained in the parent company's non-restricted equity.

SIGNATURES TO THE BOARD OF DIRECTORS' REPORT AND FINANCIAL STATEMENTS

The consolidated financial statements, prepared in accordance with the IFRS standards adopted in the EU, and the parent company's financial statements, prepared in accordance with the applicable regulations in force in Finland, give a true and fair view of the assets, liabilities, financial position, and profit or loss of the company and the group of companies included in its consolidated financial statements. The Board of Directors' report contains a fair review of the development and performance of the business operations of both the company and the group of companies included in its consolidated financial statements, as well as a description of the most significant risks and uncertainties and other aspects of the state of the company. The sustainability statement included in the Board of Directors' report has been prepared in accordance with the sustainability reporting standards referred to in Chapter 7 of the Finnish Accounting Act and Article 8 of the Taxonomy Regulation.

Iisalmi 20 March 2025

Nora Hortling Lasse Heinonen Chair of the Board Vice Chair of the Board Tarmo Noop Juho Nummela Board member Board member Päivi Paltola Christian Ståhlberg Board member Board member Patrik Lundell

CEO

Auditor's note

A report on the audit carried out has been issued today.

Oulu 20 March 2025

KPMG Oy Ab Authorised Public Accountants

Heidi Hyry APA

Auditor's report

This document is an English translation of the Finnish auditor's report. Only the Finnish version of the report is legally binding.

To the Annual General Meeting of Olvi Plc

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of Olvi Plc (170318-9) for the year ended 31 December, 2024. The financial statements comprise the consolidated balance sheet, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes, including material accounting policy information, as well as the parent company's balance sheet, income statement, statement of cash flows and notes.

In our opinion

the consolidated financial statements give a true and fair view of the group's financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
the financial statements give a true and fair view of the parent company's financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report submitted to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

In our best knowledge and understanding, the nonaudit services that we have provided to the parent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 7 to the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Materiality

The scope of our audit was influenced by our application of materiality. The materiality is determined based on our professional judgement and is used to determine the nature, timing and extent of our audit procedures and to evaluate the effect of identified misstatements on the financial statements as a whole. The level of materiality we set is based on our assessment of the magnitude of misstatements that, individually or in aggregate, could reasonably be expected to have influence on the economic decisions of the users of the financial statements. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for qualitative reasons for the users of the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The significant risks of material misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 10(2) are included in the description of key audit matters below.

We have also addressed the risk of management override of internal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud.

THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT

Recognition of Revenue and annual discounts (Refer to note 2 on the consolidated financial statements)

Olvi Plc Group revenue consist of product and service sales. Group's consolidated revenue for financial year 2024 was 656,9 million euros.
Drinks and drink product sales are recorded, when ownership and risks of the delivered products has been transferred to the client.
Sales transactions often contain annual discounts. They are deducted from recorded sales at the time of sale in accordance with terms and conditions of the contract. Estimated returns of defective products are also deducted from sales at the of sale.
Due to the considerable number of sales transactions and risk of revenue and annual discounts being recognized in incorrect accounting period, revenue recognition and annual discounts are key audit matter.
We have formed understanding of revenue recognition principles and evaluated accounting principles of the company by reference to applicable IFRS standards.
In respect of net sales, we have performed both substantive and analytical audit procedures.
We have performed analytical procedures for sales and annual discounts and also reconciled sales transactions with received payments. We also obtained external confirmations and compared annual discount that were recorded to discount terms stated in the contracts.
We assessed the inclusion of sales in the appropriate period by comparing recognized sales transactions to invoices, terms of delivery and bill of lading, and by examining credit invoices issued in early 2025.
Furthermore, we considered the accuracy and adequacy of the disclosures on revenue provided in the consolidated financial statements.

THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT

Valuation goodwill and Valuation of Belarus Segment (Refer to note 11 and 12 on the consolidated financial statements)

Goodwill was 22,2 million euros in consolidated balance sheet, which is 6,8% of consolidated equity. Fair value of Belarus business segment was 50,2 million euros, segment does not contain goodwill.
Goodwill is tested for impairment at least annually. Recoverable amounts from the Belarus business segment in the impairment testing has been assessed using fair value less costs of disposal taking into account dividends to be paid to the parent company over the next two years. It is tested for possible impairment annually.
Preparation of cash flow projections used as the basis for the impairment tests requires management judgments and assumptions for profitability, long-term growth rate and discount rate. Impairment testing of Belarus business segment requires management judgements and assumptions for dividends, company's market value and discount rate.
Our audit procedures included assessment of the key assumptions used in the impairment tests by reference to the budgets approved by the Board of Directors, data external to the Group and our own views. We have compared actual cash flows to management's forecasts.
KPMG valuation specialist have taken part in the evaluation of impairment calculations, and they have assessed discount rates, mathematical accuracy of the calculations and compared the assumptions to externally available market and industry data. In addition, we have evaluated impairment testing of Belarus business segment and assumptions that have been used.
In addition, we considered the appropriateness of the disclosures regarding goodwill and Belarus business segment in the consolidated financial statements.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company's and the group's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of the Board of Directors' and the Managing Director's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company's or the group's ability to continue as a going concern. If we conclude that

• Due to forecasts and assumptions that are used in impairment testing requires management judgements and risks that relate to Belarus business segment, valuation of goodwill and valuation of Belarus business segment, are key audit matter.

We have not identified other key audit matters relating to the parent company's financial statements.

a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

OTHER REPORTING REQUIREMENTS

Information on our audit engagement

We were first appointed as auditors by the Annual General Meeting on March 26, 2024, and our appointment represents a total period of uninterrupted engagement of one year.

Other Information

The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors and the information included in the Annual Report, but does not include the financial statements or our auditor's report thereon. We have obtained the report of the Board of Directors prior to the date of this auditor's report, and the Annual Report is expected to be made available to us after that date. Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so,

consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the report of the Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions, excluding the sustainability statement information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions. Our opinion does not cover the sustainability statement information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Oulu, March 20, 2025 KPMG OY AB

Heidi Hyry Authorised Public Accountant, KHT

Assurance report on the Sustainability Statement

This document is an English translation of the Finnish Assurance Report on the Sustainability Statement. Only the Finnish version of the report is legally binding.

TO THE ANNUAL GENERAL MEETING OF OLVI OYJ

We have performed a limited assurance engagement on the group sustainability statement of Olvi Oyj (business identity code 0170318-9) that is referred to in Chapter 7 of the Accounting Act and that is included in the report of the Board of Directors for the financial year 1.1.–31.12.2024.

Opinion

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the group sustainability statement does not comply, in all material respects, with

1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS);
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).

Point 1 above also contains the process in which Olvi Oyj has identified the information for reporting in accordance with the sustainability reporting standards (double materiality assessment) and the tagging of information as referred to in Chapter 7, Section 22 of the Accounting Act.

Our opinion does not cover the tagging of the group sustainability statement with digital XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies have not had the possibility to comply with that provision in the absence of the ESEF regulation or other European Union legislation.

Basis for Opinion

We performed the assurance of the group sustainability statement as a limited assurance engagement in compliance with good assurance practice in Finland and with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

Our responsibilities under this standard are further described in the Responsibilities of the Authorized Group Sustainability Auditor section of our report.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter

We draw attention to the fact that the group sustainability statement of Olvi Oyj that is referred to in Chapter 7 of the Accounting Act has been prepared and assurance has been provided for it for the first time for the financial year 1.1.–31.12.2024. Our opinion does not cover the comparative information that has

been presented in the group sustainability statement. Our opinion is not modified in respect of this matter.

Authorized Group Sustainability Auditor's Independence and Quality Management

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The authorized group sustainability auditor applies International Standard on Quality Management ISQM 1, which requires the authorized sustainability audit firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director of Olvi Oyj are responsible for:

• the group sustainability statement and for its preparation and presentation in accordance with the provisions of Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting standards and in which the information for reporting in accordance with the sustainability reporting standards has been identified as well as the

tagging of information as referred to in Chapter 7, Section 22 of the Accounting Act and

the compliance of the group sustainability statement with the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088;
such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of a group sustainability statement that is free from material misstatement, whether due to fraud or error.

Inherent Limitations in the Preparation of a Sustainability Statement

Preparation of the sustainability statement requires company to make materiality assessment to identify relevant matters to report. This includes significant management judgement and choices. It is also characteristic to the sustainability reporting that reporting of this kind of information includes estimates and assumptions as well as measurement and estimation uncertainty. Furthermore, when reporting forward looking information company has to disclose assumptions related to potential future events and describe company´s possible future actions in relation to these events. Actual outcome may differ as forecasted events do not always occur as expected.

Responsibilities of the Authorized Group Sustainability Auditor

Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of the group sustainability statement.

Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) requires that we exercise professional judgment and maintain professional skepticism throughout the engagement. We also:

Identify and assess the risks of material misstatement of the group sustainability statement, whether due to fraud or error, and obtain an understanding of internal control relevant to the engagement in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
Design and perform assurance procedures responsive to those risks to obtain evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Description of the Procedures That Have Been Performed

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. The nature, timing and extent of assurance procedures selected depend on professional judgment, including the assessment of risks of material misstatement, whether due to fraud or error. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our procedures included for ex. the following:

We interviewed Olvi Oyj's management and persons responsible for the preparation and gathering of the sustainability information.
We familiarized with interviews to the key processes related to collecting and consolidating the sustainability information.
We got acquainted with the relevant guidances and policies related to the sustainability information disclosed in the sustainability statement.
We acquainted ourselves to the background documentation and other records prepared by the company, as appropriate and assessed how they support the information included in the sustainability statement.
In relation to the double materiality assessment process, we interviewed persons responsible for the process and familiarized ourselves with the process description prepared of the double

materiality assessment and other documentation and background materials.

In relation to the EU taxonomy information we interviewed the management of the company and persons with key roles in reporting taxonomy information to examine how taxonomy eligible activities have been identified, we obtained evidence supporting the interviews and reconciled the reported EU taxonomy information to supporting documents and to the bookkeeping, as applicable.
We assessed the application of the ESRS sustainability reporting standards reporting principles in the presentation of the sustainability information.

Oulu, March 20, 2025 KPMG OY AB Authorized Sustainability Audit Firm

Heidi Hyry Authorized Sustainability Auditor, KRT

Members Of Olvi Plc's Board Of Directors As Of The Annual General Meeting On 26 March 2024

Nora Hortling (b. 1986), Chair of Olvi plc's Board of Directors since 2023, Vice Chair of the Board 2016–2023, member of Olvi plc's Board of Directors since 2015

Master of Science (Economics) Bachelor of Hotel, Restaurant and Tourism Management

Work experience in brief:

2/2024– Finnforel Oy, CEO
10/2019–01/2023 Kesko Oyj/Kespro, Director of Purchasing and Sales, Fresh
2018–2019 Kesko Corporation/Kespro, Director of Purchasing and Sales (fruits and vegetables)
2016–2017 Kesko Corporation /Kespro, Purchasing Manager (fruits and vegetables, dairy)
2014–2015 Kesko Corporation /Kespro, Product Manager
2011–2013 Olvi plc, Marketing
2005–2010 several supervisory positions in restaurant industry