Annual Report (ESEF) • Mar 24, 2025
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We supply the world Elanders Annual and Sustainability Repo 2024Elanders Annual and Sustainability Repo 2024 MÖLNDAL LAXENBURG REICHERSBERG SÃO PAULO BRAMPTON CHENGDU CHONGQING HONG KONG KUNSHAN SHANGHAI SHENZHEN XIAMEN BRNO HORNÍ POČERNICE JIRNY MLADÁ BOLESLAV ZÁKUPY BERLIN HORB BREMEN BÖBLINGEN DONAUWÖRTH DÜSSELDORF EHNINGEN ERFURT ESSLINGEN HERTEN FILDERSTADT-BERNHAUSEN GOMARINGEN PÁTY GROßBOTTWAR HAMBURG HEILBRONN SINDELFINGEN HERRENBERG HÜNXE KAISHEIM KETSCH NORTH SHIELDS MANCHING MÖRFELDEN-WALLDORF NECKARSULM SCHWAIG NÜRNBERG NUFRINGEN RUURLO OSTFILDERN REUTLINGEN WIESLOCH PŁOŃSK STUTTGART WAGHÄUSEL WAIBLINGEN WERDER WINNENDEN BIATORBÁGY JÁSZBERÉNY ZALALÖVŐ CHENNAI TREVISO JUÁREZ MONTERREY VÄXJÖ CHIINĂU AMSTERDAM MANCHESTER ARAD DRACHTEN NIEUW-VENNEP OBERHAUSEN VEGHEL WROCŁAW SINGAPORE BORÅS GOTHENBURG VÄLLINGBY RUNCORN DAVENPORT BELLSHILL BIRMINGHAM BURTON DORDON KNOWSLEY LIVERPOOL LONDON DEN BOSCH MILTON KEYNES NEWCASTLE LANGBURKERSDORF NOTTINGHAM PRESTON WARRINGTON TAIPEI SKELMERSDALE SWINDON WIDNES WORKSOP ATLANTA CERRITOS CHON BURI KENNESAW NORTH BERGEN RUTHERFORD SAN BERNARDINO BOSTON WARSAW HANOI MÖLNDAL LAXENBURG REICHERSBERG SÃO PAULO BRAMPTON CHENGDU CHONGQING HONG KONG KUNSHAN SHANGHAI SHENZHEN XIAMEN BRNO HORNÍ POČERNICE JIRNY MLADÁ BOLESLAV ZÁKUPY BERLIN HORB BREMEN BÖBLINGEN DONAUWÖRTH DÜSSELDORF EHNINGEN ERFURT ESSLINGEN HERTEN FILDERSTADT-BERNHAUSEN GOMARINGEN PÁTY GROßBOTTWAR HAMBURG HEILBRONN SINDELFINGEN HERRENBERG HÜNXE KAISHEIM KETSCH NORTH SHIELDS MANCHING MÖRFELDEN-WALLDORF NECKARSULM SCHWAIG NÜRNBERG NUFRINGEN RUURLO OSTFILDERN REUTLINGEN WIESLOCH PŁOŃSK STUTTGART WAGHÄUSEL WAIBLINGEN WERDER WINNENDEN BIATORBÁGY JÁSZBERÉNY ZALALÖVŐ CHENNAI TREVISO JUÁREZ MONTERREY VÄXJÖ CHIINĂU AMSTERDAM MANCHESTER ARAD DRACHTEN NIEUW-VENNEP OBERHAUSEN VEGHEL WROCŁAW SINGAPORE BORÅS GOTHENBURG VÄLLINGBY RUNCORN DAVENPORT BELLSHILL BIRMINGHAM BURTON DORDON KNOWSLEY LIVERPOOL LONDON DEN BOSCH MILTON KEYNES NEWCASTLE LANGBURKERSDORF NOTTINGHAM PRESTON WARRINGTON TAIPEI SKELMERSDALE SWINDON WIDNES WORKSOP ATLANTA CERRITOS CHON BURI KENNESAW NORTH BERGEN RUTHERFORD SAN BERNARDINO BOSTON WARSAW HANOI 6 This is Elanders 6 Elanders at a glance 8 CEO comments 12 The year in summary 14 Business concept, goals and strategies 16 Our business model 21 Our business areas 24 Our customer segments 38 Our largest operations 52 Board of Directors’ repo 52 Board of Directors’ repo 57 Sustainability repo General information Environment Social Governance List of material disclosure requirements 101 Risks and unceainty factors 104 Corporate governance repo 110 Financial repos and notes 110 Group 148 Parent company 162 Proposed appropriation of prots 163 Auditor’s repo 163 Auditor’s repo Contents 168 Other information 168 Five years in summary 171 Share information and ownership structure 174 Reconciliation of alternative peormance measures 176 Financial denitions 177 Specic terms 178 Board of Directors 180 Group Management, auditors and nomination commiee 182 Contact Elanders 186 Annual general meeting and nancial calendar Elanders Annual and Sustainability Repo 2024 — 05 Elanders is a global logistics company oering a broad service range of integrated solutions within supply chain management. The business is mainly operated through two business areas, Supply Chain Solutions and Print & Packaging Solutions. The Group has almost 7,500 employees and operates in around 20 countries on four continents. The most impoant markets are China, Germany, Singapore, Sweden, the UK and the USA. The customers are divided into six segments according to their respective business; Automotive, Electronics, Fashion, Health Care, Industrial and Other. Integrated solutions worldwide Group Net sales, MSEK Employees , Locations > Number of countries ~ This is Elanders Elanders at a glance , % % % North and South America Share of net sales Employees , Europe Share of net sales Employees , Asia Share of net sales Employees Elanders Annual and Sustainability Repo 2024 — 07 are confident in our robust business model that is based on diversifica- tion both geographically and to different customer segments. We also support our customers with both offshore and nearshore solutions, completely according to their wishes, and can act with agility when crises hit. The Group’s sustainability efforts have been moving along well during the year and from a pure business perspective, we see the importance of being a strategic business partner who can assist custom- ers in getting a handle on and reducing their value chain emissions. Our Renewed Tech business, where we collect old IT equipment that we can recondition for a second life, continued growing during the year and we continued our work to prepare the Group for the new EU Corporate Sustainability Reporting Directive, CSRD. In December 2023 we made a commitment to the Science Based Targets initiative and our climate targets will be submitted for validation in 2025. Supply Chain Solutions On the strengths of our wide customer base and geographic spread, our largest business area, Supply Chain Solutions, managed to return to positive organic growth in the second half of the year, in spite of a challenging market. Growth was mainly seen in the customer segments Electronics, Fashion (in Europe), Health Care and Industrial, but also The recovery in demand was stable in the second half of the year for a majority of our customer segments. The exception was Automotive in Europe, which is facing major structural challenges. In North America, demand in Fashion also remained lower, but, at the same time, there was an increased inflow of new customers and requests which is prom- ising for 2025. As part of our strategy to expand in Southeast Asia, we started our first logistics unit in Thailand in the third quarter, which made its first deliveries in the fourth quarter. The roll-out within the Group of Elanders’ proprietary Warehouse Management System (WMS) CloudX continued throughout the year which enables us to offer customers a global logistics solution with only one integration. The high level of interest rates characterized the year and had a negative impact on net income. To counteract this effect, we kept a strong focus on reducing net debt through various actions such as keeping our investments at reasonable levels, reducing our working capital and improve our cash flow, which unfortunately was countered by a continued weak Swedish krona. Thanks to our focus on cash flow and on reducing working capital, we achieved a cash conversion of 90 percent and strengthened our liquidity and were in this way able to retain the same dividend pay-out ratio as in the previous year. We An ongoing trend of declining demand from 2023 continued in the rst half of 2024. In the second half of the year there was a recovery, but the market remained volatile. The Group carried out extensive structural measures to consolidate its capacity. A continued focus on cash ow resulted in a reduced working capital and a cash conversion of 90 percent. A volatile market was met with consolidation “ The recovery in demand was stable in the second half of the year for a majority of our customer segments.” This is Elanders CEO comments of our road transportation operations in Germany which has a high exposure to the German automotive industry. As we are counting on continued potential fluctuations in demand also in other customer segments in 2025, we have also taken other structural measures to generally reduce the Group’s cost base. We continue our efforts to constantly develop the Group’s offer both in terms of the customer segments and geographically. During the year we have continued rolling out our proprietary WMS CloudX within the Group and at the end of 2024, the system was used globally at 18 sites. Thanks to this fact, we have been able to both attract new global customers and convert several existing local customers to global ones. Previously, CloudX has primarily attracted Fashion customers but during the year customers have also been added from other seg- in Other that includes our customers within fast-moving consumer goods (FMCG). In North America, organic growth was negative within Fashion, but this was expected since the region entered the economic cycle later. On the positive side, in the second half of the year we started to notice a stable increase in new requests and an improved recovery for existing customers. The Automotive customer segment, however, was challenging with a negative organic growth, most of all in the fourth quarter. In this case the reduction in volumes is not only connected to economic cycles but is also a result of major structural changes. The Group’s exposure to continued decline in demand is being countered by, among other things, extensive structural measures that we have carried out during the year. For example, we in 2024 decided to discontinue a major part Elanders Annual and Sustainability Repo 2024 — 09 ments with similar needs, such as sales in several countries, deliveries to both retail and e-commerce as well as handling returns. We passed a geographic milestone by establishing our first logistics unit in Thailand, a strategically important step in catching volumes moving away from China to Southeast Asia. During the year we also saw positive development in Mexico where we initialized an expan- sion in 2023 in answer to the nearshoring trend with customers in Asia moving activities to Mexico as a cost-efficient way of getting closer to the American market. We have also had great success in the impor- tant Health Care customer segment through growth within technical logistics, where we carry out delivery, installation, the taking back and demo management of medical technology equipment. Parallel to this, we have grown within contract logistics services for this segment. In late 2023 and early 2024, we carried out an expansion in the UK through the acquisitions of the contract logistics company Kammac and the technical logistics company Bishopsgate. Both companies had a tough start in the Group due to a weak economic development and difficult inflation in the UK, which lowered both consumption and investments. Bishopsgate, which is one of the country’s leading actors within special transportation, installation and configuration of medical technical equipment, office printers, data centers, parcel lockers and charging stations for electrical vehicles, nevertheless managed above expectations with organic growth and high profitability. Kammac, that is mainly servicing customers exposed to consumer durables and perishables, on the other hand, had a more challenging year which resulted in negative organic growth. Print & Packaging Solutions Within the business area Print & Packaging Solutions we could see a continued weaker demand during the year, resulting in negative organic growth, but despite this, the adjusted EBITA margin came in only slightly lower than the previous year. The decline in demand was mainly attributable to the first half of the year and then improved in the second half of the year in several product groups and especially in the important area of online print, but this could not fully compensate for the extensive decline in demand from the Automotive customer segment. Since we expect demand from Automotive to remain challenging, we have carried out several structural measures during the year and we continue our efforts to reposition from traditional production to digital print. Thanks to this repositioning we continue to develop our offering within online print, but also in other important areas, such as packag- ing, publishing and marketing materials. Within publishing we notice a clear trend towards shorter runs instead of purchasing large volumes from low-cost countries outside Europe. In this area, Elanders has a very strong offering with print on-demand in Europe, reducing the scrapping of surplus copies which both saves money and has a positive impact on the environment. In a competitive and shrinking market like print there is a need for constant optimization and streamlining and thanks to our size, we at Elanders can do this better than most of our competitors that, generally, are small and local. We meet these demands for efficiency by, among other things, optimizing our different sites for different products and maximizing the utilization rates for our production equipment. We are also constantly developing our offering with new types of products and concepts within online print and also by combining digital print with traditional print for efficient solutions with a lower impact on the environment. “ The roll-out within the Group of Elanders’ proprietary Ware - house Management System (WMS) CloudX continued throughout the year which enables us to oer customers a global logistics solution with only one inte gration.” Magnus Nilsson President and CEO This is Elanders CEO comments Elanders Annual and Sustainability Repo 2024 — 11 The consolidation of print service suppliers continued during the year and a large number of bankruptcies occurred in several of our markets, which over time may improve the formation of prices through a decrease in overcapacity. Looking forward, Elanders remains a very at- tractive supplier thanks to our steady work aiming to continuously de- velop and improve our offering, combined with us being one of the few suppliers that are able to offer solutions for production in a multitude of countries and regions. Another important factor is that we have suc- ceeded in developing our offering to both existing and new customers by taking responsibility for a larger share of their value chain through handling other products and various logistics services. Summary Following a negative trend in demand in all markets and customer seg- ments in 2023, we could notice a turnaround in 2024, or the beginning of a turnaround, in a majority of our customer segments and markets, which was very positive. The high interest rates had a negative impact on our net income, but this was expected and a consequence of execut- ing two large acquisitions. To counter this we continue our efforts to focus on our working capital and on strengthening our cash flow, as well as increasing profitability. One important milestone in the coming year is that we will submit our climate targets to the Science Based Targets initiative for validation. I want to end with a heartfelt thanks to all the employees in the Group that work every day to deliver on the highest level and help us achieve long-lasting success. Of course, I also want to thank our inves- tors and customers for their confidence in us. We are now continuing to jointly develop Elanders as one of the world’s leading companies in supply chain management and print. Magnus Nilsson President and CEO 0 2024 in brief The year was split in two, with a declining demand for Elanders’ services in the rst half of the year and a recovery in the second. Focus on cash ow and reducing the working capital resulted in a high cash conversion. At the same time, sustainability eos have continued according to plan. A negative trend from 2023 continued into the first half of 2024, with a decline in demand for a majority of Elanders’ customer segments and on all continents. The second half of the year saw a turnaround in all customer segments except for Automotive, which faces major struc- tural challenges. In the Fashion customer segment, demand increased in Europe in the second half of the year but remained weak in North America. However, there was still an inflow of new customers and requests. Elanders has met the development with both a high level of sale side activity and actions to optimize capacity and reduce costs. A level of net debt with high interest expenses weighs heavily on the bottom line. That is why there has been a strong focus on continuously improving cash flow, reducing working capital and optimizing invest- ments. Thanks to this, Elanders achieved a 90 percent cash conversion, demonstrating that the Group retains its ability to generate cash flow from its results. There is also an important strategic work, not least towards Automotive customers, to increase the share of value-added services while phasing out less profitable business operations. Within Print & Packaging Solutions the repositioning from traditional production to digital print continues, with a particular focus on online print. Elanders has continued to develop according to its business model with a diversified customer base and exposure to different geographic markets. The acquisitions of Bishopsgate Newco Ltd in February 2024 and Kammac Ltd in November 2023 strengthened Elanders’ market position within technical logistics as well as contract logistics in the UK. This way, the country has become one of Elanders’ largest mar- kets. During the year, the Group also started its first contract logistics unit in Thailand. The roll-out within the Group of Elanders’ propri- etary WMS CloudX continued throughout the year, which improves its global offering. The Group’s sustainability efforts and preparations for compliance with the new EU Corporate Sustainability Reporting Directive, CSRD, have been moving along well during the year. In December 2023 Elanders made a commitment to the Science Based Targets initiative and an upcoming milestone is that the Group’s climate targets will be submitted for validation in 2025. The year in summaryThis is Elanders 0 Elanders Annual and Sustainability Repo 2024 — 13 Three year overview 2024 2023 2022 Net sales, MSEK 14,143 13,867 14,974 EBITDA, MSEK 2,197 1,967 1,940 EBITDA exl. IFRS 16, MSEK 1,019 929 1,068 EBITA, MSEK 893 820 940 EBITA adjusted, MSEK 879 927 966 Result aer nancial items, MSEK 278 398 666 Result aer tax, MSEK 183 258 487 Earnings per share, SEK 1) 4.99 7.02 13.29 Cash ow from operating activities per share, SEK 40.04 50.39 31.27 Equity per share, SEK 115.33 108.50 108.46 Dividend per share, SEK 4.15 2) 4.15 , 4.15 EBITA-margin, % 6.3 5.9 6.3 EBITA-margin adjusted, % 6.2 6.7 6.5 Return on total assets, % 5.1 6.5 11.6 Return on equity, % 4.5 6.5 13.0 Return on capital employed, % 6.1 6.4 8.3 Net debt/EBITDA ratio RTM, times 4.1 4.2 3.7 Net debt/EBITDA ratio RTM excl. IFRS 16, times 4.0 3.9 2.8 Debt/equity ratio, times 2.2 2.1 1.9 Equity ratio, % 24.0 24.7 26.6 Average number of outstanding shares, thousands 35,358 35,358 35,358 1) There is no dilution. 2) Proposed by the board. For Reconciliation of alternative peormance measures and Financial denitions, see pages 174–176. Growing organically and through acquisitions Elanders is developing together with its customers. Often, global business emerges through the solid relationships created when local needs are met and are optimized through good solutions that are then implemented globally for customers. As the Group expands and develops new technological solutions, its capacity to meet custom- ers’ needs in new geographic markets increases, which deepens the customer relationship. In addition to developing its existing business, Elanders will continue to acquire new businesses that have the potential to increase sales, broaden its customer base and complement its existing offer. An important criterion for acquisitions is that they provide access to new, or further develop existing, geographic markets or customer segments. The objective is that acquisitions always broaden or complement Elanders’ offer and, if possible, provide further niche expertise. An optimized supply chain to rely on Elanders’ overarching goal is to be a leader in global solutions within supply chain manage- ment in a connected and sustainable world. Elanders has a particular focus on advanced logistics solutions with a large portion of value-added services. The Group develops its custom- ers’ business in cooperation with them, strengthens their competitive- ness and makes their supply chain more sustainable. Optimal manag- ing of the supply chain makes an operation both more cost-efficient and sustainable through reduced resource consumption in production, warehousing and transportation. Elanders strives to have a balanced mix of customers in terms of both geographies and industries. This is done with the aim of reducing the effect of fluctuations in individual markets as well as of general business cycles. The Group wants to be a strategic business partner to its customers and support them in developing further. Business concept Elanders wants to be a global and strategic partner to the customers in their business-critical processes. The goal for Elanders is to be a leader in global end-to-end solutions in supply chain management and to be the best at meeting customers’ demands on efficiency and deliv- ery, with sustainability in focus. Elanders helps customers with their business-critical processes, locally and globally, through integrated and customized solutions for managing all or parts of their supply chains. At the same time, the customers’ climate footprint is reduced through optimization of both material and product flows. Financial and sustainability targets Elanders is continuously developing its offering to customers in order to achieve its long-term financial targets and consistently deliver an increase in value and higher return to its shareholders year after year. A sustain- able business model and new and continually improved services, com- bined with innovative technology, creates a good platform for continued growth and development as well as greater value for shareholders. The Group’s greenhouse gas reduction targets signify that the Group shall reach net-zero emissions in the entire value chain by the year 2050, in line with the Paris agreement. Business concept, goals and strategiesThis is Elanders 0 1 2 3 4 5 Mål 3-5% Omsättningstillväxt 20242023202220212020 0 1 2 3 4 5 6 7 8 Mål 3-5% Omsättningstillväxt 20242023202220212020 –10 –5 0 5 10 15 20 25 30 Mål 3-5% Omsättningstillväxt 20242023202220212020 Elanders Annual and Sustainability Repo 2024 — 15 Long-term nancial targets Net debt/EBITDA < 2.5 “ The goal for Elanders is to be a leader in global end- to-end solutions in supply chain management and to be the best at meeting customers’ demands on eciency and delivery, with sustainability in focus.” Goal achieved Goal not achieved Goal EBITA-margin, % > 7 percent Net sales growth, % At least 3–5 percent annually over a business cycle Long-term sustainability targets Reduce greenhouse gas emissions within scope 1 and scope 2 by 50 percent and reduce emis- sions within scope 3 related to own operations by 30 percent. Year 2030 Reduce emissions within scope 1 and scope 2 by 75 percent. Year 2040 The Group should have achieved net zero emissions over the entire value chain. Year 20 Elanders’ customer segments — Automotive — Electronics — Fashion — Health Care — Industrial — Other “ Whether customers turn to Elanders for separate services or customized comprehensive solutions, the Group contributes to their increased productivity, protability and sustainability.” Elanders is a global logistics company suppoing customers with a broad service range of integrated solutions within supply chain management through every step of a product’s life cycle, from the production sta of its components until it has denitely served its purpose and is ready for recycling. The Group also strives to be the customers’ strategic busi - ness paner in the climate transition. Elanders’ customers come from a broad spectrum of industries and are divided into six customer segments: Automotive, Electronics, Fashion, Health Care, Industrial and Other. On behalf of its customers, the Group’s business is mainly operated through the two business areas Supply Chain Solutions and Print & Packaging Solutions. Whether customers turn to Elanders for separate services or customized compre- hensive solutions, the Group contributes to their increased productiv- ity, profitability and sustainability. Elanders strives to be a strategic business partner and to grow together with the customer, not least when it comes to finding sustain- able logistics solutions that are energy-efficient, reliable and secure. The more integrated Elanders is in the customer’s value chain, the more possibilities there are to assist the customer in reducing their negative environmental impact while at the same time find cost savings in the logistics chain. Integrated sus tainable solutions within supply chain management Our business modelThis is Elanders Life Cycle Management — Service and installation — Reverse Logistics — Redistribution — Warranty Handling — Spare Parts — Repair and Refurbishment — Renewed Tech Production & Assembly — Cross Docking — Quality Control — Assembly and Testing — Production Distribution & Outbound Services — Pick and Pack — Consolidation and Transit — Global and Local Deliveries — JIS (Just-in-Sequence) — E-commerce Procurement & Inbound Services — Sourcing and Procurement — Customs Services — Freight Solutions — Warehouse and Inventory Management Recipients — Consumers — Retail — E-commerce — Factories — Hospitals Elanders Annual and Sustainability Repo 2024 — 17 All steps of the life cycle On behalf of customers, Elanders manages and optimizes the flow of raw materials, components, finished products, payments and informa- tion through all steps of a product’s life cycle. The service offering includes everything from order management, procurement, purchasing components, customs management and warehousing to production logistics, manufacturing, configuration, quality control and delivery. The Group also handles payment flows and synchronizing purchasing and warehousing with demand, as well as managing the recycling or resale of returned or discarded products. Within the Group there are scalable circular business models that can be extended to different customer seg- ments. In dialogue with the customer, Elanders can become an enabler of circularity within the customer’s business model. Elanders also has the possibility to use its business model and global presence for the benefit of both a reduced climate footprint and increased profitability. Through its broad service portfolio and geograph- ical spread, Elanders can offer customized logistics solutions close to the customer’s business and the end customer. In this way, the customer can reduce emissions, not least in their transportation systems, and at the same time optimize costs. As a partner to the customer, Elanders can further make visible the emissions in the customer’s value chain and at the same time offer alternative solutions aimed at areas where the customer’s greatest impact and needs are found. Value-added services Value-added services are tailored to the individual needs and wishes of customers. They include, for example, installation, testing, reparation, unloading and transshipment, as well as repackaging of products. When it comes to e-commerce, Elanders, combined with providing logistics services, can create and take responsibility for the operation of the customer’s web shop, including content production and management, as well as customer and financial services. The Group also provides global, comprehensive solutions within print that are run extremely efficiently and flexibly. Everything from print and packaging production to various add-on services, like for example kitting and packing for just-in-time or sequence delivery, are offered. In addition to packaging, most of the growth in printing services is found within online print, where Elanders has both its own efficient order plat- forms and delivers printed matter for a number of other well-established companies. Sustainability a business oppounity Elanders considers sustainability both a responsibility and a business opportunity that can improve future profitability and value for Elanders, as well as the Group’s customers and society at large. That is why sustainability is an integrated part of the Group’s business and strategy. The goal is that the Group’s negative impact on the environment will be minimized and new business models found that can have a positive impact in the form of, for example, more circular flows of materials and resources. At the same time, Elanders will contribute to a sustainable social development and be a responsible and attractive employer. Elanders has committed to being part of the transition to net-zero emissions in its own operations and its value chain, with science-based targets that contribute to keeping global warming under 1.5 degrees (see further pages 70–71). When Elanders is now taking measures as a service provider in order to achieve its set climate targets, this also has an impact on the transitional efforts of its customers by reducing emissions in their value chain. “ Elanders considers sustain ability both a responsibility and a business oppounity that can improve future protability and value for Elanders, as well as the Group’s customers and society at large.” Our business modelThis is Elanders 0 50 100 150 200 2024202320222021 Sustainable Energy Savings with the “eSaver” Elanders is investing in a sustainable future using innovative solutions. In 2024, Elanders further expanded the use of the energy saver module “eSaver”. The “eSaver” module functions as a low- pass filter that smooths out fluctuations in the power grid, leading to more efficient energy usage. Similar to the energy recovery systems in mod- ern electric vehicles, surplus energy is captured and reinjected as needed. This helps stabilize Renewed life for used IT equipment Within Renewed Tech, Elanders takes care of used IT equipment, for example computers and servers, to be reconditioned and sold to new users on the second-hand market. The biggest environmental impact of a product comes from the production phase. This means that there are considerable envi- ronmental advantages of prolonging its life before it is finally recycled. During 2024, Elanders handled approximately 190 thousand discarded units, which equaled more than 44 thousand tonnes of avoided CO 2 e. This meant an increase of 17 thousand tonnes of CO 2 e compared to the previous year. 1) thousand tonnes CO 2 equivalents in emissions savings in 2024. 40 The installed solar panels are expected to cover approximately 40 percent of the company’s electricity consumption. Solar cells Hungary During the year, Elanders Hungary has invested in a state-of-the-art solar park system to take ad- vantage of favorable local conditions and reduce both its carbon footprint and electricity costs. The installed solar panels are expected to cover approximately 40 percent of the com- pany’s electricity consumption. The company anticipates that annual electricity costs will decrease by about one-third, with the largest savings occurring between May and September. The investment will also lead to a significant reduction in the company’s greenhouse gas emissions, with an estimated saving of 8 Annual savings of approximately 8 percent in electricity usage at large logistics sites. 44 the power grid and mitigates peak loads. This module enables annual savings of approximately 8 percent in electricity usage at large logistics sites and reduces greenhouse gas emissions. 312 tonnes of CO 2 e per year. In addition to cost and environmental benefits, this cutting-edge technology also enhances Elanders Hungary’s reputation and competitiveness in the market. 1) The avoided emissions in CO 2 equivalents have been calculated in accordance with the principles set out in the report “Analys av återbrukade IT-produkter” (Eng: “Analysis of recycled IT products”), produced by the research institute RISE in collaboration with Elanders. Number of thousands of handled units Avoided emissions in thousand tonnes CO 2 e 1) Elanders Annual and Sustainability Repo 2024 — 21 Elanders’ two business areas Supply Chain Solutions Through its largest business area Supply Chain Solutions, Elanders is one of the lea d- ing com panies in the world in global solutions for supply chain management. The range of ser vices includes, among other things, taking responsibility for and optimizing customers’ material and product ows, everything from sourcing and procure ment combined with warehousing to aer-sales services. The business area accounts for more than four fifths of the Group. It is within this area that Elanders sees big growth potential going forward. The market as a whole is expanding, outsourcing and e-com merce is increasing, and demand is driven by a globally grow- ing middle class. New regulations and changing behavior patterns will probably have a major impact on future logistic flows, which puts high demands on the players who want to operate in the market. This favors a player like Elanders. Supply Chain Solutions — net sales Supply Chain Solutions — share of net sales Supply Chain Solutions — share of EBITA 0 % 0 % ,475MSEK Our business areasThis is Elanders Elanders’ two business areas Print & Packaging Solutions With innovative force and global presence, Elanders, through the business area Print & Packaging Solutions, oers cost-eective solutions that can handle customers’ local and global needs for printed material and packaging. In many cases, this is combined with advanced order plaorms on the Inter- net, value-added services and just-in-time deliveries. In general, the market for the business area is characterized by changes in demand and successive consolidation. Thanks to Elanders’ financial strength, this creates opportunities for the Group to gain market shares. There is an ongoing shift from traditional offset print with large edi- tions towards digital print and more recipient-adapted products. Online print, that is a strategically prioritized area for the Group, continues to show organic growth. The market is also impacted by increased regulation and environ- mental requirements, such as the EU Deforestation Regulation (EUDR) which places high demands on companies trading with products originating from the forest to show sustainable due diligence in their operations and value chains. Print & Packaging Solutions — net sales Print & Packaging Solutions — share of net sales Print & Packaging Solutions — share of EBITA Our business areasThis is Elanders 20 % 20 % ,803MSEK Elanders Annual and Sustainability Repo 2024 — 23 % % Our customer segmentsThis is Elanders In a world characterized by, among other things, a growing middle class, the consumption of electronics is on the rise, both for companies and consumers. This goes for everything from computers, surveillance systems and TVs to heat pumps and data centers. At the same time, the requirements on resource effectiveness and sustainability are getting higher. Electronics Growth prospects: Business cycle High sensitivity: Medium E-commerce is increasingly important for the Fashion industry. Many customers are looking for a partner that can take an extensive and comprehensive responsibility and be deeply integrated into their e-commerce and other business operations. Managing returns, recycling and reuse is becoming an increasingly important part of the supply chain. Fashion Growth prospects: Business cycle High sensitivity: Medium Elanders’ customer segments Elanders divides its customers into six segments according to the industry they work in: Automotive, Electronics, Fashion, Health Care, Industrial and Other. The Group strives to have a good spread and customer mix in the segments. Diversication makes Elanders more robust in business cycle uctuations, swings in demand and global crises. Percentage distribution of Elanders’ sales % % % % Elanders Annual and Sustainability Repo 2024 — 25 The development of electric and self-driving vehicles and demands for climate neutrality entail challenging transitions for the Automotive industry. Brand owners want to focus on their core business and therefore put high demands on their supply chain regarding both quality and reliability. Automotive Growth prospects: Business cycle Medium sensitivity: High The customer segment Other includes cus- tomers within online print and fast-moving consumer goods (FMCG). Within online print, volumes continue to grow in mass production of individually customized printed matter ordered online. FMCG customers often demand agile flexibility from their logistics partners. Other Growth prospects: Business cycle Medium sensitivity: Medium Industrial manufacturers need low manu- facturing costs, high product quality, short lead times and high delivery precision. From pro- duction to the aftermarket, logistics are a key factor. A guaranteed, reliable supply chain all the way to the end customer also streamlines the manufacturing. Industrial Growth prospects: Business cycle Medium sensitivity: High Customers in Health Care operate in a heavily regulated industry that is growing due to factors such as an aging population, lifestyle diseases and rapid technological developments. Demands on quality in processes and management are often extremely high, which means that there is great potential for quality-assured suppliers. Health Care Growth prospects: Business cycle High sensitivity: Low Elec ct roni ics Sourcing & Procurement Freight coordination & Customs management Warehousing Quality control & Assembly and testing Just-In-Time deliveries Manufacturing Freight coordination & Customs management Warehousing Reuse & Recycle After sales Returns management White glove delivery Local and global distribution & Customs management Pick & Pack Configuration & Testing Elec ct roni ics Elanders Annual and Sustainability Repo 2024 — 27 Electronics — Services throughout the life cycle From component pro- curement to retrieval of the nished product The Electronics customer segment is one of Elanders’ largest, with several giants within electronics and IT found among its clients. In this area, the Group delivers a wide variety of services staing from when the products are manufactured and on their way to market, until the time comes for discarded products to possibly be given a renewed life on the second-hand market. percent of Elanders’ total sales countries receive deliveries from Elanders laptops are handled every year Elanders in the customers value chain > M Within the Electronics customer segment, Elanders is a well-established service provider with decades of experience. Clients demand end-to- end solutions to achieve efficient handling of large volumes of products and equipment that often need to be adapted to various geographical markets and types of users. The management of spare parts, repairs and handling of discarded equipment are also increasingly handed over to a partner in today’s outsourcing market. Elanders offers to be the customers’ single point of contact for a wide range of services during the entire life cycle of the electronic prod- uct. The Group provides services starting off from the procurement of components, carrying out quality controls and just-in-time/sequence deliveries for manufacturing. When the products are finished, Elanders offers warehousing and distribution according to the customers’ wish- es. A range of value-added services such as assembly of components, flashing software, country adaptation and consolidating orders are also offered. Furthermore, clients can get assistance with customs clearance, certain financial services and cross-border tax management. Besides efficient delivery to end customers, Elanders’ clients can benefit from aftermarket services such as the supply of spare parts, repair/ maintenance and updating of software or batteries. Once the end customer eventually discards the product, the services within Life Cycle Management can be added to circulate the product. There, the dis- carded equipment is collected and subsequently gets its data wiped and is either reconditioned and sold on the second-hand market or recycled after any reusable spare parts have been recovered. Our customer segments — ElectronicsThis is Elanders Sourcing & Procurement Freight coordination & Customs management Warehousing Quality control & Assembly and testing Just-In-Time deliveries Manufacturing Freight coordination & Customs management Warehousing Reuse & Recycle After sales Returns management White glove delivery Local and global distribution & Customs management Pick & Pack Configuration & Testing Fashion — Pace and variation Suitable solutions for all customers Today, Fashion is one of Elanders’ largest customer segment. Within this area the Group oers global supply chain manage - ment ser vices adapted to the needs of all types of customers. From new, smaller brands all the way up to well-established giants present in most consumers’ wardrobes. percent of Elanders’ total sales thousand m 2 in total floor area at facilities within the Group number of sites globally Elanders in the customers value chain This is Elanders Our customer segments — Fashion The Fashion customer segment includes not only clothes, but also accessories, perfumes and other lifestyle items. A common character- istic for the fashion industry is the fast pace, with several new collec- tions in a year. A logistics partner must keep up with the speed of the industry, be able to handle extremely fluctuating volumes and make sure that the right goods are available in stores and ready for online orders at the right time. The end customer’s experience must always be excellent when it comes to service and speed of delivery. Today, Elanders offers different concepts for different types of clients within the world of fashion, catering to their various needs. Small to medium-sized businesses are offered highly standardized third-party logistics concepts that can easily be integrated in their own systems, which enables them to quickly access different markets, wherever they are located in the world. At the same time, the Group also offers more complex concepts for mature brands that crave more customization and flexibility from their logistics partner, in order to achieve desired scalability and flexibility. No matter the type of concept, the great advantage clients get from Elanders is that they can focus on their core business: designing clothes (or other fashion items) and handling the manufacturing and sales. Meanwhile they keep one point of contact and one integration for their global fulfillment needs. Elanders is a reliable partner provid- ing high quality and smoothly functioning processes, as well as respon- siveness to the customers’ needs and the option of different kinds of value-added services. ~ Fas hion Elanders Annual and Sustainability Repo 2024 — 29 Auto mo tive Sourcing & Procurement Freight coordination & Customs management Warehousing Quality control & Assembly and testing Just-In-Time deliveries Manufacturing Freight coordination & Customs management Warehousing Reuse & Recycle After sales Returns management White glove delivery Local and global distribution & Customs management Pick & Pack Configuration & Testing Auto mo tive Elanders Annual and Sustainability Repo 2024 — 31 Elanders in the customers value chain Automotive — Flexibility for change Bespoke solutions to optimize production Elanders is a logistics paner to several Swedish, German and British car manufact - urers that are all included in the Automotive cus tomer segment. The Group assists these clients with services before, during and aer their line production, so that they can focus on what they do best: building and selling cars. percent of Elanders’ total sales thousand m 2 in total floor area at facilities within the Group outgoing deliveries every year from Elanders’ warehouses M For the Automotive industry, Elanders offers almost every service in the supply chain. Within Automotive today, logistics providers must be flexible and able to quickly react to changes, since the market is in the midst of a shift from traditional combustion engines to climate neutrality, electrical power and more self-driving vehicles. The ability to handle changes and support different kinds of products in the supply chain is pivotal. The Group’s key strength is the ability to develop and custom- ize solutions together with the clients. As a reliable logistics partner, Elanders organizes an efficient flow of the components needed when the clients are manufacturing their cars. Elanders performs services and handles the supply of components in all stages, from the first idea for a new car model to pre-assembly, serial production and the return of empty packaging after use. Elanders furthermore offers to act as the control tower for the client’s transports. This entails managing orders to freight forwarders all over Europe, as well as operating the cross-dock center where all components are handled before being delivered to the production line. The status for incoming components is checked to foresee and act on any delays, orders are split into smaller consignments and components delivered to the factories in sequence and just-in-time. At the other end of the production line, empty packaging and boxes used upon delivery are cleaned up and reused for the next delivery of components. This is Elanders Our customer segments — Automotive Sourcing & Procurement Freight coordination & Customs management Warehousing Quality control & Assembly and testing Just-In-Time deliveries Manufacturing Freight coordination & Customs management Warehousing Reuse & Recycle After sales Returns management White glove delivery Local and global distribution & Customs management Pick & Pack Configuration & Testing Elanders in the customers value chain Other — Collecting smaller sectors Operations with potential for growth Various sectors of Elanders’ business are serving customers in the customer segment Other. The largest share of sales here is found within the area of Online Print, where a range of digital printing services are growing at a good pace. Another business with good potential is third-pay logistics within FMCG. Elanders is a global provider within print and packaging, with its own print production sites in a number of countries and collaborations within several networks and partnerships. Although traditional com- mercial offset printing today is experiencing continuously decreasing volumes, the story is quite the opposite when it comes to various forms of digital print ordered online. This is a growing business driven by digitalization and the use of social media. Elanders is one of the biggest digital print providers in the European market that does not belong to an e-commerce brand. The Group works both as a print provider to major brands and sells directly to companies and consumers through its own channels and branded web shops. Thanks to economies of scale, advanced automa- tion, and optimized workflows resulting in high quality, reliability and scalability, Elanders is very competitive and aiming for further growth. Since the acquisition of Kammac in 2023, another important part of the customer segment Other is FMCG, including the beverage indus- try. Here, the Group provides third-party logistics services with great range, including warehousing of both finished products and brewing materials, e-commerce fulfillment and transport. Using the latest technology, and with many years of experience, the Group is a valuable logistics partner to its clients. This is Elanders Our customer segments — Other percent of Elanders’ total sales glass bottles handled per year M M photo calendars per year Other Elanders Annual and Sustainability Repo 2024 — 33 Indu str ial Sourcing & Procurement Freight coordination & Customs management Warehousing Quality control & Assembly and testing Just-In-Time deliveries Manufacturing Freight coordination & Customs management Warehousing Reuse & Recycle After sales Returns management White glove delivery Local and global distribution & Customs management Pick & Pack Configuration & Testing Indu str ial Elanders Annual and Sustainability Repo 2024 — 35 Elanders in the customers value chain Industrial — Responsiveness creates success Customized solutions at the right cost Elanders has a strong position in the Industrial customer segment and handles everything from smaller products to large-scale, logistically complex constructions and solutions. With great responsiveness to customers, the Group retains the high delivery precision and service quality demanded. percent of Elanders’ total sales outgoing deliveries every year from Elanders’ warehouses thousand m 2 in total floor area at facilities within the Group In order to stay competitive and generate profits, industrial manufac- turers today need control and efficiency at all stages. Manufacturing costs must be kept down, lead times short and product quality and delivery precision high. Logistics is a key factor for success along the supply chain all the way to the aftermarket. Elanders offers logistics solutions adapted for all types of industrial clients. Elanders makes sure that finished products, as well as components and production-related materials, are delivered to the right place at the right time. The Group not only manages distribution and transport logistics throughout the supply chain. Clients can also receive the flex- ibility they desire with customized solutions adapted to their specific operations. The Group also offers industrial logistics solutions combined with value-added services that streamline clients’ production and assembly processes. For example, these include kitting, simple manufacturing, voltage testing of batteries and other functional testing, as well as cleaning of reusable plastic boxes or other charge carriers. Addition- ally, Elanders can take on individual assembly steps, such as the pre- assembly of modules that can then be delivered just-in-time into the client’s production. The finished equipment can, if the client wishes, be delivered and installed directly at the end customer’s location. Our customer segments — IndustrialThis is Elanders M Sourcing & Procurement Freight coordination & Customs management Warehousing Quality control & Assembly and testing Just-In-Time deliveries Manufacturing Freight coordination & Customs management Warehousing Reuse & Recycle After sales Returns management White glove delivery Local and global distribution & Customs management Pick & Pack Configuration & Testing Elanders in the customers value chain percent of Elanders’ total sales thousand customer orders handled per day The Health Care customer segment has great growth potential given the fast-paced scientific and technological development, a globally aging population and prolonged life expectancy. The industry has special regulations and strict demands when it comes to things like sterile handling of equipment, components, consumables and input materials for medical preparations. For a logistics partner, this entails considerable investments, high standards, quality-assured processes and recurring audits of required certifications. Expertise and trust between provider and client are built over time, since there is no margin of error when it comes to this type of equipment, products or materials. The Group has solid experience as a partner to medical technology companies. Today, Elanders are experts within medical logistics with a global footprint, committed to delivering services at the highest level of quality without compromise and with continuous improvements. The clients are efficiently supported throughout the product life cycle, starting from the procurement of materials, through manufacturing and assembly, as well as distribution, and on to aftermarket services and the handling of equipment that is worn-out. Elanders can manage entire logistics chains and ensure that end customers are provided with the equipment, spare parts and consum- ables, at the right time. The Group handles all aspects of logistics and transport, as well as providing and coordinating value-added services for sensitive health care equipment and in vitro diagnostics (IVD). This includes demo pool services, installation services, taking back worn- out equipment, as well as temperature-controlled storage in different climate zones down to –80 degrees Celsius. Health Care — Customized all the way Competent help throughout the life cycle In the customer segment Health Care, Elanders’ principal focus is on medical technology. The Group oers customized solutions throughout the product life cycle, staing from the procurement of input materials all the way until the equipment is worn-out. This is Elanders Our customer segments — Health Care Ceications within Elanders ISO 9001, ISO 14001, ISO 13485, ISO 27001, ISO 45001, GDP, WDA (H), WDA (V), API, BRC, GDPMDS, AEO-F and AEO – Security Hea lth C Care Elanders Annual and Sustainability Repo 2024 — 37 Elanders supplies its wide range of services within integrated supply chain management solutions through a number of subsidiaries in the larger business area Supply Chain Solutions. In addition, the Group oers cost eective solutions that can meet all of its customers’ needs for printed materials and packaging in the business area Print & Packaging Solutions. Together, the Group companies serve the six customer segments Automotive, Electronics, Fashion, Health Care, Industrial and Other on four continents. The most impoant markets are China, Germany, Singapore, Sweden, the UK and the USA. On the following pages, Elanders’ largest operations are presented separately. Elanders’ largest operations Our largest operationsThis is Elanders Supply Chain Solutions Print & Packaging Solutions 0 % Elanders Group 20 % Elanders Print & Packaging Elanders Annual and Sustainability Repo 2024 — 39 Share of net sales Share of net sales LGI, Mentor Media, Bergen Logistics and Kammac Based in Germany, LGI is a leading logistics ser vice provider globally oering a range of inte grated solutions within supply chain manage ment, from contract logistics to transpo/forwarding services, regional or international, multichannel or omnichannel. LGI has more than 50 sites across Europe and the USA and can service customers via its entire global network, through both sister companies within the Group and external partners. The company is a logistics- focused service provider that offers customized solutions for contract logistics, transportation/forwarding, value added services as well as a wide portfolio of additional services along the entire supply chain. Its customer base is found within all of Elanders’ customer segments. Contract logistics account for more than half of LGI’s revenue. LGI’s strategy in this market segment is to develop and maintain good and comprehensive relationships with global giants, large companies and also start-ups. In the area of transport logistics, LGI provides all services, all the way from delivery of the goods to on-site installation and return. In the digital transformation of business models through e-commerce fulfillment, LGI has years of experience and excellent references in both the B2C and B2B sectors. LGI was founded around 30 years ago in Germany and has, over the years, acquired several supply chain management companies and further expanded its operations. The company was acquired by Elanders in 2016. Why should customers choose LGI as a paner? We are a global service provider that, supported by the Group, enables end-to-end solutions for our customers. As a reliable and very flexible partner with absolute customer focus, we are big enough to be a global player while still able to provide individual solutions to meet specific needs. We have a unique bandwidth servicing businesses from different segments end-to-end, always working on improving our processes. What are your key strengths? One is our absolute will to serve the customer and work on long-term customer relationships. It lets us develop reliable solutions that include reaching deep into the customer’s supply chain to help them be top- notch. But our most crucial strength is the team and the efforts of our people every day. Caring for our employees’ well-being is something that permeates the Elanders Group as a whole and my greatest success as CEO of LGI is the reduction of days off due to injuries by 40 percent. How does being pa of the Elanders Group benet LGI? It enables the global end-to-end and beyond supply chain management solutions that we offer our customers. Another great benefit is how group companies are exchanging customer-focused ideas, best practices Supply Chain Solutions — LGI A strong will to serve the customer ~ , LGI Net sales, MSEK Number of employees Geographical presence Austria, Czech Republic, Germany, Hungary, Netherlands, Poland, Romania, Sweden, the UK and the USA Customer segments Automotive, Electronics, Fashion, Health Care, Industrial and Other ~ , Our largest operations — LGIThis is Elanders Bernd Schwenger, President, LGI, underlines the value of customer focus and long-term relationships. and concepts, which makes us all more innovative. At the same time, our various cultures are allowed to coexist. LGI retains its European DNA, just like Mentor Media is Asian and Bergen American. There is no dominant entity, we can all develop and test new solutions and innovations to better serve our customers. If something works well, it can also be implemented elsewhere. What are your focus areas for the future? One is technical logistics, where our services also include transport- ing, setting up and installing advanced technical equipment so that it is ready for use. This market is only going to grow. Another important focus area concerns the circular economy. Here, we are already taking back used IT equipment for refurbishment and reuse, but I believe that this is just the beginning. There will be an important role for logistics as circular concepts spread to all kinds of equipment and products. The third focus area is to keep building and providing end-to-end and beyond supply chain management solutions for our customers, letting them focus on their core business. Do you have other impoant ongoing business initiatives? Health Care is an area that will grow rapidly, looking forward, due to fast technological development and an aging population. LGI has developed a demo pool service, including unique software, giving our customers’ sales teams a streamlined way to demo new MedTech prod- ucts at various locations. This concerns extremely expensive equipment that potential buyers want to try out for real before purchasing. Also, we see potential in managing the logistics, including transportation and installation, connected to technical equipment, special beds and other type of aids that are needed for care given in the home, which is a growing area. How is sustainability integrated in your business model? When it comes to our buildings and the use of electricity, we have come a long way and are carbon neutral thanks to renewable energy. Our growing business connected to reuse and circularity, that I have already covered, is another positive example. The major challenge is our large fleet of trucks. Here, we are looking for new solutions includ- ing electric trucks and trailers, as well as other green alternatives to diesel such as HVO and hydrogen fuel cells. Costs remain a challenge, but customers are increasingly ready to pay the price to meet their own emissions reduction targets. The issue is larger than just the type of fuel or vehicle, however. With center of gravity analysis and supply chain analysis we can optimize transportation and help make entire supply chains more sustainable. “ We are a global service provider that, suppoed by the Group, enables end-to-end solutions for our customers.” Elanders Annual and Sustainability Repo 2024 — 41 Why should customers choose Mentor Media as a paner? We are a trustworthy partner that will let you sleep well at night. With presence in Asia, Europe and the Americas and combined with the whole Group, we have a truly global footprint. Our end-to-end supply chain solutions include advanced value-added services covering every- thing from the before-market phase to product delivery and on to after- market services. Our solutions are based on standardized processes and practices that can be replicated anywhere in the world. What are your key strengths? The trust element is very strong for Mentor Media. We are a one-touch global service provider delivering what our clients need in any region or country all over the world while retaining full control over their intellectual property. In today’s unstable world, agility is also more im- portant than ever. We can rapidly respond to natural disasters, political disruptions or any other type of crisis, easily moving operations from one site to another. Furthermore, our innovative and creative team can help clients find improvements and break new ground. How does being pa of the Elanders Group benet Mentor Media? It adds an ability for us to extend into new customer segments. Mentor Media has traditionally been very strong within Electronics but is increasingly establishing a global presence within Health Care and, Headquaered in Singapore, Mentor Media is a leading provider of supply chain management solutions that are sustainable for customers, other stakeholders and the societies where it operates. The company’s extensive services are customized to meet client requirements. Mentor Media is an innovative global supply chain service provider with presence in Asia, the Americas and Europe. The company has extensive experience in manufacturing and has developed an offer of compre- hensive, high value-added services to help its customers conceive ideas, develop products, build up brand names and enable further growth. Through well-developed strategic alliances with other strong global logistics partners, Mentor Media has also created a complete supply chain delivering directly to channels and end-users. The company is a partner to some of the world’s leading companies in consumer electron- ics, communications, computing, medical technology, software and retail. Mentor Media was founded about 40 years ago in Singapore and was acquired by Elanders in 2014. Since then, Mentor Media has expanded to a global presence in several customer segments. Supply Chain Solutions — Mentor Media Clients can sleep well at night Kok Khoon Lim, President, Mentor Media, em- phasizes the importance of trust, agility and innovation. ~ , Mentor Media Net sales, MSEK Number of employees Geographical presence Brazil, China, Czech Republic, India, Mexico, Singapore, Taiwan, Thailand, the USA and Vietnam Customer segments Electronics, Fashion, Health Care and Other ~ , Our largest operations — Mentor MediaThis is Elanders “ With presence in Asia, Europe and the Americas and combined with the whole Group, we have a truly global footprint.” together with our sister company Bergen Logistics, Fashion. Given our strong presence in Asia and Latin America, we can work as an internal provider for our sister companies. Furthermore, they can refer custom- ers demanding advanced value-added services to us, whereas we, for example, can refer customers in need of contract logistics services to Bergen, LGI and Kammac. Another added value for our customers is that we can bring them print services within Elanders Print & Packag- ing Solutions. What are your focus areas for the future? We have a continued focus on Electronics, which is our core customer segment, but are also working hard to realize our aspirations within Health Care and will continue to expand our capabilities in this area to more sites. Together with Bergen Logistics we are also expanding within Fashion, at present both in Mexico and in Southeast Asia. What is the signicance of your recent expansion in Thailand? As a global service provider, we constantly have to review our supply chain network’s relevance to our global clients. Political and economic realities are creating a new need to decentralize from China and the ASEAN region is becoming a new manufacturing hotspot. Ready to seize new opportunities as they materialize, Mentor Media has secured an important contract with an existing Electronics client enabling us to set up our first contract logistics site in Thailand. Looking forward, we will continue to invest where the business is going. What are your other impoant ongoing business initiatives? In the face of potential new customs pressures, we have developed a ‘global launch’ platform. This allows customers to move manufactur- ing operations to new territories, such as Mexico, and partnering with us for their supply chain needs, using our infrastructure, space and people. Another important initiative focuses on building more partner- ships to help customers meet various challenges in different locations around the globe. How is sustainability integrated in your business model? Our global services help clients manage the supply chain in a way that is sustainable for the societies where they operate. Our priority is to always organize our business around local sourcing, cutting carbon emissions when shipping parts and material, while also providing resilience to cross-border disruptions. We optimize freight forwarding through consolidation of goods at local hubs both outbound in the producing country and inbound in the receiving market. Furthermore, we promote circularity through our after-market services for refurbish- ing or recycling old equipment. Elanders Annual and Sustainability Repo 2024 — 43 Headquaered on the American east coast, Bergen Logistics is a leading contract logistics company and omnichannel expe capable of managing a great number of clients in an ecient and protable way thanks to its proprietary technological plaorm CloudX. Bergen Logistics has evolved rapidly in the USA and Canada, as well as established itself for further expansion in Europe and Asia. Aiming to be the world’s leading logistics company, Bergen wants to drive its customers’ success through innovative technological solutions. Systems and processes are continuously updated to keep up with changes within the industry, consumer requirements and technological progress. Bergen Logistics is specialized in smaller and mid-sized brands within fashion and other consumer-oriented industries. The com- pany has developed a unique platform enabling the management of a large number of customers in an innovative, agile and efficient way. Bergen Logistics offers global solutions for both multinational fashion customers and customers intending to expand into new markets. The company wants to be a natural partner to growth companies looking for a simple way to establish themselves and grow in new markets. For this end, the company can make good use of Elanders’s global reach. Bergen Logistics was founded some 20 years ago in the USA and was acquired by Elanders in 2021. Since then, Bergen’s business model and unique platform has also been established in a number of Elanders’ subsidiaries in Europe, Asia and South America. Charles Ickes, President, Bergen Logistics, along with Florian Beck, COO, discuss the company’s strengths. Why should customers choose Bergen Logistics as a paner? Charles Ickes (CI): With global reach on a single platform and with one single integration, we have 25 years of experience as a logistics partner to clients in the Fashion segment. Our strong, state-of-the-art proprietary Warehouse Management System (WMS) CloudX provides a seamless workflow and omnichannel fulfillment. Florian Beck (FB): We also have a strong organizational set-up with a very customer-centric approach. Clients get a dedicated service team with a customer account manager helping them with any challenges along the supply chain. We work as a partner to our clients rather than as a traditional supplier. The answer to the question ‘How?’ at Bergen is ’Yes!’ and then we figure it out for you. What are your key strengths? CI: One of them is our ability to provide bespoke solutions, which we do for well over half of our more than 300 customers. Many of them require value-added services like customized branded packaging or delivery. We also know the specifics of our clients’ industry and how to help with pain points such as system integration. FB: Bergen is very tech savvy, and we have an entrepreneurial mindset which is evident in what we do with CloudX, but also around AI, data warehousing and data science. Innovation is a core value for us, both in how we face the customers and internally, where we are always improving processes and tools. Supply Chain Solutions — Bergen Logistics Innovation is a core value ~ , Bergen Logistics Net sales, MSEK Number of employees Geographical presence Canada, Moldova, Netherlands and the USA Customer segments Fashion and Other ~ Our largest operations — Bergen LogisticsThis is Elanders How does being pa of the Elanders Group benet Bergen Logistics? FB: It has opened up the globe for us. With the support of the Group, we have established the Bergen concept in a number of locations in Europe and Asia. Furthermore, we can tap into all group locations around the world, put our software in place and train local teams. We can set up third-party logistics solutions anywhere in a very short time frame. CI: We get the ability to leverage the other Elanders subsidiaries, our sister companies, in global end-to-end solutions for our clients. Furthermore, new insights from other customer segments than Fashion can be brought into CloudX so that it will work successfully for them as well. Plus, this kind of insights can also inspire innovation in our operations in the Fashion segment. What are the main benets of your WMS soware CloudX now rolling out in the whole group? CI: A great advantage is the ease and speed of integration with all major shop systems used by brands, as well as marketplaces, ERP (En- terprise Resource Planning) systems and retailers. A fulfillment solution can very rapidly be set up or expanded to a new market, enabling standardization and a radically improved customer experience. CloudX is also being continuously developed and improved by our team of developers, today made up of 55 people. It is a very mature solution that overtime will break away from Bergen and be supplied by a stand- alone Elanders subsidiary, adding resources and flexibility to help make it suitable for all customer segments. FB: At present we are finishing off a major modernization of the system that will make us even more agile. CloudX will additionally be available on the market, to the benefit of customers who, for example, want to handle logistics in-house in their home market, but use Eland- ers overseas, and keep the same efficient WMS. What initiatives have you taken when it comes to sustainability? FB: Our global network solutions let us optimize shipment to help our customers lower their greenhouse gas emissions by enabling last mile shipping closer to the consumers. We also have an extensive partner program focusing on circular solutions and aiming to enhance the longevity of products through secondary markets. CI: Beyond initiatives like installing solar panels and LED lights, which are basically hygiene factors today, Bergen furthermore has made an agreement with UPS for carbon neutral small parcel delivery through- out the USA. “ Our strong, state-of-the-a proprietary Warehouse Management System (WMS) CloudX provides a seamless workow and omnichannel fulllment.” Elanders Annual and Sustainability Repo 2024 — 45 The British company Kammac is a exible and reliable contract logistics provider that provides supply chain management services to a wide range of companies within, for example, food and beverages and health care. The business model is lean and based on agility to meet customer requirements. Starting from its roots in Manchester, Kammac has expanded nationally. With a unique concept the company offers its customers maximum storage flexibility through a network of, at present, twelve sites around the UK. Several warehouse facilities offer services such as bonded warehouses and temperature-controlled environments. Kammac also has a license to handle medical products such as pharmaceuticals and their components. Kammac responds to its partners’ demand by identifying and pro- viding cost-efficient solutions ensuring flexibility, control and, above all, quality and safety. The company’s integrated service offerings suit businesses of all sizes and can be scaled up or down to accommodate short-term requirements for complete logistics outsourcing and third- party logistics partnerships. Kammac was founded around 40 years ago in the UK and was acquired by Elanders in 2023. Since then, cooperation with other Group companies has taken off and, among other things, Kammac has implemented Bergen Logistics’ technological platform CloudX. Why should customers choose Kammac as a paner? Our business is set up for solving customers’ challenges quickly and efficiently. We have 20 accreditations of compliance including desig- nated licenses and approvals which are sector specific as well as orga- nizationally focused. This makes us best placed to provide excellence to customers, in whichever sector they operate. We focus on the core skill- set of warehousing with standardized processes to ensure quality and then specialize by site to provide focus across a multitude of sectors. What are your key strengths? Kammac has a definite entrepreneurial streak and a can-do attitude which gives us the agility and ability to turn a customer challenge into a joint success. We are team players and are motivated to solve customer challenges in a cost-efficient way following industry best practices. We have strength in depth across twelve sites in the UK which support each other when flexibility is necessary. We can turn on space and activity at sites quickly to meet the peaks and troughs of our customers’ demands. What is the business advantage of your agile and exible ap- proach? We are commercially driven, and work hard to use all available space and strengthen each site by not relying on any single sector. Instead, Supply Chain Solutions — Kammac Always nding a solution ~ 720 Kammac Net sales, MSEK Number of employees Geographical presence The UK Customer segments Fashion, Health Care, Industrial and Other ~ 400 Our largest operations — KammacThis is Elanders Tim Bloch, President, Supply Chain Solutions (Kammac & Bishopsgate), explains more on the value Kammac is delivering for its customers. we are providing a shared user operation which can flex between one customer’s peak and another’s trough. The result is a good return on the space we invest in. We are always looking for opportunities to help new customers but always with great service as a cornerstone of our offering. How does being pa of the Elanders Group benet Kammac? There are so many benefits to us being a part of the Elanders Group. We can leverage expertise elsewhere in the group, from sister compa- nies like LGI, Bergen and Bishopsgate, adding to best practices and creating new opportunities in previously unchartered territory. Further- more, Elanders is well capitalized and can provide us with finance when significant investment may be necessary at the set-up stage. Our reach is also extended through the global network of Elanders compa- nies, providing great business development opportunities. What is your approach to marketing? We have built a digital marketing strategy that drives content across our different channels, supported by clear brand guidelines. By consis- tently sharing content with new and existing customers, we continually establish our presence and grow our audience. Moving forward, we are evolving our marketing into a more tailored strategy, focusing on data-driven, localized campaigns to build awareness, interest and desire which can convert to new business opportunities. What are your focus areas for the future? At Kammac, first and foremost, we make sure that we deliver excel- lence for our customers today. This will ensure future developments. As we expand, we will complement our focus and capabilities to enable us to gain excellence in new sectors. Currently our focus is on Health Care, FMCG, industrial mobility, excise bonded opportunities, e-commerce and value-added services like co-packing. How have you integrated sustainability into your business model? Sustainability is another significant benefit of being a part of the Elanders Group. It is central to Elanders and central to our business model. We have implemented the ISO 14001 environmental standard across the business, ensuring continuous improvement in reducing our carbon footprint and impact. We have developed a Go Green Team Training that educates employees in sustainability practices. Furthermore, we are actively trying out alternative low-emission fuels like HVO and BIO CNG. These sustainability initiatives directly benefit our customers by reducing their Scope 3 emissions through our commit ment to cleaner fuels and responsible waste management. “ Our business is set up for solving customers’ challenges quickly and eciently.” Elanders Annual and Sustainability Repo 2024 — 47 Why should customers choose Elanders Print & Packaging as a paner? We are a really strong, reliable and future-oriented global partner for our customers. In a print industry characterized by ongoing consoli- dation, the financial strength of Elanders is an important asset. Our customers can rely on us for stability and long-term partnerships. We will not disappear. While being true experts within the area of print and packaging, we also add value by delivering solutions in every step of the customer’s supply chain, end-to-end and beyond. Starting from the online sales process, where we can supply web shop solutions, online print production, storage and finally invoicing and aftermarket services, where we for instance can manage end customer returns. What are your key strengths? We are global and offer an extremely large product portfolio along with great expertise. We are continuously working to optimize and improve our processes and workflows, making full use of the latest, state-of-the-art technology to deliver exceptional quality and short pro- duction times. We have strong competence within IT and workflows, which is crucial within digital printing. Furthermore, in spite of our size and global presence, we still have a start-up mentality character- ized by speed and flexibility. Print & Packaging Solutions — Elanders Print & Packaging Finding oppounities in a challenging market ~ 2,800 Elanders Print & Packaging Net sales, MSEK Number of employees Geographical presence Germany, Hungary, Italy, Poland, Sweden, the UK and the USA Customer segments Automotive, Electronics, Fashion, Health Care, Industrial and Other ~ 1,300 Our largest operations — Elanders Print & PackagingThis is Elanders Sven Burkhard, President, Elanders Print & Packaging, on how the right focus nurtures future success. With more than 100 years of experience from the graphic industry, Elanders Print & Packaging oers concentrated, cost-ecient and inno- vative solutions making use of the eciency and exibility oered by the latest digital tech- nology to fulll its customers’ requirements locally as well as globally. Through its innovative force and global presence, Elanders Print & Packaging offers cost-efficient solutions that can handle customers’ local and global needs for printed material and packaging, often in combination with advanced order platforms online, value-added servi- ces and just-in-time or sequence deliveries. Advanced, user-friendly and internet-based ordering platforms streamline the process from order to delivery. Over the last few years, investments have been made in competi- tive digital technology in order to meet customer demand for flexible print production in shorter and smaller series with high quality and at competitive prices. Today, Elanders is one of few global companies offering solutions that include everything from printed matter and packaging to other related services such as kitting and packaging for just-in-time or sequence deliveries worldwide. Elanders Print & Packaging was founded more than 100 years ago in Sweden. After a series of acquisitions through the years, the company now operates in both Europe and the USA. What are the benets of Elanders being one of very few global print companies? Global customers get one contact that they can connect with in their own time zone and language, while we take responsibility for their printing all over the world. As a large global company, we have pur- chasing benefits that our customers can profit from. Beyond our own local printing operations, we also have an extensive network of part- ners making it possible for us to print where the demand is, thereby reducing our customers’ costs, delivery times and carbon footprint. How can you succeed in a market where volume products decrease year by year? Whereas the print quantities per job are decreasing, the number of jobs are actually increasing. You can turn the challenges into great opportunities by having the best possible processes for producing small digital print runs with superior quality and short delivery times. It is all about optimizing your processes and it is driven by expertise within IT, workflows and databases. What are your focus areas for the future? We are focusing on more mergers and acquisitions in the direction of online print – and digital print overall. We will also continue investing in production equipment and processes as well as marketing. Facing continued digitalization, we keep our eyes on what there will be a demand for in the future and deliver within the areas Packaging, Innovative print products, Mass customization and Publishing. This is based on the conviction that, in the ongoing consolidation process, you need to be the best at what you do to be successful. In these four areas we have a market in the future, we are the best and we have the ability to scale up the business further, making use of our global advantage. How have you integrated sustainability in your business model? The major driver of greenhouse gas emissions in our printing opera- tions is usage and waste of paper, which we are targeting in a number of ways. A basic principle is that the most sustainable way to print is to print on demand in the location where the demand is found, thereby reducing the paper usage and waste as well as transportation. This is what Elanders is doing, together with our partners, and what we want to keep doing looking forward. We are also reducing our carbon footprint by using renewable energy and, for instance, choosing DHL GoGreen solutions for overseas post. Almost all our sites are FSC ® - certified, and we explain the advantages of using FSC ® -certified paper for our customers who increasingly choose to do so. Another area we are exploring is to increase the use of cleaner, water-based inkjet technology. “ While being true expes within the area of print and packaging, we also add value by delivering solutions in every step of the customer’s supply chain, end-to-end and beyond.” Elanders Annual and Sustainability Repo 2024 — 049 2 Elanders Annual and Sustainability Repo 2024 — 51 52 Board of Directors’ repo 52 Board of Directors’ repo 57 Sustainability repo General information Environment Social Governance List of material disclosure requirements 101 Risks and unceainty factors 104 Corporate governance repo The Board of Directors and the President and Chief Executive Ocer of Elanders AB (publ), corporate identity no 556008-1621, herewith present their annual repo and the con- solidated nancial statements for 2024. Elanders AB (publ) is the parent company of the Elanders Group and the company’s B shares are listed on NASDAQ OMX Stockholm, Mid Cap. Elanders AB (publ) is a subsidiary to Carl Bennet AB, corpo- rate identity no 556379-0715, registered in Gothenburg. Carl Bennet AB prepares consolidated financial statements that include Elanders Group. Our business Elanders is a global logistics company offering a broad service range of integrated solutions within supply chain management. The business is mainly operated through two business areas, Supply Chain Solutions and Print & Packaging Solutions. The Group has almost 7,500 employees and operates in around 20 countries on four continents. The most important markets are China, Germany, Singapore, Sweden, the UK and the USA. The customers are divided into six segments according to their respective business; Automotive, Electronics, Fashion, Health Care, Industrial and Other. Our oer Elanders offers integrated and customized solutions for handling all or part of the customers’ supply chain. The Group can take complete responsibility for complex and global deliveries that may include purchasing, storage, configuration, production and distribution. The offer also includes order management solutions, payment flows and after market services on behalf of the customers. The services are provided by business-minded employees who, with their expertise and aided by intelligent IT solutions, contribute to developing the customers’ offers. These offers are often totally depen- dent on efficient product, component and service flows as well as trace- ability and information. In addition to the offer to the B2B market, the Group also sells reused and refurbished IT-related products via its own brand ReuseIT and photo products via the brands fotokasten and myphotobook directly to consumers. Net sales and result Net sales increased by MSEK 276 to MSEK 14,143 (13,867) compared to last year. Excluding exchange rate fluctuations, discontinued opera- tions and acquisitions, net sales declined organically by two percent. This change is primarily related to the Automotive customer segment that continues to face major structural challenges, which has led to strategic cost-side measures. The majority of the company’s other customer segments, however, are experiencing a gradual improvement in demand. With the acquisitions of Bishopsgate Newco Ltd. in February 2024 and Kammac Ltd in November 2023, Elanders strengthened its market position within technical logistics and contract logistics in the UK. This has made the country one of the largest markets for Elanders which is of strategic importance, given that the UK is one of Europe’s largest logistics markets. Furthermore, the acquisitions were an important step in the Group’s strategy to constantly evolve its offering, increase its geographical spread and improve its EBITA margin. During the year, Elanders has also established its first contract logistics unit in Thailand after securing an important deal with one of the Group’s largest customers. Operations started in the fourth quarter and have developed in a positive direction. Adjusted EBITA, i.e. the operating result adjusted for amortization of assets identified in conjunction with acquisitions and one-off items, was MSEK 879 (927) which corresponded to an adjusted EBITA mar- gin of 6.2 (6.7) percent. Including one-off items, EBITA increased from MSEK 820 to MSEK 893. One-off items amounted to MSEK 14 (–107). A large part of them referred to a revaluation of the additional consid- eration for the acquisition of Kammac Ltd which has not developed as expected. The remaining part mainly referred to structural measures in China, Germany, the UK and the USA, as well as to acquisition costs. The one-off items of the previous year mainly referred to a correction of historical inaccuracies in the reporting of one of the subsidiaries in the business area Print & Packaging Solutions. The remaining part referred to a provision for additional consideration for an acquisition that developed better than expected as well as acquisition costs. Higher interest expenses, as an effect of the current net debt com- bined with high interest rate levels, continued to have a tangible impact on the income statement compared to last year. — Supply Chain Solutions Elanders Sverige AB, which was previously part of the business area Supply Chain Solutions, is as of January 1, 2024, included in Print & Packaging Solutions, which better reflects the Group’s internal report- ing structure and the company’s product and service offering. The comparative periods have been restated in accordance with IFRS 8. Net sales increased by MSEK 373 to 11,475 (11,102) in the business area compared to last year. Excluding exchange rate fluctuations, Board of Directors’ report Board of Directors’ report Elanders Annual and Sustainability Repo 2024 — 53 discontinued operations and acquisitions, net sales declined organically by one percent. The change is mainly attributable to the Automotive customer segment, which is facing major structural challenges and continues to show a decline in demand. However, the business area can see increased demand in the customer segments Electronics and Other. The strategically important customer segment Health Care also showed organic growth. Fashion showed continued rising growth in Europe while Fashion in North America has negative growth but, on a positive note, the inflow of new customers and requests continued to increase during the end of the year. The market outlook going forward is positive for the majority of both customer segments and regions, despite a continued cautious market. During the second half of the year, demand increased gradu- ally and is expected to remain stable overall. The Automotive customer segment is not only affected by the current economic cycle, but also by major structural changes, which will continue to be challenging going forward. Adjusted EBITA, i.e. the operating result adjusted for amortization of assets identified in conjunction with acquisitions and one-off items, decreased by MSEK 31 to MSEK 722 (753) compared to last year. At the same time, the adjusted EBITA margin decreased from 6.8 to 6.3 percent. Included in the result for the year were also one-off items of MSEK 46 (–20) that mainly referred to revaluation of the additional consideration for Kammac Ltd that did not develop as expected. The remainder is mainly attributable to structural measures in China, Germany, the UK and the USA, as well as acquisition costs. Last year’s one-off item referred to acquisition costs. In 2024, Elanders continued the roll-out of the company’s propri- etary WMS, CloudX, and by the end of the year, the system was in use in 18 facilities around the world. As a result, the company has acquired new global customers and developed several existing local and regional customers to become global. — Print & Packaging Solutions Elanders Sverige AB, which was previously part of the business area Supply Chain Solutions, is as of January 1, 2024, included in Print & Packaging Solutions, which better reflects the Group’s internal report- ing structure and the company’s product and service offering. The comparative periods have been restated in accordance with IFRS 8. Net sales decreased by MSEK 111 to 2,803 (2,914) in the business area compared to last year. Excluding exchange rate fluctuations, discon- tinued operations and acquisitions, net sales declined organically by four percent. The negative impact on the business area’s net sales was mainly due to weak demand in the Automotive customer segment. Positive development within online print compensated in part for reduced growth. Adjusted EBITA, i.e. the operating result adjusted for amortization of assets identified in conjunction with acquisitions and one-off items, was only marginally lower than last year despite the negative impact from the Automotive customer segment and negative organic growth and amounted to MSEK 195 (207), corresponding to an adjusted EBITA margin of 6.9 (7.1) percent. Included in the result for the year was also a one-off item of MSEK –9 (-87) which referred to costs for structural measures in the UK. Last year‘s one-off items were mainly attributable to the correction of historical inaccuracies in the reporting of a subsidiary in the business area and provision for additional consid- eration for an acquisition that developed better than expected. Demand increased in the second half of 2024 in several product groups and especially in the important online print. Despite this, it could not compensate for the decline in the Automotive customer seg- ment. Demand in Automotive is expected to continue to be challeng- ing, but work continues on the move from traditional production to digital printing and to develop the offering in online print as well as other important areas. Over time, this will secure both sales and a positive margin development. Signicant events during the year — Acquisitions Bishopsgate Newco Ltd In February 2024, Elanders acquired almost 90 percent of the shares in the English company Bishopsgate Newco Ltd (“Bishopsgate”). The company is a leading actor in the UK in special transportation, installa- tion, and configuration of advanced technical equipment. Bishopsgate has around 250 employees and last year had sales of MGBP 27 with good profitability. The purchase price for the shares amounted to approximately MGBP 40 on a cash- and debt-free basis and was charged to cash flow during the first quarter of 2024. In addition to this, there is also a mandatory put/call option that gives Elanders the right to buy the remaining shares based on the company’s future result development. The company has been consolidated into the Elanders Group from February 2024. Financing was provided by an acquisition loan of approximately MGBP 110 from the Group’s three main banks in cooperation with SEK, the Swedish Export Credit Corporation. This loan also financed parts of Elanders’ acquisition of Kammac Ltd in November 2023. Acquisition-related costs for advisors, among others, amounted to approximately MSEK 20 which was charged to cash flow during the first quarter. Bergen Logistics In November 2021, Elanders acquired 80 percent of the shares in the American supply chain management company Bergen Shippers Corp (Bergen Logistics). The acquisition included a mandatory option to acquire the remaining shares in 2024 for a purchase price based on the company’s result development in 2023. In the beginning of April 2024, the acquisition was completed. The remaining 20 percent of the shares were acquired for a purchase price of MUSD 47 which were charged to cash flow during the second quarter. Kammac Ltd When Elanders acquired Kammac Ltd in November 2023, two-thirds of the purchase price was paid at the time of the acquisition. The re- mainder consists of a contingent consideration that will be paid during the second quarter of 2025 and is based on the outcome of 2024. A challenging market has led to the company not meeting the expec- tations, and therefore two revaluations of the additional consider- ation have been made during the third and fourth quarters of 2024 respectively. The change in fair value of the additional consideration amounted to a total of MGBP 14 and had a positive effect on the result during the year. At the end of the year, the company has begun to see a recovery in demand and the forecast for 2025 looks more positive. — Change in Group Management In April 2024, Åsa Vilsson was appointed new CFO at Elanders and also became a member of Elanders’ Group Management. She most recently served as Vice President of Group Finance at Elanders and was acting CFO since February 2024. Åsa Vilsson replaced Andréas Wikner, who resigned after 14 years as the Group CFO. — Structural measures in the USA The declining demand in the Fashion customer segment and the previous investments made when the Group had double-digit growth figures have resulted in overcapacity of warehouse space. The Group is actively working to optimize capacity utilization, and as part of this, Elanders during the second quarter decided to implement structural measures in the USA by, among other things, consolidating the ware- house facility in Pennsylvania with the facility in Atlanta. The facilities belong to the subsidiary Bergen Logistics and the business area Supply Chain Solutions. The consolidation was completed during the third quarter. These structural measures resulted in one-off costs of approxi- mately MUSD 2.8 relating to provisions for termination wages and relocation costs, which were charged to the result in the second quar- ter. The structural measures are expected to generate annual savings of approximately MUSD 3.5 with full effect from 2025. In addition to this, Elanders has also chosen to discontinue a large part of the subscription box operations, which for a long time has had low profitability. As a result of this discontinuation, sales will decrease by MUSD 22 on an annual basis, of which MUSD 13 in 2024. — Newly established business in Thailand During the year, Elanders has established its first contract logistics unit in Thailand after securing an important deal with one of the Group’s major Electronics customers. The establishment is an important step in the Group’s strategy to expand in Southeast Asia. Operations started in the fourth quarter. — Structural measures regarding the road transpo operations in Germany As part of the Group’s strategy to increase the share of value-added services within contract logistics and technical logistics and reduce the share of services with lower profitability, Elanders have, during the end of the fourth quarter of 2024, implemented structural measures in Germany. This means that a large part of the Group’s road transport operations in Germany will be discontinued. These measures will also reduce the exposure to the Automotive customer segment, which is facing extensive structural challenges. The measures concerns Elanders’ sub-group LGI, which is part of the Supply Chain Solutions business area. The closure of these operations means that sales will decrease by approximately MEUR 80 on an annual basis, of which approximately MEUR 40 with start in the second half of 2025. Board of Directors’ report The structural measures entail one-off costs of approximately MEUR 3.8, which has been charged to earnings at the end of the fourth quarter. These costs relate to termination wages, the divestment of parts of the truck fleet and the restoration and decommissioning of existing premises. Investments and depreciation Net investments for the year amounted to MSEK 1,251 (1,012), of which purchase prices for acquisitions were MSEK 1,083 (832). Depreciation, amortization and write-downs amounted to MSEK 1,411 (1,243). Financial position, cash ow and nancing Excluding purchase prices for acquisitions, the operating cash flow amounted to MSEK 1,978 (2,170). Including acquisitions, the operat- ing cash flow for the period was MSEK 894 (1,338). Net debt increased by MSEK 921 to MSEK 9,112 compared to MSEK 8,191 at the beginning of the year. The change mainly referred to acquisitions and changes in additional considerations that increased net debt by approximately MSEK 500 and exchange rate fluctua- tions of MSEK 506. Reduced working capital reduced net debt by MSEK 145 during the period. On a rolling twelve-month period, the net debt/EBITDA ratio decreased to 4.1 compared to 4.2 at the beginning of the year. The net debt/EBITDA ratio is also affected by acquired leasing agreements. The new leases generate a somewhat skewed view of the net debt/EBITDA ratio. The entire leasing liability is reported directly while the EBITDA contribution is slight. Excluding effects from IFRS 16, net debt increased to MSEK 4,031 compared to MSEK 3,655 at the beginning of the year. The increase was mainly attributable to acquisitions and changes in additional considerations that increased net debt by approximately MSEK 230. Changes in exchange rates increased net debt by MSEK 244. Reduced working capital decreased net debt by MSEK 145 during the period. Excluding IFRS 16 effects, the net debt/EBITDA ratio was 4.0 on a rolling twelve-month basis, excluding one-off items and adjusted for proforma results for acquisitions, in comparison to 2.8 at the begin- ning of the year. The Group’s credit agreements contain a financial covenant that must be met to secure the financing. This covenant is the net debt/ EBITDA ratio that is calculated excluding IFRS 16 effects but adjusted for proforma results in acquisitions and excluding one-off items. This financial covenant was met per the balance sheet date. Research and development The Group continuously develops different offers that are usually produced in connection with specific customer projects. Continuous development of order platforms takes place in the Group’s e-commerce business where costs for most of the work are recognized as they occur. Personnel The average number of employees during the year was 7,324 (7,203), whereof 164 (164) in Sweden. At the end of the year the Group had 7,175 (7,474) employees, whereof 170 (166) in Sweden. Further information concerning the number of employees, as well as salaries, remuneration, and terms of employment is presented in note 5 of the consolidated financial statements. Elanders Annual and Sustainability Repo 2024 — 55 Parent company The parent company has provided intragroup services. The average number of employees during the year was 13 (14) and at the end of the year 12 (14). Other information concerning the number of employees, salaries, remuneration, and conditions of employment is presented in note 5 of the consolidated financial statements. Information concerning company shares On 31 December 2024, there were 1,814,813 registered Class A shares and 33,542,938 registered Class B shares; in total 35,357,751 shares. The Class B shares are listed under the symbol ELAN B on NASDAQ OMX Stockholm, Mid Cap. Each Class A share represents ten votes, and each Class B share represents one vote. Shareholders may vote for all the shares they own or represent. All shares receive the same dividend. The Annual General Meeting has not given the Board any authority to purchase shares or issue shares. There are no bonus programs with dilution effects. — Transferability There are no restrictions in Class B shares transferability according to the articles of association or current legislation. The articles of associa- tion do contain a pre-emption clause concerning the company’s Class A shares. The company knows of no other agreements between shareholders that limit the transferability of the shares. — Shareholdings The only direct or indirect shareholding exceeding a tenth of the votes in the company per 31 December 2024 was Carl Bennet AB with 66 (66) percent. No shares are owned by personnel through pension foundations or similar. — Contracts with clauses regarding ownership changes The company has certain customer contracts and bank agreements that can be terminated if there is a change in ownership. There are no contracts between the company and Board mem- bers or employees that prescribe remuneration if they terminate their contract, are made redundant without reasonable grounds or if their employment or assignment ceases to exist because of a public purchase offer. Guidelines for remuneration to senior ocers The company’s current guidelines for remuneration to senior officers was adopted at the Annual General Meeting on April 21, 2022. The guidelines are as follows: Senior officers are persons who, together with the CEO, consti- tute Group Management. The guidelines are valid for employment contracts signed after the Annual General Meeting has adopted the guidelines as well as those cases in which changes are made in existing agreements after the decision by the Annual General Meeting. — The guidelines’ promotion of the company’s business strategy, long-term interests and sustainability Elanders shall be a global and strategic partner to the customers in their business-critical processes. By offering integrated and customized solutions for handling all or part of the customers’ supply chain, the business-critical processes may be optimized. The overriding goal is to be a leader in global and sustainable overall solutions within supply chain management and to best serve the customers’ requirements on efficiency and delivery, prioritizing sustainability. The strategy is to act within niche areas in each marketing area where the Group may achieve a market-leading position. In order to fulfill the long-term financial goals, and to achieve value growth and increase shareholder return over time, Elanders continually develops its offer to the custom- ers. With new and improved services, total integrated solutions, and implementation of innovative technology, a good platform for continu- ous growth and development, as well as greater value for shareholders is created. A prerequisite for the successful implementation of the company’s business strategy and safeguarding of its long-term interests, includ- ing its sustainability, is that the company is able to recruit and retain qualified personnel. To this end, it is necessary that the company offers competitive total remuneration, enabled by these guidelines. Variable cash remuneration covered by these guidelines shall aim at promoting the company’s business strategy and long-term interests, including its sustainability. — Types of remuneration The remuneration shall be on market terms and may consist of the fol- lowing components: fixed cash salary (basic wage), variable cash remu- neration, pension benefits, and other benefits. Additionally, the general meeting, may irrespective of these guidelines, resolve on, among other things, share-related or share price-related remuneration. For the CEO and the CFO, variable cash remuneration may amount to, at most, 70 respectively 50 percent of the basic wage. For other executives, variable cash remuneration may amount to, at most, 40 percent of the basic wage. Additional variable cash remuneration, however not more than 100 percent of the basic wage, may exception- ally be awarded after resolution by the Board of Directors, for the purpose of recruiting or retaining executives in light of local market conditions. For the CEO, pension benefits, including health insurance (Sw. sjukförsäkring), shall be premium defined. Variable cash remu- neration shall not qualify for pension benefits. The pension premiums for premium defined pension shall amount to, at most, 35 percent of the fixed annual cash salary. For other executives, pension benefits, including health insurance, shall be premium defined unless the individual concerned is subject to defined benefit pension under mandatory collective agreement provi- sions. Variable cash remuneration shall qualify for pension benefits to the extent required by mandatory collective agreement provisions. The pension premiums for premium defined pension shall amount to, at most, 35 percent of the fixed annual cash salary. Other benefits may include, for example, company cars and industrial health services (Sw. företagshälsovård). Such benefits may, in total, amount to a minor proportion of the total remuneration. — Termination of employment The notice period may not exceed 18 months if notice of termination of employment is made by the company. Fixed cash salary during the period of notice and severance pay may together not exceed an amount equivalent to the cash salary for 18 months as regards the CEO and 12 months for other executives. The period of notice may not exceed six months, without any right to severance pay, when termination is made by the executive. — Criteria for awarding variable cash remuneration The variable cash remuneration shall be linked to predetermined and measurable criteria, which can be financial or non-financial. They may also be individualized, quantitative or qualitative objectives. The crite- ria shall be designed to contribute to the company’s business strategy and long-term interests, including its sustainability by, for example, being clearly linked to the business strategy or promote the executive’s long-term development. To which extent the criteria for awarding vari- able cash remuneration has been satisfied shall be evaluated when the measurement period has ended (normally calendar year). The remu- neration committee is responsible for the evaluation so far it concerns variable cash remuneration to the CEO. For variable cash remunera- tion to other executives, the CEO is responsible for the evaluation. For financial objectives, the evaluation shall be based on the latest financial information made public by the company. — Salary and employment conditions for employees In the preparation of the Board of Directors’ proposal to these remuneration guidelines, salary and employment conditions for all employees of the company have been taken into account by includ- ing information on the employees’ total income, the components of the remuneration as well as increase and growth rate over time. This information has then formed a basis for the remuneration committee’s and the Board of Directors’ evaluation of whether these guidelines and the limitations set out herein are reasonable. — The decision-making process to determine, review and implement the guidelines The Board of Directors has established a remuneration committee. The committee’s tasks include preparing the Board of Directors’ decision to propose guidelines for executive remuneration. The Board of Directors shall prepare a proposal for new guidelines at least every fourth year and submit it to the annual general meeting. The guidelines shall be in force until new guidelines are adopted by the general meeting. The remuneration committee shall also monitor and evaluate programs for variable remuneration to the executive management, the application of the guidelines for executive remuneration, as well as the current remuneration structures and compensation levels in the company. The members of the remuneration committee are independent of the com- pany and its executive management. The CEO and other members of the executive management do not participate in the Board of Directors’ processing of and resolutions regarding remuneration-related matters in so far as they are affected by such matters. — Derogation from the guidelines The Board of Directors may temporarily resolve to derogate from the guidelines, in whole or in part, if in a specific case there is a special cause for the derogation and a derogation is necessary to serve the company’s long-term interests, including its sustainability, or to ensure the company’s financial viability. As set out above, the remuneration committee’s tasks include preparing the Board of Directors’ resolutions in remuneration-related matters. This includes any resolutions to dero- gate from the guidelines. In 2024, the Board of Directors approved that variable remuneration to an executive resident abroad could exceed the stipulated 40 percent of the basic wage. The reason is that the Board of Directors has deemed such derogation to be necessary in order to offer the executive competitive total remuneration in light of local market conditions. In addition, the Board of Directors has also decided to grant a severance pay exceeding 12 months to a senior executive. This decision has been made in consideration of the departing executive's significant contributions to the company. Outlook for the future The market outlook going forward is positive for the majority of the Group’s customer segments and regions despite a continued cautious market, except for the Automotive customer segment, which is affected by major structural changes. With a broad and stable customer base and geographical spread, Elanders continues to have great opportuni- ties for further expansion both in the short and long term. Elanders’ market position and global footprint are timely. The market and cus- tomer diversification that Elanders has implemented in recent years has resulted in the Group being less sensitive to economic fluctuations and the continued challenges that prevail within Automotive. Events aer the balance sheet date After the balance sheet date Elanders has consolidated the leadership of Supply Chain Solutions in the UK under Tim Bloch, who also replaces Ged Carabini in the Group Management. Tim Bloch is currently CEO of Bishopsgate Newco Ltd, a company within the Elanders Group, and has a long and solid experience in contract and third-party logistics. Tim Bloch has led the team at Bishopsgate since 2007, through 18 years of solid growth and development. Besides what have been described in this report, no other major events have taken place between the balance sheet date and the date this report was signed. Appropriation of prots The Board of Directors and Chief Executive Officer propose that the profit and other unreserved funds of SEK 1,204,388,778 in the parent company at the disposition of the Annual General Meeting should be dealt with accordingly: — SEK 4.15 per share is distributed to the shareholders SEK 146,734,667 — the remaining balance is to be carried forward SEK 1,057,654,111 The Board of Directors believes that the proposed dividends are justifiable in relation to the demands that the business’ nature, scope, and risks make on group equity and the Group’s consolidation needs, liquidity, and its position in general. Board of Directors’ report Elanders Annual and Sustainability Repo 2024 — 57 Chapter 6, section 11, and the EU Taxonomy for sustainable activities. In the reporting of the Group’s emissions (scope 1–3), Elanders has adopted definitions in accordance with the international calcula- tion standard “Greenhouse Gas Protocol” (the GHG Protocol). For further information on the reporting principles concerning data and emissions, please refer to the corresponding quantitative disclosures at the end of each sub-chapter. The Sustainability Report does not undergo any specific external review. This will be implemented in the future in accordance with CSRD. Changes in information and repoing The latest Annual Report was published on March 25, 2024. The contents of the report for 2023 was defined with guidance from, among other, the Global Reporting Initiative (GRI). The new directive on sustainability reporting (CSRD) and the accompanying mandatory European standards (ESRS) entail more detailed reporting requirements for sustainability disclosures. The new rules entail a number of com- prehensive changes in the preparation, formulation and presentation of sustainability-related information. CSRD requires reporting based General information Scope of the Sustainability Repo Elanders’ Sustainability Report is published annually and is an inte- grated part of the Annual Report. The reporting period corresponds to the financial year January 1 to December 31, 2024. The report com- prises the companies that Elanders has had direct or indirect control over during the year, which corresponds to the scope of the financial reporting. Acquired companies are normally included in the Sustain- ability Report from the date when Elanders gains control. This report details Elanders’ strategic sustainability efforts and the progress that has been achieved during the year. The report covers Elanders’ entire value chain, including its own operations as well as up- and down- stream value chain. The contents of this report have been defined with guidance from the EU’s new Corporate Sustainability Reporting Directive (CSRD), and the associated disclosure requirements within the European Sus- tainability Reporting Standards (ESRS) that have been issued by the European Financial Reporting Advisory Group (EFRAG). Work will continue during the year to ensure that the Annual Report for 2025 will fully align with these standards. Elanders’ Sustainability Report is also prepared in accordance with the Swedish Annual Accounts Act, Sustainability Report 2024 List of disclosure requirement ESRS 2 — General disclosures Page BP-1 General basis for preparation of sustainability statement 57–58 BP-2 Datapoints that derive from other EU legislation 95–99 GOV-1 The role of administrative, management and supervisory bodies 59–61, 104–108 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 59–61 GOV-3 Integration of sustainability-related performance in incentive schemes 59–60 GOV-4 Statement on due diligence 59–60 GOV-5 Risk management and internal controls over sustainability reporting 104–108 SBM-1 Strategy, business model and value chain 16–17, 59–60 SBM-2 Interests and views of stakeholders 62 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 63–65 IRO-1 Description of processes to identify and assess material impacts, risks and opportunities 63–65, 104–108 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 57, 69, 84, 91, 95–99 Sustainability repo Board of Directors’ report Sustainability repo on the principle of double materiality. This entails assessing materiality from an impact perspective and a risk and opportunity perspective. The assessment must also take the entire value chain into consider- ation. During 2024, Elanders has therefore carried out a number of measures and improvements regarding sustainability reporting in order to approach reporting in accordance with CSRD and ESRS. In this year’s report, Elanders is for the first time reporting the results of the double materiality assessment carried out. This change meant that some data points have been added compared to the previous year’s report. Besides this, there have been no changes of calculation meth- ods, recalculations, or any other adjustments of data reported earlier. Feedback As part of the continuous development and improvement of Elanders’ Sustainability Report, readers are invited to comment on it. Comments and suggestions are gladly received at: [email protected]. For more information about Elanders, please visit: www.elanders.com. Key ratios , 7,324 people (2023: 7,203) 40 thousand tonnes CO 2 e (2023: 37) 203 thousand tonnes CO 2 e (2023: 195) Scope 1 and 2 emissions 44 thousand tonnes CO 2 e (2023: 27) Emissions avoided within Life Cycle Management 29 percent (2023: 28%) Scope 3 emissions 62 percent (2023: 61%) ” Rappoen omfaar de bolag vilka Elanders ha direkt eller indirekt bestämmande inytande över under året, vilket motsvarar omfaningen i den nansiella rappoeringen.” Renewable electricity Percentage of Female supervisors Percentage of Employees Average number of As a global logistics supplier, the Group must work actively with, and take responsibility for, social, ethical and environmental issues. In the long term, a sustainable strategy also creates greater shareholder value — Business model and strategy In the last two decades, Elanders has gone through an enormous transition from a pure printing company with most of its business in Sweden, to a global logistics Group with operations on four continents. Sustainability has become increasingly impoant for the Group and its stakeholders. Elanders closely monitors the increasing external demands and strives to meet these as eciently as possible. and added value for all company stakeholders – customers, investors and society alike. Using ESRS as a starting point, Elanders structures its sustainabil- ity disclosures based on “Environment”, “Social” and “Governance”. In connection with carrying out the double materiality assessment, the company has identified a number of corresponding sub-categories. These specify and frame Elanders’ material sustainability topics. The materiality assessment also forms the foundation of Elanders’ sustain- ability strategy. The process will be reassessed annually in order to ensure that the latest developments within sustainability are taken into consideration in the company’s strategy. Elanders’ sustainability strategy along with accompanying prioritized issues, material topics and ambitions are illustrated in table on the next page. During 2025, Elanders will continue working on setting targets connected to the company’s identified prioritized areas. The current sustainability targets are mainly overall Group targets setting the direction for where Elanders is headed. These targets, together with po- tential upcoming long- and short-term targets in all ESG categories, are then broken down to business area and entity levels to be able to more Elanders Annual and Sustainability Repo 2024 — 59 Board of Directors’ report Sustainability repo clearly connect them to transition plans and concrete target monitor- ing. Breaking down the targets to concrete, measurable key indicators and measures is also a prerequisite for sustainability targets to be included in senior officers’ variable remuneration and targets, which is an ambition for the company to do in the future. Elanders is also preparing for the Corporate Sustainability Due Diligence Directive (CSDDD) which is a compliment to CSRD. This Sustainability strategy Environment Social Governance Sustainability priorities Reduced emissions We are committed to reducing our emissions throughout our entire operations and value chain. Life Cycle Management We aim to grow our business in the Life Cycle Management business concept, where we have scalable circular business models that can be expanded to different customer segments. Safe conditions We strive to create attractive and safe working environments for our employees. Healthy and motivated employees contribute to the Group’s development and success at all levels. To be able to live up to today’s expectations from employees and society, a strong focus is required on areas such as leadership, opportuni- ties for influence, work environment, sustainability and corporate culture. Human rights in the value chain Elanders is committed to respecting human rights in line with the UN Guiding Principles on Business and Human Rights (UNGP) and the UN Declaration of Human Rights as well as the ILO Declaration on Funda- mental Principles and Rights at Work. Ethical business practices We conduct business with ethical business practices, integrity and transparency in focus. We have zero tolerance for all types of fraud and bribery. Elanders’ values and way of conducting business are clearly regulated in the company’s Code of Conduct. Sustainable sourcing We ensure that our suppliers meet and understand our requirements and sustainability goals. This is done, among other things, through Elanders’ Code of Conduct for suppliers. Material topics — Climate change — Resource use and circular economy — Secure employment — Health and safety — Gender equality and equal pay for work of equal value — Training and skills development — Corporate culture — Protection of whistleblowers — Corruption and bribery Ambitions 2030 Scope 1 and scope 2 emissions will be reduced by 50 percent. Scope 3 emissions related to our own operations will be reduced by 30 percent. 2040 Scope 1 and scope 2 emissions will be reduced by 75 percent. 2050 The Group will have achieved net zero emissions over the entire value chain. 2024 The number of deaths must not exceed 0. 2024 Ensure that all employees who have an email address at one of the Group’s companies are offered training on the Code of Conduct and the anti-corruption policy every two years. directive sets demands on large corporations to take actions in order to lessen and eliminate the negative social and environmental impact in their value chain. Large parts of the Group have the relevant policies and procedures in place to meet the demands of the due diligence legis- lation of Germany, LkSG, which came into effect on January 1, 2023. The preparations primarily involve implementing processes, systems and procedures in the Group as a whole in accordance with the directive. Elanders Annual and Sustainability Repo 2024 — 61 Governance regarding sustainability maers Governance regarding sustainability matters is embedded in Elanders’ Board of Directors and Group Management. Ownership and respon- sibility to drive measures within the prioritized areas are embedded in Elanders’ organization in order to ensure adjustments to the entities’ various local rules, conditions and resources. Aspects connected to compliance are integrated in Elanders’ central governance framework. The compliance expected from all employees is described in Elanders’ Code of Conduct, which is avail- able on Elanders’ website. Elanders has a whistleblower function for all stakeholder groups to report any violations of laws and regulations within Elanders operations or in its value chain, for example in regards to IT security, data confidentiality, environmental crime, corruption, human rights, discrimination or financial fraud. The person reporting is guaranteed anonymity and complete confidentiality. To ensure that a sustainability perspective permeates governance People & Culture IT Environment & Climate Group Finance Corporate Sustainability Suppo functions within the Group — support the implementation and monitoring of the strategy Groupwide Councils — cascades and validates the implementation of the strategy Board of Directors — approves the overall strategy Commiees in the Board of Directors (sustainability relevant) Audit Commiee Group Management — designs and monitors the implementation of the strategy Sustainability — Corporate governance of all subsidiaries and that they take the necessary steps within the prioritized areas, Elanders has three joint Group councils in addition to the Group Management. The councils are within social sustainability (People & Culture Council), environment and climate (Environment & Climate Council) and an IT Council. The members of these councils are relevant representatives of the subsidiaries as well as the Group. The councils normally meet quarterly. In the councils, there are representatives of the Group’s sustain- ability function that are responsible for reporting to Group Manage- ment, who in turn report to the Board of Directors. Sustainability is an item on the agenda for each regular board meeting. During the year, discussions have had a particular focus on CSRD as well as on the execution and outcome of the company’s first double materiality assessment with its adherent Gap analysis. Both Group Management and the Board of Directors have a clear strategic focus on the identi- fied gaps in order to ensure that the company’s strategic direction and processes are in line with the risks, impact and opportunities that have been identified. Board of Directors’ report For more information on governance and the roles and responsibilities of the Board of Directors and Group Management concerning sustainability issues, see the Corporate governance report on pages 104–108. Stakeholder analysis Elanders maintains continuous dialogues with five stakeholder groups: Shareholders and investors, Customers, Employees, Suppliers and Society. These groups are assessed to be the ones that have the most material impact on, or the most opportunity to be impacted by, Elanders’ business operations. Elanders seeks to have continuous dialogues with material stake- holders in order to better understand their interests and areas of prior- ity. The expectations and needs of stakeholders have a great impact on Stakeholder group Communication with the stakeholder group Shareholders and investors — Board meetings — Financial reports — Annual General Meeting — Investor meetings — Analyst conferences — Website — Press releases Suppliers — Ongoing supplier dialogues — Procurement and purchase negotiations — Supplier visits — Industry organizations Employees — Employee surveys / performance appraisals — Group-wide People & Culture Council — Internal trainings and manager meetings — Intranet and other internal communication channels — Whistleblower function — Dialogue with trade union organizations Customers — Ongoing customer dialogues — Customer surveys — Customer visits — Participation in customer events and conferences — Website and social media Society — Partnerships, sponsoring and volunteer work — Development projects — Industry organizations — Local partnerships — Participation in networks — Internships and student papers Sustainability repo Elanders’ ve stakeholder groups and the main channels of communication for each group 2 3 4 5 Elanders’ strategic work and direction. Stakeholder dialogues are an important part of Elanders’ risk analysis process and double material- ity assessment. They have had an impact on both the identification of Elanders’ material sustainability topics and the other areas of priority for sustainable development. The efforts to involve stakeholders and establish continuous dialogues are carried out by the respective Group function, such as, for example, HR, Risk & Compliance, Procurement, Sales and Business Development. The results of these dialogues are then regularly commu- nicated to both Group Management and the Board of Directors. Besides the stakeholder dialogues already mentioned, conversations with the Board of Directors and Group Management have also influ- enced the content of the Sustainability Report. External factors have been taken into account as well, such as political developments, upcom- ing regulations for sustainability reporting and sector-specific trends. — Double materiality assessment Introduction In order to identify and define Elanders’ material sustainability topics, a double materiality assessment has been carried out. Double material- ity means identifying which sustainability issues have an impact on or is impacted by Elanders’ operations, i.e. material impacts, risks and opportunities (IRO). The double materiality assessment is fundamental for Elanders to comply with legal requirements concerning sustainabili- ty reporting, and for giving a comprehensive and correct representation of where the company’s material impacts and risks can be found. This is of strategic importance and has a major impact on the company’s strategy and future direction. Elanders carried out a double materiality assessment for the first time in 2024 using as a starting point the standards that have been defined within ESRS and the complementary guidance from EFRAG. The analysis and its outcome will be reviewed yearly to reflect changes within the organization or in the surrounding world that can have a significant effect on Elanders’ material impacts, risks and opportunities. Methodology and assumptions The methodology used in the double materiality assessment is described below. The starting point has been the requirements included in ESRS and the complementary guidance from EFRAG. The interpretations and assumptions made are detailed below. Delimitations The assessment has been based on both Elanders’ own operations and the value chain. For Elanders’ own operations, all subsidiaries have been included, regardless of their geography or size. Two primary supply chains, that are reflecting Elanders’ two business areas Supply Chain Solutions and Print & Packaging Solutions, have been assessed. The supply chain assessment has covered both upstream and downstream activities, focus- ing on activities that can be attributed to Elanders’ core operations. Assessments The ESRS’s definitions of impact materiality (impact) and financial mate- riality (risks and opportunities) have been applied. A topic is assessed as material from an impact perspective if Elanders, directly through its own operations or through its value chain, has an impact on the environment and people. It is evaluated according to the following aspects: scale, scope and irremediability, while also taking risks and opportunities into consideration. Financial materiality is assessed based on the scope for the potential impact of topics on the company’s financial earnings (EBIT) and evaluated based on magnitude and likelihood of occurrence. The assessment of Elanders’ impact on the environment and people has taken into consideration both actual and potential impact, as well as negative and positive impact. Impact materiality has been assessed based on the degree of severity. For the positive actual impact, the scale and scope were taken into account. For the negative impact, irremediability was also taken into consideration, and for potential impact, likelihood of occurrence was taken into account. For defining time horizons, the same definitions have been ap- plied as those used in the financial reports and business strategic risk analyses, where short term corresponds to 1–3 years, medium term 3–5 years and long term means more than 5 years into the future. Elanders Annual and Sustainability Repo 2024 — 63 Board of Directors’ report Process The double materiality assessment, i.e. identifying, assessing and priori- tizing material sustainability topics, was carried out in five comprehen- sive steps. As the assessment was carried out in this form for the first time, there was particular focus on preparations. As a first step, a work plan was set up for the double materiality assessment and a working team put together at central level. The team was made up of the CEO, the CFO and representatives from Group Finance, Group Sustainability and Risk & Compliance. In order to make a framework for identifying impacts, risks and opportunities, a mapping of Elanders’ business context was then carried out. This meant illustrating Elanders’ value chains, business activities and relations, primary stakeholder groups, but also included the external context, such as the regulatory landscape and industry specific trends. A first mapping of potential and actual impacts, risks and oppor- tunities was done on the basis of a top-down process. This was based on the ESRS pre-defined impact areas per sub-topic and sub-sub-topic (ESRS 1, Appendix A, AR 16). As a first step, impact, i.e. impact mate- riality, was assessed, followed in the next step by risks and opportuni- ties, in other words the financial materiality. The assessment was also supplemented by earlier risk assessments, company data and other internal documents, as well as scientific publications. At the time of execution, Elanders did not yet have a specific process for due diligence in place that informed the analysis (see the EU directive CSDDD). Stakeholders were consulted in a later stage of the process with the purpose of anchoring the result. The outcome of the assessment and the stakeholder dialogues was presented and discussed with manage- ment, the Board of Directors and external auditors before the final assessment was confirmed. Results Through the double materiality assessment, Elanders has identified its material impacts, risks and opportunities. The outcome is divided by ESRS topic level and shows that Elanders’ material sustainability topics are found in the categories E1, E5, S1 and G1, divided into eleven ma- terial topics. The table and the visualization below show where Eland- ers’ material impacts and risks are found across the entire value chain. The results show that Elanders’ main impacts are found in its own operations but also affects both the up- and downstream value chain in the environmental impact and risk areas that have been identified. Sustainability repo Double materiality assessment Environment and people Elanders Impact materiality — inside-out Financial materiality — outside-in Scale, Scope, Irremediability, Likelihood Magnitude, Likelihood Mapping of value chains Assessment of impacts, risks and opportunities Review with stakeholders, management and auditors Preparation and planning Documentation and reporting Elanders Annual and Sustainability Repo 2024 — 65 These are mainly due to the Group’s dependence on non-renewable energy for transportation and emissions in relation to the production of paper. Decreasing the dependence on fossil fuels in both Elanders’ own fleet of trucks and in freight forwarding services supplied by others and adjusting the choice of energy and materials within the printing operations are two key issues for Elanders, as they make up the greatest sources of greenhouse gas emissions within the Group. For this reason, they have a high strategic priority. Within the category E5, the company has identified an opportu- nity for positive impact in the form of the business concept Life Cycle Management which contributes to more circular flows of material and avoids greenhouse gas emissions by, for instance, refurbishing discarded IT equipment to prolong the useful life of, for example, laptop computers, cell phones, computer screens and servers. This way, customers can reduce their environmental footprint and contribute to a more circular economy. Elanders has also identified mainly positive, but also negative, impact in connection to Social and Governance topics. The global growth of the Group means that Elanders continues to create new jobs. Currently the Group has almost 7,500 employees, spread out among some 20 countries on four continents. Subsidiaries are governed by the laws and regulations in their respective countries. Elanders also has a responsibility to ensure a culture marked by respect for both fellow human beings and the natural environment throughout the whole Group. These principles are stipulated in Elanders’ Code of Conduct. More detailed descriptions of and information on how Elanders manages the effects of these risks and opportunities can be found under each topic-specific section, “Environment”, “Social” and “Gover- nance” respectively, which can be found on pages 68–94. DMA — Result Financial materiality Minimal Signicant Very low Medium Very high Impact materiality 1 2 3 4 5 6 7 8 9 11 10 Material impacts, risks and oppounities # Sustainability maers Impact materiality Upstream value chain Own operations Downstream value chain Potential risk/ oppounity Environment 1 Climate change mitigation 2 Energy 3 Resources inows, including resource use 4 Resource oulows related to products and services Social 5 Secure employment 6 Health and safety 7 Gender equality and equal pay for work of equal value 8 Training and skills development Governance 9 Corporate culture 10 Protection of whistle blowers 11 Corruption and bribery Board of Directors’ report Sustainability repo Elanders’ value chains — Supply Chain Solutions Own operationUpstream Logistics Printing house Raw material Forest Transpo Transpo Transpo Production Paper mill Transpo Elanders Annual and Sustainability Repo 2024 — 67 DownstreamOwn operation Logistics Consumer Consumer Recycle Transpo Logistics Store Production Reuse Recycle Printed products Elanders Annual and Sustainability Repo 2024 — 69 Based on ESRS and the double materiality assessment, Elanders has identified four material topics connected to Environment. Three of these concern risks while one topic concerns an opportunity and an actual positive impact. See the summary of the identified topics below. The “Environment” section of this Sustainability Report has been divided into three parts. One part for each of the two topic categories that are material for Elanders in connection to Environment: Climate change and Resource use and circular economy (E1 and E5), as well as one part for the EU taxonomy. Adherent quantitative information is found in the sections “Performance, targets and metrics” in each subchapter. List of disclosure requirement E1 — Climate change Page SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 70 E1-1 Transition plan for climate change mitigation 70 E1-2 Policies related to climate change mitigation and adaptation 70 E1-3 Actions and resources in relation to climate change policies 70 E1-4 Targets related to climate change mitigation and adaptation 70–71 E1-5 Energy consumption and mix 70–76 E1-6 Gross scope 1,2,3 and Total GHG emissions 70–76 E5 — Resource use and circular economy Page SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 77 E5-1 Policies related to resource use and circular economy 77 E5-2 Actions and resources in relation to resource use and circular economy 77 E5-3 Targets related to resource use and circular economy 78 E5-4 Resource inflows 77–78 E5-5 Resource outflows 77–78 Material topics Material impact, risk and opportunity Upstream Own operations Downstream E1 — Climate change Climate change mitigation Negative actual impact Energy Negative actual impact E5 — Resource use and circular economy Resources inflows, including resource use Negative actual impact Resource outflows related to products and services Actual positive impact Environment As a supplier of end-to-end solutions within the business area Supply Chain Solutions, Elanders is dependent on energy to run its logistics facili ties and transpo its customers’ products through the value chain. In Print & Packaging Solutions, the largest environmental impact in the value chain is connected to paper manu- facturing. In order to handle the company’s impact as well as related risks and oppor- tunities, Elanders has set clear principles and targets to reduce its climate impact. Board of Directors’ report Sustainability repo Board of Directors’ report — Climate change Material impact Elanders’ largest negative climate impact is through greenhouse gas emissions throughout the entire value chain; scope 1, 2 and 3. For Elanders, reducing fossil fuel dependence in its own fleet of trucks, as well as making adjustments in energy and material choices, are two key issues since these are the two largest sources of greenhouse gas emissions in the Group’s own operations. In addition, Elanders needs to expand its collaboration with customers and suppliers to reduce emissions in the freight forwarding services, primarily in the upstream value chain. In the company’s double materiality assessment, two material top- ics were identified in connection to climate change (ESRS E1). The first concerns climate change mitigation. Elanders’ operations are currently dependent on fossil fuels. Transportation, in part conducted by the com- pany itself but mostly through freight forwarding services supplied by others, accounts for the absolute majority of Elanders’ total greenhouse gas emissions. Elanders’ dependence on fossil fuels entails not only a negative impact on the environment in the form of direct greenhouse gas emissions but is also connected to potential financial risks. There are constantly increasing requirements and expectations from the surround- ing world to offer more sustainable alternatives. It is a high strategic priority for Elanders to keep up with the development in order to be an attractive business partner in the future as well. The company expects that resource-intensive investments will be needed for the transition to be fully implemented. The company also sees potential financial risks in the form of expanded regulation and regulatory requirements, such as, for example, emissions taxation which can lead to increased costs. The other identified topic concerns energy. Elanders is dependent on energy throughout the whole value chain. In the upstream value chain, energy needs are principally related to production- and transpor- tation-related activities connected to purchased products, capital goods and freight. In Elanders’ own operations, the company is dependent on non-renewable energy, mainly through fossil fuels in the truck fleet and natural gas in buildings. The company is also dependent on energy consumption in the form of electricity and heating, both from renewable and non-renewable sources. This dependence can also have financial consequences. Any external events that alter the availability or quality of energy or lead to price increases could have a negative economic impact. Policies and actions Climate-related issues are a part of Elanders’ Code of Conduct. It includes fundamental guidelines for how the company is to run its business in an ethically, socially and environmentally sustainable way. The Code of Conduct touches upon all of Elanders’ identified material topics. Read more about Elanders’ Code of Conduct in the “Gover- nance” section on pages 90–94. The Code of Conduct can also be found on Elanders’ website. Reducing Elanders’ negative climate impact is a high strategic priority for the Group. Elanders works continuously to optimize both energy consumption and costs, for example through optimizing cus- tomers’ transportations, training programs to promote more efficient driving as well as investment in a more sustainable vehicle fleet. For instance, the Group’s self-developed software CloudX, with its system and platform, enables Elanders’ customers to use several logistics points located closer to the customer or end customer. This makes distances shorter, most of all for returns but also for deliveries. This results in emissions savings in the form of optimized and shortened transports. Within the transportation sector, there is an ongoing transition to fossil-free fuels. Development is progressing both within electrical vehicles and fossil-free fuels for traditional combustion engines, and Elanders is actively working to keep up to date on developments, includ- ing through ongoing dialogues with customers and suppliers. The Group is looking at the possibility of transitioning to electrically powered or fossil-free road transportation as an important step to reduce emissions and fulfill the company’s own climate targets. At the same time, there is an awareness of the fact that a shift to electrical vehicles entails new challenges, such as an increased reliance on electricity and potential emissions and risks in the production chain. During the year, Elanders has carried out projects in order to evaluate an increased use of biodiesel (HVO) and, furthermore, has invested in the Group’s first electric trucks. Elanders is continuously working to reduce energy consumption and be more energy efficient. During the year, the Group has continued to invest in energy-efficient lighting and e-savers. One of the subsidiar- ies in the Group has also invested in solar cells for one of its own prop- erties. Elanders has the ambition to increase the portion of renewable electricity every year. By renewable electricity Elanders means energy sources such as hydropower, wind power, solar energy and bioenergy. There are challenges here, in that renewable energy is not obtainable in all markets where the Group is operating, and Elanders is actively working to constantly find new solutions for sustainable alternatives. During 2024 the portion of purchased renewable electricity increased from 61 to 62 percent compared to the previous year. At the same time, thanks to investments in own solar cell systems, the amount of self-produced renewable electricity has increased from 279 MWh in the previous year to 311 MWh in 2024. During 2025 work will continue to set targets and actions con- nected to the company’s identified prioritized areas. Principally, the current sustainability targets are overall Group targets setting the direc- tion for where Elanders is headed. Elanders is now working to ensure that each subsidiary has an action plan for reducing emissions in line with the set targets. These action plans will then form the basis for the Group’s common transition plan for the journey to net-zero, which will have an important strategic focus during 2025. Peormance, targets and metrics Summary of Elanders’ climate targets At the beginning of 2023, the Group adopted targets for the reduction of greenhouse gas emissions. To ensure that the targets conform to the latest climate science and goals in the Paris agreement, Elanders joined the Science Based Targets initiative (SBTi) in December of the same Sustainability repo Elanders Annual and Sustainability Repo 2024 — 71 year. Through this, Elanders has committed to zero emissions of green- house gases in its own operations and by its activities in the value chain no later than year 2050. During 2025 Elanders will submit its climate targets to SBTi for approval. The first step is to reduce Group greenhouse gas emissions from Elanders’ own operations (scope 1 and 2) by 50 percent, and value chain emissions (scope 3) by 30 percent by 2030. This target excludes freight forwarding services, where Elanders has limited possibilities to influence the outcome. The base year for the targets in scope 1 and 2 is 2021. For the target in scope 3 the base year is 2022. In reporting Group emissions Elanders has adopted the defini- tions from the international calculation standard the Greenhouse Gas Protocol (GHG). Scope 1 and 2 Scope 3 Base year 2021 2022 Base year emissions ~52,000 tonnes CO 2 e ~229,000 tonnes CO 2 e Type of target Absolute target Absolute target Target by 2030 50% reduction 30% reduction Target by 2040 75% reduction N/A Target by 2050 Net-zero emissions Net-zero emissions Activities and greenhouse gases included in targets The targets comprise all activities and include both owned and leased vehicles and facilities. Scope 2 refers to market-based calculation. All relevant greenhouse gases are included. The short-term target excludes freight forwarding, which is when Elanders is commissioned by a customer to purchase shipping for their products on their behalf from a third party. All activities are included in the long-term target. All relevant greenhouse gases are included. Validation of targets Elanders has committed to setting science-based emissions reduction targets. The targets will be submitted to SBTi for validation during 2025. Direct and indirect greenhouse gas emissions — scope 1 and 2 In 2024, Elanders’ climate footprint in scope 1 and scope 2 (market- based calculation) was 30 (26) thousand and 10 (11) thousand tonnes CO 2 e respectively. This represents a total increase of approximately eight percent from the previous year, which is mainly explained by Elanders’ acquisitions of Kammac in November 2023 and Bishops- gate in February 2024. If the comparative figures are adjusted to also include Kammac for the whole of 2023, the Group’s total emissions in scope 1 and 2 have instead decreased by about one percent compared to the previous year. Compared to the base year 2021, Elanders’ total emissions in scope 1 and 2 have decreased by 12 thousand tonnes of CO 2 e, which means a reduction of almost 23 percent. — Transpoation Elanders’ direct greenhouse gas emissions are primarily generated from transportation by its own vehicles in the business area Supply Chain Solutions. The Group has a truck fleet that by the end of 2024 con- sisted of approximately 400 trucks. In addition, there are about 400 other company vehicles, most of them cars and vans. Elanders reports emissions for vehicles divided into the truck fleet and other company vehicles. — Facilities Besides transportation, a smaller portion of the direct emissions are generated in facilities where Elanders operates. These refer primarily to burning natural gas for heating. The indirect energy-related emis- sions chiefly come from purchased electricity consumed in running ma- chines and equipment, lighting, as well as heating and cooling facilities. Greenhouse gas emissions in the value chain — scope 3 Value chain emissions, scope 3, represent an overwhelming part of the Group’s total greenhouse gas emissions. In 2024, Elanders’ climate footprint in scope 3 was 203 (195) thousand tonnes CO 2 e. This represents an increase of four percent from the previous year, which is mainly explained by the acquisitions of Kammac and Bishopsgate. Compared to the base year 2022, Elanders total emissions in scope 3 decreased with 26 thousand tonnes of CO 2 e, which means a reduction of over 11 percent. — Freight forwarding services The greatest impact is from the air and road freight that Elanders purchases on behalf of customers for transportation of their prod- ucts. Customers decide on the amount of freight and how it will be forwarded. Collecting data from freight suppliers gives Elanders a better understanding of its value chain emissions, but also enables the company to help customers better manage the climate impact in their own value chain. — Purchased products and material as well as capital goods Elanders primarily consumes paper-based products such as printing paper, boxes and packaging material used for packing and distribu- tion. Emissions arise in the production and in the transportation of raw materials and can vary greatly depending on where the paper pulp comes from and what transport mode and energy sources are used. Other products are wooden pallets, printing plates and various kinds of packing. Elanders’ scope 3 also includes value chain emissions for capital goods. This comprises everything from production equipment, ware- Board of Directors’ report Sustainability repo house racks, conveyor belts and forklifts to office furniture and build- ing constructions. Emissions can vary greatly between years depending on which investments are made. — Employee travel Every week, almost 7,500 employees at Elanders commute to work- places all over the world. The most common mean of transportation is travelling by car since many of the Group’s logistics and production facilities are located on the outskirts of cities. When employees travel to visit other operations or meet customers they sometimes travel by air. Elanders also includes indirect emissions from hotel stays. 0 50,000 100,000 150,000 200,000 250,000 B A 39,79636,693 Lorem ipsum Lorem ipsum 2023 2024 Scope 1 Scope 2 (market based) Total emissions scopes 1 and 2 (tonnes CO 2 e) Total emissions scope 3 (tonnes CO 2 e) — compared to base year 0 50,000 100,000 150,000 200,000 250,000 A 202,757 229,448 Lorem ipsum Basår 2024 Total emissions scope 3 (tonnes CO 2 e) 0 50,000 100,000 150,000 200,000 250,000 D C B A 202,757 195,289 Lorem ipsum Freight forwarding services Purchased products and capital goods Employee travel Other categories 20242023 — Other emissions There are a number of additional emission sources found in the value chain where the impact is farther away from Elanders’ core operations. It is mainly upstream emissions from purchased fuel and energy. In ad- dition, waste-related emissions and transportation of bought and sold products are included. There are many difficulties in making data accessible and calculat- ing value chain emissions. This is a work in progress constantly requir- ing new dialogues with suppliers and customers. The data quality and description of the actual impact are expected to improve further over time. Elanders is committed to expanding the scope of supplier-specific data with the highest priority for the larger categories. Total emissions scopes 1 and 2 (tonnes CO 2 e) — compared to base year 0 50,000 100,000 150,000 200,000 250,000 B A 39,79651,639 Lorem ipsum Lorem ipsum Basår 2024 Scope 1 Scope 2 (market based) Elanders Annual and Sustainability Repo 2024 — 73 Summary of Elanders’ main emission sources % of total emissions Description of main emission sources Scope 1 12 Burning fossil fuels, mainly diesel used in the Group’s own truck fleet and natural gas to heat buildings. Greater portion of renewable fuel and shift to fossil-free transportation is key to reducing emissions. Scope 2 4 Production of purchased electricity used in Group units, mainly for running machines and equipment as well as lighting. Elanders can affect this by improving energy efficiency, buying certified electricity or increasing self-generated renewable electricity by, for example, installing more solar panel systems. Scope 3 Freight forwarding services 51 Road and air shipping by a third party to transport Elanders’ customers’ products. The freight is purchased on behalf of the customer and Elanders can influence by making the emissions visible and providing alternative shipping or suppliers. Purchased products and capital goods 20 Largely production of purchased paper used in printing operations. Other material procurement categories are printing plates used in offset print and packaging made of paper and plastic. Production of purchased racking systems, machines, vehicles and other equipment is another significant emission source. Employee travel 5 Air travel and commuting by car make up a relatively small part of total emissions but since Elanders has a more direct opportunity to influence this category, it is reported separately. Other categories 8 The manufacture of fossil fuels consumed by the fleet of trucks and production of purchased electricity are the largest among other emission sources. These are out of Elanders’ direct control and can primarily be influenced through choices of fuel and energy sources. Smaller emission sources are freight between Elanders’ suppliers, the Group’s own facilities and customers along with waste management downstream in Elanders’ value chains. Total all scopes (2024) 100 For more details on Elanders’ emission sources, data sources, calculation methods and commitments see adherent quantitative information on following pages. ~243,000 tCO 2 e Board of Directors’ report Sustainability repo Accounting principles Calculations and repoing of greenhouse gas emissions are based on the denitions in the global standard Greenhouse Gas Protocol (GHG Protocol) and suppoed by its guidelines. Elanders repos emissions from activities of which the Group has nancial control. The GHG Protocol divides greenhouse gas emissions into scopes 1, 2 and 3. For Elanders, they refer to the following: Scope 1 Scope 1 emissions cover direct emissions from assets owned or con- trolled by Elanders. This category includes emissions from the combus- tion of fuels in boilers and emissions from vehicle eets. Scope 2 Scope 2 includes indirect greenhouse gas emissions from purchased electricity, heating, cooling and steam. It mainly refers to electricity purchased from electricity companies. Since the electricity is produced o-site, it is considered to give rise to indirect emissions. Scope 3 Scope 3 includes other indirect emissions that occur in Elanders’ value chain. Elanders repos emissions for nine of the een upstream and downstream categories. Remaining categories have been excluded as they are not applicable to Elanders’ operations. Upstream emissions are linked to procured goods and services. Downstream emissions are linked to the disposal of sold goods and services. The emission calculations cover the gases carbon dioxide (CO 2 ), methane (CH 4 ), nitrous dioxide (N 2 O), HFC gases, PFC gases and sulphur hexauoride (SF 6 ), which are repoed as carbon dioxide equivalents (CO 2 e). Repoed numbers are based on activity and consumption data from the last available annual account. No deductions are made for avoided emissions, carbon osets or carbon credits. Applied emission factors are specied under each scope and are based on latest avail- able published information. Elanders has tracked greenhouse gas emissions since the base year 2021 (scope 1 and 2) and base year 2022 (scope 3). The Group policy states that in the event of major acquisitions or divestments, or sign- cant changes in calculation method or applied accounting principles, the base year shall be reviewed for restatement. Signcantly is dened as ve percent change (+/-) in base year data for scope 1 and 2 com- bined, and for scope 3. Estimations and assessments Scope 1 — Facilities Direct emissions within facilities are based on repoed consumption data for natural gas and fuel oil. The smaller share of emissions derived from refrigerant leakage in cooling and heating systems are included in the total emissions for facilities. These are calculated based on volumes of relled refrigerants. All emissions are calculated with factors from British Defra (Depament for Environment, Food & Rural Aairs). — Company vehicles Direct emissions from company vehicles mainly include trucks, vans and passenger cars used for transpos and travels for commercial purposes. The own truck eet is repoed separately as the calculation method is based on actual fuel consumption data and primarily supplier-specic emission factors. Emission from other company vehicles are calculated using distance data and factors from Defra. Estimations have been made when distance data is missing. Elanders intends to improve the qual- ity of emissions data for company vehicles through a more consistent calculation method. Scope 2 — Electricity Electricity includes indirect emissions from purchased electricity. For European countries, emission factors for residual mix from the AIB (Association of Issuing Bodies) are used and corresponding from the IEA (International Energy Agency) for other countries. The repoing of renewable electricity from the power grid is based on own assessments of approved contract instruments. These are electricity contracts and ceicates considered to ceify the origin and share of renewable energy for consumed electricity. Electric vehicles charged outside of own facilities have been excluded. . — District heating/cooling District heating/cooling includes indirect emissions from purchased energy. For district heating, calculations are based on emission factors from Swedenergy for Sweden, IEA factors for other European countries and AIB factors for other countries. For other heating that Elanders does not control, natural gas is assumed with corresponding emission factor from Defra. Scope 3 — Purchased products and materials (category 1) The largest purchasing category is paper within the printing operations. In the absence of supplier-specic data, secondary data mainly from Defra is applied, based on average emissions for the entire life cycle (cradle-to-gate) per material category. The category other mainly includes printing inks. — Capital goods (category 2) Capital goods purchased or acquired under nance leases are included. In the absence of supplier-specic data at the product level, secondary data are used based on material composition. Data refer to average emissions of the entire life cycle (cradle-to-gate) and factor is retrieved from Defra. Conversions and estimations of existing data are made locally in the companies. — Freight forwarding services (repoed as pa of category 4) Included are transpos (mainly air, sea and road transpo) carried out by third pay carriers to ship Elanders customers’ products. A signicant pa of emissions, 32 percent, are calculated with EcoTransIT World. For the remaining pa, data availability varies and therefore several calcula- tion methods are used. As a principle, the tonne-kilometre method is applied in line with the GLEC Framework (Global Logistics Emissions Council). All emissions refer to WTW (well-to-wheel). — Employee travels (category 6 and 7) Business travel includes air travel only as well as hotel nights. Commut- ing includes travel by car and public transpo. Emissions are calculated using average emissions data from Defra based on WTW. Other categories (category 3, 4, 5, 9 and 12) Other categories mainly include fuel and energy-related emissions not included in scope 1 and 2. Emission data is retrieved from Defra. Emissions from upstream and downstream transpos of purchased and sold products are calculated using a distance-based method based on estimated average distance. Factor is retrieved from EcoTransIT World based on WTW. Remaining activities relate to the waste management of purchased and sold products. Calculations are based on assumptions about waste method and average factors from Defra. Elanders Annual and Sustainability Repo 2024 — 75 Greenhouse gas emissions from own operations and value chain (scope 1, 2 and 3) Tonnes CO 2 equivalent 2024 2023 Scope 1 — direct greenhouse gas emissions Facilities 7,977 7,577 Truck eet 19,949 16,696 Other company vehicles 1,751 1,626 Total — scope 1 29,678 25,900 Scope 2 — indirect energy-related greenhouse gas emissions Electricity 9,108 8,575 District heating/cooling 1,010 2,218 Total — scope 2 10,118 10,793 Total — scope 1 and 2 39,796 36,693 Tonnes CO 2 equivalent 2024 2023 Scope 3 — other indirect greenhouse gas emissions Freight forwarding services 125,085 124,365 — whereof by road 47,366 48,816 — whereof by air 46,920 41,002 — whereof by sea 30,796 34,543 Purchased products 45,823 42,755 — whereof paper 36,546 35,156 — whereof metal 2,251 2,714 — whereof plastic 3,638 2,057 Employee travels 11,838 9,680 Capital goods 3,340 3,395 Other categories 1) 16,671 15,094 Total — scope 3 202,757 195,288 Total — scope 1, 2 and 3 242,553 231,981 1) Whereof 13,698 (11,633) tonnes of CO 2 e refer to fuel and energy-related emissions not included in scope 1 and 2. The market-based method has been used for repoing of scope 2 emissions. With this method, the total emissions are 10,118 (10,793) tonnes of CO 2 e. If the location-based method is used instead, the corresponding emissions are 21,156 (20,721) tonnes of CO 2 e. Greenhouse gas emissions from own operations and value chain by operating segment Tonnes CO 2 equivalent 2024 2023 Supply Chain Solutions 195,674 180,714 Print & Packaging solutions 47,097 51,140 Group functions 91 127 Total — scope 1, 2 and 3 242,862 231,981 Board of Directors’ report Sustainability repo Accounting principles Elanders repos total energy consumption for owned and leased facilities, the own truck eet and other company vehicles. The table below presents gures per energy source. Estimations and assessment For energy consumption in facilites, general conversion factors from supplier data are used. Energy consumption in own operations, MWh 2024 2023 Vehicles Diesel truck eet 86,255 64,560 HVO100 629 — Diesel company vehicles 5,688 Missing Petrol company vehicles 1,094 Missing Electricity consumption company vehicles 134 Missing Total 93,800 64,560 Facilities Electricity 58,558 51,963 Natural gas 34,435 32,811 District heating/cooling 4,175 5,727 Fuel oil 1,994 2,068 Diesel 60 76 Total 99,222 92,644 Type of electricity 2024 2023 Electricity from renewable sources — from the power grid, MWh 36,111 31,540 Electricity from renewable sources — self-generated, MWh 311 279 Electricity from non-renewable sources — from the power grid, MWh 22,136 20,144 Share of renewable electricity, % 62 61 Energy intensity — truck fleet 2024 2023 Average carbon dioxide emissions per 100 kilometers, tonnes 0.075 0.071 GHG intensity per net revenue 2024 2023 Total GHG emissions (location-based) per net revenue (tonnes CO 2 e/MSEK) 18 17 Total GHG emissions (market-based) per net revenue (tonnes CO 2 e/MSEK) 17 17 Net revenue used in the calculation above refers to Elanders’ total net sales for the year of MSEK 14,143 (13,867). Energy consumption and mix 2024 Total fossil energy consumption, MWh 155,971 Share of fossil sources in total energy consumption, % 81 Total renewable energy consumption, MWh 37,051 — whereof biogas, biofuel 629 — whereof electricity renewable sources 36,111 — whereof self-generated electricity 311 Share of renewable sources in total energy consumption, % 19 Total energy consumption, MWh 193,022 Elanders Annual and Sustainability Repo 2024 — 77 — Resource use and circular economy Material impact In addition to energy use and greenhouse gas emissions, Elanders’ operations also have an environmental impact linked to the use of natural resources. Within the topic category Resource use and circular economy, Elanders has identified two material topics. The first con- cerns a negative impact on the environment and a financial risk linked to resource inflows, mainly in the form of paper for printing operations. The second material impact is positive and, furthermore, a financial opportunity pertaining to resource outflows through Elanders’ business concept Life Cycle Management. The largest use of material within the Group is found in the busi- ness area Print & Packaging Solutions, where a great amount of paper is used for printed products. Examples of items are packaging, manuals and other printed items produced according to customers’ specifica- tions. The Group purchases both recycled and virgin paper. Within the Group, certifications for sustainable choices of material are offered, such as FSC ® (Forest Stewardship Council), the Nordic Swan Ecolabel, the EU Ecolabel, PEFC (Program for Endorsement of Forest Certifica- tion) and CGP (Certified Graphic Production). No material financial risks or opportunities were identified in the double materiality assessment connected to resource inflows or the use of paper. When it comes to resource outflows, Elanders has identified a positive impact on the environment and a financial opportunity in the form of the business concept Life Cycle Management. As a separate leg of the Group, Life Cycle Management contributes to more circular ma- terial flows and avoided greenhouse gas emissions. Within its growing operations it restores obsolete IT equipment extending the life of, for example, laptop computers, cell phones, computer monitors and serv- ers. This helps customers to lower their environmental impact and con- tribute to a more circular economy. A major part of the environmental impact of these products comes from their production. This means that there are significant benefits in prolonging their lifespan before they are finally recycled or disposed of. Policies and actions Elanders’ Code of Conduct regulates material efficiency and respon- sible waste management. This entails more circular and sustainable resource flows. Read more on Elanders’ Code of Conduct in the “Governance” section on pages 90–94. There are no directions or regulations concerning the quality or origin of purchased paper in the Code of Conduct or other policies. Currently, the overall environmen- tal impact is evaluated on a Group level and to increase the share of re- cycled paper is a part of the efforts to decrease Group emissions. It will be part of the transitional and action plans that are being worked out for each subsidiary and, depending on the outcome, it will potentially be included in future climate and environmental policies. Elanders has continued the transition from traditional offset print- ing to more digital printing during the year. There are many advantages with digital printing, among them greater material efficiency and reduced energy consumption. Within the Group, certifications for sustainable choices of material are offered, such as FSC ® (Forest Stewardship Council), the Nordic Swan Ecolabel, the EU Ecolabel and CGP (Certified Graphic Produc- tion). Looking forward, Elanders is focused on increasing the share of recycled paper in order to reduce its negative impact and reduce value chain emissions. This requires increased dialogues with the Group’s customers, since they have the final say on what material they want. The Group has also started collecting environmental data from some of the largest paper suppliers. Further increasing the understand- ing of both the impact of the Group’s own operations and that of its upstream value chain is an important step in Elanders’ preparations regarding the EU Regulation on Deforestation-free Products (EUDR) that is expected to enter into force in December 2025. Paper and cardboard make up the single largest category of waste within the Group and constitute 69 (74) percent of Elanders’ total amount of waste. Waste management differs a lot between Elanders’ operations due to differing waste systems in different countries. Within the Group there are local recycling practices in place to ensure that as much waste as possible goes to recycling or reuse, and to minimize the waste that is disposed of. Elanders is also taking a number of actions in connection to resource outflows and circularity. Elanders strives to expand its opera- tions within the business concept Life Cycle Management. Currently, operations are mainly concentrating on used IT equipment, but the circular business model is scalable and, looking ahead, focus is to expand it to other customer segments and product types. Elanders is also working to develop this business model in order to offer customers support with repairs and returns, as well. In parallel, there are ongoing small-scale projects to circulate and reuse material within Elanders’ own operations. For example, used pallets are refurbished and converted to be used for new uses, such as furniture. Peormance, targets and metrics In 2024, the Group purchased 41,535 thousand tonnes of paper. The share of certified paper was 50 percent, while the share of recycled paper was 14 percent of the total paper purchased. Purchased products and materials are included in the Group’s reporting of scope 3. See the description of Elanders’ climate targets connected to greenhouse gas emissions in scope 3 in the Climate change section on pages 70–76. Elanders presently has no set targets concerning material use and resource efficiency. Efforts to improve the data quality within this area are ongoing in order to enable the reporting of key indicators and targets for resource use within the Group in the upcoming Annual and Sustainability Report. Board of Directors’ report Sustainability repo — EU Taxonomy The EU Taxonomy is a classification system to help define environ- mentally sustainable economic activities to support the transition to an economy consistent with the EU’s environmental objectives. In accordance with the Taxonomy regulation ((EU) 2020/852) and its delegated acts, companies should identify the economic activities that are environ mentally sustainable based on technical audit criteria. For a certain economic activity to be classified as environmentally sustain- able, there are three criteria that must be met: it must substantially contribute to at least one of the EU’s climate or environmental objec- tives, it must not cause significant harm to any of the other objectives, and it must comply with fundamental labor law conventions and human rights. Elanders has concluded that the Group financial operation that this reporting encompasses is services regarding road transportation (CCM 6.6 Freight transport services by road) which is carried out in- house. These services are supplied by the business area Supply Chain Solutions. Road transportation is carried out either with owned or leased trucks. The truck fleet consists of approximately 400 trucks, all of which meet the Euro 6 emission standard for heavy vehicles. At the same time, Elanders follows the technological development in the transport sector and reviews opportunities to switch from fossil- powered vehicles. The type of vehicle used is decided through dialogues with customers. Based on the customers’ requirements, Elanders works continually to ensure that transportation is as environmentally friendly as possible, using as the most cost- and energy-efficient solutions as possible while optimizing customers’ transportation. Elanders continuously monitors the updates that take place in the drafting of the Taxonomy Regulation and will likely be covered to a greater extent in the future, when more of the EU’s environmental targets and more kinds of activities and products are included. For 2024, three key financial ratios will be reported, showing the proportion of operations covered by the taxonomy’s technical audit criteria for climate change (taxonomy-eligible). The reporting shall also show to what extent the economic activities meet the technical audit criteria, and thus are considered to be environmentally sustainable (taxonomy-aligned). For 2024, it shall also be reported whether the Group conducts or is exposed to gas or nuclear power activities. Nothing of the kind is applicable to Elanders, see table. Purchased material — Paper 2024 Total purchased paper, tonnes 1) 41,535 Purchased ceied paper, tonnes 2) 20,885 Share of ceied paper, % 50 Total purchased recycled paper, tonnes 5,842 Share of recycled paper, % 14 1) Purchased paper refers primarily to paper for the printing operations, but also includes other paper products such as cardboard and packaging materials. 2) Ceied paper refer to any of the following ceications; FSC, PEFC, EU Ecolabel, German Blue Angel or Nordic Swan Ecolabel. 0 50 100 150 200 2024202320222021 Number of thousands of handled units Avoided emissions in thousand tonnes CO 2 e 1) In Life Cycle Management, more than 190,000 units were managed and restored in 2024 within the operations in Sweden and Germany. In total, this has been calculated to avoided emissions of a total of approximately 44 thousand tonnes of CO 2 e, which means an increase of approximately 17 thousand tonnes of CO 2 e compared to the previ- ous year. 1) Progress Life Cycle Management 1) The avoided emissions in CO 2 equivalents have been calculated in accordance with the principles set out in the repo “Analys av återbrukade IT-produkter” (Eng: “Analysis of recycled IT products”), produced by the research institute RISE in collaboration with Elanders. Elanders Annual and Sustainability Repo 2024 — 79 Nuclear energy related activities 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 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 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 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO 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 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 Accounting principles In accordance with the taxonomy regulation, companies are required to disclose the extent to which the company’s economic activities are sustainable through three key nancial ratios: turnover, capital expendi- ture and operating expenses. In the context of accounting in line with the EU Taxonomy, turnover, capital expenditure and operating expenses are dened as per below. The denition of capital expenditure and operating expenses diers here compared to the regular nancial repoing. Turnover The presentation of total sales includes the Group’s total external net sales for as repoed in the income statement on page . See note for accounting principles for the Group’s revenue. Sales related to the economic activity included in the taxonomy regulation refers to revenues from road transpoation in the business area Supply Chain Solutions. Capital expenditure Total capital expenditure refers to additions to tangible and intangible assets during the year and additions to right-of-use assets. This also includes corresponding assets from business combinations, but not goodwill, customer relationships and trademarks with indenite useful life. See details in note Intangible Assets, note Tangible Assets and note Right-of-use assets. Capital expenditure related to the economic activity road transpoation refers to acquired trucks and new right-of-use assets relating to trucks. Operating expenses The accounting of operating expenses within the framework of the EU taxonomy includes the Group’s direct costs related to research and development, building renovations, sho-term leases and mainte- nance and repairs as well as other direct costs for maintaining the xed assets covered by the taxonomy regulations. Operating expenses related to the economic activity road transpoation refers to operating expenses related to trucks, such as maintenance and repair costs. The outcome of the review of Elanders’ economic activities for in accordance with the EU taxonomy regulation is shown in the table. Since only one economic activity has been identied as taxono- my-eligible, information on all key gures is available in the same table. The economic activity road transpoation only take place within one business area, therefore no double counting should be possible. Board of Directors’ report Sustainability repo Taxonomy repoing table 2024 — Turnover Substantial contribution criteria Do No Significant Harm criteria Economic activities Code Turnover Proportion of turnover Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Minimum safeguards Proportion of Taxonomy-aligned turnover 2023, % Category enabling activity Category transitional activity A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activities (A.1) — 0% Of which enabling activities Of which transitional activities A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by road CCM 6.6 591 4% 3% Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 591 4% 3% A. Turnover of Taxonomy-eligible activities (A.1+A.2) 591 4% 3% B. TAXONOMY NON-ELIGIBLE ACTIVITIES Turnover of Taxonomynon-eligible activities 13,552 96% TOTAL 14,143 100% Elanders Annual and Sustainability Repo 2024 — 81 Taxonomy repoing table 2024 — Capital expenditure Substantial contribution criteria Do No Significant Harm criteria Economic activities Code Capital expenditure Proportion of capital expenditure Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Minimum safeguards Proportion of Taxonomy-aligned CapEx 2023, % Category enabling activity Category transitional activity A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy-aligned) Capital expenditure of environmentally sustainable activities (A.1) — 0% Of which enabling activities Of which transitional activities A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by road CCM 6.6 14 2% 1% CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 14 2% 1% A. CapEx of Taxonomy-eligible activities (A.1+A.2) 14 2% 1% B. TAXONOMY NON-ELIGIBLE ACTIVITIES Capital expenditure of Taxonomynon-eligible activities 924 98% TOTAL 938 100% Board of Directors’ report Sustainability repo Taxonomy repoing table 2024 — Operating expenses Substantial contribution criteria Do No Significant Harm criteria Economic activities Code Operating expenses Proportion of operating expenses Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Minimum safeguards Proportion of Taxonomy-aligned OpEx 2023, % Category enabling activity Category transitional activity A. TAXONOMY-ELIGIBLE ACTIVITIES A.1 Environmentally sustainable activities (Taxonomy-aligned) Operating expenses of environmentally sustainable activities (A.1) — 0% Of which enabling activities Of which transitional activities A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Freight transport services by road CCM 6.6 42 9% 3% OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 42 9% 3% A. OpEx of Taxonomy-eligible activities (A.1+A.2) 42 9% 3% B. TAXONOMY NON-ELIGIBLE ACTIVITIES Operating expenses of Taxonomynon-eligible activities 450 91% TOTAL 492 100% The section has been divided into four parts, one part for each of the top- ics that were considered material in connection to Elanders’ double mate- riality assessment, all of them attributable to the ESRS topic category S1. They are: Secure employments, Health and safety, Gender equality and equal pay for work of equal value and Training and skills development. In spite of Elanders’ double materiality assessment not finding any material impacts, risks or opportunities linked to human rights, Elanders is continuously working to evaluate and handle any possible risks of violations of human rights. The company estimates the current risk of violations within its own operations as low, given the industries that its subsidiaries are operating within and where the Group’s operations are Social Elanders wants to create aractive and safe work environments for its employees. To man age the Group’s impact, Elanders has established a Code of Conduct and policies to prevent and manage risks in the work environment, as well as in the value chain, with regard to human rights. Material topics Material impact, risk and opportunity Upstream Own operations Downstream S1 — Own workforce Secure employment Actual positive impact Health & safety Negative potential impact Gender equality and equal pay for work of equal value Negative potential impact Training and skills development Actual positive impact Elanders Annual and Sustainability Repo 2024 — 83 Board of Directors’ report Sustainability repo — Secure employments Material impact Currently the Group has almost 7,500 employees, spread out among some 20 countries on four continents. In addition to Elanders’ own employees, the company also has seasonal workers who are employed by employment agencies. Around 86 (73) percent of the total employ- ees are employed directly through Elanders. The subsidiaries are to a great extent governed by the laws and regulations in their respective countries. Elanders ensures that the com- pany’s employees are part of a safe and fair work environment, with transparent and lawful terms and conditions of employment. Respon- sible, secure contracts and terms of employment are considered to have a positive impact on the employee. No material financial risks or opportunities were identified in the double materiality assessment. Policies and actions Elanders has the responsibility to, throughout the whole Group, ensure a culture marked by respect for both fellow human beings and the surroundings. These principles are defined in Elanders’ Code of Conduct and are valid not only for the company’s own employees, but also for its Board of Directors, suppliers and other actors working on behalf of Elanders. The Code of Conduct sets the principles for actions taken within the framework of Elanders’ operations and value chain. In many of the countries where Elanders is operating, workers are furthermore covered by labor legislation or collective agreements. The principles support the OECD guidelines for multinational companies and the UN Global Compact. Read more about Elanders’ Code of Conduct in the “Governance” section on pages 90–94. Elanders has a continuous and constructive dialogue with em- ployee representatives. A key example is the European Works Council (EWC), a council that consists of employee representatives from every located. The majority of the company’s employees are directly employed through Elanders. The others are hired through established employment agencies in order to ensure good working conditions. Elanders has com- mitted to respecting human rights, in line with the UN Guiding Prin- ciples on Business and Human Rights (UNGPs), the UN Declaration on Human Rights and the ILO’s declaration on fundamental principles and rights in working life. This is established in the Code of Conduct, which strictly prohibits any kind of forced labor, human trafficking and child labor. It is self-evident for Elanders to work for children’s right to education and protection of children from economic exploitation. After carrying out the double materiality assessment for the first time in 2024, the Group is now continuing the analysis of the material top- ics that were identified. Work is in full swing to map out the Group’s current situation and identify possible differences and imbalances with- in the Group, considering the subsidiaries’ differing types of operations and geographical spread. Depending on the results of this investigation, the Group could potentially set new targets with adherent action plans. As of now, Elanders does not have any direct set targets connected to the social material topics. List of disclosure requirement S1 — Own workforce Page SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 84, 86, 87, 89 S1-1 Policies related to own workforce 84–87, 89 S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 84–85 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 86–87 S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 84, 86, 87, 89 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 83–84 S1-6 Characteristics of the undertaking’s employees 85 S1-7 Characteristics of non-employees in the undertaking’s own workforce 85 S1-11 Social protection 84–85 S1-13 Training and skills development metrics 89 S1-14 Health and safety metrics 86 S1-16 Remuneration metrics (pay gap and total remuneration) 87 Elanders Annual and Sustainability Repo 2024 — 85 country in Europe that Elanders operates in. The representatives gather once every year where Elanders’ CEO participates. These meetings are intended to promote employees’ rights to information and consultation in joint European matters. Elanders also has three employee represen- tatives on the Board of Directors, where one of the representatives is a deputy member. Elanders also has a joint Group council, the People & Culture Council, working with social sustainability issues within the Group. The members of this council are relevant representatives of the subsid- iaries’ HR functions as well as of the Group staff. They hold quarterly meetings. The council’s purpose is to share experiences between sub- sidiaries, to learn from one another and to understand the differences between local processes, laws and regulations. For issues concerning social sustainability, there are great differences between different geographies, and in this area Elanders is working to find opportuni- ties for improvements and, if need be, potentially set higher demands than in the local legislation. This is being done in order to continu- ously improve conditions for the Group’s employees and ensure safe employment also in the countries where working conditions are not as regulated by law. Within the People & Culture Council there is also an ongoing project to map out what share of the Group’s employees that are covered by different types of social protection in accordance with ESRS S1-11 par. 74, on which the company has the ambition to report in the Annual and Sustainability Report for 2025. Peormance, targets and metrics At the end of the year, Elanders had 7,175 (7,474) employees. In addi- tion, the company had 1,143 (2,819) non-employees, who were instead employed by employment agencies. This means that around 86 (73) percent of the total number of employees were employed directly by Elanders. The average number of employees during the year was 7,324 (7,203). For the geographical distribution of employees, see note 5 of the Group’s financial statements on page 120. During the year, the company’s employee turnover amounted to 21 percent, which reflects both internal and external factors that influ- enced employees’ decisions to stay or leave the company. During the year, the Group has carried out a number of structural measures which have affected the employee turnover. Elanders work continuously to improve the work environment, staff development and well-being to create a long-term and sustainable workforce. Accounting principles Employees refer to those who are directly employed by Elanders. Employees who are not directly employed by the Group are referred to as non-employees. These refer mainly to seasonal workers from employment agencies. Full-time equivalents (FTE) are dened as the number of employees conveed to full-time positions. For fuher information regarding employees, please see Note 5 in the Group’s nancial statements. Estimations and assessments For the repoing of gender division among employees, assessments have been made by those responsible at each company, taking into account privacy reasons. Number of employees at year-end 2024 Own employees 7,175 — of which women 2,637 — of which men 4,538 — of which other gender/gender not repoed — Non-employees 1,143 Employee turnover 2024 Number of employees 1,545 Number, % 21 The calculation of employee turnover includes terminated positions as a result of restructuring but excludes temporary employees. Board of Directors’ report — Health and safety Material impact Elanders operates in industries that are characterized by both heavy machinery and physically demanding work. This means that there are daily risks for accidents that can result in different degrees of physical injury. In 2024, there were 128 (137) cases of injuries in the Group’s operations with a relatively elevated accident rate. Most work-related injuries occur in production, and the most common are minor cuts or wounds from falling. Managing these risks efficiently and securing a safe work environment is of the utmost importance to Elanders. Being able to offer safe working conditions and a good work environment is the number one priority for Elanders, most of all with the safety and well-being of the individual employee in mind, but also in order to be an attractive employer and business partner. No material financial risks or opportunities were identified in the double materiality assessment. Policies and actions Elanders has a “zero vision” concerning injuries at the workplace and works continuously on reducing risks that can lead to injuries and, more than anything, to prevent serious injuries. Elanders’ work envi- ronment policy is integrated in the Group Code of Conduct. It includes guidelines for identifying, managing and preventing potential health and safety risks. The goal is to promote a good work environment and reduce the risk for work-related injuries and illness. Management for each company is responsible for ensuring compliance with the Code of Conduct through further guidelines and policies that suit their specific operations. Read more on Elanders’ Code of Conduct in the “Gover- nance” section on pages 90–94. Elanders’ subsidiaries establish strategies for health and safety adapted to the local legislation in their respective countries. Out in the op- erations, work is continuously ongoing to minimize absence due to illness and accidents. The subsidiaries work to prevent accidents through regular safety assessment of their facilities and processes. Furthermore, there are regular health and safety training programs in the entire Group. There is an ongoing project in Elanders’ People & Culture Council to implement a global health and safety management system. The purpose of this project is to further increase focus on health and safety within the Group and jointly find more efficient ways to continuously monitor injuries and risks, and to create the prerequisites for working more proactively with this topic. Sustainability repo Accounting principles Elanders repos work-related injuries that occur as a result of exposure to hazards and risks at work, all own employees in the Group have been included. The repoing of fatalities also includes non-employees. Estimations and assessments Injuries are dened as an incident that have resulted in any of the following; one or more days away from work, restricted work or trans- fer to another job, medical treatment beyond rst aid, loss of cons- ciousness or signicant injury or ill health diagnosed by a physician or other licensed healthcare. The accident rate has been calculated based on number of accidents per 1,000,000 hours worked. The total number of hours worked is based on the average number of employ- ees in the Group, which has been multiplied by normal working hours in the country where Elanders has most employees. Number of accidents 2024 2023 Fatalities — — Injuries 128 137 Number of workdays lost 868 1 620 Total number of hours worked, in thousands 13,476 13,254 Frequences Fatal injury frequency rate — — Accident rate 9.5 10.3 The share of people in own workforce covered by the Group’s health and management system is 100 (100) percent. Peormance, targets and metrics The most important work-related risks with the potential to cause injuries are mainly ergonomical and connected to physical work. The most common type of injuries are cuts, fractures, muscle injuries and fall injuries. In 2024, Elanders noted an accident rate of 9.50 (10.30). Work is underway within the Group to analyse and break down the injury statistics in order to be able to present more detailed and insightful data. No workplace accidents have resulted in fatalities. — Gender equality and equal pay for work of equal value Material impact Elanders has grown both organically and through acquisitions in recent years which has given the Group a new structure and significantly broadened it geographically. It makes it even more important to adhere to the company’s fundamental conviction that long-lasting competitive- ness can only be achieved if the workplace is characterized by diversity, equal opportunities and inclusion. Elanders has zero tolerance for any type of harassment or discrimination and strives to make all employees feel included and valuable. Elanders operates in historically male-dominated industries that remain so today. This entails challenges when it comes to being part of creating change and equal opportunities. A low level of diversity and inclusion can have negative impacts on the Group’s employees as well as on the Group’s reputation and overall success. No material financial risks or opportunities were identified in the double materiality assessment. Policies and actions Elanders considers it a strength and an advantage when it comes to cre- ativity and innovation that the company’s employees have backgrounds in different cultures, values and experiences with differing perspectives on matters and situations. Elanders values diversity, gender equality and equal opportunities for all and has zero tolerance for discrimina- tion. These principles are stipulated in Elanders’ Code of Conduct that regulates the Group’s commitments and principles for human rights, anti-discrimination and other rights enjoyed by the company’s employ- ees. Read more about Elanders’ Code of Conduct in the “Governance” section on pages 90–94. Elanders is striving to increase gender equality and positively impact the industries in which the company operates. Right now, there is an ongoing project in the Group to map out the current situation concerning gender equality and equal pay for work of equal value, and to look into the possibilities to implement a standardized report- ing framework in order to collect the data needed in a way that makes them comparable while reaching appropriate quality. The aim with this is to increase the understanding of the subsidiaries’ current situation and what possible differences there are within the Group which also can form the basis of potential future actions. The project is run within the People & Culture Council with the purpose of emphasizing the im- portance of gender equality and securing equal opportunities regardless of gender throughout the Group. Elanders also offers a whistleblower function where employees, among other things, can report any experience of some form of dis- crimination or unfair treatment. The function is described in full in the “Governance” section on pages 90–94. Peormance, targets and metrics Elanders Annual and Sustainability Repo 2024 — 87 Board of Directors’ report Sustainability repo At the end of the year, the Group had 7,175 (7,474) employees, of which 37 (39) percent were women. The Group’s share of women in management positions was 29 (28) percent. Concerning diversity at all levels within the Elanders Group, diversity is assessed in a broad sense, including gender, education, work experience, nationality and age. The overall ambition of the com- pany is to have diversified management teams at all levels, using the company’s strategy, challenges and opportunities as a starting point. More information on the distribution within the Board of Directors and Group Management is found in the Corporate governance report on pages 104-108. Accounting principles Employees refer to those who are directly employed by Elanders. Employees who are not directly employed by the Group are referred to as non-employees. These refer mainly to seasonal workers from employment agencies. Full-time equivalents (FTE) are dened as the number of employees conveed to full-time positions. For fuher information regarding employees, please see Note 5 in the Group’s nancial statements. Estimations and assessments For the repoing of gender division among employees, assessments have been made by those responsible at each company, taking into account privacy reasons. Age distribution employees, FTE Female Male Other/not reported gender Total 2024 2023 2024 2023 2024 2023 2024 2023 <30 years 480 533 620 675 — 2 1,166 1,211 30–49 years 1,445 1,617 2,475 2,405 — — 3,900 4,022 >50 years 712 768 1,443 1,473 — — 2,110 2,241 Total 2,637 2,919 4,538 4,553 — 2 7,175 7,474 Share of women, % 2024 2023 Share of women, all employees 37 39 Share of women, Board of Directors 44 44 Share of women, Group Management 14 — Share of women, management positions 29 28 Management position refers to shi manger, group manager, site manager or more senior position. Elanders Annual and Sustainability Repo 2024 — 89 — Training and skills development Material impact Elanders is to a large extent a service company for which employee training and skills development are key to the company’s success. Elanders aims to offer an attractive work environment in order to attract and retain qualified and motivated employees supporting, and working in line with, the company’s ambitions. By offering attractive training and development opportunities that help Group employees to realize their potential and their ambitions, the company is assessed to have a positive impact on its employees. No material financial risks or opportunities were identified in the double materiality assessment. Policies and actions Offering good, gender-equal working conditions and opportunities for personal development is of the utmost importance to be an attractive employer. Moreover, it is an important aspect in ensuring that Elanders has the workforce necessary for achieving the Group’s business ambi- tions. Elanders works actively to offer opportunities for individuals to receive education and opportunities for personal development. Elanders does not have any specific policy regarding training and skills development. The company assesses that skills development is most successfully governed locally through regular dialogues between employees and management to understand different perspectives and needs up close. Within the Group, a project is underway to map and ensure that all of the Group’s employees are offered the opportunity for annual performance reviews and structured follow-up. The company expects to be able to present the results of this project with associated data in the Annual and Sustainability Report for 2025. Peormance, targets and metrics The average number of training hours for an Elanders employee dur- ing the year was 11.4 (8.5) hours. The quota is considered equal for men and women. The number of training hours is slightly higher than in previous years and is considered to be in line with the company’s expectations. Accounting principles The repoing covers training oered to employees in the Group and includes both external and internal training. The repoing excludes on-site supervision. Average training hours are calculated per employee corresponding to FTE. For a breakdown of the number of employees (FTE), please see section “Secure employment” on page 84. Estimations and assessments Estamations and assesments have been made by those responsible at each company. In cases where exact number of training hours has not been available, reasonable estimations have been made. Training hours Average hours/FTE 2024 2023 All employees 11.4 8.5 Women 10.4 8.7 Men 11.8 8.4 Board of Directors’ report responsibility to, throughout the whole Group, ensure a culture marked by respect for both fellow human beings and the surroundings. These principles are defined in Elanders’ Code of Conduct. The section is divided into four parts. Three of these are connected to each of the topics that have been assessed material in relation to Elanders’ double materiality assessment and are all pertaining to the ESRS topic category G1. These are: Corporate culture, Protection of whistleblowers and Corruption and bribery. The final part summarizes the remaining corporate policies and guidelines and describes Elanders’ positions on data ethics, responsible tax payment and the Group’s commitment to society. — Corporate culture Material impact The work culture in a company is crucial both for employees’ well-be- ing and satisfaction, and for running the business in a sustainable and ethical manner. A strong corporate culture is a prerequisite for building a good reputation and confidence with different types of stakehold- ers. Healthy and motivated employees contribute to the development and success of the Group at all levels. It also creates the conditions for Sustainability repo Governance Sustainability permeates Elanders’ entire oper- ations and is an integrated pa of the com- pany’s strategies and governance. Compliance with local laws and regulations, as well as ethical business practices, are prerequisites for conducting a sustainable business and creating good relations with the company’s stake holders. In order to manage the Group’s impact and related risks, Elanders has binding com pany regulations in the form of an established Code of Conduct and an anti-corruption policy in place. Thanks to the Group’s global growth, Elanders continues to create new jobs. Currently the Group has almost 7,500 employees, spread out among some 20 countries on four continents. Elanders has the Elanders Annual and Sustainability Repo 2024 — 91 List of disclosure requirement ESRS 2 — General disclosures Page SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 91–93 G1-1 Business conduct policies and corporate culture 91 G1-3 Prevention and detection of corruption and bribery 92–93 G1-4 Incidents of corruption or bribery 93 Material topics Material impact, risk and opportunity Upstream Own operations Downstream G1 — Business conduct Corporate culture Negative potential impact Protection of whistleblowers Actual positive impact Corruption and bribery Negative potential impact retaining the right competences and attracting qualified employees. Lacking a strong corporate culture would potentially have negative consequences, most of all for those working in the organization, but also for Elanders’ business and success at large. No material financial risks or opportunities were identified in the double materiality assessment. Policies and actions Elanders’ corporate culture is founded on the company’s Code of Conduct that defines fundamental guidelines and values for how the company should operate in an ethically, socially and environmentally sustainable way. The Code of Conduct touches upon all Elanders’ iden- tified material topics and clarifies the principles for action within the framework of Elanders’ operations and value chain. It applies for all employees, the Board of Directors and other people who act on behalf of Elanders. The principles support the OECD guidelines for multina- tional companies and the UN Global Compact. The Code of Conduct is available on Elanders’ website. The CEO has the overall responsibility for the Code of Conduct. It is reviewed regularly and approved by the Board. Responsibility for communication and compliance with the Code of Conduct lies with the management of each subsidiary. They are also responsible for formulat- ing further guidelines and policies adapted to their specific operations, if necessary. In cases where national laws or regulations are stricter than Elanders’ in matters included in the Code of Conduct, they always take precedence and must be complied with. All employees sign the Code of Conduct upon employment. Elanders continuously monitors that the company’s employees are familiar with the Code of Conduct via the Group’s internal control function. This is done through regular training every other year in order to update their knowledge and ensure that the company’s employees are familiar with and understand the Code of Conduct. Elanders has a Group-wide program of web-based courses that are mandatory for all employees having an e-mail address at one of the Group’s companies. The Code of Conduct is available in a majority of the Group languages. Elanders also has a Code of Conduct for suppliers. The Group’s significant material purchases are made in the Print & Packaging Solutions business area through the purchase of paper for the printing operations. In the Supply Chain Solutions business area, the Group mainly provides services to its customers, but in some cases the com- panies use subcontractors of the customers’ choice. Elanders is affected by a growing number of regulations on responsible management of risks in supply chains. Elanders’ Code of Conduct for Suppliers defines the basic requirements and the responsibility that suppliers should take towards their stakeholders and for their environmental impact. Cur- rently, each subsidiary is responsible for identifying risks and making sure the Code of Conduct is complied with also in the value chain. The subsidiaries themselves are responsible for ensuring that all significant suppliers sign the Code of Conduct. The Code of Conduct for suppliers and the process surrounding it will be revised in connection with the preparations for the CSDDD. Peormance, targets and metrics Central monitoring takes place every other year to ensure that the Code of Conduct has been communicated to the company’s employees. The Group requires that all employees that have an e-mail address with Elanders or any of the subsidiaries should complete the training. At the last assessment in 2023, 99 percent of all concerned employees com- pleted the Code of Conduct training, compared to 81 percent in 2021. Board of Directors’ report Sustainability repo — Protection of whistleblowers Material impact In accordance with the EU Whistleblower Protection Directive, Elanders has set up a system and process for the reporting of abuses through a whistleblowing system. The whistleblower channel can be used by com- pany employees as well as by other stakeholders. Protecting whistle- blowers from possible acts of reprisal is a high priority. Through the whistleblower system the business can, at an early stage, catch and deal with behaviors and activities that otherwise, if they are discovered too late, could lead to great damage. It could concern anything from sus- picions of irregularities and corruption to harassment and other types of violations. A well-functioning process and privacy protection for whistleblowers and other concerned parties is assessed to have a posi- tive impact on the company’s employees and concerned stakeholders. Policies and actions Having a functioning whistleblower system in place is important for the ability to discover abuses, but also to prevent and fight corruption and irregularities. Elanders’ Code of Conduct includes instructions for re- porting deviations or irregularities that are modelled on the EU Whistle- blower Protection Directive. These rules apply to the entire Group regardless of jurisdiction. In case an employee should uncover behaviors or events violating the Code of Conduct or other laws, regulations or binding requirements, they are encouraged to bring this up directly with their manager or anonymously through the Group whistleblower system. The system enables whistleblowers to choose if an issue should be reported to the local HR function or directly to the parent company. Great attention is given to the confidentiality of the whistleblower’s identity when the person in charge of the inquiry is appointed, in order to avoid conflicts of interest between investigators and senior officers. Material whistleblower cases are reported continuously to the CEO and are a regular item at the Audit Committee’s meetings. The whistleblower system is web-based and available in all Group languages. The system is accessible on Elanders’ websites and in the Code of Conduct. All reported matters are investigated in an objective manner and treated with the utmost confidentiality. Whistleblowers reporting problems in good faith do not risk any type of reprisal. This is valid regardless of the outcome of the inquiry. Depending on which country the employee is working in, there is also the possibility to raise issues and problems through work environ- ment organizations, local workers’ councils or trade unions. Peormance, targets and metrics In 2024, Elanders received 26 reports via the whistleblower channel, of which one of the cases was forwarded for further investigation accord- ing to the company’s established procedures. No material incidents connected to fraud, corruption, bribes or money laundering have been reported in the Group whistleblower system in 2024. — Corruption and bribery Material impact Responsible business practices are material for creating secure work- ing conditions for those working within the operations, but also for maintaining good relations with customers, suppliers and other stake- holders. Elanders assesses that the overall corruption risks within the Group are relatively low, given the operations of its subsidiaries. On the other hand, the company is aware of the fact that the Group in part has operations in countries with a high Corruption Perceptions Index, although the majority of operations are located in low-risk countries. The biggest risk for corruption is assessed to be pertaining to inappropriate types or levels of gifts presented to subsidiary employees from potential or actual suppliers or customers, with the purpose of receiving future business advantages. This type of action can poten- tially have a negative impact on the stakeholders involved as well as on Elanders’ overall reputation and success. Policies and actions Elanders’ reputation and ethical behavior are fundamental to all the company’s stakeholders. To manage the company’s impact and related risks, Elanders has Group-wide corporate rules in the form of the com- pany’s Code of Conduct and an Anti-Corruption Policy. The Group’s anti-corruption policy is in line with the UN Conven- tion against Corruption and establishes zero tolerance for all types of fraud, bribery, money laundering and other types of irregularities and actions that create improper advantages. Employees may not accept, be promised, demand or swindle any kind of advantages in connection with their position. The CEO has the overall responsibility for the Anti-Corruption Policy. It is revised and updated regularly in line with relevant legisla- tion. Management for each subsidiary is responsible for communicat- ing the policy and for its compliance. Elanders continuously monitors that the company’s employees are familiar with both the company’s Code of Conduct and its Anti-Corruption Policy. This is done through regular training every other year in order to update their knowledge and ensure that the company’s employees are familiar with and under- stand the Group’s policies. Elanders has a group-wide program of web- based courses that are mandatory for all employees having an e-mail address with Elanders or one of its subsidiaries. Besides group-wide policies, the Group also has a well-functioning framework for internal control and an internal control function with the purpose to prevent risks for corruption and irregularities. Material incidents are reported regularly to the Board of Directors, and they are a fixed agenda item at the Audit Committee’s meetings. Elanders Annual and Sustainability Repo 2024 — 93 tions are run, according to the tax rates in the country. Elanders acts responsibly and with integrity in all tax matters and ensures that it complies in all jurisdictions worldwide. The Group works closely with tax agencies to ensure that all relevant information is made public and that the right amount of tax is paid while maintaining a balance with its obligations to Group shareholders. EU’s list of non-cooperative jurisdictions for tax purposes for 2024 is comprised of eleven coun- tries. Elanders does not operate in any of these countries. Elanders’ total tax expense in 2024 was MSEK 95 compared to MSEK 140 in the previous year. This corresponded to an effective tax rate of 34.2 (35.3) percent. Society Elanders takes a wider responsibility outside of the company and in different ways supports the communities it operates in. There is a long tradition of partnership and local initiatives in this area. Panerships Elanders collaborates with credible and transparent organizations that in various ways contribute to more sustainable communities where they operate. Some of Elanders’ prioritized areas: — Education for youths and children — Innovation and research — Health — Life Cycle Management In addition to partnerships on a Group level, many of Elanders’ sub- sidiaries are in different ways engaged in local initiatives for greater social sustainability. Every year, the Group also supports a number of humanitarian programs and donates to charitable organizations. The 17 Global Goals (SDGs) are a set of goals launched by the United Nations in September 2015. They aim to achieve the changes neces- sary to ensure that development and human well-being continue to increase within the limits of the planet. For this, the companies’ commit- ment and measures are vital. Elanders supports all of the UN’s 17 global goals for environmen- tal, social and economic sustainable development. By making use of its core business and identifying its own goals and sub-goals, guided by the SDGs, Elanders can have a positive impact on several of the goals. Elanders also supports the UN Global Compact and its ten principles for human rights, labor, environment, and anti-corrup- tion. The principles are integrated into the Group’s operations to promote sustainability and responsible business practices. Peormance, targets and metrics The same process is in place for the Anti-Corruption Policy as for the Code of Conduct, with central monitoring through training taking place every other year to ensure that all employees having an e-mail address with Elanders or one of its subsidiaries are familiar with and understand the policy. The Group requires that all employees com- plete the training. At the last assessment in 2023, 99 percent of the concerned employees completed the Anti-Corruption Policy training, compared to 81 percent in 2021. There have been no cases where Elanders has been sued, sentenced or subject to other reprisals pertaining to violations of laws on corrup- tion and bribes. — Other Group policies and guidelines Data ethics Elanders’ approach to data ethics takes into consideration the individu- al’s right to integrity regarding data, ethical use of artificial intelligence and careful handling of confidential information. Clear guidelines are required regarding handling data in connection with more comprehen- sive use of technology and corresponding amounts of data. For Eland- ers it is extremely important to handle the data of all stakeholders in such a way that their trust remains intact. The EU’s General Data Protection Regulation (GDPR) is intended to protect individuals’ basic rights and their particular right to protect their personal data. Elanders has educational procedures in place to ensure that employees are knowledgeable about, and act in accordance with, the stipulations of GDPR and other relevant data protection regu- lations. At the last assessment in 2023, a total of 99 percent of all employees with an e-mail address with Elanders or any of its subsidiaries had completed the course, compared to 81 percent in 2021. The course is held every other year, the next assessment will take place in 2025. Elanders has binding corporate rules (“BCR”) approved by the Swedish Authority for Privacy Protection (IMY). These rules regulate how Elanders handles personal data to ensure that data protection regulations are followed when transferring personal data to Group companies outside the EU/EES. Responsible taxpayer Elanders operates in some twenty countries through more than 80 legal entities and the business in the Group is structured according to commercial and financial needs. Taxes are paid where value is created, within the given legal parameters and according to relevant guidelines from authorities. The Group tries to be tax efficient which includes avoiding double taxation, interest expenses and tax fees. All operations in the Group are subject to normal company tax regulations and income tax is paid in the country where the opera- Together with around ten other large Swedish companies, Elanders is in partnership with the Indian educational organization Pratham Educa- tion Foundation. Pratham works to improve the quality of education in India through targeted programs that take into consideration the gaps in the Indian educational system. Its methods have been developed together with award-winning scientists. During 2024, the partner project has reached nearly 33,000 (30,000) children in 345 villages across the northeastern states of Assam and Maharashtra. Pratham Sweden Local community engagement relationships and acquiring valuable experience. The subsidiary has also contributed support for building a storage for bicycles. One of Elanders’ subsidiaries in Germany in 2023 entered into a cooperative initiative with the Tennental Village Community in the Böblingen area in southern Germany. Tennental is a place for people with and without disabilities that together create unique places to live and job opportunities promoting social inclusion. During 2024, among other things, five representatives of Elanders’ subsidiary went through a one-week social internship helping people with needs of assistance, while at the same time building Elanders is in partnership with Universeum, Sweden’s national science center and a powerful arena for academics and popular education in science, technology and sustainable develop- ment. Universeum is one of the six most visited attrac- tions in Sweden, with 550,000 visitors annually. Universeum 33,000 children in 345 villages across the north- eastern states of Assam and Maharashtra have been reached through the partner project. of Elanders was 1 of 12 organizations that contributed to the prize sum for the WIN WIN Gothenburg Sustainability Award. WIN WIN Gothenburg Sustainability Award Elanders is one of twelve organizations that con- tribute to the prize sum of one million Swedish kronor for the WIN WIN Gothenburg Sustaina- bility Award. A youth award, the WIN WIN Youth Award, was also established in 2018. The awards will highlight pioneering efforts on alternate themes for a more sustainable world. The theme for 2024 was “Inclusive Transition”. The winner of the main award was The Just Transition Centre (JTC) which is an international center for cooperation and knowledge sharing founded by the global trade union ITUC. The youth award went to Natur og Ungdom, a Norwegian youth or- ganization promoting, and encouraging commit- ment to, environmental and climate issues. 5 Five representatives from one of Elanders’ subsidiaries have com pleted a week’s social internship where they got to help people with needs of assistance. 550 thousand visitors anually. Elanders Annual and Sustainability Repo 2024 — 95 List of material disclosure requirements ESRS 2 Appendix B — List of data points that derive from other EU legislation Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page reference ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation (EU) 2020/181612, Annex II Material 104–108 ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) Delegated Regulation (EU) 2020/1816, Annex II Material 104–108 ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 Material 104–108 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i Indicators number 4 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/245313Ta ble 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) 2020/181814, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 Regulation (EU) 2021/1119, Article 2(1) Material 70 ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) Article 449a Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/2453 Template 1: Banking bookClimate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2 Not material Board of Directors’ report Sustainability repo Board of Directors’ report ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.) Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page reference ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 6 Material 70–71 ESRS E1-5 Energy consump- tion from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 Material 70–76 ESRS E1-5 Energy consump- tion and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 Material 70–76 ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) Material 70–76 ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 Indicators number 3 Table #1 of Annex Article 449a Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 8(1) Material 70–76 ESRS E1-7 GHG removals and carbon credits paragraph 56 Regulation (EU) 2021/1119, Article 2(1) Not material ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). Article 449a Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book – Climate change physical risk: Exposures subject to physical risk. Not material Sustainability repo Elanders Annual and Sustainability Repo 2024 — 97 ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.) Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page reference ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy- efficiency classes paragraph 67 (c). Article 449a Regulation (EU) No 575/2013; Commission Imple- menting Regulation (EU) 2022/2453 paragraph 34;Template 2: Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral Not material ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69 Delegated Regulation (EU) 2020/1818, Annex II Not material ESRS E2-4 Amount of each pollutant listed in Annex II of the EPRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, para graph 28 “Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1” Not material ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 Not material ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 Not material ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Not material ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1 Not material ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29 Indicator number 6.1 Table #2 of Annex 1 Not material ESRS 2- IRO 1 – E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not material ESRS 2- IRO 1 – E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not material ESRS 2- IRO 1 – E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not material ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) Indicator number 11 Table #2 of Annex 1 Not material ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) Indicator number 12 Table #2 of Annex 1 Not material ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 Not material Board of Directors’ report ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.) Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page reference ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 Not material ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 Indicator number 9 Table #1 of Annex 1 Not material ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f) Indicator number 13 Table #3 of Annex I Not material ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g) Indicator number 12 Table #3 of Annex I Not material ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I Not material ESRS S1-1 Due diligence policies on issues addressed by the fundamental Inter national Labor Organisation Conventions 1 to 8, paragraph 21 Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22 Indicator number 11 Table #3 of Annex I Not material ESRS S1-1 workplace accident prevention policy or management system paragraph 23 Indicator number 1 Table #3 of Annex I Material 86 ESRS S1-3 grievance/ complaints handling mechanisms paragraph 32 (c) Indicator number 5 Table #3 of Annex I Material 86–87 ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Material 86 ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Indicator number 3 Table #3 of Annex I Material 86 ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Material 87–88 ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Material 87–88 ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I Not material ESRS S1-17 Nonrespect of UNGPs on Business and Human Rights and OECD paragraph 104 (a) Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) Not material Sustainability repo Elanders Annual and Sustainability Repo 2024 — 99 ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.) Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page reference ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) Indicators number 12 and n. 13 Table #3 of Annex I Not material ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 Not material ESRS S2-1 Policies related to value chain workers paragraph 18 Indicator number 11 and n. 4 Table #3 of Annex 1 Not material ESRS S2-1 Nonrespect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Not material ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisa- tion Conventions 1 to 8, paragraph 19 Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 Indicator number 14 Table #3 of Annex 1 Not material ESRS S3-1 Human rights policy commitments paragraph 16 Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 Not material ESRS S3-1 nonrespect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17 Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Not material ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 Not material ESRS S4-1 Policies related to consumers and endusers paragraph 16 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 Not material ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Not material ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 Not material ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) Indicator number 15 Table #3 of Annex 1 Material 92–93 ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 Material 92 Board of Directors’ report Sustainability repo ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.) Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page reference ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II) Material 92–93 ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b) Indicator number 16 Table #3 of Annex 1 Material 92–93 Elanders Annual and Sustainability Repo 2024 — 101 Essential risks and uncertainty factors Elanders operates in many dierent customer segments and geographical areas. A general economic downturn on a global scale or in one of the world’s leading economies can reduce the demand for the Group’s oers and services. Elanders divides risks into business risks (customer concentration, operational risk, risks in operating expenses, contracts and disputes and employees), financial risks (currency, interest, financing/liquidity and credit risk) as well as circumstantial risks (business cycle sensitiv- ity, wars and conflicts, pandemics and increased demands in a changing world). For more information regarding the financial risks, please see note 24 in the consolidated financial statements. Business risk Elanders encounters risks in operations daily, and normally these are within the Group’s control. Group Management’s close collaboration with the different group operations is a key factor in controlling these risks. Circumstantial risk The external factors that have and may have the greatest impact on Elanders operations are the global economy, war and conflicts, pan- demics and the increasing demands in a changing world. Since these factors are outside of Elanders’ control the Group continuously work to adjust operations to meet the new conditions. Risks and unceainty factors Board of Directors’ report Risks and unceainty factors Business risk Essential risks and unceainty factors Customer concentration The Group’s major customers are primarily active in the manufactur- ing industry and agreements with these customers normally run over two or three years. Elanders’ ten largest customers represented 41 (45) percent of the total net sales in 2024. Elanders has one customer whose sales exceed 10 percent of the Group’s net sales. In 2024, sales to the Group’s largest customer amounted to 15 (17) percent while sales to the next largest customer amounted to 9 (9) percent of the total net sales. Sales to these customers are made to several of their divisions, on several continents and is based on multiple stand-alone agreements. Operational risk Elanders is dependent on IT-systems for production, logistics and sales. Disruptions or cyberattacks on the systems can mean disturbances and have a negative impact on the Group’s reputation, profitability and financial position. Otherwise, the risk that the Group will suffer a major stop in production is relatively small. There are no considerable interdependencies neither between the units within the respective busi- ness area nor between the business areas. There are only a few cases where there are no alternative suppliers of critical input goods. Risks in operating expenses Elanders’ main operating costs are cost for goods for resale and other production material MSEK 2,670 (2,688), personnel costs MSEK 4,369 (3,993) and freight costs MSEK 2,164 (2,443). These accounted for 68 (69) percent of total operating costs in 2024. Contracts and disputes In business, daily operations can give rise to disputes. Employees Elanders needs access to competent and committed employees. Com- petition in the labor market is fierce, and there are high demands on the companies’ ability to attract, develop and retain competence as well as to ensure the availability of good leaders in order to achieve the Group’s operational and strategic goals. To live up to today’s expecta- tions from employees requires a strong focus on areas such as leader- ship, opportunities for influence, work environment, sustainability, human rights and company culture. What Elanders does Customer concentration Elanders’ strategy is not only to be a supplier to the larger custom- ers but to be a strategic partner who builds the basis for long-term business relations. Elanders has worked together with several of the Group’s largest customers for many years. Operational risk Elanders works to identify and prevent risks that can lead to distur- bances in production. The work involves regular controls of the pro- duction sites where identified areas of improvement are addressed with action plans. The Group has business interruption insurance that cov- ers the loss of margins for up to twelve months. Elanders also works continuously to ensure processes for monitoring and control regarding IT security in order to respond to increased threats to cyber security. Risks in operating expenses Elanders sees no direct risk that these costs will increase in the near future to such a degree that it would have a significant effect on group results. Elanders also has the possibility to within some agreements pass on increased costs to the customer. Contracts and disputes Elanders is not aware of any dispute that could have a significant effect on the Group’s financial position. The Group’s insurance program contains global liability insurance that covers general liability, product liability, crime fidelity, business interruption and limited protection against environmental damage. The Group also has liability insurance for members of the Board and senior officers. Employees Elanders works to be an attractive employer. The Group strives to offer a modern, stimulating and safe working environment. This is done through good leadership characterized by transparency and respect for each other. Elanders also strives to be at the forefront regarding issues relating to environmental and social sustainability, as an important fac- tor to attract the new generation of employees. Elanders Annual and Sustainability Repo 2024 — 103 Circumstantial risk Essential risks and unceainty factors Business cycle sensitivity The most tangible business cycle sensitivity is in Group operations that supply customers in the manufacturing industry, particularly in auto- motive and consumer electronics. Sales to customers in foods, cosmet- ics, medical devices, pharmaceuticals and the public sector as well as to consumers are less affected by the general economic situation. Wars and conicts Wars, conflicts and other political unrest can have a devastating effect on the world around us. When it occurs in areas the Group or its cus- tomers and suppliers operate in, it also has a direct impact on Elanders’ operations. The Group has been affected in many ways since Russia in- vaded Ukraine in February 2022. Some of the Group’s customers have subcontractors in Ukraine and Russia. These customers have therefore started to have some problems with their supply chain. At the same time, inflation has gone up and energy prices increased. There are several ongoing conflicts and a great deal of uncertainty in the world right now. It is difficult to predict the exact impact going forward. Increased scope of new or existing conflicts could have a significant impact on the Group’s operations. Pandemics Global outbreaks of pandemics, such as the COVID-19 pandemic, can bring widespread disruptions locally as well as globally. Should COVID-19 continue or if a new pandemic would occur, there is a risk that the Group’s operations will be negatively affected as demand for the Group’s services and products may decrease. Possible crisis measures and infection control restrictions implemented in different countries could also affect the Group’s operations. Increased demands in a changing world Climate change carries a range of risks. The public expects to see an accelerations of climate transition as well as adaptations to minimize negative effects. The need for drastically reduced emissions and trans- parency of companies’ negative impact on the environment is driving new regulations in regions where Elanders operates. Customers may demand new types of logistics solutions. Increased demands to quickly adapt to new technologies create increased needs for investments and financial resources to carry out shifts and phase out old technology. What Elanders does Business cycle sensitivity The Group work consciously to reduce the negative influence of busi- ness cycles by increasing sales to customers in less sensitive trades and customer groups as well as by increasing the geographic spread of sales. The expansions in supply chain management rarely involve sig- nificant investments in fixed assets and lease agreements are signed to match the customer contracts. A large part of the running costs in new projects are variable and can be adjusted in case of volume changes. Wars and conicts The political unrest in general also affect the Group in the long term in how and where Elanders choose to do business. The Group currently has no operations in Russia or Ukraine. Elanders follows the situation in the world and works with mea- sures for possible scenarios that may arise. Pandemics In the event of a pandemic, Elanders’ main priority is to protect the employees and their surroundings to the highest extent possible against the spread of infection. Measures will be taken to ensure that guide- lines and recommendations of national authorities are followed. To soften any effects of lower demand, a close dialogue with customers and other partners is of utmost importance. To a certain extent Elanders can adapt operations to changes in demand through furloughs, fewer temps and by implementing cost savings. Increased demands in a changing world Elanders is part of the development and maintains a continuous dialogue with customers and other stakeholders. Possibilities to fully switch to fossil-free energy and incorporate new technology solutions are continuously evaluated. Generated positive cash flows going forward create the conditions needed for investment in new technology. Should additional funding be required, discussion will be held with shareholders or other external financiers. This Corporate governance repo, a pa of the Board of Directors’ repo in the Annual Repo, describes Elanders’ corporate governance, which comprise the management and the administration of the company operations as well as internal control over both nancial and sustainability repoing. The role of corporate governance in Elanders is to create a good foun- dation for active and responsible ownership, a suitable distribution of responsibility between the different company bodies as well as good communication with all of the company’s interested parties. Swedish Code of Corporate Governance Elanders follows the Swedish Code of Corporate Governance (“the Code”) and this Corporate Governance Report has been prepared in accordance with the Code and the Swedish Annual Accounts Act. Elanders have also provided information on the company’s website in line with the Code requirements. The Code is available at the website of the Swedish Corporate Governance Board, www.corporategovernanceboard.se. Corporate governance in Elanders — a brief overview Corporate governance in Elanders is based on legal requirements (primarily the Companies Act), accounting regulations, the articles of association, NASDAQ OMX Stockholm’s issuer rules, internal regula- tions, policies, and the Code. The Elanders Group’s corporate governance, management and control are shared by the shareholders at the Annual General Meeting, the Board of Directors, and the Chief Executive Officer in accordance with the Companies Act, the articles of association as well as the Group Management. Shareholders appoint the company’s nomination committee, Board and external auditors at the Annual General Meet- ing. Shareholders On 31 December 2024, there were 4,939 (4,628) known shareholders. The foreign ownership in Elanders was 7 (8) percent of the shares and 5 (5) percent of the votes. The only direct or indirect shareholding exceeding a tenth of the votes in the company per 31 December 2024 was Carl Bennet AB with 66 (66) percent. No shares are owned by personnel through pension foundations or the like. Annual General Meeting Shareholders execute their influence at the Annual General Meeting, the company’s highest decision-making body. All shareholders in the share register that have declared their intention to participate in the Annual General Meeting within the stated time limit have the right to participate in the Meeting. Shareholders that cannot participate in person can elect a representative. At the Annual General Meeting a Class A share represents ten votes and a Class B share represents one vote. Class A shares and Class B shares have the same right to a share of company assets and profit. At the Annual General Meeting each person with voting rights is entitled to vote for their entire holding or represented holding without restrictions. Elanders’ Class A shares are included in pre-emption as stated in the articles of association. The Annual General Meeting decides on changes in the articles of association, chooses a Chairman, the Board and external auditors, adopts the annual accounts, decides on dividends, if any, and any other Annual General Meeting 2024 The Annual General Meeting on April 19 2024 decided: — to adopt the Annual Report for 2023, — to distribute a dividend of SEK 4.15 per share for the financial year of 2023, — to discharge the members of the Board of Directors and the Chief Executive Officer from liability for 2023, — to grant according to a proposal in the summons the Board and committee remuneration for a total of SEK 4,512,600 to be divided within the Board, — to appoint the following Board Members: Carl Bennet (re-elected), Ulrika Dellby (re-elected), Eva Elmstedt (re-elected), Dan Frohm (re-elected), Erik Gabrielson (re-elected), Anna Hallberg (re-elected), Anne Lenerius (re-elected), Magnus Nilsson (CEO) (re-elected), Johan Trouvé (re-elected) — to appoint Dan Frohm Chairman of the Board, — to elect PricewaterhouseCoopers as company auditors until the Annual General Meeting 2025, — that the Nomination Committee prior to the next Annual General Meeting shall be formed and fulfill tasks in accordance with the proposal in the notice, and — to approve the remuneration report submitted by the Board regarding remuneration to leading senior officers. Corporate governance report Board of Directors’ report Corporate governance repo Elanders Annual and Sustainability Repo 2024 — 105 disposition of the result as well as discharges the Board from liability. Furthermore, the Annual General Meeting decides on guidelines for salaries and other remuneration for leading senior officers, any new share issue, and the manner in which the nomination committee is to be elected. Any shareholder with a matter they would like the Annual General Meeting to deal with should present their proposal to the Chairman of the Board or present any nomination proposal to the nomination committee. Minutes from Elanders’ Annual General Meet- ings can be downloaded from www.elanders.com under Corporate Governance. Annual General Meeting 2025 The next Annual General Meeting for shareholders in Elanders will be held on Wednesday April 23, 2025. More information will be pub- lished in connection with the notice convening of the Annual General Meeting and will also be published on www.elanders.com. Nomination commiee The nomination committee prepares proposals for the Annual General Meeting concerning the election of, and remuneration to, the Chair- man of the Board, Board members, committee members, and external auditors, the latter having been proposed by the audit committee. The nomination committee meets as needed and at least once a year. The nomination committee met once last year and discussed the work of the Board, the independence of Board members, Board members’ evaluation of the work of the Board, the work of the committees, the audit and the composition of the nomination committee. This year the committee has consisted of Carl Bennet, Chairman (Carl Bennet AB), Dan Frohm (Chairman of the Board), Johan Ståhl (Svolder AB), Jannis Kitsakis (Fjärde AP-fonden) and Viktor Henriksson (Carnegie Funds). During the year, Dag Marius Nereng (Protector Forsikring ASA) was replaced by Viktor Henriksson (Carnegie Funds). The shareholder with the largest number of votes has been elected as the chairman of the nomination committee since he ought to have a decisive influence on the composition of the nomination committee, because he has a majority of the votes at the Annual General Meeting. No remuneration has been paid to the nomination committee. The members’ contact information is found on page 181 in the Annual Report and on www.elanders.com under Corporate Governance. The Board of Directors and its work in 2024 The Board is elected by the Annual General Meeting and proposed by the nomination committee. The Board is ultimately responsible for the management of the company, monitoring the work of the Chief Execu- tive Officer, and continuously following developments in operations as well as the reliability of the company’s internal control. The Board also decides on significant changes in the organization, investments and divestitures, adopts strategies and goals, and approves the budget and annual accounts. The Board is ultimately responsible for ensur- ing that the Group has adequate systems for internal control, that the accounts are prepared, and that they are reliable when published. The Group and its management have several methods to control the risks connected to operations. The Board supports Group Management by continually monitoring and identifying business risks in a structured manner as well as steering the work in the Group in how it handles the most significant risks. The Board shall also identify how sustainability issues affect the company’s impacts, risks and business opportunities. In conclusion this constitutes the Board’s responsibility for corporate governance, which is regulated in the Board’s work plan. Elanders Board members are evaluated and appointed based on the company’s business, development phase and other relevant circum- stances. The diversity of education, knowledge, and experience as well as age and gender represented in the Board is also taken into account. When considering the election and re-election of Board members these factors have been used to make the Board as diverse and efficient as possible. In accordance with Elanders’ articles of association the Board of Directors should consist of at least three and no more than ten mem- bers with a maximum of two deputies. During the year the Board con- sisted of nine members without deputies: Dan Frohm (Chairman), Carl Bennet (Vice Chairman), Ulrika Dellby, Eva Elmstedt, Erik Gabrielson, Anna Hallberg, Anne Lenerius, Magnus Nilsson and Johan Trouvé. In Shareholders Annual General Meeting Group Management Chief Executive Officer Corporate governance Remuneration committee Audit committeeBoard of Directors External auditors Nomination committee Board of Directors’ report Corporate governance repo addition, employees were represented by Martin Schubach and Irene Planting with Johan Lidbrink as deputy. All the members of the Board elected by the Annual General Meeting have an inde- pendent relationship to the company except Magnus Nilsson. Ulrika Dellby, Eva Elmstedt, Anna Hallberg, Anne Lenerius and Johan Trouvé are independent in relationship to the company’s largest owner. Carl Bennet is dependent with regards to the shareholder Carl Bennet AB where he is Chairman of the Board and owner. Dan Frohm and Erik Gabrielson are also dependent in relation to Carl Bennet AB where Dan Frohm and Erik Gabrielson are members of the Board. The Board consists of 44 percent women and 56 percent men. The age of the company's board members varies between 43 and 73 years. The members have different educational backgrounds in everything from finance, economics and law, to graphic technology and computer science. The company’s board members also have professional experi- ence from a variety of industries. A description of the members of the Board of Directors and their respective backgrounds and competencies can be found in the section "Board of Directors" on pages 178–179. The Board has produced and adopted a work plan that regulates the division of responsibility between the Board, its Chairman and the Chief Executive Officer. It also includes a general meeting plan and instructions on financial and sustainability reports as well as the other matters that must be put before the Board. The work plan is revised once a year or as needed. The Board has seven ordinary meetings per year; four of them in conjunction with the year-end report and quarterly reports, one meeting dedicated to strategic matters, one meeting to adopt the com- ing year’s budget and one constitutional meeting following the Annual General Meeting. In addition, the Board is called to further meetings as needed. The Group’s external auditors participate in the meeting that deals with the report for the first nine months of the year as well as the meeting regarding the year-end report to inform the Board in its entirety about the result of their audit. The Board followed the meeting plan for the year. The Board also met on one occasion relating to other topics. At the constitutional meeting of the Board, the work plan and in- structions for the Chief Executive Officer are reviewed and the custom- ary decisions concerning authorized signatories are taken. In addition, the work plans for the remuneration and audit committees are adopted and their members appointed. At the constitutional meeting of the Board after the Annual General Meeting 2024, Carl Bennet was made Vice Chairman. The Board in its entirety was authorized to sign for the company or one of the Chairman of the Board and the Chief Executive Officer, respectively. At the meeting concerning the year-end report, the Board met the auditors without the presence of the Chief Executive Officer or any other member from Group Management. The Board travels as often as possible to visit and hold its meet- ings in one of the Group’s subsidiaries. The Board members’ remunera- Members of the Board, remuneration, aendance, etc. Member Board, aendance (number of meetings) Remuneration Commiee, aendance (number of meetings) Audit Commiee, aendance (number of meetings) Total aen dance, % Remuneration Board + Commiee work, SEK ’000s Share- holding 1) Independent Members chosen by the AGM Dan Frohm, Chairman 8 (8) 1 (1) Not member 100 848 + 89 30,283 B No, owner Carl Bennet, Vice Chairman 8 (8) 1 (1) Not member 100 424 + 44 1,814,813 A 15,903,596 B No, owner Ulrika Dellby 8 (8) Not member 3 (3) 100 424 + 87 4,000 B Yes Eva Elmstedt 8 (8) Not member 3 (3) 100 424 + 173 8,000 B Yes Erik Gabrielson 7 (8) 1 (1) Not member 88 424 + 44 — No, owner Anna Hallberg 7 (8) Not member 3 (3) 88 424 + 87 9,000 B Yes Anne Lenerius 8 (8) Not member 3 (3) 100 424 + 87 6,892 B Yes Magnus Nilsson, CEO 8 (8) Not member Not member 100 Employee 107,577 B No, company Johan Trouvé 8 (8) Not member 3 (3) 100 424 + 87 100 B Yes Employee representatives Irene Planting 7 (8) Not member Not member 88 Employee 12 B No, company Main Schubach 8 (8) Not member Not member 100 Employee 267 B No, company Johan Lidbrink 7 (8) Not member Not member 88 Employee — No, company Total 96 4,513 1) Shareholding as of December 31, 2024. The number of shares is only stated for the people who were in the Board of Directors at this time. Elanders Annual and Sustainability Repo 2024 — 107 tion and presence are presented in detail in the table on the previous page. Further information about the Board and the members can be found on pages 178–179. The Chairman of the Board The Chairman leads and organizes the Board and is responsible for making sure the Board meets its responsibilities and that the members receive the information necessary to ensure the work done by the Board is of high quality and performed according to legal stipulations and the contract with the stock exchange. The Chairman of the Board must also make sure that during the year an evaluation of the Board’s work is carried out and that the nomination committee is informed of the results. The evaluation is carried out annually in the form of a questionnaire and encompasses the Board’s composition, remunera- tion, materials, administration, work methods, meeting content, reports from the committees, and education. In addition, the Chairman of the Board represents the company in ownership matters and com- municates viewpoints from the owners to the Board. The Chairman of the Board is elected by the Annual General Meeting. Dan Frohm has been a board member of Elanders AB since 2017 and was elected Chairman of the Board at the Annual General Meeting in 2022. Remuneration commiee The remuneration committee is composed of Board members with the highest competence in this field. It deals with matters concerning remuneration to the Chief Executive Officer and officers that report directly to him. Decisions concerning remuneration to other employees in manage ment positions in the Group are made by each individual’s closest superior in consultation with their closest superior, also known as the “grandfather principle”. During the year, the remuneration committee held one meeting during which they adopted their work plan and prepared a proposal for remuneration. The remuneration committee consists of Dan Frohm, Chairman, Carl Bennet and Erik Gabrielson. The guidelines for remuneration to senior officers adopted at the Annual General Meeting 2022 can be found in note 5 in the consolidated financial statements and on the company’s website, www.elanders.com under Corporate Governance. The guidelines for remuneration to senior officers can also be found on pages 55–56 in this Annual Report. The company has not issued, and will not issue, any share-based payment obligation, or any similar incitement programs. Audit commiee The audit committee is appointed from within the Board based on members’ experience of, and expertise in financial reporting, accounting, and internal control. The committee follows a work plan adopted by the Board. Its primary task is monitoring internal control, procedures for financial reporting, compliance of related laws and regulations as well as the external audit in the Group. The committee also evaluates the external auditors’ qualifications and independence. The audit committee reports their observations on a regular basis to the Board and provides, as needed, external auditor candidates to the nomination committee. The committee meets at least three times a year and as needed. The external auditors normally participate in committee meetings. The committee met three times in 2024. The auditors reported on the audit of the nine-month report, and the year-end report, the company’s situa- tion with the Code of Corporate Governance and internal control were discussed. From 2025 and onwards, the committee will meet four times a year and as needed. The members of the audit committee were Eva Elmstedt, Chairman, Ulrika Dellby, Anna Hallberg, Anne Lenerius and Johan Trouvé. Chief Executive Ocer The Chief Executive Officer is the President of the Group, a member of the Board, and leads the Group’s operations. The Chief Executive Officer’s work is steered by the Companies Act, other laws and regula- tions, current laws for listed companies including the Code, the articles of association, and the framework established by the Board in, among other things, the CEO instruction. The Chief Executive Officer is authorized to sign for Elanders AB, as well as sign for all significant subsidiaries. The Chief Executive Officer is responsible for provid- ing the Board with continual reports on group results and financial position as well as the information the Board needs to make qualified decisions. The Chief Executive Officer also keeps the Chairman of the Board apprised of developments in operations. All the managing directors in the Group’s subsidiaries receive written instructions. These instructions contain guidelines the managing director must observe in the running of operations. Group Management The President and Chief Executive Officer lead the work performed by Group Management and make decisions in consultation with members of Group Management. Group Management is responsible for day-to-day financial and commercial management and follow-up in the Group. It also strives to continually achieve synergies, identify acquisitions and structural opportunities as well as to adapt group operations to market demands and short and long-term develop- ments. Group Management makes sure that the competence and capacity of the Group is coordinated and adjusted to be as useful and profitable as possible in the short and long term. Group Management meets on a quarterly basis, often in conjunction with a visit to a unit within the Group. Since January 2025, Elanders’ Group Management consists of: — Magnus Nilsson, President and CEO — Åsa Vilsson, CFO — Sven Burkhard, responsible for Print & Packaging Solutions — Tim Bloch, responsible for Supply Chain Solutions (Kammac & Bishopsgate) — Charles Ickes, responsible for Supply Chain Solutions (Bergen Logistics) — Kok Khoon Lim, responsible for Supply Chain Solutions (Mentor Media) — Bernd Schwenger, responsible for Supply Chain Solutions (LGI) Board of Directors’ report Corporate governance repo The Group Management consists of 14 percent women and 86 percent men. The age of the members varies between 39 and 69 years. They have a large geographical spread and represent all of the Group ’s business areas and customer segments. A description of the members of Group Management and their respective backgrounds can be found in the section “Group Management ” on the pages 180–181. The Board’s repo on internal control over nancial repoing The purpose of internal control over financial reporting is to ensure that it is reliable and that the financial reports follow generally accepted accounting principles and otherwise follow applicable laws and regulations concerning listed companies. According to the Swedish Companies Act and the Code of Corporate Governance the Board is ultimately responsible for an effective, functioning internal control in the Group. Internal control is based on the framework for internal con- trol published by COSO (Committee of Sponsoring Organizations of the Treadway Commission) and which comprises the control environ- ment, risk assessment, control activities, information, communication as well as follow-up. The Chief Executive Officer is responsible for an organization and processes that ensure the quality of financial reports to the Board and the market. — Control environment The control environment at Elanders is characterized by the proximity between Group Management and the operating units. All of the mem- bers in Group Management, except the Chief Executive Officer and the Chief Financial Officer, are also MDs in one or more of the larger operative units in the Group. The framework for internal control over financial reporting in Elanders consists of routines and distribution of responsibility that are clearly communicated in internal policies and different kinds of manuals. The Board has adopted a work plan that regulates the Board’s responsibility and the manner in which work is done in committees. The Board also has an audit committee that is re- sponsible for ensuring that established principles in financial reporting and internal control are complied with and developed. It also maintains regular contact with the external auditors. In order to maintain an effective control environment and good internal control the Board has delegated the practical responsibility to the Chief Executive Officer and established a CEO instruction which defines the division of responsibil- ity between the Board and the Chief Executive Officer. Elanders has an internal control function which reports to the CEO and the CFO. The internal control function performs audits of the entities within the Group. The procedures and processes in the entities are evaluated and testing performed regarding the entities’ internal controls. — Risk assessment The Board of Directors is responsible for identifying and managing material risks and risks of error in the financial and sustainability report- ing. This includes identifying areas in financial reporting where the risk of making a crucial mistake is higher as well as developing control systems to prevent and discover these faults. This is primarily done by identifying situations in operations and events in the outside world that could affect both the company’s impact, risks and business opportunities. — Control procedures The aim of the control procedures is to ensure that financial reporting is correct and complete and that it is based on the Group’s require- ments for internal control over financial reporting. Control procedures consist of general and detailed controls and can be both preventive and detective. For instance, the Board continuously follows develop- ments in the operations through monthly reports containing detailed financial information as well as the Chief Executive Officer’s comments on operations and result and financial position. Representatives from Group Finance or Group Internal Control regularly visit the entities within the Group and evaluate internal control and financial report- ing. The MD in each subsidiary is responsible for making sure group governance regulations are implemented and followed and that any deviations are reported. Companies in the Elanders Group also make an annual self-assessment of how internal control functions in relation to the Group’s goals. The focus going forward is to integrate sustainability reporting into the internal control function and set up formal processes in this area as the scope of data collection and structures around sustainability reporting increases. — Information and communication In order to make Elanders employees aware of the Group’s policies and manuals, the information is communicated yearly, and when changes are made, to all affected employees within the Group. To ensure that information communicated externally is correct and complete, the Board has adopted an Information Policy that dictates what should be communicated, by whom and how the information should be released. — Follow-up The Board follow-up of the internal control over financial reporting is first and foremost handled by the audit committee. The observations and potential areas of improvement in internal control that have been identified in the external audit are processed by the audit committee together with the external auditors and the Chief Financial Officer. The results from the audits performed by Group Internal Control and the annual self-assessment of internal control in the entities within the Group is reported to the audit committee and the external auditors. External audit The Annual General Meeting 2024 chose the accounting firm PricewaterhouseCoopers AB as the company’s auditor until the next Annual General Meeting. The Auditor in charge is the authorized public accountant Eric Salander and co-auditor is the authorized public accountant Alexander Ståhl. Once a year, the auditors meet the Board in its entirety without the Chief Executive Officer or any other member of Group Management present, normally at the meeting that deals with the year-end report. The auditors also participate in the Board meeting dealing with the report for the first nine months of the year. Elanders Annual and Sustainability Repo 2024 — 109 110 Financial repos and notes 110 Group 148 Parent company 162 Proposed appropriation of prots 163 Auditor’s repo 163 Auditor’s repo Financial reports and notes Group Statements of comprehensive income MSEK 2024 2023 Result for the year 183 258 Items that will not be reclassied to the income statement Actuarial gains/losses on dened benet pensions plans –1 5 Tax eect on actuarial gains/losses on dened benet pensions plans 0 –2 Items that will be reclassied to the income statement Translation dierences 259 –89 Change in fair value of the hedge of the net investment abroad –86 30 Tax eect on the change in fair value of the hedge of net investments abroad 18 –6 Other comprehensive income 190 –61 Total comprehensive income for the year 373 197 Total comprehensive income aributable to — parent company shareholders 367 187 — non-controlling interests 6 10 Income statements MSEK Note 2024 2023 Net sales 2, 3 14,143 13,867 Cost of products and services sold –11,731 –11,519 Gross prot 2,411 2,348 Selling expenses –525 –482 Administrative expenses –1,349 –1,168 Other operating income 4 305 130 Other operating expenses 4 –57 –103 Operating result 5, 6, 7, 29 786 724 Financial income 8 64 235 Financial expenses 8 –571 –561 Result aer nancial items 278 398 Taxes 9 –95 –140 Result for the year 183 258 Result for the year aributable to — parent company shareholders 176 248 — non-controlling interests 7 10 Earning per share, SEK 1) 10 4.99 7.02 1) There have been no dilution effects. Elanders Annual and Sustainability Repo 2024 — 111 Statements of cash ow MSEK Note 2024 2023 Operating activities Result aer nancial items 278 398 Adjustments for items not included in cash ow 12 1,215 1,255 Paid taxes 9, 11 –222 –242 Cash ow from operating activities before changes in working capital 1,271 1,411 Cash ow from changes in working capital Increase (–)/decrease (+) in inventory –10 261 Increase (–)/decrease (+) in operating receivables –6 380 Increase (+)/decrease (–) in operating payables 161 –271 Cash ow from operating activities 1,416 1,782 Investing activities Investments in intangible and tangible assets 13, 14 –195 –204 Divestment of tangible assets 14 28 26 Acquired and divested operations 30 –1,083 –832 Change in long-term receivables –1 –2 Cash ow from investing activities –1,251 –1,012 Financing activities Amoization of borrowing debts 22, 23 –146 –129 Amoization of lease liabilities 22, 23 –1,014 –929 New loans 22, 23 561 885 Other changes in interest-bearing liabilities 12, 22, 23 548 –194 Dividend to shareholders –156 –165 Cash ow from nancing activities –207 –533 Cash ow for the year 11 –42 237 Cash and cash equivalents at the beginning of the year 1,107 904 Translation dierence in cash and cash equivalents 74 –35 Cash and cash equivalents at year-end 20 1,138 1,107 Financial reports and notes Group Statements of nancial position MSEK Note 2024 2023 Assets Fixed assets Intangible assets 13 6,402 5,813 Tangible assets 14, 28 950 893 Right-of-use assets 15 4,847 4,385 Deferred tax assets 9 490 391 Other nancial assets 16 79 68 Total xed assets 12,768 11,551 Current assets Inventory 17 378 349 Accounts receivable 16, 18 2,194 2,038 Current tax receivables 9 30 66 Other receivables 16 172 172 Prepaid expenses and accrued income 19 387 348 Cash and cash equivalents 16, 20, 23 1,138 1,107 Total current assets 4,300 4,080 Total assets 17,067 15,630 Equity and liabilities Equity Share capital 354 354 Other contributed capital 1,276 1,276 Other reserves 657 466 Retained earnings 1,792 1,741 Equity aributable to parent company shareholders 21 4,078 3,836 Equity aributable to non-controlling interests 25 28 Total equity 4,102 3,864 Liabilities Long-term liabilities Lease liabilities 22 4,037 3,608 Other interest-bearing liabilities 22, 23, 28 4,842 3,997 Provisions for post-employment benets 23, 25 72 71 Other provisions 26 80 111 Deferred tax liabilities 9 284 297 Total long-term liabilities 9,315 8,084 Sho-term liabilities Lease liabilities 22 1,073 938 Other interest-bearing liabilities 22, 23, 28 225 683 Accounts payable 22 790 673 Current tax liabilities 9 65 128 Other liabilities 406 251 Accrued expenses and deferred income 27 873 869 Other provisions 26 218 139 Total sho-term liabilities 3,649 3,682 Total equity and liabilities 17,067 15,630 Elanders Annual and Sustainability Repo 2024 — 113 Statements of changes in equity Equity aributable to parent company shareholders Equity Other of non- Share contributed Other Retained controlling Total MSEK capital capital reserves 1) earnings Total interest equity Opening balance as of 1 Jan. 2023 354 1,276 532 1,673 3,835 36 3,870 Dividend to parent company shareholders — — — –147 –147 –18 –165 Change in fair value of put and call option to acquire non-controlling interest — — — –38 –38 — –38 Result for the year — — — 248 248 10 258 Other comprehensive income — — –66 4 –62 1 –61 Closing balance as of 31 Dec. 2023 354 1,276 466 1,741 3,836 28 3,864 Dividend to shareholders — — — –147 –147 –9 –156 Change in fair value of put and call option to acquire non-controlling interest — — — 21 21 — 21 Result for the year — — — 176 176 7 183 Other comprehensive income — — 190 0 190 0 190 Closing balance as of 31 Dec. 2024 354 1,276 657 1,792 4,078 25 4,102 1) Other reserves peain hedges of net investments and translation dierences. Financial reports and notes Group NOTE 1 — Accounting principles General information Elanders AB (publ.), corporate identity number 556008-1621 , is a lim- ited company registered in Sweden. The parent company is registered in Mölndal. Elanders is listed on NASDAQ OMX Stockholm, Mid Cap. The company’s primary business and its subsidiaries are described in the Board of Directors’ Report in this Annual Report. The annual accounts for the financial year ending on 31 December 2024 were approved by the Board and will be presented to the Annual General Meeting on 23 April 2025 for adoption. Accounting principles Financial reporting The Group has prepared the annual accounts according to the Annual Accounts Act, the EU approved International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) endorsed by the Europe- an Union as of 31 December 2024. In addition, the Group follows the Swedish Financial Reporting Board Recommendation RFR 1 Supple- mental Accounting Regulations for Groups, which specifies the additions to IFRSs information that are required according to the provisions in the Annual Accounts Act. In group accounting all items are valued at acquisition value, unless otherwise specified. The Group reports in Swedish krona. All amounts are given in millions of Swed- ish krona, unless otherwise specifie d. Accounting principles are also described further in the associated note. Consolidation Group accounting comprises the parent company, Elanders AB, and companies in which Elanders AB directly or indirectly holds a control- ling interest. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Equity in the Group is comprised of equity in the parent company and the part of the equity in subsidiaries generated after acquisition. All transactions and balances between group companies are eliminated in the consolidated accounts. Foreign currency Items that are included in the financial reports from the various units in the Group are originally recognized in the currency used in the primary economic environment where the respective unit chiefly oper- ates (functional currency). In the consolidated financial statements all amounts are translated to Swedish krona, which is the parent com- pany’s functional and reporting currency. — Transactions and balance sheet items Transactions in foreign currency are reported in each unit based on the unit’s functional currency according to the transaction day exchange rate. Monetary assets and liabilities in foreign currency are translated to balance sheet date rates and translation differences are reported under the result for the period. Translation differences in operating receivables and payables are recorded under operating results while differences in financial assets and liabilities are reported under financial items. — Translation of foreign subsidiaries When preparing the consolidated financial statements the balance sheets of foreign operations are translated to Swedish krona with balance sheet date rates while income statements are translated to the average exchange rates for the period. Translation differences are rec- ognized as translation reserves under equity. The accumulated transla- tion differences are redistributed and reported as part of capital gains/ losses in the event of a divestiture of a foreign operation. Goodwill and adjustments to fair value attributable to acquisitions with another functional currency than Swedish krona are reported as assets and li- abilities in the acquired unit’s currency and translated to balance sheet date rates. Alternative performance measures The Annual Report includes alternative performance measures for monitoring the Group’s operations. Alternative performance measures are performance measures that have not been defined by IFRS. For reconciliation of the primary alternative performance measures and financial definitions, see pages 174–176 . New standards, amendments and interpretations of existing standards Standards, amendments and interpretations of existing standards that came into effect during 2024 During the year no interpretations or amendments of existing stan- dards have come into effect and had a significant effect on Elanders’ financial reports. Standards, amendments and interpretations of existing stan- dards that have not yet come into effect No new or amended standards that have not yet come into effect are expected to have a material impact on Elanders’ financial reports. Elanders Annual and Sustainability Repo 2024 — 115 NOTE 1 — Accounting principles (cont.) Important estimations and assessments When preparing the financial reports estimations and assessments are made about the future that effect balance sheet and income statement items in the annual accounts. These assessments are based on historic experience and the various assumptions that Group Management and the Board of Directors consider plausible under existing circumstances. In cases where it is not possible to ascertain the book value of assets and liabilities through information from other sources these estimations and assessments form the basis of the valuation. If other assessments are made, or other circumstances influence the matter, the actual outcome can differ from these as- sessments. The table below shows the most significant estimations and assessments carried out when preparing the financial reports. Important estimations and assessments Note Valuation of tax loss carry forwards 9 Taxes Impairment of goodwill and other intangible assets 13 Intangible assets Impairment of tangible assets and residual value risks 14 Tangible assets Measurement of lease liabilities and right-of-use assets 15 Right-of-use assets Assessments made when calculating fair value 16 Financial assets Impairment and obsolescence in inventory 17 Inventory Provision of bad debt and expected credit losses 18 Account receivables Assessments made when calculating fair value 22 Financial liabilities Assumptions when calculating post-employment benefits 25 Provisions for post-employment benefits Assumptions made in determining the existence and amount of provisions 26 Other provisions Assessments made when acquiring subsidiaries 30 Acquired and divested operations Financial reports and notes Group NOTE 2 — Segment reporting Accounting principles Segment reporting is prepared in accordance with IFRS 8 Operating Seg- ments. The reporting is consistent with the internal reporting provided to the highest executive decision-maker in the Group, the Chief Executive Officer of the Elanders Group. The Group has defined two operating seg- ments which are the same as the two business areas Supply Chain Solu- tions and Print & Packing Solutions. The operations within each operating segment have similar economic characteristics and resemble each other regarding the nature of their products and services, production proces- ses and customer types. Sales between segments takes place on market terms and have been eliminated in the Group’s total sales. Group functions mainly comprises the costs attributable to the Board of Directors, President and other senior executives, audit costs as well as corporate costs for the provision of information for shareholders, maintaining the stock listing and costs relating to preparation of the annual accounts. When presenting geographical sales, the customers’ location has been decisive for which geographic area the sales have been allocated to. Financial income and expenses are not allocated to the respective business areas since the financing of the Group is managed by Group Finance. Assets and liabilities are not divided by segment since no such amounts are regularly reported to the Chief Executive Officer of the Group. Elanders Sverige AB, which was previously part of the business area Supply Chain Solutions, is as of January 1, 2024, included in Print & Packaging Solutions, which better reflects the Group’s internal reporting structure and the company’s product and service offering. The compara- tive periods below have been restated in accordance with IFRS 8 . Reporting by segment Supply Chain Print & Packaging Solutions Solutions MSEK 2024 2023 2024 2023 Net sales 11,475 11,102 2,803 2,914 Operating expenses –10,808 –10,456 –2,625 –2,803 Operating result 667 646 179 111 Net financial items — — — — Result before tax 667 646 179 111 Investments 453 410 141 135 Depreciation and amortization –1,226 –1,051 –184 –190 Goodwill 3,629 3,044 1,458 1,408 Trademarks with indefinite useful life 816 769 — — Group functions Eliminations Group MSEK 2024 2023 2024 2023 2024 2023 Net sales 50 47 –186 –197 14,143 13,867 Operating expenses –110 –80 186 197 –13,357 –13,142 Operating result –60 –33 — — 786 724 Net financial items –507 –326 — — –507 –326 Result before tax –568 –359 — — 278 398 Investments 1 4 — — 594 549 Depreciation and amortization –2 –2 — — –1,411 –1,243 Goodwill — — — — 5,088 4,452 Trademarks with indefinite useful life — — — — 816 769 Elanders Annual and Sustainability Repo 2024 — 117 NOTE 2 — Segment reporting (cont.) Information concerning the Group’s largest customers Elanders has one customer whose sales exceed ten percent of the Group’s net sales. In 2024, sales to the Group’s largest customer repre- sent 15 (17) percent while sales to the next largest customer represent 9 (9) percent of the total net sales. Sales to these customers is made to several of their divisions, on several continents and is based on multiple stand-alone agree ments. The three largest customers are mainly attrib- utable to the segment Supply Chain Solutions. The Group’s ten largest customers together represents 41 (45) percent of total net sales. Sales by geographic area MSEK 2024 2023 Germany 5,527 5,604 USA 2,136 2,698 United Kingdom 1,511 688 Singapore 1,476 1,494 Sweden 575 508 Netherlands 496 458 China 475 444 Switzerland 298 379 Poland 222 251 Hungary 151 216 Other countries 1,276 1,125 Total 14,143 13,867 Fixed assets by geographic area MSEK 2024 2023 Germany 2,996 2,822 United Kingdom 1,288 1,015 USA 1,266 1,190 Netherlands 159 176 Singapore 93 147 Austria 91 103 Czech Republic 79 97 Sweden 73 78 Hungary 66 65 Poland 43 45 Other countries 141 133 Total 6,294 5,871 Fixed assets above include other intangible assets, tangible fixed assets as well as right-of-use assets. The assets are allocated according to where the subsidiaries are located geographically. Goodwill and trademarks with indefinite useful life and a book value of MSEK 5,904 (5,221) have not been allocated by geography. They are only allocated by segment. Financial reports and notes Group NOTE 3 — Disaggregation of revenue Accounting principles Elanders applies IFRS 15 Revenue from contract with customers. The standard is built according to a control-based model in five steps and requires that revenue is recognized to an amount that reflects the renumeration to which the company expects to be entitled in exchange for transferring goods or service to the customer, and that sales of goods and services are accounted for separately. Since all products are essentially integrated parts of service deliveries to customers, a split of revenues into products and services is not meaningful for Elanders. Revenue is recognized when the control has been transferred to the customer in connection with final delivery. Revenue from contracts with customers are either recognized at one point in time or over time as the service is performed in accordance with the contract. Revenue has been divided into geographic markets, main revenue streams and customer segments since these are the categories the Group uses to present and analyze revenue in other contexts. Income for each category is presented per operating segment. The Group’s customer contracts are easy to identify and products and services in a contract are largely connected and dependent on each other, and therefore part of an integrated offer. Main revenue streams are presented based on the internal names used in the Group. Sourcing & Procurement services refer to the purchase and procurement of products for customers as well as handling the flows connected to these products. Freight and transportation services refer to revenue from freight and transportation with own trucks as well as pure freight forwarding. Other supply chain services such as fulfillment, kitting, warehousing, assembly and after sales services are presented under Other contract logistics services. Other work/services refer to pure print services and other services that do not fit into any of the first three categories. Intra-group invoicing regarding group functions is reported net in net sales to group companies. Elanders Sverige AB, which was previously part of the business area Supply Chain Solutions, is as of January 1, 2024, included in Print & Packaging Solutions, which better reflects the Group’s internal reporting structure and the company’s product and service offering. The compara- tive periods below have been restated in accordance with IFRS 8 . Supply Chain Print & Packaging Solutions Solutions Total MSEK 2024 2023 2024 2023 2024 2023 Total net sales 11,475 11,102 2,803 2,914 14,279 14,017 Less: net sales to group companies –79 –89 –57 –61 –136 –150 Net sales 11,396 11,013 2,746 2,854 14,143 13,867 Supply Chain Print & Packaging Solutions Solutions Group MSEK 2024 2023 2024 2023 2024 2023 Customer segments Automotive 1,992 2,249 532 590 2,524 2,839 Electronics 3,647 3,429 57 65 3,704 3,494 Fashion 3,263 3,626 50 275 3,313 3,901 Health Care 581 453 56 61 637 514 Industrial 1,036 915 625 657 1,661 1,572 Other 878 341 1,425 1,206 2,303 1,547 Net sales 11,396 11,013 2,746 2,854 14,143 13,867 Main revenue streams Sourcing and procurement services 1,873 1,939 — — 1,873 1,939 Freight and transportation services 3,192 3,396 — — 3,192 3,396 Other contract logistics services 5,925 5,471 227 312 6,152 5,783 Other work/services 406 207 2,519 2,541 2,926 2,748 Net sales 11,396 11,013 2,746 2,854 14,143 13,867 Elanders Annual and Sustainability Repo 2024 — 119 NOTE 3 — Disaggregation of revenue (cont.) Supply Chain Print & Packaging Solutions Solutions Group MSEK 2024 2023 2024 2023 2024 2023 Geographic markets Europe Germany 4,357 4,355 1,170 1,249 5,527 5,604 United Kingdom 1,227 361 284 327 1,511 688 Sweden 333 259 242 249 575 508 Netherlands 439 405 57 53 496 458 Switzerland 232 313 66 66 298 379 Poland 93 125 128 127 222 251 Hungary 102 162 48 55 151 216 Other countries 463 347 398 353 861 700 Europe total 7,247 6,327 2,394 2,479 9,641 8,806 Asia Singapore 1,476 1,494 0 0 1,476 1,494 China 472 441 2 3 475 444 India 94 100 2 1 96 101 Other countries 108 87 30 32 138 119 Asia total 2,149 2,122 34 36 2,184 2,158 North and South America USA 1,839 2,387 297 311 2,136 2,698 Other countries 146 160 13 20 159 179 North and South America total 1,985 2,547 310 331 2,295 2,878 Other 15 16 8 9 23 25 Net sales 11,396 11,013 2,746 2,854 14,143 13,867 NOTE 4 — Other operating income and other operating expenses Other operating income MSEK 2024 2023 Result from investments in associated companies 0 — Exchange rate gains 14 17 Gains from sales of fixed assets 20 16 Insurance compensations 8 23 Revaluation of additional consideration 186 — Other 77 75 Total 305 130 Other operating expenses MSEK 2024 2023 Exchange rate losses –12 –20 Losses from sales of fixed assets –5 –10 Revaluation of additional consideration — –14 Other –40 –58 Total –57 –103 Financial reports and notes Group NOTE 5 — Personnel Average number of employees Women Men Total Number (FTE) 2024 2023 2024 2023 2024 2023 Parent company Sweden 7 8 6 6 13 14 Subsidiaries Germany 887 943 2,168 2,274 3,055 3,217 USA 717 782 426 439 1,143 1,220 United Kingdom 124 61 705 232 828 292 Singapore 184 200 254 271 439 470 China 249 316 78 91 327 407 Hungary 112 120 158 177 270 297 Czech Republic 118 130 150 181 268 311 Poland 78 95 179 199 257 294 Netherlands 52 49 132 132 184 181 Sweden 39 37 113 113 151 150 Austria 58 13 64 37 122 51 India 13 20 86 126 99 146 Mexico 31 28 25 15 55 44 Brazil 24 25 26 23 49 48 Italy 18 17 7 6 25 23 Canada 9 13 3 7 12 21 Moldova 1 — 11 8 12 8 Taiwan 4 5 1 1 5 6 Romania 3 2 2 3 5 5 Thailand 2 — 1 — 3 — Total 2,730 2,863 4,594 4,340 7,324 7,203 Elanders Annual and Sustainability Repo 2024 — 121 NOTE 5 — Personnel (cont.) Salaries and other remuneration Board and CEO Basic wage incl. other benefits Variable remuneration Other employees MSEK 2024 2023 2024 2023 2024 2023 Parent company 17 16 — — 31 17 Subsidiaries 59 50 12 14 3,436 3,059 Total 76 65 12 14 3,467 3,075 Salaries and remuneration Social security contribution Pension contributions MSEK 2024 2023 2024 2023 2024 2023 Parent company 48 32 18 12 10 8 Subsidiaries 3 507 3 122 564 522 52 47 Total 3 555 3 155 582 534 62 56 Gender distribution in management at the balance sheet date Women Men Total 2024 2023 2024 2023 2024 2023 Board members 4 4 5 5 9 9 Group Management 1 — 6 6 7 6 Management positions 271 255 655 656 926 911 The Board also includes two employee representatives. Management position refers to shift- and team leader, site manager or more senior position that is not member of Group Management or the Board of Directors. Remuneration to the board, chief executive officer and other senior officers 2024 Basic wage/Board Variable Other Pension SEK ’000s remuneration remuneration benefits contributions Total Chairman of the Board 937 — — — 937 Board members (7 persons) 3,576 — — — 3,576 Chief Executive Officer 12,035 — 144 4,122 16,301 Other senior officers (6 persons) 35,678 9,883 910 1,529 48,000 Total remuneration to the Board, CEO and senior 52,226 9,883 1,053 5,651 68,813 officers For allocation of the remuneration to each Board member, see page 106. In other senior officers Kevin Rogers is included until January 2024. Charles Ickes and Ged Carabini are included from February 2024. Andréas Wikner is inclu- ded until April 2024 and Åsa Vilsson is included from May 2024. Remuneration to the board, chief executive officer and other senior officers 2023 Basic wage/Board Variable Other Pension SEK ’000s remuneration remuneration benefits contributions Total Chairman of the Board 896 — — — 896 Board members (7 persons) 3,422 — — — 3,422 Chief Executive Officer 11,140 — 143 3,890 15,173 Other senior officers (5 persons) 33,810 12,986 788 2,019 49,603 Total remuneration to the Board, CEO and senior 49,267 12,986 931 5,909 69,093 officers Financial reports and notes Group NOTE 5 — Personnel (cont.) Guidelines for remuneration to senior officers These guidelines were resolved at the 2022 Annual General Meeting and shall thereafter be applied on remuneration to Board members, Chief Executive Officer and other members of Group Management. For more information about renumeration to senior officers, see the Board of Directors report. Basic wage/Board remuneration The Chairman of the Board and Board members receive compensation for their participation on the Board and committee work from the total remuneration sum for the Board determined by the Annual General Meeting. Board members and deputies employed in the Group did not receive any fees or benefits in addition to those pertaining to their employment. The Chairman of the Board has not received any com- pensation other than Board and committee remuneration. Remunera- tion to the Chief Executive Officer and other senior officers consists of a basic salary, variable remuneration, other benefits and pension. Senior officers are the people who, together with the Chief Executive Officer, comprised Group Management in 2024. Variable remuneration The proportion between basic salary and variable remuneration corresponds to the officer’s responsibility and authority. For the Chief Executive Officer and the Chief Financial Officer variable remunera- tion should not exceed 70 and 50 percent respectively of their annual salary. For the other senior officers, variable remuneration may not exceed 40 percent of their annual salary. Variable remuneration is based on results in relation to individually targeted goals. Pension benefits as well as other benefits to the Chief Executive Officer and senior officers are part of the total remuneration. The vari- able remuneration represents the expense for the financial year 2024, which is normally paid out in 2025. The variable remuneration for the Chief Executive Officer is based on goals established by the Board. For other senior officers, variable remuneration is based on goals established by the Chief Executive Officer together with the remuneration committee. No variable remu- neration or any other kind of remuneration had a dilution effect. Other benefits “Other benefits” refers to housing, company cars etc. Pensions The Group has both defined benefit and defined contribution pension plans. Pension cost is the cost that affects the result for the year. One former employee and member of Group Management had defined benefit and defined contribution pension plans. At 31 December 2024 the defined benefit obligation has been paid out. All pensions are fully vested, i.e. there is no dependency on future employment. The current Chief Executive Officer only has a defined contribu- tion pension corresponding to 35 percent of the salary pension. The salary pension is based on the basic salary. The retirement age is 65 years for all senior officers. Pension provisions are no more than 35 percent of the basic wage or, if applicable, no more than the ITP cost and the legal general pension, or the equivalent. Financial instruments There is no compensation or benefits in the form of financial instru- ments. Other remuneration No other remunerations have been distributed. Notice periods and severance payments The period of notice for termination of the Chief Executive Officer by the company is 18 months. The period of notice from the Chief Executive Officer is 6 months. The period of notice for termination of other senior officers is normally 12 months. Usually no severance pay is paid no matter which party gives notice. Normal wages are paid during the period of notice. Deviations from the guidelines The Board is entitled to deviate from the above guidelines if the Board determines that there are special reasons that in specific cases can justify this. The Board has during the year deviated from the guidelines for one of the senior officers regarding the variable remuneration and the limitation at 40 percent of the basic wage. The Board has also deviated from the guidelines and decided to grant a severance pay exceeding 12 months to a senior executive. Preparation and decision process The remuneration committee has during the year presented the Board with recommendations concerning principles for the remuneration of senior officers. The recommendations have included proportions between fixed and variable remuneration as well as the size of possible raises. In addition, the remuneration committee has proposed criteria for deciding on variable remuneration as well as pension terms and severance pay. The Board has discussed the remuneration committee’s proposals and made its decisions guided by their recommendations. The Board has determined the remuneration for the Chief Execu- tive Officer for the financial year of 2024 based on the remuneration committee’s proposals. The Chief Executive Officer has determined the remuneration for other senior officers after consultation with the chairman of the remuneration committee. Members of the remuneration committee during the year were Dan Frohm, Chairman, Carl Bennet, and Erik Gabrielson. The remu- neration committee meets when necessary, but at least once a year to prepare proposals for the remuneration of the Chief Executive Officer and agree or disagree to his proposal for remuneration and conditions for senior officers who report directly to him. In addition, the remu- neration committee draws up principles for salary levels and employ- ment terms for Group Management. The remuneration committee proposes remuneration, terms and principles to the Board that then decides on these matters. The remuneration committee has met once in 2024. When necessary, the committee has been supported by external expertise in matters concerning compensation levels and structures. Elanders Annual and Sustainability Repo 2024 — 123 NOTE 6 — Fees to the auditors MSEK 2024 2023 PwC Audit assignment 8 7 Audit-related services — — Tax advisory services 0 0 Other services 0 1 Other Audit assignment 2 2 Audit-related services 0 0 Tax advisory services 1 1 Other services 0 0 Total 11 10 The audit assignment refers to fees for the statutory audit, i.e. work that was necessary to deliver the auditor’s report, as well as so-called audit advice provided in connection with the audit engagement. The total fee to PwC and its network amounted to MSEK 9 (8) during the year, of which MSEK 8 (7) was the fee for the audit assignment. The parent company has paid MSEK 4 (4) in remuneration to the audit firm PricewaterhouseCoopers AB for the audit engagement, of which MSEK 0 (1) related to other services. NOTE 7 — Costs classified by nature MSEK 2024 2023 Costs for goods for resale and other production material 2,670 2,688 Personnel costs 4,369 3,993 Freight costs 2,164 2,443 Other production costs 2,490 2,344 Costs for depreciation and write-downs 1,411 1,243 Cost for advertising and other selling expenses 63 65 Other costs 438 395 Total 13,605 13,169 The table shows the total cost for sold products and services, sales costs and administrative costs allocated per type of cost . NOTE 8 — Financial income and expenses Financial income MSEK 2024 2023 Interest income 21 14 Exchange rate gains 42 218 Other 1 3 Total 64 235 Financial expenses MSEK 2024 2023 Interest expenses leasing liabilities –177 –141 Interest expenses other liabilities –327 –197 Exchange rate losses –53 –211 Other –15 –13 Total –571 –561 Financial reports and notes Group NOTE 9 — Taxes Accounting principles The Group’s tax expense consists of current tax and deferred tax. Current tax is based on the fiscal result for the year. The annual fiscal result differs from the result reported for the year due to adjustments for non-taxable and non-deductible items. Current tax is calculated based on the tax rules and regulations that apply in the countries where the group companies are taxed. Deferred tax is tax relating to taxable or tax-deductible temporary differences that affect future taxes. Deferred tax is calculated ac- cording to the balance sheet method based on temporary differences between recorded and fiscal values of assets and liabilities. Calcula- tion of the amounts is based on how the temporary differences are expected to reverse using enacted tax rates or tax rates announced on the balance sheet date. Deferred tax assets that refer to tax deficits and deductible temporary differences are only reported in cases where it is probable that tax deficits can be recognized against tax surpluses in the future. Deferred tax is reported as an income or an expense in the income statement except in cases where it refers to a transaction that is recorded in other comprehensive income. In that case the tax effect is recorded directly in other comprehensive income. Deferred tax assets and liabilities are offset against each other in cases where Elanders has legal rights to set-of f. The Group is subject to the rules on Global Minimum Tax. Legisla- tion on Global Minimum Tax has been adopted in Sweden, where Elanders AB (publ) is registered, and entered into force on January 1, 2024. The Group applies the exemption to recognize and disclose deferred tax assets and liabilities related to income taxes on Global Minimum Tax, as set out in the amendments to IAS 12. According to the legislation, the Group is liable to pay an additional tax on the difference between the effective tax rate calculated accord- ing to the GloBE rules for each jurisdiction and the minimum tax rate of 15 percent. For Elanders, the effective tax rate is calculated together for the Group, Carl Bennet AB and certain of Carl Bennet AB’s other subsidiaries. Elanders is therefore working together with Carl Bennet AB to evaluate its exposure in terms of Global Minimum Tax. The Group has estimated that the effective tax rates exceed 15 percent in all jurisdic- tions where it operates. Estimations and assessment Valuation of tax loss carry forwards Deferred tax assets concerning tax loss carry forwards reported by the Group have been tested at year-end and it is deemed probable that these can be set off against taxable gains. The tax assets primarily refer to Swedish tax loss carry forwards that can be utilized for an unlimited amount of time. The Group’s Swedish operations are expected to gener- ate a substantial surplus in the future. Elanders therefore believes it is safe to say that it will be possible to set off the deficit deduction which the tax assets stem from, against future taxable surpluses . Recorded tax MSEK 2024 2023 Current tax on the result for the year –170 –168 Withholding tax on dividends and other taxes –9 –7 Correction of previous years’ current tax expense –5 –1 Deferred tax 88 35 Recorded tax –95 –140 Reconciliation of recorded tax MSEK 2024 2023 Result before taxes 278 398 Tax according to Swedish tax rate of 20.6 (20.6)% –57 –82 Tax effect of: — differences in tax rates for foreign subsidiaries 17 –30 — non-deductible costs –37 –30 — revaluation of deferred taxes –12 3 — correction of previous years’ tax expense –5 –1 — withholding tax on dividends –5 –9 — other 5 7 Recorded tax –95 –140 Elanders Annual and Sustainability Repo 2024 — 125 NOTE 9 — Taxes (cont.) Deferred tax assets and liabilities by nature MSEK 2024 2023 Tax loss carryforwards 235 197 Fixed assets –218 –243 Other items 206 165 222 120 Less: Tax losses carried forward not valued –16 –25 Closing balance, net 206 94 Allocation of deferred tax assets and liabilities in the statement of financial position MSEK 2024 2023 Deferred tax assets 490 391 Deferred tax liabilities –284 –297 Closing balance, net 206 94 Change in deferred tax MSEK 2024 2023 Opening balance, net 94 150 Acquisition of operations –4 –84 Recorded deferred tax on the result for the year 88 35 Tax items charged directly against other comprehensive income 18 –8 Translation differences 9 1 Closing balance, net 206 94 Tax items charged directly against other comprehensive income refer to the Group’s hedge reserve and hedging of net investments abroad. Due date structure — deferred tax assets relating to tax loss carryforwards MSEK 2024 2023 Due within one year 1 — Due within 2–5 years 6 0 Due after 5 years 3 2 No due date 208 170 Closing balance 219 172 NOTE 10 — Earnings per share 2024 2023 Result for the year attributable to parent company shareholders, MSEK 176 248 Average number of outstanding shares, in thousands 35,358 35,358 Earnings per share, SEK 4.99 7.02 Earnings per share is calculated by dividing the result attributable to the parent company’s shareholders with the average number of outstanding shares during the year. There is no dilution. NOTE 11 — Operating cash flow MSEK 2024 2023 Cash flow from operating activities 1,416 1,782 Financial items 507 326 Paid taxes 222 242 Acquired and divested operations –1,083 –832 Other items included in cash flow from investing activities –168 –180 Operating cash flow 894 1,338 Operating cash flow is defined as cash flow from operating activities, excluding financial items and paid taxes, and cash flow from investing activities . Financial reports and notes Group NOTE 12 — Supplementary information to cash flow statements Accounting principles The cash flow statements are prepared in accordance with the indirect method. The cash flows of foreign group companies are translated at an average exchange rate. Changes in the group structure, acquisitions and divestments are reported gross, excluding cash and cash equivalents, and are included in the cash flow from investing activities. Adjustment for items not included in cash flow MSEK 2024 2023 Depreciation, amortization and write-downs of intangible and tangible assets 1,411 1,243 Changes in provisions that affect cash flow 16 –38 Result from disposal of tangible assets –16 –5 Unrealized exchange rate gains and losses –26 –27 Other changes –171 82 Total 1,215 1,255 Paid and received interest MSEK 2024 2023 Paid interest –499 –343 Received interest 21 14 Total –478 –328 Cash and cash equivalents Cash and cash equivalents consist primarily of cash and bank balan- ces. Short-term placements are classified as cash and cash equivalents when: — the risk of changes in their fair value is insignificant. — they are easily converted. — they mature in less than three months from the date they were acquired. Other changes in long and short-term interest-bearing liabilities The item Other changes in long and short-term interest-bearing liabi- lities mainly refers to changes stemming from utilization of revolving credits. NOTE 13 — Intangible assets Accounting principles Goodwill Goodwill is the difference between the acquisition value and the Group’s share of the fair value of the acquired subsidiary’s, associated company’s or jointly controlled entity’s identifiable assets, liabilities or obligations on the date of acquisition. If at acquisition the fair value of the acquired assets, liabilities or obligations exceed the acquisition price, the difference is recorded directly as income in the income state- ment. Goodwill has an indefinite useful life and is recorded at acquisi- tion value less accumulated write-downs. All goodwill is allocated to the cash-generating units that benefit from the synergies from the business combination. The cash-generating units in Elanders is the operating segments, Supply Chain Solutions and Print & Packing Solutions. When a company is sold, the portion of goodwill attributable to that company which has not been written down is calculated in capital gains/losses . Other intangible assets Other intangible assets are customer relations, trademarks, favorable contracts identified at the time of an acquisition as well as the cost of purchasing and developing software. Internally created intangible assets are reported as an asset only in cases where an identifiable asset has been created, it is fairly certain that the asset will lead to financial gains and invested expenses for developments can be calculated reliably. If it is not possible to report an internally created intangible asset, the costs for development are recorded as expenses in the period in which they occur. Other intangible assets from acquisitions are reported at fair value on the acquisition date. In subsequent periods, other intangible assets are reported with a determined useful life at acquisition value less accumulated amortization and write-downs. Trademarks with indefinite useful life are recorded at acquisition value less accumulated write- downs. Useful life for other intangible assets, besides trademarks with indefinite useful life, is 3–10 years. Impairment Goodwill and trademarks with indefinite useful life are subjected to impairment tests annually and whenever there are indications that a write-down may be necessary. A previous write-down is reversed if the basis for determining the recoverable amount of the asset when it was written down has been changed and the impairment is no longer necessary. Reversals of previ- ous write-downs are assessed individually and recorded to the income statement. Write-downs of goodwill and other intangible assets with an indefinite useful life are not reversed in a subsequent period . Elanders Annual and Sustainability Repo 2024 — 127 NOTE 13 — Intangible assets (cont.) Estimations and assessments Group Management conducts an annual impairment test of goodwill and other intangible assets. The testing is performed on the lowest identified cash generating level, which for Elanders is the operating seg- ment level. To estimate the value in use, a discounted cash flow model is used. The calculation of future cash flows is based on budget and the strategic plans, adopted by Group Management, for the next four years. The factor used to calculate the growth in the terminal period after the four-year period is 2 percent for both operating segments. This growth rate has been determined based on a long-term assumption and does not exceed the long-term growth rate for the industry as a whole. The impairment test also contains a number of assumptions that, in dif- ferent assessments, can have a significant impact on the calculation of recoverable value, such as: — operating margins/results — discount interest — growth/inflation For the impairment test, a discount rate after tax has been calculated based on the weighted average cost of capital (WACC). For the current year it was 7.8 (8.3) percent. Based on the assumptions given above, the useful value exceeds the recorded value for all cash generating units . Sensitivity analysis A number of sensitivity analyses have been made to evaluate whether or not feasible unfavorable changes could lead to need for write- downs. The analyses have focused on if the average growth rate or operating margin was reduced with one percentage unit or the discount rate was increased with one percentage unit. The analyses have not shown any need for impairment and the recoverable value exceeds the book value for both business area Supply Chain Solutions and Print & Packaging Solutions. A need for impairment is identified first at a dis- count rate of 10.3 percent for Supply Chain Solutions and 8.9 percent for Print & Packaging Solutions respectively. Other intangible Goodwill Trademarks 1) assets 2) Total MSEK 2024 2023 2024 2023 2024 2023 2024 2023 Opening acquisition value 4,453 3,656 769 783 1,406 1,220 6,628 5,660 Investments — — — — 19 13 19 13 Acquired and divested operations 372 865 — — –37 221 334 1,086 Disposals — — — — –23 –31 –23 –31 Reclassification — — — — 13 7 13 7 Translation difference 264 –68 48 –15 79 –23 391 –106 Closing acquisition value 5,089 4,453 816 769 1,457 1,406 7,362 6,628 Opening accumulated amortization and write-downs –1 –1 — — –814 –736 –815 –737 Acquired and divested operations — — — — — — — — Amortization for the year — — — — –125 –113 –125 –113 Disposals — — — — 20 27 20 27 Reclassification — — — — — –1 — –1 Translation difference — — — — –40 10 –40 10 Closing accumulated amortization and write-downs –1 –1 — — –959 –814 –960 –815 Net residual value 5,088 4,452 816 769 498 593 6,402 5,813 1) Trademarks with indefinite useful life. 2) Customer relations, trademarks with defined useful life, software and leasehold . Financial reports and notes Group NOTE 13 — Intangible assets (cont.) Amortization specified by function in the income statement MSEK 2024 2023 Cost of products and services sold –75 –61 Selling expenses –45 –45 Administrative expenses –5 –7 Total –125 –113 Intangible assets with indefinite useful life divided by cash generating unit MSEK 2024 2023 Supply Chain Solutions 4,446 3,812 Print & Packaging Solutions 1,458 1,408 Total 5,904 5,221 For further details regarding intangible assets with indefinite useful life see note 2 . NOTE 14 — Tangible assets Accounting principles Land, buildings, plant and machinery, equipment, tools, and fixed assets under construction are recorded at acquisition value less accumulated depreciation and write-downs. Acquisition value includes charges that are directly attributable to the acquisition of the asset. Additional charges are added to the asset’s carrying amount or are reported as a separate asset only when it is probable that the future economic ben- efit associated with the asset will accrue to the Group and the asset’s acquisition value can be measured in a reliable manner. All other forms of repairs and maintenance are recorded as costs in the income state- ment in the period in which they were incurred . Tangible assets are straight-line depreciated over the estimated useful life of the asset. No depreciation on land is made. The useful lives are used to calculate depreciation according to the table to the right. The carrying amount of a tangible asset is derecognized from the statement of financial position upon disposal or sale or when no future economic benefits are expected from use. Capital gains/ losses from the sale of tangible assets are recorded as Other operating income or Other operating expenses. Estimated useful life Buildings 25–30 years Building inventories 5–15 years Land improvements 20 years Printing presses, offset 7–10 years Printing presses, digital 3–5 years Other mechanical equipment 7–10 years Computer equipment and systems 3–5 years Vehicles 5 years Other equipment 5–10 years Estimations and assessment The useful lives are based upon estimates of the periods during which the assets will generate revenue and are to a large extent based on historical experience of usage and technological development. The residual value and useful life of tangible assets are tested regularly by management and whenever events or changes in circumstances indi- cates that the carrying value may not be recoverable. Land is judged to have indefinite useful life and is not depreciated, but is instead tested at least annually for impairment . Elanders Annual and Sustainability Repo 2024 — 129 NOTE 14 — Tangible assets (cont.) Buildings Plant and Equipment, tools, and land 1) machinery fixtures and fittings MSEK 2024 2023 2024 2023 2024 2023 Opening acquisition value 591 544 1,121 1,029 1,190 1,133 Investments 12 10 32 61 91 65 Acquired and divested operations 5 — 26 83 39 88 Disposals –1 –4 5 –58 –41 –97 Reclassification 19 52 –8 11 24 23 Translation difference 31 –11 64 –5 73 –21 Closing acquisition value 658 591 1,239 1,121 1,376 1,190 Opening accumulated depreciation and write-downs –338 –317 –863 –836 –832 –807 Acquired and divested operations — — — –28 — –38 Depreciation for the year –33 –30 –77 –56 –109 –93 Disposals 1 3 –8 53 35 89 Reclassification –15 — 15 0 0 1 Translation difference –17 6 –50 4 –50 15 Closing accumulated depreciation and write-downs –401 –338 –982 –863 –955 –832 Net residual value 256 254 257 258 421 358 Fixed assets under construction 2) Total MSEK 2024 2023 2024 2023 Opening acquisition value 23 72 2,926 2,778 Investments 42 54 176 191 Acquired and divested operations — — 70 171 Disposals –3 –3 –40 –162 Reclassification –48 –101 –13 –15 Translation difference 1 1 169 –37 Closing acquisition value 15 23 3,288 2,926 Opening accumulated depreciation and write-downs — — –2,032 –1,960 Acquired and divested operations — — — –65 Depreciation for the year — — –218 –178 Disposals — — 28 146 Reclassification — — 0 1 Translation difference — — –117 24 Closing accumulated depreciation and write-downs — — –2,339 –2,032 Net residual value 15 23 950 893 1) Buildings and land include land with a book value of MSEK 36 (34). 2) Fixed assets under construction include advances related to tangible assets of MSEK 13 (22). There were no significant investment obligations per 31 December 2024 or 2023 . Depreciation specified by function in the income statement MSEK 2024 2023 Cost of products and services sold –188 –149 Selling expenses –4 –4 Administrative expenses –25 –26 Total –218 –178 Financial reports and notes Group NOTE 15 — Right-of-use assets Accounting principles Leases are recognized in accordance with IFRS 16 Leases, which means that a lessee must, upon the commencement date, recognize a right-of- use asset and a lease liability in the balance sheet. Leases are reported as an asset and a liability as of the date when the leased asset is avail- able for use by the Group. Lease liabilities are recognized at the present value of future lease payments. Each lease payment is divided into amortization of lease liability and financial cost. The financial cost is allocated over the lease term so that each reporting period is charged with an amount corre- sponding to a fixed interest rate for the liability recognized during each period. Lease payments are discounted with the interest rate implicit in the lease if this rate can easily be determined. Other wise, the Group’s incremental borrowing rate is applied based on currency and maturity of the contract. The rights-of-use assets are recognized at cost and include initial pres- ent value of the lease liability. Restoration costs are included in the asset if a corresponding provision for restoration costs exist. The right-of- use asset is depreciated on a straight-line basis over the shortest of the asset’s useful life and the lease term. Elanders leases mainly comprise of right-of-use assets for premises, machinery and equipment and vehicles. Short-term leases and leases for which the underlying assets is of low value are exempted and is ex- pensed on a straight-line basis in the income statement. Leases of low value mainly include IT-equipment and office equipment. A modified future lease contract is not registered as a separate contract but is recognized as a revaluation of the lease liability and a change in the right-of-use asset . Estimations and assessments Essential estimations and assessments made by Group Management are required to determine the value of the right-of-use assets and the present value of the lease liability. Such estimations and assumptions include identifying a lease, determining the lease term, and defining the discount rate. The lease term is determined as the non-cancellable period adjusted for periods that, according to agreement options, can extend or shorten the lease if it is reasonably certain that the option will be exercised. Evaluation of the certainty that the option will be exercised is made by management who consider all available information such as costs for termination and the importance of the asset for the business. Important parameters for determining the discount rate for a lease are the nature and quality linked to the underlying asset in the lease, the duration of the lease and the economic environment in which the asset will be used. The Group’s policy for setting discount rates for leases is based on the incremental borrowing rate for the leases. The incremen- tal borrowing rate is the interest rate that Elanders would have paid to borrow the amount required to obtain an asset of comparable value to the right-of-use asset, considered the term of the agreement, country, currency, collateral and credit risk . Equipment, tools, Buildings and land Plant and machinery fixtures and fittings Total MSEK 2024 2023 2024 2023 2024 2023 2024 2023 Opening acquisition value 6,546 5,791 297 350 208 309 7,051 6,450 Investments 279 261 77 19 44 66 399 346 Acquired and divested operations 273 700 — — — 17 273 717 Disposals –156 –292 –50 –74 –75 –180 –282 –547 Remeasurement 615 183 2 0 –2 –6 615 177 Translation difference 361 –97 13 1 8 3 382 –93 Closing acquisition value 7,918 6,546 338 297 183 208 8,439 7,051 Opening accumulated depreciation and write-downs –2,432 –1,940 –141 –154 –93 –204 –2,666 –2,298 Depreciation for the year –955 –825 –55 –60 –59 –66 –1,068 –952 Disposals 156 292 49 74 73 180 278 547 Translation difference –127 41 –6 0 –3 –3 –137 37 Closing accumulated depreciations and write-downs –3,358 –2,432 –153 –141 –82 –93 –3,593 –2,666 Net residual value 4,561 4,114 186 156 100 115 4,847 4,385 Elanders Annual and Sustainability Repo 2024 — 131 NOTE 15 — Right-of-use assets (cont.) Depreciation specified by function in the income statement MSEK 2024 2023 Cost of products and services sold –1,017 –913 Selling expenses –19 –14 Administrative expenses –32 –24 Total –1,068 –952 Expenses recognized in the income statement MSEK 2024 2023 Depreciation right-of-use assets –1,068 –952 Interest expenses lease liability –177 –141 Expenses related to short-term leases and leases with low value –299 –206 Expenses related to variable leasing fees that is not included in the lease liability –67 –67 Total –1,610 –1,365 The total cash flow for leasing contracts amounted to MSEK 1,556 (1,332). Financial reports and notes Group NOTE 16 — Financial assets Accounting principles Financial assets have been accounted for in accordance with IFRS 9, Financial Instruments, and can be classified into three different cat- egories; amortized cost, fair value through profit and loss or fair value through other comprehensive income. Financial assets are first recog- nized at fair value plus transaction costs, except for financial assets that are carried at fair value through the profit and loss. Instead, these assets are first recognized at fair value, while attributable transaction costs are recognized in the income statement. Financial assets are recognized in the balance sheet when the Group becomes a party to the commercial terms of the instrument. Financial assets are recorded in the balance sheet until the rights in the contract has been realized or the company no longer has rights to the asset . Acquisitions and disposals of financial assets are reported on the settlement date. The Group recognizes its financial assets primarily at amortized cost, except for derivatives that are carried at fair value through profit and loss. Financial assets measured at amortized cost The Group reports accounts receivable, cash and cash equivalents, other securities and other receivables at amortized cost. These financial assets have the purpose of collecting contractual cash flows and are initially recognized at fair value including transaction costs. The carry- ing amount of assets is adjusted by any impairment or expected credit losses. Amortized cost is calculated with the help of the compound interest method, which means that premiums or discounts together with directly related expenses or income is recorded over the period the contract is valid with the help of the calculated compound interest. The amortized cost is the value generated from a present value calculation with the compound interest rate as the discount factor. — Accounts receivable Accounts receivable are initially recognized at the transaction price. Accounts receivable are amounts due from customers for services per- formed in the ordinary course of business or goods sold. They are gener- ally due for settlement within 30–120 days and classified as current . — Cash and cash equivalents Cash and cash equivalents are cash in financial institutions and short- term liquid placements with a term of less than three months. — Other securities In May 2022, Elanders’ associated company LOGworks was merged with an external company, ProServ. Elanders previously owned 49 percent of the shares in Logworks. After the merger Elanders owns 14 percent of the shares in the merged company. The remaining shares are controlled by Adecco together with the Michelin Group. The holding is now classified as Other securities and is valued at amortized cost. — Investments in associates Investments in associates is accounted for using the equity method, which means that the investment is initially recognised at cost and thereby the carrying amount of the investment is adjusted to reflect the company's share of the associate’s profit or loss, as well as other changes in the associate’s equity . — Long-term receivables, current receivables and other receivables Long-term receivables, current receivables and other receivables, which are financial assets, are categorized as Other receivables. It means that they are recorded at amortized cost. In case the term of a receivable is short, it is recorded at its nominal value without a discount according to the method for amortized cost. Financial assets measured at fair value The Group recognize derivatives identified as hedging instruments to fair value through profit and loss. The derivatives consist of forward exchange contracts and are used for hedging purposes. Valuation at fair value of forward exchange contracts is based on published forward rates on an active market. All derivatives are included in level 2 in the fair value hierarchy. Since all the financial instruments recognized at fair value are included in level 2 there have been no transfers between valuation levels — Derivative instruments Derivative instruments are recorded at their fair value in the balance sheet. Changes in the value of cash flow hedges are reported in particu- lar categories under other comprehensive income until the hedged item is recorded in the income statement. Any result on hedge instruments attributable to the effective part of the hedge are recorded as equity under hedge provisions. Any result on hedge instruments attributable to the ineffective part of the hedge are recorded in the income statement . Estimations and assessments For financial assets measured at amortized cost, the fair value is consid- ered to be equal to the book value. Management continuously assess any need for impairment. The assessment is based on all available information, such as prevailing market conditions, payment patterns, col- lection measures etc. An allowance for bad debt in respect to expected losses on accounts receivables is maintained. See more information about the provision in note 18, Accounts receivable . Elanders Annual and Sustainability Repo 2024 — 133 NOTE 16 — Financial assets (cont.) Financial assets per category 2024 Assets valued to Assets valued to fair value through MSEK amortized cost profit and loss Total Whereof short-term Accounts receivable 2,194 — 2,194 2,194 Cash and cash equivalents 1,138 — 1,138 1,138 Other securities 58 — 58 — Investments in associates 7 — 7 — Hedging derivatives — 0 0 0 Other receivables 98 — 98 84 Closing balance 3,496 0 3,496 3,417 Financial assets per category 2023 Assets valued to Assets valued to fair value through MSEK amortized cost profit and loss Total Whereof short-term Accounts receivable 2,038 — 2,038 2,038 Cash and cash equivalents 1,107 — 1,107 1,107 Other securities 56 — 56 — Hedging derivatives — 0 0 0 Other receivables 93 — 93 82 Closing balance 3,294 0 3,294 3,226 Interest income from financial assets amounted to MSEK 21 (14 ) . NOTE 17 — Inventory Accounting principles Inventory is recognized at the lower of acquisition value and net realiz- able value. Acquisition value is calculated in accordance with the first-in, first-out method (FIFO) or weighted average prices. Acquisition value includes the cost of materials, direct labor costs and overhead charges involved in production of the goods. Net realizable value is the calculated sales value less sales expenses. Estimations and assessments Adjustments to net realizable value also include estimates of technical and commercial obsolescence on an individual subsidiary basis. Commercial obsolescence is assessed by the rate of turn over and ageing as risk indicators . MSEK 2024 2023 Raw materials and consumables 198 198 Work in process 37 28 Finished goods 144 124 Closing balance 378 349 Costs relating to obsolescence expensed during the year amounted to MSEK 6 (11) and at year-end the obsolescence reserve was MSEK 19 (19). Financial reports and notes Group NOTE 18 — Accounts receivable Accounting principles Accounts receivable are initially recognized as amortized cost which is the amount expected to be collected, after deduction of provision for expected credit losses. Accounts receivable are normally due to payment within 30–120 days and are classified as currect assets. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost. In compliance with IFRS 9 Financial Instruments, Elanders applies a simplified impairment model for trade receivables, whereby the ex- pected credit loss is recognized for the estimated remaining life time of the receivable. The Group uses factoring, which means that certain accounts receivable are transferred to a factoring company in exchange for cash. With the transfer to the factoring company, the credit risk also transi- tions, and the Group is therefore not reporting the transferred assets in the balance sheet . Estimations and assessments Provisions are made for bad debts when losses are feared. It arises in the case when it is assessed that customers cannot settle their debts. The assessment is based on aging analysis of the receivables and impair- ment history of customers with similar characteristics. Current market conditions and each customer’s creditworthiness are also taken into account. Accounts receivable — aging report MSEK 2024 2023 Not overdue 1,852 1,619 1–30 days overdue 266 344 31–60 days overdue 53 46 61–90 days overdue 24 19 91–120 days overdue 17 19 More than 120 days overdue 12 18 Provisions doubtful accounts –30 –27 Total 2,194 2,038 The Group’s total credit line for factoring amounted to MSEK 440 (502) of which MSEK 99 (164) was unutilized as of December 31, 2024. Change in provision for doubtful receivables MSEK 2024 2023 Opening balance –26 –22 Provision in acquired operations — –1 Reversal of provision from previous year 6 10 Utilized provisions for confirmed losses 18 16 Provisions during the year –25 –30 Translation difference –2 1 Closing balance –30 –26 The amount of utilised provisions for confirmed losses is partly offset by revenues from the sale of acquired customer stock. Reported revenue in 2024 amounted to MSEK 2 . Elanders Annual and Sustainability Repo 2024 — 135 NOTE 21 — Share capital Number of registered shares in the parent company 2024 2023 Issued as of 1 Jan. 35,357,751 35,357,751 Issued as of 31 Dec. 35,357,751 35,357,751 2024 Number of shares Number of votes Share capital, SEK A shares 1,814,813 18,148,130 18,148,130 B shares 33,542,938 33,542,938 335,429,380 Total 35,357,751 51,691,068 353,577,510 All shares are completely paid for. No shares are reserved for transfer according to option agreements or other contracts. The shares’ quota value is SEK 10. NOTE 20 — Cash and cash equivalents MSEK 2024 2023 Cash and bank 1,138 1,107 Cash and cash equivalents 1,138 1,107 Cash and cash equivalents are cash in financial institutions and short-term liquid placements with a term of less than three months. The closing balan- ce as of December 31, 2024 include translation differences in cash and cash equivalents of MSEK 74 (–35) as well as MSEK 10 (12) that is not available for use by the Group. NOTE 19 — Prepaid expenses and accrued income MSEK 2024 2023 Services performed, not invoiced 214 128 Prepaid insurance expenses 13 13 Prepaid IT expenses 36 26 Prepaid leasing expenses 32 49 Other prepaid expenses 45 84 Other accrued income 46 47 Total 387 348 Financial reports and notes Group NOTE 22 — Financial liabilities Accounting principles Financial liabilities are recognized at amortized cost or fair value in accordance with IFRS 9. A financial liability is recorded in the balance sheet when Elanders becomes a party in the instrument’s contractual conditions. A financial liability is derecognized from the balance sheet when the rights in the contract are realized. Financial liabilities are valued the first time at fair value plus transaction costs, which applies to all financial liabilities not recognized at fair value through profit and loss. Financial liabilities recognized at fair value through profit and loss are valued the first time at fair value, while attributable transaction costs are valued through profit and loss. Financial liabilities measured at amortized cost — Lease liabilities Lease liabilities are recognized as the present value of future lease payments. Each payment is divided between amortization of the lease li- ability and a financial cost. The financial cost is allocated over the lease term so that each reporting period is charged with an amount corre- sponding to a fixed interest rate for the liability recognized during each period. Lease payments are discounted with the interest rate implicit in the lease if this rate can easily be determined. Otherwise, the Group’s incremental borrowing rate is applied based on currency and maturity of lease contracts. — Other financial liabilities Accounts payable and liabilities to credit institutions are categorized as Other financial liabilities and recognized at amortized cost. Due to their expected short duration, accounts payable are recorded at their nominal value without a discount. Liabilities to credit institutions and directly related expenses such as arrangement fees are distributed throughout the period of the loan with the help of the compound interest method. Financial liabilities are classified as short-term, unless the Group has an unconditional right to postpone the payment of the debt for at least 12 months after the end of the reporting period . Financial liabilities measured at fair value Contingent considerations and mandatory put/call options are mea- sured at fair value within level 3, which means that valuation has been made based on inputs that are not observable in the market. — Contingent considerations Contingent considerations are recognized as financial liabilities and at fair value on the acquisition date. Contingent considerations are remea- sured at each reporting period with any change recognized in profit or loss for the year. — Mandatory put/call options Mandatory put/call options related to acquisitions of non-controlling interests are initially recognized as a financial liability at the present value of the strike price applicable at the period where the option can first be exercised. Changes in fair value for these liabilities are recog- nized in equity. Hedge accounting Financial instruments used to hedge currency risks in contracted cash flows as well as net investments abroad have been recorded at market value in the balance sheet. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic as- sessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore, the Group performs a qualitative assessment of effectiveness. Hedges of net investments in foreign subsidiaries are recorded in the same way as cash flow hedges, with the exception that any effects from the hedge is recorded in the translation reserve. Estimations and assessments Regarding financial liabilities measured at amortized cost, the fair value is considered to be equal to the book value. Contingent considerations and mandatory put/call options related to non-controlling interests are measured starting from the terms of the purchase agreement and shareholder agreement, discounted to the ba- lance sheet date. The key parameter in the valuation is the development of results until the estimated maturity date. Measurement of contingent considerations takes into account the present value of expected pay- ments, discounted with a risk-adjusted interest rate. Different possible scenarios for forecast results are also considered to assess the size of the expected payments and the probability of these . Elanders Annual and Sustainability Repo 2024 — 137 NOTE 22 — Financial liabilities (cont.) Long-term financial liabilities 2024 2023 MSEK Carrying amount Fair Value Carrying amount Fair Value Other interest bearing liabilities Bank loan (GBP) 1,448 1,321 848 766 Bank loan (EUR) 1,149 1,085 1,110 1,028 Bank loan (USD) 891 816 934 841 Revolver credit facility 1,283 1,283 699 699 Contingent considerations — — 382 382 Mandatory put/call options 69 69 21 21 Other interest bearing liabilities 2 2 3 3 Lease liabilities 4,037 4,037 3,608 3,608 Closing balance 8,879 8,613 7,605 7,348 Part of the long-term loan has been designated as hedge instrument in net investment hedges of foreign operations. More information regarding financial risk management and hedge accounting can be found in Note 24 . Short-term financial liabilities 2024 2023 MSEK Carrying amount Fair Value Carrying amount Fair Value Other interest bearing liabilities Bank loan (USD) 132 129 120 117 Bank loan (GBP) 55 53 13 12 Contingent considerations 3 3 50 50 Mandatory put/call options 18 18 478 478 Other interest bearing liabilities 17 17 22 22 Lease liabilities 1,073 1,073 938 938 Accounts payable 790 790 673 673 Other financial liablities 282 282 132 132 Closing balance 2,370 2,364 2,427 2,423 As of December 31, 2024, the Group’s total credit lines amounted to MSEK 5,727 (5,656), of which MSEK 785 (1,921) was unutilized. In addition to these, the Group also has a factoring facility of MEUR 40, of which MEUR 10 (20) was unutilized as of December 31, 2024. The financing cost is priced according to a fixed interest term and an agreed margin. Interest expenses from financial liabilities amounted to MSEK 500 (334). The reason why interest expenses differ from total interest expense in the income statement is that financial items related to pensions have been excluded . Financial reports and notes Group NOTE 22 — Financial liabilities (cont.) Due date structure regarding financial liabilities Due date structure regarding financial liabilities including interest expenses is presented in the table below. The amounts are future undiscounted cash flows and the amounts were calculated based on the interest rate and exchange rate at the balance sheet date. For all loans in the table, the year in which the Group is obliged to repay the loans at the earliest is given. MSEK Jan.–Mar. 2025 Apr.–Dec. 2025 2026–2029 2030 and later Bank loans 124 348 4,900 — Contingent consideration — 3 — — Mandatory put/call options — 18 69 — Other interest bearing liabilities 17 — 2 — Lease liabilities 344 885 3,194 1,402 Accounts payable 790 — — — Other financial liablities 282 — — — Total 1,557 1,255 8,164 1,402 Contingent considerations and mandatory put/call options Contingent considerations Mandatory put/call options MSEK 2024 2023 2024 2023 Opening balance 432 53 499 481 Acquisitions for the year — 382 94 — Changes in value recognized in the income statement –185 14 — — Changes in value recognized in equity — — –21 38 Other changes –210 — — — Payments –60 –17 –501 –1 Translation differences 26 0 16 –19 Closing balance 3 432 87 499 Other changes relate to an adjustment of the purchase price allocation for Kammac, since the acquisition in November 2023, additional information has been received on market values and the calculations of the intangible fixed assets has been updated. Elanders Annual and Sustainability Repo 2024 — 139 NOTE 23 — Net debt Provisions Other for post- interest- Cash and cash Lease employment bearing MSEK equivalents liabilities benefits liabilities Totalt Net debt as of Jan 1, 2024 –1,107 4,546 71 4,680 8,191 Acquired and divested operations — 302 — 9 311 Changes with effect on cash-flow 42 –1,014 –6 399 –578 Changes with no effect on cash-flow — 1,012 5 –335 682 Translation difference –73 264 2 314 506 Net debt as of Dec 31, 2024 –1,138 5,110 72 5,067 9,112 Provisions Other for post- interest- Cash and cash Lease employment bearing MSEK equivalents liabilities benefits liabilities Total Net debt as of Jan 1, 2023 –904 4,286 78 3,817 7,276 Acquired and divested operations — 629 — 398 1,026 Changes with effect on cash-flow –237 –919 –4 542 –617 Changes with no effect on cash-flow — 608 –3 51 657 Translation difference 34 –57 0 –128 –151 Net debt as of Dec 31, 2023 –1,107 4,546 71 4,680 8,191 Financial reports and notes Group NOTE 24 — Financial risk management Financial goals regarding capital structure The major financial goal of Elanders is to create value for the own- ers of the company. The purpose of the goals regarding group capital structure are to ensure the company’s ability to continue operations and generate returns to its share holders as well as be useful to other interested parties. Achieving a good balance between equity and loan financing ensures the flexibility the Group needs in order to be able to invest in operations while maintaining control over the cost of capital. Dividends to share holders, redemption of shares, issuing new shares or divesting assets are examples of measures the Group can use to adjust its capital structure. Elanders has the goal of net debt in relation to EBITDA as a maximum of 2.5 times. As of 31 December 2024, this quota was 4.1 (4.2) times. Financial risk management The major purpose of group financial risk management is to identify, control and minimize the Group’s financial risks. Risk management is centralized to Group Finance. Financial risks in the Group’s subsidiar- ies are managed by Group Finance that also acts as an internal bank. The exception is commercial credit risks, which are handled by each sub sidiary. The financial policy adopted by the Board steers which cur- rency risks are hedged as well as how interest, financing and liquidity risks are handled. The greatest financial risks the Group is exposed to are currency risk, interest risk, financing risk and credit risk. Currency risk Elanders runs into a currency risk primarily through trans actions in an- other currency than that of the company’s local currency (transaction exposure) and when converting net profit and net assets from foreign subsidiaries (translation exposure). — Transaction exposure Actual receivables and payables along with contracted purchase and sales orders with payment flows within a twelve-month period are hedged to some extent. Anticipated or budgeted flows are not hedged. The Group uses forward exchange contracts to handle exchange risk exposure and hedge accounting for con tracted future payment flows as well as translation of financial assets and liabilities. The hedge reserve for forward exchange contracts are less than MSEK 1 both as of December 31, 2024, and the comparison period and will be returned to the income statements in 2025. Translation differences on operating receivables and payables as well as forward exchange contracts that are held for hedging purposes are reported as other operating income or expenses. Translation dif- ferences on financial liabilities and assets and the associated hedging instruments are reported under financial items. — Translation exposure Financial assets and liabilities in other than the company’s local cur- rency are hedged, while exposures attributable to the translation of net income in foreign subsidiaries are not hedged for foreign exchange rates. Elanders’ results from foreign subsidiaries in foreign currency consist primarily of EUR, USD and GBP and the Group result is sensi- tive to fluctuation in these currencies. Below is an analysis of how a positive or negative change of 10 percent of the average exchanges rates on these currencies should have affected the Group net sales and operating result in 2024. Estimated effect from changes in exchange rates by 10% Operating MSEK Net sales result before tax EUR +/– 795 +/– 37 +/– 26 USD +/– 418 +/– 26 +/– 18 GBP +/– 136 +/– 17 +/– 12 EUR, USD & GBP +/– 1,349 +/– 80 +/– 56 In regards to net assets in foreign subsidiaries the exposure is primarily in EUR, USD and GBP. Hedging of the net investments made in foreign subsidiaries has partly been made regarding the operations in Ger- many, the USA, Singapore and the UK through loans in EUR, USD and GBP. If the exchange rates in EUR and USD changed by 10 percent it would affect equity by MSEK 338 (312), including the above described hedging. — Hedge Accounting Financial instruments used to hedge currency risks in contracted cash flows as well as net investments abroad have been recorded at market value in the balance sheet. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency, the Group enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. The Group there- fore performs a qualitative assessment of effectiveness. — Currency hedges The table below shows a compilation over the Group’s outstanding forward exchange contracts per 31 December 2024. All the contracts are due within a year. The nominal amount refers to hedged currency translated to SEK. Nominal Average amount hedging Currencies MSEK rate EUR/SEK 257 11.49 GBP/SEK 150 13.78 EUR/PLN 29 4.34 USD/PLN 0.5 3.94 PLN/SEK 0.6 2.64 Elanders Annual and Sustainability Repo 2024 — 141 NOTE 24 — Financial risk management (cont.) Interest risk Interest risk is defined as the risk of lower profits caused by a change in interest rates. The Group strives to achieve a balance between cost efficient borrowing and the risk exposure if a sudden, substantial inter- est rate change should occur and negatively influence profits and cash flow. Elanders strives to have an even spread of maturities and all of its borrowings has variable interest rates. Elanders reference interest is Euribor, SOFR and SONIA. If there is a change in market interest rates by one percentage unit (on the utilized credit facilities at year end, which are covered by the agreement with the Group’s main banks), the Group’s profit after tax would have been affected by approximately MSEK 41 (38). The following table presents the allocation of interest-bearing and non- interest-bearing financial assets and liabilities. Reserves for pensions have been included in interest-bearing liabilities. Non- Floating interest- MSEK interest bearing Other securities — 65 Long-term receivables — 14 Current receivables — 2,278 Cash and bank 1,138 — Long-term liabilities –8,952 — Current liabilities –1,298 –1,072 Total –9,112 1,285 Financing/liquidity risk Financing/liquidity risk is defined as the risk of not being able to meet payment obligations as a result of insufficient liquid funds or difficul ties in finding financing. Linked to the Group’s interest-bearing liabilities is a financial covenant regarding the net debt in relation to EBITDA. As of December 31, 2024, this covenant was fulfilled. The covenant is reported every quarter and there are no indications that Elanders will encounter any difficulties in meeting the condition during the next evaluation period. See Note 22 on page 138 concerning due date structure regarding financial liabilities. Credit risk Credit risk is defined as the risk of a counterparty not meeting their obligations. Credit risk can be divided into financial credit risk and commercial credit risk. — Financial credit risk The most crucial financial credit risk for the Group arises when trading exchange derivative instruments and investing surplus liquidity. Hence, in order to reduce the risk, the financial policy stipulates that only counterparts that have been approved by Group Finance should be used. On 31 December 2024 total exposure regarding financial credit risks was MSEK 1,222 (1,188). The exposure is based on the recorded value of all financial assets except shareholdings and accounts receiv- able. — Commercial credit risk The commercial credit risk consists of the payment ability of custom- ers and is handled by the subsidiaries through careful monitoring of payment ability, follow up of customers’ financial reports and good communication. The Group’s total credit risk is spread out over many different companies. However, in actuality a few customers represent a large part of the Group’s accounts receivable. These customers are for the most part large, listed companies that have been thoroughly inves- tigated. The total commercial credit exposure is equivalent to the book value of accounts receivable and amounted to MSEK 2,194 (2,038) per 31 December 2024. In 2024 credit losses amounted to MSEK 18 (16). The confirmed losses is partly offset by revenues from the sale of acquired customer stock. Operational risks In addition to the financial risks above Elanders is exposed to risks tied to daily operations. Handling operational risks is part of the day-to- day work in the subsidiaries and in Group Management. In terms of responsibility all group operations are represented in Group Manage- ment which meets and communicates on a regular basis. For a further description of Elanders’ operational risks, see page 102. Sensitivity analysis The table below presents how group results after tax would have been affected by a change of one percentage in the variables connected to Elanders various operational risks. Each variable has been treated individually under the condition that the others remain constant. It is assumed that a change in net sales will affect the value added on the margin which there after will presumably fall straight through the income statement. A change in personnel costs is multiplied with total personnel costs. A change in material costs is multiplied with the total costs of material and is not assumed to be able to be charged from the customer. The analysis does not pretend to be exact. It is merely indicative and aims to show the most relevant, measurable factors in this connection. The figures are presented in MSEK. — Net sales +/– 62 — Personnel cost +/– 31 — Cost of material +/– 19 Financial reports and notes Group NOTE 25 — Provisions for post-employment benefits Accounting principles Defined benefit pension plans Defined benefit pension plans mainly cover retirement pensions and widow pensions where the employer has an obligation to pay a lifelong pension corresponding to a certain guaranteed percentage of wages or a certain annual sum. Retirement pensions are based on the number of years a person is employed. The employee must be registered in the plan for a certain number of years in order to receive full retirement pension. For each year at work the employee earns an increasing right to pension, which is recorded as pension earned during the period as well as an increase in pension obligations. These plans are financed through payments made regularly by the employer. The liability reported in the balance sheet referring to defined benefit plans is equivalent to the defined benefit plan obligation on the balance sheet date less the fair value of plan assets. Actuarial changes are recorded within other comprehensive income. Defined contribution plans In the case of defined contribution plans the company pays a fixed fee to a separate, independent legal entity and is not obligated to pay further fees. Group payments for defined contribution plans are recorded as an expense as they are earned, which is normally the same period the premium is paid. These plans mainly cover retirement, sick and family pensions. The premiums are paid regularly during the year by individual group companies to different insurance companies. The premium payments are based on the individuals’ wages and salaries. In the Elanders Group there are a number of employees that have defined benefit ITP plans in Alecta, which are classified as defined benefit multi-employer pension plan. This means that a company must report their proportional share of the defined benefit pension obligation and the plan assets and expenses that are connected to this pension plan. Since Alecta cannot provide the necessary information, these pension obligations are recognized as defined contribution pension plans according to point 34 in IAS 19 . Estimations and assessments Actuarial assumptions are used to measure pension obligations and they significantly affect the recognized net liability and the annual pension cost. The actuarial valuations includes assumptions for discount rates, future salary increases, life expectancy and expected inflation. The discount rate is essential for the measurement of both the pension expense of the year and the present value of the defined-benefit obligations in the current year. The discount rate is used both for calculating the present value of the obligation and as an estimate for the return on the plan assets. The discount rate is based on the anticipated returns from a typical high-quality company euro bond. Elanders Annual and Sustainability Repo 2024 — 143 NOTE 25 — Provisions for post-employment benefits (cont.) Defined benefit pension plans The fair value of the plan assets in the Elanders’ defined benefit pension plans amounted to MSEK 26 (23) as of 31 December 2024 and the present value of the pension obligations amounted to MSEK 98 (94). The defined contribution plans are mainly attributable to the operations in Germany. The actuarial measurement of pension obligations and costs for defined benefit plans are based on the following actuarial significant assumptions: Percent 2024 2023 Discount rate, % 3.35 3.60 Expected return on plan assets, % 3.35 3.60 Provisions for post-employment obligations Funded Unfunded MSEK plans plans Total Present value of post- employment obligations 82 16 98 The fair value of plan assets –26 — –26 Provision for post-employment 56 16 72 obligations according to the balance sheet Change in current value of the post-employment obligations MSEK 2024 2023 Opening balance 94 101 Interest expense 4 3 Actuarial gains(–)/losses(+), net 2 –5 Current year service cost 0 0 Pensions paid out –5 –5 Translation difference 3 0 Closing balance 98 94 Change in plan assets fair value MSEK 2024 2023 Opening balance 23 23 Return on plan assets 1 1 Disbursement 0 –1 Actuarial gains(–)/losses(+), net 1 0 Translation difference 1 0 Closing balance 26 23 Net expense recognized in the income statement regarding defined benefit plans MSEK 2024 2023 Current year service cost 0 0 Interest expense 4 3 Return on plan assets –1 –1 Total 3 3 Defined contribution pension plans The defined contribution pension costs for the current period are included in the income statement and amount to MSEK 62 (56). The obligations for retirement and sick pensions for white-collar workers for several of the Swedish companies have been safe guarded through an insurance in Alecta. The payments for pension insurances to Alecta totaled MSEK 3 (1) in 2024. For 2025, no significant changes are expected regarding the total costs for pension insurance from Alecta. Financial reports and notes Group NOTE 26 — Other provisions Accounting principles Provisions are recorded in the balance sheet when the company has a formal or informal obligation as a result of a past event and it is likely that an outflow of resources will be necessary to resolve the obligation and a reliable estimation of the amount can be made. Provisions are recognized as the present value of future expected expenses to settle the commitment. Estimations and assessments In determining the existence and amount of provisions, significant as- sessments by management are required. Amounts recognized as a provi- sion are the best estimate of the remuneration required to settle the current obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. The Group’s most significant provisions relate to restructuring, damages to goods and restoration costs. — Restructuring costs relates to structural measures in China, Germany, the UK and the USA. These costs relate to termination wages, provi- sion for onerous contracts as well as remaining rental costs for exist- ing premises. — Damages to goods include both damage occured during handling of goods as well as other possible damage in deliveries such as on fork lifts and buildings. Provisions for damages are made after an invoice has been received or an agreeement has been concluded with the customer or supplier. — Provision for restoration costs refers to estimates for restoring leased premises to their original condition. Provision for Restructuring damages to Restoration MSEK costs goods etc. costs Other Total Opening balance as of 1 Jan. 2024 7 38 169 36 250 Acquired operations — — 13 — 13 Provided for during the year 123 25 27 40 216 Utilized during the year –35 –17 –21 –33 –105 Reversal of unutilized amounts — –11 –78 –2 –91 Translation difference 2 1 9 3 15 Closing balance as of 31 Dec. 2024 97 38 119 44 298 Of which: Current 97 38 50 33 218 Non-current — — 69 11 80 Provision for Restructuring damages to Restoration MSEK costs goods etc. costs Other Total Opening balance as of 1 Jan. 2023 50 51 72 30 204 Acquired operations — — 80 0 81 Provided for during the year 7 15 41 27 90 Utilized during the year –20 –13 –11 –18 –61 Reversal of unutilized amounts –31 –15 –10 –4 –60 Translation difference 1 0 –4 –1 –3 Closing balance as of 31 Dec. 2023 7 38 169 36 250 Of which: Current 7 38 65 29 139 Non-current — — 104 7 111 Elanders Annual and Sustainability Repo 2024 — 145 NOTE 27 — Accrued expenses and deferred income MSEK 2024 2023 Holiday pay liability 71 66 Social security contributions 55 53 Accrued salaries and remuneration 191 188 Accrued expenses for services and goods received 416 389 Other accrued expenses and deferred income 140 173 Closing balance 873 869 NOTE 28 — Pledged assets and contingent liabilities Accounting principles A contingent liability is recognized when there is a potential or actual obligation arising from events that have occurred that is not recognized as a liability or provision, either because it is improbable that an outflow of resources will be required to settle the obligation or because the amount cannot be calculated in a reliable manner. Pledged assets MSEK 2024 2023 Floating charges 119 119 Other pledged assets — — Total 119 119 Whereof pledged to: — credit institutions 119 119 Other pledged assets refer primarily to collateral in the form of shares in subsidiaries. The item also includes leased assets held under a retention of title clause. Contingent liabilities MSEK 2024 2023 Contingent liabilities 0 0 Total 0 0 NOTE 29 — Transactions with related parties The transactions between subsidiaries have taken place with normal business terms and at market prices. During the year intra-group sales of products and services amounted to MSEK 5,436 (5,869). Intra-group transactions and balances have been eliminated and are therefore not included in the figures concerning the Group. Sales of products and services During 2024 and 2023 there have not been any sales of products and services to related parties. Purchase of products and services Erik Gabrielson, who is member of the Board, is partner in Vinge Law Firm. During the year, Vinge has provided the Group with ongoing legal counsel. The total transactions during the year amounted to less than MSEK 1. The Group leases a property in a subsidiary, where the property is wholly owned by a person who has significant influence in the subsid- iary in question. No board member or senior officer has or has had direct or indirect participation in any business transactions between themselves and the Group that were of unusual nature. Remuneration to Board members and management is reported in note 5. All transactions have been on normal business terms and at market prices. Financial reports and notes Group NOTE 30 — Acquired and divested operations Accounting principles Elanders applies IFRS 3 Business Combinations in connection with acquisitions. All business combinations are accounted for in accordance with the acquisition method. This means that acquired identifiable as- sets, liabilities and contingent liabilities are recorded at fair value based on the date of acquisition. The surplus arising when the acquisition cost exceeds the fair value of the acquired identifiable assets, net, is re- corded as goodwill. If the acquisition price is lower than the fair value of the acquired subsidiary’s net assets, the difference is recorded directly in the income statement. Companies acquired in the current year are included in group account- ing from the acquisition date. Divested companies are included in group accounting up until the divestiture date. Additional considerations are recorded as financial liabilities until they are settled. The revaluation of additional considerations is recog- nized in profit or loss. All acquisition costs are expensed. Estimations and assessments If an acquisition does not relate to 100 percent of a subsidiary, a non- controlling interest will arise. In cases where the holder of the remaining interest has an option to sell it to Elanders, or Elanders has an obliga- tion to buy, Elanders considers 100 percent of the subsidiary to have been acquired at the time of acquisition. This also means that a liability equivalent to the present value of the estimated future purchase price is recognized. Consequently, no non-controlling interest is recognized with this type of acquisition transaction. Acquisitions and divestments during the year In February 2024, Elanders acquired almost 90 percent of the shares in the English company Bishopsgate Newco Ltd (“Bishopsgate”). The company is a leading actor in the UK in special transportation, installa- tion, and configuration of advanced technical equipment. Bishopsgate has around 250 employees and had sales of MGBP 27 during 2023 with good profitability. The purchase price for the shares amounted to approximately MGBP 40 on a cash- and debt-free basis, and was charged to cash flow during the first quarter of 2024. In addition to this, there is also a mandatory put/call option that gives Elanders the right to buy the remaining shares based on the company’s future result development. Acquisition-related costs for advisors, among others, were around MSEK 20. Bishopsgate is part of the business area Supply Chain Solutions, and the company has been consolidated into the Group from February 2024. The purchase price allocation is preliminary. Acquired Adjustments Recorded value MSEK book value to fair value in the Group Customer relations — 128 128 Property, plant and equipment 70 — 70 Right-of-use assets 271 — 271 Current receivables 61 — 61 Inventories — — — Cash and equivalents 9 — 9 Lease liabilities –271 — –271 Other liabilities –81 –32 –113 Net assets acquired 59 96 154 Goodwill 467 Total 621 Less: — unpaid purchase price –91 — cash and cash equivalents in acquired operations –9 Negative effect on cash and cash equivalents for the Group 520 In March 2024, a divestment of the subsidiary Elanders McNaughtan’s Ltd. was completed. This entity had 12 employees and around MSEK 20 in annual net sales. The divestiture had no material effect on the result for the year. Acquisitions during 2023 In November 2023, Elanders acquired all the shares in Kammac Ltd. The purchase price allocation is now final, and no changes have been made to the initial one. Elanders Annual and Sustainability Repo 2024 — 147 NOTE 31 — Events after the balance sheet date After the balance sheet date Elanders has consolidated the leadership of Supply Chain Solutions in the UK under Tim Bloch, who also replaces Ged Carabini in the Group Management. Tim Bloch is currently CEO of Bishopsgate Newco Ltd, a company within the Elanders Group, and has a long and solid experience in contract and third-party logistics. Tim Bloch has led the team at Bishopsgate since 2007, through 18 years of solid growth and development. Apart from what has been presented above and in this report in gen- eral, no other significant events have occurred after the balance sheet date up to the date of signature of this report. Financial reports and notes Parent company Statements of comprehensive income MSEK 2024 2023 Result for the year 40 279 Other comprehensive income — — Total comprehensive income for the year 40 279 Income statements MSEK Note 2024 2023 Net sales 50 47 Selling expenses –14 –12 Administrative expenses 2 –101 –75 Other operating income 3 7 7 Other operating expenses 3 –2 — Operating result 4, 7 –60 –33 Result from shares in subsidiaries 193 276 Interest income 299 211 Other nancial income 214 134 Interest expenses –326 –192 Other nancial expenses –318 –116 Result aer nancial items 5 2 280 Taxes 6 38 –1 Result for the year 40 279 Elanders Annual and Sustainability Repo 2024 — 149 Cash ow statements MSEK Note 2024 2023 Operating activities Result aer nancial items 2 280 Adjustments for items not included in cash ow from operating activities 15 –143 –398 Paid taxes 0 0 Cash ow from operating activities before changes in working capital -141 –118 Cash ow from changes in working capital Increase (–)/decrease (+) in operating receivables 12 33 Increase (+)/decrease (–) in operating liabilities 7 5 Cash ow from operating activities –123 –81 Investing activities Acquisition of tangible assets and intangible assets 10, 11 –1 –1 Acquisition of subsidiaries 9 –575 –222 Received dividends from subsidiaries 15 193 299 Lending to and from subsidiaries –408 –363 Cash ow from investing activities –791 –287 Financing activities Amoization of loans 13 –141 –126 New loans 13 560 885 Other changes in interest-bearing liabilities 13 542 –197 Dividend to parent company shareholders –147 –147 Cash ow from nancing activities 814 415 Cash ow for the year –99 47 Cash and cash equivalents at the beginning of the year 328 281 Cash and cash equivalents at year-end 229 328 Financial reports and notes Parent company Balance sheets MSEK Note 2024 2023 Assets Fixed assets Intangible assets 10 — 2 Tangible xed assets 11 0 0 Shares in subsidiaries 9 2,842 2,278 Receivables from group companies 4,124 3,371 Deferred tax assets 6 151 113 Other nancial assets 0 0 Total xed assets 7,118 5,764 Current assets Receivables from group companies 160 182 Other receivables 1 2 Prepaid expenses and accrued income 17 30 Cash and bank balances 229 328 Total current assets 407 541 Total assets 7,525 6,306 Equity, provisions and liabilities Equity Share capital 354 354 Statutory reserve 332 332 Restricted equity 686 686 Unrestricted equity 8 1,204 1,312 Total equity 1,890 1,998 Provisions Other provisions 4 2 Total provisions 4 2 Liabilities Long-term liabilities Liabilities to credit institutions 13, 14 4,771 3,590 Other liabilities 0 21 Total long-term liabilities 4,772 3,611 Current liabilities Liabilities to credit institutions 13, 14 187 133 Accounts payable 4 5 Liabilities to group companies 592 504 Other liabilities 21 14 Accrued expenses and deferred income 12 40 40 Other provisions 14 — Total current liabilities 859 696 Equity, provisions and liabilities 7,525 6,306 Elanders Annual and Sustainability Repo 2024 — 151 Statements of changes in equity MSEK Share capital Statutory reserve Unrestricted equity Total Opening balance as of 1 Jan. 2023 354 332 1,180 1,866 Dividend — — –147 –147 Result for the year — — 279 279 Other comprehensive income — — — — Closing balance as of 31 Dec. 2023 354 332 1,312 1,998 Dividend — — –147 –147 Result for the year — — 40 40 Other comprehensive income — — — — Closing balance as of 31 Dec. 2024 354 332 1,204 1,890 Financial reports and notes Parent company NOTE 1 — Accounting principles A presentation of Elanders’ accounting principles can be found in note 1 to Elanders’ consolidated financial statements. The parent company has prepared its annual accounts according to the Annual Accounts Act and the Swedish Financial Reporting Board Recommen- dation RFR 2 Accounting for legal entities and where applicable state- ments made by the Swedish Financial Reporting Board. RFR 2 requires the parent company to, in the annual accounts for the legal entity, use all the EU approved IFRSs and interpretations as far as possible within the framework of the Annual Accounts Act and the Security Law, taking into consideration the connection between accounting and taxation. The parent company generally follows the same previously described principles as the Group. Differences between group and par- ent company accounting principles are presented below. Pensions The Parent Company’s provisions for pensions are secured by the Pension Obligations Vesting Act (Tryggandelagen). The main differ- ence between the rules of the Pension Obligations Vesting Act and IAS 19 Employee Benefits in respect of pensions is that Swedish practice disregards future increases in salaries and pensions when calculating the present value of the pension obligation. Both defined contribution and defined benefit plans exist in the Parent Company. Financial guarantee contracts The parent company’s financial guarantee contracts consist primarily of guarantees on behalf of subsidiaries. A financial guarantee contract is a contract in which the company has a commitment to reimburse the holder of a debt instrument for loss it incurs because a specified debtor fails to make payment when due according to the contract terms. The parent company applies RFR 2 p. 71 to account for financial guar- antees, which is a relief compared to the rules in IAS 39 connected to reporting and taxation. The parent company recognizes financial guar- antee contracts as a provision on the balance sheet when the company has a commitment. Group and shareholder contributions Group and shareholder contributions are recognized according to the alternative rule in the Swedish Financial Reporting Board Recommen- dation RFR 2. This means that received and paid group contributions are reported as appropriations. Shareholder contributions are activated in shares and participations, as long as write-downs are not required. Financial instruments and hedge accounting In view of the connection between accounting and taxation, the rules on financial instruments and hedge accounting are not applied by the parent company as a legal entity. In the parent company, financial assets are recorded at acquisi- tion value less any impairment and financial current assets at the lower value of acquisition value or net realizable value. Lease agreements IFRS 16 Leases are not applied in the parent company as exemption is allowed for application in legal entities. This means that the leasing fees are expensed on a straight-line basis in the income statement. Standards, amendments and interpretations of existing standards that have taken eect in 2024 No new standards, amendments or interpretations that have had sig- nificant effect on the company’s financial reports have come into effect during 2024. NOTE 2 — Fees to the auditors MSEK 2024 2023 PwC Audit assignment 4 3 Audit-related services — — Tax advisory services — — Other services 0 1 Total 4 4 No fees were paid to other auditing rms. Audit assignment is dened as the statutory audit, i.e. the work necessary to produce the auditor’s repo as well as so called audit consultation given in connection with the audit. NOT 3 — Other operating income and other operating expenses Other operating income MSEK 2024 2023 Exchange rate gains 0 0 Other 7 7 Total 7 7 Other operating expenses MSEK 2024 2023 Capital losses on disposal of xed assets –2 — Total –2 — Elanders Annual and Sustainability Repo 2024 — 153 NOTE 4 — Personnel Please see note 5 to the consolidated financial statements for personnel related information. NOTE 5 — Result from nancial items Result from shares in subsidiaries MSEK 2024 2023 Write-downs of shares in subsidiaries — –24 Dividends from subsidiaries 193 299 Total 193 276 Interest income MSEK 2024 2023 Interest income, external 14 9 Interest income, subsidiaries 286 202 Total 299 211 Other nancial income MSEK 2024 2023 Exchange rate gains 214 134 Total 214 134 Interest expenses MSEK 2024 2023 Interest expenses, external –302 –176 Interest expenses, subsidiaries –25 –15 Total –326 –192 Other nancial expenses MSEK 2024 2023 Exchange rate losses –304 –103 Other nancial expenses –14 –13 Total –318 –116 NOTE 6 — Taxes Accounting principles Tax pooling in the Group is carried out through group contributions paid and received. When accounting for group contributions, the parent company applies the alternative rule according to RFR 2 and recognize the net of group contributions paid and received as appropriations. The parent company recognizes most of the Group’s Swedish taxes. In the table below, the expected tax expense is calculated based on prot before tax multiplied with the current tax rate. For estimations and assessments regarding valuation of tax loss carry forwards, please refer to Note 9 for the Group. Tax on the result for the year MSEK 2024 2023 Withholding tax on income from foreign subsidiaries 0 0 Correction of previous years’ current tax expense 0 0 Deferred tax 38 –1 Total 38 –1 Reconciliation of recorded tax MSEK 2024 2023 Result before taxes 2 280 Tax according to Swedish tax rate of 20.6 (20.6)% 0 –58 Tax eect of: — non-taxable dividends from subsidiaries 40 62 — write-downs of shares in subsidiaries — –5 — withholding tax on income from foreign subsidiaries 0 0 — non tax-deductible contribution, representation and association costs –1 0 — other 0 0 Total 38 –1 Deferred tax receivables MSEK 2024 2023 Tax loss carry forwards 135 100 Other 16 13 Total 151 113 Financial reports and notes Parent company NOTE 7 — Transactions with related paies Sales of products and services The parent company reimburse its subsidiaries for services mainly re- lating to marketing, IT, auditing, insurance, etc. Besides this there have been no sales of products or services to related parties. Purchase of products and services During the year, the Parent Company purchased services from subsid- iaries for MSEK 3 (3). Erik Gabrielson, who is member of the Board, is partner in Vinge Law Firm. During the year, Vinge has provided the Group with ongoing legal counsel. The total transactions during the year amounted to less than MSEK 1. No Board member or senior officer has or has had direct or in direct participation in any business transactions, between them selves or the company that are or were of an unusual nature concerning the terms.Remuneration to Board mem- bers and Group Management is reported in note 5 to the consolidated financial statements. NOTE 8 — Proposed appropriation of prots Prot and other non-restricted equity at the disposition of the Annual General Meeting: MSEK 2024 2023 Retained earnings 1,165 1,033 Net result for the year 40 279 Total 1,204 1,312 The Board of Directors and the Chief Executive Ocer propose that the prot and other non-restricted equity will be dealt with accordingly: MSEK 2024 2023 SEK 4.15 (4.15) per share is distributed to the shareholders 147 147 Remaining balance to be carried forward 1,058 1,165 Total 1,204 1,312 NOTE 9 — Shares in subsidiaries Accounting principles Shares in associated companies, jointly controlled entities and sub- sidiaries are reported in the parent company according to the acqui- sition method. Acquisition-related costs for subsidiaries, which are expensed in group accounting, are included as part of the acquisi- tion value for shares in subsidiaries. An annual assessment is made of whether there is any indication of impairment regarding shares in subsidiaries. The need for impairment is examined individually and impairment occurs if the decrease in value is considered to be permanent. Impairment The impairment test means that the carrying amount of shares in subsidiaries is compared with consolidated equity. This year’s impairment test of the book value of shares in subsidiaries has not resulted in any impairment. MSEK 2024 2023 Opening balance 2,278 2,080 Investments 565 222 Revaluation of additional consideration –1 — Write-downs — –24 Closing balance 2,842 2,278 Elanders Annual and Sustainability Repo 2024 — 155 NOTE 9 — Shares in subsidiaries (cont.) Specification of shares in subsidiaries Book Per- value of Number centage holding, Identity no. Registered office of shares holding MSEK Elanders do Brasil Representações Ltda 08.789.936/0001-55 São Paulo, Brazil 3,105,550 100 12 Mentor Gerenciamento de Supply Chain (Brasil) Ltda 08.849.405/0001-00 São Paulo, Brazil 7,241,126 100 9 Elanders Holding GmbH HRB105591 Herrenberg, Germany 25,000 100 381 LGI Logistics Group International GmbH HRB243806 Herrenberg, Germany — 100 — Helix Software + Support GmbH HRB226056 Herrenberg, Germany — 100 — ITG GmbH Internationale Spedition und Logistik HRB66157 München, Germany — 100 — ITG Air & Sea GmbH HRB250422 Oberding (Schwaig), Germany — 75 — ITG International Transports Inc. 43240627 Boston, USA — 100 — ITG Austria GmbH FN 560496i Reichersberg, Austria — 100 — ITG Fulfillment GmbH HRB33746 Oberhausen, Germany — 100 — LGI Netherlands BV 34083373 Amsterdam, Netherlands — 100 — Eijgenhuijsen Exploitatie BV 08040501 Ruurlo, Netherlands — 100 — Eijgenhuijsen Precisievervoer BV 08064979 Ruurlo, Netherlands — 100 — LGI Austria GmbH FN 349601 w Laxenburg, Austria — 100 — LGI Espana s.l. B19274901 Cabanillas del Campo, Spain — 100 — LGI Hungária Logisztikai Kft. 13-09-140503 Páty, Hungary — 100 — LGI Logistics Group International AB 556727-7990 Borås, Sweden — 100 — LGI Logistics Group International Ltd 07251732 Milton Keynes, UK — 100 — Bonds Worldwide Holdings Ltd GB 4608847 Birmingham, UK — 100 — Bonds Technical Couriers Ltd GB 3036141 Birmingham, UK — 100 — Bonds Worldwide Express Ltd GB 1938935 Birmingham, UK — 100 — LGI Polska Sp. z o.o. KRS 0000246814 Wroclaw, Poland — 100 — LGI Romania s.r.l. J02/1032/2019 Arad, Romania — 100 — LGI Czechia s.r.o. CZ25204581 Zákupy, Czech Republic — 100 — LGI Deutschland GmbH HRB354685 Herrenberg, Germany — 100 — LGI FreightLog GmbH HRB761526 Freiberg am Neckar, Germany — 100 — LGI Logistics Solution GmbH HRB32410 Hünxe, Germany — 100 — LGI reuseIT GmbH HRB781610 Herrenberg, Germany — 100 — LGI TechLog GmbH HRB513968 Erfurt, Germany — 100 — Logistik Lernzentrum GmbH HRB246072 Böblingen, Germany — 100 — MotoristicSolutions GmbH HRB781648 Herrenberg, Germany — 100 — Financial reports and notes Parent company NOTE 9 — Shares in subsidiaries (cont.) Specification of shares in subsidiaries (cont.) Book Per- value of Number centage holding, Identity no. Registered office of shares holding MSEK Elanders Holding UK Limited 15224840 Cheshire, UK 99 100 359 Bishopsgate Holding Ltd GB15087903 Swindon, UK — 88 — Bishopsgate Newco Ltd GB15087826 Swindon, UK — 100 — Kammac Ltd 2255591 Skelmersdale, UK — 100 — Elanders Holding USA Inc. 87-2849643 Delaware, USA 10,000 100 851 Bergen Shippers Corp 0400327871 New Jersey, USA — 100 — Bergen Logistics Canada, Inc. 002489278 Brampton, Canada — 100 — Bergen Ventures BV 860650704 Veghel, Netherlands — 100 — Bergen Logistics BV 860652397 Veghel, Netherlands — 100 — Rey 11 LLC 0400422543 New Jersey, USA — 100 — CloudX Systems LLC 0450769787 New Jersey, USA — 100 — Rex 11 SRL 1016600023931 Chișinău, Moldova — 100 — Elanders Hungary Kft 20-09-065122 Zalalövő, Hungary 1 100 146 Elanders Infologistics AB 556121-8891 Mölndal, Sweden 314,330 100 287 Elanders Sverige AB 556262-1689 Borås, Sweden — 100 — Elanders Italy S.r.l. 05686620963 Ponzano Veneto, Italy 1 100 3 Elanders Kaisheim GmbH HRB18350 Kaisheim, Germany 1 100 5 Elanders Donauwörth GmbH HRB28117 Donauwörth, Germany — 100 — Elanders Ltd GB 3788582 Newcastle, UK 2,300,000 100 31 Spreckley Ltd 4179929 Newcastle, UK — 100 — Elanders Polska Sp. z o.o. KRS 0000101815 Płońsk, Poland 144,280 100 90 Elanders Annual and Sustainability Repo 2024 — 157 NOTE 9 — Shares in subsidiaries (cont.) Specification of shares in subsidiaries (cont.) Book Per- value of Number centage holding, Identity no. Registered office of shares holding MSEK Elanders Waiblingen GmbH HRB722349 Waiblingen, Germany 1 100 109 Elanders International AB 556058-0622 Mölndal, Sweden — 100 — Mentor Media Ltd 199302450H Singapore — 100 — Asiapack Limited 626139 Hong Kong, China — 100 — Asiapack (Shenzhen) Co., Ltd 91440300734155669E Shenzhen, China — 100 — Chengdu Mentor Media Co., Ltd 91510100597273959A Chengdu, China — 100 — Mentor Internet Solution Pte Ltd 199508226M Singapore — 100 — Mentor Media (Chongqing) Co., Ltd 915000006939331951 Chongqing, China — 100 — Mentor Media CBZ (Chongqing) Co., Ltd 915000005814642169 Chongqing, China — 100 — Mentor Media (Chongqing) Co., Ltd – Wuhan Branch 91420100MA4KYTDK3K Wuhan, China — — — Mentor Media (Kunshan) Co., Ltd 913205837584821700 Kunshan, China — 100 — Mentor Media Juárez S.A. de C.V. MMJ0810145N1 Juárez, Mexico — 100 — Mentor Media Ltd, Taiwan Branch 70777068 Taoyuan, Taiwan — — — Mentor Media (Shenzhen) Co., Ltd 91440300726187433D Shenzhen, China — 100 — Mentor Supply Chain (Shenzhen) Co., Ltd Chongqing branch 91500107MAE58P1995 Chongqing, China — — — Mentor Supply Chain (Shenzhen) Co., Ltd Shanghai branch 91310115MAE7X5BU8C Shanghai, China — — — Mentor Supply Chain (Shenzhen) Co., Ltd Xiamen branch 91350200MAE5E0T40H Xiamen, China — — — Mentor Media (Shenzhen) Logistics Ltd 91440300793899377C Shenzhen, China — 100 — Mentor Media (USA) Supply Chain Management Inc C3095841 San Bernardino, USA — 100 — Mentor Media (Xiamen) Co., Ltd 91350200612051108M Xiamen, China — 100 — Mentor Printing and Logistics Pvt. Ltd U72900TN2006PTC061596 Chennai, India — 100 — Mentor Shanghai Trading Co., Ltd 91310000329537946A Shanghai, China — 100 — Mentor Supply Chain (Chongqing-CBZ) Co., Ltd 91500106MA5YR1XH62 Chongqing, China — 100 — Mentor Supply Chain Mexico S.A. de C.V. MSC191028QH1 Juárez, Mexico — 100 — Mentor Supply Chain (Netherlands) BV 858777265 Rotterdam, Netherlands — 100 — Mentor Media Czech s.r.o. CZ27742270 Brno, Czech Republic — 100 — Mentor Supply Chain (USA) Inc. 202212131646372 Warsaw, USA — 100 — Mentor Supply Chain Thailand Ltd 105566154947 Bangkok, Thailand — 100 — Mentor Supply Chain Vietnam Ltd 0110081611 Hanoi, Vietnam — 100 — Shanghai Mentor Media Co., Ltd 91310115703003515D Shanghai, China — 100 — Tristellar Graphic Sdn. Bhd. 64775T Johor, Malaysia — 100 — Midland Information Resources Company 42-1468885 Davenport, USA 10,000 100 223 ElandersUSA, LLC 58-1448183 Atlanta, USA — 100 — myphotobook GmbH HRB265124 Berlin, Germany 3 100 217 ReuseIT AB 559342-0507 Mölndal, Sweden 50,000 85 119 ReuseIT Finance AB 559210-6602 Växjö, Sweden — 100 — ReuseIT Sweden AB 559210-6404 Växjö, Sweden — 100 — Total 2,842 No book value is stated for the companies not directly owned by the parent company. Financial reports and notes Parent company NOTE 10 — Intangible assets Accounting principles The parent company amoizes goodwill according to plan, which is not permied for the Group. Goodwill is amoized on a straight-line basis over a twenty-year period since it relates to acquisitions of a strategic nature. Other intangible assets refer to soware and is amoized over 3–5 years. Other Goodwill intangible assets Total MSEK 2024 2023 2024 2023 2024 2023 Opening acquisition value 2 2 7 5 9 7 Acquisitions — — 1 1 1 1 Disposals — — –7 — –7 — Closing acquisition value 2 2 1 7 3 9 Opening accumulated amoization and write-downs –2 –2 –4 –4 –6 –6 Amoization of the year — 0 –1 –1 –1 –1 Disposals — — 4 — 4 — Closing accumulated amoization and write-downs –2 –2 –1 –4 –3 –6 Net residual value — — — 2 — 2 Amoization specied per function in the income statement MSEK 2024 2023 Selling expenses –1 –1 Administrative expenses 0 0 Total –1 –1 Elanders Annual and Sustainability Repo 2024 — 159 NOTE 12 — Accrued expenses and deferred income MSEK 2024 2023 Salaries and holiday pay 7 6 Social security contributions 17 14 Interest 2 6 Other accrued expenses and deferred income 14 15 Closing balance 40 40 NOTE 13 — Liabilities to credit institutions All liabilities to credit institutions are borrowing debts. Loans from Elanders’ main banks follows the terms in the credit agreement and maturity is in July 2026. Elanders AB has loans in GBP, USD, EUR and SEK. The interest rate on the loans per 31 December 2024 was in the interval 4.35–6.95 (5.07–7.14) percent. Please see note 24 to the consolidated financial statements for information regarding financial risk management. Changes in interest-bearing liabilities MSEK 2024 2023 Opening balance 3,724 3,258 New loans 560 885 Amoization of loans –141 –126 Other changes in interest-bearing liabilities 552 –197 Translation dierence 263 –95 Closing balance 4,958 3,724 Bank overdra facilities Utilized amounts and available credit in group bank overdraft facilities are given below. MSEK 2024 2023 Bank overdra facilities, utilized amount –9 — Bank overdra facilities, granted amount 242 236 Not utilized overdra 233 236 NOTE 11 — Tangible xed assets Accounting principles The parent company’s tangible xed assets refer to oce equip- ments and is depreciated over a straight-line basis over 3–5 years. Equipment, tools, xtures and ings MSEK 2024 2023 Opening acquisition value 1 1 Disposals 0 — Closing acquisition value 1 1 Opening accumulated depreciation –1 –1 Depreciation for the year 0 0 Disposals 0 — Closing accumulated depreciation –1 –1 Net residual value 0 0 Depreciation has been charged entirely to administrative expenses. There has been no nancial leasing. Financial reports and notes Parent company NOTE 14 — Pledged assets and contingent liabilities Accounting principles The parent company’s nancial guarantee contracts consist primarily of guarantees on behalf of subsidiaries. A nancial guarantee contract is a contract in which the company has a commitment to reimburse the holder of a debt instrument for loss it incurs because a specied debtor fails to make payment when due according to the contract terms. The parent company applies RFR 2 p. 71 to account for nancial guarantees, which is a relief compared to the rules in IAS 39 connected to repo- ing and taxation. The parent company recognizes nancial guarantee contracts as a provision on the balance sheet when the company has a commitment. Exemption rules for subsidiaries The parent company has issued a guarantee under Section 479(C) of the UK Companies Act 2006 for the year ended 31 December 2024 in respect of the subsidiaries Elanders Ltd and Spreckley Ltd registered in the United Kingdom, listed in note 9. The parent company guarantees all outstanding liabilities to which the subsidiary companies are subject to on 31 December 2024, until they are satised in full and the guarantee is enforceable against the company by any person to whom the subsid- iary companies are liable in respect of those liabilities. The subsidiaries have taken advantage of the exemption from audit by viue of Section 479(A) of the UK Companies Act 2006. In accordance with Section 401 of the UK Companies Act 2006, Elanders Holding UK Limited applies the exemption from preparing consolidated nancial statements as they are included in the consolidated nancial statements of Elanders AB. The parent company has issued a guarantee to the subsidiaries Elanders Kaishem GmbH, Elanders Donauwöh GmbH, Elanders Waiblingen GmbH and Elanders Holding GmbH, all registered in Germany. The parent company guarantees for all obligations of Elanders Kaishem GmbH, Elanders Donauwöh GmbH, Elanders Waiblingen GmbH and Elanders Holding GmbH existing as of 31 December 2024 until the end of the following nancial year. As a consequence of this, Elanders Kaishem GmbH, Elanders Donauwöh GmbH, Elanders Waiblingen GmbH and Elanders Holding GmbH including its German subsidiaries LGI Logistics Group International GmbH, LGI Deutschland GmbH, LGI FreightLOG GmbH, LGI TechLog GmbH, Helix Soware + Suppo GmbH, Logistik Lernzentrum GmbH, LGI Logistics Solution GmbH, ITG GmbH Internationale Spedition und Logistik, ITG Fulllment GmbH and ITG Air & Sea GmbH, LGI reuseIT GmbH, MotoristicSolutions GmbH, listed in note 9, apply the exemption rules set out in sec. 264 (3) German Commercial Code (HGB). Those rules exempt from legal audit and publishing and allows preparation reliefs of the nancial statements. Fuhermore, according to sec. 291 (1) and (2) German Commercial Code (HGB) Elanders Holding GmbH, LGI Logistics Group International GmbH, ITG GmbH Internationale Spedition und Logistik, ITG Air & Sea GmbH and Elanders Waiblingen GmbH are exempted from the preparation of consolidated nancial statements and the management commentary as they are included in the consolidated nancial state- ments of Elanders AB. Pledged assets Contingent liabilities MSEK 2024 2023 MSEK 2024 2023 Floating charges 3 3 Surety and contingent liabilities given for subsidiaries 146 151 Other pledged assets — — Total 146 151 Total 3 3 Given to: Credit institutions 3 3 Total 3 3 Other pledged assets primarily refer to collateral in the form of shares in subsidiaries. Elanders Annual and Sustainability Repo 2024 — 161 NOTE 15 — Supplementary information to the statements of cash ow Cash and cash equivalents Cash and cash equivalents consist primarily of cash and bank balances. Short-term investments are classified as cash and cash equivalents when: — the risk for changes in their fair value is insignificant. — they are easily converted. — they mature in less than three months from the date they were acquired. Adjustment for items not included in cash ow from operating activities MSEK 2024 2023 Depreciation, amoization and write-downs of intangible and tangible assets 3 1 Dividends from subsidiaries –193 –299 Unrealized exchange rate gains/losses 31 –113 Other items 16 14 Total –143 –398 Paid and received interest MSEK 2024 2023 Paid interest –325 –186 Received interest 272 253 Total –53 67 Dividends received from subsidiaries MSEK 2024 2023 Elanders Donauwöh GmbH 46 — Elanders Hungary K 9 17 Elanders Ltd — 51 Elanders Polska Sp. z o.o. 9 4 Elanders UK Ltd — 8 Elanders Waiblingen GmbH 127 215 ReuseIT AB 3 4 Total 193 299 Proposed appropriation of profits The Board of Directors and Chief Executive Officer hereby certify that the Annual Report has been prepared in accordance with good accounting practice in Sweden and that the consolidated financial state- ments have been prepared in accordance with International Financial Reporting Standards (IFRSs), referred to in the European Parliament’s and Council’s directive 1606/2002 of 19 July 2002 regarding the application of International Financial Reporting Standards, and that they give a true and fair view of the parent company’s and Group’s financial position and result, and that the Board of Directors’ Report provides a true and fair view of the development of the parent company’s and Group’s operations, financial position and result and describes significant risks and uncertainties that the parent company and the companies within the Group face. The Board of Directors and Chief Executive Officer propose that the profit and other unreserved funds of SEK 1,204,388,778 in the parent company at the disposition of the Annual General Meeting should be dealt with accordingly: — SEK 4.15 per share, a total of SEK 146,734,667, is distributed to the shareholders — the remaining balance of SEK 1,057,654,111 is to be carried forward. The Board of Directors believes that the proposed dividends are justifi- able in relation to the demands that the business’ nature, scope and risks make on Group equity and on the Group’s consolidation needs, liquidity and its position in general. This Annual Report will be presented at the Annual General Meeting 23 April 2025 for adoption Mölndal 21 March 2025 Our auditor’s repo was issued on 21 March 2025 Öhrlings PricewaterhouseCoopers AB Dan Frohm Chairman of the Board Carl Bennet Vice Chairman of the Board Ulrika Dellby Eva Elmstedt Erik Gabrielson Anna Hallberg Anne Lenerius Johan Trouvé Eric Salander Authorized Public Accountant Auditor in Charge Irene Planting Magnus Nilsson Chief Executive Ocer Main Schubach Alexander Ståhl Authorized Public Accountant Financial reports and notes Proposed appropriation of prots Elanders Annual and Sustainability Repo 2024 — 163 Auditor’s report Auditor’s report Unocial translation To the general meeting of the shareholders of Elanders AB (publ), corporate identity number 556008-1621 Repo on the annual accounts and consolidated accounts Opinions We have audited the annual accounts and consolidated accounts of Elanders AB (publ) for the year 2024 except for the corporate gover- nance statement on pages 104–108 and the sustainability report on pages 57–100. The annual accounts and consolidated accounts of the company are included on pages 52–162 in this document. In our opinion, the annual accounts have been prepared in accor- dance with the Annual Accounts Act and present fairly, in all material respects, the financial position of parent company and the group as of 31 December 2024 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The con- solidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2024 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU, and the Annual Accounts Act. Our opinions do not cover the corporate governance statement on pages 104–108 and the sustainability report on pages 57–100. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Our opinions in this report on the annual accounts and consoli- dated accounts are consistent with the content of the additional report that has been submitted to the parent company’s audit committee in accordance with the Audit Regulation (537/2014) Article 11. Basis for opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical respon- sibilities in accordance with these requirements. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited company or, where applicable, its parent com- pany or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Our audit approach — Audit scope We designed our audit by determining materiality and assessing the risks of material misstatement in the consolidated financial statements. In particular, we considered where management made subjective judge- ments; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that repre- sented a risk of material misstatement due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the group operates. — Materiality The scope of our audit was influenced by our application of material- ity. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstate- ments may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. Based on our professional judgement, we determined certain quan- titative thresholds for materiality, including the overall group material- ity for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Key audit maers Key audit matters of the audit are those matters that, in our profes- sional judgment, were of most significance in our audit of the annual accounts and consolidated accounts of the current period. These mat- ters were addressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. Auditor’s report Other Information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1–51, 167–187 and the sustainability report on pages 57–100. The other information also consists of the Remuneration Report 2024, which we obtained before the date of this audit report. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consoli- dated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this proce- dure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other informa- tion, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Director’s and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards as adopted by the EU. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the prepara- tion of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, The Board of Directors and the Managing Director are responsible for the assessment of the company’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intend to liquidate the company, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Director’s responsibilities and tasks in general, among other things oversee the company’s financial reporting process. Auditor’s responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Mis- statements 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 these annual accounts and consolidated accounts. A further description of our responsibility for the audit of the annual accounts and consolidated accounts is available on Revisorsins- pektionen’s website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report. Key audit maers How our audit addressed the Key audit maer Valuation of intangible assets — With reference to Note 13. Goodwill and other intangible assets with an indenite useful life repre- sents a signicant pa of the Balance Sheet of Elanders. The Company peorms an impairment assessment of the assets based on a calcula- tion of the discounted cash ow for the cash generating units in which goodwill and other intangible assets are repoed. This impairment test is based on a high level of judgments and assump- tions regarding future cash ows. Information is provided in Note 13 as to how the Company’s management has undeaken its assessments, and also provides information on impoant assumptions and sensitiv- ity analyses. Key variables in the test are growth rate, prot margins and discount factor (cost of capital). It is presented that no impairment requirement has been identied based on the assumptions undeaken. In our audit, we have evaluated the calculation model applied by management. We have reconciled and critically tested essential variables against budget and strategic plan per business area. We have analyzed the accuracy on how previous years assumptions have been met and assessed any adjustments to assumptions compared to previous year, as a result from changes in the business and external factors. We have tested the sensitivity analysis for key variables in order to as- sess the risk of need for impairment. We have also assessed the correctness of the disclosures included in the nancial statements. Elanders Annual and Sustainability Repo 2024 — 165 Repo on other legal and regulatory requirements The auditor’s audit of the administration of the company and the proposed appropriations of the company’s prot or loss — Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Director’s and the Managing Director of Elanders AB (publ) for the year 2024 and the proposed appropriations of the company’s profit or loss. We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Director’s and the Managing Director be discharged from liability for the finan- cial year. — Basis for opinions We conducted the audit in accordance with generally accepted audit- ing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise ful- filled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. — Responsibilities of the Board of Director’s and the Managing Director The Board of Directors is responsible for the proposal for appropria- tions of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable con- sidering the requirements which the company’s and the group’s type of operations, size and risks place on the size of the parent company’s and the group’ equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organiza- tion and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the group’s financial situation and ensuring that the company’s organiza- tion is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administra- tion according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and handle the manage- ment of assets in a reassuring manner. — Auditor’s responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: — has undertaken any action or been guilty of any omission which can give rise to liability to the company, or — in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. A further description of our responsibility for the audit of the administration is available on Revisorsinspektionen’s website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report. The auditor’s examination of the ESEF repo — Opinion In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the Managing Director have prepared the annual accounts and consoli- dated accounts in a format that enables uniform electronic reporting (the Esef report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for Elanders AB (publ) for the finan- cial year 2024. Our examination and our opinion relate only to the statutory requirements. In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting. — Basis for Opinion We have performed the examination in accordance with FAR’s recom- mendation RevR 18 Examination of the Esef report. Our responsibility under this recommendation is described in more detail in the Auditors’ responsibility section. We are independent of Elanders AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. — Responsibilities of the Board of Director’s and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the Esef report in accordance with the Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Manag- ing Director determine is necessary to prepare the Esef report without material misstatements, whether due to fraud or error. Auditor’s report — Auditor’s responsibility Our responsibility is to obtain reasonable assurance whether the Esef report is in all material respects prepared in a format that meets the requirements of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 requires us to plan and execute procedures to achieve reasonable assurance that the Esef report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the ESEF report. The firm applies International Standard on Quality Management 1, which requires the 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. The examination involves obtaining evidence, through vari- ous procedures, that the Esef report has been prepared in a format that enables uniform electronic reporting of the annual accounts and consolidated accounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstate- ment in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design audit procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors and the Managing Director, but not for the purpose of expressing an opinion on the effectiveness of those internal controls. The examination also includes an evaluation of the appropriateness and reasonableness of assumptions made by the Board of Directors and the Managing Director. The procedures mainly include a validation that the Esef report has been prepared in a valid XHMTL format and a reconciliation of the Esef report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assessment of whether the consolidated statement of financial performance, financial position, changes in equity, cash flow and disclosures in the Esef report have been marked with iXBRL in accordance with what follows from the Esef regulation. — The auditor’s examination of the corporate governance statement The Board of Directors is responsible for that the corporate governance statement on pages 104–108 has been prepared in accordance with the Annual Accounts Act. Our examination of the corporate governance statement is conducted in accordance with FAR’s auditing standard RevR 16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examina- tion has provided us with sufficient basis for our opinions. A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph points 2–6 of the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the other parts of the an- nual accounts and consolidated accounts and are in accordance with the Annual Accounts Act. — Auditor’s repo on the statutory sustainability repo It is the board of directors who is responsible for the statutory sustain- ability report for the year 2024 on pages 57–100 and that it has been prepared in accordance with the Annual Accounts Act according to the prior wording that was in effect before 1 July 2024. Our examination has been conducted in accordance with FAR’s auditing standard RevR 12 The auditor’s opinion regarding the statu tory sustainability report. This means that our examination of the statu tory sustainability report is substantially different and less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with suf- ficient basis for our opinion. A statutory sustainability report has been prepared. Öhrlings PricewaterhouseCoopers AB was appointed auditor of Elanders AB (publ)s by the general meeting of the shareholders on the 19 April 2024 and has been the company’s auditor since the 21 April 2008. Mölndal 21 March 2025 Öhrlings PricewaterhouseCoopers AB Eric Salander Alexander Ståhl Authorized Public Accountant Authorized Public Accountant Auditor in charge This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Elanders Annual and Sustainability Repo 2024 — 167 168 Other information 168 Five years in summary 171 Share information and ownership structure 174 Reconciliation of alternative peormance measures 176 Financial denitions 177 Specic terms 178 Board of Directors 180 Group Management, auditors and nomination commiee 182 Contact Elanders 186 Annual general meeting and nancial calendar 4 Five years in summary Income statements — Summary MSEK 2024 2023 2022 2021 2020 Net sales 14,143 13,867 14,974 11,733 11,050 Operating expenses –13,357 –13,143 –14,125 –11,153 –10,504 Operating result (EBIT) 786 724 849 580 546 Financial items –507 –326 –183 –98 –132 Result after financial items 278 398 666 482 414 Result for the year 183 258 487 331 292 EBITDA 2,197 1,967 1,940 1,468 1,431 EBITDA excl. IFRS 16 1,019 929 1,068 770 737 EBITA 893 820 940 641 598 EBITA adjusted 879 927 966 658 598 Cash ow — Summary MSEK 2024 2023 2022 2021 2020 Cash flow from operating activities 1,416 1,782 1,106 1,063 1,725 Paid taxes –222 –242 –196 –128 –42 Net investments –1,251 –1,012 –274 –1,394 –116 Operating cash flow 894 1,338 1,210 –105 1,783 Change in net debt 921 915 2,027 2,395 –1,106 Balance sheets — Summary MSEK 2024 2023 2022 2021 2020 Goodwill 5,088 4,452 3,655 3,305 2,413 Other fixed assets 7,680 7,099 6,690 4,936 3,224 Inventory 378 349 619 400 233 Accounts receivable 2,194 2,038 2,139 1,822 1,344 Other current assets 589 586 567 438 324 Cash and cash equivalents 1,138 1,107 904 898 1,101 Equity 4,102 3,864 3,870 3,304 2,908 Interest-bearing liabilities 10,250 9,297 8,180 6,147 3,955 Non-interest-bearing liabilities 2,715 2,468 2,524 2,349 1,776 Total assets 17,067 15,630 14,574 11,800 8,369 Other information Five years in summary Elanders Annual and Sustainability Repo 2024 — 169 Key ratios 2024 2023 2022 2021 2020 EBITA-margin, % 6.3 5.9 6.3 5.5 5.4 EBITA-margin adjusted, % 6.2 6.7 6.5 5.6 5.4 Operating margin, % 5.6 5.2 5.7 4.9 4.9 Prot margin, % 2.0 2.9 4.4 4.1 3.7 Equity ratio, % 24.0 24.7 26.6 28.0 33.6 Risk capital ratio, % 25.7 26.6 28.2 30.0 35.6 Interest coverage ratio, times 1.6 2.2 4.5 6.3 5.0 Debt/equity ratio, times 2.2 2.1 1.9 1.6 1.0 Return on equity, % 4.5 6.5 13.0 10.4 9.9 Return on capital employed, % 6.1 6.4 8.3 8.5 8.6 Return on total assets, % 5.1 6.5 11.6 6.3 6.4 Average number of employees 7,324 7,203 7,248 6,288 6,260 Number of employees at the end of the year 7,175 7,474 7,245 7,019 6,058 Net debt/EBITDA ratio RTM, times 4.1 4.2 3.7 3.6 2.0 Net debt/EBITDA ratio RTM excl. IFRS 16, times 4.0 3.9 2.8 3.3 1.5 Enterprise Value, MSEK 12,241 11,613 12,580 11,401 7,083 Risk capital, MSEK 4,387 4,161 4,107 3,537 3,076 Capital employed, MSEK 13,214 12,055 11,147 8,553 5,762 Net debt, MSEK 9,112 8,191 7,276 5,249 2,854 Net debt excl. IFRS 16, MSEK 4,031 3,655 3,022 2,539 1,123 For Reconciliation of alternative performance measures and Financial definitions, see pages 174–176. 0 4,000 8,000 12,000 16,000 Nettooms„ttning, Mkr 20242023202220212020 4% 5% 6% 7% 8% EBITA-marginal 0 2,000 4,000 6,000 8,000 10,000 Nettooms„ttning, Mkr 20242023202220212020 1 2 3 4 5 RörelseresultatMkr 0 300 600 900 1,200 1,500 1,800 Nettooms„ttning, Mkr 20242023202220212020 Equity, MSEK ROE, % 0 1,000 2,000 3,000 4,000 5,000 Eget kapital, Mkr 20242023202220212020 3% 6% 9% 12% 15% Avkastning 0 1,000 2,000 3,000 4,000 5,000 Nettooms„ttning, Mkr 20242023202220212020 15% 25% 35% 45% RörelseresultatMkr “ The strategy of constantly broadening the customer base to more industries and increasing the geographical spread has created a more resilient Elanders that can beer handle a decrease in demand.” EBITA Net debt Cash ow Return on equity Return on capital employed Equity ratio Capital employed, MSEK ROCE, % Net debt, MSEK Net debt/EBITDA RTM, times Equity, MSEK Equity ratio, % Net sales, MSEK EBITA margin adjusted, % Cash flow from operating activities, MSEK 0 3,000 6,000 9,000 12,000 15,000 Eget kapital, Mkr 20242023202220212020 4% 6% 8% 10% Avkastning Other information Five years in summary Elanders Annual and Sustainability Repo 2024 — 171 Swedish institutions and Investment companies Swedish companies Swedish private individuals Foreign owners Source: Modular Finance AB/Euroclear Sweden AB. During the rst half of 2024, the market for Elanders' customers continued to weaken, for then to improve in the second half of the year. Increasing nancial costs combined with high volatility in demand from ceain markets and customer segments had a negative eect on earnings per share, which contributed to the company's B-share peorming worse than Stockholm OMX PI during the year. History Elanders’ B shares were first listed on the Stockholm Stock Exchange on 9 January 1989. On 31 December 2024 the company had 33,542,938 (33,542,938) B shares listed on NASDAQ OMX Stock- holm, Mid Cap, under the ELAN B symbol. Development during the year The market value of B shares fell by 9 (56) percent during 2024, while the Stockholm Stock Exchange index OMX Stockholm PI increased by 6 (13) percent during the same period. During 2024, a total of 4,465,438 (4,819,125) shares were traded, which is equivalent to an average turnover rate of approximately 0.13 (0.14) times. The lowest share price during 2024 was SEK 84.50 on 18 October, and the highest was SEK 126.20 on 2 April. The final share price in 2024 was SEK 87.80 (96.00), which means that Elanders’ market capi- talization at year-end amounted to MSEK 3,104 (3,394). Share capital, class of shares and liquidity guarantee At the end of 2024, there were a total of 35,357,751 (35,357,751) issued shares in the company, of which 1,814,813 (1,814,813) were Class A shares and 33,542,938 (33,542,938) were Class B shares. Each Class A share is worth ten votes and each Class B share one. The shares’ quota value is SEK 10 and all shares are entitled to the same dividend. See the tables on the following pages for share capital and voting disposition. The Class B share is covered by a liquidity guarantee and Carnegie Investment Bank is the guarantor. Share allocation According to Modular Finance AB/Euroclear Sweden AB, Elanders had 4,939 (4,628) shareholders at year-end. The share of foreign share holders amounted to 7 (8) percent of the capital. Swedish private individuals and institutions owned 11 (9) percent and 30 (31) percent respectively of the capital. At the end of the year Carl Bennet AB con- trolled 66 (66) percent of the votes and 50 (50) percent of the capital Share information and ownership structure and was the only owner who controlled more than 10 percent of the votes. Dividend policy Regarding the proposed dividend in years to come, the Board of Directors has taken into account the Group’s development potential, its financial position and the adopted financial goals relating to debt/ equity ratio, equity ratio and profitability. The objective is to have dividends follow the long-term profit trend and, on the average, represent approximately 30–50 percent of profit after tax. Other information Elanders’ financial information can be found at the Group website www.elanders.com, under the section Investors. Questions can also be asked to Elanders directly via e-mail at [email protected]. Annual Reports, Quarterly Reports and other information can be requested from Group headquarters at telephone number +46 31 750 07 50, the website or through the above e-mail address. During the year, ABG Sundal Collier, Aktiespararna, Erik Penser Bank and Nordea have continuously monitored the Group’s develop- ment and published analyses of Elanders. From 2025, the Group is monitored by Carnegie and Nordea. Shareholder categories 31 december 2024 Percent of share capital Percent of votes 52.5 30.1 6.7 10.7 67.5 20.6 4.6 7.3 Share information and ownership structure OMX Stockholm PI ELAN B Number of traded shares Source: Modular Finance AB. Data per share 2024 2023 2022 2021 2020 Net result, SEK 4.99 7.02 13.29 9.12 8.12 Net result adjusted, SEK 3.85 9.60 13.63 9.12 8.12 Share price at year-end, SEK 87.80 96.00 150.00 174.00 119.60 P/E ratio, times 12.51 13.7 11.3 19.1 14.7 Adjusted P/E ratio, times 22.81 10.0 11.0 19.1 14.7 P/S ratio, times 0.2 0.2 0.4 0.5 0.4 Dividend, SEK 1) 4.15 4.15 4.15 3.60 3.10 Dividend yield, % 4.1 3.4 2.9 2.2 4.6 Share price/equity, times 0.9 1.1 1.3 1.7 1.5 Equity, SEK 115.33 108.50 108.46 92.67 81.65 Risk capital, SEK 124.06 117.68 116.15 100.05 86.41 EBITDA, SEK 62.14 55.64 54.88 41.52 40.46 EBITDA excl. IFRS 16, SEK 28.81 26.28 30.20 21.78 20.84 Operating cash flow, SEK 25.29 37.84 34.23 –3.00 50.44 Cash flow from operating activities, SEK 40.04 50.39 31.27 30.10 48.80 Average number of outstanding shares, in thousands 35,358 35,358 35,358 35,358 35,358 Turnover rate, times 0.13 0.16 0.16 0.20 0.17 1) Proposed by the Board for 2024. For Reconciliation of alternative performance measures and Financial definitions, see pages 174–176. Development of the Elanders share 0 300 600 900 1, 200 1 ,500 0 50 100 150 200 20242023202220212020 SEK 1,000s/month Other information Share information and ownership structure Elanders Annual and Sustainability Repo 2024 — 173 Share capital development Number of A shares Number of B shares Accumulated number of shares Accumulated share capital, SEK At Stock Exchange introduction in 1989 200,000 1,380,000 1,580,000 15,800,000 1991 Directed share issue to acquire Fabritius A/S in Norway — 252,000 1,832,000 18,320,000 1993 Bonus issue 11 200,000 1,632,000 3,664,000 36,640,000 1997 Directed share issue to acquire the Graphic Systems Group — 650,000 4,314,000 43,140,000 1997 Directed share issue to acquire Skandinaviska Lithorex — 250,000 4,564,000 45,640,000 1997 Directed share issue to acquire Gummessons — 350,000 4,914,000 49,140,000 1997 New share issue 14 in connection with the acquisition of the Minab Group 100,000 1,128,500 6,142,500 61,425,000 1998 Directed share issue to acquire the Skogs Group — 1,287,500 7,430,000 74,300,000 2000 Directed share issue to acquire the shares in KåPe Group — 450,000 7,880,000 78,800,000 2000 Directed share issue to acquire the shares in Novum Group — 490,000 8,370,000 83,700,000 2007 New share issue 16 in connection with the acquisition of Sommer Corporate Media 83,333 1,311,666 9,764,999 97,649,990 2010 New share issue 11 583,333 9,181,666 19,529,998 195,299,980 2012 Directed share issue to acquire d|o|m and fotokasten — 3,200,000 22,729,998 227,299,980 2014 New share issue 16 in connection with the acquisition of Mentor Media 194,444, 3,593,872 26,518,314 265,183,140 2016 New share issue 13 in connection with the acquisition of LGI 453,703 8,385,734 35,357,751 353,577,510 Outstanding shares and share capital on 31 December 2024 1,814,813 33,542,938 35,357,751 353,577,510 Major shareholders 31 December 2024 Number of A shares Number of B shares Percent of votes Percent of share capital Carl Bennet AB 1,814,813 15,903,596 65.9 50.1 Svolder AB — 4,280,000 8.3 12.1 Fourth Swedish National Pension Fund — 3,040,367 5.9 8.6 Carnegie Funds — 1,756,023 3.4 5.0 Protector Forsikring ASA — 801,739 1.6 2.3 Third Swedish National Pension Fund — 751,856 1.5 2.1 Söderberg & Partners — 546,612 1.1 1.5 Avanza Pension — 481,409 0.9 1.4 Dimensional Fund Advisors — 367,974 0.7 1.0 Provobis Holding — 250,000 0.5 0.7 Other shareholders — 5,363,362 10.4 15.2 Total 1,814,813 33,542,938 100.0 100.0 Source: Modular Finance AB/Euroclear Sweden AB. Shareholder statistics 31 December 2024 Number of shares Number of shareholders Number of A shares Number of B shares Percent of share capital Percent of votes 1–500 3,985 — 453,371 1.3 0.9 501–5,000 827 — 1,199,601 3.4 2.3 5,001–50,000 104 — 1,622,659 4.6 3.1 50,001–500,000 16 — 2,770,019 7.8 5.4 500,001– 7 1,814,813 27,102,875 81.8 87.5 Anonymous ownership N/A — 394,413 1.1 0.8 Total 4,939 1,814,813 33,542,938 100.0 100.0 Source: Modular Finance AB/Euroclear Sweden AB. MSEK 2024 2023 2022 2021 2020 Average total assets 16,888 14,853 13,661 9,741 9,198 Average cash and cash equivalents –1,234 –997 –847 –815 –944 Average non-interest-bearing liabilities –2,681 –2,491 –2,599 –2,127 –1,912 Average capital employed 12,973 11,365 10,215 6,799 6,342 Operating result 786 724 849 580 546 Return on capital employed % 6.1 6.4 8.3 8.5 8.6 Interest-bearing long-term liabilities 8,952 7,676 7,229 5,326 3,268 Interest-bearing short-term liabilities 1,298 1,621 951 821 687 Cash and cash equivalents –1,138 –1,107 –904 –898 –1,101 Net debt 9,112 8,191 7,276 5,249 2,854 Interest-bearing long-term liabilities excl. IFRS 16 4,929 4,070 3,747 3,279 2,124 Interest-bearing short-term liabilities excl. IFRS 16 240 691 179 158 100 Cash and cash equivalents –1,138 –1,107 –904 –898 –1,101 Net debt excl. IFRS 16 4,031 3,655 3,022 2,539 1,123 Operating result 786 724 849 580 546 Depreciation and write-downs 1,411 1,243 1,091 888 885 EBITDA 2,197 1,967 1,940 1,468 1,431 Operating result excl. IFRS 16 675 628 775 536 506 Depreciation and write-downs excl. IFRS 16 343 301 293 234 231 EBITDA excl. IFRS 16 1,019 929 1,068 770 737 Net debt/EBITDA RTM ratio, times 4.1 4.2 3.7 3.6 2.0 Net debt/EBITDA RTM ratio excl. IFRS 16, times 4.0 3.9 2.8 3.3 1.5 Operating result 786 724 849 580 546 Amortization of assets identified in conjunction with acquisitions 108 96 90 61 52 EBITA 893 820 940 641 598 Adjustments for one-off items –14 107 26 17 — EBITA adjusted 879 927 966 658 598 Net sales 14,143 13,867 14,974 11,733 11,050 EBITA-margin, % 6.3 5.9 6.3 5.5 5.4 EBITA-margin adjusted, % 6.2 6.7 6.5 5.6 5.4 Reconciliation of alternative peormance measures Other information Reconciliation of alternative peormance measures Elanders Annual and Sustainability Repo 2024 — 175 MSEK 2024 2023 2022 2021 2020 Share price at year-end, SEK 87.80 96.00 150.00 174.00 119.60 Number of shares as per balance sheet date, in thousands 35,358 35,358 35,358 35,358 35,358 Net debt 9,112 8,191 7,276 5,249 2,854 Equity attributable to non-controlling interests 25 28 36 27 21 Enterprise value, MSEK 12,241 11,613 12,616 11,428 7,104 Total assets 17,067 15,630 14,574 11,800 8,639 Cash and cash equivalents –1,138 –1,107 –904 –898 –1,101 Non-interest-bearing liabilities –2,715 –2,469 –2,524 –2,349 –1,776 Capital employed, MSEK 13,214 12,054 11,146 8,553 5,762 Average share price 100.10 121.87 143.27 161.86 66.68 Dividend per share, SEK 1) 4.15 4.15 4.15 3.60 3.10 Dividend yield % 4.1 3.4 2.9 2.2 4.6 Share capital 4,078 3,836 3,835 3,276 2,887 Share capital per share, SEK 115.33 108.50 108.46 92.67 81.65 Cash flow from operating activities 1,416 1,782 1,106 1,063 1,725 Net financial items 507 326 183 98 132 Paid tax 222 242 196 128 42 Net investments –1,251 –1,012 –274 –1,394 –116 Operating cash flow 894 1,338 1,210 –105 1,783 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 Operating cash flow per share, SEK 25.29 37.84 34.23 –3.00 50.43 Volume on the stock market, in thousands 4,465 4,819 5,529 6,584 5,848 Turnover rate 0.13 0.14 0.16 0.20 0.17 1) Proposed by the board for the year 2024. Added value Net turnover minus material costs and forward invoiced disbursements for outwork. Added value ratio Added value in relation to net turnover. Average number of employees The number of employees at the end of each month divided number of months. Average number of shares Weighted average number of shares outstanding during the period. Capital employed Total assets less liquid funds and non-interest- bearing liabilities. Capital turnover rate Net sales in relation to average total assets. Cash conversion Operating cash flow, excluding considerations paid for acquisitions, in relation to EBITDA. Cash-ow per share Cash-flow from operating activities divided by the average number of shares. Debt/equity ratio Net debt in relation to reported equity, including non-controlling interests. Dividend yield Dividends in relation to average share price. Earnings per share Result for the year divided by the average num- ber of shares. EBIT Earnings before interest and taxes; operating result. EBITA Earnings before interest, taxes and amortiza- tion; operating result plus amortization of assets identified in conjunction with acquisitions. Financial denitions EBITA adjusted Earnings before interest, taxes and amortization; operating result plus amortization of assets iden- tified in conjunction with acquisitions adjusted for one-off items. EBITDA Earnings before interest, taxes, depreciation and amortization; operating result plus depreciation, amortization and write-downs of intangible as- sets and tangible fixed assets. EBITDA excl. IFRS 16 RTM adjusted EBITDA excl. IFRS 16 RTM adjusted is calculated as the company’s reported EBITDA during the last twelve-month period (RTM) excluding IFRS 16 effects, one-off items and adjusted for pro- forma results for acquisitions. Enterprise value Market value plus net debt and non-controlling interests. Equity per share Equity divided by the number of outstanding shares at balance sheet date. Equity ratio Equity, including non-controlling interests, in relation to total assets. FTE Full time equivalents refers to number of em- ployees converted to full-time positions. Interest coverage ratio Operating result plus interest income divided by interest costs. Net debt Interest-bearing liabilities less liquid funds. Operating cash ow Cash flow from operating activities and investing activities, adjusted for paid taxes and financial items. Operating cash ow per share Operating cash flow divided by the average num- ber of shares. Operating margin Operating result in relation to net sales. Operating result Earnings before financial items; EBIT. P/E ratio Share price at year-end in relation to earnings per share. Prot margin Result after financial items in relation to net turnover. Propoion of risk capital Risk capital in relation to total assets. P/S ratio Share price at year-end in relation to net turn- over per share. Return on capital employed (ROCE) Operating result in relation to average capital employed. Return on equity Result for the year in relation to average equity. Return on total assets Operating result plus financial income in relation to average total assets. Risk capital Equity plus deferred tax liabilities. Turnover rate Volume on the stock market divided by the aver- age number of shares. Financial denitionsOther information Elanders Annual and Sustainability Repo 2024 — 177 Aer sales Provision of services, support and spare parts after making an initial sale. This occurs for exam- ple in the provision of products which requires regular upgrades. Business-to-business (B2B) Sale of goods and services between businesses, such as between a manufacturer and a whole- saler, or between a wholesaler and a retailer. Business-to-consumer (B2C) Sale of goods and services between a company and consumers. Cleanroom A cleanroom is an environment, typically used in manufacturing or scientific research, that has a low level of environmental pollutants such as dust, airborne microbes, aerosol particles and chemical vapors. More accurately, a cleanroom has a controlled level of contamination that is specified by the number of particles per cubic meter at a specified particle size. Contract Logistics Contract logistics is a business model within the framework of supply chain management, which is based on a long-term cooperation between a manufacturer or a dealer of goods and a logistics service provider. The model is normally regulated by a service contract, comprises a considerable business volume and is individually formed. Digital print The transfer of information to paper via a digital file that is then printed out with the help of a high-speed printer. This technique is a prerequi- site for print-on-demand and makes quick deliv- eries in small editions possible. Offset technique is still more efficient for larger editions. E-commerce Online sales, also known as electronic com- merce or internet commerce, refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. End-to-end solution An end-to-end solution refers to a compre- hensive solution, where all the middle layers or steps are eliminated to optimize performance and efficiency in a process. Specic terms FMCG Fast-Moving Consumer Goods. Refers to prod- ucts that sell quickly and have a short life cycle and include everyday goods such as food, bever- ages, and personal care items. Fulllment This term used to describe a number of steps in the process between production and distribu- tion. They can include assembly, con figu ration, bar-coding, packaging for end customers. Just-in-time (JIT) Delivery precision – delivery exactly when the need arises. The concept also entails that cus- tomers do not need to store their products. Life Cycle Management Services that are carried out during the whole or parts of a product’s life cycle, from when the product is manu factured to it is recycled. Examples of services are delivery, installation, training, maintenance, wiping of data, upgrade of software, refurbishment and reselling or recy- cling. The service aims to maximize the product’s life and optimize logistics flow in order to reduce the environmental impact. Oset print A printing method in which ink and water are spread out on a printing plate that is then pressed against a rubber blanket. This absorbs the ink and transfers it to the paper. The expres- sion offset comes from the fact that the printing plate never touches the paper. Omni-channel An integrated way of thinking about people’s relationships with organizations. Rather than working in parallel, communication channels are designed to cooperate and build a coher- ent, evolving, cross-channel experience. The approach includes channels such as physical locations, FAQ web pages, social media, mobile applications and telephone communication. Companies that use omni-channels give their customers the ability to be in contact with them through multiple avenues at the same time. When talking about omni-channel in connection with sales, it is usually commerce via both stores and e-commerce that is referred to. Online print A service where printed matter can easily be ordered via a web-based interface and the user can create their own unique design. Typical products are business cards, catalogues, books, photo products, newsletters, calendars and brochures. Outsourcing Companies or organizations choose to let an ex- ternal party handle an activity or a process. This activity or process is then said to be outsourced. Packaging A product manufactured to protect, handle, deliver and present an item. Supply chain The movement and storage of goods and or information from point of origin to end-users. Supply chain manage ment can be defined as the design, planning, execution, control and monitor- ing of activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally. Specic terms Board of Directors Dan Frohm Chairman of the Board. Born: 1981. M.Sc. in Industrial Engineering and Management. Elected in: 2017. Appointments on the Elanders Board: Chairman of the remuneration committee. Other appointments: Deputy Chairman of the board of Carl Bennet AB and Lifco AB. Member of the board of Arjo AB, Getinge AB and Swedish-American Chamber of Commerce, Inc. Previous appointments: Manage- ment consultant at Applied Value LLC (New York office). Shareholding (own and related parties): 30,283 Class B shares. Magnus Nilsson Member of the Board. President and CEO. Born: 1966. Education in Graphic Technology, Design, Business Administration and Marketing. Elected in: 2010. Employed in Elanders since 1999. Shareholding: 107,577 Class B shares. Anne Lenerius Member of the Board. Born: 1956. Business Administration. Elected in: 2014. Appointments on the Elanders Board: Member of the audit committee. Other appointments: Member of the branch board Handelsbanken Älvsborg. Previous appointments: Chief Financial Officer of Carl Bennet AB. Group Controller at Ernström Holding AB. Finance Manager at JMS/Q Systemhydraulik AB. Chairman of the board of Entercircle Konfektion AB. Shareholding: 6,892 Class B shares. Carl Bennet Deputy Chairman of the Board. Born: 1951. B.Sc in Business Administration, ec.Dr.h.c., med.Dr.h.c., tech.Dr.h.c. Elected in: 1997. Appointments on the Elanders Board: Chairman of the nomination committee and member of the remuneration committee. Other appointments: Chairman and CEO of Carl Bennet AB. Chairman of the board of Lifco AB. Deputy Chairman of the board of Arjo AB and Getinge AB. Member of the board of L E Lundberg företagen AB. Previous appointments: President and CEO of Getinge AB. Member of the board of Holmen AB. Shareholding through companies: 1,814,813 Class A shares and 15,903,596 Class B shares. Johan Trouvé Member of the Board. Born: 1960. Master’s degree in engineering. Elected in: 2023. Appointments on the Elanders Board: Member of the audit committee. Other appointments: CEO of the West Swedish Chamber of Commerce. Member of the board of Maquire AB, the Swedish Exhibition & Congress Centre, Thomas Concrete AB and UNICEF Sweden. Previous appointments: Regional manager for Schenker AB. Shareholding (own and related parties): 100 Class B shares. Board of DirectorsOther information Elanders Annual and Sustainability Repo 2024 — 179 Ulrika Dellby Member of the Board. Born: 1966. Master’s degree in business administration. Elected in: 2023. Appointments on the Elanders Board: Member of the audit committee. Other appointments: Chairman of the board of Fasadgruppen Group AB. Deputy Chairman of the board of Bico Group AB. Member of the board of Arjo AB, Kungliga Dramatiska Teatern AB, Lifco AB, Linc AB and Werksta Nordic AB. Previous appointments: Partner Boston Consulting Group and Fagerberg & Dellby (private equity). Shareholding: 10,000 Class B shares. Irene Planting Employee representative. Born: 1963. Elementary school and Medborgarskolan – decoration, advertising and interior design. Elected in: 2023. Work: Transport operator at Elanders Sverige AB. Shareholding: 12 Class B shares. Anna Hallberg Member of the Board. Born: 1963. Academic education in law and business administration. Elected in: 2023. Appointments on the Elanders Board: Member of the audit committee. Other appointments: Member of the board of Lifco AB, Stena Metall AB and the Korsvägen Foundation (Universeum). Previous appointments: Minister for Foreign Trade and Nordic Affairs. Deputy CEO of Almi Företagspartner. A number of senior positions within SEB. Shareholding (own and related parties): 9,000 Class B shares. Johan Lidbrink Deputy employee representative. Born: 1979. Upper secondary education. Elected in: 2020. Work: Warehouse worker at Elanders Sverige AB. Shareholding: None. Erik Gabrielson Member of the Board. Born: 1962. Master of Laws. Elected in: 2012. Appointments on the Elanders Board: Member of the remuneration committee. Other appointments: Lawyer and partner of the law firm Vinge. Chairman of the board of Eldan Recycling A/S. Member of the board of BuildData Group AB, Carl Bennet AB and Lifco AB. Shareholding: None. Main Schubach Employee representative. Born: 1974. Upper secondary education. Elected in: 2015. Work: Data and automation at Elanders Sverige AB. Shareholding: 1,000 Class B shares. Eva Elmstedt Member of the Board. Born: 1960. Bachelor’s degree in Economics and Computer Science, Stockholm School of Economics and Indiana University of Pennsylvania, USA. Elected in: 2021. Appointments on the Elanders Board: Chairman of the audit committee. Other appointments: Chairman of the board of Nordlo, Omegapoint AB and Serline. Member of the board of AddLife AB, Arjo AB, Fagerhult Group AB and Smart Eye AB. Previous appointments: Business Area Manager for Global Services and member of the management team for Nokia Networks and Nokia Siemens Networks. Leading roles within Ericsson, the operator 3 and Semcon. Chairman of the board of Proact and Semcon. Member of the board of Addtech, Knowit and Thule. Shareholding (own and related parties): 15,000 Class B shares. Group Management Tim Bloch Supply Chain Solutions (Kammac & Bishopsgate), President. Born: 1964. Employed since 2024. CEO of Bishopsgate Newco Ltd, a company within the Elanders Group, and has a long and solid experience in contract and third-party logistics. Has led the team at Bishopsgate since 2007, through 18 years of solid growth and development. Shareholding: None. Sven Burkhard Print & Packaging Solutions, President. Born: 1985. Employed since 2017 and prior to that was employed at, among other places, the German com- pany Flyeralarm. Education in Graphic Technology, Design and Business Administration. More than 15 years’ experience in print- ing technologies, E-commerce, Product Management and Business Development. Shareholding: 6,000 Class B shares. Åsa Vilsson CFO. Born: 1982. Employed since 2014. Master of Science in Business Administration. Auditor during 2007-2013. Authorized Public Accountant 2011. Shareholding: 500 Class B shares. Charles Ickes Supply Chain Solutions (Bergen Logistics), President. Born: 1969. Employed since 2021. Has been with the company for the last five years, mainly working as the Chief Operations Officer in North America. Previously Chief Logistics Officer for Rent the Runway in the USA. Shareholding: None. Magnus Nilsson President and CEO. Born: 1966. Employed since 1999. Education in Graphic Technology, Design, Business Administration and Marketing. Active within the graphic industry since 1987. Head of production Elanders in Hungary 2002. MD Elanders Berlings Skogs 2003–2005 and Elanders in China 2005–2009. Shareholding: 107,577 Class B shares. Group Management, auditors and nomination commieeOther information Elanders Annual and Sustainability Repo 2024 — 181 Kok Khoon Lim Supply Chain Solutions (Mentor Media), President. Born: 1955. Employed since 2014. Bachelor’s degree in Electrical & Electronics Engineering and Master of Science (Industrial Engineering). More than 30 years of experience in world- class multinational corporations and positions such as General Manager for Hewlett Packard’s Handheld Mobile Products Division, Vice President and Chief Technology Officer for Philips Consumer Electronics Home Entertainment Business Group and Managing Directors for Technology Solutions Business and Innovation Centre’s at Wearnes Group. Joined Elanders in connection with the acquisition of Mentor Media in 2014, where he was CEO. Shareholding: None. Bernd Schwenger Supply Chain Solutions (LGI), President. Born: 1972. Employed since 2018. Diploma in Transport Economics and Logistics. Almost 20 years of experience within supply chain management and transportation logistics, including 11 years as Manager at HP and 7 years as Director Transportation and Managing Director at Amazon Logistics in Germany. Shareholding: None. Auditors PricewaterhouseCoopers AB with the authorized public accountants: Eric Salander Born: 1967. Company Auditor in Charge since 2022. Company Auditor since 2022. Other appointments: Thule, Radisson and Hilding Anders. Alexander Ståhl Born: 1990. Company Auditor since 2023. Other appointments: Arjo Sweden AB, Beckhoff Automation AB and Baldwin Jimek AB. Nomination commiee Carl Bennet Chairman of the nomination committee and contact, represents Carl Bennet AB. Dan Frohm Chairman of the Board. Johan Ståhl Svolder AB. Jannis Kitsakis Fourth Swedish National Pension Fund. Viktor Henriksson Carnegie Funds. Nomination committee questions can be submitted by e-mail or post mail to: [email protected] Elanders AB Att: Nomination committee Flöjelbergsgatan 1 C 431 37 Mölndal, Sweden Auditors and nomination commiee Head office Elanders AB Flöjelbergsgatan 1 C, 431 37 Mölndal, Sweden Web: www.elanders.com E-mail: [email protected] Tel: +46 31 750 00 00 President & CEO: Magnus Nilsson Supply Chain Solutions Bergen Logistics Web: bergenlogistics.com E-mail: [email protected] President: Charles Ickes Bergen Logistics Corporate HQ 5903 West Side Avenue, North Bergen, NJ 07047, USA Tel: +1 201 854 1512 USA Bergen Logistics 5903 West Side Avenue, North Bergen, NJ 07047, USA Tel: +1 201 854 1512 299 Thomas E. Dunn Memorial Hwy., Rutherford, NJ 07070, USA Tel: +1 201 624 2170 16012 Arthur Street, Cerritos, CA 90703, USA Tel: +1 323 490 1075 7575 Cobb International Blvd, Kennesaw, GA 30152, USA CANADA Canada INC 3925 Steeles Ave East, Unit 3 Brampton, Ontario, L6T 5W5 Canada Tel: +1 905 792 8585 NETHERLANDS Bergen Logistics B.V. De Amert 445, 5462 GH Veghel, Netherlands Tel: +31 857 602 726 MOLDOVA REX 11 S.R.L. mun. Chiinău, sec. Centru, str. Negreteni, 9, ap.(of.) 11, Moldova Tel: +1 201 854 1512 LGI Web: lgigroup.com E-mail: [email protected] President: Bernd Schwenger LGI Logistics Group International GmbH Corporate HQ Konrad-Zuse-Str. 10, 71034 Böblingen, Germany Tel: +49 7031 2009 0 GERMANY — AREA STUTTGART-KARLSRUHE Böblingen c/o LGI Deutschland GmbH Hewlett-Packard-Straße 2, 71034 Böblingen, Germany Tel: +49 7031 3060 402, Fax: +49 7031 3060 420 Schickardstraße 27, 71034 Böblingen, Germany Tel: +49 7031 3060 208 Hans-Klemm-Straße 27, 71034 Böblingen, Germany Tel: +49 7031 3060 400, Fax: +49 7031 3060 465 Ehningen c/o LGI Deutschland GmbH Mercedesstraße 10, 71139 Ehningen, Germany Tel: +49 7031 3060 400, Fax: +49 7031 3060 465 Esslingen c/o LGI Deutschland GmbH Fritz-Müller-Straße 116, 73730 Esslingen, Germany Tel: +49 711 45984 173, Fax: +49 7114 5984 140 Gomaringen c/o LGI Deutschland GmbH Siemensstraße 4, 72810 Gomaringen, Germany Tel: +49 7072 9151 100 Großbottwar c/o LGI Deutschland GmbH Schleifwiesenstraße 25-27, 71723 Großbottwar, Germany Tel: +49 7114 5984 130 Herrenberg c/o LGI Deutschland GmbH Heisenbergstraße 2, 71083 Herrenberg, Germany Tel: +49 7032 2291 0, Fax: +49 7032 2291 111 Heilbronn c/o LGI Deutschland GmbH c/o AUDI AG Alexander Baumann Straße 45, Building K40 74078 Heilbronn, Germany Tel: +49 1727 3493 81 Horb am Neckar c/o LGI Deutschland GmbH Manfred-Volz-Straße 10, P3 Park Horb a.N., 72160 Horb, Germany Tel: +49 1514 3109 829 Neckarsulm c/o LGI Deutschland GmbH c/o Audi AG NSU-Straße 1, Werk Neckarsulm, Gebäude V10, 74172 Neckarsulm, Germany Tel: +49 1624 0149 94 Nufringen c/o LGI Deutschland GmbH Im Hübschtanz 1, 71154 Nufringen, Germany Tel: +49 7032 2291 0 Ostfildern (Kemnat) c/o LGI Deutschland GmbH Zeppelinstraße 32, 73760 Ostfildern, Germany Tel: +49 703 2229 14 70 Reutlingen c/o LGI Deutschland GmbH Heubergstraße 6, 72766 Reutlingen, Germany Tel: +49 7121 9456 485 Sindelfingen c/o LGI Deutschland GmbH c/o Daimler AG Building 46/48, 71063 Sindelfingen, Germany Tel: +49 1728 3072 45 Stuttgart c/o LGI Deutschland GmbH c/o Daimler AG Am Mittelkai 40, 70329 Stuttgart, Germany Tel: +49 1522 1867 079 Stuttgart Airport c/o ITG Air & Sea GmbH Gottlieb-Manz-Straße 12, 70794 Filderstadt-Bernhausen, Germany Tel: +49 7117 9730 90, Fax: +49 7117 9730 915 Waghäusel c/o LGI Deutschland GmbH Kontraktlogistik Karlsruher Straße 61, 68753 Waghäusel, Germany Tel: +49 7254 9580 880, Fax: +49 7254 9580 199 Spedition/Transporte Karlsruher Straße 61, 68753 Waghäusel, Germany Tel: +49 7254 9580 880, Fax: +49 7254 9588 301 Winnenden c/o LGI Deutschland GmbH Max-Eyth-Straße 14, 71364 Winnenden, Germany Tel: +49 7114 5984 130 — AREA HAMBURG-BREMEN Bremen c/o ITG Air & Sea GmbH Martinistraße 33, 28195 Bremen, Germany Tel: +49 4211 7569 0, Fax: +49 4211 7569 19 Hamburg c/o ITG Air & Sea GmbH Weg beim Jäger 218-222, 22335 Hamburg, Germany Tel: +49 4050 062 0, Fax: +49 4059 803 3 Hamburg-Altenwerder c/o LGI Deutschland GmbH Altenwerder Hauptstraße 17-23, 21129 Hamburg, Germany Tel: +49 4033 3966 160, Fax: +49 4033 3966 190 Hamburg-Billbrook c/o LGI Deutschland GmbH Werner-Siemens-Straße 39, 22113 Hamburg, Germany Tel: +49 4081 9735 23, Fax: +49 4081 9735 20 Troplowitzstr. 10, 22529 Hamburg, Germany Tel: 49 4033 3966 127, Fax: +49 4033 3966 290 Other information Contact Elanders — AREA FRANKFURT-HEIDELBERG Ketsch c/o LGI Deutschland GmbH Vorpommernstraße 2, 68775 Ketsch, Germany Tel: +49 6202 2899 011 3 Mörfelden-Walldorf (Frankfurt Airport) c/o ITG Air & Sea GmbH Hessenring 13, 64546 Mörfelden-Walldorf, Germany Tel: +49 6105 9685 20, Fax: +49 6105 9685 280 Wiesloch c/o LGI Deutschland GmbH c/o Heidelberger Druckmaschinen AG Gutenbergring Halle 5, 69168 Wiesloch, Germany Tel: +49 6222 82 2136, Fax: +49 6222 8265 812 — AREA MUNICH Manching c/o LGI Deutschland GmbH Königsaue 2, 85077 Manching, Germany Tel: +49 8459 3334 150, Fax: +49 8459 3334 190 Nürnberg c/o ITG Air & Sea GmbH Andernacher Straße 53, 90411 Nürnberg, Germany Tel: +49 9113 5018 70, Fax: +49 9113 5018 719 Schwaig (Munich Airport) c/o ITG GmbH Internationale Spedition + Logistik Eichenstraße 2, 85445 Schwaig (Oberding), Germany Tel: +49 8122 5670, Fax: +49 8122 5671 001 c/o ITG Air & Sea GmbH Eichenstraße 2, 85445 Schwaig (Oberding), Germany Tel: +49 8122 5671 300, Fax: +49 8122 5671 301 — AREA BERLIN-DRESDEN Neustadt in Sachsen c/o LGI Deutschland GmbH Kirschallee 6, 01844 Langburkersdorf, Germany Tel: +49 3596 5866 10, Fax: +49 3596 5866 99 Werder c/o LGI Deutschland GmbH Am Magna Park 10, 14542 Werder (Havel), Germany Tel: +49 3327 5749 120, Fax: +49 3327 5749 190 — AREA DÜSSELDORF Düsseldorf Airport c/o ITG Air & Sea GmbH Ungelsheimer Weg 6, 40472 Düsseldorf, Germany Tel: +49 211 566 236 0, Fax: +49 211 566 236 30 Herten c/o LGI Deutschland GmbH Friedrich-Bergius-Straße 1-3, 45699 Herten, Germany Tel: +49 2366 5011 110, Fax: +49 2366 5011 190 Hünxe c/o LGI Logistics Solution GmbH Werner-Heisenberg-Straße 1, 46569 Hünxe, Germany Tel: +49 2811 6400 103, Fax: +49 2811 6400 109 Oberhausen c/o ITG Fulfillment GmbH Im Lekkerland 4, 46147 Oberhausen, Germany Tel: +49 2089 4146 0 — AREA ERFURT Erfurt c/o LGI TechLog GmbH Joseph-Meyer-Straße 3, 99095 Erfurt, Germany Tel: +49 36204 722 201 Erfurter Landstraße 59a, 99095 Erfurt, Germany Tel: +49 3620 4722 201, Fax: +49 3620 4722 100 AUSTRIA LGI Austria GmbH Vienna Frank-Stahl-Straße 1, 2361 Laxenburg, Austria Tel: +43 2236 860 936 110, Fax: +43 2236 860 936 111 ITG Austria GmbH Reichersberg Kammer 35, 4981 Reichersberg, Austria Tel: +43 7751 501510 CZECH REPUBLIC LGI Czechia s. r. o. Prague Poděbradská 601, 25090 Jirny, Czech Republic Tel: +420 281 049 080, Fax: +420 281 049 099 F.V.Veselého 2635/15, 19300 Horní Počernice, Czech Republic Tel: +420 702 204 318 Zákupy Nadrazni 295, 47123 Zákupy, Czech Republic Tel: +420 487 828 018, Fax: +420 487 828 016 Mladá Boleslav Plazy 129, 29301 Mladá Boleslav, Czech Republic HUNGARY LGI Hungária Logisztikai Kft. Budapest M1 Üzleti Park B/6 épület, H 2071 Páty, Hungary Tel: +36 23 312 978 Tormásrét utca 10., H 2051 Biatorbágy, Hungary Tel: +36 23 311 504 NETHERLANDS LGI Netherlands B.V. Amsterdam Kaapstadweg 34A, 1047 HG Amsterdam, Netherlands Tel: +31 20 8515 740, Fax: +31 20 8515 701 Dordrecht Burgemeester Noorlandstraat 150, 3316 LV Dordrecht, Netherlands Tel: +31 78 7900 800 Nieuw-Vennep Lireweg 5 F, 2153 PH Nieuw-Vennep, Netherlands Tel: +31 20 8515 700, Fax: +31 20 8515 701 LGI Technical Logistics Den Bosch c/o Eijgenhuijsen BV Precisievervoer Aziëlaan 22A, 5232 BA Den Bosch, Netherlands Tel: +31 735 033 498 Drachten c/o Eijgenhuijsen BV Precisievervoer Galvanilaan 7, 9207 HG Drachten, Netherlands Tel: +31 5734 5318 0 Ruurlo c/o Eijgenhuijsen BV Precisievervoer Spoorstraat 15, 7261 AE Ruurlo, Netherlands Tel: +31 573 45 31 80 POLAND LGI Polska Sp. z. o. o. Wrocław ul. Magazynowa 2, Bielany Wroclawskie, 55-040 Kobierzyce, Poland Tel: +48 664 050 752 ROMANIA LGI Romania SRL Arad I nr. 5A, Zona Industriala Vest, RO – 310502 Arad, Romania Tel: +43 2236 860 465 SWEDEN LGI Logistics Group International AB Borås Viaredsvägen 14, 504 64 Borås, Sweden Tel: +46 706 790 614 UNITED KINGDOM LGI Logistics Group International UK Milton Keynes 6 Deans Road, Old Wolverton, MK12 5NA Milton Keynes, England Tel: +44 19 08318 748 LGI Technical Logistics Birmingham c/o Bonds Worldwide Express Ltd Unit 6, The Gateway Estate, B26 3QD Birmingham, England Tel: +44 12 17822 233 USA ITG International Transports, Inc. Atlanta 100 World Drive, Suite 210, GA 30269 Peachtree City, USA Tel: +1 470 531 4500, Fax: +1 470 285 1411 Boston 6 Kimball Lane, Suite 230, MA 01940 Lynnfield, USA Tel: +1 617 455 60 20, Fax: +1 617 455 60 15 Elanders Annual and Sustainability Repo 2024 — 183 Mentor Media Web: www.mentormedia.com E-mail: [email protected] President: Kok Khoon Lim Mentor Media Ltd Corporate HQ 47 Jalan Buroh, #08-02, Singapore 619491 Tel: +65-6631 3333, Fax: +65-6896 3826 BRAZIL Mentor Gerenciamento de Supply Chain (Brasil) Ltda Rod SP 073, 1.800 – KM 37 1 Galpao Modulos 01, 02 E 03 – Bloco 300 – Distrito Industrial Do Lageado – Salto – SP Brazil Tel: +55 11 3195 3400 CHINA Chengdu Mentor Media Co., Ltd Floor3, BLDG 1, No.11 Zongbao Dadao Yiduan, Gongxing Street, Shuangliu Area, Chengdu City, 610213, China Tel: +86-28 6708 2288, Fax: +86-28 6708 2285 Mentor Supply Chain (Shenzhen) Co., Ltd Chongqing branch #303-02, 304-01, HP PC factory, No.22, Xi Yuan Yi Lu, Xiyong Street, Gaoxin District, Chongqing 401332 China Tel: +86-23 6562 0388, Fax: +86-23 6566 0985 Mentor Media CBZ (Chongqing) Co., Ltd No. 6-2 Zongbao Road, Shapingba District, Chongqing City, 401331, China Tel: +86-23 6562 0388, Fax: +86-23 6566 0985 Mentor Supply Chain (Chong Qing-CBZ) Co., Ltd The ground floor, No. 6-2, Zongbao Road, Shapingba District, Chongqing City, 401331, China Tel: +86-23 6562 0388, Fax: +86-23 6566 0985 Mentor Media (Kunshan) Co., Ltd No.48, Factory Building, Central Avenue, Kunshan Export Processing Zone, Kunshan City, Jiangsu Province 215301, China Tel: +86-512 5772 0005 Mentor Media (Shenzhen) Co., Ltd Unit 301, 3rd Floor, Xingda Logistics Building, No. 3, Lanhua Road, Fubao Community, Fubao Str, Futian District, Shenzhen, 518038 China Tel: +86-755 8348 0418 Mentor Media (Shenzhen) Logistics Ltd Unit 3C, 3rd Floor warehouse, Xingda Logistics Building, No. 3, Lanhua Road, Fubao Community, Fubao Street, Futian District, Shenzhen, 518038 China Tel: +86-755 8348 0418 Mentor Supply Chain (Shenzhen) Co., Ltd Xiamen branch No. 56 HuLi Dadao, 3rd Floor, Unit S1 & S2, HuLi District, Xiamen, Fujian, 361006, China Tel: +86-592 570 3399, Fax: +86-592 570 3377 Mentor Supply Chain (Shenzhen) Co., Ltd Shanghai branch Floor 2, Unit 4 East Side, Land 71#, No. 211 Qinqiao Road, Pudong, Shanghai, 201206, China Tel: +86-21 5834 1893/5834 2368/5834 1699 Mentor Shanghai Trading Co., Ltd Room 104, No.388 Huigang Road, China (Shanghai) Pilot Free Trade Zone (Yangshan), Shanghai, 201308, China Tel: +86-21 6106 0899 Asiapack Ltd 2/F, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Web: asiapack.com E-mail: [email protected] Tel: +852 2735 1163 Asiapack (Shenzhen) Co., Ltd. 3rd floor, Nb.2 Jinsheng 4th Rd, Lanzhu Rd North side. Shenzhen Export Processing Zone, Pingshan, Shenzhen, 518118, China Web: asiapack.com E-mail: [email protected] Tel: +86 755 8966 6950 CZECH REPUBLIC Mentor Media Czech s.r.o. Vlastimila Pecha 1302/2, Brno, 627 00, Czech Republic Tel: +420 515 577 401 INDIA Mentor Printing and Logistics Pvt. Ltd Registered Office and Print & Packaging Operations – DTA Unit (Domestic Tariff Area) B-50, SIPCOT Industrial Park, Irukkattukottai – 602 117, Sriperumbudur Taluk, Tamilnadu, India Tel: +91 44 7110 3600, Fax: +91 44 7110 3902 SCM Operations – DTA Unit. (Domestic Tariff Area) B-51, SIPCOT Industrial Park, Irukkattukottai – 602 117, Sriperumbudur Taluk, Tamilnadu, India Tel: +91 44 7110 3600, Fax: +91 44 7110 3902 SCM Operations – SEZ Unit – (Special Economic Zone) Plot No. DV-2, SIPCOT HI-TECH SEZ, Sriperumbudur, Kancheepuram (Dist.) – 602 106, Tamilnadu, India Tel: +91 44 6714 4218, Fax: +91 44 6714 4246 MEXICO Mentor Media Juárez S.A. de C.V. Libre Comercio No. 2164, Parque Industrial Américas, Cd. Juárez, Chih. C.P. 32575, Mexico Tel: +52 656 257 1603 SCM Operations – Monterrey Avenida Miguel Alemán 2455, Parque Industrial via 54, 66627 Cd Apodaca, N.L., Mexico Mentor Supply Chain Mexico S.A. de C.V Libre Comercio No. 2164, Parque Industrial Américas Cd. Juárez, Chih. C.P. 32575, Mexico SINGAPORE Mentor Media Ltd Fulfillment Plant 24 Penjuru Road, #09-02 Singapore 609128 KWE Jurong Hub 3A, 3B, 4A, 4B, 7 Bulim Street, Singapore 64817 Mentor Internet Solution Pte Ltd 47 Jalan Buroh, #08-02, Singapore 619491 TAIWAN Mentor Media Taiwan Branch Rm. 2, 7F., No.146,Wenxing Rd., Guishan Dist, Taoyuan City, 333611, Taiwan Tel: +886-3-3279389#401, Fax: +886-3279382 THAILAND Mentor Supply Chain (Thailand) Co. Ltd 551/6-8 WHA Logistics Park 1 Building, Mu 2, Khao Khansong Sub-district, Si Racha District, Chon Buri Province 20110 Thailand USA Mentor Media (USA) Supply Chain Management, Inc. 865 South Washington Ave, San Bernardino, CA, 92408, USA Tel: +1 909 930 0800, Fax: +1 909 930 0807 Mentor Supply Chain USA Inc. 1395 Polk Drive, Warsaw, Indiana, 46582, USA Tel: +1 574 376 2953, Fax: +1 574 376 2963 VIETNAM Mentor Supply Chain Vietnam Ltd Pacific Place Building, 10 Floor 83B Ly Thuong Kiet Street, Tran Hung Dao ward, Hoan Kiem District 100000, Hanoi, Vietnam Kammac Ltd. Web: www.kammac.com E-mail: [email protected] President: Tim Bloch Kammac Skelmersdale Head Office M58 Distribution Centre, Gillibrands Rd, Skelmersdale, WN8 9TA, England Tel: +44 1695 727272 UNITED KINGDOM Kammac Skelmersdale M58 365 M58 Distribution Centre, Gillibrands Rd, Skelmersdale, WN8 9TA, England Kammac Knowsley Jupiter 143 143 Deacon Park, Hornhouse Lane, Knowsley, Merseyside, L33 7YQ, England Kammac Wavertree 170 1 Pighue Lane, Wavertree, Liverpool, Merseyside, L7 9QA, England Kammac Runcorn 152 Aston Lane North, Preston Brook, Runcorn, WA7 3GE, England Other information Contact Elanders Kammac Manchester 208 21 Commerce Way, Trafford Park, Manchester, M17 1HW, England Kammac Worksop 68 Unit 1, Highgrounds Industrial Estate, Worksop, Nottinghamshire, S80 3AT, England Kammac Burton 16 Molson Coors Brewery E Gate Entrance, Hawkins Lane, Burton-on-Trent, DE14 1PT, England Kammac Preston 90 366 Four Oaks Road, Walton Summit, Preston, Lancashire, PR5 8AP, England Kammac Warrington 379 379 Dallam Lane, Warrington, WA2 7NT, England Kammac Widnes 258 258, Unit 2, Gorsey Lane, Widnes, WA8 0RN, England Kammac Burton 101 Quintus Park, Unit 5, Port way, Branston, Burton on Trent, DE14 3PD, England Kammac North Shields 48 Unit L6, High Flatworth, North Shields, NE29 7UT, England Bishopsgate Specialist Logistics Web: bishopsgate.co.uk E-mail: [email protected] President: Tim Bloch Bishopsgate Specialist Logistics, HQ Unit 1 Interface, Technology Drive, Royal Wootton Bassett, Swindon, SN4 8SY, England Tel: +44 1793 859 010 UNITED KINGDOM Bishopsgate Specialist Logistics Premier Park, Unit A, Off Abbey Rd, London NW10 7NZ, England Tel: +44 2037 256 200 Unit E1B Birch Coppice Business Park, Dordon, Tamworth B78 1SG, England Tel: +44 1827 908 290 Bridge St, Golborne, Warrington WA3 3PX, England Tel: +44 1616 676 180 Unit 1 Belgrave Street, Bellshill Industrial Estate, Bellshill, ML4 3NP, Scotland Tel: +44 1417 732 266 ReuseIT Sweden AB Växjö Web: www.reuseit.se E-mail: [email protected] Tel: +46 470 70 35 00 MD: Daniel Steneby Illervägen 13, 352 45 Växjö, Sweden Gothenburg Web: www.reuseit.se E-mail: [email protected] Tel: +46 31 313 32 59 MD: Daniel Steneby Första Långgatan 30, 413 27 Gothenburg, Sweden Azalea Global IT AB Web: www.azaleait.se E-mail: [email protected] Tel: +46 31 313 32 59 MD: Daniel Steneby Första Långgatan 30, 413 27 Gothenburg, Sweden Print & Packaging Solutions President: Sven Burkhard GERMANY Elanders Waiblingen GmbH Anton-Schmidt-Straße 15, 71332 Waiblingen, Germany Web: www.elanders.de E-mail: [email protected] Tel: +49 71 51 95 63 0 Elanders Donauwörth GmbH Am Stillflecken 4, 86609 Donauwörth, Germany Web: www.elanders.de E-mail: [email protected] Tel: +49 90 67 06 34 0 Elanders Kaisheim GmbH Gewerbepark 5, 86687 Kaisheim, Germany Web: www.elanders.de E-mail: [email protected] Tel: +49 90 99 96 95 0 myphotobook GmbH Köpenicker Str. 10, 10997 Berlin, Germany Web: www.myphotobook.de E-mail: [email protected] Tel: +49 30 61 65 08 00 2 fotokasten – a brand of myphotobook GmbH Web: www.fotokasten.de E-mail: [email protected] Tel: +49 30 61 65 08 00 1 HUNGARY Elanders Hungary Kft Zalalövő Újmajor u. 2, 8999 Zalalövő, Hungary Web: www.elanders.com/hun E-mail: [email protected] Tel: +36 92 57 25 00, Fax: +36 92 57 10 78 Jászberény 5100 Jászberény, Fémnyomó u. 1., Hungary Web: www.elanders.com/hun E-mail: [email protected] Tel: +36 92 57 25 00, Fax: +36 92 57 10 78 ITALY Elanders Italy S.r.l. Via Delle Industrie 8, 31050 Ponzano Veneto (TV), Italy Web: www.elanders.com/ita Tel: +39 (0) 422 44 22 53, Fax: +39 (0) 422 44 22 53 POLAND Elanders Polska Sp. z o.o. Płońsk Ul. Mazowiecka 2, 09-100 Płońsk, Poland Web: www.elanders.com/pol, www.elanders.pl E-mail: [email protected] Tel: +48 23 662 23 16, Fax: +48 23 662 31 46 Wrocław Wrocławska str. 33D, 55-095 Długołęka, Poland Web: www.elanders.com/pol, www.elanders.pl E-mail: [email protected] Tel: +48 71 346 06 78 SWEDEN Elanders Sverige AB Viared Box 22035, 501 14 Borås, Sweden Web: www.elanders.se E-mail: [email protected] Tel: +46 31 750 00 00 Vällingby Box 518, 162 15 Vällingby, Sweden Web: www.elanders.se E-mail: [email protected] Tel: +46 31 750 00 00 UNITED KINGDOM Elanders Ltd Merlin Way, New York Business Park, North Tyneside, NE27 0QG, England Web: www.elanders.co.uk E-mail: [email protected] Tel: +44 1912 80 04 00, Fax: +44 1912 80 04 01 Spreckley Limited 79 Arnold Road Nottingham, NG6 0ED, England Web: www.elanders.co.uk E-mail: [email protected] Tel: +44 115 978 3786, Fax: +44 115 978 3784 USA ElandersUSA, LLC 4525 Acworth Industrial Drive, Acworth, Georgia 30101, USA Web: www.elandersamericas.com Tel: +1 770 917 70 00, Fax: +1 770 917 70 20 Midland Information Resources Company 5440 Corporate Park Drive, Davenport, IA 52807, USA Web: www.elandersamericas.com Tel: +1 563 359 3696, Fax: +1 563 823 7651 Elanders Annual and Sustainability Repo 2024 — 185 Annual general meeting and nancial calendar Shareholders in Elanders AB (publ) are welcomed to the company’s Annual General Meeting Wednesday 23 April 2025. April July Q 5 Other information Annual general meeting and nancial calendar Q Annual General Meeting Address Södra Porten Konferenscenter Flöjelbergsgatan 1C, Mölndal, Sweden. More information about the meeting and how the shareholders who wish to participate can register will be published in connection with the notice convening the meeting and will also be published on www.elanders.com. Elanders Annual and Sustainability Repo 2024 — 187 January Q October Q 6 Production facts Art Direction and design Narva Communications. Production Elanders AB in collaboration with Narva Communications. Paper cover Colorplan Imperial Blue 350 g. Paper inlay Circle Silk Premium White 130 g. Print Elanders Kaisheim GmbH, Germany, a member of Elanders Group. Photo Adobe Stock: pages 23, 29–30, 33–34, 36. Bergen Logistics: pages 5, 44–45, 50, 83. Bishopsgate: pages 46, 180. Elanders: pages 19, 23, 37, 48–49. Kammac: page 47. LGI: pages 5–7, 19–20, 27–28, 31–32, 35, 38–39, 40–41, 44, 58–59, 63, 68, 87, 90, 94. Mentor Media: page 43. Mikael Göthage: pages 5, 9–10, 42, 178–181. Pratham: page 94. Universeum: page 94. Distribution policy Elanders’ Annual and Sustainability Report is dis- tributed to those share holders who have actively ordered a printed version, certain customers and other interested parties. It is possible to down- load the Annual and Sustainability Report both in Swedish and English from Elanders’ website. Those interested can via the website read Elanders’ Annual Reports from the last ten years. Translation Björn Raunio and Elanders. This document is essentially a translation of the Swedish language version. In the event of any discrepancies be- tween this translation and the original Swedish document, the latter shall be deemed correct. FSC ® labeled Annual and Sustainability Repo For the Annual and Sustainability Report 2024, we have used the 100 percent recycled paper Circle Silk Premium White with a basis weight of 130 g/m 2 for the inlay. For the cover we have used the paper Colorplan Imperial Blue with a basis weight of 350 g/m 2 .
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