Interim report January 1 – March 31, 2025 Q1

Growth despite subdued demand and negative currency effects

January 1 - March 31

Net sales amounted to SEK 1,863 m (1,736), corresponding to a 7.4% increase in sales. Adjusted for exchange rate movements, net sales increased by 7.7%, wherof 1.5% organic.
Operating income amounted to SEK 110 m (140), impacted by currency effects of SEK -15 m, compared with SEK +10 m in the first quarter of 2024, a difference of SEK 25 m compared to previous year´s quarter.
Earnings per share attributable to equity holders of the Parent Company amounted to SEK 1.35 (1.66).
The acquisition of the UK converting company Poppies Europe, with annual net sales of approximately SEK 620 m, will be consolidated in the Dining Solutions business area from February 1, 2025.

Key financials	3 months Jan-Mar	3 months Jan-Mar	12 months Apr-Mar	12 months Jan-Dec
SEK m	2025	2024	2024/25	2024
Net sales	1,863	1,736	7,705	7,578
Organic growth	1.5%	-9.1%	-1.0%	-4.9%
Operating income1)	110	140	574	604
Operating margin1)	5.9%	8.1%	7.4%	8.0%
EBIT	90	123	380	412
EBIT margin	4.8%	7.1%	4.9%	5.4%
Income after financial items	87	109	333	355
Income after tax	63	83	257	278
Earnings per share attributable to equity holders of the Parent Company	1.35	1.66	5.16	5.48
Adjusted earnings per share attributable to equity holders of the Parent Company	1.35	1.66	7.26	7.56
Return on capital employed, excluding goodwill	21.5%	27.1%	21.5%	24.8%

1) For reconciliation of alternative key financials, definition of key financials and glossary, see pages 27-28.

Duni Group is a market leader in attractive, environmentally sound and functional products for table setting and take-away.The Group markets and sells its products under the brands Duni, BioPak, Paper+Design and Poppies, which are represented in more than 50 markets. Duni has around 2,700 employees spread out across 26 countries, with its headquarters in Malmö and production sites in Sweden, Slovenia, Germany, Poland, Thailand, and the UK. Duni is listed on the NASDAQ Stockholm under the ticker name "DUNI". Its ISIN code is SE0000616716. This information is information that Duni AB is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person, at 07.45 CET on April 25, 2025. 1

CEO summary

Despite continued subdued demand in the European market, Duni Group reports healthy growth in sales in the first quarter. The positive trend was driven by both acquisitions and organic growth. However, operating income for the quarter was negatively affected by revaluation effects linked to a stronger Swedish krona.

The first quarter was characterized primarily by growth, despite continued subdued demand in the European market. This is driven primarily by acquisitions but also organically from BioPak in Australia, while volumes are slightly lower in Europe. Net sales increased by SEK 128 m to SEK 1,863 m (1,736), which corresponds to growth of 7.7% at fixed exchange rates.

The operating income is good given that the comparative quarter in 2024 was the strongest ever in the history of Duni Group. Our financial development has been gradually strengthened by efficiency improvements in production, continued focus on strategic purchasing as well as cost compensation measures. We can also see that our cost-saving measures in the European part of the Group are starting to pay off. Operating income amounted to SEK 110 m (140), corresponding to a margin of 5.9% (8.1%). The quarter was further affected by revaluation effects from the stronger Swedish krona, with currency effects of SEK -15 m in the quarter compared with SEK +10 m in the first quarter of 2024, a difference of SEK 25 m. We are also seeing an increase in costs in Food Packaging Solutions, linked to high inventory levels, which burdens the income figure by approximately SEK 20 m compared with the previous year.

Dining Solutions – stability and award-winning innovation

The Dining Solutions business area increased net sales by SEK 88 m to SEK 1,118 m – an increase of 8.2% at fixed exchange rates. Sales in Europe were stable, while the Asian market showed growth. Operating income amounted to SEK 102 m (109), affected by negative currency effects and an unfavorable product mix.

We are delighted to welcome the newly acquired converting company Poppies to the Duni Group, and it is part of the business area from February. Together with the previously acquired company SETI, the companies contributed to the business area's positive income during the period. Another significant event was that we received the prestigious Best of Market award for the Bio Dunisoft range – a testament to our drive for innovation and focus on sustainability, and a clear sign that our efforts are making a difference.

Food Packaging Solutions – focus on strategic initiative

Food Packaging Solutions also achieved positive sales growth of SEK 40 m to SEK 745 m – corresponding to 6.9% at fixed exchange rates. Australia showed strong growth through BioPak, while the trend in the European market was weak. Operating income, which was negatively affected by mix effects and cost increases, amounted to SEK 7 m (30). The cost increase relates primarily to high inventory levels in the BioPak Group.

In January, Duniform was relaunched with a dedicated organization, a new competence center and an enhanced market offering – a clear step in strengthening its position in the market. Later in the quarter, a collaboration was also initiated with an actor in the food delivery industry, with the aim of promoting sustainable packaging solutions and reducing food waste – a clear example of how we are positioning ourselves for the future in the area of sustainable and innovative packaging solutions.

Dedicated sales and marketing team in each business area

To strengthen our relevance in the market, we initiated a change in our sales and marketing organization during the quarter. By separate sales forces with specialist expertise within each business area, and also boosting our digital skills, we increase our ability to build strong customer relationships and adopt a more proactive approach in a changing market.

Flexibility in a changing world

The world around us is characterized by great uncertainty. Trade policy changes, such as US tariffs, are affecting our market – although the direct impact has so far been limited, as our sales exposure to the US market is low. In addition to trade policy, the regulatory landscape is also changing rapidly. New regulations, such as the PFAS ban and EUDR, place increased demands on flexibility and adaptability. We see an opportunity here to play a leading role and actively drive sustainable development.

In these challenging conditions we have the advantage of our broad geographical presence where our independent business areas complement each other and help us become less vulnerable. This gives us a solid foundation on which to build.

Robert Dackeskog, President and CEO, Duni Group.

This is Duni Group

Duni Group is a leading supplier of inspiring tabletop concepts and attractive, creative and environmentally smart single-use items for food and beverages. Our offering includes high-quality products, such as napkins, table covers, candles and other tabletop accessories, along with packaging products and systems for the growing take-away market.

All of the company's concepts should contribute to creating an elevated experience where people come together to enjoy food and drink. And they should be able to do so with a clear conscience – environmental sustainability and circular options are a matter of course.

2,717

The Group has 2,717 employees in 26 countries. The head office is located in Malmö. Tissue for napkins and table covers is manufactured in Sweden, while converting to finished products takes place in Germany, Poland, Thailand, Slovenia and the UK. The Group has sales offices in Australia, Finland, France, United Arab Emirates, Hong Kong, Netherlands, New Zealand, Poland, Switzerland, Singapore, Spain, UK, Sweden, Thailand, Czech Republic, Germany, USA and Austria.

NorthEast Central West South Rest of World Other Sales Net sales per region

Net sales per product group

Two complementary business areas

Duni Group's operations are divided into two business areas: Dining Solutions, with its focus on products and concepts for the set table, and Food Packaging Solutions, which offers sustainable packaging solutions for food and beverages. The business areas are responsible for their respective brand strategies, as well as their own marketing communications, product development and innovation. Duni Group's solutions are sold primarily under the brands Duni, Paper+Design, Poppies, BioPak and Duniform.

Yes please

Financial targets and sustainability targets

For financial KPIs and sustainability-related KPIs, see page 21

Goal	KPI	Outcome	Comment	History
Sales growth >5% Organic growth over a business cycle.	Duni Group's target is to achieve average organic growth in sales in excess of 5% per year over a business cycle. In addition, the Group continuously evaluates opportunities for acquisi tions to reach new emerging markets or strengthen its position in existing markets.	Rolling 12 months -1.0%	The low growth is explained by a generally weak market in Europe. The price increase announced in Q4 24 has not yet taken full effect.	30 20 10 0 -10 -20 2021 2022 2023 2024 2025 LTM Organic Goals over a business cycle growth, %
Operating margin >10%	The target is for the Group's operating margin to be at least 10%. Profitability is to be increased through sales growth, continued focus on premium products and con tinued improvements within purchasing and production.	Rolling 12 months 7.4%	The operating margin was negatively affected by lower volumes, high costs in Food Packaging Solutions and historically high prices for pulp calculated over the last tweve months.	15 12 9 6 3 0 2021 2022 2023 2024 2025 LTM Operating Goals over a margin, % business cycle
Dividend 40+%	It is the Board of Directors' long-term intention for divi dends to amount to at least 40% of income after tax.	Dividend full year 2024 5.00 SEK (Equivalent to 91% of income for the year or 66% of income for the year excluding restruc turing costs)	The dividend of SEK 5.00 amounts to 91% of income after tax, or 66% of income after tax adjusted for restructuring costs. The dividend is divided into two separate payments of SEK 2.50 per share. The second part-payment is scheduled for November 14, 2025.	100 75 50 25 0 2021 2022 2023 2024 Goals over a Dividend, % of business cycle income after tax Dividend, % of income after tax adjusted for restructuring costs
Becoming Circular at Scale Fully circular operations 100%	KPI 2025 The use of virgin fossil plastic for single-use items will decrease by 50% by 2025 compared with 2019 as the base year. Future KPI under review	KPI status Jan 1 – Mar 31 Fossil plastic use index 65 (35% reduction)	Activities during the quar ter • Napkins made from unbleached paper fiber were launched. • Cross-functional "Circular Action Team" established.	100 75 50 25 0 2021 2022 2023 2024 2025 Virgin fossil Interim targets, plastic index, % 2025
Going Net Zero 2030 Net zero carbon emissions for Scope 1 and 2. 0 CO2	KPI 2025 60% reduction in carbon intensity with 2019 as base year. Future KPI under review	KPI status Jan 1 – Mar 31 Carbon intensity index 41 (59% reduction)	Activities during the quar ter • Scope 3 calculation for 2024 completed. • Emission factors will be updated during Q2 for 2025 (which may result in adjustments).	120 100 80 60 40 20 0 2021 2022 2023 2024 2025 Carbon intensity Interim targets, index, % 2025
Living the Change 2030 A trusted sustainability leader in 2030. #1	KPI 2025 Platinum level (top 1%) in EcoVadis. Future KPI under review	KPI full year 2024 EcoVadis score 79 (Gold level, top 3% for 2024)	Activities during the quarter • EcoVadis results for 2024: score 79. • Several awards in Kar riärföretagen's ranking of attractive employers	100 75 50 25 0 2021 2022 2023 2024 EcoVadis score Interim targets, 2025

4 For complete information, see Duni Group's Annual and Sustainability Report.

Net sales

January 1 – March 31

Compared with the same period of the previous year, net sales increased by SEK 128 m to SEK 1,863 m (1,736). At fixed exchange rates, this corresponds to a 7.7% increase. Growth was primarily driven by the Group's acquired operations, while organic growth contributed an increase of 1.5%.

European market data shows that the hotel and restaurant sector is characterized by low consumer confidence and a slow recovery, with restaurant visits still below pre-pandemic levels. Despite some positive trends, consumer confidence remained negative during the quarter, with its lowest level in March.

The previously announced price increases to counteract the effects of inflation on the business were initiated during the quarter. These amounts to 2% in the quarter and have gradually contributed to more balanced and positive economic development.

The acquired business, Poppies, has been consolidated into the Dining Solutions business area since February 1, 2025. The companies Decent Packaging and Relevo GmbH, which were acquired in Q1 2024, are now included in the organic benchmark as part of the Food Packaging Solutions business area.

Net sales

	3 months Jan-Mar	3 months Jan-Mar	% fixed exchange	12 months Apr-Mar	12 months Jan-Dec
SEK m	2025	2024	rates	2024/25	2024
Dining Solutions	1,118	1,030	8.2%	4,497	4,409
Food Packaging Solutions	745	705	6.9%	3,208	3,168
Duni Group	1,863	1,736	7.7%	7,705	7,578

Income

January 1 – March 31

Operating income amounted to SEK 110 m (140), with an operating margin of 5.9% (8.1%). The gross margin was 23.2% (25.1%). The result was mainly affected by significant negative currency effects due to the strengthening of the Swedish krona against the euro of 5.6% from the beginning of the year. In the quarter, currency effects amounted to SEK -15 m compared to SEK +10 m in the first quarter of 2024. The majority of these comes from the strengthened Swedish krona, primarily through revaluation effects of Swedish companies' assets in euros. In the European business, a weaker US dollar to some extent offsets the negative effects of a stronger Swedish krona against the euro. The majority of sales in Europe are in euros, while costs in US dollars are lower than in Swedish krona and euros. Furthermore, the business in Australia are affected by a weakening of the Australian dollar against the US dollar as the majority of BioPak Group´s purchasing are in US dollars. Other underlying reasons for the weakened income figure include lower margins in the BioPak Group as a result of increased costs linked to a build-up of inventories and indirect costs in order to manage the strong growth of recent years.

During the quarter, efficiency improvements were implemented in production, while a continued focus on strategic purchasing agreements had a direct positive impact on costs. At the same time, the planned savings on indirect costs in Europe have started to yield results and streamline the cost structure, which has contributed to a positive trend. Despite some impact from negative mix effects, with customers putting less priority on premium products, the measures implemented have created a stable basis for continued growth.

The Group's income after financial items amounted to SEK 87 m (109). The Group's income after tax was SEK 63 m (83).

Operating income

	3 months Jan-Mar	3 months Jan-Mar	3 months Jan-Mar	12 months Apr-Mar	12 months Jan-Dec
SEK m	2025	20251)	2024	2024/25	2024
Dining Solutions	102	102	109	472	479
Food Packaging Solutions	7	8	30	102	125
Duni Group	110	110	140	574	604

1) Reported operating income 2025 recalculated at 2024 exchange rates.

Business area

Dining Solutions

The Dining Solutions business area stands for what Duni Group is traditionally associated with – sustainable and innovative solutions for the set table. The range consists mainly of napkins, table covers and candle concepts, and is sold under the brands Duni, Paper+Design and Poppies. Customers are mainly in the hotel and restaurant sector, the so-called HoReCa market, where sales are largely made through wholesalers. Retail and the specialist trade are also important customer groups. The business area is a European market leader in the premium segment for napkins and table covers. The business area accounted for approximately 60% (59%) of the Group's net sales during the period from January 1 to March 31.

Business events during the quarter

The acquired business, Poppies, has been consolidated into the Dining Solutions business area since February 1, 2025.
The Bio Dunisoft range wins the prestigious "Best of Market" award at the Internoga trade fair, in the "Non-Food Sustainability" category.
Continued expansion in Southeast Asia with Duniletto, a napkin with integrated cutlery pocket, now launched in Macau and Vietnam after success in Japan, South Korea and Thailand.
Change initiated in the sales and marketing organization, with separate sales forces within each business area to increase efficiency and customer focus.

January 1 – March 31

Net sales

SEK 1,118 m

(1,030)

Operating income

SEK 102 m

(109)

Operating margin

9.1% (10.6%)

Net sales

Net sales for the quarter increased by SEK 88 m and amounted to SEK 1,118 m (1,030). At fixed exchange rates, this corresponded to a sales increase of 8.2%. The acquired companies SETI and Poppies contributed to the increase in sales.

Volumes to the hotel and restaurant market in Europe were in line with the same period last year. Despite the market showing negative volume growth in the fourth quarter, volumes in the first quarter were in line with the previous year, thanks to strong growth in customers' private label products.

Sales to the grocery retail trade in Europe showed a cautious decline in sales, which should be seen against the backdrop of continued strong price pressure on volume contracts that are procured in tough competition. Although a strong trend in Germany and Benelux made a positive contribution to the quarter's performance, this was not fully compensated by lower sales to a small number of major key customers.

While the European market continues to be challenging with cautious demand, sales during the quarter to the hotel and restaurant segments outside Europe increased as a result of a positive product mix, which strengthened the business area's volumes during the period.

Income

Operating income in the quarter was SEK 102 m (109) and the operating margin was 9.1% (10.6%). The income figure is thus close to the previous year's level, despite a significant negative currency effect. The majority of the negative currency effects relate to this business area.

In addition to a significant impact of the currency effect, profitability is characterized by continued negative mix effects, as a consequence of customers giving less priority to premium products. However, this has been partially mitigated by continuous efficiency improvements in production, strategic purchasing agreements and the ongoing savings on indirect costs in Europe, which have contributed to maintaining stable profitability.

The acquired businesses Poppies and SETI contributed SEK 7 m to income during the first quarter of the year. At the same time, the business area reported a positive trend outside Europe.

Business area

Food Packaging Solutions

The Food Packaging Solutions business area offers environmentally sound concepts for meal packaging and serving products for applications including take-away, readyto-eat meals, and various types of catering. The business area's customers are various types of restaurants with take-away concepts and companies that are active in the health and patient care sectors. Stores and other food producers are also major customer groups. Products and services in the business area are sold under the Duni, BioPak and Duniform brands. The business area has a market-leading position in Australia. The business area accounted for approximately 40% (41%) of the Group's net sales during the period from January 1 to March 31.

January 1 – March 31

Net sales

(705)

SEK 745 m

Business events during the quarter

Duniform is relaunched with a dedicated organization, a new competence center and an enhanced market offering.
Major contracts initiated for festivals and events.
Duniform initiated a collaboration with a food supplier to promote sustainable packaging solutions and reduce food waste.
Change initiated in the sales and marketing organization, with separate sales forces within each business area to increase efficiency and customer focus.

Operating income

SEK 7 m

(30)

Operating margin

1.0% (4.3%)

Net sales

Net sales for the quarter increased by SEK 40 m and amounted to SEK 745 m (705). At fixed exchange rates, this corresponds to a sales increase of 6.9%. The BioPak Group in Australia grew by 13.5% in the first quarter, of which SEK 11 m was driven by acquisitions. The acquired companies Decent Packaging and Relevo GmbH, which were consolidated into the Food Packaging Solutions business area in Q1 2024, are now included in the organic benchmark.

During the quarter, Food Packaging Solutions in Europe reported a decline in all markets compared with the previous year, with the exception of Denmark, where the trend was more positive. The weak growth reflects partly weak demand, but also increasingly tough competition from the distribution chain for simpler products purchased directly by manufacturers, primarily in Asia. Retail sales showed a negative trend in general, but were partially offset by strong growth in the DACH region.

During the quarter, Duniform showed a positive sales development, especially in the Swedish market, with some growth compared with the corresponding period last year. The gradual implementation of price increases in Europe has also had a positive impact on balancing the effects of inflation on operations.

Income

Operating income in the quarter amounted to SEK 7 m (30), and the operating margin was 1.0% (4.3%). The lower income figure can be partly attributed to the performance in the BioPak Group, which reported lower income during the quarter, driven by a negative margin trend and increased indirect costs. The negative margin trend has been notable since the third quarter of 2024 and is judged to be temporary, as it is largely attributable to high inventory levels. Work to return to lower levels is ongoing, and it is believed that this will result in lower costs and higher margins.

European operations also reported a negative trend compared with the first quarter of 2024, driven by reduced volumes. The increased regulation in recent years has resulted in major adaptation costs to meet future requirements. At the same time, this adaptation is crucial to be relevant in a market for sustainable packaging solutions, which is expected to grow rapidly with increased levels of consumption of food "on the go".

Financial overview

Cash flow and funding

The Group's cash flow from operating activities was SEK -166 m (-183) for the period from January 1 to March 31. Accounts receivable amounted to SEK 1,107 m (1,137) and accounts payable to SEK 786 m (615), while inventory was valued at SEK 1,565 m (1,430).

Cash flow including investing activities amounted to SEK m -582 (-286). The acquisition of Poppies had a negative impact on cash flow of SEK 391 m. Net investments for the period amounted to SEK 26 m (26). Depreciation for the period amounted to SEK 76 m (68), of which depreciation on right-of-use assets amounted to SEK 17 m (15).

The Group's interest-bearing net debt as of March 31, 2025 was SEK 1,586 m. At the end of the same period last year, the interest-bearing net debt amounted to SEK 921 m.

Net financial items

Net financial items for the period amounted to SEK -3 m (-13), with currency translation effects having an impact of SEK +8 m (0). Income from participations in associated companies amounted to SEK 0 m (-1).

Taxes

The total reported tax expense for the period January 1 – March 31 amounted to SEK 24 m (26), giving an effective tax rate of 28.1% (24.1%). Reported tax for the year includes adjustments and non-recurring effects from the previous year of SEK +0.5 m (-1.5).

Earnings per share

This year's earnings per share, attributable to equity holders of the Parent Company, before and after dilution amounted to SEK 1.35 (1.66).

The share

As of March 31, 2025, the share capital amounted to SEK 58,748,790 and consisted of 46,999,032 outstanding ordinary shares. The quotient value of the shares is SEK 1.25 per share.

Shareholders

Duni AB (publ) is listed on NASDAQ Stockholm under the ticker name "DUNI". The three largest shareholders at the end of the period were Mellby Gård AB (50.85%), Carnegie Fonder AB (6.88%) and Protector Forsikring ASA (6.28%).

Personnel

On March 31, 2025, there were 2,717 (2,444) employees. The increase compared with the previous year can be explained by acquired companies. 1,081 (909) of the employees were engaged in production. Duni Group's production plants are located in Bramsche and Wolkenstein, Germany, in Poznan, Poland, in Bengtsfors, Sweden, in Bangkok, Thailand, in Kranj, Slovenia, and in St Helens, UK.

Acquisitions

On January 31, 2025, Duni AB acquired all shares and votes in Poppies Europe Ltd (Poppies), after the conditions required to complete the transaction had been met. The total consideration paid amounted to GBP 48 m, which corresponds to approximately SEK 655 m. GBP 28.8 m (60%) was paid on January 31, 2025 and net debt was charged with SEK 393 m. The remaining three payments will be made at the end of 2025 (20%), 2026 (10%) and 2027 (10%). The funding for this is included in the existing loan facility. The acquisition analysis is still preliminary and the distribution between intangible assets and goodwill is still being calculated. In the preliminary acquisition analysis, the excess values are estimated based on what has emerged from the due diligence process and interviews with company management.

The acquisition of Poppies is a strategic acquisition with benefits including synergies in manufacturing and logistics. It will result in increased distribution capacity in the UK and Ireland. The Poppies converting facility is located between Liverpool and Manchester. They have around 220 employees, 160 of whom work in production. Poppies is a leading actor in the region in the field of paper-based serving items. The company operates primarily in the catering sector under the Poppies brand, together with wellknown product names such as McNulty Wray and Staples. The acquisition will strengthen Duni Group's position as market leader in Europe, and the UK will be the Group's second largest market in Europe after Germany. It has annual net sales of approximately SEK 620 m, with profitability in line with the Dining Solutions business area. The company is consolidated within the Dining Solutions business area from February 1, 2025. The acquisition contributed SEK 77 m to net sales for the quarter and SEK 4 m to operating income.

The goodwill will be offset by synergies, and the intangible assets are expected to consist primarily of customer contracts. No part of the reported goodwill or intangible assets is expected to be deductible in conjunction with income taxation. Accounts receivable and other current receivables correspond to the contractual amounts, since they are expected to be recoverable. Acquisition costs of SEK 12 m were charged in the fourth quarter of 2024 under the "Other operating expenses" line item. In accordance with RFR2, the Parent Company recognizes these expenses as financial assets upon completion of the acquisition.

Preliminary acquisition analysis, SEK k Fair value

Intangible assets	193,140
Tangible assets	63,148
Net deferred tax asset/liability	-68,297
Inventory	69,913
Accounts receivable	84,097
Accounts payable	-58,604
Other short-term liabilities	-15,999
External loans	-16,884
Cash	2,222
Acquired identifiable assets	252,736
Goodwill	402,114
Acquired net assets	654,850

Cash flow impact - acquisition of subsidiaries, SEK k

Cash consideration	392,910
less: cash and cash equivalents	-2,222
Consideration paid	390,688
Additional consideration	261,940
Total cash flow impact	652,628

New establishments

No new establishments were carried out during the period.

Risks and risk management for Duni Group

The Group has established an Enterprise Risk Management process, which serves as a framework for risk management. The aim of the process is to identify opportunities and limit risks that may have a negative impact on Duni Group's financial and sustainability targets. The risks are divided into four risk areas: strategic and external risks, operational risks, sustainability risks and financial risks.

Strategic and external risks refer to risks that may have an impact on the company's operations, business model and market position. The Board and management develop strategies to manage these risks, which is done through strategy meetings. It is not unusual for these risks to be driven by external factors that are linked to the external environment and may affect Duni Group's long-term goals and strategy. This includes risks related to acquisitions, suppliers, regulations and laws. External factors that may also affect operations include raw material prices, transport costs, local restrictions, competition on price, taxes, a worsening economy, and changes in market demand.

Events that could lead to fewer restaurant visits, reduced demand and increased price competition, affect volumes and gross margins, among other things through increased discounts and customer bonuses. The development of a varied and attractive range is important for the Group to achieve good sales and earnings development.

The current volatile geopolitical situation in the world makes it difficult to assess potential risks and their effects. Risks associated with conflicts or uncertainties in markets where Duni Group operates are evaluated on an ongoing basis, with corrective measures if necessary.

Operational risks are risks that Duni Group should largely control, manage and prevent itself, and which primarily concern processes, assets, compliance and employees. Disruption in factories and logistics can be mitigated and prevented with good maintenance and knowledge. Product safety is an important area where Duni Group has a responsibility towards customers and consumers to ensure that products sold are safe to use. There is also a keen focus on deficiencies in IT systems, as any disruption can seriously harm the Company. Operational risks are normally managed by each operational unit.

Sustainability risks include environmental and climate risks, human rights and corruption. This also includes risks such as not being able to keep up with external requirements regarding material development, reporting or legal requirements. Many of these risks are managed through active preventive measures, such as audits of suppliers in accordance with the Code of Business Conduct, to ensure compliance in the value chain. Duni Group conducts internal training related to the Code of Business Conduct and its supplementary governance documents, such as the Anti-Corruption Policy. There are also processes and control mechanisms implemented linked to the prevention of unethical behavior in areas such as sales, purchasing and production. The Group has an

established whistleblower function that employees can use if necessary. To read more about the Company's extensive sustainability work, see the Annual and Sustainability Report 2024.

Financial risks include financing and refinancing risk, liquidity risk, interest rate risk, currency risk and credit risk. Group Finance is responsible for prioritizing and managing financial risks in accordance with the Group's Financial Policy. The Financial Policy focuses on the unpredictability of the financial markets and seeks to minimize potential adverse effects on the Group's financial results. The Financial Policy is reviewed and approved annually by the Board of Directors.

The Group's Enterprise Risk Management process, risks and risk management are described in more detail in the Annual and Sustainability Report 2024.

The Group's contingent liabilities have fallen since the start of the year by SEK 6 m to SEK 40 m (46).

Transactions with related parties

No significant transactions with related parties took place during Q1 2025.

Major events during the period

On January 31, 2025, Duni AB acquired 100% of the shares and votes in Poppies Europe Ltd, see more under the "Acquisitions" section.

Significant events since the balance sheet date

No significant events have occurred since the balance sheet date.

Interim reports

Q2	July 11, 2025
Q3	October 24, 2025

Annual General Meeting 2025

The Annual General Meeting of Duni AB will be held in Malmö at 3 PM on May 19, 2025 at Restaurang Spill (Gängtappen) Stora Varvsgatan 11. For more information, please see the website, www.duni.se.

Composition of Nomination Committee

The Nomination Committee is a shareholder committee responsible for nominating the persons proposed at the Annual General Meeting for election to the Board of Directors. The Nomination Committee presents proposals regarding the Chairman of the Board and other Directors. It also presents proposals regarding Board fees, including the allocation of such fees between the Chairman and other Directors, as well as any compensation for committee work.

The Nomination Committee for the 2025 Annual General Meeting comprises four members: Thomas Gustafsson, Chairman of Duni AB, Johan Andersson, Mellby Gård AB, Bernard R. Horn, Jr., Polaris Capital Management, LLC and Mattias Sjödin, Carnegie Fonder.

Parent Company

Net sales for the period from January 1 to March 31 amounted to SEK 325 m (343). Income after financial items amounted to SEK -27 m (-9). Interest-bearing net debt amounted to SEK 420 m (-178). Net investments amounted to SEK 10 m (4) and depreciation and amortization amounted to SEK 4 m (5).

Accounting principles

The interim report for the Group has been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act. The Parent Company's financial statements have been prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish Annual Accounts Act. Accounting principles have been applied as reported in the Annual Report for the year ended on December 31, 2024.

Information in the report

Duni AB (publ) publishes this information in accordance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on April 25 at 07:45 AM.

At 10:00 AM on Friday, April 25, the report will be presented at a telephone conference, which can also be followed online.

To access the audio conference call, please visit this link: https://emportal.ink/4l1MwBx

This link allows participants to register to obtain a personal code for the audio conference.

To follow the webcast, please visit this link:

https://onlinexperiences.com/Launch/QReg/ShowUUID=00FC40D3-EAEF-45FA-9F54-75FB343F7AFF

This link gives participants access to the live event.

Both a Swedish and an English version of this report have been prepared. In the event of any discrepancy between the two, the Swedish version will apply. This report has not been audited by the Company's auditor.

Malmö, April 24, 2025

Robert Dackeskog, President and CEO

For additional information, please contact:

Magnus Carlsson, EVP Finance/CFO +46 (0)40-10 62 00 [email protected]

Amanda Larsson, Head of Communications +46 (0)76–608 33 08 [email protected]

Duni AB (publ) Box 237 201 22 Malmö

Phone: +46 (0)40-10 62 00 www.dunigroup.se Company registration number: 556536-7488

Financial reports

Consolidated Income Statements

	3 months	3 months	12 months	12 months
SEK m (note 1)	Jan-Mar 2025	Jan-Mar 2024	Apr-Mar 2024/25	Jan-Dec 2024
Net sales	1,863	1,736	7,705	7,578
Cost of goods sold	-1,431	-1,300	-5,977	-5,847
Gross profit	433	435	1,728	1,731

Selling expenses	-202	-188	-781	-766
Administrative expenses	-111	-102	-447	-438
Research and development expenses	-6	-9	-36	-38
Other operating income	9	10	21	23
Other operating expenses	-33	-24	-107	-98
EBIT	90	123	379	412

Financial income	3	1	14	11
Financial expenses	-6	-13	-60	-67
Income from participation in associated companies	0	-1	-1	-2
Net financial items	-3	-13	-47	-57

Income after financial items	87	109	332	355

Income tax	-24	-26	-75	-77
Net income	63	83	257	278

Net income for the period attributable to:
Equity holders of the Parent Company	63	78	243	257
Non-controlling interests	-1	5	15	20

Earnings per share attributable to equity holders of the Parent Company:
Before and after dilution (SEK)	1.35	1.66	5.16	5.48
Average number of shares before and after dilution ('000)	46,999	46,999	46,999	46,999

Consolidated Statement of Comprehensive Income

	3 months Jan-Mar	3 months Jan-Mar	12 months Apr-Mar	12 months Jan-Dec
SEK m (note 1)	2025	2024	2024/25	2024
Net income	63	83	257	278
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of net pension obligation*	1	3	-4	-2
Total	1	3	-4	-2

Items that may be reclassified subsequently to profit or loss:
Translation differences for the period when translating foreign operations	-213	56	-204	66
Cash flow hedging	-2	3	-17	-12
Total	-216	59	-221	54
Other comprehensive income for the period, net of tax	-215	62	-225	52

Sum of comprehensive income for the period	-152	145	33	330
- Of which non-controlling interests	-58	15	-42	31

*Post-employment benefit obligations are recalculated each quarter since interest rates vary depending on market circumstances; a lower rate of interest gives rise to a higher cost in comprehensive income and a higher pension debt, while a higher rate of interest gives rise to a lower cost in comprehensive income and a lower pension debt than in the preceding quarter.

Condensed Consolidated Quarterly Income Statements

SEK m	2025	2024				2023
Quarter	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
Net sales	1,863	2,057	1,910	1,875	1,736	1,971	1,935	1,936
Cost of goods sold	-1,431	-1,540	-1,584	-1,423	-1,300	-1,448	-1,442	-1,496
Gross profit	433	517	326	453	435	523	492	440

Selling expenses	-202	-201	-187	-191	-188	-190	-177	-171
Administrative expenses	-111	-118	-100	-119	-102	-117	-89	-119
Research and development expenses	-6	-10	-11	-9	-9	-13	-9	-9
Other operating income	9	10	2	1	10	-6	15	32
Other operating expenses	-33	-35	-20	-19	-24	-25	-21	-20
EBIT	90	163	10	116	123	172	211	154

Financial income	3	4	3	3	1	7	7	6
Financial expenses	-6	-18	-16	-20	-13	-13	-25	-14
Income from participation in associated
companies	0	0	0	0	-1	-2	-2	-1
Net financial items	-3	-15	-13	-17	-13	-8	-20	-10

Income after financial items	87	149	-2	99	109	164	191	144

Income tax	-24	-42	6	-15	-26	-81	-41	-24
Net income	63	107	3	84	83	83	150	120

Income attributable to:
Equity holders of the Parent Company	63	100	-2	81	78	77	131	104
Non-controlling interests	-1	7	5	4	5	5	18	17

Condensed Consolidated Balance Sheets

SEK m (note 2)	Mar 31 2025	Dec 31 2024	Mar 31 2024
ASSETS
Fixed assets
Goodwill	2,698	2,407	2,263
Other intangible assets	468	311	298
Tangible assets	1,487	1,365	1,272
Financial assets	280	287	238
Total fixed assets	4,932	4,370	4,071

Current assets
Inventory	1,565	1,476	1,430
Accounts receivable	1,107	1,118	1,137
Other receivables	324	281	269
Cash and cash equivalents	268	323	395
Total current assets	3,264	3,197	3,231

TOTAL ASSETS	8,196	7,567	7,302
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Shareholders' equity attributable to equity holders of the Parent Company	3,420	3,514	3,564
Non-controlling interests	636	694	665
Total equity	4,056	4,208	4,229

Long-term liabilities
Long-term financial liabilities	1,383	695	833
Other long-term liabilities	628	460	291
Total long-term liabilities	2,010	1,155	1,124

Short-term liabilities
Accounts payable	786	827	615
Short-term financial liabilities	347	414	354
Other short-term liabilities	997	963	980
Total short-term liabilities	2,129	2,204	1,949

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	8,196	7,567	7,302

Consolidated Statement of Changes in Equity

Attributable to equity holders of the Parent Company
SEK m	Share capital	Other injected capital	Reserves	Retained earnings including net income	Total equity, equity hold ers of the Parent Com pany	Non-con trolling interests	Total equity
Opening balance January 1, 2024	59	1,681	133	1,550	3,422	560	3,982
Net income	-	-	-	78	78	5	83
Other comprehensive income for the period, net after tax	-	-	49	3	52	10	62
Sum of comprehensive income for
the period	0	0	49	81	130	15	145
Acquisition of subsidiaries	-	-	-	12	12	90	102
Opening balance April 1, 2024	59	1,681	182	1,642	3,564	665	4,229
Net income	-	-	-	180	180	15	196
Other comprehensive income for the period, net after tax	-	-	-5	-5	-10	-	-10
Sum of comprehensive income for
the period	-	-	-5	175	170	15	186
Acquisition of subsidiaries	-	-	-	15	15	14	28
Dividend paid to shareholders	-	-	-	-235	-235	-	-235
Opening balance January 1, 2025	59	1,681	177	1,597	3,514	694	4,208
Net income	-	-	-	63	63	-1	63
Other comprehensive income for the period, net after tax	-	-	-158	1	-157	-57	-215
Sum of comprehensive income for
the period	0	0	-158	64	-94	-58	-152
Closing balance March 31, 2025	59	1,681	19	1,661	3,420	636	4,056

Condensed Consolidated Cash Flow Statement

SEK m	3 months Jan-Mar 2025	3 months Jan-Mar 2024
Operating activities
Reported EBIT	90	123
Adjusted for items not included in cash flow, etc.	67	64
Paid interest and tax	-127	-72
Change in working capital	-196	-297
Cash flow from operating activities	-166	-183

Investments
Acquisitions of fixed assets	-26	-26
Sales of fixed assets	1	0
Acquisition of subsidiaries	-391	-77
Cash flow from investments	-416	-103

Financing
Taken up loans1)	556	-
Amortization of debt1)	-	-17
Net change, overdraft facilities and other financial liabilities	0	221
Net change in lease liability	-16	-15
Cash flow from financing	540	189

Cash flow for the period	-42	-96
Cash and cash equivalents, opening balance	323	488
Exchange difference, cash and cash equivalents	-13	3
Cash and cash equivalents, closing balance	268	395

1) Loans and amortizations within the adopted credit facility are reported gross for durations exceeding three months, in accordance with IAS 7.

Key financials

	3 months Jan-Mar 2025	3 months Jan-Mar 2024	12 months Apr-Mar 2024/25	12 months Jan-Dec 2024
Net sales, SEK m	1,863	1,736	7,705	7,578
Gross profit, SEK m	433	435	1,728	1,731
Operating income, SEK m	110	140	574	604
Operating EBITDA, SEK m	166	191	782	807
Operating profit, EBIT, SEK m	90	123	380	412
EBITDA, SEK m	166	191	655	679
Interest-bearing net debt, SEK m	1,586	921	1,586	915
Number of employees	2,717	2,444	2,717	2,483

Sales growth	7.4%	-7.5%	1.7%	-1.8%
Organic growth	1.5%	-9.1%	-1.0%	-4.9%
Gross margin	23.2%	25.1%	22.4%	22.8%
Operating margin	5.9%	8.1%	7.4%	8.0%
Operating EBITDA margin	8.9%	11.0%	10.2%	10.6%
EBIT margin	4.8%	7.1%	4.9%	5.4%
EBITDA margin	8.9%	11.0%	8.5%	9.0%

Return on shareholders' equity	1.5%	2.0%	6.3%	6.6%
Return on capital employed1)	10.7%	14.7%	10.7%	12.5%
Return on capital employed, excluding goodwill 1)	21.5%	27.1%	21.5%	24.8%
Interest-bearing net debt/equity	39.1%	21.8%	39.1%	21.8%
Interest-bearing net debt/EBITDA1)	2.03	0.98	2.03	1.14

Use of virgin fossil plastic for single-use items, index2)	65	65	65	65
Scope 1 and 2 carbon intensity, index	41	423)	38	38
EcoVadis level	Gold	Gold	Gold	Gold

1)Calculated on the basis of the last twelve months and operating income.

2) Excluding BioPak Group, Duni Thailand, Sharp Serviettes and Paper+Design with assessed limited impact.

3) At the end of 2024, ESCs were purchased for Duni Thailand Co., Ltd, which changed the index retrospectively.

Alternative key financials are described in definitions. For reconciliation of these, see Note 5.

Condensed Parent Company Income Statements

SEK m (note 1)	3 months Jan-Mar 2025	3 months Jan-Mar 2024
Net sales	325	343
Cost of goods sold	-318	-315
Gross profit	7	28

Selling expenses	-32	-30
Administrative expenses	-65	-65
Research and development expenses	-5	-8
Other operating income	75	73
Other operating expenses	-15	-15
EBIT	-35	-17

Revenue from participation in Group companies	0	0
Financial income	19	32
Financial expenses	-11	-25
Net financial items	8	8

Income after financial items	-27	-9

Income tax	3	3
Net income	-25	-6

Parent Company Statement of Comprehensive Income

SEK m (note 1)	3 months Jan-Mar 2025	3 months Jan-Mar 2024
Net income	-25	-6

Other comprehensive income1)
Items that may be reclassified subsequently to profit or loss:
Cash flow hedging	-2	3
Total	-2	3
Other comprehensive income for the period, net of tax	-2	3

Sum of comprehensive income for the period	-27	-3
– Attributable to equity holders of the Parent Company	-27	-3

1) The Parent Company does not have any items that "will not be reclassified to profit or loss".

Condensed Parent Company Balance Sheet

SEK m (note 2)	Mar 31 2025	Dec 31 2024	Mar 31 2024
ASSETS
Fixed assets
Intangible assets	55	50	51
Tangible assets	21	21	24
Financial assets	4,261	3,648	3,557
Total fixed assets	4,338	3,719	3,633

Current assets
Inventory	56	54	63
Accounts receivable	121	121	146
Other receivables	536	464	502
Cash and bank balances	137	166	213
Total current assets	849	806	924

TOTAL ASSETS	5,187	4,525	4,557

EQUITY, PROVISIONS AND LIABILITIES
Equity
Restricted equity	98	98	99
Non-restricted equity	2,545	2,572	2,570
Total equity	2,643	2,670	2,668

Provisions	100	104	111

Long-term liabilities
Long-term financial liabilities	867	332	443
Other long-term liabilities	136	-	-
Total long-term liabilities	1,003	332	443

Short-term liabilities
Accounts payable	40	45	46
Short-term financial liabilities	270	355	297
Other short-term liabilities	1,130	1,018	991
Total short-term liabilities	1,441	1,418	1,334

TOTAL EQUITY, PROVISIONS AND LIABILITIES	5,187	4,525	4,557

Notes

Note 1 • Accounting and valuation principles

As of January 1, 2005, Duni applies the International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the IFRS as adopted by the EU and with the related reference to Chapter 9 of the Swedish Annual Accounts Act. The Parent Company's financial statements are prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish Annual Accounts Act. The accounting principles are the same as in the Annual Report for the year ended on December 31, 2024, with the addition that participations in associated companies are reported in accordance with the cost method in the Parent Company.

Note 2 • Financial assets and liabilities

The Group has derivative instruments measured at fair value and held for hedging purposes that are classified at level 2. Level 2 derivative instruments consist of currency forward contracts and interest rate swaps, and are used for hedging purposes. Measurement of currency forward contracts at fair value is based on published forward prices on an active market. The measurement of interest rate swaps is based on forward interest rates produced from observable yield curves. The discounting has no material impact on the measurement of level 2 derivative instruments.As described in greater detail in the Annual Report for the year ended on December 31, 2024, the financial assets and liabilities comprise items with short terms to maturity. The fair value is therefore in all essential respects considered to correspond to the carrying amount.

Note 3 • Segment reporting

Group Management, which is the highest executive and decision-making body, decides on the allocation of resources within the Group and evaluates the results of operations. Group Management manages the performance of the business through the business areas on the basis of sales and operating income. The Group's operations are divided into two business areas: Dining Solutions and Food Packaging Solutions. Each business area has full responsibility for its respective value chain. Sales are divided into six regions, which comprise:

NorthEast: Northern and Eastern Europe
Central: Germany, Austria and Switzerland
West: The Netherlands, Belgium, Luxembourg, the UK and Ireland
South: France, Spain and Italy
Rest of World: All sales outside Europe, where Australia accounts for approximately 70%, New Zealand just over 13% and the remaining share mainly Thailand, Singapore, the USA and the United Arab Emirates, of about 2-5% each.
Other Sales: External sales of tissue and airlaid materials from the Skåpafors factory and external sales of finance and accounting services from the finance function in Poznan are included in the Dining Solutions business area.

Group-wide functions such as accounting, people & culture, sustainability, communications and IT are largely shared by the business areas, and the expenses for these are allocated by the percentage of sales of each business area, Dining Solutions and Food Packaging Solutions. The Dining Solutions business area has a vertically integrated business model for small paper-based products such as napkins and table covers. This means that the entire production and delivery chain is owned and controlled by the business area, from material manufacture and concept development to conversion and distribution. The Food Packaging Solutions business area does not have in-house production. There is a large procurement organization here, and it is a major part of the business.

Operating segments, Group

SEK m	Jan-Mar 2025		Jan-Mar 2024
	Dining Solutions	Food Packaging Solutions	Duni Group	Dining Solutions	Food Packaging Solutions	Duni Group
Total net sales	1,123	745	1,868	1,035	711	1,746
Revenue from other segments	5	0	5	5	5	10
Revenue from external customers	1,118	745	1,863	1,030	705	1,736
Operating income	102	7	110	109	30	140
EBIT			90			123
Net financial items			-3			-13
Income after financial items			87			109

Quarterly overview per segment

	2025		2024				2023
SEK m	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
Dining Solutions	1,118	1,208	1,102	1,069	1,030	1,214	1,189	1,148
Food Packaging Solutions	745	849	808	806	705	757	746	788
Duni Group	1,863	2,057	1,910	1,875	1,736	1,971	1,935	1,936

Operating income
SEK m	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
Dining Solutions	102	152	125	93	109	175	170	134
Food Packaging Solutions	7	26	27	42	30	17	55	36
Duni Group	110	178	151	135	140	191	225	170

Net sales per region, the Group

	3 months	3 months	3 months	12 months	12 months
	Jan-Mar	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK m	2025	20251)	2024	2024/25	2024
NorthEast	339	337	300	1,315	1,276
Central	527	528	503	2,109	2,084
West	280	278	248	1,191	1,160
South	143	144	142	672	670
Rest of World	534	541	498	2,256	2,220
Other sales	41	40	44	164	167
Duni Group	1,863	1,868	1,736	7,705	7,578
Time of revenue recognition
Goods/services
transferred at once	1,863	1,868	1,736	7,705	7,578
Goods/services transferred over time	-	-	-	-	-
Total	1,863	1,868	1,736	7,705	7,578

1) Reported net sales for 2025 recalculated at 2024 exchange rates.

Net sales per region, Dining Solutions business area

	3 months	3 months	3 months	12 months	12 months
	Jan-Mar	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK m	2025	20251)	2024	2024/25	2024
NorthEast	228	226	187	847	806
Central	463	464	443	1,838	1,818
West	189	188	168	767	746
South	114	114	110	540	537
Rest of World	84	82	78	341	335
Other sales	41	40	44	164	167
Duni Group	1,118	1,114	1,030	4,497	4,409

1) Reported net sales for 2025 recalculated at 2024 exchange rates.