Cloetta

Quarterly Report • Nov 5, 2025

Strong uplift in profitability continues

Third quarter

• Net sales for the quarter decreased by -0.9 per cent to SEK 2,177m (2,196) including a negative impact from foreign exchange rates of -2.2 per cent
• Sales of Branded packaged products decreased organically by -1.8 per cent during the quarter
• Sales of Pick & mix increased organically by 9.4 per cent during the quarter
• Operating profit adjusted for items affecting comparability, amounted to SEK 259m (238)
• Operating profit amounted to SEK 255m (238), with items affecting comparability of SEK -4m (0) related to the change of the operating structure
• Operating profit, adjusted, of Branded packaged products amounted to SEK 197m (191)
• Operating profit, adjusted, of Pick & mix amounted to SEK 62m (47)
• Profit for the period amounted to SEK 189m (130), which equates to basic and diluted earnings per share of SEK 0.66 (0.45)
• Cash flow from operating activities was SEK 380m (249)
• Net debt/EBITDA ratio was 1.1x (1.6)

Events after the end of the reporting period

• There were no significant events after the end of the reporting period

Key ratios

		Third quarter		9 months			Rolling 12	Full Year
SEKm	2025	2024	Δ,%	2025	2024	Δ,%	Oct 2024- Sep 2025	2024
Net sales	2,177	2,196	-0,91	6,294	6,328	-0,5 1	8,579	8,613
Operating profit, adjusted	259	238	8.8	724	652	11.0	982	910
Operating profit margin, adjusted, %	11.9	10.8	1.1-pts	11.5	10.3	1.2-pts	11.4	10.6
Operating profit (EBIT)	255	238	7.1	793	555	42.9	1,045	807
Operating profit margin (EBIT margin), %	11.7	10.8	0,9-pts	12.6	8.8	3,8-pts	12.2	9.4
Profit before tax	231	166	39.2	719	427	68.4	951	659
Profit for the period	189	130	45.4	558	319	74.9	716	477
Earnings per share, basic, SEK	0.66	0.45	46.7	1.96	1.12	75.0	2.51	1.67
Earnings per share, diluted, SEK	0.66	0.45	46.7	1.96	1.12	75.0	2.51	1.67
Net debt/EBITDA, x (Rolling 12 months)	1.1	1.6	-31.3	1.1	1.6	-31.3	1.1	1.3
Free cash flow	339	211	60.7	530	338	56.8	794	602
Cash flow from operating activities	380	249	52.6	632	457	38.3	940	765

SEK 2.2 bn 1.3 % 11.9 %

Conference call and web presentation

Arranged on report publication day at 10:00 a.m. CET. We kindly ask those who wish to dial-in to make sure you are connected to the phone conference by calling in and to register a few minutes before the conference begins. An on-demand version of the call will be available on www.cloetta.com later the same day.

Broadcast link https://creo-live.creomediamanager.com/0d0b1471-7604-4c41-a410-502db4ae23fd

Dial-in numbers SE: +46 8 5051 0031 UK: +44 (0) 207 107 06 13 US: +1 631 570 5613

Comments from the CEO

Strong uplift in profitability continues

Following another quarter of a significant EBIT margin step-up, we have now successfully established a strong uplift in profitability and are steadily approaching our mid-term target of an EBIT margin of at least 12 per cent by 2027. This permanent uplift is mainly driven by the focus on margin enhancing activities, continued product portfolio optimisation and cost control, while executing our fair pricing strategy.

Year-to-date organic sales growth totalled 2.2 per cent following quarterly organic sales growth of 1.3 per cent. Reported sales decreased -0.9 per cent due to exchange differences of -2.2 per cent.

During the quarter inflation continued to slow down, for confectionery often exemplified by the price of cocoa coming down somewhat from historically high levels. The slowing inflation further affected the market dynamics, where retailers and food industry manufacturers in Europe are facing societal and political pressure related to food pricing. In this environment, we delivered strong organic growth in the Nordic region, while short-term sales were affected in the rest of Europe. At the same time, lower inflation creates opportunities and with the strategic strength of our broad portfolio and aided by our new strategic framework, we continue on a clear path towards our longterm target to grow organic sales by 3-4 per cent.

Our Pick & mix segment continues to deliver according to plan and delivered its seventh consecutive quarter of profitability in line with the long-term EBIT target, updated from the previous 5-7 to 7-9 per cent earlier this year. Our geographical expansion of Pick & mix is proceeding as planned and our two CandyKing concept pilot installations in the US have provided valuable insights into consumer preferences. Our total sales to the US continue to grow with doubledigit numbers and we look forward to sharing more news related to the US before year-end.

Our commitment to profitable growth is reflected by our adjusted EBIT margin of 11.9 per cent in the quarter, bringing our rolling 12 month profitability to 11.4 per cent. We are steadily approaching our target of at least 12 per cent by 2027 with continued strong and strategic investments in our ten Superbrands.

Our attractive cash flow generation continued in the quarter. Our consistently improving Net debt/EBITDA ratio matched our all-time low level and remains well below our long-term target and what is a healthy level for an FMCG company. With a strong financial position and the profitability uplift, we have created good conditions to also deliver on fourth financial target; our updated dividend policy.

"Our commitment to profitable growth is reflected by our adjusted EBIT margin of 11.9 per cent in the quarter, bringing our rolling 12-month profitability to 11.4 per cent.

We are steadily approaching our target of at least 12 per cent by 2027."

In April, we announced our plan to more closely align our operating structure to the new strategic priorities and improve agility. All major project milestones have now been delivered, and we continue to expect to achieve up to 20 per cent of the annualised savings of SEK 60-70 million in the second half of the year, and the full effect in the first quarter of 2026.

We are progressing as planned in creating the even stronger, more focused and more efficient Cloetta!

Katarina Tell

President and CEO

Financial overview

Q3 development

Changes in operating environment and short-term uncertainties

Russia's escalation of the war in Ukraine that started in 2022 and the conflict in the Middle East continue to entail risks of further impact on the global economy, further cost inflation, and disruptions in supply chains, including the war risks spreading into other geographies. Cloetta does not have operations in any of the countries directly affected by the increased geopolitical uncertainty.

Cloetta has remained largely unaffected by the increased global market uncertainty related to US tariffs and potential retaliatory measures.

In the interim results for January–March 2024, Cloetta recognised a provision for an isolated case of a raw material quality deviation. Cloetta expects to receive the related compensation during the upcoming 6 months.

Greenfield facility

On 10 February 2025, Cloetta announced that the company will not proceed with the greenfield investment project in the Netherlands. The decision was made due to the previously communicated increased risk relating to energy supply and the permitting process that was still on-going, and as a reassessment had confirmed the ability to develop Cloetta's long-term financial and supply network flexibility without the greenfield plant. The project remained in an early phase with relatively limited investments.

Net sales

Net sales for the quarter decreased by SEK -19m to SEK 2,177m (2,196) compared to the same period last year. Organic growth was 1.3 per cent.

Changes in net sales, %	Jul-Sep 2025	Jan-Sep2025
Organic growth	1.3	2.2
Structural changes 1	-	-0.7
Changes in exchange rates	-2.2	-2.0
Total	-0.9	-0.5

Gross profit

Gross profit, adjusted for items affecting comparability, amounted to SEK 697m (697) which equates to a gross margin, adjusted, of 32.0 per cent (31.7). Gross profit, adjusted, increased driven by margin-enhancing initiatives in Pick & mix and the effect of previous pricing, fully offset by lower volumes for Branded packaged products and changes in foreign exchange rates. Gross profit amounted to SEK 699m (703) which equates to a gross margin of 32.1 per cent (32.0).

Operating profit

Operating profit, adjusted for items affecting comparability, amounted to SEK 259m (238), mainly driven by gross margin improvement and continued cost control in the quarter. The uplift was achieved with continued investments in Superbrands. Operating profit amounted to SEK 255m (238).

Items affecting comparability

Operating profit for the quarter includes items affecting comparability of SEK -4m (0), related to costs for the change of the operating structure.

Net financial items

Net financial items for the quarter amounted to SEK -24m (-72). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -16m (-12), exchange differences on cash and cash equivalents were SEK 5m (-26) which mainly related to the development of the Norwegian and Swedish krona against the euro during the quarter. Other financial items amounted to SEK -13m (-34). Of the total net financial items SEK -19m (-14) are non-cash in nature.

Profit for the period

Profit for the quarter was SEK 189m (130), which equates to basic and diluted earnings per share of SEK 0.66 (0.45). Income tax for the period was SEK -42m (-36).

The effective tax rate for the quarter was 18.2 per cent (21.7) and was positively impacted by differences between expected and actual tax filings related to the previous year. The effective tax rate was negatively impacted by the revaluation of tax provisions, international tax rate differences and non-deductible expenses.

Free cash flow

The free cash flow was SEK 339m (211). Cash flow from operating activities before changes in working capital was SEK 239m (229). The cash flow from changes in working capital was SEK 141m (20).

The cash flow from investments in property, plant and equipment and intangible assets was SEK -41m (-38).

Cash flow from changes in working capital

Cash flow from changes in working capital was SEK 141m (20). The cash flow from changes in working capital was positively impacted by a decrease in inventories for an amount of SEK 163m (132) and an increase in payables of SEK 143m (43), partially offset by an increase in receivables of SEK -165m (-155).

Cash flow from other investing activities

Cash flow from other investing activities was SEK 1m (6).

Cash flow from financing activities

The cash flow from financing activities was SEK -830m (-18) and was related to net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs of SEK -813m (0) and payments of lease liabilities of SEK -17m (-18).

Development during the year

Net sales

Net sales for the first nine months of the year decreased by SEK -34m to SEK 6,294m (6,328) compared to the same period last year. Organic growth was 2.2 per cent.

Gross profit

Gross profit, adjusted for items affecting comparability, amounted to SEK 2,133m (2,057) which equates to a gross margin, adjusted, of 33.9 per cent (32.5). The increase was mainly driven by previous pricing and margin-enhancing initiatives, including portfolio optimisation, partly offset by changes in foreign exchange rates. Gross profit amounted to SEK 2,256m (2,066) which equates to a gross margin of 35.8 per cent (32,6).

Operating profit

Operating profit, adjusted for items affecting comparability, amounted to SEK 724m (652), and was positively impacted by the higher gross profit and cost control, partially offset by increased investments in Superbrands coupled with general cost inflation. Operating profit amounted to SEK 793m (555).

Items affecting comparability

Operating profit includes items affecting comparability of SEK 69m (-97), mainly related to releases of restructuring provisions as a result of not proceeding with the greenfield investment project, partly offset by the recognition of a restructuring provision for the change of the operating structure.

Net financial items

Net financial items for the period amounted to SEK -74m (-128). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -44m (-51), exchange differences on cash and cash equivalents were SEK 13m (-39) which mainly related to the development of the Swedish krona against the euro during the first nine months of the year. Other financial items amounted to SEK -43m (-38) of which net SEK -9m (0) was related to not proceeding with the greenfield investment project, mainly related to the release of prepaid commitment fees on unutilised credit facilities. Of the total net financial items SEK -53m (-17) is non-cash in nature.

Profit for the period

Profit for the period was SEK 558m (319), which equates to basic and diluted earnings per share of SEK 1.96 (1.12). Income tax for the period was SEK -161m (-108).

The effective tax rate for the first nine months of the year was 22.4 per cent (25.3) and was positively impacted by differences between expected and actual tax filings related to the previous year. The

effective tax rate was negatively impacted by the revaluation of tax provisions, international tax rate differences and non-deductible expenses.

Free cash flow

The free cash flow was SEK 530m (338). Cash flow from operating activities before changes in working capital was SEK 684m (711). The cash flow from changes in working capital was SEK -52m (-254).

The cash flow from investments in property, plant and equipment and intangible assets was SEK -102m (-119).

Cash flow from changes in working capital

Cash flow from changes in working capital was SEK -52m (-254). The cash flow from changes in working capital was negatively impacted by an increase in receivables of SEK -117m (-266) and an increase in inventories for an amount of SEK -57m (-30), partially offset by an increase in payables of SEK 122m (42).

Cash flow from other investing activities

Cash flow from other investing activities was SEK 1m (60). The positive cash flow in 2024 mainly related to the proceeds from the divestment of the Nutisal brand.

Cash flow from financing activities

The cash flow from financing activities was SEK -1,176m (-346) and was related to net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs of SEK -813m (-3), the dividend distribution of SEK -313m (-285) and payments of lease liabilities of SEK -50m (-58).

Financial position

Consolidated equity at 30 September 2025 amounted to SEK 5,572m (5,190), which equates to SEK 19.4 (18.1) per share outstanding. Net debt at 30 September 2025 was SEK 1,361m (1,843).

Long-term borrowings amounted to SEK 1,440m (2,291) and consisted of SEK 1,382m (2,213) in gross non-current loans from credit institutions, SEK 67m (86) in non-current lease liabilities and SEK -9m (-8) in capitalised transaction costs.

Total short-term borrowings amounted to SEK 201m (197) and consisted of SEK 149m (149) in commercial papers, SEK 55m (51) in current lease liabilities, SEK 0m (2) in accrued interest on borrowings from credit institutions and SEK -3m (-5) in capitalised transaction costs.

SEKm	30 Sep	30 Sep	31 Dec
SERIII	2025	2024	2024
Gross non-current loans from credit institutions	1,382	2,213	2,232
Commercial papers	149	149	149
Lease liabilities	122	137	136
Derivative financial instruments	47	3	44
Interest payable	0	2	2
Gross debt	1,700	2,504	2,563
Cash and cash equivalents	-339	-661	-953
Net debt	1,361	1,843	1,610

Cash and cash equivalents at 30 September 2025 amounted to SEK 339m (661). At 30 September 2025, Cloetta had an unutilised credit facility of SEK 1,271m (2,486) and the possibility to issue additional commercial papers for an amount of SEK 850m (850). On 24 September 2025, Cloetta has entered into a new term and multicurrency revolving facilities agreement and has furthermore resolved to continue its existing commercial paper program. The terms as agreed in the credit facilities agreement comprise, in short, of:

• a EUR 125m term loan with a maturity of four years, with the possibility of extending the facility for an additional two years; and
• a EUR 115m multicurrency revolving credit facility with a maturity of five years, with the possibility of extending the facility for an additional year.

The commitments under the facilities agreement are split between Danske Bank, Handelsbanken, SEB and Svensk Exportkredit.

Performance by business segment

Cloetta's operating segments are Branded packaged products and Pick & mix.

The chief operating decision-maker (CODM), which is the CEO and President of the Group, primarily uses external net sales and operating profit, adjusted for items affecting comparability, to assess the performance of its operating segments. Items affecting comparability, net financial items and income tax are not allocated to segments, as these are managed centrally.

No segment information is provided to or assessed by the CODM on assets and liabilities and therefore these are not separately disclosed.

Information related to each reportable segment (business segment) is set out below.

Business segments

The Cloetta Group comprises two segments: Branded packaged products and Pick & mix. The Pick & mix net sales and adjusted operating profit relate to Cloetta's complete offering in Pick & mix including products, displays and accompanying store and logistic services. All other activities within the Cloetta Group are reflected in the Branded packaged products segment.

Segment Branded packaged products Q3 development

Net Sales

Net sales for the quarter decreased by SEK -63m to SEK 1,525m (1,588) compared to the same period last year for Branded packaged products. Organic growth was -1.8 per cent.

Operating profit, adjusted

Operating profit, adjusted for items affecting comparability, amounted to SEK 197m (191). The increase in adjusted operating profit was mainly driven by previous pricing and cost control, partly offset by lower volumes.

Development during the year

Net Sales

Net sales for the first nine months of the year decreased by SEK -198m to SEK 4,390m (4,588) compared to the same period last year for Branded packaged products. The comparative figure includes five months of net sales of the Nutisal brand, divested in the second quarter of 2024. Organic growth was -1.4 per cent.

Operating profit, adjusted

Operating profit, adjusted for items affecting comparability, amounted to SEK 545m (526). The increase was mainly driven by previous pricing, continued product portfolio optimisation and cost control, partially offset by lower volumes and continued investments in Superbrands.

Segment Pick & mix

Q3 development

Net Sales

Net sales for the quarter increased by SEK 44m to SEK 652m (608) compared to the same period last year. Organic growth was 9.4 per cent.

Operating profit, adjusted

Operating profit, adjusted for items affecting comparability, amounted to SEK 62m (47). The increase was driven by higher volumes, continued margin-enhancing initiatives and cost control.

Development during the year

Net Sales

Net sales for the first nine months of the year increased by SEK 164m to SEK 1,904m (1,740) compared to the same period last year. Organic growth was 11.6 per cent.

Operating profit, adjusted

Operating profit, adjusted for items affecting comparability, amounted to SEK 179m (126). The increase was driven by higher volumes, continued margin-enhancing initiatives and cost control

Other disclosures

Seasonal variations

Cloetta's sales and operating profit are subject to some seasonal variations. Sales in the first and second quarters are affected by the Easter holiday, primarily in Sweden, depending on in which quarter it occurs.

In the fourth quarter sales are usually higher than in the first three quarters of the year, which is mainly attributable to the sale of products in Sweden in connection with the holiday season.

Jul-Sep2025 SEKm	Branded packaged products	Pick & mix	Total	Jan-Sep 2025 SEKm	Branded packaged products	Pick & mix	Total
Net sales	1,525	652	2,177	Net sales	4,390	1,904	6,294
Operating profit, adjusted	197	62	259	Operating profit, adjusted	545	179	724
Items affecting comparability			-4	Items affecting comparability			69
Operating profit			255	Operating profit			793
Net financial items			-24	Net financial items			-74
Profit before tax			231	Profit before tax			719
Income tax			-42	Income tax			-161
Profit for the period			189	Profit for the period			558
Jul-Sep2024 SEKm	Branded packaged products	Pick & mix	Total	Jan-Sep 2024 SEKm	Branded packaged products	Pick & mix	Total
Net sales	1,588	608	2,196	Net sales	4,588	1,740	6,328
Operating profit, adjusted	191	47	238	Operating profit, adjusted	526	126	652
Items affecting comparability			0	Items affecting comparability			-97
Operating profit			238	Operating profit			555
Net financial items			-72	Net financial items			-128
Profit before tax			166	Profit before tax			427
Income tax			-36	Income tax			-108
Profit for the period			130	Profit for the period			319

Employees

The average number of employees during the quarter was 2,513 (2,575).

Events after the end of the reporting period

There were no significant events after the end of the reporting period.

Strategic priorities

On 27 March 2025, Cloetta announced updated strategic priorities and financial targets geared for profitable growth.

1 Win with our Superbrands

Increased focus across the core markets on ten selected brands to drive profitable growth through increased distribution and by continuing to stretch the brands into new categories.

2 Grow beyond core markets

Increased focus on Germany and UK, as the European markets with the largest confectionery retail sales and the highest per capita consumption, and on North America to leverage demand for Swedish Candy

3 Excel in marketing and innovation

Accelerated new product development supported by continued marketing effectiveness.

To successfully deliver on these strategic priorities, focus will be placed on further enhancing Cloetta's operating model through net revenue management, a supply chain fit for purpose and an effective operating structure, as well as selective M&A.

Cloetta's sustainability agenda, A Sweeter Future, focuses on creating joy and long-lasting value For You, For People and For the Planet. The initiatives within the sustainability agenda cover topics all across the value chain where Cloetta has the ability to make an impact. Further information on Cloetta's sustainability journey is available in the latest Annual Report as well as on www.cloetta.com/sustainability.

______________________________________________________________

Assurance of the Board of Directors and CEO

The Board of Directors hereby gives its assurance that the interim report provides a true and fair view of the business activities, financial position, and results of operations of the Group and the Parent Company and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed.

Stockholm, 5 November, 2025 Cloetta AB (publ)

Morten Falkenberg, Board Chairman Patrick Bergander, Member of the Board Lena Grönedal, Employee Board member Malin Jennerholm, Member of the Board Alan McLean Raleigh, Member of the Board Pauline Lindwall, Member of the Board Camilla Svenfelt, Member of the Board Mikael Svenfelt, Member of the Board Katarina Tell, President and CEO

Upcoming financial reports 2026

Year-end report 2025 February 4 Annual and Sustainability report March 12 Interim report Q1 May 6 Interim report Q2 July 15 Interim report Q3 November 4

Cloetta continuously updates its financial reporting dates and investor events on www.cloetta.com/en/investors/calendar-investors/.

______________________________________________________________

______________________________________________________________

This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse. The information was

submitted for publication, through the agency of the contact person detailed below, at 07:30 a.m. CET on 5 November 2025. ______________________________________________________________

Contact

Laura Lindholm Director Communications and Investor Relations

• 46 76 696 59 40

ir@cloetta.com press.group@cloetta.com sustainability@cloetta.com

Auditor's report

Unofficial translation Cloetta AB (publ) corp. reg. no. 556308-8144

Introduction

We have reviewed the condensed interim financial information (interim report) of Cloetta AB (publ) as of 30 September 2025 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Malmö, 5 November 2025 Öhrlings PricewaterhouseCoopers AB

Sofia Götmar-Blomstedt Erik Bergh Authorized Public Accountant Authorized Public Accountant Partner in charge

This is an unofficial translation of the original Auditor's report in Swedish.

Financial statements in summary

Consolidated profit and loss account

	Thirdo	Third quarter 9 months			Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Net sales	2,177	2,196	6,294	6,328	8,579	8,613
Cost of goods sold	-1,478	-1,493	-4,038	-4,262	-5,523	-5,747
Gross profit	699	703	2,256	2,066	3,056	2,866
Selling expenses	-263	-268	-866	-833	-1,193	-1,160
General and administrative expenses	-181	-197	-597	-678	-818	-899
Operating profit	255	238	793	555	1,045	807
Exchange differences on cash and cash equivalents in foreign currencies	5	-26	13	-39	17	-35
Other financial income	9	20	32	88	55	111
Other financial expenses	-38	-66	-119	-177	-166	-224
Net financial items	-24	-72	-74	-128	-94	-148
Profit before tax	231	166	719	427	951	659
Income tax	-42	-36	-161	-108	-235	-182
Profit for the period	189	130	558	319	716	477
Profit for the period attributable to:
Owners of the Parent Company	189	130	558	319	716	477
Earnings per share, SEK
Basic 1	0.66	0.45	1.96	1.12	2.51	1.67
Diluted¹	0.66	0.45	1.96	1.12	2.51	1.67
Number of shares outstanding at end of period 1	286,682,516	286,065,407	286,682,516	286,065,407	286,682,516	286,065,407
Average number of shares (basic) 1	285,151,024	286,065,407	284,861,684	285,748,601	285,026,624	285,690,150
Average number of shares (diluted) 1	285,295,062	286,223,430	285,016,148	285,803,991	285,180,842	285,786,127

Consolidated statement of comprehensive income

	Third	l uarter	9 mc	onths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024– Sep 2025	2024
Profit for the period	189	130	558	319	716	477
Other comprehensive income
Remeasurement of defined benefit pension plans	6	-59	13	-38	49	-2
Income tax on remeasurement of defined benefit pension plans	-1	12	-3	8	-11	0
Items that will never be reclassified to profit or loss for the period	5	-47	10	-30	38	-2
Currency translation differences	-37	-48	-170	98	-62	206
Hedge of a net investment in a foreign operation	9	11	52	-25	30	-47
Income tax on hedge of a net investment in a foreign operation	-2	-3	-10	4	-5	9
Items that may be reclassified to profit or loss for the period	-30	-40	-128	77	-37	168
Total other comprehensive income	-25	-87	-118	47	1	166
Total comprehensive income, net of tax	164	43	440	366	717	643
Total comprehensive income for the period attributable to:
Owners of the Parent Company	164	43	440	366	717	643

Net financial items

	Third	quarter	9 ma	nths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Exchange differences on cash and cash equivalents in foreign currencies	5	-26	13	-39	17	-35
Other financial income, third parties	8	19	28	64	47	83
Unrealised gains on single currency interest rate swaps	-	-8	-	-	-	-
Realised gains on single currency interest rate swaps	1	9	4	24	8	28
Total other financial income	9	20	32	88	55	111
Interest expenses third-party borrowings and realised losses on single currency interest rate swaps	-25	-40	-76	-139	-114	-177
Amortisation of capitalised transaction costs	-9	-2	-11	-4	-12	-5
Unrealised losses on single currency interest rate swaps	2	-18	-2	-1 8	-3	-19
Other financial expenses, third parties	-6	-6	-30	-16	-37	-23
Total other financial expenses	-38	-66	-119	-177	-166	-224
Net financial items	-24	-72	-74	-128	-94	-148

Condensed consolidated balance sheet

SEKm	30 Sep 2025	30 Sep 2024	31 Dec 2024
ASSETS
Non-current assets
Intangible assets	5,682	5,779	5,833
Property, plant and equipment	1,592	1,665	1,695
Deferred tax asset	31	24	59
Derivative financial instruments	-	-	1
Other financial assets	3	3	4
Total non-current assets	7,308	7,471	7,592
Current assets
Inventories	1,345	1,346	1,336
Other current assets	1,348	1,401	1,260
Derivative financial instruments	1	7	4
Cash and cash equivalents	339	661	953
Total current assets	3,033	3,415	3,553
TOTAL ASSETS	10,341	10,886	11,145
EQUITY AND LIABILITIES
Equity	5,572	5,190	5,434
Non-current liabilities
Long-term borrowings	1,440	2,291	2,306
Deferred tax liability	883	840	910
Derivative financial instruments	1	7	4
Provisions for pensions and other long-term employee benefits	369	413	378
Provisions	1	161	163
Total non-current liabilities	2,694	3,712	3,761
Current liabilities
Short-term borrowings	201	197	203
Derivative financial instruments	47	3	45
Other current liabilities	1,777	1,770	1,691
Provisions	50	14	11
Total current liabilities	2,075	1,984	1,950
TOTAL EQUITY AND LIABILITIES	10,341	10,886	11,145

Condensed consolidated statement of changes in equity

	9 mc	onths	Full year
SEKm	2025	2024	2024
Equity at beginning of period	5,434	5,098	5,098
Profit for the period	558	319	477
Other comprehensive income	-118	47	166
Total comprehensive income	440	366	643
Transactions with owners
Forward contract to repurchase own shares	-	-	-40
Share-based payments	11	11	18
Dividend 1	-315	-285	-285
Dividend on outstanding shares in forward contracts to repurchase own shares	2	-	-
Total transactions with owners	-302	-274	-307
Equity at end of period	5,572	5,190	5,434

Condensed consolidated cash flow statement

	Third	quarter	9mc	nths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Cash flow from operating activities before changes in working capital	239	229	684	711	934	961
Cash flow from changes in working capital	141	20	-52	-254	6	-196
Cash flow from operating activities	380	249	632	457	940	765
Cash flows from investments in property, plant and equipment and intangible assets	-41	-38	-102	-119	-1 46	-163
Cash flow from other investing activities	1	6	1	60	13	72
Cash flow from investing activities	-40	-32	-101	-59	-133	-91
Cash flow from operating and investing activities	340	217	531	398	807	674
Cash flow from financing activities	-830	-18	-1,176	-346	-1,197	-367
Cash flow for the period	-490	199	-645	52	-390	307
Cash and cash equivalents at beginning of period	815	504	953	658	661	658
Cash flow for the period	-490	199	-645	52	-390	307
Exchange difference	14	-42	31	-49	68	-12
Total cash and cash equivalents at end of period	339	661	339	661	339	953

Condensed consolidated key figures

	Thirdquarter		9mc	nths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Profit					·
Net sales	2,177	2,196	6,294	6,328	8,579	8,613
Net sales, change, %	-0.9	2.2	-0.5	3.4	0.8	3.8
Organic net sales, change, %	1.3	5.7	2.2	4.4	3.1	4.7
Gross margin, %	32.1	32.0	35.8	32.6	35.6	33.3
Depreciation	-65	-65	-188	-207	-254	-273
Amortisation	-3	-3	-8	-8	-11	-11
Impairment other non-current assets	1	11	-5	-77	12	-60
Operating profit, adjusted	259	238	724	652	982	910
Operating profit margin, adjusted %	11.9	10.8	11.5	10.3	11.4	10.6
Operating profit (EBIT)	255	238	793	555	1,045	807
Operating profit margin (EBIT margin), %	11.7	10.8	12.6	8.8	12.2	9.4
EBITDA, adjusted	326	306	919	867	1,246	1,194
EBITDA	322	295	994	847	1,298	1,151
Profit margin, %	10.6	7.6	11.4	6.7	11.1	7.7
Segments
Branded packaged products
Net sales	1,525	1,588	4,390	4,588	6,021	6,219
Operating profit, adjusted	197	191	545	526	759	740
Operating profit margin, adjusted %	12.9	12.0	12.4	11.5	12.6	11.9
Pick & mix
Net sales	652	608	1,904	1,740	2,558	2,394
Operating profit, adjusted	62	47	179	126	223	170
Operating profit margin, adjusted %	9.5	7.7	9.4	7.2	8.7	7.1
Financial position
Working capital	1,033	1,062	1,033	1,062	1,033	1,017
Capital expenditure	65	55	146	159	212	225
Net debt	1,361	1,843	1,361	1,843	1,361	1,610
Capital employed	7,630	8,101	7,630	8,101	7,630	8,370
Return on capital employed, % (Rolling 12 months)	14.0	10.6	14.0	10.6	14.0	11.2
Equity/assets ratio, %	53.9	47.7	53.9	47.7	53.9	48.8
Net debt/equity ratio, %	24.4	35.5	24.4	35.5	24.4	29.6
Return on equity, % (Rolling 12 months)	12.8	8.8	12.8	8.8	12.8	8.8
Equity per share, SEK	19.4	18.1	19.4	18.1	19.4	19.0
Net debt/EBITDA, x (Rolling 12 months)	1.1	1.6	1.1	1.6	1.1	1.3
Cash flow
Cash flow from operating activities	380	249	632	457	940	765
Cash flow from investing activities	-40	-32	-101	-59	-133	-91
Cash flow after investments	340	217	531	398	807	674
Free cash flow	339	211	530	338	794	602
Free cash flow yield (Rolling 12 months), %	8.2	10.5	8.2	10.5	8.2	8.3
Cash flow from operating activities per share, SEK	1.3	0.9	2.2	1.6	3.3	2.7
Employees
Average number of employees	2,513	2,575	2,536	2,583	2,540	2,577

Reconciliation of alternative performance measures key figures

	Third o	quarter	9mc	nths	Rolling 12 Oct 2024–	Full year
SEKm	2025	2024	2025	2024	Sep 2025	2024
Items affecting comparability
Acquisitions, integration and restructurings	-4	0	69	-97	63	-103
of which: impairment non-current assets	_	11	-6	-77	11	-60
Items affecting comparability	-4	0	69	-97	63	-103
Corresponding line in the condensed consolidated profit and loss account:
Cost of goods sold	2	6	123	9	139	25
Selling expenses	0	-	-33	-3	-33	-3
General and administrative expenses	-6	-6	-21	-103	-43	-125
Total	-4	0	69	-97	63	-103
Operating profit, adjusted
Operating profit	255	238	793	555	1,045	807
Minus: Items affecting comparability	-4	0	69	-97	63	-103
Operating profit, adjusted	259	238	724	652	982	910
Net sales	2,177	2,196	6,294	6,328	8,579	8,613
Operating profit margin, adjusted, %	11.9	10.8	11.5	10.3	11.4	10.6
EBITDA, adjusted
Operating profit	255	238	793	555	1,045	807
Minus: Depreciation	-65	-65	-188	-207	-254	-273
Minus: Amortisation	-3	-3	-8	-8	-11	-11
Minus: Impairment non-current assets	1	11	-5	-77	12	-60
EBITDA	322	295	994	847	1,298	1,151
Minus: Items affecting comparability (excl. impairment non-current assets)	-4	-11	75	-20	52	-43
EBITDA, adjusted	326	306	919	867	1,246	1,194
Capital employed
Total assets	10,341	10,886	10,341	10,886	10,341	11,145
Minus: Deferred tax liability	883	840	883	840	883	910
Minus: Non-current provisions	1	161	1	161	1	163
Minus: Current provisions	50	14	50	14	50	11
Minus: Other current liabilities	1,777	1,770	1,777	1,770	1,777	1,691
Capital employed	7,630	8,101	7,630	8,101	7,630	8,370
Capital employed comparative period previous year	8,101	8,053	8,101	8,053	8,101	, 7,973
Average capital employed	7,866	8,077	7,866	8,077	7,866	8,172

Reconciliation alternative performance measures, continued

	Thirdo	juarter	9 mo	nths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct2024- Sep 2025	2024
Return on capital employed		-		-
Operating profit (Rolling 12 months)	1.045	729	1,045	729	1.045	807
Financial income (Rolling 12 months)	55	127	55	127	55	111
Operating profit plus financial income (Rolling 12 months)	1,100	856	1,100	856	1,100	918
Average capital employed	7,866	8,077	7,866	8,077	7,866	8,172
Return on capital employed, %	14.0	10.6	14.0	10.6	14.0	11.2
Free cash flow yield
Cash flow from operating activities (Rolling 12 months)	940	935	940	935	940	765
Cash flows from investments in property, plant and equipment and intangible assets (Rolling 12 months)	-146	-203	-146	-203	-146	-163
Free cash flow (Rolling 12 months)	794	732	794	732	794	602
Number of shares outstanding	286,682,516	286,065,407	286,682,516	286,065,407	286,682,516	286,065,407
Free cash flow per share (Rolling 12 months), SEK	2.77	2.56	2.77	2.56	2.77	2.10
Market price per share, SEK	33.92	24.46	33.92	24.46	33.92	25.20
Free cash flow yield (Rolling 12 months), %	8.2	10.5	8.2	10.5	8.2	8.3
Changes in net sales
Net sales	2,177	2,196	6,294	6,328	8,579	8,613
Net sales comparative period previous year	2,196	2,148	6,328	6,119	8,510	8,301
Net sales, change	-19	48	-34	209	69	312
Minus: Structural changes	-	-32	-41	-42	-69	-70
Minus: Changes in exchange rates	-48	-42	-131	-19	-124	-12
Organic growth	29	122	138	270	262	394
Organic growth, %	1.3	5.7	2.2	4.4	3.1	4.7

Quarterly data

SEKm	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Profit and loss account
Netsales	2,177	2,078	2,039	2,285	2,196	2,038	2,094	2,182	2,148
Cost of goods sold	-1,478	-1 ,355	-1,205	-1,485	-1,493	-1,321	-1,448	-1,514	-1,524
Gross profit	699	723	834	800	703	717	646	668	624
Selling expenses	-263	-320	-283	-327	-268	-298	-267	-300	-248
General and administrative	200	020						000	240
expenses	-181	-215	-201	-221	-197	-295	-186	-194	-175
Operating profit	255	188	350	252	238	124	193	174	201
Exchange differences on cash and cash equivalents in foreign
currencies	5	-10	18	4	-26	16	-29	27	67
Other financial income	9	9	14	23	20	33	35	39	33
Other financial expenses	-38	-34	-47	-47	-66	-60	-51	-94	-64
Net financial items	-24	-35	-15	-20	-72	-11	-45	-28	36
Profit before tax	231	153	335	232	166	113	148	146	237
Income tax	-42	-37	-82	-74	-36	-31	-41	-8	-76
Profit for the period	189	116	253	158	130	82	107	138	161
Profit for the period attributable to:
Owners of the Parent Company	189	116	253	158	130	82	107	138	161
Key figures
Profit
Depreciation, amortisation and
impairment	-67	-61	-73	-52	-57	-162	-73	-75	-76
Operating profit, adjusted	259	240	225	258	238	222	192	200	208
EBITDA, adjusted	326	301	292	327	306	290	271	270	288
EBITDA	322	249	423	304	295	286	266	249	277
Operating profit margin, adjusted %	11.9	11.5	11.0	11.3	10.8	10.9	9.2	9.2	9.7
Operating profit margin (EBIT	44.7	0.0	47.0	44.0	40.0	04	0.0	0.0	0.4
margin), % Earnings per share, SEK	11.7	9.0	17.2	11.0	10.8	6.1	9.2	8.0	9.4
Basic and diluted 1	0.00	0.44	0.00	0.55	0.45	0.00	0.07	0.40	0.50
basic and unuted	0.66	0.41	0.89	0.55	0.45	0.29	0.37	0.48	0.56
Segments
Branded packaged products
Netsales	1,525	1,432	1,433	1,631	1,588	1,487	1,513	1,621	1,620
Operating profit, adjusted	197	181	167	214	191	183	152	200	216
Operating profit margin, adjusted %	12.9	12.6	11.7	13.1	12.0	12.3	10.0	12.3	13.3
Pick & mix
Net sales	652	646	606	654	608	551	581	561	528
Operating profit/loss, adjusted	62	59	58	44	47	39	40	0	-8
Operating profit margin, adjusted %	9.5	9.1	9.6	6.7	7.7	7.1	6.9	0.0	-1.5
Financial position
Share price, last paid, SEK	33.92	34.04	28.36	25.20	24.46	20.62	18.19	18.32	18.26
Return on equity, % (Rolling 12	55.52	5						.5.52
months)	12.8	12.2	11.4	8.8	8.8	9.5	8.8	8.6	7.8
Equity per share, SEK	19.4	18.8	19.2	19.0	18.1	18.0	19.0	17.9	18.2
Net Debt/EBITDA, x (Rolling 12 months)	1.1	1.4	1.1	1.3	1.6	1.8	1.6	1.7	2.0
Cash flow
Free cash flow	339	-8	199	264	211	28	99	394	123
Cash flow from operating activities
per share, SEK	1.3	0.1	0.8	1.1	0.9	0.2	0.5	1.7	0.7

Reconciliation of alternative performance measures per quarter

SEKm	Q3 2025	Q2 2025	Q12025	Q4 2024	Q3 2024	Q2 2024	Q12024	Q4 2023	Q3 2023
Items affecting comparability
Acquisitions, integration and restructurings	-4	-52	125	-6	0	-98	1	-26	-7
of which: impairment non-current assets	-	-	-6	17	11	-94	6	-5	4
Items affecting comparability	-4	-52	125	-6	0	-98	1	-26	-7
Corresponding line in the condensed consolidated profit and loss account:
Cost of goods sold	2	-8	129	16	6	-1	4	-21	-3
Selling expenses	0	-33	-	-	-	-3	-	-	1
General and administrative expenses	-6	-11	-4	-22	-6	-94	-3	-5	-5
Total	-4	-52	125	-6	0	-98	1	-26	-7
Operating profit, adjusted
Operating profit	255	188	350	252	238	124	193	174	201
Minus: Items affecting comparability	-4	-52	125	-6	0	-98	1	-26	-7
Operating profit, adjusted	259	240	225	258	238	222	192	200	208
Net sales	2,177	2,078	2,039	2,285	2,196	2,038	2,094	2,182	2,148
Operating profit margin, adjusted, %	11.9	11.5	11.0	11.3	10.8	10.9	9.2	9.2	9.7
EBITDA, adjusted
Operating profit	255	188	350	252	238	124	193	174	201
Minus: Depreciation	-65	-58	-65	-66	-65	-67	- 75	-63	-76
Minus: Amortisation	-3	-3	-2	-3	-3	-2	-3	-3	-3
Minus: Impairment non-current assets	1	-	-6	17	11	-93	5	-9	3
EBITDA	322	249	423	304	295	286	266	249	277
Minus: Items affecting comparability (excl. impairment	4	50	101	00	44	4	_	01	44
non-current assets) EBITDA, adjusted	-4 326	-52 301	131 292	-23 327	-11 306	-4 290	-5 271	-21 270
EBI I DA, adjusted	320	301	292	321	306	290	2/1	270	200
Capital employed
Totalassets	10,341	10,890	11,029	11,145	10,886	10,779	11,162	10,683	10,873
Minus: Deferred tax liability	883	856	829	910	840	880	908	900	922
Minus: Non-current provisions	1	1	2	163	161	159	166	160	165
Minus: Current provisions	50	64	13	11	14	17	16	14	2
Minus: Other current liabilities	1,777	1,690	1,870	1,691	1,770	1,728	1,756	1,636	1,731
Capital employed	7,630	8,279	8,315	8,370	8,101	7,995	8,316	7,973	8,053
Capital employed comparative period previous year	8,101	7,995	8,316	7,973	8,053	8,059	7,963	7,823	7,581
Average capital employed	7,866	8,137	8,316	8,172	8,077	8,027	8,140	7,898	7,817

Reconciliation alternative performance measures, continued

SEKm	Q3 2025	Q2 2025	Q12025	Q4 2024	Q3 2024	Q2 2024	Q12024	Q4 2023	Q3 2023
Return on capital employed
Operating profit (Rolling 12 months)	1,045	1,028	964	807	729	692	750	735	748
Financial income (Rolling 12 months)	55	66	90	111	127	140	140	128	107
Operating profit plus financial income (Rolling 12 months)	1,100	1,094	1,054	918	856	832	890	863	855
Average capital employed	7,866	8,137	8,316	8,172	8,077	8,027	8,140	7,898	7,817
Return on capital employed, %	14.0	13.4	12.7	11.2	10.6	10.4	10.9	10.9	10.9
Free cash flow yield
Cash flow from operating activities (Rolling 12 months) Cash flows from investments in property, plant and equipment and intangible assets	940	809	847	765	935	879	903	778	581
(Rolling 12 months)	-146	-14 3	-145	-163	-203	-235	-285	-282	-238
Free cash flow (Rolling 12 months)	794	666	702	602	732	644	618	496	343
Number of shares outstanding	286,682,516	286,682,516	286,065,407	286,065,407	286,065,407	286,065,407	285,342,034	285,342,034	285,405,738
Free cash flow per share (Rolling 12 months), SEK	2.77	2.32	2.45	2.10	2.56	2.25	2.17	1.74	1.20
Market price per share, SEK	33.92	34.04	28.36	25.20	24.46	20.62	18.19	18.32	18.26
Free cash flow yield (Rolling 12 months), %	8.2	6.8	8.6	8.3	10.5	10.9	11.9	9.5	6.6
Changes in net sales
Net sales	2,177	2,078	2,039	2,285	2,196	2,038	2,094	2,182	2,148
Net sales comparative period previous year	2,196	2,038	2,094	2,182	2,148	1,998	1,973	1,905	1,798
Net sales, change	-19	40	-55	103	48	40	121	277	350
Minus: Structural changes	_	-20	-21	-28	-32	-10	-	-	-
Minus: Changes in exchange rates	-48	-72	-11	7	-42	14	9	54	131
Organic growth	29	132	-23	124	122	36	112	223	219
Organic growth, %	1.3	6.5	-1.1	5.7	5.7	1.8	5.7	11.7	12.2

Parent company

Condensed parent company profit and loss account

	Third o	quarter	9mc	nths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Net sales	35	23	116	102	151	137
Gross profit	35	23	116	102	151	137
General and administrative expenses	-40	-37	-114	-107	-1 84	-177
Operating profit/loss	-5	-14	2	-5	-33	-40
Net financial items	-17	-38	-38	-108	410	340
Dividend income	-	-	_	-	1,909	1,909
Profit/loss before tax	-22	-52	-36	-113	2,286	2,209
Income tax	4	14	7	27	-78	-58
Profit/loss for the period	-18	-38	-29	-86	2,208	2,151

Condensed parent company balance sheet

SEKm	30.5	Sep 2025	30 Sep 2024	31 Dec 2024
ASSETS
Non-current assets		4,920	5,452	5,437
Current assets		470	161	540
TOTAL ASSETS		5,390	5,613	5,977
EQUITY AND LIABILITIES
Equity		3,725	1,852	4,056
Non-current liabilities
Borrowings		160	952	954
Provisions		2	2	2
Total non-current liabilities		162	954	956
Current liabilities
Borrowings		149	149	149
Other current liabilities		1,354	2,658	816
Total current liabilities		1,503	2,807	965
TOTAL EQUITY AND LIABILITIES		5,390	5,613	5,977

Condensed parent company statement of changes in equity

	9 months	S	Full year
SEKm	2025	2024	2024
Equity at beginning of period	4,056	2,212	2,212
Profit/loss for the period	-29	-86	2,151
Total comprehensive income	-29	-86	2,151
Transactions with owners
Forward contract to repurchase own shares	-	-	-40
Share-based payments	11	11	18
Dividend 1	-315	-285	-285
Dividend on outstanding shares in forward contracts to repurchase own shares	2	-	-
Total transactions with owners	-302	-274	-307
Equity at end of period	3,725	1,852	4,056

Accounting and valuation policies, disclosures and risk factors

Accounting and valuation policies

Compliance with legislation and accounting standards The consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations issued by the IFRS Interpretations Committee (IFRIC) which have been endorsed by the European Commission for application in the EU. The applied standards and interpretations are those that were in force and had been endorsed by the EU at 1 January 2025. The consolidated interim report is presented compliant with IAS 34, Interim Financial Reporting, and in compliance with the relevant provisions in the Swedish Annual Accounts Act and the Swedish Securities Market Act. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which are consistent with the provisions in recommendation RFR 2, Accounting for Legal Entities. For lease accounting the company makes use of the exemption under RFR2 to treat all leases as operating lease.

Basis of accounting

The same accounting policies and methods of computation are applied in the interim financial statements as in the most recent annual financial statements. Reference is made to Note 1 'General information and accounting and valuation policies of the Group' and Note 31 'Changes in accounting policies' in the Annual and sustainability report 2024 at www.cloetta.com. No new standards are effective as from 1 January 2025 which have been endorsed by the EU.

Disclosures

Disaggregation of revenue from contracts with customers Cloetta generates revenues from the transfer of goods and services at a point in time and over time in the following major sales categories and performance obligations.

Disaggregation of revenue

	Third quarter			nths	Rolling 12	Full year
					Oct 2024-
SEKm	2025	2024	2025	2024	Sep 2025	2024
Branded packaged products	1,525	1,588	4,390	4,588	6,021	6,219
Pick & mix	652	608	1,904	1,740	2,558	2,394
Total	2,177	2,196	6,294	6,328	8,579	8,613

Breakdown of net sales by category

	Thirdo	Juarter	9mo	nths	Rolling 12	Full year
_%	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Candy	62	62	62	63	62	62
Chocolate	23	21	23	20	23	21
Pastilles	9	9	9	9	9	9
Chewing gum	4	5	4	5	4	5
Nuts	1	1	1	1	1	1
Other	1	2	1	2	1	2
Total	100	100	100	100	100	100

Breakdown of net sales by country

	Third o	quarter	9mo	nths	Rolling 12	Full year
%	2025	2024	2025	2024	Oct 2024- Sep 2025	2024
Sweden	30	30	31	29	31	30
Finland	20	20	20	20	20	20
The Netherlands	14	14	14	15	14	14
Denmark	10	11	11	11	11	11
The UK	5	6	4	5	4	5
Norway	7	6	7	6	7	6
Germany	7	7	7	7	7	7
International Markets	7	6	6	7	6	7
Total	100	100	100	100	100	100

Leases

Right-of-use assets

	30 Sep	30 Sep	31 Dec
SEKm	2025	2024	2024
Land and buildings	47	64	59
Transportation	59	60	65
Other equipment	11	9	7
Total right-of-use assets	117	133	131

Additions to the right-of-use assets were SEK 24m (17) during the quarter and SEK 44m (41) during the first nine months of the year. Lease liability

	30Sep	30Sep	31 Dec
SEKm	2025	2024	2024
Current	55	51	56
Non-current (between 1-5 years)	57	73	68
Non-current (over 5 years)	10	13	12
Total Lease liability	122	137	136

The non-current lease liability of SEK 67m (86) is reflected in the 'long-term borrowings'. The current lease liability of SEK 55m (51) is reflected in the 'short-term borrowings'.

Depreciation charge right-of-use assets

	Third	uarter	9 mc	nths	Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct2024- Sep 2025	2024
Land and buildings	-6	-8	-18	-25	-27	-34
Transportation	-9	-7	-26	-30	-37	-41
Other equipment	-3	-2	-8	-9	-10	-11
Total depreciation charge right-of-use assets	-18	-17	-52	-64	-74	-86

	Third quarter		9 months		Rolling 12	Full year
SEKm	2025	2024	2025	2024	Oct 2024- Sep 2025	2024	Recognised in:
Interest expense	-1	-1	-3	-3	-5	-5	net financial items, in the profit and loss account cost of goods sold, selling expenses and general and
Expense relating to leases of low-value assets that are not short-term leases	0	0	-1	-1	-1	-1	administrative expenses, in the profit and loss account cost of goods sold, selling expenses and
Expense relating to short-term leases, where no right-of-use asset has been recognized	-2	0	-5	-3	-6	-4	general and administrative expenses, in the profit and loss account cost of goods sold, selling expenses and
Expense relating to variable lease payments not included in lease liabilities	-7	-6	-21	-19	-32	-30	general and administrative expenses, in the profit and loss account cash flow from operating activities and financing activities, in
Total cash outflow for leases	-18	-18	-53	-61	-76	-84	the cash flow statement

Taxes

The effective tax rate for the period was positively impacted by differences between expected and actual tax filings related to the previous year. The effective tax rate was negatively impacted by not recognising an additional deferred tax position for the negative taxable result in the UK, international tax rate differences and nondeductible expenses.

Fair value measurement

In the second quarter of 2024 a financial instrument categorised at level 3 of the fair value hierarchy was recognised for an amount of SEK 8m for to the contingent earn-out consideration related to the divestment of the Nutisal brand. In the fourth quarter of 2024, this contingent earn-out consideration was revalued to zero.

The only items recognised at fair value after initial recognition are:

• the interest rate swaps categorised within level 2 of the fair value hierarchy in all periods presented;
• the deferred selling price related to the divestment of the Nutisal brand that is categorised within level 2 of the fair value hierarchy, as well as;
• the contingent earn-out consideration related to the divestment of the Nutisal brand that is categorised within level 3.

The fair values of financial assets (loans and receivables) and liabilities measured at amortised cost are approximately equal to carrying amounts.

For measurement purposes, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The fair value measurements by level according to the fair value measurement hierarchy are as follows:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (that is, derived from prices) (level 2).
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The following table presents the carrying amounts and fair values of the Group's financial assets and liabilities, including their levels in the fair value hierarchy:

30 Sep 2025	Carrying amount					Fair val	ue
SEKm	Mandatorily at FVTPL	Financial assets at amortised cost	Other financial liabilities at carrying value	Total	Level 1	Level 2	Level 3	Total
Financial assets
• Trade and other receivables, excluding other taxes and social security receivables and prepaid expenses and accrued
income	-	1,235	-	1,235
Contingent earn-out consideration and deferred selling price	2	_	_	2	-	2	_	2
Single currency interest rate swaps	1	-	-	1	-	1	_	1
Cash and cash equivalents	-	339	-	339
Total assets	3	1,574	-	1,577	-	3	-	3
Financial liabilities
• Loans from credit institutions	-	_	1,382	1,382
Commercial papers	-	-	149	149
• Forward contract to repurchase own shares	_	-	40	40	-	-12	-	-12
Single currency interest rate swaps	8	-	-	8	-	8	_	8
Trade and other payables, excluding other taxes and social security payables	-	-	1,461	1,461		_
Total liabilities	8	-	3,032	3,040	-	-4	-	-4

31Dec 2024		Carrying	gamount			Fair va	lue
SEKm	Mandatorily at FVTPL	Financial assets at amortised cost	Other financial liabilities at carrying value	Total	Level1	Level 2	Level 3	Total
Financial assets
Trade and other receivables, excluding other taxes and social security receivables and prepaid expenses and accrued income	-	1,056	-	1,056
Contingent earn-out consideration and deferred selling price	2	_	_	2	_	2	_	2
Single currency interest rate swaps	5	_	_	5	_	5	_	5
Cash and cash equivalents	-	953	_	953
Total assets	7	2,009	-	2,016	-	7	-	7
Financial liabilities
Loans from credit institutions	-	-	2,232	2,232
Commercial papers Forward contract to repurchase own	-	-	149	149
shares	=	-	40	40	-	2	-	2
Single currency interest rate swaps	9	-	_	9	-	9	-	9
• Trade and other payables, excluding other taxes and social security payables	-	-	1,424	1,424
Total liabilities	9	_	3,845	3,854	_	11	_	11

30 Sep 2024	Carrying amount			Fair value
SEKm	Mandatorily at FVTPL	Financial assets at amortised cost	Other financial liabilities at carrying value	Total	Level1	Level 2	Level 3	Total
Financial assets
Trade and other receivables, excluding other taxes and social security receivables and prepaid expenses and
accrued income	-	1,247	-	1,247
Contingent earn-out consideration and deferred selling price	10	_	_	10	_	2	8	10
Single currency interest rate swaps	7		_	7	_	7	-	7
Cash and cash equivalents	-	661	_	661		,		,
Total assets	17	1,908	-	1,925	-	9	8	17
Financial liabilities
• Loans from credit institutions	_	_	2,213	2,213
Commercial papers	_	_	149	149
Single currency interest rate swaps	10	_	_	10	_	10	_	10
• Trade and other payables, excluding other taxes and social security payables		-	1,464	1,464
Total liabilities	10	-	3,826	3,836	-	10	-	10

No transfers between fair value hierarchy levels have occurred during the financial year or the prior financial year. The fair value of financial instruments that are not traded in an active market (for example, over-thecounter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included within level 2.

The valuation of the instruments is based on quoted market prices, but the underlying swap amounts are based on the specific requirements of the Group. These instruments are therefore included within level 2. The fair value measurement of the contingent earn-out consideration requires the use of significant unobservable inputs and is thereby initially categorised at level 3. The valuation techniques and inputs used to value financial instruments are:

• Quoted market prices or dealer quotes for similar instruments.
• The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.
• The fair value of forward foreign currency contracts is calculated using the difference between the exchange rate on the spot date with the contractually agreed upon exchange rates.
• Other techniques, such as discounted cash flow analysis, are used to determine the fair value of the remaining financial instruments.

The contingent earn-out consideration is measured at fair value using a scenario model with an earn-out threshold, different results and related changes. These data are aligned with the earn-out contract. The interrelationship between significant unobservable inputs and fair value measurement are: The estimated fair value of the contingent earn-out consideration related to the divestment of the Nutisal brand would increase (decrease) if the combined sales value of Cloetta and De Monchy Food Group of the Nutisal products during the period 1 July 2024 until 30 June 2025 was higher (lower).

Parent Company

Cloetta AB's primary activities include head office functions such as groupwide management and administration. The comments below refer to the period from 1 January to 30 September 2025. Net sales in the Parent Company amounted to SEK 116m (102) and relate mainly to intra-group services. Operating profit was SEK 2m (-5). Net financial items totalled SEK -38m (-108). Loss before tax was SEK -36m (-113) and loss for the

period was SEK -29m (-86). Cash and cash equivalents and short-term investments amounted to SEK 0m (0).

The Cloetta share

Cloetta's class B share is listed on Nasdaq Stockholm, Mid Cap. During the period from 1 January to 30 September 2025, a total of 67,055,329 shares were traded for a combined value of SEK 2,051m, equivalent to around 24 per cent of the total number of class B shares at the end of the year. The highest quoted bid price during the period from 1 January to 30 September 2025 was SEK 35.52 (3 June) and the lowest was SEK 23.74 (14 January). The share price on 30 September 2025 was SEK 33.92 (last price paid). During the period from 1 January to 30 September 2025, the Cloetta share increased by 34.6 per cent while the Nasdaq OMX Stockholm PI increased by 3.2 per cent. Cloetta's share capital at 30 September 2025 amounted to 1,443,096,495. The total number of shares is 288,619,299, consisting of 5,735,249 (5,735,249) class A shares and 282,884,050 (282,884,050) class B shares, equal to a quota value of SEK 5 per share.

At 30 September 2025, Cloetta had 1,936,783 class B shares in treasury.

Shareholders

On 30 September 2025, Cloetta AB had 43,463 shareholders. The largest shareholder was AB Malfors Promotor with a holding corresponding to 42.97 per cent of the votes and 32.79 per cent of the share capital in the company. Van Lanschot Kempen Investment Management was the second largest shareholder with 5.18 per cent of the votes and 6.11 per cent of the share capital. The third largest shareholder was LSV Asset Management with 3.16 per cent of the votes and 3.72 per cent of the share capital.

Cloetta regularly updates its list of shareholders on its investor website www.cloetta.com/en/investors/.

Risk factors

Cloetta is an internationally active company that is exposed to a number of market and financial risks. All identified risks are monitored continuously and, if needed, risk mitigating measures are taken to limit their impact. The most relevant risk factors are described in the Annual and sustainability report 2024 and consist of industry and market-related risks, operational risks and financial risks.

Compared to the Annual and sustainability report, which was issued on 11 March 2025, the risk-profile of Cloetta has not significantly changed although the rising input costs and global supply chain challenges are materialising and may further affect the business performance of Cloetta.

Definitions

Return
Capital structure

Data per share
Other definitions

Glossary

Branded packaged products	Products that are mainly sold under brands and are packaged.
FVTPL	Fair Value Through Profit and Loss.
Pick & mix	Cloetta's range of candy and natural snacks that are picked by the consumers themselves.
Pick & mix concept	Cloetta's complete concept in pick & mix including products, displays and accompanying store and logistic services.

Exchange rates

SEK	30 Sep 2025	30 Sep 2024	31 Dec 2024
EUR, average	11.1055	11.4204	11.4408
EUR, end of period	11.0565	11.3000	11.4590
NOK, average	0.9480	0.9852	0.9831
NOK, end of period	0.9429	0.9605	0.9715
GBP, average	13.0415	13.4220	13.5177
GBP, end of period	12.6591	13.5260	13.8197
DKK, average	1.4883	1.5312	1.5339
DKK, end of period	1.4811	1.5156	1.5365

About Cloetta

Cloetta is Northern Europe's leading confectionery company with the vision to be the winning confectionery company, inspiring a more joyful world. Our core markets are Sweden, Finland, Denmark, Norway and the Netherlands and our products are sold in more than 60 countries worldwide. Cloetta has six production units in five countries and the company's class B-shares are traded on Nasdaq Stockholm.

Cloetta AB (publ)

Corp. ID no. 556308-8144 Landsvägen 50A, Box 2052, 174 02, Sundbyberg, Sweden

Tel +46 (0)8-52 72 88 00

More information about Cloetta is available at www.cloetta.com