Cloetta

Earnings Release • May 7, 2025

Exceptionally strong profitability improvement driven by broad product portfolio

First quarter

• Net sales for the quarter decreased by 2.6 per cent to SEK 2,039m (2,094) including negative impact from the divestment of the Nutisal brand of 1.0 per cent and foreign exchange rates of 0.5 per cent
• Sales of Branded packaged products decreased organically by 3.4 per cent during the quarter
• Sales of Pick & mix increased organically by 4.6 per cent during the quarter
• Operating profit adjusted for items affecting comparability, amounted to SEK 225m (192)
• Operating profit amounted to SEK 350m (193), with items affecting comparability of SEK 125m (1) mainly related to not proceeding with the greenfield investment project

Events after the end of the reporting period

• Operating profit, adjusted, of Branded packaged products amounted to SEK 167m (152)
• Operating profit, adjusted, of Pick & mix amounted to SEK 58m (40)
• Profit for the period amounted to SEK 253m (107), which equates to basic and diluted earnings per share of SEK 0.89 (0.37)
• Cash flow from operating activities was SEK 231m (149)
• Net debt/EBITDA ratio was 1.1x (1.6)
• Cloetta's Annual General Meeting, held on 10 April 2025, approved an increased dividend of SEK 1.10 (1.00) per share
• On 28 April 2025, Cloetta announced plans to change the organisational structure and Group Management to support new strategic priorities

		First quarter		Full Year
				Apr 2024–
SEKm	2025	2024	∆, %	Mar 2025	2024
Net sales	2,039	2,094	-2,6¹	8,558	8,613
Operating profit, adjusted	225	192	17.2	943	910
Operating profit margin, adjusted, %	11.0	9.2	1.8-pts	11.0	10.6
Operating profit (EBIT)	350	193	81.3	964	807
Operating profit margin (EBIT margin), %	17.2	9.2	8-pts	11.3	9.4
Profit before tax	335	148	126.4	846	659
Profit for the period	253	107	136.4	623	477
Earnings per share, basic, SEK	0.89	0.37	140.5	2.18	1.67
Earnings per share, diluted, SEK	0.89	0.37	140.5	2.18	1.67
Net debt/EBITDA, x (Rolling 12 months)	1.1	1.6	-31.3	1.1	1.3
Free cash flow	199	99	101.0	702	602
Cash flow from operating activities	231	149	55.0	847	765

Key ratios

¹ Organic growth at constant exchange rates was -1.1 per cent for the quarter. See further under Net sales on page 3.

Conference call and web presentation

Arranged on report publication day at 10:00 a.m. CEST. 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/31464813-9d75-44ef-9afe-08d05206b64b
Dial-in numbers	SE: +46 8 5051 0031	UK: +44 (0) 207 107 06 13	US: +1 631 570 5613

Comments from the CEO

Exceptionally strong profitability improvement driven by broad product portfolio

Cloetta delivered yet another quarter of profitability improvement driven by the strength of our broad confectionery portfolio and despite the continued high raw material costs. The exceptionally strong profitability improvement was also delivered despite the later occurrence of Easter affecting sales.

We continue to see further growth opportunities based on consumer behaviours and long-term consumer trends while remaining largely unaffected by the increased overall market uncertainty related to US tariffs. Operating in a non-cyclical market with stable consumer demand enables us to focus on strategy execution.

Organic sales for the quarter decreased -1.1 per cent, exchange rate differences accounted for -0.5 per cent and the divestment of the Nutisal brand accounted for -1.0 per cent, for a total of –2.6 per cent. The organic growth was primarily affected by phasing of sales to the second quarter as Easter occurred in mid-April in 2025 compared to in March in 2024. The sales were also affected by the reduction of SKU's with lower profitability, including discontinuing select, less profitable contract manufacturing, as we optimise our product portfolio. We expect the first half-year to show clear profitable sales growth and a second half close to our new, higher, long-term target of 3-4%.

We have seen a shift in the Chocolate category volumes towards other treats due to increased retail prices of chocolate products. One of the benefits of our broad confectionery portfolio is that we can effectively mitigate periods of changing consumer preferences and consumption, and in the quarter, we further strengthened our Pastilles & Gum portfolio by launching our Mynthon pastilles brand into new Scandinavian markets. Mynthon Zipmint is now available in Norway, Denmark and Sweden and has had a promising start.

With continued strong investments in our Superbrands, we delivered an adjusted profitability of 11.0 per cent in the quarter, an increase of 1.8 per cent from last year. Furthermore, our Pick & mix segment continues to deliver according to plan and delivered its fifth consecutive quarter of profitability in line with its' long-term EBIT target, now updated from the previous 5-7 to 7-9 per cent.

Our actions in the quarter support our new strategy shared at our Investor Day at the end of March, including our updated strategic priorities and financial targets and our new vision - to be the winning confectionery company, inspiring a more joyful world. At the end of April, we furthermore announced plans to reduce up to 100 positions across Europe and changes to the Group Management Team. The changes will more closely align the operating structure to the new strategic priorities and improve agility including faster product

"The exceptionally strong profitability improvement was delivered despite the later occurrence of Easter. We expect the first half-year to show clear profitable sales growth."

innovations. The plan is also expected to generate annual savings of SEK 60-70m with full effect in the first quarter of 2026.

Improved cash flow generation continued in the first quarter, and we again delivered an all-time low Net debt/EBITDA ratio of 1.1x, well below our new and strengthened long-term financial target to be below 1.5x.

In April, the Annual General Meeting approved an increased dividend of SEK 1.10 per share, supported by our continued ability to deliver very healthy cash flows and a strong balance sheet. I'm happy that we this way get to share our successful last year with our shareholders. I very much look forward to this year, during which we will create a stronger, more focused and more efficient Cloetta!

Katarina Tell President and CEO

Financial overview

Q1 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.

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 55m to SEK 2,039m (2,094) compared to the same period last year. Organic growth was -1.1 per cent.

Changes in net sales, %	Jan–Mar 2025
Organic growth	-1.1
Structural changes1	-1.0
Changes in exchange rates	-0.5
Total	-2.6

¹Structural changes refer to the divestment of the Nutisal brand.

Gross profit

Gross profit, adjusted for items affecting comparability, amounted to SEK 705m (642) which equates to a gross margin, adjusted, of 34.6 per cent (30.7). The increase was mainly driven by margin-enhancing initiatives in Pick & mix, continued fair pricing and a favourable mix in Branded packaged products, partly offset by lower volumes related to phasing of Easter sales. Gross profit amounted to SEK 834m (646) which equates to a gross margin of 40.9 per cent (30.9).

Operating profit

Operating profit, adjusted for items affecting comparability, amounted to SEK 225m (192), and was positively impacted by higher gross profit, partially offset by increased investments in core brands coupled with general cost inflation. Operating profit amounted to SEK 350m (193).

Items affecting comparability

Operating profit for the quarter includes items affecting comparability of SEK 125m (1), mainly related to releases of restructuring provisions as a result of not proceeding with the greenfield investment project.

Net financial items

Net financial items for the quarter amounted to SEK -15m (-45). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -14m (-15), exchange differences on cash and cash equivalents were SEK 18m (-29) which mainly related to the development of the Norwegian and Swedish krona against the euro during the quarter. Other financial items amounted to SEK -19m (-1) 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 -13m (-28) is non-cash in nature.

Profit for the period

Profit for the quarter was SEK 253m (107), which equates to basic and diluted earnings per share of SEK 0.89 (0.37). Income tax for the period was SEK -82m (-41).

The effective tax rate for the quarter was 24.5 per cent (27.7) and was negatively impacted by not recognising an additional deferred tax position for the negative taxable result in the UK, international tax rate differences and non-deductible expenses.

Free cash flow

The free cash flow was SEK 199m (99). Cash flow from operating activities before changes in working capital was SEK 204m (252). The cash flow from changes in working capital was SEK 27m (-103).

The cash flow from investments in property, plant and equipment and intangible assets was SEK -32m (-50).

Cash flow from changes in working capital

Cash flow from changes in working capital was SEK 27m (-103). The cash flow from changes in working capital was positively impacted by an increase in payables of SEK 183m (36), partially offset by an increase in inventories for an amount of SEK -153m (7) and an increase in receivables of SEK -3m (-146).

Cash flow from other investing activities

Cash flow from other investing activities was SEK 0m (0).

The cash flow from financing activities was SEK -16m (-22) and was

Consolidated equity at 31 March 2025 amounted to SEK 5,485m (5,413), which equates to SEK 19.2 (19.0) per share outstanding. Net

Long-term borrowings amounted to SEK 2,223m (2,319) and consisted of SEK 2,156m (2,241) in gross non-current loans from

	31 Mar	31 Mar	31 Dec
SEKm	2025	2024	2024
Gross non-current loans from credit institutions	2,156	2,241	2,232
Commercial papers	149	149	149
Lease liabilities	124	155	136
Derivative financial instruments	45	-18	44
Interest payable	2	2	2
Gross debt	2,476	2,529	2,563
Cash and cash equivalents	-1,149	-735	-953
Net debt	1,327	1,794	1,610

Cash and cash equivalents at 31 March 2025 amounted to SEK 1,149m (735). At 31 March 2025, Cloetta had an unutilised credit facility of SEK 2,387m (2,536) and the possibility to issue additional commercial papers for an amount of SEK 850m (850). On 14 April 2025, Cloetta cancelled part of the unutilised credit facilities for a total amount of EUR 160m, related to not proceeding with the greenfield investment project.

Performance by business segment

Cloetta has identified the Branded packaged products business and the Pick & mix business as its operating segments.

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 Q1 development

Net Sales

Net sales for the quarter decreased by SEK 80m to SEK 1,433m (1,513) compared to the same period last year for Branded packaged products. The comparative figure includes a full first quarter of net sales of the Nutisal brand, divested in the second quarter of 2024. Organic growth was -3.4 per cent.

Operating profit, adjusted

Operating profit, adjusted for items affecting comparability, amounted to SEK 167m (152). The increase in adjusted operating profit was mainly driven by fair pricing and a favourable mix, partially offset by lower volumes and increased marketing investments in core brands.

Segment Pick & mix

Q1 development

Net Sales

Net sales for the quarter increased by SEK 25m to SEK 606m (581) compared to the same period last year. Organic growth was 4.6 per cent.

Operating profit, adjusted

Operating profit, adjusted for items affecting comparability, amounted to SEK 58m (40). The increase was driven by continued marginenhancing initiatives, partially offset by higher input costs and lower volumes related to Easter phasing.

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.

Cash flow from financing activities

fully related to payments of lease liabilities.

debt at 31 March 2025 was SEK 1,327m (1,794).

Financial position

0 500 1,000 1,500 2,000 2,500

2024 2025

Mkr

Cloetta Interim report January–March 2025

Jan–Mar 2025	Branded packaged
SEKm	products	Pick & mix	Total

Jan–Mar 2025	Branded packaged			Jan–Mar 2024	Branded packaged
SEKm	products	Pick & mix	Total	SEKm	products	Pick & mix	Total
Net sales	1,433	606	2,039	Net sales	1,513	581	2,094
Operating profit, adjusted	167	58	225	Operating profit, adjusted	152	40	192
Items affecting comparability			125	Items affecting comparability			1
Operating profit			350	Operating profit			193
Net financial items			-15	Net financial items			-45
Profit before tax			335	Profit before tax			148
Income tax			-82	Income tax			-41
Profit for the period			253	Profit for the period			107

Employees

The average number of employees during the quarter was 2,559 (2,591).

Events after the end of the reporting period

On 10 April 2025, Cloetta's Annual General Meeting (AGM) was held in Stockholm, Sweden. The resolutions of the AGM have been published through a separate regulatory press release.

On 28 April 2025, Cloetta announced plans to change the organisational structure and Group Management to support new strategic priorities to create a more effective operating structure through changes in its commercial and group-level functions. The financial effects of this decision have not been recognised at 31 March 2025. Cloetta expects that the changes will result in a reduction of up to 100 positions across Europe by year-end 2025 and annual savings of SEK 60-70m. The savings are expected to have a full effect in the first quarter of 2026. The plan is expected to result in a one-time cost of SEK 60-70m in items affecting comparability, with the majority to be recognised in the second quarter of 2025.

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, 7 May, 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

The information in this interim report has not been reviewed by the company's auditors.

______________________________________________________________

Upcoming financial reports 2025

Interim report Q2 2025	17 July
Interim report Q3 2025	5 November

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. CEST on 7 May 2025.

______________________________________________________________

Contact

Laura Lindholm Director, Communications and Investor Relations

• 46 76 696 59 40

ir@cloetta.com

press@cloetta.com

sustainability@cloetta.com

Financial statements in summary

Consolidated profit and loss account

	First quarter		Rolling 12	Full year
			Apr 2024–
SEKm	2025	2024	Mar 2025	2024
Net sales	2,039	2,094	8,558	8,613
Cost of goods sold	-1,205	-1,448	-5,504	-5,747
Gross profit	834	646	3,054	2,866
Selling expenses	-283	-267	-1,176	-1,160
General and administrative expenses	-201	-186	-914	-899
Operating profit	350	193	964	807
Exchange differences on cash and cash equivalents in foreign currencies	18	-29	12	-35
Other financial income	14	35	90	111
Other financial expenses	-47	-51	-220	-224
Net financial items	-15	-45	-118	-148
Profit before tax	335	148	846	659
Income tax	-82	-41	-223	-182
Profit for the period	253	107	623	477
Profit for the period attributable to:
Owners of the Parent Company	253	107	623	477
Earnings per share, SEK
Basic1	0.89	0.37	2.18	1.67
Diluted1	0.89	0.37	2.18	1.67
Number of shares outstanding at end of period1	286,065,407	285,342,034	286,065,407	286,065,407
Average number of shares (basic)1	284,533,915	285,342,034	285,491,842	285,690,150
Average number of shares (diluted)1	284,690,532	285,396,406	285,648,459	285,786,127

¹ On 29 April 2024, a total of 723,373 treasury shares were granted to the participants of the long-term share-based incentive plan 2021 on vesting. On 28 November 2024, Cloetta entered into a forward contract to repurchase 1,531,492 own shares to fulfil its future obligations to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met.

Consolidated statement of comprehensive income

		First quarter	Rolling 12	Full year
			Apr 2024–Mar
SEKm	2025	2024	2025	2024
Profit for the period	253	107	623	477
Other comprehensive income
Remeasurement of defined benefit pension plans	21	14	5	-2
Income tax on remeasurement of defined benefit pension plans	-4	-3	-1	0
Items that will never be reclassified to profit or loss for the period	17	11	4	-2
Currency translation differences	-284	247	-325	206
Hedge of a net investment in a foreign operation	82	-61	96	-47
Income tax on hedge of a net investment in a foreign operation	-16	12	-19	9
Items that may be reclassified to profit or loss for the period	-218	198	-248	168
Total other comprehensive income	-201	209	-244	166
Total comprehensive income, net of tax	52	316	379	643
Total comprehensive income for the period attributable to:
Owners of the Parent Company	52	316	379	643

Net financial items

		First quarter	Rolling 12	Full year
			Apr 2024–Mar
SEKm	2025	2024	2025	2024
Exchange differences on cash and cash equivalents in foreign currencies	18	-29	12	-35
Other financial income, third parties	11	22	72	83
Unrealised gains on single currency interest rate swaps	1	4	-3	-
Realised gains on single currency interest rate swaps	2	9	21	28
Total other financial income	14	35	90	111
Interest expenses third-party borrowings and realised losses on single currency interest rate swaps	-27	-46	-158	-177
Amortisation of capitalised transaction costs	-1	-1	-5	-5
Unrealised losses on single currency interest rate swaps	-1	-1	-19	-19
Other financial expenses, third parties	-18	-3	-38	-23
Total other financial expenses	-47	-51	-220	-224
Net financial items	-15	-45	-118	-148

Condensed consolidated balance sheet

SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
ASSETS
Non-current assets
Intangible assets	5,613	6,013	5,833
Property, plant and equipment	1,594	1,738	1,695
Deferred tax asset	55	25	59
Derivative financial instruments	1	4	1
Other financial assets	5	4	4
Total non-current assets	7,268	7,784	7,592
Current assets
Inventories	1,412	1,335	1,336
Other current assets	1,197	1,289	1,260
Derivative financial instruments	3	19	4
Cash and cash equivalents	1,149	735	953
Total current assets	3,761	3,378	3,553
TOTAL ASSETS	11,029	11,162	11,145
EQUITY AND LIABILITIES
Equity	5,485	5,413	5,434
Non-current liabilities
Long-term borrowings	2,223	2,319	2,306
Deferred tax liability	829	908	910
Derivative financial instruments	2	5	4
Provisions for pensions and other long-term employee benefits	360	363	378
Provisions	2	166	163
Total non-current liabilities	3,416	3,761	3,761
Current liabilities
Short-term borrowings	198	216	203
Derivative financial instruments	47	0	45
Other current liabilities	1,870	1,756	1,691
Provisions	13	16	11
Total current liabilities	2,128	1,988	1,950
TOTAL EQUITY AND LIABILITIES	11,029	11,162	11,145

Condensed consolidated statement of changes in equity

	First quarter	Full year
SEKm	2025	2024	2024
Equity at beginning of period	5,434	5,098	5,098
Profit for the period	253	107	477
Other comprehensive income	-201	209	166
Total comprehensive income	52	316	643
Transactions with owners
Forward contract to repurchase own shares	-	-	-40
Share-based payments	-1	-1	18
Dividend1	-	-	-285
Total transactions with owners	-1	-1	-307
Equity at end of period	5,485	5,413	5,434

¹ The dividend paid in 2024 comprised a dividend of SEK 1.00 (1.00) per share.

Condensed consolidated cash flow statement

		First quarter	Rolling 12	Full year
			Apr 2024–Mar
SEKm	2025	2024	2025	2024
Cash flow from operating activities before changes in working capital	204	252	913	961
Cash flow from changes in working capital	27	-103	-66	-196
Cash flow from operating activities	231	149	847	765
Cash flows from investments in property, plant and equipment and intangible assets	-32	-50	-145	-163
Cash flow from other investing activities	0	0	72	72
Cash flow from investing activities	-32	-50	-73	-91
Cash flow from operating and investing activities	199	99	774	674
Cash flow from financing activities	-16	-22	-361	-367
Cash flow for the period	183	77	413	307
Cash and cash equivalents at beginning of period	953	658	735	658
Cash flow for the period	183	77	413	307
Exchange difference	13	0	1	-12
Total cash and cash equivalents at end of period	1,149	735	1,149	953

Condensed consolidated key figures

	First quarter		Rolling 12	Full year
SEKm	2025	2024	Apr 2024–Mar 2025	2024
Profit
Net sales				8,613
Net sales, change, %	2,039	2,094	8,558	3.8
Organic net sales, change, %	-2.6 -1.1	6.1 5.7	1.6 3.1	4.7
Gross margin, %	40.9	30.9	35.7	33.3
Depreciation	-65	-75	-263	-273
Amortisation				-11
Impairment other non-current assets	-2	-3	-10	-60
Operating profit, adjusted	-6 225	5 192	-71 943	910
Operating profit margin, adjusted %				10.6
Operating profit (EBIT)	11.0 350	9.2 193	11.0 964	807
Operating profit margin (EBIT margin), %				9.4
EBITDA, adjusted	17.2 292	9.2 271	11.3 1,215	1,194
EBITDA	423	266	1,308	1,151
Profit margin, %				7.7
	16.4	7.1	9.9
Segments
Branded packaged products
Net sales				6,219
Operating profit, adjusted	1,433	1,513	6,139	740
Operating profit margin, adjusted %	167	152	755	11.9
	11.7	10.0	12.3
Pick & mix
Net sales	606	581	2,419	2,394
Operating profit, adjusted	58	40	188	170
Operating profit margin, adjusted %	9.6	6.9	7.8	7.1
Financial position
Working capital	937	930	937	1,017
Capital expenditure	43	71	197	225
Net debt	1,327	1,794	1,327	1,610
Capital employed	8,315	8,316	8,315	8,370
Return on capital employed, % (Rolling 12 months)	12.7	10.9	12.7	11.2
Equity/assets ratio, %	49.7	48.5	49.7	48.8
Net debt/equity ratio, %	24.2	33.1	24.2	29.6
Return on equity, % (Rolling 12 months)	11.4	8.8	11.4	8.8
Equity per share, SEK	19.2	19.0	19.2	19.0
Net debt/EBITDA, x (Rolling 12 months)	1.1	1.6	1.1	1.3
Cash flow
Cash flow from operating activities	231	149	847	765
Cash flow from investing activities	-32	-50	-73	-91
Cash flow after investments	199	99	774	674
Free cash flow	199	99	702	602
Free cash flow yield (Rolling 12 months), %	8.6	11.9	8.6	8.3
Cash flow from operating activities per share, SEK	0.8	0.5	3.0	2.7
Employees
Average number of employees	2,559	2,591	2,571	2,577

Reconciliation of alternative performance measures key figures

	First quarter		Rolling 12	Full year
			Apr 2024–
SEKm	2025	2024	Mar 2025	2024
Items affecting comparability
Acquisitions, integration and restructurings	125	1	21	-103
of which: impairment non-current assets	-6	6	-72	-60
Items affecting comparability	125	1	21	-103
Corresponding line in the condensed consolidated profit and loss account:
Cost of goods sold	129	4	150	25
Selling expenses	-	-	-3	-3
General and administrative expenses	-4	-3	-126	-125
Total	125	1	21	-103
Operating profit, adjusted
Operating profit	350	193	964	807
Minus: Items affecting comparability	125	1	21	-103
Operating profit, adjusted	225	192	943	910
Net sales	2,039	2,094	8,558	8,613
Operating profit margin, adjusted, %	11.0	9.2	11.0	10.6
EBITDA, adjusted
Operating profit	350	193	964	807
Minus: Depreciation	-65	-75	-263	-273
Minus: Amortisation	-2	-3	-10	-11
Minus: Impairment non-current assets	-6	5	-71	-60
EBITDA	423	266	1,308	1,151
Minus: Items affecting comparability (excl. impairment non-current assets)	131	-5	93	-43
EBITDA, adjusted	292	271	1,215	1,194
Capital employed
Total assets	11,029	11,162	11,029	11,145
Minus: Deferred tax liability	829	908	829	910
Minus: Non-current provisions	2	166	2	163
Minus: Current provisions	13	16	13	11
Minus: Other current liabilities	1,870	1,756	1,870	1,691
Capital employed	8,315	8,316	8,315	8,370
Capital employed comparative period previous year	8,316	7,963	8,316	7,973
Average capital employed	8,316	8,140	8,316	8,172

Reconciliation alternative performance measures, continued

		First quarter	Rolling 12	Full year
			Apr 2024–Mar
SEKm	2025	2024	2025	2024
Return on capital employed
Operating profit (Rolling 12 months)	964	750	964	807
Financial income (Rolling 12 months)	90	140	90	111
Operating profit plus financial income (Rolling 12 months)	1,054	890	1,054	918
Average capital employed	8,316	8,140	8,316	8,172
Return on capital employed, %	12.7	10.9	12.7	11.2
Free cash flow yield
Cash flow from operating activities (Rolling 12 months)	847	903	847	765
Cash flows from investments in property, plant and equipment
and intangible assets (Rolling 12 months)	-145	-285	-145	-163
Free cash flow (Rolling 12 months)	702	618	702	602
Number of shares outstanding	286,065,407	285,342,034	286,065,407	286,065,407
Free cash flow per share (Rolling 12 months), SEK	2.45	2.17	2.45	2.10
Market price per share, SEK	28.36	18.19	28.36	25.20
Free cash flow yield (Rolling 12 months), %	8.6	11.9	8.6	8.3
Changes in net sales
Net sales	2,039	2,094	8,558	8,613
Net sales comparative period previous year	2,094	1,973	8,422	8,301
Net sales, change	-55	121	136	312
Minus: Structural changes	-21	-	-91	-70
Minus: Changes in exchange rates	-11	9	-32	-12
Organic growth	-23	112	259	394
Organic growth, %	-1.1	5.7	3.1	4.7

Quarterly data

SEKm	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Profit and loss account
Net sales	2,039	2,285	2,196	2,038	2,094	2,182	2,148	1,998	1,973
Cost of goods sold
	-1,205	-1,485	-1,493	-1,321	-1,448	-1,514	-1,524	-1,358	-1,355
Gross profit	834	800	703	717	646	668	624	640	618
Selling expenses
General and administrative	-283	-327	-268	-298	-267	-300	-248	-267	-258
expenses	-201	-221	-197	-295	-186	-194	-175	-191	-182
Operating profit	350	252	238	124	193	174	201	182	178
Exchange differences on cash and
cash equivalents in foreign
currencies	18	4	-26	16	-29	27	67	-66	-71
Other financial income	14	23	20	33	35	39	33	33	23
Other financial expenses	-47	-47	-66	-60	-51	-94	-64	-53	-39
Net financial items	-15	-20	-72	-11	-45	-28	36	-86	-87
Profit before tax	335	232	166	113	148	146	237	96	91
Income tax	-82	-74	-36	-31	-41	-8	-76	-23	-26
Profit for the period	253	158	130	82	107	138	161	73	65
Profit for the period attributable to:
Owners of the Parent Company	253	158	130	82	107	138	161	73	65
Key figures
Profit
Depreciation, amortisation and impairment	-73	-52	-57	-162	-73	-75	-76	-77	-50
Operating profit, adjusted	225	258	238	222	192	200	208	191	200
EBITDA, adjusted
	292	327	306	290	271	270	288	271	271
EBITDA	423	304	295	286	266	249	277	259	228
Operating profit margin, adjusted %	11.0	11.3	10.8	10.9	9.2	9.2	9.7	9.6	10.1
Operating profit margin (EBIT margin), %	17.2	11.0	10.8	6.1	9.2	8.0	9.4	9.1	9.0
Earnings per share, SEK
Basic and diluted1
	0.89	0.55	0.45	0.29	0.37	0.48	0.56	0.26	0.23
Segments
Branded packaged products
Net sales
Operating profit, adjusted	1,433	1,631	1,588	1,487	1,513	1,621	1,620	1,464	1,448
	167	214	191	183	152	200	216	186	184
Operating profit margin, adjusted %	11.7	13.1	12.0	12.3	10.0	12.3	13.3	12.7	12.7
Pick & mix
Net sales
Operating profit/loss, adjusted	606	654	608	551	581	561	528	534	525
	58	44	47	39	40	0	-8	5	16
Operating profit margin, adjusted %	9.6	6.7	7.7	7.1	6.9	0.0	-1.5	0.9	3.0
Financial position
Share price, last paid, SEK
Return on equity, % (Rolling 12	28.36	25.20	24.46	20.62	18.19	18.32	18.26	19.61	21.88
months)	11.4	8.8	8.8	9.5	8.8	8.6	7.8	7.3	4.1
Equity per share, SEK	19.2	19.0	18.1	18.0	19.0	17.9	18.2	18.0	18.0
Net Debt/EBITDA, x (Rolling 12
months)	1.1	1.3	1.6	1.8	1.6	1.7	2.0	2.3	2.0
Cash flow
Free cash flow	199	264	211	28	99	394	123	2	-23
Cash flow from operating activities per share, SEK	0.8	1.1	0.9	0.2	0.5	1.7	0.7	0.3	0.1

¹ On 30 October 2023, Cloetta purchased 63,704 treasury shares to fulfil its future obligation to deliver shares to the participan ts of the long-term share-based incentive plan, if vesting conditions are met. On 29 April 2024, a total of 723,373 treasury shares were granted to the participants of the long-term share-based incentive plan 2021 on vesting. On 28 November 2024, Cloetta entered into a forward contract to repurchase 1,531,492 own shares to fulfill its future obligations to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met.

Reconciliation of alternative performance measures per quarter

SEKm	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Items affecting comparability
Acquisitions, integration and restructurings	125	-6	0	-98	1	-26	-7	-9	-22
of which: impairment non-current assets	-6	17	11	-94	6	-5	4	3	21
Items affecting comparability	125	-6	0	-98	1	-26	-7	-9	-22
Corresponding line in the condensed consolidated profit and loss account:
Cost of goods sold	129	16	6	-1	4	-21	-3	-4	-20
Selling expenses	-	-	-	-3	-	-	1	-	-
General and administrative expenses	-4	-22	-6	-94	-3	-5	-5	-5	-2
Total	125	-6	0	-98	1	-26	-7	-9	-22
Operating profit, adjusted
Operating profit	350	252	238	124	193	174	201	182	178
Minus: Items affecting comparability	125	-6	0	-98	1	-26	-7	-9	-22
Operating profit, adjusted	225	258	238	222	192	200	208	191	200
Net sales	2,039	2,285	2,196	2,038	2,094	2,182	2,148	1,998	1,973
Operating profit margin, adjusted, %	11.0	11.3	10.8	10.9	9.2	9.2	9.7	9.6	10.1
EBITDA, adjusted
Operating profit	350	252	238	124	193	174	201	182	178
Minus: Depreciation	-65	-66	-65	-67	-75	-63	-76	-78	-67
Minus: Amortisation	-2	-3	-3	-2	-3	-3	-3	-2	-3
Minus: Impairment non-current assets	-6	17	11	-93	5	-9	3	3	20
EBITDA	423	304	295	286	266	249	277	259	228
Minus: Items affecting comparability (excl.
impairment non-current assets)	131	-23	-11	-4	-5	-21	-11	-12	-43
EBITDA, adjusted	292	327	306	290	271	270	288	271	271
Capital employed
Total assets	11,029	11,145	10,886	10,779	11,162	10,683	10,873	10,916	10,732
Minus: Deferred tax liability	829	910	840	880	908	900	922	929	893
Minus: Non-current provisions	2	163	161	159	166	160	165	162	148
Minus: Current provisions	13	11	14	17	16	14	2	2	2
Minus: Other current liabilities	1,870	1,691	1,770	1,728	1,756	1,636	1,731	1,764	1,726
Capital employed Capital employed comparative period	8,315	8,370	8,101	7,995	8,316	7,973	8,053	8,059	7,963
previous year	8,316	7,973	8,053	8,059	7,963	7,823	7,581	7,369	7,555
Average capital employed	8,316	8,172	8,077	8,027	8,140	7,898	7,817	7,714	7,759

Reconciliation alternative performance measures, continued

SEKm	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Return on capital employed
Operating profit (Rolling 12 months)	964	807	729	692	750	735	748	733	490
Financial income (Rolling 12 months)	90	111	127	140	140	128	107	109	89
Operating profit plus financial income
(Rolling 12 months)	1,054	918	856	832	890	863	855	842	579
Average capital employed	8,316	8,172	8,077	8,027	8,140	7,898	7,817	7,714	7,759
Return on capital employed, %	12.7	11.2	10.6	10.4	10.9	10.9	10.9	10.9	7.5
Free cash flow yield
Cash flow from operating activities
(Rolling 12 months) Cash flows from investments in property,	847	765	935	879	903	778	581	677	516
plant and equipment and intangible assets
(Rolling 12 months)	-145	-163	-203	-235	-285	-282	-238	-234	-211
Free cash flow (Rolling 12 months)	702	602	732	644	618	496	343	443	305
Number of shares outstanding	286,065,407	286,065,407	286,065,407	286,065,407	285,342,034	285,342,034	285,405,738	285,405,738	285,405,738
Free cash flow per share (Rolling 12 months),
SEK	2.45	2.10	2.56	2.25	2.17	1.74	1.20	1.55	1.07
Market price per share, SEK	28.36	25.20	24.46	20.62	18.19	18.32	18.26	19.61	21.88
Free cash flow yield (Rolling 12 months), %	8.6	8.3	10.5	10.9	11.9	9.5	6.6	7.9	4.9
Changes in net sales
Net sales	2,039	2,285	2,196	2,038	2,094	2,182	2,148	1,998	1,973
Net sales comparative period previous year	2,094	2,182	2,148	1,998	1,973	1,905	1,798	1,626	1,540
Net sales, change	-55	103	48	40	121	277	350	372	433
Minus: Structural changes	-21	-28	-32	-10	-	-	-	-	-
Minus: Changes in exchange rates	-11	7	-42	14	9	54	131	100	71
Organic growth	-23	124	122	36	112	223	219	272	362

Parent company

Condensed parent company profit and loss account

	First quarter Rolling 12			Full year
	Apr 2024–Mar
SEKm	2025	2024	2025	2024
Net sales	51	38	150	137
Gross profit	51	38	150	137
General and administrative expenses	-39	-36	-180	-177
Operating profit/loss	12	2	-30	-40
Net financial items	-10	-27	357	340
Dividend income	-	-	1,909	1,909
Profit/loss before tax	2	-25	2,236	2,209
Income tax	-1	5	-64	-58
Profit/loss for the period	1	-20	2,172	2,151

Profit/loss for the period corresponds to comprehensive income for the period.

Condensed parent company balance sheet

SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
ASSETS
Non-current assets	4,914	5,422	5,437
Current assets	421	170	540
TOTAL ASSETS	5,335	5,592	5,977
EQUITY AND LIABILITIES
Equity	4,056	2,191	4,056
Non-current liabilities
Borrowings	956	950	954
Provisions	2	2	2
Total non-current liabilities	958	952	956
Current liabilities
Borrowings	149	149	149
Other current liabilities	172	2,300	816
Total current liabilities	321	2,449	965
TOTAL EQUITY AND LIABILITIES	5,335	5,592	5,977

Condensed parent company statement of changes in equity

	First quarter	Full year
SEKm	2025	2024	2024
Equity at beginning of period	4,056	2,212	2,212
Profit/loss for the period	1	-20	2,151
Total comprehensive income	1	-20	2,151
Transactions with owners
Forward contract to repurchase own shares	-	-	-40
Share-based payments	-1	-1	18
Dividend1	-	-	-285
Total transactions with owners	-1	-1	-307
Equity at end of period	4,056	2,191	4,056

¹ The dividend paid in 2024 comprised a dividend of SEK 1.00 per share.

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

	First quarter		Rolling 12	Full year
	Apr 2024–Mar
SEKm	2025	2024	2025	2024
Branded packaged products	1,433	1,513	6,139	6,219
Pick & mix	606	581	2,419	2,394
Total	2,039	2,094	8,558	8,613

Breakdown of net sales by category

	First quarter		Rolling 12	Full year
			Apr 2024–
%	2025	2024	Mar 2025	2024
Candy	61	62	62	62
Chocolate	24	20	22	21
Pastilles	10	9	9	9
Chewing gum	4	5	5	5
Nuts	0	2	1	1
Other	1	2	1	2
Total	100	100	100	100

Breakdown of net sales by country

	First quarter Rolling 12			Full year
		Apr 2024–Mar
%	2025	2024	2025	2024
Sweden	30	30	30	30
Finland	19	20	20	20
The Netherlands	14	15	14	14
Denmark	11	10	11	11
The UK	4	5	5	5
Norway	8	6	6	6
Germany	7	7	7	7
International Markets	7	7	7	7
Total	100	100	100	100

Leases

Right-of-use assets

	31 Mar	31 Mar	31 Dec
SEKm	2025	2024	2024
Land and buildings	55	70	59
Transportation	59	63	65
Other equipment	5	19	7
Total right-of-use assets	119	152	131

Additions to the right-of-use assets were SEK 11m (21) during the quarter.

Lease liability

	31 Mar	31 Mar	31 Dec
SEKm	2025	2024	2024
Current	52	70	56
Non-current (between 1-5 years)	61	75	68
Non-current (over 5 years)	11	10	12
Total Lease liability	124	155	136

The non-current lease liability of SEK 72m (85) is reflected in the 'long-term borrowings'. The current lease liability of SEK 52m (70) is reflected in the 'short-term borrowings'.

Depreciation charge right-of-use assets

	First quarter		Rolling 12	Full year
SEKm	2025	2024	2025	2024
Land and buildings	-6	-8	-32	-34
Transportation	-9	-14	-36	-41
Other equipment	-2	-6	-7	-11
Total depreciation charge right-of-use assets	-17	-28	-75	-86

Other disclosures

		First quarter	Rolling 12	Full year
			Apr 2024–
SEKm	2025	2024	Mar 2025	2024	Recognised in:
Interest expense	-1	-1	-5	-5	net financial items, in the profit and loss account
Expense relating to leases of low-value assets that are not short-term leases Expense relating to short	0	-1	0	-1	cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account
term leases, where no right-of-use asset has been recognized Expense relating to	-1	-1	-4	-4	cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account
variable lease payments not included in lease liabilities	-7	-5	-32	-30	cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account
Total cash outflow for leases	-17	-24	-77	-84	cash flow from operating activities and financing activities, in the cash flow statement

Taxes

The effective tax rate for the period and 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:

31 Mar 2025	Carrying amount					Fair value
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	-	1,092	-	1,092
• Contingent earn-out consideration and deferred selling price	2	-	-	2	-	2	-	2
• Single currency interest rate swaps	4	-	-	4	-	4	-	4
• Cash and cash equivalents	-	1,149	-	1,149
Total assets	6	2,241	-	2,247	-	6	-	6
Financial liabilities
• Loans from credit institutions	-	-	2,156	2,156
• Commercial papers	-	-	149	149
• Forward contract to repurchase own shares	-	-	40	40	-	-3	-	-3
• Single currency interest rate swaps	9	-	-	9	-	9	-	9
• Trade and other payables, excluding other taxes and social security payables	-	-	1,517	1,517
Total liabilities	9	-	3,862	3,871	-	6	-	6

31 Dec 2024		Carrying amount				Fair value
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 • Contingent earn-out consideration and	-	1,056	-	1,056
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	-	-	149	149
• Forward contract to repurchase own 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

31 Mar 2024	Carrying amount Fair value
	Mandatorily	Financial assets at amortised	Other financial liabilities at carrying
SEKm	at FVTPL	cost	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	-	1,187	-	1,187
• Single currency interest rate swaps	23	-	-	23	-	23	-	23
• Cash and cash equivalents	-	735	-	735
Total assets	23	1,922	-	1,945	-	23	-	23
Financial liabilities
• Loans from credit institutions	-	-	2,241	2,241
• Commercial papers	-	-	149	149
• Single currency interest rate swaps	5	-	-	5	-	5	-	5
• Trade and other payables, excluding other taxes and social security payables	-	-	1,519	1,519
Total liabilities	5	-	3,909	3,914	-	5	-	5

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 will increase (decrease) if the forecasted combined sales value of Cloetta and De Monchy Food Group of the Nutisal products during the period 1 July 2024 until 30 June 2025 is 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 31 March 2025. Net sales in the Parent Company amounted to SEK 51m (38) and relate mainly to intra-group services. Operating profit was SEK 12m (2). Net financial items totalled SEK -10m

(-25). Profit/loss before tax was SEK 2m (-25) and profit/loss for the period was SEK 1m (-20). 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 31 March 2025, a total of 19,767,403 shares were traded for a combined value of SEK 536m, equivalent to around 7 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 31 March 2025 was SEK 29.16 (10 February) and the lowest was SEK 23.74 (14 January). The share price on 31 March 2025 was SEK 28.36 (last price paid). During the period from 1 January to 31 March 2025, the Cloetta share increased by 12.5 per cent while the Nasdaq OMX Stockholm PI decreased by 1.0 per cent. Cloetta's share capital at 31 March 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 31 March 2025, Cloetta had 2,553,892 class B shares in treasury.

Shareholders

On 31 March 2025, Cloetta AB had 40,452 shareholders. The largest shareholder was AB Malfors Promotor with a holding corresponding to 42.9 per cent of the votes and 32.7 per cent of the share capital in the company. Van Lanschot Kempen Investment Management was the second largest shareholder with 4.2 per cent of the votes and 4.9 per cent of the share capital. The third largest shareholder was LSV Asset Management with 3.2 per cent of the votes and 3.7 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

All amounts in the tables are presented in SEK millions unless otherwise stated. All amounts in brackets () represent comparative figures for the same period of the prior year, unless otherwise stated.

Margins	Definition/calculation	Purpose
Gross margin	Net sales less cost of goods sold as a percentage of net sales.	Gross margin measures production profitability.
Gross margin, adjusted	Net sales, adjusted for items affecting comparability less cost of goods sold, adjusted for items affecting comparability as a percentage of net sales, adjusted for items affecting comparability.	Adjusted gross margin excludes the impact of items affecting comparability, enabling a comparison of production profitability.
Operating profit margin, adjusted	Operating profit, adjusted for items affecting comparability, as a percentage of net sales.	Adjusted operating profit margin excludes the impact of items affecting comparability, enabling a comparison of operational profitability.
Operating profit margin (EBIT margin)	Operating profit expressed as a percentage of net sales.	Operating profit margin is used for measuring the operational profitability.
Profit margin	Profit/loss before tax expressed as a percentage of net sales.	This metric enables the profitability to be compared across locations where corporate taxes differ.
Return
Free cash flow	Sum of the cash flow from operating activities and cash flow from investments in property, plant and equipment and intangible assets.	The free cash flow is the cash flow available to all investors consisting of shareholders and lenders.
Free cash flow yield	Free cash flow of the last 12 months divided by the number of outstanding shares at the end of the period and consequently divided by the market price per share at the end of the period.	This metric is an indicator for the return on investment of investors in the company.
Return on capital employed	Operating profit plus financial income as a percentage of average capital employed. The average capital employed is calculated by taking the capital employed per period end and the capital employed by period end of the comparative period in the previous year divided by two.	Return on capital employed is used to analyse profitability, based on the amount of capital used. The leverage of the company is the reason that this metric is used next to return on equity, because it includes equity, but takes into account borrowings and other liabilities as well.
Return on equity	Profit from continuing operations for the period as a percentage of total equity.	Return on equity is used to measure profit generation, given the resources attributable to the owners of the Parent Company.
Capital structure
Capital employed	Total assets less interest-free liabilities (including deferred tax).	Capital employed measures the amount of capital used and serves as input for the return on capital employed.
Equity/assets ratio	Equity at the end of the period as a percentage of total assets. The equity/assets ratio represents the amount of assets on which shareholders have a residual claim.	This ratio is an indicator of the company's leverage used to finance the firm.
Gross debt	Gross current and non-current borrowings, credit overdraft facilities, lease liabilities, derivative financial instruments and interest payable.	Gross debt represents the total debt obligation of the company irrespective of its maturity.
Net debt	Gross debt less cash and cash equivalents.	The net debt is used as an indication of the ability to pay off all debts if these became due simultaneously on the day of calculation, using only available cash and cash equivalents.
Net debt/EBITDA	Net debt at the end of the period divided by the EBITDA, adjusted, for the last 12 months, taking into consideration the annualisation of EBITDA for acquired or divested companies.	The net debt/EBITDA ratio approximates the company's ability to decrease its debt. It represents the number of years it would take to pay back debt if net debt and EBITDA were held constant, ignoring the impact of cash flows from interest, tax and capital expenditure.
Net debt/equity ratio	Net debt at the end of the period divided by equity at the The net debt/equity ratio measures the extent to which end of the period. the company is funded by debt. Because cash and overdraft facilities can be used to pay-off debt at short notice, the leverage takes into account net debt instead of gross debt.
Working capital	Total inventories and trade and other receivables adjusted for trade and other payables.	Working capital is used to measure the company's ability, besides cash and cash equivalents, to meet current operational obligations.

Data per share
Cash flow from operating activities per share	Cash flow from operating activities in the period divided by the average number of outstanding shares.	The cash flow from operating activities per share measures the amount of cash the company generates per share from the revenues it brings in, irrespective of the capital investments and cash flows related to the financing structure of the company.
Earnings per share	Profit for the period divided by the average number of outstanding shares adjusted for the effect of treasury shares.	The earnings per share measures the amount of net profit that is available for payment to shareholders per share.
Equity per share	Equity at the end of the period divided by number of outstanding shares at the end of the period.	Equity per share measures the net-asset value backing up each share of the company's equity and determines if a company is increasing shareholder value over time.
Other definitions
Amortisation	Amortisation of intangible assets except for amortisation on software which is included in "Depreciation".	Amortisation deviates from depreciation where amortisation has the purpose to spread capitalised expenses over the useful lifetime of these expenses.
Depreciation	Depreciation of property, plant and equipment and amortisation of software.	Depreciation deviates from amortisation where depreciation has the purpose to spread the cost of a non current asset over the useful lifetime of these assets.
EBITDA	Operating profit before depreciation, amortisation and impairments of other non-current assets.	EBITDA is used to measure the cash flow generated from operating activities, eliminating the impact of financing and accounting decisions.
EBITDA, adjusted	Operating profit, adjusted for items affecting comparability, before depreciation, amortisation and impairments of other non-current assets.	Adjusted EBITDA increases the comparability of EBITDA.
Effective tax rate	Income tax as a percentage of profit before tax.	This metric enables the income tax to be compared across locations where corporate taxes differ.
Gross profit, adjusted	Net sales, adjusted for items affecting comparability less cost of goods sold, adjusted for items affecting comparability.	Gross profit, adjusted increases the comparability of gross profit.
Items affecting comparability	Items affecting comparability are those significant items which are separately disclosed by virtue of their size or incidence, in order to enable a full understanding of the Group's financial performance. These include items such as restructurings, impact from acquisitions or divestments.	Items affecting comparability increases the comparability of the Group's financial performance.
Net financial items	The total of exchange differences on cash and cash equivalent in foreign currencies, other financial income and other financial expenses.	The net financial items reflects the company's total costs of external financing.
Net sales, change	Net sales as a percentage of net sales in the comparative period of the previous year.	Net sales, change reflects the company's realised top-line growth over time.
Operating profit (EBIT)	Operating profit consists of comprehensive income before net financial items and income tax.	This metric enables the profitability to be compared across locations where corporate taxes differ, irrespective the financing structure of the company.
Operating profit (EBIT), adjusted	Operating profit adjusted for items affecting comparability.	Operating profit, adjusted increases the comparability of operating profit.
Organic growth	Net sales, change excluding acquisition-driven growth and changes in exchanges rates.	Organic growth excludes the impact of changes in group structure and exchange rates, enabling a comparison on net sales growth over time.
Structural changes	Net sales, change resulting from changes in group structure.	Structural changes measure the contribution of changes in group structure to the net sales growth.

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	31 Mar 2025	31 Mar 2024	31 Dec 2024
EUR, average	11.2046	11.2801	11.4408
EUR, end of period	10.8490	11.5250	11.4590
NOK, average	0.9633	0.9876	0.9831
NOK, end of period	0.9506	0.9851	0.9715
GBP, average	13.4069	13.1822	13.5177
GBP, end of period	12.9872	13.4780	13.8197
DKK, average	1.5019	1.5130	1.5339
DKK, end of period	1.4540	1.5453	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