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Cloetta Interim / Quarterly Report 2025
3027_10-k_2026-02-04_78467209-3e8a-4a3b-8aca-709129e3cccf.pdf
Interim / Quarterly Report
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Successful year ends with exceptionally strong profit
Fourth quarter
- Sales increased organically by 1.1 per cent
- Net sales for the quarter decreased by -2.4 per cent to SEK 2,231m (2,285) including a negative impact from foreign exchange rates of -3.5 per cent
- Sales of Branded packaged products increased organically by 0.5 per cent during the quarter
- Sales of Pick & mix increased organically by 2.7 per cent during the quarter
- Operating profit, adjusted for items affecting comparability, amounted to SEK 309m (258)
-
Operating profit amounted to SEK 315m (252), with items affecting comparability of SEK 6m (-6) related to the change of the operating structure
-
Operating profit, adjusted, of Branded packaged products amounted to SEK 254m (214)
- Operating profit, adjusted, of Pick & mix amounted to SEK 55m (44)
- Profit for the period amounted to SEK 233m (158), which equates to basic and diluted earnings per share of SEK 0.82 (0.55)
- Cash flow from operating activities was SEK 425m (308)
- Net debt/EBITDA ratio was 0.7x (1.3)
- The Board proposes an increased dividend of SEK 1.40 (1.10) per share
Events after the end of the reporting period
• There were no significant events after the end of the reporting period
Key ratios
| Fourth quarter | Full Year | ||||||
|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | ∆, % | 2025 | 2024 | ∆, % | |
| Net sales | 2,231 | 2,285 | -2.4¹ | 8,525 | 8,613 | -1.0¹ | |
| Operating profit, adjusted | 309 | 258 | 19.8 | 1,033 | 910 | 13.5 | |
| Operating profit margin, adjusted, % | 13.9 | 11.3 | 2.6-pts | 12.1 | 10.6 | 1.5-pts | |
| Operating profit (EBIT) | 315 | 252 | 25.0 | 1,108 | 807 | 37.3 | |
| Operating profit margin (EBIT margin), % | 14.1 | 11.0 | 3.1-pts | 13.0 | 9.4 | 3.6-pts | |
| Profit before tax | 299 | 232 | 28.9 | 1,018 | 659 | 54.5 | |
| Profit for the period | 233 | 158 | 47.5 | 791 | 477 | 65.8 | |
| Earnings per share, basic, SEK | 0.82 | 0.55 | 49.1 | 2.78 | 1.67 | 66.5 | |
| Earnings per share, diluted, SEK | 0.82 | 0.55 | 49.1 | 2.78 | 1.67 | 66.5 | |
| Net debt/EBITDA, x (Rolling 12 months) | 0.7 | 1.3 | -46.2 | 0.7 | 1.3 | -46.2 | |
| Free cash flow | 394 | 264 | 49.2 | 924 | 602 | 53.5 | |
| Cash flow from operating activities | 425 | 308 | 38.0 | 1,057 | 765 | 38.2 |
1Organic growth at constant exchange rates was 1.1per cent for the quarter and 1.9per cent for the for the year. See further under Net sales on page 3.
SEK 2.2 bn 1.1 % 13.9 %
Net sales Organic sales growth Operating profit margin, adjusted
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/f6fa65d5-8a6c-4fc7-b0b5-cd2c3145d98e
Dial-in numbers SE: +46 8 5051 0031 UK: +44 (0) 207 107 06 13 US: +1 631 570 5613
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Comments from the CEO
Successful year ends with exceptionally strong profit
We ended the year with growth in both business segments and a continued significant EBIT margin step-up, and I'm pleased that we are now yet another step closer to delivering on all our long-term financial targets. Beyond the profitability uplift, last year was characterised by the important strategic decisions to not proceed with the greenfield plant and implementing a new strategy with focus on winning with our Superbrands, growing beyond our core markets and excelling in marketing and innovation.
Full year organic sales growth totalled 1.9 per cent following quarterly organic sales growth of 1.1 per cent. Full year reported sales decreased -0.5 per cent due to the structural change with the divestment of the Nutisal brand in 2024 and -2.4 per cent due to exchange differences. As Cloetta largely sells its products in same currency as they are produced, the real effect of the strengthened SEK is limited, and the lower reported sales primarily a translation effect.
We saw another quarter of lower inflation which continued to affect the market dynamics, where retailers and food industry manufacturers in Europe face societal and political pressure related to food pricing. Lower inflation also creates opportunities and with the strategic strength of our broad portfolio and aided by our new strategy, we continue on a clear path towards our long-term target of organic sales growth of 3-4 per cent. In the fourth quarter, both business segments delivered stable to growing volumes and sales, with continued strong performance in the Nordics and more stable sales in the rest of Europe.
Our Pick & mix (P&M) segment delivers according to plan, with continued profitability in line with the updated long-term EBIT target and progress on the long-term plan for geographical expansion. The opening of Cloetta's first permanent CandyKing store in New York City in December 2025 marks an important step in successfully and profitably establishing our leading CandyKing concept and the Nordic consumer tradition of P&M in retailers in North America. Although sales to North America continue to grow with double-digit numbers, the share of Group sales remain limited, and we do not expect to be materially affected by the current uncertainties related to trade terms.
Our commitment to deliver profitable growth is reflected by our adjusted EBIT margin of 13.9 per cent in the quarter, driven by continued margin-enhancing activities, the savings related to the change in our operating structure and a partial compensation for the significant effect of the supplier quality incident in 2024. For the full year, aided by the compensation, we delivered an adjusted EBIT margin of 12.1 per cent, bringing our mid-term profitability target of at least 12 per cent by 2027 within sight already for 2026. The profitability uplift has been driven by focus on margin enhancing activities, product portfolio optimisation and cost control, while executing our fair pricing strategy supported by continued strong and strategic investments in our ten Superbrands.
In April last year, we announced our plan to more closely align our operating structure to the new strategic priorities and improve agility. The new organisation has been effective as of October, and we end the year ahead of the expected run-rate to deliver 20 per cent of the total annualised savings of SEK 60-70 million by year-end. As previously communicated, we expect the full effect of the savings in the first quarter of 2026.
"We ended the year with growth in both business segments and a continued significant EBIT margin step-up, and I'm pleased that we are now yet another step closer to delivering on all our long-term financial targets."
Our attractive cash flow generation continued in the quarter. Our consistently improving Net debt/EBITDA ratio reached an all-time low level and remains well below our long-term target. Based on the strong balance sheet, the Board proposes an increased dividend of SEK 1.40 per share.
In the beginning of this year, Morningstar ranked us as the best‑performing Swedish dividend stock of 2025, and it is of course rewarding to see investors recognising our performance and showing trust in our new strategic direction. I also take this opportunity to welcome the over 5,000 new shareholders that joined us on our journey last year!
I'm very proud of our people at Cloetta, who made an eventful and transformational year so successful. We have entered 2026 as a more focused and more efficient Cloetta and I look forward to sharing further updates on our progress!
Katarina Tell
President and CEO
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Financial overview
General information
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 at a supplier. In the fourth quarter of 2025, Cloetta received a partial compensation for the effect of the incident and expects to finalise the related compensation during the first six months of 2026.
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.
Q4 development
Net sales
Net sales for the quarter decreased by SEK -54m to SEK 2,231m (2,285) compared to the same period last year due to a negative impact from foreign exchange rates of -3.5 per cent. Organic growth was 1.1 per cent.
| Changes in net sales, % | Oct –Dec 2025 | Jan –Dec 2025 |
|---|---|---|
| Organic growth | 1.1 | 1.9 |
| Structural changes 1 | - | -0.5 |
| Changes in exchange rates | -3.5 | -2.4 |
| Total | -2.4 | -1.0 |
1Structural changes refer to the divestment of the Nutisal brand.
Gross profit
Gross profit, adjusted for items affecting comparability, amounted to SEK 833m (784) which equates to a gross margin, adjusted, of 37.3 per cent (34.3). Gross profit, adjusted, increased driven by margin-enhancing initiatives in Pick & mix, the effect of previous pricing and a favourable mix in Branded packaged products, partly offset by changes in foreign exchange rates. A partial compensation for the quality incident at a supplier in 2024 also had a positive effect. Gross profit amounted to SEK 833m (800) which equates to a gross margin of 37.3 per cent (35.0).
Operating profit
Operating profit, adjusted for items affecting comparability, amounted to SEK 309m (258), mainly driven by gross margin improvement and the gradual positive impact of the savings related to the change in operating structure in the quarter. The uplift was achieved with continued investments in Superbrands. Operating profit amounted to SEK 315m (252).
Items affecting comparability
Operating profit for the quarter includes items affecting comparability of SEK 6m (-6), related to the change of the operating structure.
Net financial items
Net financial items for the quarter amounted to SEK -16m (-20). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -12m (-15), exchange differences on cash and cash equivalents were SEK 0m (4). Other financial items amounted to SEK -4m (-9). Of the total net financial items SEK -18m (-39) are non-cash in nature.
Profit for the period
Profit for the quarter was SEK 233m (158), which equates to basic and diluted earnings per share of SEK 0.82 (0.55). Income tax for the period was SEK -66m (-74).
The effective tax rate for the quarter was 22.1 per cent (31.9) and was positively impacted by differences between expected and actual tax filings related to the previous year and negatively impacted by the revaluation of a tax provision, international tax rate differences and non-deductible expenses.
Free cash flow
The free cash flow was SEK 394m (264). Cash flow from operating activities before changes in working capital was SEK 298m (250). The cash flow from changes in working capital was SEK 127m (58).
The cash flow from investments in property, plant and equipment and intangible assets was SEK -31m (-44).
Cash flow from changes in working capital
Cash flow from changes in working capital was SEK 127m (58). The cash flow from changes in working capital was positively impacted by a decrease in receivables of SEK 202m (135), partly offset by an increase in inventories for an amount of SEK -61m (29) and a decrease in payables of SEK -14m (-106).
Cash flow from other investing activities
Cash flow from other investing activities was SEK 1m (12).
Cash flow from financing activities
The cash flow from financing activities was SEK -16m (-21) and was related to payments of lease liabilities.
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Net sales Operating profit, adjusted Free cash flow
Development during the year
Net sales
Net sales for the year decreased by SEK -88m to SEK 8,525m (8,613) compared to the same period last year due to a negative impact from foreign exchange rates of -2.4 per cent. Organic growth was 1.9 per cent.
Gross profit
Gross profit, adjusted for items affecting comparability, amounted to SEK 2,966m (2,841) which equates to a gross margin, adjusted, of 34.8 per cent (33.0). 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 3,089m (2,866) which equates to a gross margin of 36.2 per cent (33.3).
Operating profit
Operating profit, adjusted for items affecting comparability, amounted to SEK 1,033m (910), and was positively impacted by the higher gross profit and cost control, including the gradual positive impact of the savings related to the change in operating structure, partially offset by increased investments in Superbrands coupled with general cost inflation. Operating profit amounted to SEK 1,108m (807).
Items affecting comparability
Operating profit includes items affecting comparability of SEK 75m (-103), 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 -90m (-148). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -56m (-66), exchange differences on cash and cash equivalents were SEK 13m (-35) which mainly related to the development of the Swedish krona against the euro during the year. Other financial items amounted to SEK -47m (-47) 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 -71m (-56) is non-cash in nature.
Profit for the year
Profit for the year was SEK 791m (477), which equates to basic and diluted earnings per share of SEK 2.78 (1.67). Income tax for the period was SEK -227m (-182).
The effective tax rate for the year was 22.3 per cent (27.6) and was positively impacted by differences between expected and actual tax filings related to the previous year and 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 924m (602). Cash flow from operating activities before changes in working capital was SEK 982m (961). The cash flow from changes in working capital was SEK 75m (-196).
The cash flow from investments in property, plant and equipment and intangible assets was SEK -133m (-163).
Cash flow from changes in working capital
Cash flow from changes in working capital was SEK 75m (-196). The cash flow from changes in working capital was positively impacted by an increase in payables of SEK 108m (-64) and a decrease in receivables of SEK 85m (-131), partly offset by an increase in inventories for an amount of SEK -118m (-1).
Cash flow from other investing activities
Cash flow from other investing activities was SEK 2m (72). 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 -1,192m (-367) 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 -66m (-79).
Financial position
Consolidated equity at 31 December 2025 amounted to SEK 5,706m (5,434), which equates to SEK 19.9 (19.0) per share outstanding. Net debt at 31 December 2025 was SEK 956m (1,610).
Long-term borrowings amounted to SEK 1,408m (2,306) and consisted of SEK 1,353m (2,232) in gross non-current loans from credit institutions, SEK 64m (80) in non-current lease liabilities and SEK -9m (-6) in capitalised transaction costs.
Total short-term borrowings amounted to SEK 197m (203) and consisted of SEK 149m (149) in commercial papers, SEK 51m (56) in current lease liabilities, SEK 0m (2) in accrued interest on borrowings from credit institutions and SEK -3m (-4) in capitalised transaction costs.
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| SEKm | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Gross non -current loans from credit institutions |
1,353 | 2,232 |
| Commercial papers | 149 | 149 |
| Lease liabilities | 115 | 136 |
| Derivative financial instruments | 76 | 44 |
| Interest payable | 0 | 2 |
| Gross debt | 1,693 | 2,563 |
| Cash and cash equivalents | -737 | -953 |
| Net debt | 956 | 1,610 |
Cash and cash equivalents at 31 December 2025 amounted to SEK 737m (953). At 31 December 2025, Cloetta had an unutilised credit facility of SEK 1,244m (2,521) and the possibility to issue additional commercial papers for an amount of SEK 850m (850).
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
Q4 development
Net Sales
Net sales for the quarter decreased by SEK -49m to SEK 1,582m (1,631) compared to the same period last year for Branded packaged products due to a negative impact from foreign exchange rates. Organic growth was 0.5 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 254m (214). The increase in adjusted operating profit was mainly driven by previous pricing and cost control, including the gradual positive impact of the savings related to the change in operating structure. A partial compensation for the quality incident at a supplier in 2024 also had a positive effect.
Development during the year
Net Sales
Net sales for the year decreased by SEK -247m to SEK 5,972m (6,219) compared to last year for Branded packaged products due to a negative impact from foreign exchange rates. The comparative figure includes five months of net sales of the Nutisal brand, divested in the second quarter of 2024. Organic growth was -0.9 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 799m (740). 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
Q4 development
Net Sales
Net sales for the quarter decreased by SEK -5m to SEK 649m (654) compared to the same period last year due to a negative impact from foreign exchange rates. Organic growth was 2.7 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 55m (44). The increase was mainly driven by continued margin-enhancing initiatives and cost control.
Development during the year
Net Sales
Net sales for the year increased by SEK 159m to SEK 2,553m (2,394) compared to last year despite a negative impact from foreign exchange rates. Organic growth was 9.1 per cent.
Operating profit, adjusted
Operating profit, adjusted for items affecting comparability, amounted to SEK 234m (170). The increase was mainly 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.
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| Oct –Dec 2025 SEKm |
Branded packaged products |
Pick & mix | Total | Jan –Dec 2025 SEKm |
Branded packaged products |
Pick & mix | Total |
|---|---|---|---|---|---|---|---|
| Net sales | 1,582 | 649 | 2,231 | Net sales | 5,972 | 2,553 | 8,525 |
| Operating profit, adjusted | 254 | 55 | 309 | Operating profit, adjusted | 799 | 234 | 1,033 |
| Items affecting comparability | 6 | Items affecting comparability | 75 | ||||
| Operating profit | 315 | Operating profit | 1,108 | ||||
| Net financial items | -16 | Net financial items | -90 | ||||
| Profit before tax | 299 | Profit before tax | 1,018 | ||||
| Income tax | -66 | Income tax | -227 | ||||
| Profit for the period | 233 | Profit for the period | 791 | ||||
| Oct –Dec 2024 SEKm |
Branded packaged products |
Jan –Dec 2024 | Branded packaged |
Total | |||
| Pick & mix | Total | SEKm | products | Pick & mix | |||
| Net sales | 1,631 | 654 | 2,285 | Net sales | 6,219 | 2,394 | 8,613 |
| Operating profit, adjusted | 214 | 44 | 258 | Operating profit, adjusted | 740 | 170 | 910 |
| Items affecting comparability | -6 | Items affecting comparability | -103 | ||||
| Operating profit | 252 | Operating profit | 807 | ||||
| Net financial items | -20 | Net financial items | -148 | ||||
| Profit before tax | 232 | Profit before tax | 659 | ||||
| Income tax | -74 | Income tax | -182 |
Employees
The average number of employees during the quarter was 2,473 (2,556).
The Board's proposed dividend
For the financial year 2025 the Board of Directors of Cloetta AB proposes to distribute a dividend to the shareholders of SEK 1.40 (1.10) per share for the 2025 financial year corresponding to 50.7 per cent (66) of profit for the year.
The proposed date for the record is 23 April 2026, and payment is expected to be made on 28 April 2026.
Annual General Meeting
The Annual General Meeting of Cloetta AB will be held on Tuesday, 21 April 2026 in Stockholm. Notice of the AGM will be as a separate press release and will also be available at www.cloetta.com/en/governance/general-meetings/.
Events after the end of the reporting period
There were no significant events after the end of the reporting period.
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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, 4 February 2026 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 2026
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 4 February 2026.
______________________________________________________________
Contact
Laura Lindholm, Director Communications and Investor Relations +46 70 511 26 22
Cloetta's press and investor desk
- 46 76 696 59 40
[email protected] [email protected] [email protected]
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Financial statements in summary
Consolidated profit and loss account
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 202 5 | 2024 | |
| Net sales | 2,231 | 2,285 | 8,525 | 8,613 | |
| Cost of goods sold | -1,398 | -1,485 | -5,436 | -5,747 | |
| Gross profit | 833 | 800 | 3,089 | 2,866 | |
| Selling expenses | -318 | -327 | -1,184 | -1,160 | |
| General and administrative expenses | -200 | -221 | -797 | -899 | |
| Operating profit | 315 | 252 | 1,108 | 807 | |
| Exchange differences on cash and cash equivalents in foreign currencies | 0 | 4 | 13 | -35 | |
| Other financial income | 10 | 23 | 42 | 111 | |
| Other financial expenses | -26 | -47 | -145 | -224 | |
| Net financial items | -16 | -20 | -90 | -148 | |
| Profit before tax | 299 | 232 | 1,018 | 659 | |
| Income tax | -66 | -74 | -227 | -182 | |
| Profit for the period | 233 | 158 | 791 | 477 | |
| Profit for the period attributable to: | |||||
| Owners of the Parent Company | 233 | 158 | 791 | 477 | |
| Earnings per share, SEK | |||||
| Basic 1 | 0.82 | 0.55 | 2.78 | 1.67 | |
| Diluted1 | 0.82 | 0.55 | 2.78 | 1.67 | |
| Number of shares outstanding at end of period 1 | 286,682,516 | 286,065,407 | 286,682,516 | 286,065,407 | |
| Average number of shares (basic) 1 | 284,322,868 | 285,516,067 | 284,725,873 | 285,690,150 | |
| Average number of shares (diluted) 1 | 284,476,966 | 285,697,302 | 284,884,305 | 285,786,127 |
1On 29 April 2024 and 14 May 2025, a total of 723,373and 617,909 treasury shares were granted to the participants of the long -term share-based incentive plan 2021 and 2022 respectively on vesting. On 28 November 2024 and 15 October 2025, Cloetta entered into forward contracts to repurchase 1,531,492 and 989,485 own share s respectively to fulfil its future obligations to deliver shares to the participants of the long-term share-based incentive plan, if vesting conditions are met.
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Consolidated statement of comprehensive income
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Profit for the period | 233 | 158 | 791 | 477 | |
| Other comprehensive income | |||||
| Remeasurement of defined benefit pension plans | 6 | 36 | 19 | -2 | |
| Income tax on remeasurement of defined benefit pension plans | -1 | -8 | -4 | 0 | |
| Items that will never be reclassified to profit or loss for the period | 5 | 28 | 15 | -2 | |
| Currency translation differences | -103 | 108 | -273 | 206 | |
| Hedge of a net investment in a foreign operation | 27 | -22 | 79 | -47 | |
| Income tax on hedge of a net investment in a foreign operation | -5 | 5 | -15 | 9 | |
| Items that may be reclassified to profit or loss for the period | -81 | 91 | -209 | 168 | |
| Total other comprehensive income | -76 | 119 | -194 | 166 | |
| Total comprehensive income, net of tax | 157 | 277 | 597 | 643 | |
| Total comprehensive income for the period attributable to: | |||||
| Owners of the Parent Company | 157 | 277 | 597 | 643 |
Net financial items
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Exchange differences on cash and cash equivalents in foreign currencies | 0 | 4 | 13 | -35 | |
| Other financial income, third parties | 6 | 19 | 34 | 83 | |
| Unrealised gains on single currency interest rate swaps | 4 | - | 4 | - | |
| Realised gains on single currency interest rate swaps | 0 | 4 | 4 | 28 | |
| Total other financial income | 10 | 23 | 42 | 111 | |
| Interest expenses third -party borrowings and realised losses on single currency interest rate swaps |
-18 | -38 | -94 | -177 | |
| Amortisation of capitalised transaction costs | -1 | -1 | -12 | -5 | |
| Unrealised losses on single currency interest rate swaps | 1 | -1 | -1 | -19 | |
| Other financial expenses, third parties | -8 | -7 | -38 | -23 | |
| Total other financial expenses | -26 | -47 | -145 | -224 | |
| Net financial items | -16 | -20 | -90 | -148 |
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Condensed consolidated balance sheet
| SEKm | 31Dec 2025 | 31 Dec 2024 |
|---|---|---|
| ASSETS | ||
| Non -current assets | ||
| Intangible assets | 5,596 | 5,833 |
| Property, plant and equipment | 1,544 | 1,695 |
| Deferred tax asset | 25 | 59 |
| Derivative financial instruments | 2 | 1 |
| Other financial assets | 3 | 4 |
| Total non -current assets | 7,170 | 7,592 |
| Current assets | ||
| Inventories | 1,377 | 1,336 |
| Other current assets | 1,129 | 1,260 |
| Derivative financial instruments | 1 | 4 |
| Cash and cash equivalents | 737 | 953 |
| Total current assets | 3,244 | 3,553 |
| TOTAL ASSETS | 10,414 | 11,145 |
| EQUITY AND LIABILITIES | ||
| Equity | 5,706 | 5,434 |
| Non -current liabilities | ||
| Long -term borrowings | 1,408 | 2,306 |
| Deferred tax liability | 889 | 910 |
| Derivative financial instruments | - | 4 |
| Provisions for pensions and other long -term employee benefits | 364 | 378 |
| Provisions | 1 | 163 |
| Total non -current liabilities | 2,662 | 3,761 |
| Current liabilities | ||
| Short-term borrowings | 197 | 203 |
| Derivative financial instruments | 79 | 45 |
| Other current liabilities | 1,739 | 1,691 |
| Provisions | 31 | 11 |
| Total current liabilities | 2,046 | 1,950 |
| TOTAL EQUITY AND LIABILITIES | 10,414 | 11,145 |
{10}------------------------------------------------
Condensed consolidated statement of changes in equity
| Full Year | ||
|---|---|---|
| SEKm | 2025 | 2024 |
| Equity at beginning of period | 5,434 | 5,098 |
| Profit for the period | 791 | 477 |
| Other comprehensive income | -194 | 166 |
| Total comprehensive income | 597 | 643 |
| Transactions with owners | ||
| Forward contract to repurchase own shares | -35 | -40 |
| Share -based payments | 23 | 18 |
| Dividend1 | -315 | -285 |
| Dividend on outstanding shares in forward contracts to repurchase own shares | 2 | - |
| Total transactions with owners | -325 | -307 |
| Equity at end of period | 5,706 | 5,434 |
1 The dividend paid in 202 5 comprised a dividend of SEK 1.10 (1.0 0 ) per share.
Condensed consolidated cash flow statement
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Cash flow from operating activities before changes in working capital | 298 | 250 | 982 | 961 | |
| Cash flow from changes in working capital | 127 | 58 | 75 | -196 | |
| Cash flow from operating activities | 425 | 308 | 1,057 | 765 | |
| Cash flows from investments in property, plant and equipment and intangible assets | -31 | -44 | -133 | -163 | |
| Cash flow from other investing activities | 1 | 12 | 2 | 72 | |
| Cash flow from investing activities | -30 | -32 | -131 | -91 | |
| Cash flow from operating and investing activities | 395 | 276 | 926 | 674 | |
| Cash flow from financing activities | -16 | -21 | -1,192 | -367 | |
| Cash flow for the period | 379 | 255 | -266 | 307 | |
| Cash and cash equivalents at beginning of period | 339 | 661 | 953 | 658 | |
| Cash flow for the period | 379 | 255 | -266 | 307 | |
| Exchange difference | 19 | 37 | 50 | -12 | |
| Total cash and cash equivalents at end of period | 737 | 953 | 737 | 953 |
{11}------------------------------------------------
Condensed consolidated key figures
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Profit | |||||
| Net sales | 2,231 | 2,285 | 8,525 | 8,613 | |
| Net sales, change, % | -2.4 | 4.7 | -1.0 | 3.8 | |
| Organic net sales, change, % | 1.1 | 5.7 | 1.9 | 4.7 | |
| Gross margin, % | 37.3 | 35.0 | 36.2 | 33.3 | |
| Depreciation | -60 | -66 | -248 | -273 | |
| Amortisation | -3 | -3 | -11 | -11 | |
| Impairment other non-current assets | -4 | 17 | -9 | -60 | |
| Operating profit, adjusted | 309 | 258 | 1,033 | 910 | |
| Operating profit margin, adjusted % | 13.9 | 11.3 | 12.1 | 10.6 | |
| Operating profit (EBIT) | 315 | 252 | 1,108 | 807 | |
| Operating profit margin (EBIT margin), % | 14.1 | 11.0 | 13.0 | 9.4 | |
| EBITDA, adjusted | 376 | 327 | 1,295 | 1,194 | |
| EBITDA | 382 | 304 | 1,376 | 1,151 | |
| Profit margin, % | 13.4 | 10.2 | 11.9 | 7.7 | |
| Segments | |||||
| Branded packaged products | |||||
| Net sales | 1,582 | 1,631 | 5,972 | 6,219 | |
| Operating profit, adjusted | 254 | 214 | 799 | 740 | |
| Operating profit margin, adjusted % | 16.1 | 13.1 | 13.4 | 11.9 | |
| Pick & mix | |||||
| Net sales | 649 | 654 | 2,553 | 2,394 | |
| Operating profit, adjusted | 55 | 44 | 234 | 170 | |
| Operating profit margin, adjusted % | 8.5 | 6.7 | 9.2 | 7.1 | |
| Financial position | |||||
| Working capital | 1,017 | ||||
| Capital expenditure | 888 43 |
1,017 | 888 | 225 | |
| Net debt | 66 | 189 | 1,610 | ||
| Capital employed | 956 | 1,610 | 956 | 8,370 | |
| Return on capital employed, % (Rolling 12 months) | 7,754 | 8,370 | 7,754 | 11.2 | |
| Equity/assets ratio, % | 14.3 | 11.2 | 14.3 | 48.8 | |
| Net debt/equity ratio, % | 54.8 | 48.8 | 54.8 | 29.6 | |
| Return on equity, % (Rolling 12 months) | 16.8 | 29.6 | 16.8 | 8.8 | |
| Equity per share, SEK | 13.9 | 8.8 | 13.9 | 19.0 | |
| Net debt/EBITDA, x (Rolling 12 months) | 19.9 0.7 |
19.0 1.3 |
19.9 0.7 |
1.3 | |
| Cash flow | |||||
| Cash flow from operating activities | 425 | 308 | 1,057 | 765 | |
| Cash flow from investing activities | -30 | -32 | -131 | -91 | |
| Cash flow after investments | 395 | 276 | 926 | 674 | |
| Free cash flow | 394 | 264 | 924 | 602 | |
| Free cash flow yield (Rolling 12 months), % | 8.0 | 8.3 | 8.0 | 8.3 | |
| Cash flow from operating activities per share, SEK | 1.5 | 1.1 | 3.7 | 2.7 | |
| Employees | |||||
| Average number of employees | 2,473 | 2,556 | 2,521 | 2,577 | |
{12}------------------------------------------------
Reconciliation of alternative performance measures key figures
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Items affecting comparability | |||||
| Acquisitions, integration and restructurings | 6 | -6 | 75 | -103 | |
| of which: impairment non-current assets | - | 17 | -6 | -60 | |
| Items affecting comparability | 6 | -6 | 75 | -103 | |
| Corresponding line in the condensed consolidated profit and loss account: | |||||
| Cost of goods sold | - | 16 | 123 | 25 | |
| Selling expenses | 1 | 0 | -32 | -3 | |
| General and administrative expenses | 5 | -22 | -16 | -125 | |
| Total | 6 | -6 | 75 | -103 | |
| Operating profit, adjusted | |||||
| Operating profit | 315 | 252 | 1,108 | 807 | |
| Minus: Items affecting comparability | 6 | -6 | 75 | -103 | |
| Operating profit, adjusted | 309 | 258 | 1,033 | 910 | |
| Net sales | 2,231 | 2,285 | 8,525 | 8,613 | |
| Operating profit margin, adjusted, % | 13.9 | 11.3 | 12.1 | 10.6 | |
| EBITDA, adjusted | |||||
| Operating profit | 315 | 252 | 1,108 | 807 | |
| Minus: Depreciation | -60 | -66 | -248 | -273 | |
| Minus: Amortisation | -3 | -3 | -11 | -11 | |
| Minus: Impairment non-current assets | -4 | 17 | -9 | -60 | |
| EBITDA | 382 | 304 | 1,376 | 1,151 | |
| Minus: Items affecting comparability (excl. impairment non-current assets) | 6 | -23 | 81 | -43 | |
| EBITDA, adjusted | 376 | 327 | 1,295 | 1,194 | |
| Capital employed | |||||
| Total assets | 10,414 | 11,145 | 10,414 | 11,145 | |
| Minus: Deferred tax liability | 889 | 910 | 889 | 910 | |
| Minus: Non-current provisions | 1 | 163 | 1 | 163 | |
| Minus: Current provisions | 31 | 11 | 31 | 11 | |
| Minus: Other current liabilities | 1,739 | 1,691 | 1,739 | 1,691 | |
| Capital employed | 7,754 | 8,370 | 7,754 | 8,370 | |
| Capital employed comparative period previous year | 8,370 | 7,973 | 8,370 | 7,973 | |
| Average capital employed | 8,062 | 8,172 | 8,062 | 8,172 |
{13}------------------------------------------------
Reconciliation alternative performance measures, continued
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Return on capital employed | |||||
| Operating profit (Rolling 12 months) | 1,108 | 807 | 1,108 | 807 | |
| Financial income (Rolling 12 months) | 42 | 111 | 42 | 111 | |
| Operating profit plus financial income (Rolling 12 months) | 1,150 | 918 | 1,150 | 918 | |
| Average capital employed | 8,062 | 8,172 | 8,062 | 8,172 | |
| Return on capital employed, % | 14.3 | 11.2 | 14.3 | 11.2 | |
| Free cash flow yield | |||||
| Cash flow from operating activities (Rolling 12 months) | 1,057 | 765 | 1,057 | 765 | |
| Cash flows from investments in property, plant and equipment | |||||
| and intangible assets (Rolling 12 months) Free cash flow (Rolling 12 months) |
-133 | -163 | -133 | -163 | |
| Number of shares outstanding | 924 | 602 | 924 | 602 | |
| Free cash flow per share (Rolling 12 months), SEK | 286,682,516 3.22 |
286,065,407 2.10 |
286,682,516 3.22 |
286,065,407 2.10 |
|
| Market price per share, SEK | 40.46 | 25.20 | 40.46 | 25.20 | |
| Free cash flow yield (Rolling 12 months), % | 8.0 | 8.3 | 8.0 | 8.3 | |
| Changes in net sales | |||||
| Net sales | 2,231 | 2,285 | 8,525 | 8,613 | |
| Net sales comparative period previous year | 2,285 | 2,182 | 8,613 | 8,301 | |
| Net sales, change | -54 | 103 | -88 | 312 | |
| Minus: Structural changes | - | -28 | -41 | -70 | |
| Minus: Changes in exchange rates | -79 | 7 | -210 | -12 | |
| Organic growth | 25 | 124 | 163 | 394 | |
| Structural changes, % | - | -1.3 | -0.5 | -0.9 | |
| Organic growth, % | 1.1 | 5.7 | 1.9 | 4.7 |
{14}------------------------------------------------
Quarterly data
| SEKm | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Profit and loss account | |||||||||
| Net sales | 2,231 | 2,177 | 2,078 | 2,039 | 2,285 | 2,196 | 2,038 | 2,094 | 2,182 |
| Cost of goods sold | -1,398 | -1,478 | -1,355 | -1,205 | -1,485 | -1,493 | -1,321 | -1,448 | -1,514 |
| Gross profit | 833 | 699 | 723 | 834 | 800 | 703 | 717 | 646 | 668 |
| Selling expenses | |||||||||
| General and administrative | -318 | -263 | -320 | -283 | -327 | -268 | -298 | -267 | -300 |
| expenses | -200 | -181 | -215 | -201 | -221 | -197 | -295 | -186 | -194 |
| Operating profit | 315 | 255 | 188 | 350 | 252 | 238 | 124 | 193 | 174 |
| Exchange differences on cash and cash equivalents in foreign |
|||||||||
| currencies | 0 | 5 | -10 | 18 | 4 | -26 | 16 | -29 | 27 |
| Other financial income | 10 | 9 | 9 | 14 | 23 | 20 | 33 | 35 | 39 |
| Other financial expenses | -26 | -38 | -34 | -47 | -47 | -66 | -60 | -51 | -94 |
| Net financial items | -16 | -24 | -35 | -15 | -20 | -72 | -11 | -45 | -28 |
| Profit before tax | 299 | 231 | 153 | 335 | 232 | 166 | 113 | 148 | 146 |
| Income tax | -66 | -42 | -37 | -82 | -74 | -36 | -31 | -41 | -8 |
| Profit for the period | 233 | 189 | 116 | 253 | 158 | 130 | 82 | 107 | 138 |
| Profit for the period attributable to: | |||||||||
| Owners of the Parent Company | 233 | 189 | 116 | 253 | 158 | 130 | 82 | 107 | 138 |
| Key figures | |||||||||
| Profit | |||||||||
| Depreciation, amortisation and | |||||||||
| impairment | -67 | -67 | -61 | -73 | -52 | -57 | -162 | -73 | -75 |
| Operating profit, adjusted | 309 | 259 | 240 | 225 | 258 | 238 | 222 | 192 | 200 |
| EBITDA, adjusted | 376 | 326 | 301 | 292 | 327 | 306 | 290 | 271 | 270 |
| EBITDA | 382 | 322 | 249 | 423 | 304 | 295 | 286 | 266 | 249 |
| Operating profit margin, adjusted % Operating profit margin (EBIT |
13.9 | 11.9 | 11.5 | 11.0 | 11.3 | 10.8 | 10.9 | 9.2 | 9.2 |
| margin), % | 14.1 | 11.7 | 9.0 | 17.2 | 11.0 | 10.8 | 6.1 | 9.2 | 8.0 |
| Earnings per share, SEK Basic and diluted 1 |
|||||||||
| Dividend per share proposed, SEK 2 | 0.82 | 0.66 | 0.41 | 0.89 | 0.55 | 0.45 | 0.29 | 0.37 | 0.48 |
| 1.40 | - | - | - | 1.10 | - | - | - | 1.00 | |
| Segments | |||||||||
| Branded packaged products | |||||||||
| Net sales | 1,582 | 1,525 | 1,432 | 1,433 | 1,631 | 1,588 | 1,487 | 1,513 | 1,621 |
| Operating profit, adjusted | 254 | 197 | 181 | 167 | 214 | 191 | 183 | 152 | 200 |
| Operating profit margin, adjusted % | 16.1 | 12.9 | 12.6 | 11.7 | 13.1 | 12.0 | 12.3 | 10.0 | 12.3 |
| Pick & mix | |||||||||
| Net sales | 649 | 652 | 646 | 606 | 654 | 608 | 551 | 581 | 561 |
| Operating profit/loss, adjusted | |||||||||
| Operating profit margin, adjusted % | 55 8.5 |
62 9.5 |
59 9.1 |
58 9.6 |
44 6.7 |
47 7.7 |
39 7.1 |
40 6.9 |
0 0.0 |
| Financial position Share price, last paid, SEK |
|||||||||
| Return on equity, % (Rolling 12 | 40.46 | 33.92 | 34.04 | 28.36 | 25.20 | 24.46 | 20.62 | 18.19 | 18.32 |
| months) | 13.9 | 12.8 | 12.2 | 11.4 | 8.8 | 8.8 | 9.5 | 8.8 | 8.6 |
| Equity per share, SEK | 19.9 | 19.4 | 18.8 | 19.2 | 19.0 | 18.1 | 18.0 | 19.0 | 17.9 |
| Net Debt/EBITDA, x (Rolling 12 months) |
0.7 | 1.1 | 1.4 | 1.1 | 1.3 | 1.6 | 1.8 | 1.6 | 1.7 |
| Cash flow | |||||||||
| Free cash flow | 394 | 339 | -8 | 199 | 264 | 211 | 28 | 99 | 394 |
| Cash flow from operating activities per share, SEK |
1.5 | 1.3 | 0.1 | 0.8 | 1.1 | 0.9 | 0.2 | 0.5 | 1.7 |
1On 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 and 14 May 2025 , a total of 723,373 and 617,109 treasury shares were granted to the participants of the long -term share -based incentive plan 2021 and 2022 respectively on vesting. On 28 November 2024 and 15 October 2025, Cloetta entered into forward contracts to repurchase 1,531,492 and 98 9,485 own shares respectively to fulfill its future obligations to deliver shares to the participants of the long -term share -based incentive plan, if vesting conditions are met .
2 Proposed dividend in Q4 2024 and Q4 2023 were approved by the AGM 2025 on 10 April 2025 and AGM 2024 on 9 April 2024 respecti vely.
{15}------------------------------------------------
Reconciliation of alternative performance measures per quarter
| Items affecting comparability Acquisitions, integration and restructurings 6 -4 -52 125 -6 0 -98 1 -26 of which: impairment non-current assets - - - -6 17 11 -94 6 -5 Items affecting comparability 6 -4 -52 125 -6 0 -98 1 -26 Corresponding line in the condensed consolidated profit and loss account: Cost of goods sold - 2 -8 129 16 6 -1 4 -21 Selling expenses 1 0 -33 - - - -3 - - General and administrative expenses 5 -6 -11 -4 -22 -6 -94 -3 -5 Total 6 -4 -52 125 -6 0 -98 1 -26 Operating profit, adjusted Operating profit 315 255 188 350 252 238 124 193 174 Minus: Items affecting comparability 6 -4 -52 125 -6 0 -98 1 -26 Operating profit, adjusted 309 259 240 225 258 238 222 192 200 Net sales 2,231 2,177 2,078 2,039 2,285 2,196 2,038 2,094 2,182 Operating profit margin, adjusted, % 13.9 11.9 11.5 11.0 11.3 10.8 10.9 9.2 9.2 EBITDA, adjusted Operating profit 315 255 188 350 252 238 124 193 174 Minus: Depreciation -60 -65 -58 -65 -66 -65 -67 -75 -63 Minus: Amortisation -3 -3 -3 -2 -3 -3 -2 -3 -3 Minus: Impairment non-current assets -4 1 - -6 17 11 -93 5 -9 EBITDA 382 322 249 423 304 295 286 266 249 Minus: Items affecting comparability (excl. impairment non-current assets) 6 -4 -52 131 -23 -11 -4 -5 -21 EBITDA, adjusted 376 326 301 292 327 306 290 271 270 Capital employed Total assets 10,414 10,341 10,890 11,029 11,145 10,886 10,779 11,162 10,683 Minus: Deferred tax liability 889 883 856 829 910 840 880 908 900 Minus: Non-current provisions 1 1 1 2 163 161 159 166 160 Minus: Current provisions 31 50 64 13 11 14 17 16 14 Minus: Other current liabilities 1,739 1,777 1,690 1,870 1,691 1,770 1,728 1,756 1,636 Capital employed 7,754 7,630 8,279 8,315 8,370 8,101 7,995 8,316 7,973 Capital employed comparative period previous year 8,370 8,101 7,995 8,316 7,973 8,053 8,059 7,963 7,823 |
SEKm | Q4 202 5 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Average capital employed | 8,062 | 7,866 | 8,137 | 8,316 | 8,172 | 8,077 | 8,027 | 8,140 | 7,898 |
{16}------------------------------------------------
Cloetta Interim report October –December 202 5
Reconciliation alternative performance measures, continued
| SEKm | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Return on capital employed | |||||||||
| Operating profit (Rolling 12 months) | 1,108 | 1,045 | 1,028 | 964 | 807 | 729 | 692 | 750 | 735 |
| Financial income (Rolling 12 months) | 42 | 55 | 66 | 90 | 111 | 127 | 140 | 140 | 128 |
| Operating profit plus financial income (Rolling 12 months) |
1,150 | 1,100 | 1,094 | 1,054 | 918 | 856 | 832 | 890 | 863 |
| Average capital employed | 8,062 | 7,866 | 8,137 | 8,316 | 8,172 | 8,077 | 8,027 | 8,140 | 7,898 |
| Return on capital employed, % | 14.3 | 14.0 | 13.4 | 12.7 | 11.2 | 10.6 | 10.4 | 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 |
1,057 | 940 | 809 | 847 | 765 | 935 | 879 | 903 | 778 |
| (Rolling 12 months) | -133 | -146 | -143 | -145 | -163 | -203 | -235 | -285 | -282 |
| Free cash flow (Rolling 12 months) | 924 | 794 | 666 | 702 | 602 | 732 | 644 | 618 | 496 |
| Number of shares outstanding | 286,682,516 | 286,682,516 | 286,682,516 | 286,065,407 | 286,065,407 | 286,065,407 | 286,065,407 | 285,342,034 | 285,342,034 |
| Free cash flow per share (Rolling 12 months), | |||||||||
| SEK Market price per share, SEK |
3.22 | 2.77 | 2.32 | 2.45 | 2.10 | 2.56 | 2.25 | 2.17 | 1.74 |
| Free cash flow yield (Rolling 12 months), % | 40.46 8.0 |
33.92 8.2 |
34.04 6.8 |
28.36 8.6 |
25.20 8.3 |
24.46 10.5 |
20.62 10.9 |
18.19 11.9 |
18.32 9.5 |
| Changes in net sales | |||||||||
| Net sales | 2,231 | 2,177 | 2,078 | 2,039 | 2,285 | 2,196 | 2,038 | 2,094 | 2,182 |
| Net sales comparative period previous year | 2,285 | 2,196 | 2,038 | 2,094 | 2,182 | 2,148 | 1,998 | 1,973 | 1,905 |
| Net sales, change | -54 | -19 | 40 | -55 | 103 | 48 | 40 | 121 | 277 |
| Minus: Structural changes | - | - | -20 | -21 | -28 | -32 | -10 | - | - |
| Minus: Changes in exchange rates | -79 | -48 | -72 | -11 | 7 | -42 | 14 | 9 | 54 |
| Organic growth | 25 | 29 | 132 | -23 | 124 | 122 | 36 | 112 | 223 |
| Structural changes, % | - | - | -1.0 | -1.0 | -1.3 | -1.5 | -0.5 | - | - |
| Organic growth, % | 1.1 | 1.3 | 6.5 | -1.1 | 5.7 | 5.7 | 1.8 | 5.7 | 11.7 |
{17}------------------------------------------------
Parent company
Condensed parent company profit and loss account
| Fo urth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 20 25 | 2024 | |
| Net sales | 51 | 35 | 167 | 137 | |
| Gross profit | 51 | 35 | 167 | 137 | |
| General and administrative expenses | -58 | -70 | -172 | -177 | |
| Operating loss | -7 | -35 | -5 | -40 | |
| Net financial items | 372 | 448 | 334 | 340 | |
| Dividend income | 555 | 1,909 | 555 | 1,909 | |
| Profit before tax | 920 | 2,322 | 884 | 2,209 | |
| Income tax | -75 | -85 | -68 | -58 | |
| Profit for the period | 845 | 2,237 | 816 | 2,151 |
Profit for the period corresponds to comprehensive income for the period.
Condensed parent company balance sheet
| SEKm | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| ASSETS | ||
| Non -current assets | 4,892 | 5,437 |
| Current assets | ||
| TOTAL ASSETS | 409 | 540 |
| 5,301 | 5,977 | |
| EQUITY AND LIABILITIES | ||
| Equity | 4,547 | 4,056 |
| Non -current liabilities | ||
| Borrowings | 157 | 954 |
| Provisions | 2 | 2 |
| Total non -current liabilities | 159 | 956 |
| Current liabilities | ||
| Borrowings | 149 | 149 |
| Other current liabilities | 446 | 816 |
| Total current liabilities | 595 | 965 |
| TOTAL EQUITY AND LIABILITIES | 5,301 | 5,977 |
{18}------------------------------------------------
Condensed parent company statement of changes in equity
| Full Year | ||
|---|---|---|
| SEKm | 2025 | 2024 |
| Equity at beginning of period | 4,056 | 2,212 |
| Profit for the period | 816 | 2,151 |
| Total comprehensive income | 816 | 2,151 |
| Transactions with owners | ||
| Forward contract to repurchase own shares | -35 | -40 |
| Share -based payments | 23 | 18 |
| Dividend1 | -315 | -285 |
| Dividend on outstanding shares in forward contracts to repurchase own shares | 2 | - |
| Total transactions with owners | -325 | -307 |
| Equity at end of period | 4,547 | 4,056 |
1 The dividend paid in 202 5 comprised a dividend of SEK 1.10 (1.00) per share.
{19}------------------------------------------------
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
| Fourth quarter | Full Year | |||||
|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | ||
| Branded packaged products | 1,582 | 1,631 | 5,972 | 6,219 | ||
| Pick & mix | 649 | 654 | 2,553 | 2,394 | ||
| Total | 2,231 | 2,285 | 8,525 | 8,613 |
Breakdown of net sales by category
| Fourth quarter | Full Year | |||
|---|---|---|---|---|
| % | 2025 | 2024 | 2025 | 2024 |
| Candy | 62 | 62 | 62 | 62 |
| Chocolate | 23 | 23 | 23 | 21 |
| Pastilles | 9 | 9 | 9 | 9 |
| Chewing gum | 4 | 4 | 4 | 5 |
| Nuts | 1 | 1 | 1 | 1 |
| Other | 1 | 1 | 1 | 2 |
| Total | 100 | 100 | 100 | 100 |
{20}------------------------------------------------
Breakdown of net sales by country
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| % | 2025 | 2024 | 2025 | 2024 | |
| Sweden | 33 | 31 | 31 | 30 | |
| Finland | 20 | 19 | 20 | 20 | |
| The Netherlands | 13 | 13 | 14 | 14 | |
| Denmark | 11 | 11 | 11 | 11 | |
| The UK | 3 | 5 | 4 | 5 | |
| Norway | 6 | 7 | 6 | 6 | |
| Germany | 7 | 7 | 7 | 7 | |
| Other markets | 7 | 7 | 7 | 7 | |
| Total | 100 | 100 | 100 | 100 |
Leases
Right-of-use assets
| SEKm | 31 Dec 2025 | 31Dec 2024 |
|---|---|---|
| Land and buildings | 43 | 59 |
| Transportation | 59 | 65 |
| Other equipment | 8 | 7 |
| Total right -of-use assets | 110 | 131 |
Additions to the right-of-use assets were SEK 12m (20) during the quarter and SEK 56m (61) during the year.
Lease liability
| SEKm | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Current | 51 | 56 |
| Non-current (between 1-5 years) | 55 | 68 |
| Non-current (over 5 years) | 9 | 12 |
| Total Lease liability | 115 | 136 |
The non-current lease liability of SEK 64m (80) is reflected in the 'long-term borrowings'. The current lease liability of SEK 51m (56) is reflected in the 'short-term borrowings'.
Depreciation charge right-of-use assets
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | |
| Land and buildings | -5 | -9 | -23 | -34 | |
| Transportation | -10 | -10 | -36 | -41 | |
| Other equipment | -3 | -2 | -11 | -11 | |
| Total depreciation charge right -of-use assets |
-18 | -21 | -70 | -86 |
Other disclosures
| Fourth quarter | Full Year | ||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | Recognised in: |
| Interest expense | -1 | -2 | -4 | -5 | net financial items, in the profit and loss account |
| Expense relating to leases of low-value assets that are not short-term leases |
0 | 0 | -1 | -1 | cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account |
| Expense relating to short -term leases, where no right-of-use asset has been recognized |
-1 | -1 | -6 | -4 | cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account |
| Expense relating to variable lease payments not included in lease liabilities |
-6 | -11 | -27 | -30 | cost of goods sold, selling expenses and general and administrative expenses, in the profit and loss account |
| Total cash outflow for leases | -18 | -23 | -71 | -84 | cash flow from operating activities and financing activities, in the cash flow statement |
{21}------------------------------------------------
Taxes
The effective tax rate for the year 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.
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 deferred selling price related to the divestment of the Nutisal brand of SEK 2m was settled in the fourth quarter of 2025.
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).
{22}------------------------------------------------
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 Dec 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 |
- | 980 | - | 980 | ||||
| •Single currency interest rate swaps | ||||||||
| •Cash and cash equivalents | 3 | - | - | 3 | - | 3 | - | 3 |
| Total assets | - | 737 | - | 737 | ||||
| 3 | 1,717 | - | 1,720 | - | 3 | - | 3 | |
| Financial liabilities | ||||||||
| •Loans from credit institutions | - | - | 1,353 | 1,353 | ||||
| •Commercial papers | - | - | 149 | 149 | ||||
| •Forward contract to repurchase own shares |
- | - | 75 | 75 | - | -27 | - | -27 |
| •Single currency interest rate swaps | 4 | - | - | 4 | - | 4 | - | 4 |
| •Trade and other payables, excluding other taxes and social security payables |
- | - | 1,450 | 1,450 | ||||
| Total liabilities | 4 | - | 3,0 27 | 3,0 31 | - | -23 | - | -23 |
| 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 |
{23}------------------------------------------------
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 31 December 2025. Net sales in the Parent Company amounted to SEK 167m (137) and relate mainly to intra-group services. Operating loss was SEK -5m (-40). Net financial items totalled SEK 334m (340). Dividend income amounted to SEK 555m (1,909). Profit before tax was SEK 884m (2,209) and profit for the period was SEK 816m (2,151). 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 December 2025, a total of 93,931,729 shares were traded for a combined value of SEK 3,050m, equivalent to around 33 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 December 2025 was SEK 40.58 (23 December) and the lowest was SEK 23.74 (14 January). The share price on 31 December 2025 was SEK 40.46 (last price paid). During the period from 1 January to 31 December 2025, the Cloetta share increased by 60.6 per cent while the Nasdaq OMX Stockholm PI increased by 9.5 per cent. Cloetta's share capital at 31 December 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 December 2025, Cloetta had 1,936,783 class B shares in treasury.
On 31 December 2025, Cloetta AB had 45,875 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 5.00 per cent of the votes and 5.89 per cent of the share capital. The third largest shareholder was Nordea Funds with 3.06 per cent of the votes and 3.61 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.
{24}------------------------------------------------
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 end of the period. |
The net debt/equity ratio measures the extent to which 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. |
{25}------------------------------------------------
| 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. |
{26}------------------------------------------------
Exchange rates
| SEK | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| EUR, average | 11.0675 | 11.4408 |
| EUR, end of period | 10.8215 | 11.4590 |
| NOK, average | 0.9440 | 0.9831 |
| NOK, end of period | 0.9137 | 0.9715 |
| GBP, average | 12.9086 | 13.5177 |
| GBP, end of period | 12.4014 | 13.8197 |
| DKK, average | 1.4829 | 1.5339 |
| DKK, end of period | 1.4489 | 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
