Interim report
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Strong uplift in profitability continues Events after the end of the reporting period • There were no significant events after the end of the reporting period Key ratios SEK 2.2 bn 1.3 % 11.9 % Conference call and web presentation Arranged on report publication day at 10:00 a.m. CET. We kindly ask those who wish to dial -in to make sure you are connected to the phone conference by calling in and to register a few minutes before the conference begins. An on -demand version of the call will be available on www.cloetta.com later the same day. Broadcast link https://creo-live.creomediamanager.com/0d0b1471-7604-4c41-a410-502db4ae23fd Dial-in numbers SE: +46 8 5051 0031 UK: +44 (0) 207 107 06 13 US: +1 631 570 5613 Third quarter • Net sales for the quarter decreased by -0.9 per cent to SEK 2,177m (2,196) including a negative impact from foreign exchange rates of -2.2 per cent • Sales of Branded packaged products decreased organically by -1.8 per cent during the quarter • Sales of Pick & mix increased organically by 9.4 per cent during the quarter • Operating profit adjusted for items affecting comparability, amounted to SEK 259m (238) • Operating profit amounted to SEK 255m (238), with items affecting comparability of SEK -4m (0) related to the change of the operating structure • Operating profit, adjusted, of Branded packaged products amounted to SEK 197m (191) • Operating profit, adjusted, of Pick & mix amounted to SEK 62m (47) • Profit for the period amounted to SEK 189m (130), which equates to basic and diluted earnings per share of SEK 0.66 (0.45) • Cash flow from operating activities was SEK 380m (249) • Net debt/EBITDA ratio was 1.1x (1.6) Q3 Interim report July–September 2025
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Comments from the CEO Strong uplift in profitability continues Following another quarter of a significant EBIT margin step-up, we have now successfully established a strong uplift in profitability and are steadily approaching our mid-term target of an EBIT margin of at least 12 per cent by 2027. This permanent uplift is mainly driven by the focus on margin enhancing activities, continued product portfolio optimisation and cost control, while executing our fair pricing strategy. Year-to-date organic sales growth totalled 2.2 per cent following quarterly organic sales growth of 1.3 per cent. Reported sales decreased -0.9 per cent due to exchange differences of -2.2 per cent. During the quarter inflation continued to slow down, for confectionery often exemplified by the price of cocoa coming down somewhat from historically high levels. The slowing inflation further affected the market dynamics, where retailers and food industry manufacturers in Europe are facing societal and political pressure related to food pricing. In this environment, we delivered strong organic growth in the Nordic region, while short-term sales were affected in the rest of Europe. At the same time, lower inflation creates opportunities and with the strategic strength of our broad portfolio and aided by our new strategic framework, we continue on a clear path towards our long- term target to grow organic sales by 3-4 per cent. Our Pick & mix segment continues to deliver according to plan and delivered its seventh consecutive quarter of profitability in line with the long-term EBIT target, updated from the previous 5-7 to 7-9 per cent earlier this year. Our geographical expansion of Pick & mix is proceeding as planned and our two CandyKing concept pilot installations in the US have provided valuable insights into consumer preferences. Our total sales to the US continue to grow with double- digit numbers and we look forward to sharing more news related to the US before year-end. Our commitment to profitable growth is reflected by our adjusted EBIT margin of 11.9 per cent in the quarter, bringing our rolling 12- month profitability to 11.4 per cent. We are steadily approaching our target of at least 12 per cent by 2027 with continued strong and strategic investments in our ten Superbrands. Our attractive cash flow generation continued in the quarter. Our consistently improving Net debt/EBITDA ratio matched our all-time low level and remains well below our long-term target and what is a healthy level for an FMCG company. With a strong financial position and the profitability uplift, we have created good conditions to also deliver on fourth financial target; our updated dividend policy. In April, we announced our plan to more closely align our operating structure to the new strategic priorities and improve agility. All major project milestones have now been delivered, and we continue to expect to achieve up to 20 per cent of the annualised savings of SEK 60-70 million in the second half of the year, and the full effect in the first quarter of 2026. We are progressing as planned in creating the even stronger, more focused and more efficient Cloetta! Katarina Tell President and CEO ”Our commitment to profitable growth is reflected by our adjusted EBIT margin of 11.9 per cent in the quarter, bringing our rolling 12-month profitability to 11.4 per cent. We are steadily approaching our target of at least 12 per cent by 2027.”
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Financial overview Q3 development Changes in operating environment and short -term uncertainties Russia's escalation of the war in Ukraine that started in 2022 and the conflict in the Middle East continue to entail risks of further impact on the global economy, further cost inflation, and disruptions in supply chains, including the war risks spreading into other geographies. Cloetta does not have operations in any of the countries directly affected by the increased geopolitical uncertainty. Cloetta has remained largely unaffected by the increased global market uncertainty related to US tariffs and potential retaliatory measures. In the interim results for January–March 2024, Cloetta recognised a provision for an isolated case of a raw material quality deviation. Cloetta expects to receive the related compensation during the upcoming 6 months. Greenfield facility On 10 February 2025, Cloetta announced that the company will not proceed with the greenfield investment project in the Netherlands. The decision was made due to the previously communicated increased risk relating to energy supply and the permitting process that was still on-going, and as a reassessment had confirmed the ability to develop Cloetta’s long-term financial and supply network flexibility without the greenfield plant. The project remained in an early phase with relatively limited investments. Net sales Net sales for the quarter decreased by SEK -19m to SEK 2,177m (2,196) compared to the same period last year. Organic growth was 1.3 per cent. Gross profit Gross profit, adjusted for items affecting comparability, amounted to SEK 697m (697) which equates to a gross margin, adjusted, of 32.0 per cent (31.7). Gross profit, adjusted, increased driven by margin-enhancing initiatives in Pick & mix and the effect of previous pricing, fully offset by lower volumes for Branded packaged products and changes in foreign exchange rates. Gross profit amounted to SEK 699m (703) which equates to a gross margin of 32.1 per cent (32.0). Operating profit Operating profit, adjusted for items affecting comparability, amounted to SEK 259m (238), mainly driven by gross margin improvement and continued cost control in the quarter. The uplift was achieved with continued investments in Superbrands. Operating profit amounted to SEK 255m (238). Items affecting comparability Operating profit for the quarter includes items affecting comparability of SEK -4m (0), related to costs for the change of the operating structure. Net financial items Net financial items for the quarter amounted to SEK -24m (-72). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -16m (-12), exchange differences on cash and cash equivalents were SEK 5m (-26) which mainly related to the development of the Norwegian and Swedish krona against the euro during the quarter. Other financial items amounted to SEK -13m (-34). Of the total net financial items SEK -19m (-14) are non-cash in nature. Profit for the period Profit for the quarter was SEK 189m (130), which equates to basic and diluted earnings per share of SEK 0.66 (0.45). Income tax for the period was SEK -42m (-36). The effective tax rate for the quarter was 18.2 per cent (21.7) and was positively impacted by differences between expected and actual tax filings related to the previous year. The effective tax rate was negatively impacted by the revaluation of tax provisions, international tax rate differences and non-deductible expenses. Free cash flow The free cash flow was SEK 339m (211). Cash flow from operating activities before changes in working capital was SEK 239m (229). The cash flow from changes in working capital was SEK 141m (20). The cash flow from investments in property, plant and equipment and intangible assets was SEK -41m (-38). Cash flow from changes in working capital Cash flow from changes in working capital was SEK 141m (20). The cash flow from changes in working capital was positively impacted by a decrease in inventories for an amount of SEK 163m (132) and an increase in payables of SEK 143m (43), partially offset by an increase in receivables of SEK -165m (-155). Cash flow from other investing activities Cash flow from other investing activities was SEK 1m (6). Cash flow from financing activities The cash flow from financing activities was SEK -830m (-18) and was related to net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs of SEK -813m (0) and payments of lease liabilities of SEK -17m (-18).
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Development during the year Net sales Net sales for the first nine months of the year decreased by SEK -34m to SEK 6,294m (6,328) compared to the same period last year. Organic growth was 2.2 per cent. Gross profit Gross profit, adjusted for items affecting comparability, amounted to SEK 2,133m (2,057) which equates to a gross margin, adjusted, of 33.9 per cent (32.5). The increase was mainly driven by previous pricing and margin-enhancing initiatives, including portfolio optimisation, partly offset by changes in foreign exchange rates. Gross profit amounted to SEK 2,256m (2,066) which equates to a gross margin of 35.8 per cent (32,6). Operating profit Operating profit, adjusted for items affecting comparability, amounted to SEK 724m (652), and was positively impacted by the higher gross profit and cost control, partially offset by increased investments in Superbrands coupled with general cost inflation. Operating profit amounted to SEK 793m (555). Items affecting comparability Operating profit includes items affecting comparability of SEK 69m (-97), mainly related to releases of restructuring provisions as a result of not proceeding with the greenfield investment project, partly offset by the recognition of a restructuring provision for the change of the operating structure. Net financial items Net financial items for the period amounted to SEK -74m (-128). Net interest expenses related to external borrowings, cash pool and realised results on single currency interest rate swaps were in total SEK -44m (-51), exchange differences on cash and cash equivalents were SEK 13m (-39) which mainly related to the development of the Swedish krona against the euro during the first nine months of the year. Other financial items amounted to SEK -43m (-38) of which net SEK -9m (0) was related to not proceeding with the greenfield investment project, mainly related to the release of prepaid commitment fees on unutilised credit facilities. Of the total net financial items SEK -53m (-17) is non-cash in nature. Profit for the period Profit for the period was SEK 558m (319), which equates to basic and diluted earnings per share of SEK 1.96 (1.12). Income tax for the period was SEK -161m (-108). The effective tax rate for the first nine months of the year was 22.4 per cent (25.3) and was positively impacted by differences between expected and actual tax filings related to the previous year. The effective tax rate was negatively impacted by the revaluation of tax provisions, international tax rate differences and non-deductible expenses. Free cash flow The free cash flow was SEK 530m (338). Cash flow from operating activities before changes in working capital was SEK 684m (711). The cash flow from changes in working capital was SEK -52m (-254). The cash flow from investments in property, plant and equipment and intangible assets was SEK -102m (-119). Cash flow from changes in working capital Cash flow from changes in working capital was SEK -52m (-254). The cash flow from changes in working capital was negatively impacted by an increase in receivables of SEK -117m (-266) and an increase in inventories for an amount of SEK -57m (-30), partially offset by an increase in payables of SEK 122m (42). Cash flow from other investing activities Cash flow from other investing activities was SEK 1m (60). The positive cash flow in 2024 mainly related to the proceeds from the divestment of the Nutisal brand. Cash flow from financing activities The cash flow from financing activities was SEK -1,176m (-346) and was related to net proceeds and repayments of loans from credit institutions and commercial papers including transaction costs of SEK -813m (-3), the dividend distribution of SEK -313m (-285) and payments of lease liabilities of SEK -50m (-58). Financial position Consolidated equity at 30 September 2025 amounted to SEK 5,572m (5,190), which equates to SEK 19.4 (18.1) per share outstanding. Net debt at 30 September 2025 was SEK 1,361m (1,843). Long-term borrowings amounted to SEK 1,440m (2,291) and consisted of SEK 1,382m (2,213) in gross non-current loans from credit institutions, SEK 67m (86) in non-current lease liabilities and SEK -9m (-8) in capitalised transaction costs. Total short-term borrowings amounted to SEK 201m (197) and consisted of SEK 149m (149) in commercial papers, SEK 55m (51) in current lease liabilities, SEK 0m (2) in accrued interest on borrowings from credit institutions and SEK -3m (-5) in capitalised transaction costs.
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Cash and cash equivalents at 30 September 2025 amounted to SEK 339m (661). At 30 September 2025, Cloetta had an unutilised credit facility of SEK 1,271m (2,486) and the possibility to issue additional commercial papers for an amount of SEK 850m (850). On 24 September 2025, Cloetta has entered into a new term and multicurrency revolving facilities agreement and has furthermore resolved to continue its existing commercial paper program. The terms as agreed in the credit facilities agreement comprise, in short, of: • a EUR 125m term loan with a maturity of four years, with the possibility of extending the facility for an additional two years; and • a EUR 115m multicurrency revolving credit facility with a maturity of five years, with the possibility of extending the facility for an additional year. The commitments under the facilities agreement are split between Danske Bank, Handelsbanken, SEB and Svensk Exportkredit. Performance by business segment Cloetta’s operating segments are Branded packaged products and Pick & mix. The chief operating decision-maker (CODM), which is the CEO and President of the Group, primarily uses external net sales and operating profit, adjusted for items affecting comparability, to assess the performance of its operating segments. Items affecting comparability, net financial items and income tax are not allocated to segments, as these are managed centrally. No segment information is provided to or assessed by the CODM on assets and liabilities and therefore these are not separately disclosed. Information related to each reportable segment (business segment) is set out below. Business segments The Cloetta Group comprises two segments: Branded packaged products and Pick & mix. The Pick & mix net sales and adjusted operating profit relate to Cloetta’s complete offering in Pick & mix including products, displays and accompanying store and logistic services. All other activities within the Cloetta Group are reflected in the Branded packaged products segment. Segment Branded packaged products Q3 development Net Sales Net sales for the quarter decreased by SEK -63m to SEK 1,525m (1,588) compared to the same period last year for Branded packaged products. Organic growth was -1.8 per cent. Operating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 197m (191). The increase in adjusted operating profit was mainly driven by previous pricing and cost control, partly offset by lower volumes. Development during the year Net Sales Net sales for the first nine months of the year decreased by SEK -198m to SEK 4,390m (4,588) compared to the same period last year for Branded packaged products. The comparative figure includes five months of net sales of the Nutisal brand, divested in the second quarter of 2024. Organic growth was -1.4 per cent. Operating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 545m (526). The increase was mainly driven by previous pricing, continued product portfolio optimisation and cost control, partially offset by lower volumes and continued investments in Superbrands. Segment Pick & mix Q3 development Net Sales Net sales for the quarter increased by SEK 44m to SEK 652m (608) compared to the same period last year. Organic growth was 9.4 per cent. Operating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 62m (47). The increase was driven by higher volumes, continued margin-enhancing initiatives and cost control. Development during the year Net Sales Net sales for the first nine months of the year increased by SEK 164m to SEK 1,904m (1,740) compared to the same period last year. Organic growth was 11.6 per cent. Operating profit, adjusted Operating profit, adjusted for items affecting comparability, amounted to SEK 179m (126). The increase was driven by higher volumes, continued margin-enhancing initiatives and cost control Other disclosures Seasonal variations Cloetta’s sales and operating profit are subject to some seasonal variations. Sales in the first and second quarters are affected by the Easter holiday, primarily in Sweden, depending on in which quarter it occurs. In the fourth quarter sales are usually higher than in the first three quarters of the year, which is mainly attributable to the sale of products in Sweden in connection with the holiday season.
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Employees The average number of employees during the quarter was 2,513 (2,575). Events after the end of the reporting period There were no significant events after the end of the reporting period.
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Strategic priorities On 27 March 2025 , Cloetta announce d updated strategic priorities and financial targets geared for profitable growth . 1 Win with our Superbrands Increased focus across the core markets on ten selected brands to drive profitable growth through increased distribution and by continuing to stretch the brands into new categories. 2 Grow beyond core markets Increased focus on Germany and UK, as the European markets with the largest confectionery retail sales and the highest per capita consumption, and on North America to leverage demand for Swedish Candy 3 Excel in marketing and innovation Accelerated new product development supported by continued marketing effectiveness . To successfully deliver on these strategic priorities, focus will be placed on further enhancing Cloetta’s operating model through net revenue management, a supply chain fit for purpose and an effective operating structure, as well as selective M&A. Cloetta’s sustainability agenda, A Sweeter Future, focuses on creating joy and long-lasting value For You, For People and For the Planet. The initiatives within the sustainability agenda cover topics all across the value chain where Cloetta has the ability to make an impact. Further information on Cloetta’s sustainability journey is available in the latest Annual Report as well as on www.cloetta.com/sustainability. ______________________________________________________________ Assurance of the Board of Directors and CEO The Board of Directors hereby gives its assurance that the interim report provides a true and fair view of the business activities, financial position, and results of operations of the Group and the Parent Company and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed. Stockholm, 5 November, 2025 Cloetta AB (publ) Morten Falkenberg, Board Chairman Patrick Bergander, Member of the Board Lena Grönedal, Employee Board member Malin Jennerholm, Member of the Board Alan McLean Raleigh, Member of the Board Pauline Lindwall, Member of the Board Camilla Svenfelt, Member of the Board Mikael Svenfelt, Member of the Board Katarina Tell, President and CEO ______________________________________________________________ Upcoming financial reports 2026 Year-end report 2025 February 4 Annual and Sustainability report March 12 Interim report Q1 May 6 Interim report Q2 July 15 Interim report Q3 November 4 Cloetta continuously updates its financial reporting dates and investor events on www.cloetta.com/en/investors/calendar -investors/. ______________________________________________________________ This information is information that Cloetta AB is obliged to make public pursuant to the EU Market Abuse. The information was submitted for publication, through the agency of the contact person detailed below, at 07:30 a.m. CET on 5 November 2025. ______________________________________________________________ Contact Laura Lindholm Director Communications and Investor Relations + 46 76 696 59 40 ir@cloetta.com press.group@cloetta.com sustainability@cloetta.com
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Auditor’s report Unofficial translation Cloetta AB (publ) corp. reg. no. 556308-8144 Introduction We have reviewed the condensed interim financial information (interim report) of Cloetta AB (publ) as of 30 September 2025 an d the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based o n our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Repo rt Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordanc e with International Standards on Auditing, ISA, and other generally accepted auditing standa rds in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Ann ual Accounts Act, regarding the Parent Company. Malmö, 5 November 2025 Öhrlings PricewaterhouseCoopers AB Sofia Götmar-Blomstedt Erik Bergh Authorized Public Accountant Authorized Public Accountant Partner in charge This is an unofficial translation of the original Auditor’s report in Swedish.
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Financial statements in summary Consolidated profit and loss account
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Consolidated statement of comprehensive income Net financial items
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Condensed consolidated balance sheet
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Condensed consolidated statement of changes in equity Condensed consolidated cash flow statement
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Condensed consolidated key figures
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Reconciliation of alternative performance measures key figures
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Quarterly data .
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Reconciliation of alternative performance measures per quarter
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Parent company Condensed parent company profit and loss account Condensed parent company balance sheet
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Condensed parent company statement of changes in equity
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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 Comm ittee (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 Breakdown of net sales by category
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Breakdown of net sales by country Leases Right-of-use assets Additions to the right-of-use assets were SEK 24m (17) during the quarter and SEK 44m (41) during the first nine months of the year. Lease liability The non-current lease liability of SEK 67m (86) is reflected in the ‘long-term borrowings’. The current lease liability of SEK 55m (51) is reflected in the ‘short-term borrowings’. Depreciation charge right -of-use assets
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Taxes The effective tax rate for the period was positively impacted by differences between expected and actual tax filings related to the previous year. The effective tax rate was negatively impacted by not recognising an additional deferred tax position for the negative taxable result in the UK, international tax rate differences and 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 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).
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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:
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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 -the- counter 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 in strument 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 inter- relationship 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 group - wide management and administration. The comments below refer to the period from 1 January to 30 September 2025. Net sales in the Parent Company amounted to SEK 116m (102) and relate mainly to intra-group services. Operating profit was SEK 2m (-5). Net financial items totalled SEK -38m (-108). Loss before tax was SEK -36m (-113) and loss for the period was SEK -29m (-86). Cash and cash equivalents and short-term investments amounted to SEK 0m (0). The Cloetta share Cloetta’s class B share is listed on Nasdaq Stockholm, Mid Cap. During the period from 1 January to 30 September 2025, a total of 67,055,329 shares were traded for a combined value of SEK 2,051m, equivalent to around 24 per cent of the total number of class B shares at the end of the year. The highest quoted bid price during the period from 1 January to 30 September 2025 was SEK 35.52 (3 June) and the lowest was SEK 23.74 (14 January). The share price on 30 September 2025 was SEK 33.92 (last price paid). During the period from 1 January to 30 September 2025, the Cloetta share increased by 34.6 per cent while the Nasdaq OMX Stockholm PI increased by 3.2 per cent. Cloetta’s share capital at 30 September 2025 amounted to 1,443,096,495. The total number of shares is 288,619,299, consisting of 5,735,249 (5,735,249) class A shares and 282,884,050 (282,884,050) class B shares, equal to a quota value of SEK 5 per share. At 30 September 2025, Cloetta had 1,936,783 class B shares in treasury. Shareholders On 30 September 2025, Cloetta AB had 43,463 shareholders. The largest shareholder was AB Malfors Promotor with a holding corresponding to 42.97 per cent of the votes and 32.79 per cent of the share capital in the company. Van Lanschot Kempen Investment Management was the second largest shareholder with 5.18 per cent of the votes and 6.11 per cent of the share capital. The third largest shareholder was LSV Asset Management with 3.16 per cent of the votes and 3.72 per cent of the share capital. Cloetta regularly updates its list of shareholders on its investor website www.cloetta.com/en/investors/. Risk factors Cloetta is an internationally active company that is exposed to a number of market and financial risks. All identified risks are monitored continuously and, if needed, risk mitigating measures are taken to limit their impact. The most relevant risk factors are described in the Annual and sustainability report 2024 and consist of industry and market-related risks, operational risks and financial risks. Compared to the Annual and sustainability report, which was issued on 11 March 2025, the risk-profile of Cloetta has not significantly changed although the rising input costs and global supply chain challenges are materialising and may further affect the business performance of Cloetta.
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Return Capital structure Definitions
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Data per share Other definitions Glossary
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Exchange rates 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 t han 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