Slides
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28 January 2026 Quarterly Report January – December 2025
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2 Group ~1.2 Annual net sales, EUR billion ~7,000 Employees >125 Locations ~20 Countries Americas ~17% Share of net sales ~1,100 Employees ~15 Locations Europe ~70% Share of net sales ~4,800 Employees ~100 Locations Asia ~13% Share of net sales ~900 Employees ~20 Locations Elanders today FY 2025
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3 Elanders’ customer segments Our customer segments’ approximate share of total net sales.* *As a percentage of total net sales FY 2025. Electronics 26% Fashion 24% Other 17% Automotive 15% Industrial 13% Health Care 5%
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Operational highlights and financials Q4, 2025
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5 Fourth quarter 2025 Signs of improvement in the market Organic negative growth of 2 percent but adjusted for falling prices in Air & Sea sales in line with last year. Adjusted EBITA margin continued to improve and was better than both previous quarter and last year, reaching 8.7 percent compared to 6.6 last year. The improved EBITA margin is mainly a result of implemented cost-side measures and increased efficiency. Both Asia and North America showed organic growth. Europe showed negative growth mainly due to declining prices in Air & Sea.
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6 Fourth quarter 2025 December 2025 Q4 2025 Q4 2024 FY 2025 FY 2024 FY 2023 FY 2022 Rolling 60m Operating cash flow excl. acquisitions, MSEK 343 542 1,667 1,978 2,170 1,254 8,234 EBITDA, MSEK 547 531 1,817 2,197 1,967 1,940 9,390 Cash conversion, % 63% 102% 92% 90% 110% 65% 88% Cash conversion continue to be solid, and full year was 92 (90)%
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7 Fourth quarter 2025 Sales continue to improve Negative organic growth of two percent, adjusted for declining prices in Air & Sea growth was flat. Adjusted EBITA margin improved both quarter-over-quarter and year-over-year as a result of cost-side measures. Adjusted EBITA result improved with 12 percent. Non-recurring items for the quarter amounted to SEK 21 million and mainly related to leadership changes in Mentor Media. Cash conversion continued to be very positive. 79% (80%) Share of total net sales (rolling 12m) 83% (83%) Share of EBITA (rolling 12m) Supply Chain Solutions Key figures Q4 2025 Q4 2024 Net sales, MSEK 2,334 3,011 EBITA adjusted, MSEK 199 177 EBITA margin adjusted, % 8.5 5.9 EBITA, MSEK 178 133 EBITA margin, % 7.6 4.4 Cash conversion, % 94 77
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8 Fourth quarter 2025 Sales improved Improved demand in the quarter compared to previous quarters this year resulted in organic sales in line with last year. Adjusted EBITA and adjusted EBITA margin was in line with last year. Overall, a very good quarter for Print & Packaging Solutions. Online print showed a strong organic growth of 10% which compensated for lower sales of traditional printed material. Cash conversion was solid. Print & Packaging Solutions 21% (20%) Share of total net sales (rolling 12m) 17% (17%) Share of EBITA (rolling 12m) Key figures Q4 2025 Q4 2024 Net sales, MSEK 747 796 EBITA adjusted, MSEK 68 71 EBITA margin adjusted, % 9.1 8.9 EBITA, MSEK 68 62 EBITA margin, % 9.1 7.8 Cash conversion, % 69 56
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9 Electronics 26% Demand continues to be stable. Organic growth in the quarter of around two percent. Fashion 24% Negative organic growth around four percent. Adjusted for Air & Sea, positive growth of around one percent. North America had a growth rate of seven percent. Other 17% Negative organic growth around seven percent, online print showed growth, but FMCG declined. Automotive 15% Demand improved compared to previous quarters but remained organically negative by around three percent. Industrial 13% Recovered compared to previous quarters and showed an organic growth of nine percent. Health Care 5% Negative organic growth of around eleven percent. Negative growth as a result of two discontinued customers. The underlying business remains stable. Customer segments Percentage of total net sales FY 2025.
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10 Going forward The market continues to be uncertain and we can't see any clear recovery but despite this, we continue to see a higher activity regarding new enquiries and the demand of our existing customers has stabilized and their forecasts are more accurate. In the quarter, we continue to see the results of all our measures on the cost side, and we start this year with a clearly lower cost base but with capacity for growth. Overcapacity in warehouse space continues to be a challenge, but we expect to be able to gradually fill up our capacity during this year, which will support continued increased earnings. We continue to maintain a high pace in our rollout of the Group’s global warehouse system CloudX and in our implementation of AI solutions which overtime will lower our cost base further, increase our efficiency and create a more competitive solutions. We still believe that trade barriers overtime will create opportunities for global players such as Elanders by breaking up global logistics chains and replacing them with regional and local logistics chains.
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11 Questions?
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12 This is Elanders Two business areas HQ Mölndal, Sweden NASDAQ OMX Stockholm Supply Chain Solutions 80% Print & Packaging Solutions 20% Global operations Number of employees ~7,000 ~20 Number of countries ~2.0M m2 of production and warehouse space >125 Number of locations ~1.2B Annual net sales, EUR billion
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13 Elanders’ business proposal We develop efficient end-to- end solutions that makes life easier for our customers. With our global footprint we can offer both local and global solutions and also help local companies to act global. When it comes to sustainability we always try to deliver the best solution for our clients and also to develop unique solutions when it comes to life cycle management. Our deep integration into our clients processes makes us a solid long time partner and we have been serving the majority of our big clients for more than 20 years. We have a very entrepreneurial approach to everything we do which makes it possible for us to deliver fast, flexible and bespoke solutions. 1 2 543
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14 Balanced mix of high-growth and durable customer segments Customer segment Growth opportunity Cyclicality Fashion High Medium Electronics High Medium Automotive Medium High Industrial Medium High Health Care High Low Other High Medium Fashion 24% Electronics 26% Health Care 5% Other 17% Industrial 13% Automotive 15% CUSTOMER SEGMENTS Key highlightsCustomer segments
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15 Our end-to-end solution Diversified customer base channelled into unified processes creates opportunities for multi-sites and knowledge sharing which benefits our clients. Elanders’ customer segments Recipients Automotive Electronics Fashion Health CareIndustrial Consumers Retail Hospitals E-commerce Factories Other Production & Assembly Distribution & Outbound Services Procurement & Inbound Services rocurement nbound er ices ife ycle anagement istribution utbound er ices roduction ssembly rocurement nbound er ices ife ycle anagement istribution utbound er ices roduction ssembly Life Cycle Management
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16 Elanders’ growth opportunities RGB 0-83-165 RGB 10-51-71 RGB 225-202-164 RGB 213-212-203 RGB 94-148-82 RGB 188-228-239 OMNICHANNEL / E-COMMERCE LIFE CYCLE MANAGEMENT OUTSOURCING ONLINE PRINT Multi-channel sales Manage a product’s lifecycle Contract logistics Printed products ordered via e-commerce Target group B2B & B2C B2B & B2C B2B B2B & B2C Elanders USP CloudX, proprietary global WMS-system Network solution with own and external partners Global & Flexible One of the biggest players in Europe
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17 17 Sustainability – Key figures 40 thousand tonnes CO2e (FY 2024) Scope 1 & 2 emissions (Base year: 52,000 tonnes) 203 thousand tonnes CO2e (FY 2024) Scope 3 emissions (Base year: 229,000 tonnes) 29 percent (FY 2024) Percentage of female supervisors (2023: 28%) 62 percent (FY 2024) Percentage of renewable electricity (2023: 61%) 44 thousand tonnes CO2e (FY 2024) Emissions avoided within Life Cycle Management (2023: 27,000 tonnes) 7,324 persons (FY 2024) Average number of employees (2023: 7,203)
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Thank you!