E-commerce

“E-handelns andel har stadigt ökat och utgjorde 23 procent av apotekskanalens totala omsättning år 2024.”

Annual report 2024A · The company itself

“Vår omsättning växte med 20 procent och vi stärkte tydligt vår marknadsposition. Under året ökade vår marknadsandel till 10 procent i Sverige, samtidigt som både försäljningen och vår kapacitet att hantera receptbelagd medicin förbättrades avsevärt.”

Annual report 2024A · The company itself

“Finansiella rapporter och noter Om Apotea Apotea är Sveriges främsta nätapotek och har som mål att bli det största apoteket i Sverige och därmed även Norden. Med marknadens bredaste sortiment, konkurrenskraftiga priser och snabba leveranser underlättar vi vardagen för nära tre miljoner aktiva kunder.”

Annual report 2024A · The company itself

“Med över 53 000 produkter erbjuder Apotea Sveriges bredaste utbud av apoteksvaror. Sortimentet omfattar allt från läkemedel till hälsokost, skönhetsprodukter och medicinska hjälpmedel, och är noggrant anpassat för att möta kundernas olika behov och livsstilar.”

Annual report 2024A · The company itself

“Bolaget erbjuder marknadens bredaste sortiment av apoteksvaror och har ett tydligt kundlöfte om en snabb, billig och fraktfri leverans.”

Annual report 2024A · The company itself

“Global megatrends such as the e-commerce and automation drive, changing consumer demand, the emergence of micro-fulfillment centers and a general need for more sustainable solutions constitute a strong platform for continued growth.”

Annual report 2022A · The company itself

“– Penetrating new markets: We registered 138% year-on-year growth in the micro-fulfillment segment, and 226% year-on-year growth in the large fulfillment centers sector. These are important growth areas.”

Annual report 2022A · The company itself

“Micro-fulfillment centers, on the other hand, are expected to be the fastest-growing automated storage and retrieval segment over the next 5–10 years. AutoStore will also strengthen its supply capacity through a new assembly site in APAC, by growing local supplier bases and by increasing purchasing capacity among local suppliers.”

Annual report 2022A · The company itself

“Substantial market share gain in 2022 demonstrates the value of our product and our ability to drive adoption in new warehouse categories. – Increasing Warehouse Management Software revenue: AutoStore has significantly strengthened its value propo - sition to MFCs by developing, selling and delivering the warehouse management software (WMS), Qublt Fulfillment Platform. The value of this approach has been proven by strong growth in MFC-related revenue and substantial expansion of the WMS revenue pipeline. – Product innovation: AutoStore launched six new products in 2022.”

Annual report 2022A · The company itself

“Fulfillment Platform, which includes software for order management, inventory management, fulfillment application, labor management and analytics. QubIt is availble to AutoStore’s customers.”

Annual report 2022A · The company itself

“In 2022, revenues included approximately 60% e-commerce and omnichannel exposure.”

Annual report 2022A · The company itself

“Fyra omvärldsfaktorer med särskild påverkan på Beijer Ref Trender och drivkrafter Beijer Refs årsredovisning och hållbarhetsrapport 2024 Digitalisering av en traditionell bransch Distribution av HVAC och kylsystem är en traditionell bransch som till stor del präglas av lokala distributörer och nära kundkontakter.”

Annual report 2024A · The company itself

“Stark tillväxt i e-handeln som fördjupar kundrelationen Digitalisering Omsättningstillväxten i e-handeln låg under 2024 på 16 procent samtidigt som kundbasen växte med 14 procent.”

Annual report 2024A · The company itself

“Digitalisering och e-handel skapar nya handelsmönster och beteenden som löpande utvärderas. Risken minimeras genom att arbeta under olika varumärken och genom ett differentierat produkterbjudande.”

Annual report 2024A · The company itself

“Under året tog vi viktiga steg i vår digitala utveckling och e-handeln fortsatte att uppvisa god tillväxt. Vi har arbetat fokuserat med att effektivisera den digitala kundresan och accelerera tillväxttakten, vilket resulterade i en försäljningsökning på 16 procent jämfört med 2023.”

Annual report 2024A · The company itself

“För ett par år sedan accelererade koncernen sin strategiska satsning på att digitalisera verksamheten med syfte att effektivisera processer och utveckla försäljning även i de digitala kanalerna. Transformationen bygger på en central digitaliseringsstrategi, vilket innebär att dotterbolagen kan fokusera mer på sin kärnverksamhet medan koncernen stöttar med digital strategisk riktning, val av globala plattformar samt stöd vid implementering och underhåll av centrala plattformar och verktyg.”

Annual report 2024A · The company itself

“Fokus i utvecklingen av e-handeln har legat på att förenkla kundernas vardag och erbjuda dem e-handel som ett komplement till den fysiska handeln. Genom att utveckla lösningar där kunder effektivt kan röra sig mellan fysisk och digital handel ser Beijer Ref möjligheter att erbjuda mervärde i digitala kanaler.”

Annual report 2024A · The company itself

“Beijer Ref har utvecklat en global e-handelsplattform som dotterbolagen använder för att lansera egna nätbutiker. Inom koncernen finns idag knappt 40 lokaliserade e-handelsbutiker som verkar under egna varumärken, men har en gemensam bakomliggande struktur och liknande funktioner såsom konfigureringsverktyg för att hitta rätt produkter, teknisk dokumentation, reservdelar med mera.”

Annual report 2024A · The company itself

“Vi bedömer att marknaden kommer förbättras gradvis under 2025 och det strukturella skiftet från fysiska butiker till online fortsätter och penetrationen inom de produktkategorier och marknader där vi verkar är fortfarande lägre än på mognare produktmarknader och geografier.”

Annual report 2024A · The company itself

“TILLVÄXT PÅ ONLINEMARKNADEN Baserat på tillgänglig marknadsdata bedömer vi att onlineförsäljningen av produkter i våra produktkategorier, det vill säga DIY, möbler och heminredning, i Norden för närvarande är ca. 13-15 % av totalmarknaden. Det är en avsevärt lägre andel än mer mogna produktkategorier (tex mode och elektronik) och marknader (tex Storbritannien och USA).”

Annual report 2024A · The company itself

“Konkurrenskraftiga priser Onlinebaserade återförsäljare som uppnått en kritisk massa kan erbjuda attraktiva priser som ett resultat av stordriftsfördelar i inköp och låga fasta kostnader. Återförsäljare med stort nätverk av fysiska butiker präglas ofta av en högre andel fasta kostnader, till exempel butikshyror, kostnader för lagerhållning i butik och personalkostnader, vilket kan leda till kanalkonflikter och svårigheter att hålla samma prisnivåer i fysiska butiker som online.”

Annual report 2024A · The company itself

“I takt med att onlinemarknaden mognar ökar efterfrågan på kringtjänster som service och support. De aktörer som har den kritiska massan att kunna erbjuda dessa skapar tydliga konkurrensfördelar i förhållande till de mindre onlinehandlarna.”

Annual report 2024A · The company itself

“FÖRVÄNTAD FRAMTIDA UTVECKLING Det strukturella skiftet från fysiska butiker till online fortsätter och penetrationen inom de produktkategorier och marknader där vi verkar är fortfarande lägre än på mognare produktmarknader och geografier. Onlinepenetrationen för våra produktkategorier har ökat under det senaste decenniet, men är fortfarande relativt låg jämfört med många andra konsumentmarknadskategorier, som till exempel hemelektronik och böcker och mer mogna marknader, som till exempel Storbritannien och USA.”

Annual report 2024A · The company itself

“Om 2023 och 2024 främst handlat om att anpassa verksamheten till det rådande marknadsklimatet samt att vända försäljningstrenden, handlar 2025 framför allt om en ambition att återgå till tillväxt, förbättrad lönsamhet och kundnöjdhet.”

Annual report 2024A · The company itself

“Vi strävar efter att uppnå en ledande position i produktkategorier vi är verksamma inom och vår långsiktiga strategi bygger på fyra koncernövergripande prioriteringar: 1) Kundfokus 2) Erbjudande 3) Hållbarhet 4) Förenkling och effektivisering Vår verksamhet är indelad i tre affärsområden: Home Improvement, Value Home och Premium Living.”

Annual report 2024A · The company itself

“Tillväxten av den onlinebaserade marknaden i våra produktkategorier kan förklaras av flera faktorer, däribland: Närmast obegränsat utbud Onlinebaserade återförsäljare kan optimera utbudet utifrån kunders preferenser genom stora datamängder för att fånga upp vad som efterfrågas och erbjuda konsumenterna ett riktat och relevant utbud. Samtidigt kan onlinebaserade återförsäljare göra hela sitt utbud tillgängligt i webbutiker med hjälp av drop shipment utan begränsningar i hyllutrymme, vilket i sin tur ökar sannolikheten för att kunden hittar rätt produkt.”

Annual report 2024A · The company itself

“Dessutom kan onlinebaserade återförsäljare, som bland annat inte är begränsade av fysiska produktkataloger, tillämpa dynamisk prissättning baserat på utbud och efterfrågan.”

Annual report 2024A · The company itself

“Segmentet Home Improvement erbjuder ett brett sortiment och prismatchning inom främst DIY-produkter och baseras till övervägande del på en dropship-modell med låg kapitalbindning.”

Annual report 2024A · The company itself

“Segmentet Premium Living har en en premiumposition baserad främst på lagerhållning av externa varumärken i syfte att tillgängliggöra skandinavisk design inom möbler och heminredning på internationella marknader.”

Annual report 2024A · The company itself

“Totalt uppgår antalet produkter i gruppen till cirka 1,5 miljoner, vilket tillsammans med vårt övriga utbud, utgör ett komplett erbjudande inom främst DIY, möbler och heminredning.”

Annual report 2024A · The company itself

“Förvaltningsberättelse ALLMÄNT OM VERKSAMHETEN BHG är en av Nordens största onlineaktörerna inom konsumenthandel. Vi har utöver våra nordiska verksamheter också en betydande närvaro i övriga Europa, liksom på utvalda marknader utanför Europa. Vår starka position på dessa marknader gör oss till en av Europas största onlineaktör inom våra tre segment Home Improvement, Value Home och Premium Living.”

Annual report 2024A · The company itself

“LÄTTA FÖRPACKNINGAR Under 2024 ökade vår valutajusterade försäljning av Light Packaging med 4 % jämfört med 2023.”

Annual report 2024A · The company itself

“Den europeiska e-handeln har efter två år med sjunkande siffror under 2022 och 2023 vänt tillbaka till ett tillväxtläge: B2C-försäljningen av fysiska varor ökade under 2024 jämfört med föregående år. Denna positiva utveckling förväntas fortsätta under 2025.”

Annual report 2024A · The company itself

“Under varumärket ”e-Green” producerar och marknadsför Bong kraftpapperskuvert för e-handel. Detta är en miljövänlig lösning baserad till 100 procent på starkt kraftpapper som bidrar till att minska volymen, vikten, förpackningsmaterialet samt avfall. e-Green-lösningen är mycket robust, lätt och flexibel samt kan lätt återanvändas för returleverans tack vare två limremsor.”

Annual report 2024A · The company itself

“Bongs ”AirPro Green” produkter, som lanserades 2022, är en 100% pappersbaserad vadderad påse. Dessa utnyttjar styrkan hos präglat papper, därmed behövs ingen bubbelfilm. AirPro Green består av tre papperslager där mellanlagret är försett med ett stabilt bubbelmönster. Efter den är använd kan förpackningen enkelt slängas i pappersåtervinning, inga material behöver separeras.”

Annual report 2024A · The company itself

“E-handel Trots de fortsatt tuffa ekonomiska förhållandena har onlinehandeln i Europa återhämtat sig under 2024. B2C-försäljningen av fysiska varor ökade med 7% jämfört med 2023, främst drivet av återhämtningen på de största e-handelsmarknaderna i Europa - Storbritannien, Tyskland och Frankrike - där konsumentförtroendet återvände. Precis som tidigare år var ”Mode” det största segmentet, tätt följt av ”Elektronik” och ”Hobby & Fritid”¹.”

Annual report 2024A · The company itself

“We believe that global travel bookings will generally continue to grow while shifting from traditional offline methods to online channels. We expect to benefit from this growth in travel and the continued shift to online channels as we work to expand our service offerings and increase our presence in key geographies.”

Annual report 2025A · The company itself

“We continue to grow our Connected Trip verticals in 2025, including 37% year-over-year flight ticket growth, and about 80% attraction ticket growth off a small base. We believe that the growth of our payments capabilities removes friction across the travel experience and delivers additional value for consumers and partners.”

Annual report 2025A · The company itself

“We aim to provide consumers with a best-in-class experience with tailored planning, payment, language, and other options seamlessly connecting them with our travel service provider partners.”

Annual report 2025A · The company itself

“KAYAK, headquartered in Norwalk, Connecticut, provides online meta-search services that allow consumers to easily search and compare travel itineraries and prices from hundreds of online travel platforms at once. KAYAK offers its services in over 60 countries and territories.”

Annual report 2025A · The company itself

“Skjuts av globala trender Den accelererande digitaliseringen driver tillväxt inom e-handeln och möjliggör snabba, individanpassade och mer klimatsmarta leveranser som skapar nya behov.”

Annual report 2024A · The company itself

“Behovet av logistikyta växer och i takt med utvecklingen förändras även kraven på utformningen av logistikfastigheter.”

Annual report 2024A · The company itself

“Marknaden för lager och logistik har utgjort ett starkt segment där hyresnivåerna fortsätter att öka. En långvarig brist på nybyggda lager- och logistiklokaler, i kombination med en förväntad ökad industrialisering, har skapat ett ökat behov.”

Annual report 2024A · The company itself

“E-handelns expansion är en annan central faktor. För att möjliggöra snabba leveranser kräver stora aktörer distributionscentraler nära urbana områden, vilket driver efterfrågan på strategiskt belägna och effektiva logistiklösningar.”

Annual report 2024A · The company itself

“Under året har ytterligare en nybyggnation påbörjats på fastigheten – en 13 700 kvm stor logistikanläggning där e-handelsföretaget Rugvista även placerar sitt huvudkontor.”

Annual report 2024A · The company itself

“Betydande delar av kundbasen utgörs av e-handelsföretag och tredjepartslogistiker.”

Annual report 2024A · The company itself

“Other online video business models and products have also developed, some offered by programmers, including, (i) subscription video on demand (“SVOD”) services such as Netflix, Apple TV+, Amazon Prime and Hulu, (ii) programmer streaming applications such as HBO Max, ESPN Unlimited, Disney+, Peacock and Paramount+, (iii) ad-supported free online video products, including YouTube and Pluto TV, some of which offer programming for free to consumers that we currently purchase for a fee, (iv) pay-per-view products, such as iTunes, and (v) additional offerings from mobile providers which continue to integrate and bundle video services and mobile products.”

Annual report 2025A · The company itself

“Further, some programmers have begun to simulcast and/or move popular programming to programmer streaming applications which has created a competitive alternative to our video subscription at lower price points that could, in turn, result in customer losses.”

Annual report 2025A · The company itself

“Our Internet and mobile product bundles provide a differentiated connectivity experience by bringing together Spectrum Internet, Advanced WiFi and Unlimited Spectrum Mobile to offer consumers fast, reliable and secure online connections on their favorite devices at home and on the go in high-value packages. We have completed deals with major programmers to deliver better flexibility and greater value to our customers by including seamless entertainment applications with certain of our Spectrum TV packages at no additional cost.”

Annual report 2025A · The company itself

“The restaurant industry is highly competitive on factors such as taste, price, food quality and selection, customer service, brand reputation, digital engagement, advertising and promotional initiatives, and the location, attractiveness and maintenance of restaurants. We also compete with non-traditional market participants, such as “convenience meals” in the form of entrées, side dishes or meal preparation kits from grocery stores, meal kit delivery services, and “ghost” or “dark” kitchens, where meals are prepared at separate takeaway premises rather than a restaurant. Delivery aggregators and food delivery services, which provide consumers with convenient access to a broad range of competing restaurant chains and food retailers, particularly in urbanized areas, may direct potential customers to other restaurants based on paid placements, online reviews and other factors, and may form a closer relationship with our guests.”

Annual report 2025A · The company itself

“Digital sales represent food and beverage revenue for company-owned restaurants generated through the Chipotle website, Chipotle app or third-party delivery aggregators and include revenue deferrals associated with Chipotle Rewards. Digital sales represented 36.7% of food and beverage revenue in 2025, compared to 35.1% in 2024.”

Annual report 2025A · The company itself

“Dessa egenskaper är verksamhetens konjunktursoberoende natur och motståndskraft mot den negativa effekten av e-handeln.”

Annual report 2024A · The company itself

“Portföljen utgör ett strategiskt distributionsnätverk med utlämningsställen för andra varor handlade online.”

Annual report 2024A · The company itself

“Vi har valt just dagligvarufastigheter då dagligvaror är en icke-cyklisk bransch med stabila kassaflöden, både genom dagligvarorna i sig och genom solida hyresgäster, indexerade hyror, långsiktiga hyresförhållanden och möjligheten till en väldiversifierad portfölj.”

Annual report 2024A · The company itself

“Dessa kännetecken är följande: — Verksamhetens konjunkturoberoende natur — Fastigheter som gynnas av e-handeln då de agerar som ett distributionsnät för andra varor handlade online Hållbarhet Cibus har ett helhetsperspektiv på hållbarhet.”

Annual report 2024A · The company itself

“— Butiksnätverket bildar ett strategiskt distributionsnät som är idealiskt för post- och andra tjänster, vilket gynnas av ökad e-handel. — Portföljens stabila kassaflöde som möjliggör den månadsvisa utdelningen. — Genomsnittlig återstående avtalstid på cirka 5 år. — Marknadsledande hyresgäster inom daglivaruhandeln såsom Kesko, Tokmanni, Coop Sverige, S-gruppen, Rema 1000, Dagrofa och Lidl som är ankarhyresgäster i cirka 97 % av portföljens fastigheter. — Hyreskontraktens längd varierar och därmed löper kontrakten ut jämnt utspritt över tiden. — Ett stort antal fastigheter i samma storleksklass begränsar risken för en enskild tillgång.”

Annual report 2024A · The company itself

“Den fysiska detaljhandeln har varit under tryck från e-handeln då allt fler konsumenter väljer att handla över nätet. Detta gäller dock inte segmentet livsmedelshandel och dagligvaror där e-handelns andel av den totala handelsvolymen i Norden är fortsatt relativ låg av total volym.”

Annual report 2024A · The company itself

“Lägst volym av e-handel har Norge med 2,2 % e-handel av total livsmedelhandel. Finlands andel är 3,1 % och Sveriges andel ligger fortsatt stabilt på 4,1%. Högst andel e-handel av livsmedel har Danmark med 6,5% av total handel.”

Annual report 2024A · The company itself

“Livsmedelsbutikerna är ofta ett distributionsnät för övrig e-handel. När kunderna hämtar sina livsmedel hos butiken är det naturligt att även hämta övrig e-handel. Detta är något som livsmedelsbutikerna ser som positivit då antalet potentiella kunder till den fysiska livsmedelsbutiken ökar.”

Annual report 2024A · The company itself

“Oaktad hur de framtida köpmönster kommer se ut för den fysiska handeln och e-handel så lär Cibus affärsmodell stå stark.”

Annual report 2024A · The company itself

“The continuing trend of content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditional media distribution business models. As consumers increasingly turn to DTC streaming services in lieu of linear video services, which continue to experience accelerated net customer losses, our video customers and video revenues, and linear television network subscriber fees received from video service providers, each decrease.”

Annual report 2025A · The company itself

“We compete for the sale of advertising time with digital properties, including an increasing number of ad-supported DTC streaming service providers as advertisers have shifted, and may continue to shift, a larger portion of their total expenditures to digital media. We also compete with other online content providers, such as social networking platforms and user-generated content providers, television networks and stations, and all other advertising platforms.”

Annual report 2025A · The company itself

“Peacock Peacock is our DTC streaming service, featuring NBCUniversal and third-party content. Programming includes exclusive Peacock originals, current NBC, Bravo and Telemundo shows, news, late-night comedy, live sports and a library of television shows and movies, as well as several live channels and a live stream of customers’ local NBC affiliate stations.”

Annual report 2025A · The company itself

“We offer Peacock in the United States directly to customers or through arrangements with third parties and our Residential Connectivity & Platforms segment, which offer Peacock to customers on our behalf.”

Annual report 2025A · The company itself

“Our ability to generate revenue from our marketplace business depends, in part, on our ability to attract users to our websites. Google, Bing, DuckDuckGo and other internet search engines drive traffic to our websites, including CoStar.com, the LoopNet Network, the Apartments.com Network, our Homes.com and OnTheMarket residential marketplaces, the Land.com Network, and BizBuySell Network.”

Annual report 2025A · The company itself

“For example, in February 2024, we launched our Homes.com monetization strategy. We have incurred, and expect to continue to incur, significant costs to develop and market Homes.com. If we are unable to attract and retain agent subscribers and consumers, we may not be able to execute our growth plans or recognize a return on the investments we have made into Homes.com.”

Annual report 2025A · The company itself

“We continue to invest significantly in sales and marketing as we seek to grow the numbers of users of, subscribers to and advertisers on, our marketplaces.”

Annual report 2025A · The company itself

“Our success depends on our clients’ confidence in the comprehensiveness, accuracy, and reliability of the data and analysis we provide. Establishing and maintaining accurate and reliable data and analysis is challenging. If our data, including the data we obtain from third parties or directly from brokers through the Marketing Center feature on CoStar and LoopNet, or analysis is not current, accurate, comprehensive, or reliable, we could experience reduced demand for our services or be subject to legal claims by our customers, either of which could result in lower revenue and higher expenses.”

Annual report 2025A · The company itself

“We may be unable to increase awareness of our brands, including CoStar, LoopNet, Matterport, BizBuySell, STR, Apartments.com, Homes.com, Land.com, OnTheMarket, and Domain which could adversely affect our business. We rely heavily on our brands, which we believe are key assets of our company. Awareness and differentiation of our brands are important for attracting and expanding the number of users of, and subscribers to, our online marketplaces, such as the LoopNet Network, the Apartments.com Network, the Homes.com, OnTheMarket residential marketplaces, the Land.com Network, and Domain.”

Annual report 2025A · The company itself

“We depend on processing vendors to process a significant number of credit and debit card transactions and ACH payments, for payments made to us directly by customers for our services, by renters to landlords using our online leasing services, or by real estate agents to purchase our Homes.com services.”

Annual report 2025A · The company itself

“Internet search engines drive traffic to our platform and our new user growth could decline if we fail to appear prominently in search results. Our success depends in part on our ability to attract consumers through Internet search results on search engines like Google. The number of consumers we attract to our platform from search engines is due in large part to how and where our websites rank in unpaid search results.”

Annual report 2025A · The company itself

“Search engines may also adopt a more aggressive auction-pricing system for keywords that would cause us to incur higher advertising costs or reduce our market visibility to prospective consumers.”

Annual report 2025A · The company itself

“The Company's primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, the "Marketplaces"), and its Commerce Platform. The Company's Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.”

Annual report 2025A · The company itself

“e-commerce continued to grow, especially out of China, impacting the available air freight capacity”

Annual report 2025A · The company itself

“The air freight market was impacted by changes to the de minimis exemption regulations in the US, particularly the low-cost e-commerce segment, shifting capacity and volumes to other markets.”

Annual report 2025A · The company itself

“Growth in e-commerce Consumer behaviour is becoming increasingly digital, sending fulfilment centre and last-mile delivery activities skyward. During 2025, e-commerce continued to grow, especially out of China, impacting the available air freight capacity.”

Annual report 2025A · The company itself

“We expect higher growth into European markets after the US cancelled the de minimis exemption. This could have an impact on the available air freight capacity and freight rates over the coming period.”

Annual report 2025A · The company itself

“The air freight market remained relatively stable, despite new regulations with the de minimis exemption being withdrawn in the USA, which had only minor direct impact on DSV due to our limited air freight exposure to e-commerce.”

Annual report 2025A · The company itself

“At the same time, shifts in customer expectations, including the rise of direct carrier-to-client models and e-commerce growth, are reshaping the competitive landscape. Digitalisation, automation and evolving sustainability demands are driving supply chains to become more localised, flexible and efficient.”

Annual report 2025A · The company itself

“We see growth opportunities within the dynamic e-commerce landscape, especially in Contract Logistics, where we are focusing on establishing automated e-fulfilment centres and customised solutions for large customers, based on our e-commerce “plug & play” warehouse concept.”

Annual report 2025A · The company itself

“Moreover, new technologies have been, and will likely continue to be, developed that further increase the number of competitors we face with respect to video services, including, but not limited to, competition from piracy-based video offerings. These developments, among others, have contributed to intense and increasing competition, which we expect to continue.”

Annual report 2025A · The company itself

“We face increasing competition from content providers and other companies who distribute video directly to consumers over the Internet. These content providers and other companies, as well as traditional satellite television providers, cable companies and large telecommunication companies, are rapidly increasing their Internet-based video offerings.”

Annual report 2025A · The company itself

“In particular, through technological advancements and with the large increase in the number of consumers with broadband service, a significant amount of video content has become available through online content providers for users to stream and view on their personal computers, televisions, phones, tablets, video game consoles and other devices, in some cases without a fee required to access the content. While our subscribers can use their traditional video subscription to access mobile programming, an increasing number of subscribers are also using mobile devices as the sole means of viewing video, and an increasing number of non-traditional video providers is developing content and technologies to satisfy that demand, including, but not limited to, certain exclusive content.”

Annual report 2025A · The company itself

“New technologies, products and services are driving rapid changes in consumer behavior as consumers seek more control over when, where and how they consume content and access communication services. In particular, through technological advancements and with the large increase in the number of consumers with broadband service, a significant amount of video content has become available through online content providers for users to stream and view on their personal computers, televisions, phones, tablets, video game consoles and other devices, in some cases without a fee required to access the content.”

Annual report 2025A · The company itself

“With respect to our Pay-TV business, we rely upon the ability of consumers to access our SLING TV services and certain DISH TV functionality through the Internet. If network operators block, restrict, slow-down or throttle or otherwise impair access to our services over their networks, our business could be negatively affected. To the extent that network operators implement usage-based pricing including, but not limited to, meaningful bandwidth caps, or otherwise try to monetize access to their networks by data providers, we could incur greater operating expenses and our SLING TV subscriber count could be negatively impacted.”

Annual report 2025A · The company itself

“In addition, certain content providers have begun making a greater percentage of their content available as a stand-alone product available direct-to-consumer and acceleration of this trend may result in lower net Pay-TV subscriber additions, higher net Pay-TV subscriber losses and increased DISH TV churn rate.”

Annual report 2025A · The company itself

“The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”).”

Annual report 2025A · The company itself

“A shift in retail shopping from brick and mortar stores to online shopping may have an adverse impact on our cash flow, financial condition and results of operations. Many retailers operating brick and mortar stores have made online sales a vital piece of their business.”

Annual report 2025A · The company itself

“Consumers’ increasing viewership through direct-to-consumer offerings has contributed to industry-wide declines in subscribers to MVPD services over the last several years. These declines are expected to continue and possibly accelerate in the future. If consumers increasingly favor alternative offerings over MVPD subscriptions, the Company may continue to experience a decline in viewership and demand for the programming on its networks. The Company’s distribution and advertising revenues have been negatively impacted by these trends, and these negative effects could continue and accelerate in the future.”

Annual report 2026A · The company itself

“The evolution of consumer preferences toward direct-to-consumer streaming offerings and other digital products and the increasing number of entertainment choices has intensified audience fragmentation and reduced viewership through traditional linear distribution models. This has caused ratings and viewership declines for television networks, including some of our networks.”

Annual report 2026A · The company itself

“Also contributing to this increase was continued digital growth led by the Tubi AVOD service.”

Annual report 2026A · The company itself

“Dessa villkor styr marknadsföring, leverans och hantering av spel i följande appbutiker: Apple App Store, Google Play, Amazon Appstore, Microsoft Store samt Mac App Store.”

Annual report 2024A · The company itself

“Ledningen har, förutom spelutveckling och marknadsföring, fokuserat på fortsatta förbättringar av G5:s egen butik, G5 Store, vilket haft kraftigt positiv påverkan på bolagets omsättning från plattformen samt förbättringar inom bolagets interna processer för att mer effektivt kunna uppdatera, förbättra och analysera portföljen av F2P spel.”

Annual report 2024A · The company itself

“Vi vil fortsette å dra nytte av vår netthandelsposisjon når kundene i økende grad orienterer seg i digitale kanaler for kjøp av både fysiske bøker, e-bøker og lydbøker.”

Annual report 2024A · The company itself

“Vuosikertomus 2025 Markkinointi-investoinnit ja resursointi Suomessa toimivat yritykset käyttävät markkinointiin keskimäärin 6,9 % liikevaihdostaan. Investointien painopiste on vahvasti digitaalinen, ja mediabudjeteista jo 76 % kohdistuu onlinekanaviin.”

Annual report 2025A · The company itself

“Vuosikertomus 2025 Konsernin liiketoiminnan muodostavat alansa johtavat brändit Digitaalisen toteutuksen edelläkävijä.”

Annual report 2025A · The company itself

“Den globala e-handeln återgick till sin långsiktiga och stabila trend om en tillväxt på mellan sex och nio procent per år, och de stora globala aktörerna inom e-handel och logistik började planera för att åter expandera eller förnya sin utrustning. – Det gjordes stora investeringar i ny kapacitet i samband med pandemin för att möta en kraftigt ökad efterfrågan.”

Annual report 2024A · The company itself

“Idag är Caljan global ledare på en marknad i långsiktigt stark tillväxt. Kort om caljan Caljan är en ledande leverantör av utrustning, lösningar och tjänster som optimerar lastningsoch lossningsprocesser inom logistik. Caljan stödjer kunder i många delar av deras leveranskedja, vanligtvis centrerad kring e-handel, post och distribution.”

Annual report 2024A · The company itself

“Our reliance on this platform subjects us to risks largely outside of our control, including changes in pricing, algorithms, listing prioritization, data access, advertising formats, contractual terms, or policies governing the display or distribution of our listings. Any adverse changes to these factors could reduce lead volume or quality, increase our marketing and customer acquisition costs, or impair our ability to convert prospects into residents, any of which could materially and adversely affect our operating results and cash flows.”

Annual report 2025A · The company itself

“We rely heavily on third-party digital marketing and residential listing platforms to generate leasing leads for our homes. A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination. As a result, our ability to attract residents, maintain occupancy levels, and efficiently lease our homes is materially dependent on the continued effectiveness, availability, and commercial terms of that platform.”

Annual report 2025A · The company itself

“We offer choice, control, and engagement options to our prospective and existing residents by providing a mobile-responsive website, an iOS app, and an Android app. Prospective residents can browse homes available for lease, take virtual tours, request additional information, and apply to lease a specific home. Our existing residents have the added convenience of requesting maintenance services, paying rent, and learning about value-add services – all from their digital platform of choice.”

Annual report 2025A · The company itself

“Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, and other forms of marketing goods, such as direct mail and internet marketing, all of which could (i) reduce rents payable to us, (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.”

Annual report 2025A · The company itself

“Many of our tenants face strong competition from e-commerce and other sources that could cause them to reduce their size, limit the number of locations and/or suffer a general downturn in their businesses and ability to pay rent. We may also fail to anticipate the effects of changes in consumer buying practices, particularly of online sales and the resulting change in retailing practices and space needs of our tenants, which could have an adverse effect on our results of operations and cash flows.”

Annual report 2025A · The company itself

“Some of the major national and regional companies that are tenants in the Company's shopping center properties include The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, Albertsons Companies, Inc., PetSmart, The Home Depot, Ahold Delhaize, Dick's Sporting Goods, and Kroger.”

Annual report 2025A · The company itself

“Our products are sold in highly competitive marketplaces, including e-commerce retailers, large-format retailers, and discounters. Competition amongst retailers may create consumer price deflation, affecting our retail customer relationships and presenting additional challenges to increasing prices in response to commodity or other cost increases.”

Annual report 2025A · The company itself

“In addition, technology-based systems, which give consumers the ability to shop through e-commerce websites and mobile commerce applications, are also significantly altering the retail landscape in many of our markets. If we are unable to adjust to developments in these changing landscapes, we may be disadvantaged in key channels and with certain consumers, which could materially and adversely affect our product sales, financial condition, and operating results.”

Annual report 2025A · The company itself

“In addition, if we do not successfully develop and maintain a relevant digital experience for our customers, our business, financial condition, results of operations or cash flows could be adversely affected. Digital retailing is rapidly evolving, and we must keep pace with new developments by our competitors, as well as the changing needs and preferences of our customers. We must compete by offering a convenient shopping experience for our customers, regardless of how they choose to shop with us, and by providing and maintaining relevant customer-facing apps and interfaces that have the features customers want that are also reliable and easy to use.”

Annual report 2026A · The company itself

“Our strategy is focused on growing households and increasing customer loyalty by delivering great value and convenience, and investing in Fresh, Our Brands, Personalization and eCommerce.”

Annual report 2026A · The company itself

“eCommerce ​ We offer a convenient shopping experience for our customers regardless of how they choose to shop with us, including Pickup and Delivery. We offer Pickup and Harris Teeter ExpressLane™ — personalized, order online, pick up at the store services — at 2,408 of our supermarkets and provide Delivery, which allows us to offer digital solutions to substantially all of our customers. Our Delivery solutions include orders delivered to customers from retail store locations, customer fulfillment centers and orders placed through third-party platforms. These channels allow us to serve customers anything, anytime and anywhere with broad selection, convenience, and price.”

Annual report 2026A · The company itself

“The foundation of our value creation model is our omnichannel retail business, including fuel and health and wellness. By executing on our go-to-market strategy built on Fresh, Our Brands, Personalization and eCommerce, we are creating a shopping experience that builds loyalty and grows sales.”

Annual report 2026A · The company itself

“eCommerce sales increased 16% compared to 2024. Excluding the effect of fulfillment center exits in markets where Kroger does not operate stores, the sale of Vitacost.com, and the discontinuation of Ship Marketplace, eCommerce sales increased 17% compared to 2024. eCommerce sales include products ordered online and picked up at our stores and our Delivery solutions.”

Annual report 2026A · The company itself

“Group online growth excluding Skincity was 11.2% (currency neutral)”

Annual report 2026A · The company itself

“Onlinefirst players continue to expand reach, and competitive intensity is increasing as international entrants scale in the region”

Annual report 2026A · The company itself

“34% of revenue was generated through Matas Group’s online channels”

Annual report 2026A · The company itself

“Cross-border e-commerce and parallel imports have increased, raising price transparency and intensifying price pressure.”

Annual report 2026A · The company itself

“E-commerce acceleration: Significant shift of beauty and wellness category to e-commerce leading to pricing and delivery pressure, where e-commerce pure-players are at an advantage due to lowercost operating model.”

Annual report 2026A · The company itself

“Matas continued to deliver stable growth, supported by a strong value proposition, continued expansion of the assortment and solid performance online.”

Annual report 2026A · The company itself

“Cl oser to you We continued to invest in both our physical and digital presence. Across the Nordics, we opened and expanded stores, while also improving the online experience through faster delivery, stronger content and increased personalisation.”

Annual report 2026A · The company itself

“Online performance was positive despite a softer market backdrop. Group online growth excluding Skincity was 11.2% (currency neutral), driven by Matas online growth of 12.7%, while KICKS online (excluding Skincity) grew 8.4%.”

Annual report 2026A · The company itself

“Online sales were up by DKK 258 million or 9.4% (8.2% currency neutral) and 11.2% excluding Skincity for full-year 2025/26. Matas online Sales channels At 31 March 2026, Matas consisted of 264 physical stores (31 March 2025: stores) – 263 stores in Denmark and one on the Faroe Islands.”

Annual report 2026A · The company itself

“Strong omnichannel leadership position Through a combination of 500 stores and >30% of revenue from online, Matas Group is the Nordic leader in beauty and wellbeing.”

Annual report 2026A · The company itself

“We have also seen significant expansion across the United States and internationally in legalized forms of iGaming and online sports betting and expect additional jurisdictions will likely legalize iGaming and online sports betting in the future as well as a rise in illegal forms of iGaming and online sports betting, such as sweepstakes, offshore operators and gray market operators. We participate in the iGaming and online sports betting market through our MGM Digital segment and through our BetMGM North America Venture, both of which face significant competition from other industry participants as well as the broader gaming and entertainment industries.”

Annual report 2025A · The company itself

“We also believe that through our online gaming operations, we can create a scaled global online gaming business.”

Annual report 2025A · The company itself

“The rapid growth of some channels, such as discounters and digital commerce, may impact our current operations or strategies more quickly than we planned for, create consumer price deflation, alter the buying behavior of consumers or disrupt our retail customer relationships. We may need to increase or reallocate spending on existing and new distribution channels and technologies, marketing, advertising and new product innovation to maintain or increase revenues, market share and brand significance.”

Annual report 2025A · The company itself

“Retail customers might also adopt these tactics in their dealings with us in response to the significant growth in online retailing for consumer products, which is outpacing the growth of traditional retail channels.”

Annual report 2025A · The company itself

“We are also focused on boosting digital commerce and on our digital transformation program that will help us to meet consumer demand and generate incremental sales opportunities. •Build a winning growth culture.”

Annual report 2025A · The company itself

“We will be disadvantaged if we are not able to effectively leverage developing online channels such as direct-to-consumer and electronic business-to-business commerce.”

Annual report 2025A · The company itself

“We also sell products directly to businesses and consumers through various pure play e-retail platforms, retailer digital platforms, our direct-to-consumer websites and social media platforms.”

Annual report 2025A · The company itself

“Our beverage and convenient food products compete primarily on the basis of brand recognition and loyalty, taste, price, value, quality, product variety, innovation, distribution, shelf space, advertising, marketing and promotional activity (including digital), packaging, convenience, service and the ability to anticipate and effectively respond to consumer preferences and trends, including increased consumer focus on health and wellness and sustainability and the continued acceleration of e-commerce and other methods of distributing and purchasing products.”

Annual report 2025A · The company itself

“The retail landscape continues to evolve, including continued growth in e-commerce channels and hard discounters.”

Annual report 2025A · The company itself

“Retail Landscape Our industry continues to be affected by disruption of the retail landscape, including the continued growth in sales through e-commerce websites and mobile commerce applications, including through subscription services, the integration of physical and digital operations among retailers and the international expansion of hard discounters. We have seen and expect to continue to see a further shift to e-commerce, online-to-offline and other online purchasing by consumers.”

Annual report 2025A · The company itself

“In addition, our business can be adversely affected if we are unable to profitably expand direct-to-consumer e-commerce capabilities.”

Annual report 2025A · The company itself

“Our business will be adversely affected if we are unable to maintain and develop successful relationships with e-commerce retailers and hard discounters, while also maintaining relationships with our key customers operating in traditional retail channels (many of whom are also focused on increasing their e-commerce sales). Our business can be adversely affected if e-commerce channels and hard discounters take significant additional market share away from traditional retailers or we fail to find ways to create increasingly better digital tools and capabilities for our retail customers to enable them to grow their businesses.”

Annual report 2025A · The company itself

“På lång sikt väntas onlinemarknaden växa med cirka 10 procent per år, eftersom dess andel av den totala marknaden förväntas öka.”

Annual report 2024A · The company itself

“Även om marknaden bedöms ha varit mer positiv under 2024 än under de föregående två åren präglades den fortfarande av hög osäkerhet, men vi bedömer att onlinemarknaden på längre sikt kommer att återgå till en årlig tillväxt på cirka 10 procent, vilket är i linje med den marknadsanalys som vi lät göra under 2022.”

Annual report 2024A · The company itself

“Tillväxt genom den strukturella övergången till näthandel Pierces marknad genomgår fortsatt ett strukturellt skifte från traditionella fysiska butiker till onlinebutiker, och när marknadsvillkoren har normaliserats förväntas marknaden online växa med i genomsnitt 10 procent per år .”

Annual report 2024A · The company itself

“Pierces långsiktiga mål är att skaffa sig en obestridlig ledande ställning som e-handlare på den europeiska marknaden för utrustning, reservdelar och tillbehör till motorcyklister.”

Annual report 2024A · The company itself

“Intäkter från avtal med kunder Koncernens intäkter utgörs uteslutande av försäljning av varor via webbplatser. All försäljning sker med villkor om 60 dagars öppet köp samt med villkor om lägsta prisgaranti.”

Annual report 2024A · The company itself

“Då koncernen erbjuder sina kunder öppet köp under 60 dagar erbjuder Pierce en ångerrätt utöver den som krävs vid försäljning vid ehandel enligt tillämplig lagstiftning i EU (såsom den svenska distansköplagen och konsumentköplagen samt motsvarande lagar i andra jurisdiktioner). Koncernen redovisar en avsättning för den del av intäkterna som vid försäljningstillfället anses osäker med tanke på en eventuell framtida retur. För att bedöma osäkerheten använder koncernen statistiska modeller som bygger på historiska kunddata.”

Annual report 2024A · The company itself

“Pierce Group AB (publ) 51 grupperade proportionerligt under 24MX, XLMOTO samt Sledstore och avser produktmärkena, det vill säga de egna varumärkena 24MX, A9 Racing Oils, Course, Proworks, Raven, Razorback Tires, Ride & Sons, Sledstore, Snell, Twenty och XLMOTO. Under det fjärde kvartalet 2023 beslutade koncernen att avveckla några av de egna varumärken och slå ihop dess produkter med de återstående varumärkena. Värdet av dessa varumärken kommer att skrivas av till och med det andra kvartalet 2026.”

Annual report 2024A · The company itself

“Ett ledande europeiskt e-handelsbolag Pierce är ett ledande e-handelsbolag som säljer utrustning, reservdelar och tillbehör till motorcyklister och snöskoteråkare i hela Europa.”

Annual report 2024A · The company itself

“Erbjudande, strategier och finansiella mål Erbjudande Erbjudande till kunderna Pierce är en ledande e-handlare på den europeiska marknaden för utrustning, delar och tillbehör för motorcykelåkare och har cirka 1,0 miljon aktiva kunder.”

Annual report 2024A · The company itself

“Koncernens indelning i segment baseras på den interna strukturen av koncernens affärsverksamheter, vilket innebär att koncernens verksamhet har delats in i tre rapporteringssegment: Offroad, Onroad och Övrigt. ▪ Offroad: försäljning till motocross- och enduroåkare under varumärket 24MX. ▪ Onroad: försäljning till kunder som kör motorcyklar på trafikerade vägar. Försäljningen sker under varumärket XLMOTO. ▪ Övrigt: försäljning till snöskoteråkare under varumärket Sledstore. Segmentet Övrigt inkluderade tidigare också försäljningen via Pierces fysiska butik i Stockholm, som stängdes i slutet av 2023.”

Annual report 2024A · The company itself

“In 2025 the sustained increase in consumer parcel volumes in eCommerce and Delivery Services continued, driven by recommerce. This was consistent with the previous quarters.”

Annual report 2025A · The company itself

“Print mail continues to decline, while parcel and logistics markets are expected to grow.”

Annual report 2025A · The company itself

“Driven by recommerce, the total number of parcels delivered by Posti in Finland and the Baltic countries increased by 7.0% in 2025, with growth accelerating quarter by quarter.”

Annual report 2025A · The company itself

“Driven by recommerce, the total number of parcels delivered by Posti in Finland and the Baltic countries increased by 7.0% (2.3%) to 71.5 (66.8) million.”

Annual report 2025A · The company itself

“Parcel volumes increased, and especially the recommerce volumes grew in Finland, which impacted net sales positively. Lower demand in B2B and pick-up and delivery services in the freight business decreased total net sales due to the stagnant macroeconomic environment and overall low consumer confidence, however the activity increased toward the end of the year.”

Annual report 2025A · The company itself

“Growth in ecommerce, both domestically and internationally, continues to support the expansion of the parcel market.”

Annual report 2025A · The company itself

“In the parcel business, the increased competition in both B2B and B2C parcels, combined with the competitors’ network expansions, may pose challenges to Posti and have negative implications for market prices or Posti’s market share.”

Annual report 2025A · The company itself

“Competition in the parcel market in both Finland and the Baltics is expected to remain intense.”

Annual report 2025A · The company itself

“It cannot be guaranteed that Posti is able to transform its business, create growth in other businesses, streamline its operations and costs in a timely manner, and maintain profitability while adjusting to the continuously decreasing postal volumes.”

Annual report 2025A · The company itself

“We make logistics effortless by providing all services from transportation to fulfillment and goods handling under the same roof. We help our customers achieve results, whether it’s a smooth everyday life, profitability, a fossil-free future or an ecommerce experience.”

Annual report 2025A · The company itself

“Our nationwide delivery network in Finland creates network synergies between Postal Services and eCommerce and Delivery Services. eCommerce and Delivery Services is one of Posti’s growth engines.”

Annual report 2025A · The company itself

“The eCommerce and Delivery Services is one of the cornerstones of Posti’s growth. Posti’s goal is to strengthen our position in Finland and the Baltic countries by growing our next-day parcel locker deliveries.”

Annual report 2025A · The company itself

“In 2025, we continued to expand our service point network. We opened almost 500 new or expanded parcel lockers and added more than 31,000 lockers in Finland.”

Annual report 2025A · The company itself

“The Group’s key priorities are commercial growth, stronger network synergies, and improved operational efficiency.”

Annual report 2025A · The company itself

“Businesses eCommerce and Delivery Services The eCommerce and Delivery Services business’s offering covers parcel delivery services in Finland and the Baltic countries and freight and certain value-add services in Finland. The segment is one of the cornerstones of Posti’s growth.”

Annual report 2025A · The company itself

“Net sales in the eCommerce and Delivery Services segment remained at previous year level and was EUR 640.9 (640.9) million.”

Annual report 2025A · The company itself

“Business model and the value chain Posti’s business is segmented into three Business Groups: eCommerce and Delivery Services; Fulfillment and Logistics Services; and Postal Services. Posti enhances customers’ everyday lives by offering a comprehensive range of services, including parcels, freight, warehousing, in-house logistics, and postal services.”

Annual report 2025A · The company itself

“Logistics real estate demand is driven by the essential role supply chains play in the global economy and heightened by several long-term structural factors. These include: (i) customers repositioning their supply chains to meet rising e-commerce penetration and service expectations; (ii) growth in global consumption; (iii) an increased focus on supply chain efficiency and resiliency; and (iv) the need for modern, well-located facilities to support evolving distribution and fulfillment requirements. We believe these factors will continue to support demand for logistics space and relatively low vacancy rates over the long term.”

Annual report 2025A · The company itself

“Customers At December 31, 2025, in our Real Estate Segment representing our consolidated properties, we had more than 4,000 customers occupying 649 million square feet of logistics operating properties (6,500 customers occupying 1.3 billion square feet for our O&M portfolio). Our broad customer base represents a spectrum of international, national, regional and local logistics users who operate across various industries, providing diverse goods to consumers throughout the globe.”

Annual report 2025A · The company itself

“Our properties are typically used for distribution, storage, packaging, assembly and light manufacturing of consumer products. The vast majority of our operating properties are used by our customers for retail and online fulfillment and business-to-business transactions.”

Annual report 2025A · The company itself

“Risk Factors Related to Operating Retail-Based Shopping Centers Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up, as well as autonomous delivery systems, may adversely impact our revenues, results of operations, and cash flows. Retailers with brick and mortar stores face the risk of the impact of e-commerce and changes in customer buying habits, including shopping from home, the delivery or curbside pick-up of items ordered online, and various experimental retail experiences. Retailers are constantly considering these customer buying habits and other trends when making decisions regarding their brick and mortar stores and how they will compete and innovate in a rapidly changing retail environment.”

Annual report 2025A · The company itself

“Many retailers in our shopping centers provide services or sell goods which have historically been less likely to be purchased online; however, the continuing change in customer buying habits, including e-commerce sales in all retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores. For example, our grocer tenants are incorporating e-commerce concepts through third-party delivery platforms, home delivery and curbside pick-up, which could reduce foot traffic at our centers. Autonomous delivery systems, drone deliveries, and robotic fulfillment centers could also reduce the need for strategically located retail space.”

Annual report 2025A · The company itself

“Certain department stores and other national retailers have experienced, and may continue to experience for the foreseeable future (given uncertainty with respect to current and future macroeconomic conditions and consumer confidence levels), considerable decreases in customer traffic in their retail stores, increased competition from alternative retail options such as those accessible via the Internet and other forms of pressure on their business models. As pressure on these department stores and other national retailers increases, their ability to maintain their stores, meet their obligations both to us and to their external lenders and suppliers, withstand takeover attempts or avoid bankruptcy and/or liquidation may be impaired and result in closures of their stores or their seeking of a lease modification with us.”

Annual report unknown yearA · The company itself

“Among other causes, (1) an increased number of bankruptcies of anchor stores and other national retailers, as well as store closures may occur, and (2) there may be lower demand from retail tenants for space, due to certain retailers increasing their use of e-commerce websites to distribute their merchandise.”

Annual report unknown yearA · The company itself

“The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping. Although a brick-and-mortar presence may have a positive impact on retailers’ online sales, the increased utilization of pure online shopping may lead to the closure of underperforming stores by retailers, which could impact our occupancy levels and the rates that tenants are willing to pay to lease our space.”

Annual report unknown yearA · The company itself

“We also have interests in investments in retail operations (such as Catalyst Brands LLC); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.”

Annual report unknown yearA · The company itself

“Sleep Cycles produkt säljs främst genom två plattformar och är därmed beroende av dessa aktörer för att behålla och attrahera nya prenumeranter, att endast förlita sig på två distributörer innebär en risk både för distribution av produkten och Sleep Cycles tillväxt.”

Annual report 2024A · The company itself

“Att Sleep Cycle är den mest nedladdade appen inom sömnapplikationer och har ett starkt organiskt inflöde av nya kunder är ett bevis på att Sleep Cycle uppfattas som det bästa alternativet på en global marknad.”

Annual report 2024A · The company itself

“Det är den högsta kvartalssiffran i Stendörrens historia och ett tydligt kvitto på en stark efterfrågan på moderna verksamhetslokaler i våra urbana lägen.”

Annual report 2024A · The company itself

“En växande e-handel ger ökad efterfrågan på logistikoch lagerfastigheter, särskilt i urbana lägen, för att möta konsumenternas efterfrågan på korta leveranstider.”

Annual report 2024A · The company itself

“Lager-, logistik- och industrifastigheter har på senare år blivit ett av de mer transaktionsintensiva segmenten inom fastighetssektorn, vilket är delvis drivet av e-handeln och dess behov av lagerutrymme och logistikyta.”

Annual report 2024A · The company itself

“E-handeln fortsätter att vara en central drivkraft för segmentet, med ökande krav på moderna lagerlösningar nära urbana områden för att möjliggöra snabba leveranser.”

Annual report 2024A · The company itself

“Digitaliseringens framsteg och e-handelns expansion har också radikalt förändrat konsumenternas köpbeteende. E-handelns tillväxt innebär att allt fler konsumenter förväntar sig snabb och smidig leverans, vilket ställer krav på logistiksektorn att leverera med högre precision och snabbare än någonsin.”

Annual report 2024A · The company itself

“In addition, platform providers, such as Sony and Microsoft, control the networks over which consumers purchase digital products and services for their platforms and through which we provide online game capabilities for our products. The control that these platform providers have over consumer access to our games, the fee structures and/or retail pricing for products and services for their platforms and online networks and the terms and conditions under which we do business with them could impact the availability of our products or the volume of purchases of our products made over their networks and our profitability.”

Annual report 2026A · The company itself

“The increasing importance of digital sales and free-to-play games to our business exposes us to the risks of that business model, including greater competition. The proportion of our revenues derived from digital content delivery, as compared to traditional retail sales, has increased significantly in recent years.”

Annual report 2026A · The company itself

“We derive revenues from advertisements and offers that are incorporated into our free-to-play games through relationships with third parties. If we are unable to continue to compete for these advertisements and offers, or if any events occur that negatively impact our relationships with advertisers, such as adverse litigation, regulatory investigations, federal or state legislation that requires more device settings to opt-out of advertising, analytics, data sharing with third party services or other changes made by these third parties, our advertising revenues and operating results would be negatively impacted.”

Annual report 2026A · The company itself

“We derive revenue from advertisements and offers we serve to players. We need to maintain good relationships with advertisers to provide us with a sufficient inventory of advertisements and offers.”

Annual report 2026A · The company itself

“We distribute our titles, add-on content, and in-game purchases through direct digital download to consoles, PCs, and mobile devices.”

Annual report 2026A · The company itself

“RISK FACTORS Table of Contents Index to Financial Statements Consumers continue to migrate to digital channels and seek out multiple fulfillment options, which has affected the ways we attempt to differentiate ourselves. Since consumers can quickly comparison shop using digital tools, they may make decisions based solely on price or convenience, which could limit our ability to differentiate from our competitors.”

Annual report 2026A · The company itself

“Roundel, our in-house retail media network, offers advertising services on a variety of digital platforms primarily to our merchandise vendors, either directly or via advertising agencies, and Target Plus third-party sellers to promote their products and services.”

Annual report 2026A · The company itself

“WWE has entered partnerships with major distribution networks, such as Netflix, Versant/USA Network, and the CW, to distribute content across the U.S. Since January 2025, Netflix has been the exclusive global home to Raw.”

Annual report 2025A · The company itself

“Across our portfolio, we have agreements with leading distributors, including Paramount, Disney’s ESPN, Netflix, Versant, the CW, Rogers Sportsnet, WBDSports, and DAZN, among others, enabling our content to reach audiences around the globe.”

Annual report 2025A · The company itself

“The markets for beauty and wellness products and salon services are highly competitive with few barriers to entry. With regard to beauty and wellness products, we compete against a diverse group of retailers, both small and large, including mass merchandisers, specialty retailers, online capabilities of national retailers, pure-play e-commerce companies, online marketplaces (including those operated by social media platforms), and drug stores.”

Annual report 2026A · The company itself

“UB MarketplaceTM ​ In fiscal 2025, the Company launched UB MarketplaceTM, an integrated online marketplace accessible through Ulta U.S.’s e-commerce channels. The marketplace enables Ulta U.S. to expand its assortment for its guests and offer a broader and complementary array of beauty, wellness, and lifestyle products from both established and 7 Table of Contents emerging brands with minimal inventory risk to its business.”

Annual report 2026A · The company itself

“We offer most of our beauty products for sale through our Ulta.com website and through our mobile applications.”

Annual report 2026A · The company itself

“Our e-commerce operations are increasingly important to our business. The Ulta.com website and our mobile applications serve as an effective extension of our marketing and prospecting strategies by exposing potential new guests to the Ulta Beauty brand, product offerings, and enhanced content.”

Annual report 2026A · The company itself

“Ökad efterfrågan på transporter är en tydlig, långsiktig trend som drivs av befolkningstillväxt, urbanisering och ökande e-handel.”

Annual report 2024A · The company itself

“Vidare har den starka tillväxten inom e-handel bidragit positivt till divisionens affär då Ringfeder Power Transmissions kundanpassade lösningar finns i de stora automatiserade lagren som e-handeln använder.”

Annual report 2024A · The company itself

“Fastest Fulfilment – Rapid deliveries accelerating the shift to online Verkkokauppa.com continues to invest in seamless and convenient online shopping experiences to drive the transition from traditional retail to e-commerce. As the only operator in Finland, Verkkokauppa.com already delivers products to two million consumers within one hour.”

Annual report 2025A · The company itself

“Sales of products sold to customers through a store are recognized as revenue when the product is delivered, when control is transferred. If the customer has chosen delivery for the product, the sale is recognized as revenue when the customer gains control of the product.”

Annual report 2025A · The company itself

“Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, GenAI agent-based commerce, mobile payments, blockchain technology and digital currencies, including stablecoins. These advances are enabling new entrants, many of which depart from traditional network payment models.”

Annual report 2025A · The company itself

“Table of Contents Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.”

Annual report 2025A · The company itself

“Our VAS strategy, aimed at deepening our partnerships, has three areas of focus: (1) enhance Visa payments by making the Visa network easier to access, more attractive and more secure, increasing yield per transaction; (2) enable all payments by providing access and managing experiences for A2A, alternative payment methods and other card schemes; and (3) go beyond payments by helping clients optimize their payments businesses and achieve multiplier effects. We have made significant progress across each of these areas and offer more than 200 products and services as of September 30, 2025, many of which are designed to work together to deliver high-impact business outcomes.”

Annual report 2025A · The company itself

“Tap to Everything Since we introduced Tap to Pay technology 20 years ago, it has emerged as a preferred way to pay in the face-to-face environment. Tap to Pay adoption is growing and Tap to Pay has become the default way Visa cardholders pay, comprising 79% and 66% of all face-to-face transactions, globally and in the United States in fiscal 2025, respectively. In addition, we have activated more than 1,000 contactless public transport projects worldwide.”

Annual report 2025A · The company itself

“In addition, the Visa Cloud Token Framework is a cloud-based security technology program that expands token use cases to mobile wallets, ecommerce platforms and Internet of Things devices, all while adding fraud mitigation functionality. We continue to build new capabilities, such as Visa Payment Passkey, which links the token to the consumer’s device passkey information, adding another layer of security to the payment experience. Building on these capabilities, we are progressing beyond earlier implementations like Click to Pay, which provides a simplified and more consistent ecommerce checkout experience by removing time-consuming key entry of personal 8 Table of Contents information and enabling consumer and transaction data to be passed securely between payments network participants. Cross-Border We are a preferred global payments network for cross-border travelers in key markets, differentiated by our risk management and fraud prevention capabilities, including tokenization, and our cross-border currency and settlement capabilities, which include foreign exchange solutions.”

Annual report 2025A · The company itself

“In Cardholder Experiences, we cover a wide variety of use cases enabling issuers to offer payment experiences to their consumers, which in turn can help drive higher engagement and spend on Visa payment credentials. Our digital enablement solutions help issuers build and deploy new functionalities to their account holders, such as our subscription manager solution that offers an issuer’s consumers enhanced visibility into card-on-file transactions and the ability to manage or discontinue recurring payments. In addition, our Smarter Stand-In Processing uses AI to authorize transactions on behalf of issuers in the event of system outages or maintenance, while our digital enablement solutions allow issuers to easily build and deploy new functionalities for their customers.”

Annual report 2025A · The company itself

“Built on a cloud-based architecture, our Acceptance Platform solutions such as Cybersource and Authorize.net provide new and enhanced omnichannel payment integrations with ecommerce platforms, enabling sellers and acquirers to provide tailored commerce experiences with seamlessly embedded payments tools. Token Management Service, another example, helps simplify network token adoption, offers access and management for seller and acquiring clients, provides a single integration point into major card networks and is used standalone or easily integrated into other payment solutions For more information, see the Token Technology discussion above.”

Annual report 2025A · The company itself

“Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and sellers.”

Annual report 2025A · The company itself

“The retail business continues to rapidly evolve with consumers embracing the digital shopping experience and expecting a robust online marketplace of goods available for purchase and delivery. As a result, the portion of total consumer expenditures with retailers and wholesale clubs occurring through digital platforms is increasing and the pace of this increase could continue to accelerate.”

Annual report 2026A · The company itself

“("Walmart," the "Company" or "we") is a people-led, technology-powered omnichannel retailer dedicated to helping people around the world save money and live better by providing the opportunity to shop in both retail stores and through eCommerce, and to access our other service offerings.”

Annual report 2026A · The company itself

“Any disruption or failure on our part to provide attractive, user-friendly and secure digital platforms that offer a wide assortment of merchandise and services at competitive prices and with low cost and rapid delivery options and that continually meet the changing expectations of online shoppers and developments in online, digital, and agentic merchandising and related technology in a cost-efficient manner could place us at a competitive disadvantage, result in the loss of eCommerce and other sales, harm our reputation with customers, have a material adverse impact on the growth of our eCommerce business globally and have a material adverse impact on our business and results of operations.”

Annual report 2026A · The company itself

“Our digital platforms, which are increasingly important to our business and continue to grow in complexity and scope, and the systems on which they run, including those applications and systems used in legacy operations and acquired eCommerce, technology or other businesses, are regularly subject to cyberattacks. Those attacks involve attempts to impede the operations of our system or gain unauthorized access to our eCommerce websites (including marketplace platforms) or mobile commerce applications to obtain and misuse customers' or members' information including personal information and/or payment information, and related risks discussed in this Item 1A.”

Annual report 2026A · The company itself

“Shifting consumer preferences toward streaming services and other digital products and the increasing number of entertainment choices has intensified audience fragmentation and reduced content viewership through traditional linear distribution models. This has changed the landscape of traditional television advertising spending, prompting advertisers to shift their strategies, and ultimately advertising spend, toward streaming services and other digital products to reach target audiences.”

Annual report 2025A · The company itself

“% Change Total Domestic subscribers 59.2 57.1 4 % Total International subscribers 72.4 59.8 21 % Total Streaming subscribers 131.6 116.9 13 % Distribution revenue increased 5% in 2025, primarily attributable to a 13% increase year-over-year in subscribers as a result of continued growth and global expansion of HBO Max, including new distribution deals, partially offset by the impact of the previously disclosed domestic wholesale deal renewal that occurred in the second quarter of 2025.”

Annual report 2025A · The company itself

“We generate revenue from fees charged to distributors that carry our network brands and programming, including cable, direct-to-home (“DTH”) satellite, telecommunication and digital service providers, as well as through direct-to-consumer (“DTC”) subscription services (distribution revenue); the sale of advertising on our networks and digital platforms (advertising revenue); the release of feature films for initial exhibition in theaters, the licensing of feature films and television programs to various television, subscription video on demand (“SVOD”) and other digital markets, distribution of feature films and television programs in the physical and digital home entertainment markets, sales of console games and mobile in-game content, sublicensing of sports rights, and licensing of intellectual property such as characters and brands (content revenue); and other sources such as studio tours and production services (other revenue).”

Annual report 2025A · The company itself

“Revenues Distribution revenues are generated from fees charged to network distributors, which include cable, DTH satellite, telecommunications and digital service providers, and streaming subscribers. The largest component of distribution revenue is comprised of linear distribution rights to our networks from cable, DTH satellite, and telecommunication service providers.”

Annual report 2025A · The company itself

“■Our business could be adversely impacted by changes in consumer purchasing behavior, consumer preferences, technological changes, and market trends Consumer preferences for products and the methods in which they purchase products are constantly changing based on, among other factors, cost, performance, convenience, availability of government incentives, environmental and social concerns and perceptions. As consumer confidence changes, purchasing behavior may shift the product mix to lower priced models in the markets in which we participate or result in a shift to other distribution channels, for example e-commerce.”

Annual report 2025A · The company itself

“We sell our A. O. Smith branded water treatment products primarily through our water quality dealer network and Amazon.”

Annual report 2025A · The company itself

“Our Aquasana branded products are primarily sold directly to consumers through e-commerce channels.”

Annual report 2025A · The company itself

“We sell our products in approximately 8,700 points of sale in China, of which approximately 3,800 are retail outlets in tier one through tier three cities and approximately 1,400 exclusively sell our products. We also sell our products through e-commerce channels.”

Annual report 2025A · The company itself

“Container trade and logistics in 2025: Another year of robust demand Container trade The global container market saw solid growth in 2025 despite geopolitical turbulence and trade tensions, expanding at around 5% for the full year. In the first quarter, global container demand grew with support from all major import markets, including North America.”

Annual report 2025A · The company itself

“Landmark openings included the warehouse in Shanghai’s Lin-gang Pilot Free Trade Zone, the Mega Distribution Centre in Kuala Lumpur and new hubs in France, Senegal, Saudi Arabia, South Africa, Panama, Peru and the US.”

Annual report 2025A · The company itself

“Song We help our clients create new, hyper-personalized experiences and services that are intelligently designed to foster loyalty and drive growth by making customer interactions more compelling, useful, and simple from initial interaction through ongoing customer service. We also build the strong digital core that supports the customer agenda.”

Annual report 2025A · The company itself

“Andelen utomeuropeiska leverantörer inom forskning som erbjuder icke-exklusiva distributionsavtal ökar. Detta leder till en ökning av digital försäljning både från tillverkare direkt till kunder och distributörer som säljer över flera geografiska marknader.”

Annual report 2023A · The company itself

“We offer many of our products via a SaaS model or a managed services model (both of which are referred to as hosted or cloud-based) as well as through term subscription and pay-per-use models.”

Annual report 2025A · The company itself

“For marketing professionals, we unify creative production and marketing execution with comprehensive content supply chain solutions that deliver end-to-end customer experience orchestration solutions, automate workflows and personalize experiences and engagement at scale across channels. Centered around Adobe Experience Platform and apps and Adobe GenStudio, our offerings streamline the content supply chain and deliver agile, self-service capabilities and integrated workflows to collaborate effectively and efficiently produce high volumes of on-brand, personalized content to strengthen brand visibility.”

Annual report 2025A · The company itself

“Creative & Marketing Professionals Adobe Creative Cloud Pro Adobe Creative Cloud Pro is a cloud-based subscription to an ecosystem of apps that enables creative professionals and enthusiasts alike to express themselves and collaborate with apps and services for photography, design, video, social media, and more that connect across surfaces, platforms and geographies. Subscribers have access to cloud storage to easily sync, access, collaborate and share their work, files and assets.”

Annual report 2025A · The company itself

“Adobe Stock Adobe Stock provides designers and businesses with access to millions of high-quality, curated, royalty-free photos, vectors, illustrations, videos, templates, audio and 3D assets, for all their creative projects.”

Annual report 2025A · The company itself

“Adobe GenStudio Adobe GenStudio is an end-to-end, content supply chain solution for ideation, creation, production, activation, delivery, asset management, analytics and insights. It seamlessly brings together Adobe solutions and has integrations with third-party platforms, making it a powerful, connected solution for enterprise content operations.”

Annual report 2025A · The company itself

“Adobe Customer Journey Analytics brings a powerful set of analytics tools that allow our customers to interactively explore and visualize the end-to-end customer journey across multiple channels and utilize AI-powered insights, while making such analytics more accessible across their organization, to ensure that customer journeys flow seamlessly regardless of channel.”

Annual report 2025A · The company itself

“Adobe Experience Manager Adobe Experience Manager combines digital asset management with a content management system and an end-to-end digital document solution. Adobe Experience Manager Sites provides a content management and optimization system built on a scalable, cloud-native foundation to create and deploy personalized experiences across web, mobile and apps.”

Annual report 2025A · The company itself

“Adobe Commerce Adobe Commerce offers a highly customizable, end-to-end e-commerce platform to manage, personalize and optimize the commerce experience for physical and digital goods across every touchpoint by bringing together digital commerce, order management and predictive intelligence to enable engaging shopping experiences across B2B, B2C and direct-to-consumer.”

Annual report 2025A · The company itself

“Adobe Journey Optimizer Adobe Journey Optimizer is a scalable app built on Adobe Experience Platform that allows businesses to orchestrate and deliver personalized, connected customer journeys across any app, surface, screen, or channel across B2B and B2C. With this solution, brands can manage inbound customer engagement with outbound omnichannel campaigns and offer personalized content based on real-time profiles, data-driven insights, cloud-native scalability and API extensibility, all within a single app, and, for our B2B customers, build buying groups aligned to their organization’s product portfolio.”

Annual report 2025A · The company itself

“To serve the end-to-end content supply chain needs of marketing professionals, our Digital Experience solutions include Adobe Experience Platform and native applications, including Real-Time Customer Data Platform, Customer Journey Analytics, Adobe Experience Manager Sites, Adobe Commerce, Adobe Journey Optimizer, Adobe Marketo Engage and solutions within Adobe GenStudio, such as Workfront, Adobe Experience Manager Assets and GenStudio for Performance Marketing.”

Annual report 2025A · The company itself

“The increase in subscription revenue for the Digital Experience segment was driven by strength in GenStudio solutions, and Adobe Experience Platform and related apps.”

Annual report 2025A · The company itself

“In the future, our customer contracting models may change to move away from a committed revenue structure to a “pay-as-you-go” approach, which could make it easier for customers to reduce the amount of business they do with us or leave altogether. Changes in billing models and committed revenue requirements could, therefore, create challenges with our forecasting processes. Because a significant portion of our cost structure is largely fixed in the short-term, revenue shortfalls tend to have a disproportionately negative impact on our profitability.”

Annual report 2025A · The company itself

“Services included in our contracts consist of security solutions, the delivery of content, applications and software over the internet, cloud computing solutions and professional services.”

Annual report 2025A · The company itself

“Revenue Revenue by solution category during the periods presented was as follows (in thousands): For the Years Ended December 31, For the Years Ended December 31, 2025 2024 % Change % Change at Constant Currency 2024 2023 % Change % Change at Constant Currency Security $ 2,243,404 $ 2,042,661 10 % 9 % $ 2,042,661 $ 1,765,267 16 % 16 % Delivery 1,256,721 1,318,131 (5) (5) 1,318,131 1,542,434 (15) (14) Cloud computing 708,050 630,376 12 12 630,376 504,219 25 25 Total revenue The increases in our revenue in 2025 as compared to 2024, and 2024 as compared to 2023, were primarily the result of continued growth in sales of our security and cloud computing solutions, partially offset by a decline in revenue from our delivery solutions due to downward pricing of renewals.”

Annual report 2025A · The company itself

“Our Emerging Business segment also demonstrated progress, particularly in digital sales channels. Increased Amazon sales contributed positively, and our partner officially launched Kori at the International Expo in China.”

Annual report 2024A · The company itself

“Aktiv i branscher med långsiktig tillväxt Behovet av transporter ökar, drivet av BNP-tillväxt, regionalisering, urbanisering och e-handel.”

Annual report 2024A · The company itself

“Det nya företaget, som kommer att vara baserat i Frankrike, ska adressera de växande behoven av hållbar och effektiv stadslogistik. Volvokoncernen och Renault Group planerar att investera 300 miljoner euro vardera under de kommande tre åren.”

Annual report 2024A · The company itself

“Volvo Lastvagnar är en av de ledande inom medeltunga och tunga elektriska lastbilar med åtta batterielektriska modeller i sin portfölj. Det breda produktsortimentet gör det möjligt att elektrifiera många olika segment, som till exempel stads- och regiondistribution, byggtransporter, avfallshantering och snart även fjärrtransporter.”

Annual report 2024A · The company itself

“En viktig möjliggörande faktor inom flera produkter och branscher är den digitala övergången inom försäljning, inklusive produktkonfiguration, beställning och support. Arbetet intensifierades ytterligare under 2024, med fortsatt utbyggnad av e-handelsplattformen som gör att en större del av affärerna kan genomföras helt och hållet på ett digitalt, säkert och effektivt sätt.”

Annual report 2024A · The company itself

“We furthermore market and sell doctor and consumer accessory products complementary to our doctor-prescribed principal products under the Invisalign® and other brand names, including retainers, dental supplies, clear aligner cases (clamshells), ultrasonic and UV electronic cleaning devices, teeth whitening products and cleaning solutions (collectively, “Invisalign Accessory Products”). Depending on the product, our Invisalign Accessory Products are sold through a variety of channels, including online through large e-commerce websites, our doctor portal and in-store through large retailers and pharmacy stores.”

Annual report 2025A · The company itself

“Customers We sell most of our products and solutions through distribution and retail channels, including specialty distribution, e-commerce and wholesalers. We have built a network of channel partners that help our customers choose the right solution to meet their security needs and help commercial and institutional end-users fulfill and install orders. We also sell through a variety of retail channels, including large do-it-yourself home improvement centers, multiple online and e-commerce platforms, as well as small, specialty showroom outlets.”

Annual report 2025A · The company itself

“We also sell our products through various trade channels, including traditional retail and e-commerce channels. If we or our major customers are not successful in navigating the shifting consumer preferences to distribution channels such as e-commerce, our expected future revenues may be negatively impacted.”

Annual report 2025A · The company itself

“Försäljning sker i huvudsak genom konceptvarumärkena Swedol i Sverige och Tools i Norge och Finland, via butiker, ute- och innesälj, digital försäljning och på plats-service.”

Annual report 2024A · The company itself

“Genom konceptvarumärkena Swedol och Tools samt fristående varumärken möter vi professionella användare i Norden i de kanaler där de vill möta oss, oavsett om det är butik, ute- och innesälj, digitala kanaler eller genom smarta lösningar på plats hos kund.”

Annual report 2024A · The company itself

“Protection Services includes Protection Plans, Roadside, Dealer Services, Identity Protection and Arity, which offer a broad range of products and services that expand and enhance customer value propositions. Products and distribution Products and services Protection Plans Consumer protection plans and related technical support for mobile phones, consumer electronics and major appliances which provide customers protection from mechanical or electrical failure, and in certain cases, accidental damage.”

Annual report 2025A · The company itself

“Kilpailuetumme syntyy kuitenkin myös monipuolisista liiketoimintamalleista: yhdistämme markkinapaikat, median, mainonnan ja luokitellun ilmoittelun toisiaan vahvistavaksi kokonaisuudeksi. Tämä rakenne tukee asiakasarvon kasvattamista, parantaa kykyämme vastata markkinamuutoksiin ja tasapainottaa liiketoimintaa suhdanteiden vaihdellessa.”

Annual report 2025A · The company itself

“Digitaalisen liiketoiminnan kilpailukykyä edistävät toimenpiteet.Palveluiden käyttöliittymien ja esimerkiksi ostopolkujen ja maksujärjestelmien kehittäminen.”

Annual report 2025A · The company itself

“Saavutimme kasvua haastavassa markkinaympäristössä, paransimme kannattavuutta ja etenimme määrätietoisesti strategiamme ytimessä: digitaalisissa markkinapaikoissa, datavetoisissa palveluissa ja uutismediassa. Konsernin liikevaihto kasvoi 4,6 prosenttia ja oli 327,1 miljoonaa euroa.”

Annual report 2025A · The company itself

“Markkinapaikat kasvun moottorina Alma Marketplaces oli vuoden selkeä kasvun veturi. Segmentin liikevaihto kasvoi yli 17 prosenttia ja oikaistu liikevoitto yli 20 prosenttia.”

Annual report 2025A · The company itself

“Yhtiö rakentaa kestävää kasvua mediasta palveluihin tarjoten sisältöjä ja palveluja, jotka hyödyttävät käyttäjiä arjessa, työssä ja vapaa-ajalla. Tuotteemme ovat alallaan johtavia media- ja palvelubrändejä.”

Annual report 2025A · The company itself

“Comparison Services -liiketoimintayksikön vertailupalvelut muodostuvat useista oman alansa johtavista brändeistä, kuten Autojerry, Urakkamaailma, Nettimökki, Etua.fi ja Sähkövertailu.fi.”

Annual report 2025A · The company itself

“Liiketoimintamalli perustuu luokiteltuun ilmoitusmyyntiin, digitaalisiin lisenssi- ja transaktiopohjaisiin veloituksiin, mediamainontaan sekä sisältötuottoihin. Palveluvalikoimaan kuuluu lisäksi koulutus-, kustannus- ja suoramarkkinointiliiketoimintaa.”

Annual report 2025A · The company itself

“Google Search helps people find information and make sense of the world in more natural and intuitive ways, with trillions of searches on Google every year.”

Annual report 2025A · The company itself

“Google Services generates revenues primarily by delivering both performance and brand advertising that appears on Google Search & other properties, YouTube, and Google Network partners' properties ("Google Network properties").”

Annual report 2025A · The company itself

“Consumers We serve consumers through our online and physical stores and focus on selection, price, and convenience. We design our stores to enable hundreds of millions of unique products to be sold by us and by third parties across dozens of product categories. Customers access our offerings through our websites, mobile apps, Alexa, devices, streaming, and physically visiting our stores.”

Annual report 2025A · The company itself

“Sellers We offer programs that enable sellers to grow their businesses, sell their products in our stores, and fulfill orders using our services. We are not the seller of record in these transactions. We earn fixed fees, a percentage of sales, per-unit activity fees, interest, or some combination thereof, for our seller programs.”

Annual report 2025A · The company itself

“Advertisers We provide advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.”

Annual report 2025A · The company itself

“Our Commercial Agreements, Strategic Alliances, and Other Business Relationships Expose Us to Risks We provide physical, e-commerce, and omnichannel retail, cloud services, and other services to businesses through commercial agreements, strategic alliances, and business relationships. Under these agreements, we provide web services, technology, fulfillment, computing, digital storage, and other services, as well as enable sellers to offer products or services through our stores.”

Annual report 2025A · The company itself

“• Strategi för att nå ut på marknaden: Våra flexibla affärsplaner omfattar direktförsäljning via e-handel, visningar av de viktigaste produkterna i butik, marknadsföring med hjälp av influencers, samt selektiva partnerskap med detaljhandeln.”

Annual report 2024A · The company itself

“For example, in the U.S., the Company has implemented changes to how developers communicate with consumers within apps on the U.S. storefront of the iOS and iPadOS App Store regarding alternative purchasing mechanisms and is currently subject to a court order preventing it from imposing any commission or fee on certain purchases that consumers make.”

Annual report 2025A · The company itself

“Digital Content The Company operates various platforms, including the App Store®, that allow customers to discover and download applications and digital content, such as books, music, video, games and podcasts.”

Annual report 2025A · The company itself

“We have made our advertising solutions available to web-based advertisers, and while we are early in this market expansion, our new customers have experienced positive results, demonstrating the flexibility and future growth potential of our advertising solutions.”

Annual report 2025A · The company itself

“For example, since 2024 we have begun expanding our customer base to include web-based e-commerce advertisers.”

Annual report 2025A · The company itself

“Business Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end artificial intelligence-powered ("AI") advertising solutions for businesses to reach, monetize and grow their global audience.”

Annual report 2025A · The company itself

“Through our technologies and scaled distribution, advertisers are able to better place content so that it is discovered by the right audience, manage, optimize, and analyze their marketing investments, and improve the monetization of their content, and publishers are able to better monetize their gaming apps.”

Annual report 2025A · The company itself

“Accordingly, we face significant competition from traditional, online, and mobile businesses that provide ad networks and platforms, and other services for advertisers to reach relevant audiences. We also face competition from providers of developer tools that enable developers to reach their audiences or manage or optimize their advertising campaigns.”

Annual report 2025A · The company itself

“I 2023 kjøpte ABT samtlige aksjer i Coverbrands AS, som driver en e-handelsplattform innenfor skjønnhetsprodukter.”

Annual report 2024A · The company itself

“In Connected Living, we partner with the mobile eco-system (including carriers, retailers, OEMs and cable MSOs) and financial and other institutions to market our mobile device solutions, with some of the largest OEMs, consumer electronics retailers, appliance retailers (including e-commerce retailers) and cable operators to market our extended service contracts and related services, and with financial institutions, insurers and retailers to market our credit and other insurance products.”

Annual report 2025A · The company itself

“The Miami Bluehouse has been harvesting weekly since September 2020. The Group continues to draw new customers, which demonstrates the strong demand for Bluehouse Salmon.”

Annual report 2024A · The company itself

“Depending on the customer, products, and market, we sell our products directly or indirectly.”

Annual report 2024A · The company itself

“Valmisruokien, valmisruokakomponenttien ja napostelun kysynnän lisääntyminen. ● Foodservice-kanavan, kaupan omien merkkien ja digitaalisten kanavien suosion kasvaminen. ● Talouden lisääntynyt epävakaus, epävarmuus, protektionismi ja paikallisuus.”

Annual report 2025A · The company itself

“With the increasing use of digital tools, our customers often begin their shopping experience online and are quickly able to compare prices, product assortment, product availability and feedback from other customers before purchasing products. We may be unable to differentiate ourselves or unable to anticipate and adapt to new or enhanced digital experiences offered by other retailers.”

Annual report 2025A · The company itself

“We also sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com.”

Annual report 2025A · The company itself

“Solutions Group Our Solutions Group is a leading provider of information and branding solutions that cover worldwide marketplace needs ranging from digital identification and data management to branding and embellishment, productivity, pricing and retail media. Our ultra-high-frequency RFID solutions empower customers across multiple retail and industry segments, including apparel, logistics, food and grocery, and general retail, to connect the physical and digital worlds by enabling a digital identity and life for physical items.”

Annual report 2025A · The company itself

“In our Solutions Group reportable segment, sales in our overall apparel categories declined in 2025 as a result of tariff-related uncertainty.”

Annual report 2025A · The company itself

“This was partly attributable to the direct operation of our two largest eTail platforms following the takeover of the online flagship store on Tmall in April 2025.”

Annual report 2026A · The company itself

“Growth was reported across channels and supported by the takeover Tmall in April 2025.”

Annual report 2026A · The company itself

“Like-for-like sell-out grew by 15%, and growth was reported across all channels and supported by doubledigit growth in branded channels.”

Annual report 2026A · The company itself

“Like-for-like sell-out for China grew by 8% and doubledigit sell-out growth was reported for eTail and multibrand.”

Annual report 2026A · The company itself

“Antalet order via e-handelsplattformen ökade med 25% och omsättningen landade på ca 250 miljoner.”

Annual report 2024A · The company itself

“BE Group erbjuder också materialrådgivning, logistiklösningar och tidsbesparande IT-tjänster som bland annat inkluderar e-handel, EDI, digitala aviseringar, koppling till Monitor ERP och elektroniska fakturor.”

Annual report 2024A · The company itself

“BE Groups webbshop – BE Online – är en modern e-handelslösning för inköp och planering. Här kan kunderna beställa material och se detaljerad information om materialegenskaper, kvaliteter och dimensioner, ladda ner certifikat, kontrollera lagersaldo och följa order från beställning till leverans.”

Annual report 2024A · The company itself

“WEBBSHOP FÖR STANDARDFJÄDRAR Under våren lanserades en webbshop med det bredaste utbudet av standardfjädrar i världen.”

Annual report 2024A · The company itself

“Both segments operate an omnichannel platform that allows customers to come to us online, visit our stores or invite us into their homes.”

Annual report 2026A · The company itself

“Table of Contents Distribution Customers within our Domestic segment who purchase product online have the choice to have product delivered, or pick up product from a Best Buy store (including curbside pick-up for many products at most stores) or an alternative pick-up location. Our ship-from-store capability allows us to offer additional fast and convenient delivery options for customers.”

Annual report 2026A · The company itself

“We earn commissions from third-party sellers who offer products to customers on our online marketplace. Third‑party sellers are primarily responsible for fulfilling the performance obligation to the customer, including product delivery and customer support. Accordingly, we act as an agent in these transactions and recognize revenue on a net basis when the third party ships the underlying product to the customer.”

Annual report 2026A · The company itself

“Betsson fokuserar på att behålla sin starka ställning på befintliga marknader genom att erbjuda en diversifierad produktoch varumärkesportfölj och genom att investera i egenutvecklad teknologi som ger koncernen både kontroll och kompetens att anpassa plattformen till ständigt förändrade marknadsförutsättningar.”

Annual report 2024A · The company itself

“Genom att erbjuda såväl spel direkt till slutkunder (B2C) som teknikoch plattformslösningar till andra speloperatörer (B2B) blir det möjligt att nå ännu fler geografiska marknader och därmed öka diversifieringen ytterligare.”

Annual report 2024A · The company itself

“Betssons spel erbjuds i huvudsak på en egen teknisk plattform, genom vilken cirka 90 procent av koncernens nuvarande intäkter genereras.”

Annual report 2024A · The company itself

“Our diversified revenue mix - spanning affiliate marketing, advertising, sponsorships, subscription products, and increasingly AdTech-enabled monetization - remains a strategic strength.”

Annual report 2025A · The company itself

“In parallel, the rollout of AdVantage, together with FanReach, is gradually enabling more direct, data-driven monetization of advertising across our owned inventory, leveraging first-party audience data and proprietary technology to improve targeting, performance, and yield.”

Annual report 2025A · The company itself

“Björn Borg-koncernen har egen verksamhet i alla led från varumärkesutveckling till konsumentförsäljning i egna Björn Borg-butiker och e-handel.”

Annual report 2024A · The company itself

“Egen e-handel fortsatte att utvecklas väl och växte med 18 procent.”

Annual report 2024A · The company itself

“BJÖRN BORG ÅRSREDOVISNING 2024 21 Detaljhandel Björn Borg-produkter säljs dels genom externa varuhus, affärskedjor och enskilda handlare, dels genom egna eller distributörsägda Björn Borg-butiker och factory outlets. En ökande andel produkter säljs via egen och extern ehandel.”

Annual report 2024A · The company itself

“Återförsäljare är fristående skohandlare, skooch sportkedjor och varuhus, stora e-tailers, Björn Borgbutiker samt www.bjornborg.com.”

Annual report 2024A · The company itself

“E-HANDEL Genom den egna e-handeln har Björn Borg som varumärke en möjlighet att visa upp en bredd i sitt produktsortiment, vilket gör den till en direkt mätbar kanal att fånga upp de senaste konsumenttrenderna. Under 2024 har den ökande viktningen mot sportklädessortimentet fortsatt, även om underkläderna fortsatt utgjorde majoriteten av försäljningen.”

Annual report 2024A · The company itself

“Björn Borg-produkter säljs via cirka 2 666 återförsäljare runt om i landet, via egen detaljhandel i fyra Björn Borg-butiker varav två är factory outletbutiker samt via e-handel.”

Annual report 2024A · The company itself

“Egen e-handel Segmentet består av intäkter och kostnader förknippat med Björn Borgkoncernens försäljning underkläder, sportkläder, skor, väskor och kompletterande produkter, direkt till konsument via egen e-handel på www.bjornborg.com.”

Annual report 2024A · The company itself

“Vidare ser bolaget en ökad efterfrågan hos e-tailers inom segmentet, aktörer som primärt säljer online, där tillväxten för helåret är 17 procent till 238 MSEK (204).”

Annual report 2024A · The company itself

“We seek to differentiate ourselves from competitors primarily on the basis of our extensive commerce ecosystem and our focus on building remarkable products and services that are cohesive, fast, self-serve, and elegant.”

Annual report 2025A · The company itself

“The introduction and promotion of new products and services, as well as the promotion of existing products and services, may be partly dependent on our visibility on third-party advertising platforms, such as Google or Facebook. Changes in the way these platforms operate or changes in their advertising prices, data use practices or other terms could make the maintenance and promotion of our products and services and our brands more expensive or more difficult.”

Annual report 2025A · The company itself

“•Networks: Our strategy includes strengthening local commerce ecosystems by enabling deeper connections among sellers, their customers, staff, and other sellers, and by leveraging Cash App’s network of monthly transacting actives to expand seller reach and support ecosystem engagement.”

Annual report 2025A · The company itself

“Our Ecosystems Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business ("seller") network.”

Annual report 2025A · The company itself

“•Commerce Enablement empowers sellers and consumers to transact across our ecosystems. It primarily includes Square payments, software, and hardware, Cash App Card, Cash App Pay, our BNPL products, and Cash App Business.”

Annual report 2025A · The company itself

“Commerce Enablement Square's commerce enablement products include our payments, software, and hardware products, which together provide an integrated operating system for local commerce. These products enable sellers to accept payments, manage orders and inventory, engage customers, and operate their businesses across a range of industries and geographies. •Square Payments capabilities enable sellers to accept card-present and card-not-present payments across in-person, online, mobile, and invoice-based channels.”

Annual report 2025A · The company itself

“•Commerce: Our commerce products help customers manage their spending. Cash App connects consumers and merchants through Pay Now products such as Cash App Card, Cash App Pay, and our BNPL products, enabling flexible and secure payments across online and in-person channels. •Banking: Our banking initiatives aim to help customers save, invest, and borrow more effectively to drive customer value and deeper primary banking relationships with Cash App.”

Annual report 2025A · The company itself

“Ändå är den nordiska marknaden för kläder, skönhets- och heminredningsprodukter fortsatt stor, med ett uppskattat totalt värde om cirka 450 miljarder kronor. Online-penetrationen i dessa kategorier ökade något under 2024 och uppgick till cirka 27%, vilket är ett tecken på den ökande omställningen till digitala handelsplattformar. När vi blickar framåt prognostiseras e-handelns andel av marknaden för mode- och livsstilsprodukter i Norden uppgå till cirka 40% år 2029, vilket visar att de digitala försäljningskanalerna kommer att fortsätta öka i antal (Källa: Statista).”

Annual report 2024A · The company itself

“Bruttovinstmarginalen påverkades av att tillgången till kampanjvaror var mindre än under 2023. De varorna brukar inbringa en högre bruttovinstmarginal.”

Annual report 2024A · The company itself

“Osannolik Mer än + /- 15% på rörelseresultatet 3) Affärer och konkurrens Konsumenters efterfrågan övergår till e-handel, vilket tvingar både stora e-handelsaktörer, lokala utmanare och modeföretag att i snabbare takt förbättra sitt e-handelserbjudande. Detta leder till att både den adresserbara marknaden och konkurrensen ökar, inklusive en ökande närvaro av stora internationella lågprisaktörer inom e-handel.”

Annual report 2024A · The company itself

“Vårt genomsnittliga ordervärde låg fortsatt en bra bit över våra branschkollegors, och över 50% av våra kunder på Boozt.com handlade ur mer än en produktkategori. Noterbart är att andra kategorier än Fashion nu utgör 42% av Boozt.coms omsättning. Och även om efterfrågan på Fashion-varor minskade så noterade vi stark tillväxt i kategorierna Kids, Sport, Home och Beauty.”

Annual report 2024A · The company itself

“Vår driftseffektivitet, inställningen att sätta kunden först samt vår teknologidrivna infrastruktur ger oss en konkurrensfördel som bara kommer att bli större över tid. Som ett välkänt varumärke i Norden drar vi också nytta av ökad marknadsföringseffektivitet, vilket sänker förvärvskostnaderna och stärker lojaliteten.”

Annual report 2024A · The company itself

“En förändring på marknaden är att efterfrågan på plattformar som erbjuder ett brett produktsortiment på ett och samma ställe ökar. Boozts multikategoristrategi möter det behovet och innebär att kunder kan handla enkelt i flera kategorier.”

Annual report 2024A · The company itself

“Den fragmenterade karaktären på den nordiska e-handelsmarknaden skapar möjligheter för specialiserade plattformar att växa. Boozt riktar in sig på mellan- till premiumvarumärken och erbjuder ett noga utvalt sortiment av produkter av hög kvalitet i flera kategorier. Denna strategi, i kombination med effektiv drift, gör att Boozt kan investera i teknologi, logistik och kundvärvning som kan bidra till fortsatt tillväxt på marknaden.”

Annual report 2024A · The company itself

“En stor händelse under 2024 var att Club Boozt fortsatte att växa och nu har över 2 miljoner medlemmar. Vårt lojalitetsprogram har visat sig förändra allt. Medlemmar handlar nu mer frekvent, de gör inköp ur flera kategorier och spenderar dubbelt så mycket som icke-medlemmar.”

Annual report 2024A · The company itself

“Vår omsättning ökade med 6,3% och den justerade rörelsemarginalen ökade till 5,7%, siffror som visar att vi kan växa hållbart samtidigt som vi behåller en stark finansiell ställning. Intresset för att handla ur flera kategorier ökade under året.”

Annual report 2024A · The company itself

“När bolagets tillväxttakt är i linje med den nordiska e-handelsmarknaden för mode- och livsstilsvaror, tror Boozt att dess affärsmodell med en branschledande kostnadseffektivitet per order kommer att leda till tvåsiffriga marginaler och en stark kassagenerering. Långsiktiga mål för tillväxt och lönsamhet: Marknadsandel: cirka 10% av den totala marknaden för mode- och livsstilsvaror i Norden Lönsamhet: justerad rörelsemarginal överstigande 10% från och med räkenskapsåret 2028 Kapitalstruktur och allokeringspolicy Vår målsättning är att ha en stark kapitalstruktur med bra likviditet och finansiell flexibilitet, vilket ger fortsatt frihet att agera för tillväxt och investeringar.”

Annual report 2024A · The company itself

“Bolaget lanserade Booztlet.com 2016 med strategin att bli Nordens ledande e-outlet.”

Annual report 2024A · The company itself

“Noteringen var en viktig milstolpe för koncernen på resan mot att bli Nordens ledande e-handelsåterförsäljare av mode- och livsstilsvaror.”

Annual report 2024A · The company itself

“Booztlet.com Nettoomsättningen i Booztlet.com uppgick under 2024 till 1 586 miljoner kronor (1 307), vilket motsvarar en ökning med 21% (eller 22% i lokal valuta) jämfört med 2023. Tillväxten drevs främst av en väsentlig ökning i antalet aktiva kunder. Antalet aktiva kunder på Booztlet.com uppgick under 2024 till 1,0 miljoner (0,8) och ökade med 23% jämfört med 2023.”

Annual report 2024A · The company itself

“Vår verksamhet Vision och strategi Boozts vision är att etablera sig som det nordiska varuhuset, en pålitlig e-handelsplattform som erbjuder ett noga utvalt sortiment av varor inom kategorierna Fashion för män och kvinnor, Kids, Sport, Home och Beauty. Detta mål är grundstenen i vår strategi och verksamhet när vi fortsätter utvecklas och växa.”

Annual report 2024A · The company itself

“Som det nordiska varuhuset kan Boozt erbjuda ett mycket bredare varusortiment än vanliga återförsäljare, samtidigt som vi åtnjuter den flexibilitet och innovation som utmärker ett företag som verkar enligt principen digitalt först. Med ett noga utvalt sortiment i flera kategorier, starka lokala och internationella partnerskap med varumärken, samt full kontroll över företagets värdekedja har Boozt ett balanserat förhållningssätt till att växa och leverera värde till sina kunder på en konkurrensutsatt e-handelsmarknad.”

Annual report 2024A · The company itself

“Övriga intäkter: utökning av ekosystemet Utöver Boozt.com och Booztlet.com genererar Boozt intäkter genom flera strategiska initiativ som sträcker sig längre än till traditionell e-handel. Dessa andra intäktskällor utgjorde cirka 4% av Boozts omsättning 2024.”

Annual report 2024A · The company itself

“Boozt Media Partnership (BMP) erbjuder varumärkespartners media-lösningar för detaljhandel. Genom att dra fördel av Boozts stora kundbas kan varumärken med hjälp av BMP rikta effektiva annonskampanjer mot specifika kundgrupper.”

Annual report 2024A · The company itself

“Nettoomsättning Nettoomsättning Varuförsäljning 7 896 7 436 Kommissionsförsäljning 0 31 Övriga tjänster 348 288 Summa 8 244 7 755 Av koncernens varuförsäljning är ungefär 97,9% (97,8) via onlinebutikerna Boozt.com och Booztlet.com. Resterande varuförsäljning är från koncernens modemärke Rosemunde samt de fysiska outlet- och skönhetsbutikerna.”

Annual report 2024A · The company itself

“In addition, internet and startup technology companies continue to be a source for direct placement of personal lines or small business insurance.”

Annual report 2025A · The company itself

“Our strategy is to continue to innovate and develop our omni-channel offerings – a hybrid business strategy, embracing the human touch in physical and digital touchpoints and securing efficiency, flexibility and scalability via digitalised stores and harvesting the best of two worlds.”

Annual report 2025A · The company itself

“Digital share of sales makes up 53% of revenue.”

Annual report 2025A · The company itself

“Under sommaren förvärvade Bure 14,5procent i mjukvarubolaget Mentimeter. Bolaget tillhanda håller en s.k. SaaS-plattform för att öka interaktivitet och engagemang i presentationer, möten och utbildningar. Mer än 700 miljoner användare i över 200 länder har sedan starten för 12 år sedan använt Mentimeters digitala verktyg.”

Annual report 2024A · The company itself

“If merchants increasingly impose surcharges or other point of sale pricing strategies in response to transaction fees, card usage and transaction volumes could decline, which could adversely affect our revenues and results of operations.”

Annual report 2025A · The company itself

“Our at-Home Solutions operating segment has two main businesses: Edgepark, including Advanced Diabetes Supply Group ("ADS"), directly providing medical supplies to patients with chronic conditions in the home; and at-Home, a business-to-business distribution service that delivers medical supplies and over-the-counter products to home medical equipment providers, home health and hospice agencies, and e-commerce providers.”

Annual report 2026A · The company itself

“Other Other segment revenue for fiscal 2026 increased 26 percent to $6.8 billion from the prior year due to growth across at-Home Solutions (including the acquisition of ADS), Nuclear and Precision Health Solutions, and OptiFreight® Logistics.”

Annual report 2026A · The company itself

“Carlsberg faces rapidly evolving changes across technology adoption and artificial intelligence, e-commerce and digital marketing. Failure to respond and adapt could reduce efficiency, limit competitiveness and hinder growth opportunities.”

Annual report 2025A · The company itself

“In 2025, we continued our long-term investments in key brands and capabilities, including in areas such as digital, marketing, e-commerce and value management.”

Annual report 2025A · The company itself

“In 2025, we launched Servd, our next-generation eB2B ordering platform, built to meet the evolving needs of our customers as they move from offline to online ordering – delivering simplicity, speed and an intuitive digital experience.”

Annual report 2025A · The company itself

“In the current soft consumer environment, growth has been particularly strong in the modern off-trade and ecommerce channels, which are gaining strength as consumer habits shift.”

Annual report 2025A · The company itself

“According to Federal Reserve Economic Data (FRED), e-commerce as a share of non-automotive retail has risen steadily for over 20 years and made up approximately 20% 4 of all non-automotive retail transactions as of 2025. Within the automotive retail industry, e-commerce adoption has lagged behind that of other retail segments, but we believe that as customers continue becoming more accustomed to making larger purchases online, e-commerce will make up an increasing share of automotive retail as it has in other retail segments.”

Annual report 2025A · The company itself

“Online Search and Shopping Experience. We offer a mobile-optimized website, where prospective retail car buyers can immediately begin browsing, researching, filtering, and identifying their vehicle of choice from an inventory of over 75,000 total website units that we offer for sale as of December 31, 2025.”

Annual report 2025A · The company itself

“Our continued success depends on our ability to remain relevant with respect to consumer needs and wants, attitudes toward our industry, and our guests’ preferences for new and innovative items and for ways of doing business with us, particularly with respect to digital engagement, third-party delivery, curbside pick-up and other non-traditional ordering and delivery platforms.”

Annual report 2026A · The company itself

“For instance, while cloud-based solutions present an opportunity for us, cloud-based solutions and technology solutions as a service could increase the amount of sales directly to customers rather than through solutions providers like us, or could reduce the amount of hardware we sell. For example, growing hyperscaler marketplaces such as AWS Marketplace, Google Cloud Marketplace, and Microsoft Marketplace and evolving partner authorization and incentive models could change the role of traditional resellers, which may limit access to offerings, pressure margins, and restrict participation in certain channels.”

Annual report 2025A · The company itself

“We sell our consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and other discount stores, pet and other specialty stores and websites and other e-commerce channels, all of which sell our products to consumers.”

Annual report 2025A · The company itself

“Enterprises and consumers continue to replace locally-housed computing and storage by adopting a broad array of innovative cloud-based models – including Platform as a Service (PaaS), SaaS and Infrastructure as a Service (IaaS) – and an expanding range of cloud-based services that host key applications, store data, enable the viewing and downloading of content, and utilize on-demand computing resources. In addition, content is increasingly moving to the network edge, creating capacity and traffic demands closer to the user.”

Annual report 2025A · The company itself

“Increased competition locally or from e-commerce might affect demand for retail premises, which could lead to lower rental levels or increased vacancy, especially outside capital city regions.”

Annual report 2025A · The company itself

“E-handeln växer generellt snabbt inom alla branscher, även inom dagligvaruhandeln, och tillväxten drevs på ytterligare av covid-19-pandemin. Trots de turbulenta tiderna under de senaste åren beräknas e-handeln för dagligvaror öka till en betydande storlek på flera viktiga marknader.”

Annual report 2024A · The company itself

“Utvecklingen av e-handeln utmanar den nuvarande detaljhandelsstrukturen och kommer sannolikt att med tiden förändra detalj handeln väsentligt.”

Annual report 2024A · The company itself

“E-handel är ett av våra viktigaste fokusområden.”

Annual report 2024A · The company itself

“Cloettas strategiska inriktning för att stärka sina främsta varumärken och marknadsposition tillsammans med en stark säljkår och ett bra samarbete med handeln bidrar till Cloettas möjlighet att bibehålla goda relationer med handeln. Cloetta jobbar även aktivt med nya försäljningskanaler.”

Annual report 2024A · The company itself

“Alternative retail channels and business models, including hard discounters, niche and native online brands, private label and store brands, direct-to-consumer channels, subscription services and buying clubs, have become and may continue to be more prevalent and popular than traditional retailers.”

Annual report 2025A · The company itself

“The Company has operations in approximately 25 countries or territories and sells its products in approximately 95 markets, primarily through mass retailers; grocery outlets; warehouse clubs; dollar stores; home hardware centers; drug, pet and military stores; third-party and owned e-commerce channels; and distributors.”

Annual report 2025A · The company itself

“In addition, the rapid growth of e‑commerce may create additional consumer price deflation by, among other things, facilitating comparison shopping, and could potentially threaten the value of some of our legacy route-to-market strategies and thus negatively affect revenues.”

Annual report 2025A · The company itself

“In addition, in developed markets, discounters and value stores are growing at a rapid pace, while in emerging and developing markets, modern trade is growing at a faster pace than traditional trade outlets. Our industry is also being affected by the rapid growth in sales through e-commerce retailers, e-commerce websites, mobile commerce applications and subscription services, which may result in a shift away from physical retail operations to digital channels.”

Annual report 2025A · The company itself

“As we and our bottling partners continue to build e-commerce capabilities, we may not be able to develop and maintain successful relationships with existing and new e-commerce retailers without experiencing a deterioration of our relationships with key customers operating physical retail channels. If we are unable to successfully adapt to the rapidly changing retail landscape, including the rapid growth in digital commerce, our share of sales, volume growth and overall financial results could be negatively affected.”

Annual report 2025A · The company itself

“In response to this demand, our focus areas include AI and analytics, data modernization, customer experience design, supporting clients as they launch new products and services, transforming client interactions with customers, telecom network monetization, media supply chain transformation and applications, as well as infrastructure modernization.”

Annual report 2025A · The company itself

“Enterprise Platform Services Our Enterprise Platform Services practice helps our clients transform multiple front- and back-office business processes, implementing enterprise-wide platforms that enable customer experience, customer relationship management, human capital management, supply chain management, enterprise resource planning and financial processes. Our services decrease time to market, drive efficiencies and deliver impactful experiences.”

Annual report 2025A · The company itself

“We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. In December 2025, we took a major step forward to becoming the Everything Exchange—dramatically expanding the assets available to trade on Coinbase, including stocks, commodity futures, perpetual futures, and prediction markets. Our goal is to create a comprehensive, seamless experience for retail users, institutions, and developers to engage in the future of finance.”

Annual report 2025A · The company itself

“Transaction products Consumer trading Our platform is designed to serve a wide variety of consumers, whether they are buying their first crypto asset or are advanced traders. In 2025, we expanded our trading products beyond spot crypto as we built out the Everything Exchange. We now offer stocks, commodity futures, perpetual futures, and prediction markets.”

Annual report 2025A · The company itself

“Our products are sold in a highly competitive global omni-channel marketplace that is increasingly defined by the integration of traditional and digital retail operations and evolving consumer purchasing behaviors and preferences, as consumers continue to shop online and increasingly through social commerce and with the assistance of AI.”

Annual report 2025A · The company itself

“In addition, the substantial growth in eCommerce and the use of AI have encouraged the entry of new competitors, some of which sell products direct-to-consumer.”

Annual report 2025A · The company itself

“We sell our products to a variety of customers, including large-format retailers, discounters and eCommerce retailers; our growth is increasingly dependent on our ability to generate consumer demand across key touchpoints in the omni-channel ecosystem whether through traditional retail, eCommerce, social media or digital.”

Annual report 2025A · The company itself

“Digital Commerce 173,384 180,550 -4%”

Annual report 2025A · The company itself

“This was partly offset by a positive performance in strategic Business Lines such as Data & AI and Digital Commerce.”

Annual report 2025A · The company itself

“Digital Commerce helps organisations accelerate growth by designing customer-centric strategies, creating seamless crosschannel experiences, and delivering AI-driven unified commerce. Digital Commerce enables retailers, manufacturers, and distributors to strengthen competitiveness by modernising platforms, integrating core systems, and turning digital interactions into measurable business value.”

Annual report 2025A · The company itself

“The Swedish fashion-forward online retailer Bubbleroom partnered with Columbus to build a new, scalable e-commerce foundation on Shopify, enabling rapid international expansion and market-specific storefronts. The collaboration included launching brand-new markets, migrating existing ones, and establishing processes and technology fit for European growth.”

Annual report 2025A · The company itself

“På Myra Securitys kundlista finns bland annat tyska regeringen, Europeiska Centralbanken, kommersiella banker och försäkrings bolag tillsammans med större globala e-handelsföretag.”

Annual report 2024A · The company itself

“We intend to expand our brands across U.S. wholesale, international markets, and DTC channels (including hospitality) to maximize our total addressable market opportunity by leveraging our global, omni-channel capabilities.”

Annual report 2026A · The company itself

“For example, more contact lenses are being fulfilled directly to the consumer by manufacturers and wholesalers via online platforms, telemedicine is gaining popularity and more vision correction prescriptions are being provided through online refractive exams rather than in office by an eye care practitioner. CooperVision’s failure to adapt to the threats posed by these new and emerging distribution models and Internet driven services may have a material adverse impact on our business.”

Annual report 2025A · The company itself

“Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings).”

Annual report 2025A · The company itself

“Additionally, data analytic tools and web-based new direct purchase models offer increased transparency and comparability, which creates price pressures.”

Annual report 2025A · The company itself

“Our members are increasingly using mobile phones, tablets, computers, and other devices to shop and otherwise interact with us. We are making investments in our websites and mobile applications. If we are 12 Table of Contents unable to make, improve, or develop relevant member-facing technology in a timely manner, our ability to compete and our results of operations could be adversely affected.”

Annual report 2025A · The company itself

“Our e-commerce operations give members convenience and a broader selection of goods and services. Net sales for e-commerce represented approximately 7% of total net sales in 2025.”

Annual report 2025A · The company itself

“Efter en framgångsrik börsnotering i december är vårt tidigare onoterade innehav Apotea numera vårt näst största direktägda noterade innehav. Under sin korta tid som noterat bolag levererade Apotea (SEK 86 mn/43 procent) en mycket imponerande avkastning under 2024.”

Annual report 2024A · The company itself

“Mot den fonden blev 2024 lite av ett mellanår, även om bolaget levererar ännu ett år med tvåsiffrig tillväxt och hög lönsamhet. Under året har bolaget lagt viktiga grundstenar för framtida tillväxt, bland annat genom satsningar inom nya affärsben så som etiketter och även genom investeringar för att under 2025 öppna upp en egen produktionsenhet i USA.”

Annual report 2024A · The company itself

“Inet (SEK 63 mn / 24 procent) levererade ett starkt år resultatmässigt trots en utmanande marknad.”

Annual report 2024A · The company itself

“Apotea inledde året som ett onoterat innehav men redovisas per årsskiftet som noterat till följd av noteringen i december. Under perioden som onoterat innehav från januari till noteringen i december bidrog Apotea med SEK 61 mn/26 procent till substansvärdet.”

Annual report 2024A · The company itself

“We will continue to invest in customer acquisition programs, including our channel partnerships and new programs, like our free trial program of Falcon Go that is easily downloaded from our website, the AWS Marketplace, the Google Marketplace, and the Microsoft Marketplace.”

Annual report 2026A · The company itself

“We launched the CrowdStrike Marketplace, the first open cloud-based application PaaS for cybersecurity, which allows customers to purchase CrowdStrike products and provides an ecosystem of trusted partners and applications for our customers to choose from. We plan to continue investing in the CrowdStrike Store to empower our partners by making it easier to build applications and to enable our customers to more easily discover, try, and purchase additional cloud modules from both trusted partners and us.”

Annual report 2026A · The company itself

“Tillväxten under året förklaras främst av en god efterfrågan på flertalet nyckelmarknader, en ökad online-försäljning samt en kontinuerligt god tillväxt inom verkstadsladdare för professionelt bruk.”

Annual report 2024A · The company itself

“Consumer-divisionen (som riktar sig direkt till slutkonsumenter med försäljning via både distributörer, återförsäljare samt e-handlare) ökade under året sin försäljning organiskt med 13 procent.”

Annual report 2024A · The company itself

“•Direct-to-consumer (“DTC”) sales of prescription drugs by pharmaceutical companies is a growing trend in the United States. By implementing DTC sales platforms, pharmaceutical companies can advertise, or sell, their own branded drugs directly to patients, bypassing traditional distribution channels and intermediaries, including pharmacies and PBMs. DTC platforms may also increase demand for expensive, brand-name drugs that may not provide significant clinical benefit over more cost-effective alternatives. As a result, the DTC trend may increase overall health care costs for consumers and adversely impact the performance of the Company’s Pharmacy & Consumer Wellness and Health Services segments.”

Annual report 2025A · The company itself

“For example, decisions to buy our Health Care Benefits and Health Services products and services increasingly are made or influenced by consumers, either through direct purchasing (e.g., Medicare Advantage plans and PDPs) or through public exchanges and private health insurance exchanges that allow individual choice. To compete effectively in the consumer-driven marketplace, we will be required to develop or acquire new capabilities, attract new talent and develop new service and distribution relationships that respond to consumer needs and preferences.”

Annual report 2025A · The company itself

“Failure to timely identify or effectively respond to changing consumer preferences, spending patterns and evolving demographic mixes in the communities we serve, including shifts toward online shopping, or failure to maintain desirable selections of merchandise, store environments or guest experiences could adversely affect our relationship with our customers and clients and the demand for our products and services and could result in excess inventories of products.”

Annual report 2025A · The company itself

“Many consumers shop with us through Company-owned e-commerce websites and third-party digital marketplaces, where expectations and competitive pressures, including delivery speed, shipping costs, return policies, and mobile functionality, continue to increase. Consumers increasingly use mobile platforms, social media, and digital channels to shop, comparison shop, and engage with brands, and we rely on these channels to attract and retain customers.”

Annual report 2026A · The company itself

“Our global brand growth strategy seeks to drive adoption through product innovation and marketing investments across geographies and channels, while enhancing the customer experience through category expansion and loyalty-driven engagement. •We continue to manage marketplace inventory through product segmentation and differentiation.”

Annual report 2026A · The company itself

“•Our long-term strategy is to grow our DTC channel to represent a larger portion of our total net sales by differentiating the consumer experience relative to the wholesale channel and driving consumer acquisition and retention. We are investing in e-commerce platform upgrades, data analytics, consumer experience initiatives, and selective global retail store expansion.”

Annual report 2026A · The company itself

“Our brands sell our products through quality domestic and international retailers and international distributors in our wholesale channel, and directly to global consumers through our Direct-to-Consumer (DTC) channel, which is comprised of an e‑commerce and retail store presence.”

Annual report 2026A · The company itself

“The sales organisation was in addition re-organised in 2025 to create one global marketing function for the entire network.”

Annual report 2025A · The company itself

“Distributörens roll är i förändring vilket beror bl.a. på dagens avancerade Internetteknologi. Internet kan göra det möjligt för både återförsäljare och slutkunder att hitta och kontakta tillverkaren direkt. Internet kan göra det möjligt för internationella och europeiska distributörer att ta marknadsandelar från DistIT.”

Annual report 2024A · The company itself

“Produkterna riktar sig till både konsumenter och företag vars kunder finns inom hemelektronikkedjor, webbhandel, installatörer, teleoperatörer, lågpriskedjor, dagligvaruhandel och fristående fackhandel.”

Annual report 2024A · The company itself

“We currently do not offer traditional online shopping to a significant degree and have seen a greater willingness of our customers to adopt online shopping generally.”

Annual report 2026A · The company itself

“Such initiatives include providing our customers with a variety of shopping access points and even greater value and convenience by leveraging and developing digital tools and technology, such as our Dollar General app, which contains a variety of tools to enhance the shopping experience. We remain focused on enhancing both the in-store and digital shopping experience, while driving operational efficiency. The delivery component of our digital initiatives is becoming a meaningful contributor to our comparable store sales performance.”

Annual report 2026A · The company itself

“Through a partnership with Instacart, our customers can shop online and receive same-day delivery from more than 8,400 Dollar Tree stores, as of January 31, 2026, without having to visit a store. In August 2025, we announced a nationwide partnership with Uber to bring the Uber Eats platform to our stores, offering customers on-demand access to and delivery of value-driven essentials, snacks, party supplies and seasonal surprises. As of January 31, 2026, over 8,800 Dollar Tree stores were serviceable through Uber Eats.”

Annual report 2026A · The company itself

“Ett starkt varumärke, sömlösa och automatiserade flöden och relevanta e-handelskanaler mot både företagskunder och konsumenter kommer att vara viktiga konkurrensfördelar.”

Annual report 2024A · The company itself

“Att utveckla och expandera Service & Aftermarket-affären är avgörande, eftersom det är en växande återkommande affär med höga marginaler.”

Annual report 2024A · The company itself

“E-handelslösningar är viktiga kanaler för att expandera omsättningen inom Distribution och Service & Aftermarket. De ökar den direkta interaktionen med konsumenten och kommer dessutom att förbättra effektiviteten i order- och leveransflödena för både Dometic och kunderna (ett sömlöst flöde).”

Annual report 2024A · The company itself

“Under 2024 ökade nettoomsättningen via plattformen dometic.com med 14 procent och totalt 6 procent av den relevanta verksamheten (ej OEM) var riktad direkt till konsument (DTC).”

Annual report 2024A · The company itself

“Bolaget ökar sina aktiviteter och investeringar inom digitalisering och e-handel för att nå nya kunder och reducera kostnaderna. I detta ingår: • EDI-lösningar (Electronic Data Interchange) för befintliga större kunder och leverantörer i syfte att minska transaktionskostnaderna. • En global B2B-lösning för att automatisera flöden, sänka kostnaderna och öka effektiviteten. • En global B2C-lösning för direkt kontakt med nya kunder.”

Annual report 2024A · The company itself

“In the U.S., Domino’s generated more than 85% of U.S. retail sales in 2025 from digital channels, and our emphasis on technological innovation has allowed us to develop many innovative ordering platforms.”

Annual report 2025A · The company itself

“In addition, more than 85% of our U.S. retail sales in 2025 were derived from digital channels, primarily through our online ordering website and mobile applications, where customers enter personally identifiable information that we retain.”

Annual report 2025A · The company itself

“We also focus on continuous, effective cost management and productivity initiatives, such as supply chain optimization, automation and productivity capital expenditures, e-commerce and digital go-to-market, restructuring, product complexity reduction, improved footprint utilization, strategic pricing and portfolio management.”

Annual report 2025A · The company itself

“We plan to make average annual investments in capital spending of approximately 2% of revenue with a focus on internal projects designed to expand our market participation and manufacturing capacity, drive further adoption of e-commerce and digital capabilities, and improve productivity.”

Annual report 2025A · The company itself

“Vi gynnas av detta och en historiskt långsiktigt växande marknad, driven av ökad e-handel och digitalisering, samt en accelererande efterfrågan på säkra och flexibla IT-lösningar.”

Annual report 2024A · The company itself

“• Marknaden drivs av ett fortsatt skifte till handel online, vilket i allt större utsträckning blir ett naturligt val för många företag och i sin tur medför en ökad efterfrågan på digital rådgivning och support online. • Stark tillväxt inom mobilitet och molntjänster, pådriven av fortsatt digitalisering, nya arbetssätt och skiftande arbetsplatser som ökar behovet av integrerade IT-lösningar och tjänster. • Fortsatt skifte till abonnemangsmodeller som erbjuder ett enkelt sätt för kunder att ta kontroll över sina IT-kostnader.”

Annual report 2024A · The company itself

“Inom e-handel, mobilitet och molntjänster samt säkerhetslösningar är tillväxten ännu högre.”

Annual report 2024A · The company itself

“Utvecklat erbjudande gentemot större kunder Ett utvecklat erbjudande mot större kunder ökar möjligheterna till fler ramavtal och med högre marginaler. Vi ser bland annat fortsatt stark potential att expandera sortiment och försäljning av våra egna märkesvaror och utveckla erbjudandet inom product lifecycle services.”

Annual report 2024A · The company itself

“Stora och stabila internationella företag inom finans, informationsoch kommunikationsteknologi (ICT) och e-handel utgör majoriteten av kunderna.”

Annual report 2024A · The company itself

“Nära och långsiktiga relationer med hyresgästerna, som till övervägande del utgörs av större, stabila företag med internationell verksamhet, eftersträvas. Hyresgästerna är huvudsakligen verksamma inom finans, informations-, kommunikations- och teknologisektorn (ICT) samt e-handel.”

Annual report 2024A · The company itself

“Our Focus Category buyers and sellers often have unique product and service needs. The size and complexity of our platforms can make it difficult for us to address the unique needs of our Focus Category consumers as quickly and efficiently as our specialist competitors.”

Annual report 2025A · The company itself

“For example, within certain product categories like fashion, we have experienced increased consumer demand for delivery options, such as pick-up and drop-off, and shipping options, such as low (or no) cost shipping, that we do not currently provide at scale across all geographies in which we operate.”

Annual report 2025A · The company itself

“Overview Founded in 1995 in San Jose, California, eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection. In 2025, eBay enabled nearly $80 billion of Gross Merchandise Volume (“GMV”).”

Annual report 2025A · The company itself

“We generate net revenues through two activities, Marketplace activities which primarily consist of commissions from the service of connecting buyers and sellers on our secure and trusted Marketplace platforms and Advertising activities, which primarily consist of fees charged to sellers to promote their listings.”

Annual report 2025A · The company itself

“We have also begun offering live commerce, which, due to its interactive and real-time nature, may expose us to additional risk and heightened scrutiny relating to areas of regulation such as consumer protection, content moderation, health and safety, and accessibility.”

Annual report 2025A · The company itself

“Our Strategy As a global commerce leader and third-party marketplace, our technologies and services are designed to provide buyers choice and a breadth of relevant inventory from around the globe and to enable sellers’ access to eBay’s 135 million buyers worldwide.”

Annual report 2025A · The company itself

“At the end of 2025, eBay had 135 million active buyers and 2.5 billion live listings globally.”

Annual report 2025A · The company itself

“E-commerce is increasingly important for the Fashion industry. Many customers are looking for a partner that can take an extensive and comprehensive responsibility and be deeply integrated into their e-commerce and other business operations.”

Annual report 2024A · The company itself

“Within online print, volumes continue to grow in mass production of individually customized printed matter ordered online.”

Annual report 2024A · The company itself

“A common characteristic for the fashion industry is the fast pace, with several new collections in a year. A logistics partner must keep up with the speed of the industry, be able to handle extremely fluctuating volumes and make sure that the right goods are available in stores and ready for online orders at the right time.”

Annual report 2024A · The company itself

“The end customer’s experience must always be excellent when it comes to service and speed of delivery.”

Annual report 2024A · The company itself

“The largest share of sales here is found within the area of Online Print, where a range of digital printing services are growing at a good pace.”

Annual report 2024A · The company itself

“In the digital transformation of business models through e-commerce fulfillment, LGI has years of experience and excellent references in both the B2C and B2B sectors.”

Annual report 2024A · The company itself

“Headquaered on the American east coast, Bergen Logistics is a leading contract logistics company and omnichannel expe capable of managing a great number of clients in an ecient and protable way thanks to its proprietary technological plaorm CloudX.”

Annual report 2024A · The company itself

“— Assembly and Testing — Production Distribution & Outbound Services — Pick and Pack — Consolidation and Transit — Global and Local Deliveries — JIS (Just-in-Sequence) — E-commerce Procurement & Inbound Services — Sourcing and Procurement — Customs Services — Freight Solutions — Warehouse and Inventory Management Recipients — Consumers — Retail — E-commerce — Factories — Hospitals All steps of the life cycle On behalf of customers, Elanders manages and optimizes the flow of raw materials, components, finished products, payments and information through all steps of a product’s life cycle.”

Annual report 2024A · The company itself

“When it comes to e-commerce, Elanders, combined with providing logistics services, can create and take responsibility for the operation of the customer’s web shop, including content production and management, as well as customer and financial services.”

Annual report 2024A · The company itself

“Currently our focus is on Health Care, FMCG, industrial mobility, excise bonded opportunities, e-commerce and value-added services like co-packing.”

Annual report 2024A · The company itself

“Inom Wholesale & Distribution riktar sig verksamheten till kunder utanför Elons egna butikskedjor, som exempelvis ehandelsaktörer och fristående fackhandlare för deras produkt och varuförsörjning. Försäljningen av hemelektronikprodukter till kunder inom segmentet ökade med 80 procent under 2024.”

Annual report 2024A · The company itself

“Spelet nådde topp 10 i över 100 länder i kategorin App Store-spel och nummer 1 i mer än 15 länder 10 år efter lanseringen • Under 2022 och 2023 drevs det starka resultatet främst av uppgången av den virala sensationen av My Singing Monsters (MSM), som tog fart i slutet av 2022 vilket ledde till en enorm ökning av popularitet • Under 2024 har MSM nått en ny normaliserad nivå, betydligt högre än före toppen, med en fortsatta stark lönsamhet 56% 49% 50% 61% 0% 10% 20% 30% 40% 50% 60% 70% Daybreak Livespelsoperatör / Utgivning Huvudkontor San Diego, USA 1997 Nettoomsättning 2024 • Daybreak Games är en spelutvecklare och utgivare som erbjuder en rad liveservice-spel, inklusive rollspel med stora populationer, förstapersonsskjutare och strategispel • Daybreak har ett stort fokus på att växa och förvalta spelarbasen i sina spel, och har en lång historia av framgångar med att leverera långlivade liveservice-spel för större spelarpopulationer.”

Annual report 2024A · The company itself

“Sektorindelning av portföljen, baserad på investerad andel i procent Europe & North America EQT Playbook Sektorer och sub-sektorer År 2024 tillkännagav EQT förvärvet av Avetta, en global ledare inom Supply Chain Risk Management, och påbörjade positioneringen av bolaget inför dess nästa tillväxtfas. Avettas innovativa SaaS-plattform hjälper kunder att hantera komplexa risker i leverantörskedjan, inklusive risker kopplade till hälsa, säkerhet och hållbarhet.”

Annual report 2024A · The company itself

“In recent years, there also has been an increase in companies offering free or low-cost direct-to-consumer credit services (such as credit scores, reports and monitoring) as part of alternative business models that use such services as a means to introduce consumers to other products and services.”

Annual report 2025A · The company itself

“We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the U.S., as well as e-commerce fraud and charge back protection services in North America.”

Annual report 2025A · The company itself

“Essity fortsätter att stärka sin närvaro i olika kanaler genom att komplettera traditionella distributionskanaler offline med digitala kanaler. Genom digital interaktion får vi också bättre kännedom om köparnas och användarnas behov, vilket gör att vi effektivare kan kommunicera och bygga relationer med dem.”

Annual report 2024A · The company itself

“TENA har egna nätbutiker som utvecklats för att hjälpa konsumenter med information om inkontinens och tillgängliga lösningar samt ge möjlighet att beställa och få produkterna levererade.”

Annual report 2024A · The company itself

“Produkterna och lösningarna tillhandahålls till vårdgivande anhöriga, professionella vårdgivare, patienter och konsumenter via apotek, butiker för medicintekniska produkter, sjukhus, distributörer och vårdhem samt e-handel.”

Annual report 2024A · The company itself

“The group has a strategic plan for digitalisation, including omnichannel and e-commerce.”

Annual report 2024A · The company itself

“Sales in pure play companies amounted to NOK 831 million in 2024, up 0.9 per cent.”

Annual report 2024A · The company itself

“We do not compete for overnight courier or small parcel business.”

Annual report 2025A · The company itself

“Channel Sales Model: Develop our channel sales capabilities further and continue to build a portfolio that is "fit to channel" to reach large customer bases through our partners. Increase cyber threat awareness both directly and through our 200 channel partners by offering free tools and providing educational content We recognize risks in our channel strategy, including changes in agreement scope, potential loss of significant Service Provider partners, and requirements especially when working with Tier 1 Service Providers.”

Annual report 2025A · The company itself

“Failure to enter into, renew or comply with contracts supplying new and existing content sets or products on competitive terms We collect and aggregate third-party content from data suppliers, news sources, exchanges, brokers and contributors into our own dedicated managed databases, which clients access to perform their analyses. These databases are important to our operations as they provide clients with key information.”

Annual report 2025A · The company itself

“Den fortsat let stigende e-handel fastholder behovet for lager– og logistik ejendomme, samt for ejendomme til brug for lettere industri, gerne som ”last mile distribution” eller ”urban logistic” tæt på forbrugeren. Interessen for lager - og logistikejendomme i de sekundært beliggende områder omkring storbyerne, og med let adgang til den offentlige infrastruktur, har over årene været stigende som konsekvens af de ændrede krav fra forbrugerne til hurtig levering som skabes af netop e-handel.”

Annual report 2025A · The company itself

“Further, in developing our business strategy, we make certain assumptions including, but not limited to, those related to customer demand and the mix of services to be purchased by our customers, the future rate of e-commerce growth and inventory restocking, passenger airline cargo capacity, competition, and the global economy, and actual market, economic, and other conditions may be different from our assumptions. As technology (including AI and machine learning), customer behavior, and market conditions continue to evolve, it is important that we maintain the relevance of our brand and service offerings to our customers. If we are not able to successfully implement our business strategy and effectively respond to changes in technology, customer preferences, and market dynamics, our future financial results will suffer.”

Annual report 2026A · The company itself

“FedEx Office has prioritized e-commerce and digital offerings as a growth opportunity for the enterprise/large, medium, and small business customers we serve. FedEx Office has partnered with a content and creative design platform to form a digital design-to-print marketplace offering millions of images and illustrations, an extensive library of templates, and a simple drag-and-drop interface to create custom business materials from fedex.com on any device, with next-day printing on many requests available at FedEx Office stores. Additionally, FedEx Office has partnered with a leading marketing solutions company to introduce an online branded promotional products marketplace that allows businesses to customize and purchase high-quality promotional products. FedEx Office has also made investments in new machines and technology, enhancing capabilities in narrow format color, grand format, large format, color management, enhanced finishing, and other technologies.”

Annual report 2026A · The company itself

“Through our global transportation, information technology, and retail networks, we help to facilitate an ongoing and unprecedented expansion of customer access — to goods, services, and information. We believe it would be extremely difficult, costly, and time-consuming to replicate our global network, which reflects decades of investment, innovation, and expertise, includes the world’s largest all-cargo air fleet, and connects more than 99% of the world’s gross domestic product. We continue to position our company and team members to facilitate and capitalize on this access and to achieve stronger long-term growth, productivity, and profitability.”

Annual report 2026A · The company itself

“A large number of our customers operate in sectors that we believe are poised for long-term structural growth, such as e-commerce, advanced manufacturing, and healthcare logistics.”

Annual report 2026A · The company itself

“Other observations from the year passed A trend globally, valid for all periods, was that the digital sales channels in general underperformed compared to brick and mortar. Despite a total loss of sales vs 2023 of 7.3%. e brickand-mortar business stand-alone showed was stable com - pared to the year before, that including the close of some nonprotable addresses.”

Annual report 2024A · The company itself

“We are continuing to invest in our e-commerce and omni-channel capabilities and other technology solutions, including investments in incremental upgrades to our enterprise-wide resource planning systems, to simplify our customer propositions and to optimize the supply chain and branch network to be more efficient and to deliver a more efficient business for our customers.”

Annual report 2025A · The company itself

“We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale (“POS”) and business management platform.”

Annual report 2025A · The company itself

“Merchant Solutions The businesses in our Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-service (“SaaS”); POS devices; and pay-by-bank solutions.”

Annual report 2025A · The company itself

“Additionally, our embedded finance solutions enable merchants and others to deliver personalized financial experiences to their customers through a combination of Fiserv solutions including Finxact, Payfare, Commerce Hub™, card manufacturing and processing, as well as third-party services. We have developed a comprehensive end-to-end embedded finance solution that supports various payment flows.”

Annual report 2025A · The company itself

“Garmin products are sold through a variety of indirect distribution channels, including a large worldwide network of independent retailers, dealers, distributors, installation and repair shops, and OEMs. Garmin also sells its products and services directly through the Garmin online webshop (garmin.com), subscriptions for connected services, and Garmin retail stores.”

Annual report 2025A · The company itself

“För att ytterligare öka synligheten av våra produkter har GARO utökat samarbetet med partners inom e-handelsförsäljning och gjort laddboxarna mer tillgängliga för online-köp för privatpersoner och hemmamarknaden. Denna satsning underlättar köpprocessen och är en strategisk prioritering för att nå en bredare kundkrets.”

Annual report 2024A · The company itself

“Our global, omni-channel sales approach includes direct, indirect and freemium channels and a family of brands, enabling us to grow our customer base and maximize the global reach of our products and services. To this end, we offer both free and paid subscription-based solutions, which are sold direct-to-consumer and through partner relationships. Most of our subscriptions are offered on annual terms, but we also provide monthly subscriptions.”

Annual report 2026A · The company itself

“These physical “brick & mortar” retail locations are supplemented by a large presence of e-commerce retailers that also sell our products online.”

Annual report 2025A · The company itself

“NORTH AMERICA RETAIL SEGMENT Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers.”

Annual report 2026A · The company itself

“NORTH AMERICA PET SEGMENT Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals.”

Annual report 2026A · The company itself

“The sale of automotive and industrial parts, particularly replacement automotive parts, is highly competitive and impacted by many factors, including name recognition, product availability, customer service, changing customer preferences, store location, and pricing pressures.”

Annual report 2025A · The company itself

“Our retail and business customers increasingly demand convenient, easy-to-use e-commerce tools as an option to conduct their business with us.”

Annual report 2025A · The company itself

“Både privat- og næringslivskunder foretrekker i økende grad å kjøpe forsikring og melde skader digitalt.”

Annual report 2024A · The company itself

“Vi distribuerer i hovedsak gjennom digitale og fysiske kanaler hvor vi har direkte kontakt med kundene, men også gjennom partnere der det er hensiktsmessig. Uavhengig av distribusjonsløsning søker vi alltid direkte kundedialog for å kunne skape trygghet og videreutvikle kunderelasjoner.”

Annual report 2024A · The company itself

“Vi skal være det enkleste selskapet for kundene å bruke og forholde seg til gjennom hele kundereisen. Dette innebærer at vi i alle deler av kundereisen skal se etter og identifisere muligheter for å forenkle kundenes opplevelse av kundeforholdet.”

Annual report 2024A · The company itself

“Vi tilbyr kjøpsløsninger både gjennom digitale flater og betjente kanaler.”

Annual report 2024A · The company itself

“Sales from the internet and inbound phone calls continue to outpace the activity from direct mail.”

Annual report 2025A · The company itself

“Our Identity solutions blend seamlessly into our Presence-based solutions to help our customers manage and grow their Presence online and offline. Our suite of Presence-based solutions, enhanced by Airo, enables our customers to market their products and services, connect with their own customers and syndicate their business across relevant third-party products and platforms. Our Presence solutions and tools include website building and hosting, social media, search engine visibility, security and other services.”

Annual report 2025A · The company itself

“Finally, our suite of Commerce solutions enables our customers to sell directly online, in-person and across multiple channels, such as marketplaces and social platforms, and to integrate dynamic information everywhere they engage with current and potential customers. These solutions include GoDaddy Payments, point-of-sale (POS) systems, Tap to Pay on Mobile, GoDaddy Capital, Instant Payout and inventory and order dashboards for easier business management for our customers and their businesses.”

Annual report 2025A · The company itself

“Websites + Marketing is an easy-to-use, do-it-yourself, mobile-optimized online tool that enables our customers to build effective websites and e-commerce enabled online stores with minimal technical skill. We offer a variety of plans, with pricing based on business, marketing, commerce and other features. With each of these plans, customers gain access to our AI-powered tools and solutions, which include natural language, conversational chat interfaces, also known as vibe coding, that can build a customizable and editable site based on each customer's unique needs.”

Annual report 2025A · The company itself

“We design our commerce products to help our customers sell online, in-person and on leading marketplaces, while being able to manage their sales from one place. In addition to robust commerce capabilities, we offer the lowest card transaction fees in the industry when compared to similar plans from other leading providers, which allows our customers to keep more of what they make.”

Annual report 2025A · The company itself

“Point-of-Sale and Payment Acceptance Solutions. We offer a line of Smart Terminal POS devices for businesses with in-store operations, including our swivel screen Smart Terminal Pro, countertop Smart Terminal Duo and compact, handheld Smart Terminal Flex. Our Smart Terminal devices are modern, dual screen all-in-one POS systems that allow our customers to manage in-store inventory and product catalogs and accept payments.”

Annual report 2025A · The company itself

“Online Store. Our Websites + Marketing product includes online store capabilities, which allows our customers to transact business directly on their websites.”

Annual report 2025A · The company itself

“Presence. Presence represents the need of our customers to present themselves to their customers, which they do through an ever-expanding set of options through their website and across various marketing channels, email, marketplaces and social media.”

Annual report 2025A · The company itself

“Commerce. Commerce reflects our customers' need for reliable, seamless payment and transaction capabilities across both online and in-person environments.”

Annual report 2025A · The company itself

“We offer a range of solutions that help our customers publish their ideas online, including Websites + Marketing and Managed WordPress. These solutions combine mobile-optimized website builders with an integrated set of marketing and e-commerce solutions, all of which are enhanced with AI-powered tools.”

Annual report 2025A · The company itself

“Our commerce solutions are designed to grow with our customers' businesses enabling them to seamlessly sell both offline and online, from online marketplaces and social platforms, while easily managing their sales in one place. We continue to build our suite of commerce solutions, which includes GoDaddy Payments, Tap To Pay on Mobile App and Smart Terminals.”

Annual report 2025A · The company itself

“The A&C and Core segments provide a view into the product-focused organization of our business and generate revenue as follows: •A&C primarily consists of sales of products containing proprietary software, notably our website building products, as well as our commerce products and third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products.”

Annual report 2025A · The company itself

“Table of Contents Our customers and their businesses rely heavily on tools and solutions that help them manage and grow their Presence, including dedicated websites, online stores and social media channels, such as Meta, TikTok, Snapchat, X and WeChat. As reliance on social media channels, applications and AI-powered tools increases, domain names, websites and online stores and marketplaces may become less prominent, and their value may decline.”

Annual report 2025A · The company itself

“GreenMobility offers a free float carsharing service, using only 100% electric vehicles, of which we have approximately 1.400 (as of 31 December 2025). The vehicles are easily located through our app, where you can also reserve the car until you get to it. Once at the car, you simply unlock the car via the app, and you are ready to go.”

Annual report 2025A · The company itself

“• Products are sold globally mainly via the distributor network as well as directly to end users. • Harvia strengthens its distributor network continuously in both B2B and D2C channels in order to gain a wider customer base and drive growth in the key markets. • The stability of the business, typically strong cash conversion and low investment needs together with Harvia’s performance provide a solid foundation for healthy profits.”

Annual report 2025A · The company itself

“For example, with the use of influencers and media outlets such as Tik Tok, new participants with a popular product idea can gain access to consumers and become a significant source of competition for our products in a very short period of time.”

Annual report 2025A · The company itself

“Table of Contents •the developed and launched digital version of the MAGIC: THE GATHERING card game, Magic: The Gathering Arena and its related mobile application, both of which complement the Company's direct-to-customer relationships with our new and long-time MAGIC: THE GATHERING fan-base.”

Annual report 2025A · The company itself

“Our logistics network is designed to ensure product availability across diverse retail, digital, and direct-to-consumer channels, while maintaining operational flexibility and cost efficiency. It includes owned and leased distribution centers as well as third party logistics providers worldwide.”

Annual report 2025A · The company itself

“•Hasbro Direct. Our Hasbro Direct business adopts a "Fans Come First" approach, intended to create direct connections with our consumers.”

Annual report 2025A · The company itself

“Advertising We advertise many of our products and brands through digital marketing, social media and television.”

Annual report 2025A · The company itself

“Part of our strategy is to increase our reach with our consumers through direct-to consumer relationships created through ecommerce, social media, digital games and services.”

Annual report 2025A · The company itself

“Our products are sold globally to a broad spectrum of customers, including mass-market retailers, distributors, wholesalers, discount stores, specialty hobby stores, drug stores, mail order houses, catalog stores, department stores and other traditional retailers, large and small, as well as ecommerce retailers and direct-to-customer through our fan-focused Hasbro Direct business.”

Annual report 2025A · The company itself

“Our largest customers, Amazon.com, Inc. and Wal-Mart, Inc. together represented 20% of consolidated global net revenues, with each accounting for 11% and 9%, respectively.”

Annual report 2025A · The company itself

“Additionally, traditional health care supply and distribution relationships are being challenged by online commerce solutions. The continued advancement of online commerce by third parties and online price transparency requires us to costeffectively adapt to changing technologies, to enhance existing services and to differentiate our business (including with additional value-added services) to address changing demands of consumers and our customers.”

Annual report 2025A · The company itself

“Our continued success is impacted by many factors, including the following: •Effective retail execution; •Appropriate advertising campaigns and marketing programs; •Our ability to secure adequate shelf space at retail locations; •Our ability to drive sustainable innovation and maintain a strong pipeline of new products in the confectionery and broader snacking categories; •Our ability to react to changes in product category and channel consumption; •Our response to consumer demographics and trends, including but not limited to, trends relating to store trips and the impact of the growing digital commerce channel; and •Consumer health and wellness concerns, including weight management (i.e., use of medications, dieting) and the consumption of certain ingredients.”

Annual report 2025A · The company itself

“Recently introduced strategic initiatives include our efforts to continue to expand our presence in digital commerce, to transform our manufacturing, commercial and corporate operations through digital technologies and to enhance our data analytics capabilities to develop new commercial insights.”

Annual report 2025A · The company itself

“Produktområde HEXPOL Wheels erbjuder ett komplett sortiment av hjul till elektriskt drivna lager- och handtruckar samt länkhjulsapplikationer.”

Annual report 2024A · The company itself

“These hospitality intermediaries also may reduce bookings at our hotel properties by de-ranking our hotels in search results on their platforms, and other online providers may divert business away from our hotels.”

Annual report 2025A · The company itself

“In addition, although internet travel intermediaries have traditionally competed to attract individual leisure consumers or transient business rather than group business for meetings and events, in recent years they have expanded their business to include marketing to group business and also to corporate transient business. If that growth continues, it could both divert group and corporate transient business away from our hotels and also increase our cost of sales for group and corporate transient business.”

Annual report 2025A · The company itself

“A significant percentage of hotel rooms for individual guests are booked through internet travel intermediaries, to whom we commit to pay various commissions and transaction fees for sales of our rooms through their systems.”

Annual report 2025A · The company itself

“In addition to the accumulation of points for future hotel stays at our brands and strategic partner hotels, Hilton Honors arranges with third parties, such as airlines, other transportation services, online vendors, retailers and credit card companies, to sell Hilton Honors points for the use of their customers and/or to allow Hilton Honors members to use or exchange points for products or services made available to loyalty program members by those third parties.”

Annual report 2025A · The company itself

“Online and other digital capabilities, as well as AI tools, facilitate competitive entry, price transparency, and comparison shopping, increasing the level of competition we face.”

Annual report 2026A · The company itself

“In addition, as our customers continue to leverage our enhanced interconnected and fulfillment options, a greater concentration of online sales with direct fulfillment could result in a reduction in the amount of traffic in our stores, which would, in turn, reduce the opportunities for cross-selling of merchandise that such traffic creates and could reduce our overall sales and adversely affect our financial performance.”

Annual report 2026A · The company itself

“Through our technology infrastructure, we are able to provide an improved overall shopping and interconnected experience that empowers our customers to shop and interact with us from a variety of electronic devices and digital platforms at each stage of their shopping journey. We use our digital platforms as sales channels for our products and services, as methods of providing inspiration, and as sources of product, project, and other relevant information to our customers to help drive sales.”

Annual report 2026A · The company itself

“Retail The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in retail channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the United States (U.S.).”

Annual report 2025A · The company itself

“Online short-term rentals are a source of non-traditional supply for the industry, in both urban and resort destinations, including as a flexible option for apartment buildings and vacation homes. Though not reported through official industry statistics, the impact on the hotel industry and the availability of these outlets is more variable than typical changes in supply from hotel construction and tends to be very market specific. Local legislation has the potential to limit supply growth for these online short-term rentals in many top markets, though the growth of professional management for legal rentals remains a key trend.”

Annual report 2025A · The company itself

“Konkurrensen är stor, både mellan olika handelsplatser och från e-handeln.”

Annual report 2024A · The company itself

“Service med kunden i centrum NK e-handel NK e-handel har haft en positiv försäljningsutveckling under året. Fler varumärken har lanserats och fler konsumenter väljer nk.se som inspirationskälla och köpkanal. Antalet produkter ökar successivt och målsättningen är att sortimentet online till stor del ska spegla sortimentet i varuhuset i Stockholm.”

Annual report 2024A · The company itself

“Denna trend gynnar våra attraktiva fastigheter i centrala lägen med närhet till service, butiker, restau - ranger och kultur samt goda kommunikationer. Efterfrågan på flexibla kontorslösningar består och arbetet med att utveckla våra tre kontorskoncept Eget kontor, nyckelfärdiga kontor REDO och Cecil Coworking kommer fortsätta även framöver.”

Annual report 2024A · The company itself

“Försäljning sker på en global nivå genom flera olika kanaler, däribland till dagligvaruhandel, distributörer och online.”

Annual report 2024A · The company itself

“Key digital initiatives in 2025 included preparation for a new customer experience platform integrating “MitHus” and our website to create a self-service digital platform universe. We also strengthened HusOnline as a separate sales channel and lead generator, simplifying the home-building process and expanding accessibility.”

Annual report 2025A · The company itself

“HusCompagniet has nine offices with showrooms and more than 30 show houses in Denmark and Sweden. Our offering includes FORMIUM, our high-end brand for exclusive detached houses, and HusOnline, a digital online sales platform for detached houses.”

Annual report 2025A · The company itself

“In Detached, we offer clearly defined categories: readymade (HusOnline), custom-made (HusCompagniet), and tailor-made (FORMIUM) houses to streamline the customer journey, ensuring a seamless, personalised, and efficient experience.”

Annual report 2025A · The company itself

“Återförsäljarekanalen har, under många år, varit under press från andra försäljningskanaler (främst detaljhandel och online).”

Annual report 2024A · The company itself

“Internet-handeln ökar och blir allt viktigare för koncernen, främst märks detta som ökad online-försäljning hos koncer - nens handelspartners i både återförsäljar- och detaljhandelskanalen men också på grund av växande ”direkt till konsument” e-handelskanaler som drivs av divisionerna.”

Annual report 2024A · The company itself

“Vår affärsenhet Orbit Irrigation erbjuder en stark kanal in på den nordamerikanska marknaden, där vi har börjat etablera Gardena som ett premiumvarumärke inom trädgårdsskötsel. • Omnichannel-tillväxt: Genom att vidareutveckla vår omnichannel-kapacitet kommer vi att kunna dra nytta av nya kanalmöjligheter. • Innovationsdriven tillväxt: Hållbara lösningar är centrala för vår innovationsagenda.”

Annual report 2024A · The company itself

“Vårt starka konsumentfokus och vår omnichannel-strategi är centrala delar i vår tillväxtstrategi. Vi fortsätter att nyttja dessa styrkor för att utöka vår närvaro både digitalt och i fysiska butiker. Våra partnerskap med detaljhandlare, både i Europa och i USA, är lika avgörande som vårt fokus på e-handel.”

Annual report 2024A · The company itself

“Onlinekanaler ökar i betydelse och står för uppskattningsvis 15 procent av det totala marknadsvärdet.”

Annual report 2024A · The company itself

“We also engage in e-commerce through various websites and collect contact and other personal data from our customers and website visitors, and some of our software products and services enable access to point-of-sale credit card processing functionality for our veterinary customers.”

Annual report 2025A · The company itself

“Nature of Operations As an automated broker, we execute, clear and settle trades globally for both institutional and individual customers.”

Annual report 2025A · The company itself

“Capitalizing on our proprietary technology, our systems provide our customers with the capability to monitor multiple markets around the world simultaneously and to execute trades electronically in these markets at a low cost in multiple products and currencies from a single unified platform. We offer our customers access to all tradable classes of primarily exchange-listed products, including stocks, options, futures, forex, bonds, mutual funds, ETFs, precious metals, cryptocurrencies, and forecast contracts traded on more than 170 electronic exchanges and market centers in 40 countries and in 29 currencies around the world.”

Annual report 2025A · The company itself

“Our proprietary technology infrastructure enables us to provide our customers with the ability to execute trades at among the lowest execution costs in the industry for comparable services. Customer trades are both automatically captured and reported in real time in our system. Our customers can trade on more than 170 electronic exchanges and market centers in 40 countries around the world.”

Annual report 2025A · The company itself

“With respect to our direct market access brokerage business, the market for electronic and interactive bidding, offering and trading services in connection with equities, options and futures is rapidly evolving and intensely competitive.”

Annual report 2025A · The company itself

“We produce renewable fiber-based packaging solutions, primarily servicing industrial consumer goods and e-commerce markets.”

Annual report 2025A · The company itself

“Förändringar i kundbeteenden påverkar marknaden, särskilt när det gäller att digitalisering skapar nya typer av kundfordringar och sena betalningar. Exempelvis tenderar yngre personer att konsumera mer via sociala medier och oftare vara sena betalare än äldre grupper.”

Annual report 2024A · The company itself

“Det finns också en växande trend inom e-handel som genererar portföljer.”

Annual report 2024A · The company itself

“Intrum har cirka 70000 uppdragsgivare på 20 marknader som täcker fordringar inom bank och finansinstitut, telekom, allmännyttiga företag, e-handel, detaljhandel, försäkring och små och medelstora företag.”

Annual report 2024A · The company itself

“We increasingly utilize third-party platforms, such as Apple’s App Store, Google’s Play Store, AI platforms and other digital channels, for the discovery and distribution of certain of our offerings, benefiting from the strong brand recognition and large user base of these platforms to attract new customers. However, the platform owners have wide discretion to change the pricing structure, terms of service and other policies or practices that can affect the visibility or the availability of our offerings. Any adverse changes by these third parties could adversely affect our financial results.”

Annual report 2026A · The company itself

“With TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite, and Intuit Accountant Suite, we help put more money in customers’ pockets, save them time by eliminating work, and help ensure that they have complete confidence in every financial decision they make.”

Annual report 2026A · The company itself

“Get, Grow, and Manage Customers Mailchimp. Mailchimp offers email and other marketing solutions that enable small and mid-market businesses to digitally promote themselves across email, social media, short message service (SMS), landing pages, ads, websites, and more, all from one place.”

Annual report 2026A · The company itself

“In addition to our established retail intermediary networks, digital distribution channels are playing an increasingly important role in shaping client engagement and product delivery. Digitally native financial institutions and online wealth platforms are becoming a growing source of retail asset flows, expanding investor access to our strategies through mobile‑first and data‑driven advisory ecosystems.”

Annual report 2025A · The company itself

“Hastigheten i 5G-nätet ger första gången Tre möjlighet att konkurrera som en internetleverantör på marknaden för uppkoppling av hem via fiber. • Tre anslöt sig till ett projekt med S Property Group, ABB, Vattenfall och Samsung för att utveckla ett hållbart och smart bostadsområde utanför Stockholm, där Tre kommer att leverara 5G-uppkoppling.”

Annual report 2022A · The company itself

“Attaccelerera expansionen inom egna varumärken och kundanpassade lösningar och digitaliseringen av lageroch distributionskapacitet erbjuder också goda möjligheter. • Sarnova bör fortsätta att utvärdera förvärv för att stärka den befintliga verksamheten och expandera inom attraktiva närliggande områden där företaget kan dra fördel av sin goda organisationsförmåga.”

Annual report 2022A · The company itself

“In particular, technology-based systems, which give consumers the ability to shop through e-commerce websites and mobile commerce applications, are also significantly altering the retail landscape in many of our markets and intensifying competition by simplifying distribution and lowering barriers to entry. We are committed to serving customers and consumers in e-commerce, transforming our manufacturing, commercial, and corporate operations through digital technologies, and enhancing our data analytics capabilities to develop new commercial insights. However, if we are unable to effectively compete in the expanding e-commerce market, adequately leverage technology to improve operating efficiencies (including artificial intelligence, machine learning, and augmented reality), or develop the data analytics capabilities needed to generate actionable commercial insights, our business performance may be impacted, which may negatively impact our financial condition and results of operations.”

Annual report 2026A · The company itself

“The Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries.”

Annual report 2025A · The company itself

“For example, technological advances and the growth of e-commerce have made it possible for non-depository institutions to offer products and services that traditionally were banking products. These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including: •lending and other extensions of credit to consumers •payments processing •cryptocurrency, including stablecoins •tokenized securities, and •online automated algorithmic-based investment advice.”

Annual report 2025A · The company itself

“These strategies relate to: •the products and services that JPMorganChase offers •the geographies in which it operates •the types of clients and customers that it serves •the businesses that it acquires or in which it invests •the counterparties with which it does business •the technologies that it adopts or in which it invests, and •the methods, distribution channels and third-party service providers by or through which it offers products and services.”

Annual report 2025A · The company itself

“Tillväxten drivs av ökad försäljning av onlinetjänster kopplade till våra databaser för legal research. Vi säljer fler licenser och/eller uppgraderar befintliga kunder och utökar vår kundbas, främst i Region Nord.”

Annual report 2024A · The company itself

“In addition, the retail landscape in many markets continues to evolve as a result of the rapid growth of e-commerce retailers and price comparison websites, changing consumer preferences and purchasing patterns (as consumers increasingly shop online and via mobile and social media applications) and the increased presence of alternative retail channels, such as subscription services and DTC businesses.”

Annual report 2025A · The company itself

“Brand Marketing Our digital approach to marketing places the consumer at the center of all decisions related to our product delivery, service offerings, and the experiences we create.”

Annual report 2025A · The company itself

“Our pursuit of this strategy has led us in recent years to promote new services, including e-commerce, and introduce innovative new products and connected health offerings, including the Zyrtec® AllergyCast app and the Neutrogena® Skin360 app, that are outside of the traditional services and products we have historically provided to our consumers and customers.”

Annual report 2025A · The company itself

“Our products are sold in a highly competitive global marketplace, which, in recent years, has experienced increased retail trade concentration, the emergence of retail buying alliances, including the consolidation of bargaining strength across multiple partners, the rapid growth of e-commerce, the rise of agentic shopping, and the integration of traditional and digital operations at key customers. As a result of these trends, certain large-format customers and customer alliances have significant bargaining strength and represent a significant proportion of our total Net sales.”

Annual report 2025A · The company itself

“Online grocery sales grew by 7.9%, and accounted for approximately 3.9% of K Group’s grocery sales (incl. VAT).”

Annual report 2025A · The company itself

“In addition, the continued growth of e-commerce may create additional consumer price deflation by, among other things, facilitating comparison shopping, and could potentially threaten the value of some of our legacy route-to-market strategies and thus negatively affect revenues.”

Annual report 2025A · The company itself

“In addition, our industry is being affected by rapid growth in discount retailers and in e-commerce retailers, including traditional retailers who are expanding their e-commerce capabilities, and our business will be adversely affected if we are unable to maintain and develop successful relationships with such retailers.”

Annual report 2025A · The company itself

“With our Keurig.com website, we have a leading direct-to-consumer e-commerce platform which provides us insights and expertise in the e-commerce channel. We continually invest in digital tools and capabilities as part of our route-to-market strategy, and as one element of a holistic digital transformation across KDP.”

Annual report 2025A · The company itself

“On a constant currency basis, online revenues grew by 10.4% compared to last year, reaching MNOK 464.0 in 2024, which corresponds to an online share of 12.3%. Additionally, Click & Collect contributed MNOK 223.9 to store revenues. In total, 18.2% of total revenues thus stems from our online platform and omnichannel approach, which will remain an important growth driver.”

Annual report 2024A · The company itself

“E-commerce potentially intensifies competition by simplifying distribution and lowering barriers to entry.”

Annual report 2025A · The company itself

“Distribution and Customers Our essential products for household use are sold directly to supermarkets, mass merchandisers, drugstores, warehouse clubs, variety and department stores and other retail outlets, as well as through other distributors and e-commerce.”

Annual report 2025A · The company itself

“Our products are sold in a highly competitive global marketplace, which continues to experience increased concentration and the growing presence of large-format retailers, discounters and e-tailers. With the consolidation of retail trade, both traditional retailers and e-tailers, we are dependent on key customers, and some of these customers, including large-format retailers and large e-tailers, may have significant bargaining power. They may use this leverage to demand higher trade discounts or allowances which could lead to reduced profitability.”

Annual report 2025A · The company itself

“Med totalt sex webbutiker under varumärket Eurobib Direct, erbjuder Library Interiors ett brett utbud av moderna möbler och tillbehör för bibliotek och andra offentliga utrymmen. Varumärket Eurobib Direct kännetecknas av snabba leveranser, enkla monteringsprodukter och bra kundservice.”

Annual report 2024A · The company itself

“•Flexible Operating Structure - Our local operating structure gives us the flexibility to make operating decisions based on local homebuilding conditions and customer preferences, while our centralized management structure provides strategic oversight for our homebuilding operations. •Digital Marketing - We are increasingly advertising homes through digital channels, which is significantly increasing the cost effectiveness of our marketing efforts. •Dynamic pricing model - We match up unsold production as homes progress toward completion, with pricing information from our dynamic pricing model on a community-by-community and home-by-home basis. •Technology Focused - We partner with and/or invest in technology companies that are looking to improve the homebuilding and financial services industries to increase efficiencies, reduce customer acquisition costs and create a better customer experience.”

Annual report 2025A · The company itself

“In certain jurisdictions, we utilize LillyDirect, our direct-to-patient digital health care platform, to provide delivery of select Lilly medicines dispensed by third-party pharmacies to patients. Tools to help patients access care from independent healthcare providers and programs to assist patients in adhering to treatment plans are also available on the platform where applicable. Sales through LillyDirect represented a growing portion of our business in 2025 and we have launched, and continue to explore, new partnerships and tools, including through LillyDirect, to further expand access to our medicines.”

Annual report 2025A · The company itself

“Retail and E-commerce Need Speed, Personalization, and 1:1 Engagement In retail and e-commerce, speed and accessibility are everything. Tighter margins and fierce competition are driving brands to move beyond traditional advertising, shifting towards direct, permission-based communication via SMS, RCS, Chat apps, email, and social media.”

Annual report 2024A · The company itself

“The success of our ticketing business depends, in significant part, on our ability to maintain and renew relationships with existing clients and to establish new client relationships. We anticipate that, for the foreseeable future, the substantial majority of our Ticketing segment revenue will be derived from both online and mobile sales of tickets. We also expect that revenue from primary ticketing services, which consists primarily of our portion of per ticket convenience charges and per order service fees, will continue to comprise the substantial majority of our Ticketing segment revenue.”

Annual report 2025A · The company itself

“A significant percentage of hotel rooms for guests at Loews Hotels & Co’s properties is booked through internet-based travel agencies and other intermediaries. In most cases, Loews Hotels & Co has agreements with such intermediaries and pays them commissions and/or fees for sales of its rooms through their systems.”

Annual report 2025A · The company itself

“Förvaltningsresultat per aktie i intjäningsförmåga (2023: 0,82) Förvärv Utveckling Förvaltning Års- och hållbarhetsredovisning 2024 Värdeskapande affärsmodell 19 Verksamhet Fastighetsportfölj Förvärv Utveckling Förvaltning Fastighetsmarknaden Med starkast koncentration till Norden äger Logistea långsiktigt fastigheter i åtta länder i ett alltmer attraktivt segment som innefattar lager, logistik och lätt industri. Väl belägna lokaler för dessa aktiviteter blir allt viktigare i en tid av digitalisering, ökad e-handel och flytt av tillverkning och lagerhållning till platser närmare bolags hemmamarknader.”

Annual report 2024A · The company itself

“Under 2024 ökade både Loomis Pays transaktionsvolymer och intäkter kraftigt på samtliga marknader.”

Annual report 2024A · The company itself

“Den digitala betalningsmarknaden växer snabbt och de digitala betalningarna blir fler varje år, drivet av både e-handel och konsumenters förändrade preferenser. Automatiserade och hybrida lösningar som kombinerar kontanter och digitala betalningslösningar blir allt viktigare för att möta behoven hos både kontant och digitalt orienterade konsumenter och företag.”

Annual report 2024A · The company itself

“In fiscal 2025, we continued to execute on our Total Home strategy that was introduced in fiscal 2020, by focusing on serving the professional customer (Pro customer), accelerating our online business, expanding installation services, improving localization efforts and elevating our product assortment.”

Annual report 2026A · The company itself

“Online Through our websites and mobile applications, we seek to empower consumers by providing a 24/7 shopping experience, expanded product assortment, product information, customer ratings and reviews, buying guides, how-to videos, and other information.”

Annual report 2026A · The company itself

“Our websites, primarily Lowes.com, and our mobile applications are important sales channels and sources of 12 Table of Contents information that influence both online and in-store sales. We leverage other affiliated websites and mobile apps through which we seek to inspire, inform, cross-sell, establish online communities among, and otherwise interact with, our customers, including through online visualization and configuration tools.”

Annual report 2026A · The company itself

“Changes in consumer shopping preferences, and shifts in distribution channels could materially impact our results of operations. We operate an omni-channel retail model and aim to efficiently and effectively serve our guests in the ways most convenient to them. We operate a combination of physical retail locations and e-commerce services via our websites, other region-specific websites, third-party online marketplaces, and mobile apps.”

Annual report 2026A · The company itself

“Many of our customers shop through our e-commerce websites and mobile apps and we use social media in addition to these websites and apps to interact with our customers and to enhance their shopping experience. We may not efficiently and effectively implement and leverage technological advancements such as AI to support these interactions, which could have an adverse impact on our results of operations if our competitors are more effective than us, if this disrupts our operations, or if this leads to increased operating costs.”

Annual report 2026A · The company itself

“Mandatumin liiketoiminta jakautuu neljään osa-alueeseen: varainhoitoon, yritysasiakkaisiin, henkilöasiakkaisiin sekä laskuperustekorkoiseen liiketoimintaan. Varainhoidossa Mandatum tarjoaa laajat palvelut asiakkailleen, joihin kuuluu institutionaalisia sijoittajia ja varakkaita yksityishenkilöitä. Sijoituskohdetarjooma kattaa niin osake-, korko-, yrityslaina- kuin vaihtoehtoisten sijoitusten kohteita.”

Annual report 2025A · The company itself

“Store network Omnichannel retail sales, operated by the company itself or its partners, represents the core of Marimekko’s distribution strategy. It is complemented with selected physical and online retailers to gain scale and access to new customers.”

Annual report 2025A · The company itself

“During the year Marimekko online store in Canada was renewed and Marimekko launched its own online store in New Zealand as well as Frenchand German-language versions of the online store. In December, Marimekko also introduced a new digital channel for its loyal customers, the Marimekko App. Simultaneously, the renewed loyalty program was launched.”

Annual report 2025A · The company itself

“Marimekko’s omnichannel retail sales in 2025 grew in all market areas and increased in total by 4 percent.”

Annual report 2025A · The company itself

“Some of our hotel rooms are booked through Internet travel intermediaries. In addition to their focus on leisure travel, these intermediaries also provide offerings for corporate travel and group meetings.”

Annual report 2025A · The company itself

“Customer experience remained a key competitive factor, and digital services became an increasingly important part of the procurement process. The development of e-commerce and digital design services enabled a smoother customer experience.”

Annual report 2025A · The company itself

“Consumer preferences have also changed, including a shift in consumer purchasing practices toward e-commerce and a potential increase in consumer demand for products with certain attributes, such as connected products and sustainable products.”

Annual report 2025A · The company itself

“◦Our Click to Pay checkout experience is designed to provide consumers convenience and security in a digital environment, make it easier for merchants to implement secure digital payments and provide issuers with improved fraud detection and prevention capabilities. This experience enables a faster, more secure checkout experience across internet and mobile sites, mobile apps and connected devices. •Enhancing security and effectiveness of transactions.”

Annual report 2025A · The company itself

“This new service complements our existing cybersecurity intelligence, fraud scoring and defense functionalities. •In 2025, we launched Mastercard Commerce Media™, a new digital media network aimed at making advertising more personalized, relevant and effective. Mastercard Commerce Media helps advertisers provide tailored offers to the right consumer at the right time by using our proprietary spend insights as well as measuring the effectiveness of the advertisements.”

Annual report 2025A · The company itself

“Our offerings include fraud scoring technology that scans billions of data points across millions of transactions each day while increasing approvals and reducing false declines, alerts when accounts are exposed to data breaches or security incidents, and network-level monitoring on a global scale to help detect the occurrence of widespread fraud attacks when a customer may be unable to detect or defend against them.”

Annual report 2025A · The company itself

“Digital and Authentication We offer global digital enablement and authentication capabilities that operate across all digital channels including in-store environments, e-commerce platforms and agentic interfaces. These capabilities include: •Digital enablement and checkout services that allow issuers, acquirers, merchants, digital wallets and channel partners (such as payment service providers, gateways, payment facilitators, independent software vendors and payment orchestrators) to provision, access and use tokenized payment credentials that help make commerce more seamless and more secure •Authentication services that help customers grow digital commerce by enabling the verification of cardholder accounts and transactions for issuers and merchants.”

Annual report 2025A · The company itself

“•Payment gateways that offer a single interface to enable e-commerce merchants to process secure online and in-app payments and offer other solutions, including outsourced electronic payments, fraud prevention and alternative payment options. Other Solutions We provide several additional solutions to help differentiate our payments products.”

Annual report 2025A · The company itself

“The continued growth of e-commerce, which has encouraged the entry of new competitors and business models, and its impact of consumer habits and preferences has accelerated in many of the markets we serve and our financial results may be impacted if we are unable to adapt to changing consumer preferences and market dynamics.”

Annual report 2025A · The company itself

“Our customers span a variety of retailers that include grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce retailers, served directly and indirectly through distributors or wholesalers.”

Annual report 2025A · The company itself

“Through digital tools, customers can access personalized offers, participate in a loyalty program, order through our mobile app and receive McDonald's food through the channel of their choice. We are also providing increased convenience to customers through “Ready on Arrival”; a digital enhancement that enables crew to begin assembling a customer's mobile order prior to arrival at the restaurant to expedite service and elevate customer satisfaction.”

Annual report 2025A · The company itself

“The Company has loyalty programs in 70 markets, including nearly all major markets. McDonald's loyalty customers have proven to be highly engaged, and the Company plans to increase its 90-day active users to 250 million by the end of 2027.”

Annual report 2025A · The company itself

“Our success depends in part on whether the allocation of our advertising and marketing resources across different channels, including digital, allows us to reach consumers effectively, efficiently and in ways that are meaningful to them.”

Annual report 2025A · The company itself

“XBOX revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising.”

Annual report 2026A · The company itself

“XBOX (formerly Gaming), including XBOX hardware and XBOX content and services, comprising first- and third-party content (including games and in-game content), XBOX Game Pass and other subscriptions, XBOX Cloud Gaming, advertising, and other cloud services. • Search advertising (formerly Search and news advertising), comprising Bing, Copilot, Microsoft News, Microsoft Edge, and third-party affiliates.”

Annual report 2026A · The company itself

“Search Advertising Our Search advertising business is designed to deliver relevant search, native, and display advertising to a global audience. Microsoft Copilot is a digital companion designed to inform, entertain, and inspire.”

Annual report 2026A · The company itself

“INTÄKTSREDOVISNING Intäktsredovisning Intäkter från externa kunder kommer huvudsakligen från försäljning och reklam i våra appar och spel och försäljning av onlinespel.”

Annual report 2024A · The company itself

“Looking ahead, we are committed to expanding access to healthy, sustainable, and delicious food options across all channels. Our strategy is focused on growth in foodservice, retail, and e-commerce, in addition to raising awareness of the salmon category and educating consumers about our products’ health and sustainability benefits.”

Annual report 2024A · The company itself

“Marknaden för e-handel är under förändring med kontinuerlig tillväxt de senaste åren. Det finns inga garantier för att marknaden för e-handel fortsätter växa, eller att Nellys produkter fortsätter gynnas av en positiv marknadsutveckling.”

Annual report 2024A · The company itself

“Vi har en direct-to-consumer strategi med ett starkt eget varumärke i kombination med i första hand digital försäljning direkt till vår målgrupp.”

Annual report 2024A · The company itself

“Large digital platforms with extensive user data and targeting capabilities command a substantial share of the digital advertising market and are also responsible for a significant amount of traffic to the Company’s digital properties, which drives advertiser spending.”

Annual report 2026A · The company itself

“HarperCollins derives its revenue from the sale and licensing of print and digital books to a customer base that includes global technology companies, traditional brick and mortar booksellers, wholesale clubs and discount stores, including Amazon, Apple, Barnes & Noble and Tesco, as well as from third-party distribution services.”

Annual report 2026A · The company itself

“Som underleverantör marknadsför vi vårt erbjudande mot B2B-marknaden främst via säljare och internet.Fackmässor utgörnormalt en viktig marknadsförings- och försäljningskanalmenävendigitalmarknadsföringökarkraftigtibetydelsedärtillgänglighetpåinternetidagäravgörandeförsynligheten.”

Annual report 2024A · The company itself

“Våra produkter når slutkunden genom ett väl utbyggt nätverk av återförsäljare, huvudsakligen bestående av fackhandlare utan något mellanled.Återförsäljarnaexponerarprodukternaoch erbjuderhögservicesamtinstallationjämförtmed byggvaruhandeln som huvudsakligen satsar på lågprisprodukter,ett segment därvi harblygsam närvaro. Reservdelar och tillbehör säljs i ökande omfattningviae-handel.”

Annual report 2024A · The company itself

“NIKE Direct revenues decreased 6% due to declines in digital sales of 10% and declines in store sales of 2%.”

Annual report 2026A · The company itself

“NIKE Direct revenues decreased 9% due to declines in digital sales of 10% and declines in store sales of 8%.”

Annual report 2026A · The company itself

“NIKE Direct revenues decreased 12% due to declines in digital sales of 29% and declines in store sales of 4%.”

Annual report 2026A · The company itself

“NIKE Direct revenues decreased 6% due to declines in digital sales of 9% and declines in store sales of 1%.”

Annual report 2026A · The company itself

“We may not realize a satisfactory return on our investment in our NIKE Direct operations and management's attention from our other business opportunities could be diverted, which could adversely affect our business, financial condition or results of operations. If the technology-based systems, applications and platforms that give our consumers the ability to shop or interact with us online do not function effectively, our operating results, as well as our ability to grow our digital commerce business globally or to retain our customer base, could be materially adversely affected. Many of our consumers shop with us through our digital platforms.”

Annual report 2026A · The company itself

“NIKE Direct revenues decreased 6% due to declines in digital sales of 10% and declines in store sales of 2%.”

Annual report 2026A · The company itself

“NIKE Direct revenues decreased 9% due to declines in digital sales of 10% and declines in store sales of 8%.”

Annual report 2026A · The company itself

“Avgifts- och provisionsnettot ökade med 4procent jämfört med 2024, efter högre intäkter från utlåning och från betalningar och kort.”

Annual report 2025A · The company itself

“Fortsat fremgang i BoligPortal BoligPortal eksekverede på sin strategi om løbende at lancere nye services til det samlede univers for lejere, udlejere og kommercielle partnere samt at forbedre de eksisterende. Bl.a. blev der lanceret et Pro-univers for professionelle udlejere af f.eks. projektboliger, og der blev indgået en række nye aftaler med kunder i DataInsights.”

Annual report 2025A · The company itself

“Danmark lancerede vi den nye Publisher-platform, hvor detailforhandlere selv kan producere, publicere og optimere digitalt indhold. Derigennem har Dayli skabt flere komplementære indtægtsstrømme på en platform, der kan skaleres til andre markeder og reducere sine årlige driftsomkostninger markant.”

Annual report 2025A · The company itself

“BoligPortal lancerede i 3. kvartal 2025 et projektboligkoncept, BoligPortal Pro, som giver ejendomsudviklere og mæglere mulighed for at annoncere nyopførte boliger og for at benytte de nye forbedrede services som f.eks. lejekontrakter, flyttesyn og huslejebetalinger i forbindelse med udlejningen. Konceptet gør det nemt for udlejerne hurtigt og ensartet at lægge et stort antal boliger 27,1 29,2 29,4 29,1 28,3 Omsætning (mio. kr.)”

Annual report 2025A · The company itself

“I 2026 er Daylis strategiske fokus at styrke sin position på det danske marked for digital tilbudskommunikation. Væksten forventes at komme fra en udvidelse af nye kundesegmenter gennem salg på Publisher platformen.”

Annual report 2025A · The company itself

“Vækstpotentialet drives af øget omsætning fra både eksisterende, større detailkæder og fra nye kunder, særligt små og mellemstore forhandlere, i udviklingen af nye digitale formater og i udbredelse af platformene til flere lande.”

Annual report 2025A · The company itself

“Boliger på den danske platform 127.894 131.386 136.135 Udlejere på den danske platform 26.063 25.520 26.963 Boligportal.dk i 2025 +641.000 månedlige besøgende på hjemmesiden +107.000 annoncerede lejeboliger +27.000 underskrevne lejekontrakter +36.000 underskrevne flytterapporter Bostadsportal.se i 2025 +240.000 Månedlige besøgende på hjemmesiden +1.600 underskrevne lejekontrakter +4% 26% Resultater Bekey Dayli BoligPortal Virksomheder BoligPortal leverede på sit strategiske fokus ved løbende at forbedre eksisterende services og lancere nye til det samlede digitale univers for udlejere, lejeboligsøgende og kommercielle partnere. Universet består af en fælles struktur for lejere og udlejere, hvor de kan udvælge de ydelser og services, som matcher den enkeltes behov.”

Annual report 2025A · The company itself

“Data Insights, som opsamler og sælger data fra markedspladsen, voksede moderat, og der blev indgået flere nye aftaler med kunder i ejendomsbranchen, offentlige aktører og i den finansielle sektor. Via domstolene fik Data Insights desuden stoppet en konkurrerende udbyders ulovlige brug af BoligPortals data.”

Annual report 2025A · The company itself

“I året er det organisatoriske og tekniske fundament for en skalerbar drift etableret, herunder egne afdelinger for IT, udvikling og salg. Tilbudsplatformen MineTilbud fortsatte sin stærke position i Danmark, mens det gik langsommere end forventet med at vinde fodfæste i Sverige.”

Annual report 2025A · The company itself

“Dayli er en medie- og teknologivirksomhed med to digitale platforme: En tilbudsplatform til formidling af digitale tilbudsaviser og kataloger, hvor MineTilbud er blandt Danmarks største udbydere, og Publisher, som giver detailhandlen mulighed for at skabe og distribuere indhold til forbrugerne på tværs af kanaler.”

Annual report 2025A · The company itself

“Asset servicing and related services encompass a full range of capabilities including but not limited to: custody; fund administration; investment operations outsourcing; investment management; investment risk and analytical services; employee benefit services; securities lending; foreign exchange; treasury management; brokerage services; transition management services; banking; and cash management.”

Annual report 2025A · The company itself

“Novo Nordisk further focuses on expanding access to Wegovy ® , particularly in the self-pay channel through NovoCare ® Pharmacy and collaborations with telehealth organisations. Uptake related to the launch of Wegovy ® pill in January 2026 is reflected in the outlook, based on a range of assumptions related hereto such as market penetration, potential negative impact on the growth of the injectable obesity medication category as well as channel mix.”

Annual report 2025A · The company itself

“We are transforming our position through multiple direct-to-consumer pathways by rapidly expanding our NovoCare ® direct-to-patient platform to simplify access and reduce costs, forging new telehealth collaborations and securing retail pharmacy agreements including CVS to improve continuity of care.”

Annual report 2025A · The company itself

“In the US, we are expanding practical pathways to treatment across multiple channels. Through NovoCare ® – our patient assistance programme – patients can check coverage, access savings and, where eligible, receive assistance.”

Annual report 2025A · The company itself

“For example, we have learned that some people living with obesity prefer accessing treatment through online providers from the privacy of their homes rather than in traditional clinical settings.”

Annual report 2025A · The company itself

“Our Omnichannel growth strategies reflect the continued evolution of customer preferences in researching and completing purchases. More than ever before, our customers’ purchase decisions are informed by a range of interactions, whether in-person, over the phone, or through a variety of digital channels, as they seek to find the professional parts knowledge and product availability they need to meet their automotive repair and maintenance needs. Our Omnichannel growth strategies are focused on offering our customers an enhanced and seamless research and buying experience through any of these channels.”

Annual report 2025A · The company itself

“Marketing ​ Retail and Online Marketing: Our integrated marketing strategy and Omnichannel efforts include national media channels, in-store, digital, and social media activation, as well as personalized experiences through e-mail and text messaging and marketing the O’Reilly brand through automotive event sponsorships and on-site appearances throughout the country. Our O’Rewards loyalty program encourages repeat customers, as they accumulate points from their O’Reilly purchases that are redeemable for rewards at various purchase levels.”

Annual report 2025A · The company itself

“Precision Marketing includes technology and digital transformation consulting, decision sciences, digital experience design, customer relationship management, and e-commerce and enterprise platforms.”

Annual report 2025A · The company itself

“The year-over-year changes in worldwide revenue in 2025, compared to 2024, in our fundamental disciplines were: Media & Advertising increased $1,359.8 million, Precision Marketing increased $162.2 million, Public Relations decreased $27.2 million, Healthcare increased $42.8 million, Branding & Retail Commerce decreased $108.8 million, Experiential increased $143.2 million and Execution & Support increased $10.8 million.”

Annual report 2025A · The company itself

“Produktene er distribuert gjennom dagligvarebutikker og på nett.”

Annual report 2024A · The company itself

“The company takes advantage of the e-commerce growth opportunities by strengthening relationships with e-commerce companies and working closely with retailers executing a multi-channel strategy.”

Annual report 2025A · The company itself

“Orthex’s seeks to be the preferred value-creating partner to its customers who are mainly large retail chains and e-commerce platforms.”

Annual report 2025A · The company itself

“Pandora implemented a significant transformation of its e-commerce platform through the launch of a new website.”

Annual report 2025A · The company itself

“Furthermore, in 2025, Pandora implemented a significant transformation of its e-commerce platform through the launch of a new website. The website is now live across more than 30 markets, enhancing many aspects of the customer journey and how the brand is portrayed. As such, the new website is driving stronger engagement and delivering robust commercial performance.”

Annual report 2025A · The company itself

“During 2025, the Pandora website was improved to elevate the brand and the experience for our consumers. The platform is now live in more than 30 markets, and has strengthened engagement through time spent on site, leading to a low singledigit uplift in revenue per customer.”

Annual report 2025A · The company itself

“Our ability to continue to attract, engage and retain streaming subscribers and active users (together, “users”), as well as generate corresponding subscription and advertising revenues, depends on a number of factors, including our ability to consistently provide appealing and differentiated content that resonates globally, offer a quality experience for selecting and viewing that content, execute a windowing strategy that maximizes service appeal and the value of our content, successfully market our content and services, and make effective choices globally regarding whether we distribute our content and services directly through our owned-and-operated services or through third parties, including through hard bundles, MVPD bundles and channel distributors. Our success will require significant investments to produce original content and acquire the rights to third-party content, including sports, as well as the establishment and maintenance of key content and distribution partnerships.”

Annual report 2024A · The company itself

“Our strategy to drive growth in our business includes the following: •Accelerating growth in our branded checkout business: by improving our user experience, including by reducing friction and enhancing rewards, we will drive consumer selection and increase conversion rates for merchants. This strategy will increase our customers’ engagement with our products and services.”

Annual report 2025A · The company itself

“Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, and secure, whether online or in-person. We operate a global, two-sided network at scale that connects consumers and merchants with 439 million active accounts across approximately 200 markets as of December 31, 2025. •Consumers: We provide consumers with digital wallets and other solutions that allow them to shop and pay with PayPal and Venmo—both online and in-person—manage their finances (including saving and buying and selling cryptocurrencies), and send and receive money between friends and family.”

Annual report 2025A · The company itself

“Our PayPal and Venmo branded checkout experiences allow customers to complete purchases in just a few steps without having to enter payment and address information. These seamless experiences reduce cart abandonment and drive higher conversion rates for merchants.”

Annual report 2025A · The company itself

“Video meeting room interoperability enables any meeting room to connect to any meeting platform Pexip Secure & Custom Spaces Video meetings that are self-hosted on-premise or in a private cloud – and that can run on any device When several video technologies need to work seamlessly together When complete privacy and control over data is required. Pexip addresses two major challenges in video communication: universal interoperability and security. It allows seamless connections across platforms like Microsoft Teams, Zoom, and Google Meet, while also offering advanced security features for self-hosted meetings in private or air-gapped environments.”

Annual report 2024A · The company itself

“We also seek to gain access for our products on formularies, which are lists of approved medicines available to members of healthcare programs or PBMs in the U.S. Insurers and PBMs who design and negotiate formularies on their behalf use various benefit designs, such as tiered co-pays for formulary products, to drive utilization of products in preferred formulary positions, typically in exchange for a discount off the price of the medicine in the form of a rebate agreement.”

Annual report 2025A · The company itself

“Distribution & Sales Our main types of distribution and sales are tailored to the characteristics of each market and are often used simultaneously: •Direct sales and distribution, where we sell directly to the retailers; •Distribution through independent distributors that often distribute other fast-moving consumer goods and are responsible for distribution in a particular market; •Exclusive zonified distribution, where the dedicated multicategory product distributors are assigned to exclusive territories within a market; •Distribution through national or regional wholesalers that then supply the retail trade; •Our own e-commerce infrastructure for product sales to trade partners and to consumers; and •Our own brand retail infrastructure for our SFPs and accessories for sales to consumers.”

Annual report 2025A · The company itself

“Resultatutviklingen i den norske distribusjonsvirksomheten var positiv gjennom 2024, drevet av sterk vekst i inntekter fra transportoppdrag og pakkedistribusjon gjennom Helthjem Netthandel. I det kommende året forventes fortsatt lønnsom vekst knyttet til disse tjenestene, men en mer moderat volumvekst for pakkedistribusjon.”

Annual report 2024A · The company itself

“Distribusjonsvirksomheten i Norge er organisert under Polaris Distribusjon, og rapporteres i segmentet Distribusjon Norge. Polaris Distribusjon består av fem regionale distribusjonsselskaper, som distribuerer papiraviser for både konsernets egne mediehus og eksterne mediehus. I tillegg til tradisjonell avisdistribusjon, har distribusjonsvirksomheten betydelige eksterne inntekter fra distribusjon av netthandelspakker gjennom Helthjem-nettverket.”

Annual report 2024A · The company itself

“NYA FUNKTIONER OCH INTEGRATIONER "Vi har lanserat flera viktiga funktioner för att förbättra våra produkter, inklusive självincheckning via mobil, paketleveranshantering och integrationer med andra säkerhetssystem.”

Annual report 2024A · The company itself

“Användningsområdena finns inom både digital och fysisk access och tillämpningarna hittas inom till exempel mobiltelefoner, bärbara datorer, logisk access, betalning, fordon, samt inom besöks- och accessystem.”

Annual report 2024A · The company itself

“In addition, evolving sales channels and business models may continue to affect customer and consumer preferences as well as market dynamics, which, for example, may be seen in the growing consumer preference for shopping online, growth in digital tools, fragmentation of media, ease of competitive entry into certain categories and growth in hard discounter channels.”

Annual report 2026A · The company itself

“These market changes include evolving ways in which consumers are engaging with our brands across social media platforms, streaming services or AI based search. We observe changes in retail landscapes around the world, where retailers are selling across multiple platforms (digital and physical outlets) and building their own media platforms.”

Annual report 2026A · The company itself

“Our customers include mass merchandisers, digital commerce (including social commerce) channels, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, specialty beauty stores (including airport duty-free stores), high-frequency stores, pharmacies, electronics stores and professional channels.”

Annual report 2026A · The company itself

“Vi fortsätter att kontinuerligt öka våra investeringar i produktutveckling för att kunna omsätta dessa investeringar i nya spännande produkter och lösningar för våra kunder inom de tre områden som ska driva vår framtida tillväxt: Ljus för professionella fotografer, arbetsflödeslösningar för e-handel och studios, och ljus för filmproduktion.”

Annual report 2024A · The company itself

“Sedan 2018 har Profoto även sin egen webbutik Profoto.com där försäljning sker direkt till slutkund.”

Annual report 2024A · The company itself

“Slutanvändarna är professionella fotografer, filmfotografer och kommersiella kunder, bland annat stora konsumentinriktade varumärken och e-handelsföretag som har egna studios eller outsourcar till externa studios.”

Annual report 2024A · The company itself

“Slutanvändarna är professionella fotografer och kommersiella kunder, bland annat stora konsumentinriktade varumärken och e-handelsföretag.”

Annual report 2024A · The company itself

“We are heavily dependent upon automated information technology and Internet commerce, with more than half of our new customers coming from the telephone or over the Internet.”

Annual report 2025A · The company itself

“Convenient shopping experience: Customers can conveniently shop for available storage space, reviewing attributes such as facility location, size, amenities (such as climate-control), and pricing through the following marketing channels: •Our Website: The online marketing channel is a key source of customers. We believe that many of our other customers who reserved directly through our customer care center or arrived at a facility and moved in without a reservation reviewed our pricing and availability online through our website. We seek to update the structure, layout, and content of our website regularly to enhance our placement in “unpaid” search in Google and related websites, to improve the efficiency of our bids in “paid” search campaigns and visibility on large language model platforms, and to maximize users’ likelihood of reserving space on our website.”

Annual report 2025A · The company itself

“We have made significant enhancements in our tools and business practices to adapt our selling efforts to today's tech-enabled customers. This includes our websites (pulte.com, centex.com, delwebb.com, divosta.com, and jwhomes.com), which provide tools to help users find a home that meets their needs, investigate financing alternatives, maintain a home, learn more about us, and communicate directly with us.”

Annual report 2025A · The company itself

“In addition, customers are served through an online store.”

Annual report 2026A · The company itself

“Consumers increasingly are demanding convenience and a superior and personalized experience relevant to their needs. In recent years, we saw consumers increase their use of telemedicine capabilities, increase their responsibility for their own healthcare (e.g., increased consumer-initiated testing; increased specimen self-collection) and increase their openness to new delivery channels.”

Annual report 2025A · The company itself

“The rapid increase of online shopping driven by changes in consumer shopping preferences has amplified certain of these risks resulting in capacity constraints.”

Annual report 2026A · The company itself

“The success of our business also depends largely on our ability to continue to maintain, enhance, and expand our digital footprint and capabilities. Consumers continue to increasingly shop online using computers, smartphones, tablets, and other devices, and also use such devices to perform comparison shopping on a real-time basis.”

Annual report 2026A · The company itself

“We are dependent on information technology systems and networks, including the Internet, for a significant portion of our direct-to-consumer sales, including our digital commerce operations and retail business credit card transaction authorization and processing (among other electronic payment methods that we accept). We are also responsible for storing data relating to our customers and employees and rely on third parties for the operation of our digital commerce sites and for the various social media tools and websites we use as part of our marketing strategy.”

Annual report 2026A · The company itself

“Our digital commerce sites present the Ralph Lauren lifestyle online, while offering a broad array of our apparel, handbags, footwear & accessories, fragrances, home, and hospitality product lines.”

Annual report 2026A · The company itself

“Directly-Operated Digital Commerce Websites In addition to our stores, our retail business sells products online in North America, Europe, and Asia through our various directly-operated digital commerce sites, which include www.RalphLauren.com, among others. We continue to expand accessibility to our digital flagships globally while localizing language, currencies, payment methods, product assortments, and content.”

Annual report 2026A · The company itself

“We also sell our products online through various third-party digital pure-play sites to reach a broader audience of consumers, including younger consumers, and amplify our brand messages. On many of these sites, we have created digital shop-in-shop environments with a consistent brand experience, tailored product stories, and an assortment that is carefully curated by our merchants.”

Annual report 2026A · The company itself

“We sell our wholesale merchandise primarily to major department stores, specialty stores, and third-party digital partners across North America, Europe, Asia, Australia, and New Zealand, and extend credit based on an evaluation of each wholesale customer's financial condition, usually without requiring collateral.”

Annual report 2026A · The company itself

“Liikevaihto koostuu tuotantokoneiden ja analysaattorilaitteiden, digitaalisten palvelujen sekä huoltoja varaosapalvelujen myynnistä saatavista tuotoista. Rauten globaali myyntija huoltoverkosto varmistaa asiakkaiden hankkimien tuotteiden ja palveluiden saatavuuden kaikkialla maailmassa.”

Annual report 2025A · The company itself

“We also prioritize retail clients that have demonstrated resilience to e‑commerce, including through necessity‑based offerings, experiential components, or strong omnichannel strategies that effectively integrate physical locations with digital platforms.”

Annual report 2025A · The company itself

“By increasing the ease of use and functionality of our web-based market presence, we believe we enhance customer satisfaction, interaction and connectivity while lowering our costs. These tools reinforce to our customers that they can rely on us to handle their recycling and waste services needs in a way that is easy and convenient for them. •Our website and mobile app are online account management tools, allowing customers access to their accounts and our services. •Our e-commerce sales channel allows customers to secure services on a real-time basis, provides capabilities to meet our customers' evolving buying preferences and provides a lower cost sales channel.”

Annual report 2025A · The company itself

“One of our three differentiating capabilities is to enable our customers to do business with us through more channels and with better access to information and, accordingly, we have made substantial investment in our e-commerce platform.”

Annual report 2025A · The company itself

“Major markets served by all segments consist of discrete end markets (e.g., Automotive including Electric Vehicle and Battery, Semiconductor, and e-Commerce & Warehouse Automation), hybrid end markets (e.g., Food & Beverage, Life Sciences, and Tire), and process end markets (e.g., Energy, Mining, and Chemicals).”

Annual report 2025A · The company itself

“While our business is exclusively in brick-and-mortar stores, consumer e-commerce spending continues to increase.”

Annual report 2026A · The company itself

“E-handelns stadiga tillväxt ökar samtidigt behovet av förpackningar.”

Annual report 2024A · The company itself

“E-handelns stadiga expansion ökar efterfrågan på kartong.”

Annual report 2024A · The company itself

“Travel advisor relationships, consumer outreach, and e-commerce Travel advisors continue to be a significant sourcing channel of revenues for our ships. We believe in the value of this distribution channel and invest in maintaining strong relationships with our travel partners. To accomplish this goal, we seek to maintain competitive commission rates and incentive structures with the marketplace.”

Annual report 2025A · The company itself

“• Förbättringar i kundupplevelsen på digitala plattformar genom tydliga gränssnitt, välavvägt sortiment som är lätt att navigera, snabba och smidiga möjligheter för leverans och förenklade betalningsmetoder. • Sociala medier utgör en viktig inspirationskälla för konsumenter samt möjliggör för bolag att sälja sina produkter via inlägg på sociala medier. • En ökad efterfrågan på kundanpassade köpupplevelser, vilket möjliggörs genom onlinehandel. • Covid-19-pandemin accelererade skiftet från offline till onlinehandel, vilket förväntas att fortsätta även i framtiden.”

Annual report 2022A · The company itself

“Partnerskapet med Amazon fortsätter och vi har utökat vårt samarbete på flera marknader, inklusive återlansering i UK samt lansering i Sverige. Amazon erbjuder flera fördelar, och fungerar bland annat som en viktig kanal när det kommer till nykundsanskaffning.”

Annual report 2022A · The company itself

“RevolutionRace är ett digitalt D2C-bolag vars affärsmodell kännetecknas av att leverera högkvalitativa, färgglada och eftertraktade produkter till ett oslagbart produktvärde avseende pris, kvalitet och design. Genom att inte använda ett antal mellanhänder som normalt sett förekommer inom detaljhandel och som inte har bärande påverkan på produkternas kvalitet – exempelvis grossister, distributörer och återförsäljare – kan RevolutionRace både undvika externa kostnader hänförliga till dessa aktörer och även utveckla nya produkter snabbare än många andra i branschen.”

Annual report 2022A · The company itself

“För att skapa ytterligare förutsättningar för långsiktig tillväxt har RevolutionRace ett samarbete med Amazon sedan 2020. Samarbetet möjliggör framför allt att nå ut till andra kundsegment, i synnerhet de som primärt handlar produkter via Amazon.”

Annual report 2022A · The company itself

“FIRST-MOVER PÅ EN STOR GLOBAL MARKNAD SOM ÖVERGÅR TILL ONLINE OCH D2C Marknaden för Outleisure är en stor och växande marknad, som karakteriseras av en förflyttning till onlinebaserad handel. Genom att vara en av de första marknadsaktörerna i Europa inom kläder för Outleisure som tillämpar en digital D2C-affärsmodell kan vi åtnjuta fördelar som har gett oss en gynnsam marknadsposition.”

Annual report 2022A · The company itself

“OCH SPRIDNING AV VARUMÄRKET PÅ SOCIALA MEDIER OCH KUNDENGAGEMANG SOM UTMANAR TRADITIONELLA MARKNADSAKTÖRER RevolutionRace har en digital marknadsföringsstrategi och bedriver all marknadsföring internt. Strategin innefattar en datadriven och digital marknadsföring med omfattande närvaro på sociala medier, vilket bidrar till organiskt genererat innehåll med stark koppling till varumärkets kärnvärden.”

Annual report 2022A · The company itself

“Genom att ta bort mellanhänder kan RevolutionRace erbjuda högre kvalitet till ett lägre pris än vad som hade varit möjligt i återförsäljarledet. Avsaknaden av mellanhänder ger också möjlighet till en snabbare produktutvecklingsprocess .”

Annual report 2022A · The company itself

“Vi säljer enbart våra produkter på nätet, direkt till våra kunder.”

Annual report 2022A · The company itself

“Bolaget säljer sina produkter online, direkt till kund.”

Annual report 2022A · The company itself

“Utöver den digitala D2Caffärsmodellen har Bolaget även försäljning via Amazon i fler än 10 länder. Försäljningen bedrivs via en egen bolagsspecifik domän på Amazon, där RevolutionRace har en egendesignad varumärkessida med specialanpassat innehåll, egna videor, banderoller och produktbilder. Bolaget kontrollerar själv produktutbudet, marknadsföringen och prissättningen på plattformen.”

Annual report 2022A · The company itself

“Digitalisaatiolla ja uusien yhteenliittymien vaihtoehtoisilla myyntikanavilla ja -politiikoilla voisi olla merkittävä vaikutus yhtiön asiakaskuntaan.”

Annual report 2025A · The company itself

“Commerce. Our Commerce offering helps connect every aspect of commerce—from marketing and sales to service and fulfillment—on a single, connected, AI-powered platform, enabling brands to deliver personalized, seamless shopping experiences across every customer touchpoint. With Agentforce for Commerce, brands can autonomously manage a range of tasks with AI agents, such as product recommendations and order lookup, helping to boost capacity and productivity across marketing, commerce, merchandising, and store operations.”

Annual report 2026A · The company itself

“Growth in home products and selective expansion in higher premium motor segments supported new customer acquisition, while reduced consumer movement within a declining‑price environment contributed to stronger policy renewal levels.”

Annual report 2025A · The company itself

“Fewer companies now hold greater market share for certain applications and services, such as cloud storage and computing platforms, mobile, social media, shopping and streaming media. As a result, the competitive landscape is changing, giving these companies increased leverage in negotiating prices and other terms of sale, which could negatively impact our profitability.”

Annual report 2026A · The company itself

“However, we managed to deliver unchanged net sales from the category as we expanded our presence across the retail and online distribution channels, as well as strategic price increases in our branded business.”

Annual report 2025A · The company itself

“of Group Net Sales Read more North America Online & Retail NAOR comprises the direct-to-consumer sales of all product categories sold via online, retail stores and contact centres in North America. NAOR distributes brands from the Group’s own branded business, as well as brands from other major brand owners in the U.S. market, reinforcing the strong distribution capabilities.”

Annual report 2025A · The company itself

“GAH Refrigeration, som tillverkar kylsystem för transport av livsmedel och läkemedel, hade även 2024 ett starkt år med mycket god efterfrågan. Behovet av säkra och temperaturkontrollerade transporter fortsätter att växa, drivet av ökade krav inom livsmedels- och läkemedelssäkerhet, en växande e-handelsmarknad samt strängare hållbar-hetsregleringar.”

Annual report 2024A · The company itself

“Nordbutiker AB är ett i Norden ledande e-handelsbolag med fokus på lätta elfordon (bl.a. elcyklar) och hemmagym. Bolaget driver ett flertal e-handelsplatser samtliga nordiska länder.”

Annual report 2024A · The company itself

“Opo Scandinavia redovisade rekordomsättning och Nordbutiker växte 18% och vände till positivt rörelseresultat efter ett mycket utmanande 2023.”

Annual report 2024A · The company itself

“OPO Scandinavia slår omsättningsrekord och Nordbutiker vänder till positivt rörelseresultat efter ett utmanande 2023.”

Annual report 2024A · The company itself

“Our CRM and Industry products go beyond traditional CRM by orchestrating end-to-end workflows across front, middle and back-office functions. These products help manage customer interactions from initial quote to deal closure, while also supporting order fulfillment, case management and resolution.”

Annual report 2025A · The company itself

“Sales and Order Management Sales and Order Management ("SOM") products help organizations manage sales leads and opportunities, configure quotes for complex deals and automate order delivery and fulfillment on our single, unified platform. SOM products include a configure, price, quote solution that supports complex product offerings, enabling sales teams to estimate deal sizes and quickly generate quotes.”

Annual report 2025A · The company itself

“Vi erbjuder fyra nyckelapplikationer: Mailjet för marknadsföring via e-post, Engage, SimpleTexting och ClickSend för meddelandelösningar, Contact Pro för molnbaserade kontaktcenter med omnikanalskommunikation och Chatlayer för AI-baserade chattbot-konversationer. De här verktygen är avsedda för företag av alla storlekar.”

Annual report 2024A · The company itself

“The product business proved more resilient than project business, supporting steady revenue and profitability through tight cost and resource management in Finland and Sweden. Demand remained stable, with a focus on acquiring new customers, especially among municipalities and forestry clients.”

Annual report 2025A · The company itself

“SkiStars erbjudande genererar lönsamma aärer Grunden i SkiStars erbjudande är att skapa försäljning innan gästen ankommer till destinationen. 83 procent av SkiStars försäljning sker på skistar.com som är den största försäljningskanalen och den viktigaste komponenten i affärsmodellen.”

Annual report 2024A · The company itself

“Försäljningen har medvetet fokuserats till skistar.com och SkiStarappen, där gästens engagemang samlas, innebärande att SkiStar får en direktrelation med gästen vilket är en konkurrensfördel.”

Annual report 2024A · The company itself

“SkiStarshop.com är en onlinebutik med mark nadens starkaste varumärken inom fjällsport. E-handelsbutiken är heltintegrerad i bokningsflödet av övriga produkter och tjänster på skistar.com, vilket innebär att kunden kan köpa en skidjacka samtidigt som SkiPasset laddas. Kunden kan välja mellan att få varorna hemskickade eller att hämta dem i valfri SkiStarshop Concept Store.”

Annual report 2024A · The company itself

“Consumer patterns also play a significant role in demand for corrugated packaging and consumer packaging. In recent years, shifting consumer behaviors have accelerated, particularly with the rise of e-commerce and increased awareness of unsustainable packaging solutions.”

Annual report 2025A · The company itself

“Increased conversion rates on our digital platforms by introducing more digital tools (Digital sales now represent 66% of total order lines). ● Established more strategic partnerships with our suppliers. ● Launched a feature programme for heat pumps, offering customers a more affordable and flexible alternative to fossil fuel solutions. ● Targeted single-product customers to increase their share of wallet by expanding engagement across our Solar portfolio, including electrical components, heating and plumbing and climate & energy products. ● Led by Solar Danmark, we have increased our expertise across markets and strengthened commercial capabilities through strategic hiring in key roles across our four main markets — enabling closer decision-maker engagement and continued growth. ● Introduced a new add-on service for solar panel installations, where we handle the full technical installation of the solar panels, leaving customers only responsible for connecting the completed installation to the electricity grid.”

Annual report 2025A · The company itself

“Solteq Plc Vuosikertomus 2025 1 Sisällysluettelo Solteq lyhyesti 2 Toimitusjohtajan katsaus 4 Selvitys hallinto- ja ohjausjärjestelmästä 5 Palkitsemisraportti 19 Hallituksen toimintakertomus 23 Tunnusluvut 37 Tilinpäätös 42 Tilintarkastuskertomus 110 Vuosikertomus 2025 2 Solteq lyhyesti Solteq tarjoaa ohjelmistoratkaisuja ja IT-asiantuntijapalveluita energiasektorille, kaupan alalle sekä sähköisen kaupankäynnin tarpeisiin.”

Annual report 2025A · The company itself

“Retail & Commerce -segmentin tilikauden vertailukelpoinen liikevaihto oli 34,9 miljoonaa euroa (36,6).”

Annual report 2025A · The company itself

“The Company intends to expand redeye flights to additional markets in 2026. •Marketing & Distribution Evolution: In order to attract new Customers and reach them where they are performing travel searches today, Southwest expanded into new channels such as Expedia, Priceline, Google Flights, Kayak, and Skyscanner to broaden its Customer base and begin to engage them in its loyalty program.”

Annual report 2025A · The company itself

“Other Revenues Other revenues primarily are recorded in our Channel Development segment and include sales of packaged coffee, tea, and ready-to-drink beverages to customers outside of our company-operated and licensed stores, as well as royalties received from Nestlé under the Global Coffee Alliance and other collaborative partnerships.”

Annual report 2025A · The company itself

“Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.”

Annual report 2025A · The company itself

“Euroopan aaltopahvipakkausten kysyntä kasvoi 2 % Keski- ja Itä-Euroopan, erityisesti Puolan, vetämänä. Kasvua tukivat verkkokauppa ja vähittäismyynti.”

Annual report 2025A · The company itself

“Packaging Solutions Packaging Solutions on pakkausten jatkojalostaja ja se valmistaa korkealaatuisia kuitupohjaisia pakkaustuotteita johtaville tuotemerkeille useilla markkina-alueilla, kuten vähittäis- ja verkkokaupassa sekä teollisuudessa.”

Annual report 2025A · The company itself

“Vuonna 2025 yhtiön keskeisiin tuoteryhmiin kuuluivat pakkausmateriaalit ja -ratkaisut eri toimialoille, kuten elintarvike- ja juomateollisuuteen, vähittäiskauppaan, verkkokauppaan ja teollisiin käyttökohteisiin.”

Annual report 2025A · The company itself

“I 2024 ble spareplattformen Kron fusjonert med Storebrand Bank.”

Annual report 2024A · The company itself

“Online grocery sales, though still a small portion of total grocery sales, are expected to be the fastestgrowing channel in the coming years, particularly as purchasing power recovers.”

Annual report 2024A · The company itself

“Online grocery shopping will be the fastest-growing channel in most markets, increasing the need for automation, order picking, and last-mile solutions.”

Annual report 2024A · The company itself

“E-commerce and grocery delivery are expanding.”

Annual report 2024A · The company itself

“Retailers are strengthening omnichannel strategies, seamlessly integrating online and in-store shopping to offer greater flexibility.”

Annual report 2024A · The company itself

“The demand for faster order fulfillment is rising, expanding beyond same-day delivery to near-instant solutions in urban markets. This has accelerated the adoption of micro-fulfillment centers, optimized last-mile logistics, and store-level solutions like click & collect and home delivery.”

Annual report 2024A · The company itself

“StrongPoint is a retail technology company that provides solutions and services to make stores smarter, enhance the shopping experience, and improve the efficiency of online grocery shopping.”

Annual report 2024A · The company itself

“Recurring revenue grew by 15% over the course of the year (rolling 12 months), mainly driven by the increasing adoption of our e-commerce solutions.”

Annual report 2024A · The company itself

“The first half of the year marked a significant milestone with our breakthrough in the UK, with Sainsbury’s selecting and rolling out our Order Picking solution for their e-commerce orders.”

Annual report 2024A · The company itself

“StrongPoint’s Order Picking Solution is designed to maximize efficiency and accuracy in grocery e-commerce fulfillment. Our market-leading technology enables faster, more accurate picking processes, significantly reducing labor costs while improving order accuracy.”

Annual report 2024A · The company itself

“StrongPoint’s Grocery Lockers Solution provides a convenient and cost-effective way for customers to pick up online orders while reducing last-mile delivery costs. By automating the collection process and turning stores into distribution points, retailers can streamline operations and enhance convenience.”

Annual report 2024A · The company itself

“Optikmarknaden är, genom sin koppling till ögonhälsa, mer motståndskraftig mot ekonomiska svängningar jämfört med andra detaljhandelssegment och därmed mindre utsatt för en övergång från fysisk butik till onlineförsäljning.”

Annual report 2024A · The company itself

“De allra flesta glasögon och solglasögon inhandlas i fysiska optikbutiker, delvis som en naturlig följd av behovet av synundersökningar.”

Annual report 2024A · The company itself

“Organisk tillväxt Ytterligare tillväxtpotential Bygger på framgångsfaktorer … med tillväxtpotential från ett antal områden och fokus på innovation Tydlig strategisk plan för att tillvarata ytterligare tillväxtpotential • Made in Sweden (Norden & export) • Ytterligare hälsovertikaler • Operationell excellens • E-handel B C A Nya butiker • Plan att etablera 90 butiker 2024-2026 Tillväxt i befintliga butiker • Abonnemang • Egna varumärken • E-handel +3 % marknadstillväxt (2025-2029) Butiker/butikskoncept Hållbarhetsinitiativ Egna varumärken Digitala lösningar Abonnemang Synsams tillväxtstrategi baseras på en underliggande marknadstillväxt, på tillväxt i existerande butiker och genom nya, tillkommande butiker, samt på en övergång från traditionell försäljare av tjänster och produkter, till ett ledande kundfokuserat lifestylebolag inom optikbranschen.”

Annual report 2024A · The company itself

“Synsams omnikanalstrategi syftar till att sömlöst över sälj- och servicekanaler möta kundernas olika preferenser genom hela kundresan. Synsams digitala kanaler på egna och tredjepartsplattformar som Facebook och Google samverkar med det butiksnät som utgör den fysiska basen för verksamheten.”

Annual report 2024A · The company itself

“Detta gör Synsam till ledande i branschen när det gäller att integrera digitala kanaler i kundmötet.”

Annual report 2024A · The company itself

“Som Nordens ledande aktör inom optik, ögonmode och ögonhälsa erbjuder Synsam ett omni-koncept som väver samman Synsams digitala och fysiska sälj- och servicekanaler. I de närmare 600 butikerna erbjuds utöver produkter såsom glasögon och kontaktlinser även tjänster som exempelvis synundersökningar och stilrådgivning.”

Annual report 2024A · The company itself

“Koncernen bedriver verksamhet i butiker i Sverige, Danmark, Norge, Finland, Island och Färöarna, samt genom e-handel.”

Annual report 2024A · The company itself

“Som en del i omikanal-koncept har Synsam etablerat en onlinebutik där i stort sett alla Synsams tjänster och produkter erbjuds kunderna – från synundersökningar till stilrådgivning.”

Annual report 2024A · The company itself

“Additionally, increased competition from non-traditional sources (such as club stores and commercial wholesale outlets with lower cost structures), online direct food wholesalers, cash and carry operations, and competitors that are utilizing technology, including artificial intelligence and machine learning technologies, have served to further increase pressure on the industry’s profit margins.”

Annual report 2026A · The company itself

“We are also engaging in initiatives to harmonize the customer experience between our retail and outlet channels, by bringing select full price products into the outlet channel and enabling a single-cart checkout process for retail and outlet on our Coach brand e-commerce site.”

Annual report 2026A · The company itself

“Square Footage 2026 2025 2024 Coach North America 4,855 4,907 4,905 International 2,391 2,388 2,342 Total Coach 3,242 3,265 3,235 Kate Spade North America 3,071 3,023 2,949 International 1,593 1,502 1,439 Total Kate Spade 2,400 2,301 2,226 •Digital - We view our digital platform as a core channel for delivering our products directly to customers, enhancing accessibility beyond the reach of our physical locations. We operate e-commerce sites across our major markets including the U.S., Canada, Japan, Greater China, several countries throughout Europe, Australia, as well as in other regions throughout Asia.”

Annual report 2026A · The company itself

“The acquisition supports TCM Group’s strategy of strengthening its position in the fast-growing online sales channel.”

Annual report 2025A · The company itself

“Celebert operates primarily as an e-commerce business under the brands Kitchn.dk, Billigskabe.dk, Celebert and Just Wood”

Annual report 2025A · The company itself

“This transaction gave TCM Group full ownership of one of the leading online kitchen retailers in our market, significantly enhancing our digital capabilities and omni-channel offering. This acquisition is fully aligned with our strategic ambition to engage with consumers wherever they choose to interact with our brands.”

Annual report 2025A · The company itself

“The acquisition supports TCM Group’s strategy of strengthening its position in the fast-growing online sales channel.”

Annual report 2025A · The company itself

“Since it was founded in 2007, Celebert has been a pioneer in the Danish online kitchen market.”

Annual report 2025A · The company itself

“Celebert ApS is a well-established online retailer of kitchens, bathroom interiors, wardrobes and white goods.”

Annual report 2025A · The company itself

“De ekonomiska aktiviteter som identifierats som relevanta för Tele2 inkluderar 5.4 Försäljning av begagnade varor Aktiviteten omfattar omsättning från försäljning av begagnade elektroniska enheter (Nace-kod C26 Tillverkning av datorer, elektronikvaror och optik), som säljs vidare till tredje part. De produkter som ingår i denna aktivitet är bland annat mobiltelefoner, surfplattor och smartklockor.”

Annual report 2024A · The company itself

“Tele2 erbjuder billigare internetuppkoppling genom vissa hyresvärdsavtal, där hyresgäster kan få tillgång till lågpris-bredband som en del av sitt hyreskontrakt. Dessutom förbättrar utbyggnaden av 5G-nätverket den digitala inkluderingen i både stads- och landsbygdsområden, vilket säkerställer jämlik tillgång till digitala resurser.”

Annual report 2024A · The company itself

“Rätten till integritet är huvudsakligen kopplad till Tele2s egna verksamheter, såsom telekommunikation, bredband, butiker och kontor.”

Annual report 2024A · The company itself

“Det förstnämnda inkluderar Vonage-verksamheten som förvärvades 2021 och tillhandahåller främst molnbaserade kommunikationslösningar till företag, så att dessa kan optimera processer, driva innovation och påskynda digitaliseringen. Vonage-verksamheten har också ett stort antal utvecklare knutet till sig.”

Annual report 2024A · The company itself

“We market and sell our products through direct sales channels, including our website and broad sales and marketing team, and, to a lesser extent, through distributors. Over the past several years, we have been investing in new capabilities to build closer direct customer relationships. In 2025, more than 80% of our revenue was direct, which includes TI.com.”

Annual report 2025A · The company itself

“Vi öppnade under årets sista kvartal egen försäljning via thule.com i Österrike och Spanien, vilket omedelbart bidrog till omsättningen. Totalt stod DTC för 4 procent av omsättningen i regionen. Den ökade med 81 procent under året.”

Annual report 2023A · The company itself

“I Region Americas fortsatte den positiva tillväxten i vår försäljning direkt till konsument (DTC). Totalt stod DTC för 15 procent av omsättningen i regionen under året och ökade med 32 procent.”

Annual report 2023A · The company itself

“Vår försäljning direkt till konsument ökade under året inom alla produktkategorier och på alla de marknader där vi erbjuder online-köp. Under kvartal fyra lanserade vi e-handel i Österrike och Spanien, vilket omedelbart bidrog till försäljningen. I Europa ökade vår försäljning direkt till konsument (DTC) med 81 procent och i Americas med 32 procent.”

Annual report 2023A · The company itself

“Ökad synlighet mot slutkonsument – visa större delar av vårt produktutbud för fler 4. Öka effektiviteten i försörjningsledet ytterligare ” /08/ Thule Group i korthet Året 2023 i korthet Vd har ordet Omvärld och marknad Affärsidé och varumärke Strategiska prioriteringar Mål och utfall Thule Groups verksamhet Investment case Våra produkter används av människor som prioriterar ett aktivt liv fyllt av upplevelser.”

Annual report 2023A · The company itself

“I Europa fortsatte tillväxten av online försäljning på thule.com i samtliga de marknader där det lanserats. Försäl jningen direkt till konsument (DTC) ökade inom alla produkt kategorier. Under årets sista kvartal öppnades även försäljning via thule.com i Österrike och Spanien, vilket omedelbart bidrog till omsättningen.”

Annual report 2023A · The company itself

“Våra produkter säljs både via återförsäljare, i butik och online, och i många länder även via vår egen onlineförsäljning på thule.com.”

Annual report 2023A · The company itself

“Vi säljer våra produkter via fler än 30 000 återförsäljare på 138 marknader, i fysiska butiker såväl som online.”

Annual report 2023A · The company itself

“2026 bliver også året hvor flere elementer i projektet ’Den Digitale Have’ lanceres, idet både nyt billetsystem, ny app og webshop udrulles i løbet af foråret.”

Annual report 2025A · The company itself

“If we fail to successfully implement our marketing efforts, if our marketing efforts are not successful in driving expected increases in sales or if our competitors’ marketing programs are more effective than ours, our revenue or results of operations may be adversely affected. Customer transactions and demand for our merchandise may be influenced by our marketing efforts. Although we use various marketing channels (including, among others, linear television, streaming video, audio, outdoor, digital/social media and mobile) to drive customer awareness of and interest in shopping our retail banners and to increase sales, some of our competitors may spend more for their marketing programs or use different approaches than we do, which may provide them with a competitive advantage.”

Annual report 2026A · The company itself

“Customer expectations about the methods by which they purchase and receive products or services are also becoming more demanding. Customers routinely use technology and a variety of electronic devices and digital platforms to rapidly compare products and prices, read product reviews, determine real-time product availability, and purchase products. Once products are purchased, customers are seeking alternate options for delivery of those products, and they often expect quick, timely, and low-price or free delivery and/or convenient pickup options.”

Annual report 2025A · The company itself

“The portion of total consumer expenditures with retailers occurring online and through mobile applications has continued to increase. The pace of this increase could further accelerate in the future.”

Annual report 2025A · The company itself

“Our long-term growth strategy is to: (1) expand and deepen our customer base by providing personal, localized, and memorable customer engagements by leveraging content, social media, and digital shopping experiences, attracting new customers and driving loyalty, (2) evolve customer experiences by digitizing our business processes and furthering our Digital capabilities, (3) offer relevant assortments and services across all channels through exclusive and national brands and continue to grow our total addressable market by introducing new products and services through our test and learn strategy, (4) drive operational excellence and productivity through continuous improvement, increasing space utilization, and implementing advanced supply chain capabilities to support growth, scale and agility, and (5) expand through selective acquisitions, as such opportunities arise, to add complementary businesses and to enhance penetration into new and existing markets to supplement organic growth.”

Annual report 2025A · The company itself

“Through our continued information technology enhancements, including the use of artificial intelligence, we believe we are able to provide an improved overall shopping environment and a Digital experience that empowers our customers to shop and interact with us from computers, tablets, smart phones, and other mobile communication devices. We use our websites, TractorSupply.com, Petsense.com, and Allivet.com, and our mobile application as both a sales channel for our products and as a method of providing product, project, and other relevant information to our customers to drive in-store and online sales.”

Annual report 2025A · The company itself

“Allivet Allivet is an online pet and animal pharmacy fully licensed in all 50 states with three distribution centers that allow it to efficiently serve the needs of its customers and reach a large majority of the U.S. with next day delivery. We operate the Allivet pharmacy through both Tractorsupply.com and Allivet.com.”

Annual report 2025A · The company itself

“The Company’s performance obligation is to provide the use of its platform to clients to develop ad campaigns and select the advertising inventory, value-added services and data to support those campaigns. The Company recognizes revenue at a point in time when a transaction is completed, which is when a bid is won and the client’s purchase occurs through the platform.”

Annual report 2025A · The company itself

“Risks Related to Our Business and Industry If we fail to maintain and grow our client base and spend through our platform and related offerings, our revenue and business may be negatively impacted. To sustain or increase our revenue, we must regularly add new clients and encourage existing clients to maintain or increase the amount of spend through our platform and adopt existing or new offerings that we make available.”

Annual report 2025A · The company itself

“In addition, the competitive environment could be impacted by changes in customer preferences, including customer demand for direct distribution channels and/or greater choice, not only in personal lines, but also in commercial lines (where direct writers may become a more significant source of competition in the future, particularly in the small commercial market).”

Annual report 2025A · The company itself

“Transaction-based fees primarily relate to digital government services, online payment solutions (which are sometimes offered with the assistance of third-party vendors), and online dispute resolution solutions. Digital government services consist of websites and applications that allow consumers, such as businesses and citizens, to access government information, complete transactions and make electronic payments.”

Annual report 2025A · The company itself

“Alternative retail channels, such as convenience stores, dollar stores, drug stores, club stores and Internet-based retailers have increased their market share. This trend towards alternative channels is expected to continue in the future.”

Annual report 2025A · The company itself

“As previously disclosed, our strategy involves reducing volumes from this customer by more than 50% by June 2026 from 2024 levels.”

Annual report 2025A · The company itself

“Residential ("business-to-consumer") and commercial ("business-to-business") volume decreased in 2025. Business-to-consumer volume decreased 12.5%, as a result of the planned volume declines and revenue quality actions discussed above.”

Annual report 2025A · The company itself

“In 2025, one customer, Amazon.com, Inc. and its affiliates, represented approximately 10.6% of our consolidated revenues, substantially all of which was within our U.S. Domestic Package segment.”

Annual report 2025A · The company itself

“Changes in our relationships with any of our significant customers, including as a result of our strategy to reduce volume from our largest customer or the loss or reduction in business from one or more other customers, could have a material adverse effect on us. Our strategy includes planned volume declines from our largest customer, Amazon.com, Inc. For 2025, this customer and its affiliates accounted for 10.6% of our consolidated revenues.”

Annual report 2025A · The company itself

“Our customers can check equipment availability and pricing, and reserve equipment online, 24 hours a day, seven days a week, by accessing our equipment catalog and used equipment listing, which can be found at www.unitedrentals.com. Total Control®.”

Annual report 2025A · The company itself

“Operating revenues from Delivery increased by 21 per cent in 2024, driven by higher parcel volumes in Helthjem Netthandel and the acquisition of Amedia’s distribution business.”

Annual report 2024A · The company itself

“Helthjem continues its strong growth and had its best year since the launch of its parcel delivery service in 2015.”

Annual report 2024A · The company itself

“Our direct sales towards consumers and end-users are exclusively limited to sales through online channels, especially websites and apps.”

Annual report 2024A · The company itself

“Demand for domain names could be negatively impacted to the extent end-users establish their online identities using social media (such as Facebook, Instagram or TikTok) or transact business on e-commerce platforms (such as Amazon, Etsy 5 Table of Contents and Taobao) instead of registering domain names. Furthermore, demand for domain names could also be negatively impacted by the activities of providers of web and mobile applications that allow end-users to locate and access content.”

Annual report 2025A · The company itself

“Some registrars and registrants seek to generate revenues by registering domain names specifically for website advertising. Changes in the way these registrars and registrants are compensated (including changes in methodologies and metrics) by advertisers and advertisement placement networks, such as Google, Baidu and Bing, have adversely affected, and may continue to adversely affect the market for domain names used for this purpose, which has resulted in, and may continue to 17 Table of Contents result in, a decrease in demand and/or the renewal rate for such domain names. In addition, if spending on online advertising and marketing is reduced, this may result in a further decline in the demand for domain names used for this purpose.”

Annual report 2025A · The company itself

“Our Business segment provides wireless and wireline communications services and products, including mobility communication services, FWA and wireline broadband, Internet of Things (IoT) connectivity solutions, advanced communication services, corporate networking solutions, local and long distance voice services, and security and managed network services.”

Annual report 2025A · The company itself

“On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier, a U.S. provider of broadband internet and other communication services.”

Annual report 2025A · The company itself

“Our primary selling method is direct sales, and we have approximately 3,000 salespeople located around the world. We also utilize a robust network of channel partners, distributors, IT resellers, and value-added retailers.”

Annual report 2025A · The company itself

“Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment and services. These comprehensive offerings are integral to the reliable operation of technologies used to support applications that include AI, e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, Internet of Things and online gaming.”

Annual report 2025A · The company itself

“Övergången till en affärsmodell baserad på försäljning direkt till konsument i Storbritannien har gett oss värdefulla insikter. Målet är att utnyttja denna kunskap på våra övriga marknader, men istället för att transformera hela marknader kommer vi att fokusera på digitalisering. Vi tar därigenom ett mer pragmatiskt grepp som bygger på samarbete med vårt starka återförsäljarnätverk och det partnerekosystem som vi har byggt upp under de senaste decennierna.”

Annual report 2024A · The company itself

“Moreover, Grainger expects technological advancements, innovations and the increased use of eCommerce solutions within the industry to continue to evolve at a rapid pace. As a result, Grainger’s ability to effectively compete requires Grainger to respond and adapt to new industry trends and developments.”

Annual report 2025A · The company itself

“For example, Grainger relies in part on internet search engines to drive traffic to its websites, and the reach of Grainger’s eCommerce channels is impacted by how and where its websites rank in both paid and unpaid search results. Potential changes to search engine ranking rules could cause Grainger’s websites to place lower in search results and cause Grainger to incur increased advertising costs in order to increase its visibility.”

Annual report 2025A · The company itself

“The successful execution of Grainger’s eCommerce growth strategy depends on a number of factors, including Grainger’s investment in its eCommerce platforms, consumer preferences and purchasing trends, and the ability to deliver a seamless procurement experience across digital and physical retail channels. As its eCommerce platforms have grown in recent years, Grainger has increased, and expects to continue to increase, its investments in developing, managing and implementing technology information systems, software development, machine learning and other capabilities to provide simplified customer interactions and to provide high-quality, user-friendly service to its customers and streamline customer interactions.”

Annual report 2025A · The company itself

“Grainger has also made significant investments in digital advertising and customer acquisition and retention efforts for its eCommerce channels, including through paid and non-paid advertising such as display advertising, search engine optimization, email and mobile “push” notifications.”

Annual report 2025A · The company itself

“In addition, the implementation of our DTC strategy may further contribute to such declines.”

Annual report 2025A · The company itself

“In order to respond to the impact of new technologies on our businesses, we regularly consider, and from time to time implement, new initiatives and changes to our business models, including by developing and investing in DTC streaming services and content offerings and new media offerings.”

Annual report 2025A · The company itself

“There can be no assurance that the DTC model and other business models we may develop will each be or remain profitable or be as profitable over the long term as our historic business models.”

Annual report 2025A · The company itself

“◦Hulu: a U.S. DTC service that offers general entertainment programming and a virtual multi-channel video programming distributor (vMVPD) service that includes live linear streams of various cable and broadcast networks (Hulu Live TV service).”

Annual report 2025A · The company itself

“A+E operates a variety of cable channels, the most significant of which are: •A&E – which offers entertainment programming including original reality and documentary programming •HISTORY – which offers original unscripted series and event-driven specials •Lifetime – which offers programming targeted to women Direct-to-Consumer Disney+ and Hulu are subscription-based DTC services offered individually or in various bundles, which may include one of the ESPN DTC plans and/or third-party DTC services. The majority of Direct-to-Consumer revenue is derived from subscription fees and advertising.”

Annual report 2025A · The company itself

“As of September 27, 2025, the estimated number of paid Disney+ subscribers, based on internal management reports, was approximately 132 million.”

Annual report 2025A · The company itself

“Hulu Hulu is a domestic DTC service with general entertainment content from the Company’s various studios as well as content licensed from third parties. Hulu offers SVOD services with or without advertising in addition to the Hulu Live TV service.”

Annual report 2025A · The company itself

“As of September 27, 2025, the estimated number of paid Hulu subscribers, based on internal management reports, was approximately 64 million.”

Annual report 2025A · The company itself

“The continued sales growth in the e-commerce industry has encouraged the entry of many new competitors, including discount retailers selling similar products at reduced prices and new business models, as well as an increase in competition from established companies, many of whom are willing to spend significant funds and/or reduce pricing to gain market share.”

Annual report 2026A · The company itself

“In addition, changes to algorithms, pricing models, data access or other policies of key digital platforms on which we rely could adversely affect traffic, conversion, customer acquisition costs or overall marketing efficiency.”

Annual report 2026A · The company itself

“These laws and regulations may also impact our ability to expand advertising on our platform, particularly in international markets, which may impede our ability to deliver targeted advertising and accurately measure our ad performance.”

Annual report 2026A · The company itself

“These brands represent distinct merchandise strategies and sell our products through our e-commerce websites, direct-mail catalogs, retail stores and business-to-business. Our e-commerce and retail businesses complement each other by meeting customers where they are; building brand awareness and acting as effective advertising vehicles.”

Annual report 2026A · The company itself

“We currently are, and plan to continue, growing our business and increasing our global presence, including by operating e-commerce websites to service international customers, opening new stores outside of the U.S., expanding our franchise and shop-in-shop operations and offering global shipping. We have relatively limited experience with global sales, understanding foreign consumer preferences, anticipating buying trends in different countries, marketing to non-U.S. customers and managing international shipping logistics.”

Annual report 2026A · The company itself

“We are the world’s largest digital-first, design-led and sustainable home retailer.”

Annual report 2026A · The company itself

“West Elm Born in Brooklyn, New York, in 2002, West Elm is dedicated to transforming people’s spaces through creativity, style and purpose. West Elm creates unique, modern and affordable home décor and curates a selection of goods that are crafted by makers from across the world.”

Annual report 2026A · The company itself

“Mark and Graham Established in 2012, Mark and Graham is a leading monogrammed lifestyle brand offering thoughtfully designed personalized products and custom gifts for every stage of life, across home, travel, pet, and baby and kids. The digitally-native brand is known for its high-quality, in-house designed collections, spanning decor, luggage, handbags and everyday essentials, all customizable with hundreds of monograms.”

Annual report 2026A · The company itself

“Our e-commerce business depends, in part, on our ability to maintain efficient and uninterrupted order-taking and fulfillment operations in our distribution facilities, our customer care centers and on our e-commerce websites.”

Annual report 2026A · The company itself

“Approximately 65% of our net revenues were generated by e-commerce sales in fiscal 2025.”

Annual report 2026A · The company itself

“The specialty e-commerce and retail businesses are highly competitive. We compete with other retailers that market lines of merchandise similar to ours.”

Annual report 2026A · The company itself

“Any new technology or product or service offering (including insurance companies selling their products directly to consumers or other insureds) that reduces or eliminates the need for intermediaries in insurance sales transactions could have a material adverse effect on our business and results of operations.”

Annual report 2025A · The company itself

“Future growth is sought, in particular, from joint stands at international exhibitions, which currently account for about 90% of its net sales and in which Wulff Entre has strong expertise and years of experience.”

Annual report 2025A · The company itself

“Logistikmarknaden i Sverige är inte lika stark som tidigare. Investerarna visar försiktighet och det finns idag ett relativt stort utbud på marknaden av outhyrd logistikyta.”

Annual report 2024A · The company itself

“Kuluttaja-asiakkaiden palvelua ja myyntiä kehitettiin CRMjärjestelmän ja analytiikan uudistuksilla, mikä sujuvoitti myyntiprosessia ja paransi tiedon hyödyntämistä päätöksenteossa.”

Annual report 2025A · The company itself

“As a result, our Concepts and our Concepts’ franchisees are increasingly reliant on digital ordering and payment as a sales channel and our business and/or growth prospects could be negatively impacted if we are unable to successfully implement, execute or maintain our consumer-facing digital initiatives, such as kiosks, delivery, curbside pick-up and mobile carryout, or are otherwise unable to effectively adapt to developments associated with alternative methods of delivery, including advances in digital ordering and delivery technology, autonomous vehicle delivery, and changes in consumer behavior resulting from these developments.”

Annual report 2025A · The company itself

“In 2025, our system restaurants generated digital sales approaching both $40 billion and 60% of overall system sales.”

Annual report 2025A · The company itself

“Customers are increasingly using our internally-owned e-commerce websites and apps, such as kfc.com, tacobell.com, pizzahut.com, habitburger.com, and the KFC, Taco Bell, Pizza Hut and the Habit Burger & Grill apps in the U.S. and other regions. Our customers also increasingly utilize alternative methods of digital ordering and delivery technology, including apps owned by third-party delivery aggregators and third-party developers and payment processors, to order, pay for and have delivered our Concepts’ products.”

Annual report 2025A · The company itself

“In most markets, companion animal owners frequently purchase their animal health products directly from veterinarians. Companion animal owners increasingly have the option to purchase animal health products and, in some cases, veterinary services from sources other than veterinarians, such as internet-based retailers, “big-box” retail stores or other over-the-counter distribution channels. Companion animal owners also could decrease their reliance on veterinarians as they rely more on internet-based animal health information.”

Annual report 2025A · The company itself

“We may be unable to successfully manage our online ordering sites. In many markets around the world, such as the U.S. and Brazil, we provide online ordering sites to customers, often relying on third parties to host and support the application.”

Annual report 2025A · The company itself

“However, in the U.S. and certain other markets, companion animal owners increasingly have the option to purchase animal health products from sources other than veterinarians, such as internet-based retailers, “big-box” retail stores or other over-the-counter distribution channels. We believe the ability of pet owners to purchase our products online and from retail stores may increase pet owner compliance and result in increased sales. However, over time, we may be unable to sustain our current margins due to the increased purchasing power of such retailers as compared to traditional veterinary practices. In addition, this trend could negatively impact the sales of products we primarily sell through the veterinarian distribution channel, as any decrease in visits to veterinarians by companion animal owners could reduce our market share and sales of such products.”

Annual report 2025A · The company itself

“Our internal R&D capabilities are differentiators, but we also collaborate across both academia and industry partners to ensure we are bringing the best possible innovations to our customers; 35 | Table of Contents •Deliver an exceptional experience to delight our customers - We believe that our customers' success is our success and that the best way to realize that success is by enabling veterinarians, livestock producers and pet owners to provide the best possible care for animals. We are focused on providing greater value to our customers through the integration and connectedness of our portfolio and by reducing frictions in the way they engage with us and our products and solutions; •Power our business through digital solutions and data insights - We believe that digital and data are no longer just enablers, but are core decision drivers for the future of animal health.”

Annual report 2025A · The company itself

“Utvecklingen av centrumhandeln har påverkats av ändrade köpmönster (digitalisering).”

Annual report 2024A · The company itself

“Additionally, shifting consumer behaviors toward increased digital interactions may cause the insurance industry as a whole to migrate to a delivery system other than independent agencies.”

Annual report 2025A · The company itself

“Trender som affärsområdet påverkas och kan dra nytta av är exempelvis digitalisering och ökad e-handel, som bland annat driver efterfrågan på transport och logistiktjänster.”

Annual report 2024A · The company itself