Europe

“For example, European data transfers outside the European Economic Area are highly regulated and litigated. The mechanisms that we and many other companies rely upon for European data transfers (for example, Standard Contractual Clauses and the EU - US Data Privacy Framework) are the subject of legal challenge, regulatory interpretation and judicial decisions by the Court of Justice of the European Union.”

Annual report 2025A · The company itself

“Geographical Information (dollars in millions) 2025 2024 2023 % Change 2025-2024 Americas $ 14,120 $ 12,891 $ 11,654 10 % % Percentage of total revenue 59 % % 60 % % 60 % % EMEA 6,289 5,554 4,881 13 % % Percentage of total revenue 27 % % 26 % % 25 % % APAC 3,360 3,060 2,874 10 % % Percentage of total revenue 14 % % 14 % % 15 % % Total revenue $ 23,769 $ 21,505 $ 19,409 11 % % Overall revenue during fiscal 2025 increased in all geographic regions as compared to fiscal 2024.”

Annual report 2025A · The company itself

“Volvo CE:s valutajusterade nettoomsättning var 15% lägre än under 2023.”

Annual report 2024A · The company itself

“Stabil utveckling på en marknad med utmaningar Totalt sett minskade efterfrågan utanför Kina stadigt under 2024, medan marknaden i Kina växte. Detta återspeglade en global branschtrend med ett försvagat ekonomiskt klimat i nästan alla regioner, men särskilt i Europa och Nordamerika.”

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

“Starka positioner på nyckelmarknader Under 2024 var efterfrågan på lastbilar lägre i både Europa och Nordamerika jämfört med de starka marknaderna 2023 medan den var god i Sydamerika.”

Annual report 2024A · The company itself

“VOLVOKONCERNEN 2024 ÖVERSIKT Vi har en stark marknadsposition inom elektriska fordon och maskiner på många marknader och är den klara marknadsledaren i Europa, med en sammanlagd marknadsandel på 70% inom tunga elektriska lastbilar 2024.”

Annual report 2024A · The company itself

“Vi har en stark marknadsposition inom elektriska fordon och maskiner, med en sammanlagd marknadsandel på 70% för tunga elektriska lastbilar i Europa under 2024, och vi kommer att utnyttja denna fördel för att förbättra våra positioner på nyckelmarknader.”

Annual report 2024A · The company itself

“Volvo Lastvagnar lanserade nya lastbilar globalt I januari presenterade Volvo Lastvagnar en helt ny plattform för tunga lastbilar för den nordamerikanska marknaden parallellt med en ny serie tunga lastbilar för Europa, Australien och marknader i Asien och Afrika.”

Annual report 2024A · The company itself

“Lastbilsverksamhetens nettoomsättning minskade med 2% justerat för valuta, drivet av lägre leveranser på både nya och begagnade lastbilar medan serviceförsäljningen ökade med 3%. För Anläggningsmaskiner minskade den valutajusterade nettoomsättningen med 15%, påverkad av lägre volymer i Europa och Nordamerika, medan volymerna ökade i Kina.”

Annual report 2024A · The company itself

“VOLVOKONCERNEN 2024 FÖRVALTNINGSBERÄTTELSE Lastbilar God lönsamhet på lägre volymer Under 2024 minskade den valutajusterade nettoomsättningen i lastbilsverksamheten med 2% till 360.610 Mkr till följd av lägre leveranser.”

Annual report 2024A · The company itself

“Europe: 71%”

Annual report 2025A · The company itself

“In 2025, ALK also strengthened its position in the European anaphylaxis market, estimated to be worth DKK 1.6 billion in ex-factory sales and growing by 17%.”

Annual report 2025A · The company itself

“Global tablet revenue grew by 15%, driven by the expanding patient and prescriber bases in Europe and North America.”

Annual report 2025A · The company itself

“Revenue growth rates are organic and stated in local currencies, unless otherwise indicated) Tablet revenue grew by 17%, underscoring the tablet portfolio’s position as ALK’s primary revenue source. Growth was particularly driven by the continued expansion of patient and prescriber bases in Europe and North America with paediatric tablet launches adding to the sales momentum. The number of new patients initiating treatment with tablets in 2025 is estimated to have increased by well-above 10%.”

Annual report 2025A · The company itself

“Revenue increased by 15% in local currencies to DKK 6,312 million (5,537), driven by a strong growth in sales of tablets and anaphylaxis products.”

Annual report 2025A · The company itself

“Financial highlights and key ratios for the Corporate matters Sustainability statement Financial statements Annual Report 2025Financial review 23 ALK’s Q4 revenue increased by 17% to DKK 1,733 million (1,499), following double-digit growth in all sales regions. In Q4, respiratory tablets and anaphylaxis products (Jext ® and neffy ® ) remained key drivers, and growth was further supported by shipments of SCIT products to China.”

Annual report 2025A · The company itself

“Progress in 2025 was driven by strong commercial execution of particularly tablet and anaphylaxis sales across Europe and North America.”

Annual report 2025A · The company itself

“Our European business continued to deliver solid, double-digit growth, and the US business made a comeback after the soft performance in 2024. US tablet sales continued to grow by double digits, and we are still working to find new ways to overcome longstanding structural barriers among allergists who have a financial incentive to protect their legacy business.”

Annual report 2025A · The company itself

“the Chair and CEO ALK's global presence Sustainability highlights Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Business model 8 15% ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312 million (5,537), following double digit growth in all sales regions.”

Annual report 2025A · The company itself

“Year-end, the house dust mite tablet was approved for paediatric use in 30 countries and launched in 21 of them – 10 EU member states, Norway, Switzerland, Canada, the USA, and seven partner markets. The roll-out of the tree pollen allergy tablet ITULAZAX ® /ITULATEK ® for children and adolescents started in April, based on regulatory approvals from the EU and Canada.”

Annual report 2025A · The company itself

“were the first AIT tablets to be admitted to the public National Health Service (NHS) systems with general reimbursement after endorsements from the National Institute for Health and Care Excellence. This represents a major shift in this historically underpenetrated AIT market.”

Annual report 2025A · The company itself

“ALK’s roll-out initially focused on Germany and the UK, the markets expected to become the most important contributors to neffy ® sales growth. EUR neffy ® was launched In Germany late June and had gained a market share of close to 18% (by value) by the end of the year.”

Annual report 2025A · The company itself

“Revenue in Europe grew by 14% to DKK 4,459 million (3,914) on broad-based growth across the region, including the region’s largest markets Germany and France. Demand was solid and market conditions largely stable.”

Annual report 2025A · The company itself

“The ALK Group had more than 10% of its total revenue from Germany 25% (2024: 25%), France 16% (2024: 17%), and the USA 14% (2024: 14%) based on the location of the customers.”

Annual report 2025A · The company itself

“For example, the GDPR, which became effective in May 2018, created new individual privacy rights and imposed worldwide obligations on companies processing personal data of European Union ("EU") users, which has created a greater compliance burden and subjects violators to substantial monetary penalties.”

Annual report 2025A · The company itself

“We transfer personal data relating to our employees, clients and their users from the European Economic Area (“EEA”), the United Kingdom, Switzerland, and other jurisdictions to the United States and other countries. Following the invalidation of the EU-U.S. and Swiss-U.S. Privacy Shield frameworks by the Court of Justice of the European Union in 2020 and the imposition of additional requirements regarding the use of standard contractual clauses (“SCCs”), cross-border data transfer mechanisms 20 Table of Contents have been subject to heightened regulatory scrutiny, evolving guidance, and legal challenge.”

Annual report 2025A · The company itself

“If existing data transfer mechanisms are restricted or invalidated, or if additional measures are required, we and our business partners and service providers may need to implement alternative or supplemental safeguards, renegotiate contracts, or modify our operations, which could increase costs, limit our ability to process personal data, disrupt our advertising solutions or other offerings, and expose us and our customers to regulatory investigations or enforcement actions.”

Annual report 2025A · The company itself

“Our international operations are subject to increased challenges and risks. We expect to continue to expand our international operations in the future.”

Annual report 2025A · The company itself

“Order volumes for industrial assembly and vision solutions to the automotive industry decreased, primarily driven by lower investment levels among car manufacturers in Asia and Europe.”

Annual report 2024A · The company itself

“The demand for gas and process compressors did not reach the previous year’s level and the order intake decreased markedly.”

Annual report 2024A · The company itself

“As a result, our production facilities are located in Europe, Asia, and the Americas.”

Annual report 2024A · The company itself

“The order intake for equipment remained largely unchanged, with increased demand in Africa/Middle East and South America, while the demand in Asia, Europe, and North America weakened. Orders for industrial compressors remained essentially unchanged, with a slightly better development for small and medium-sized compressors than larger industrial compressors.”

Annual report 2024A · The company itself

“The overall demand for the business area’s equipment and services weakened, especially in the second half of the year, driven by weaker equipment demand from the automotive industry.”

Annual report 2024A · The company itself

“Revenues from external customers – – Inter-segment revenues – –1 073 – Total revenues – –1 073 – of which equipment 57% 74% 73% 56% – – 63% – of which service ¹ 43% 26% 27% 44% – – 37% –1 596 –49 – of which share of profit in associated companies and joint ventures – –4 – – – –366 –8 006 Non-cash expenses Depreciation/amortization –35 Impairment – Other non-cash expenses –70 –326 – Segment assets –1 410 – of which goodwill – – – – – – Unallocated assets –1 410 Segment liabilities –1 197 Unallocated liabilities Total liabilities –1 197 Capital expenditures –95 – of which right-of-use assets – – Total capital expenditures –95 Goodwill acquired – – ¹ Including spare parts, consumables, accessories and rental.”

Annual report 2024A · The company itself

“The LVP decline of 4.7% in Europe was impacted by affordability issues and technology uncertainties.”

Annual report 2024A · The company itself

“Outside the U.S., the Company’s most significant currency is the Euro. The Company estimates that 27% of its consolidated net sales will be denominated in Euro or other European currencies during 2025, while 18% of its consolidated net sales are estimated to be denominated in U.S. dollars. The Company estimates that a 1% increase in the value of the U.S. dollar versus European currencies will decrease reported U.S. dollar annual net sales in 2025 by $28 million, while operating income for 2025 will decline by $3 million, assuming reported corporate average margin.”

Annual report 2024A · The company itself

“Globally, European-based brands accounted for 30% of our sales in 2024.”

Annual report 2024A · The company itself

“European based brands accounted for 30% of the Company's consolidated net sales in 2024.”

Annual report 2024A · The company itself

“Rest of World 3% Rest of Europe 7% United Kingdom 10% Sweden 33% United States 47% and operational efficiencies.”

Annual report 2024A · The company itself

“GAAP measure) outperformed LVP growth by 11 percentage points in Asia excluding China supported by strong outgrowth in India, Japan and South Korea. We outperformed by 6.1 percentage points in Europe due mainly to product launches and to a smaller extent higher prices, while it was in line with LVP growth in Americas.”

Annual report 2024A · The company itself

“NET SALES BY REGION (Dollars in millions) 2024 2023 2022 China $ 2,010 $ 2,105 $ 1,883 Asia, excl. China 2,010 1,968 1,638 Americas 3,424 3,526 2,967 Europe 2,946 2,877 2,355 Total $ 10,390 $ 10,475 $ 8,842 The Company has attributed net sales to the geographic area based on the location of the entity selling the final product.”

Annual report 2024A · The company itself

“Bactiguard är väl positionerat för att dra nytta av den växande marknaden för medicintekniska produkter där våra fem strategiska terapiområden – ortopedi, kardiologi, neurologi , urologi och vaskulär åtkomst – förväntas utgöra en potentiell marknad Den globala marknaden för medicintekniska produkter Nordamerika 36% Europa 25% Asien-Stillahavsregionen 29% Övrigt 10% McKinsey, 2022 som överstiger 70 miljarder USD, enligt intern bolagsanalys. Infektionsfrekvenserna inom varje område representerar ett betydande medicinskt behov och en potential att göra sjukvården mer effektiv och säkrare genom förebyggande åtgärder.”

Annual report 2024A · The company itself

“Under 2024 fortsatte kommersialiseringen av ZNN Bactiguard på godkända marknader, fram för allt i Europa. Vi samarbetade kring pro cesser i linje med förordningen om medicin tekniska produkter (MDR) relaterade till CE-märkningen av Bactiguards coatade traumaimplantat (som initialt erhölls 2021).”

Annual report 2024A · The company itself

“The deterioration of the global security situation and the increase in tensions between the major global powers have accelerated the European effort to reduce dependence on actors outside Europe. The strategic importance of European technology is also emphasized 2025 was clearly a breakthrough year for the internationalization of the company's Defense business.”

Annual report 2025A · The company itself

“The need for EU countries to strengthen their common defense has also created new business opportunities in the Engineering Services business segment. Demand has increased for a wide range of products and solutions manufactured in Europe and NATO member states. Bittium focuses on defense industrial players in Europe, which have a variety of high-tech smart devices serving the defense sector in their product portfolio..”

Annual report 2025A · The company itself

“The collaboration with Edge Impulse, a Qualcomm company, is the first step in developing AI offerings and partnerships The need for European countries to strengthen common defense has also created new business opportunities for the Engineering Services Business Segment. Demand has increased for various products and solutions manufactured in Europe and NATO member countries. Bittium is uniquely positioned to meet the demand for R&D services in the defense market thanks to its reputation, strong expertise, and market knowledge. The company focuses on industrial players in the defense industry in Europe, which have various high-tech smart devices serving the defense sector in their product portfolios.”

Annual report 2025A · The company itself

“Finland's accession to the defense alliance NATO has increased the visibility of Bittium's products in international defense and security markets, and the partnership agreement with the Finnish Defence Forces creates a significant reference for the company's internationalization through both system solutions and the operating environment.”

Annual report 2025A · The company itself

“To strengthen international sales in the Defense & Security business segment, Bittium established a subsidiary in the United Kingdom.”

Annual report 2025A · The company itself

“Significant steps were taken in internationalization and the customer portfolio expanded to two new European countries.”

Annual report 2025A · The company itself

“In the Engineering Services Business Segment, the company has invested heavily in sales development, with a particular focus on international customers in Europe.”

Annual report 2025A · The company itself

“This is supported by positive development in Europe including the record-breaking UK AR7 auction, awarding over 8GW of capacity. Additionally, European governments have connected to accelerate offshore wind expansion through cross-border projects: at the North Sea Summit in Hamburg on January 26, 2026, nine North Sea countries (including the UK, Germany, France, and Denmark) committed to the delivery of 15 GW of offshore wind per year for the 2031-2040 period and to a goal of installing 300 GW of offshore wind by 2050.”

Annual report 2025A · The company itself

“Europe remains our largest and most strategically important market, supported by a strong pipeline of offshore wind projects. The United Kingdom continues to play a central role in offshore wind deployment, and Cadeler is engaged in several large projects in UK waters, including Hornsea 3 and East Anglia TWO, both involving full-scope foundation transport and installation.”

Annual report 2025A · The company itself

“Table of Contents Our European businesses are subject to regulatory oversight in the UK by the FCA and in the Netherlands by the DNB and the AFM, which, through the “passporting” regime, provides authorization to carry on business in other Member States of the EU and the EEA in accordance with the applicable EU legislation and regulation to which our European business is subject.”

Annual report 2025A · The company itself

“The implementation of MiFID II and MiFIR in Europe at the beginning of 2018 has encouraged competition among market centers in Europe. MiFID II and MiFIR have introduced a number of new rules, including enhanced internal organizational and compliance monitoring requirements, which apply directly to European trading venues such as our MTF and RM. The impact of MiFID II and MiFIR is significant, and the increased competition among market centers could reduce trading fees, while increasing our costs of operating in Europe.”

Annual report 2025A · The company itself

“As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company's chief operating decision maker ("CODM") reviews and operates the business, as discussed in Note 1 ("Nature of Operations").”

Annual report 2025A · The company itself

“As another example, the extension of anti-money laundering requirements to certain crypto-related activities by the European Union’s Fifth Money Laundering Directive has increased the regulatory compliance burden for our business in Europe and, as a result of the fragmented approach to the implementation of its provisions, resulted in distinct and divergent national licensing and registration regimes for us in different E.U. member states. Additionally, MiCA introduces a comprehensive authorization and compliance regime for crypto asset service providers and a disclosure regime for the issuers of certain crypto assets, which will impact our operations in the European Union, including through localization requirements, due to the obligations associated with our MiCA license (obtained in June 2025).”

Annual report 2025A · The company itself

“Several foreign jurisdictions have taken a broad-based approach to classifying crypto assets, products and services as “securities,” while other foreign jurisdictions have adopted a narrower approach. As a result, certain crypto assets, products or services may be deemed to be a “security” under the laws of some jurisdictions but not others.”

Annual report 2025A · The company itself

“The competitive landscape varies significantly by geography, and many offerings are global in nature. The traditional financial services and financial technology companies we compete against are largely U.S.- and European-based and operate under the same evolving regulatory landscape that we do. However, we also face competition from companies, in particular those located outside the United States, who are subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions.”

Annual report 2025A · The company itself

“We plan to enter into or increase our presence in additional markets around the world. We have a limited operating history outside the United 46 Table of Contents States, and our ability to manage our business and conduct our operations internationally requires considerable management attention and resources and is subject to particular challenges of supporting a growing business in an environment of diverse cultures, languages, customs, tax laws, legal systems, alternate dispute systems, and regulatory systems.”

Annual report 2025A · The company itself

“Legal developments in the EEA have created complexity and uncertainty regarding processing and transfers of personal data from the EEA to the United States and other so-called third countries outside the EEA, including in the context of website cookies. Similar complexities and uncertainties also apply to transfers from the U.K. to third countries.”

Annual report 2026A · The company itself

“AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other foreign jurisdictions are applying, or are considering applying, their cybersecurity and data protection laws to AI or are considering general legal frameworks for AI. For example, in the EU, the first set of provisions under the EU’s AI Act became effective in February 2025, with additional provisions becoming effective on later dates. The AI Act establishes, among other things, a risk-based governance framework for regulating AI systems in the EU by categorizing AI systems, based on the risks associated with such AI systems’ intended purposes, as creating unacceptable or high risks, with all other AI systems being considered low risk. This regulatory framework is expected to have a material impact on the way AI is regulated in the EU and beyond.”

Annual report 2026A · The company itself

“We are expanding our international operations and intend to invest globally to broaden our international footprint. We grew our international revenue from $1,270.7 million for fiscal 2025 to $1,595.4 million for fiscal 2026, representing an increase of 26%.”

Annual report 2026A · The company itself

“Our research and development leadership team is predominantly located in the United States. We also maintain research and development centers internationally, including in Romania, Israel and India.”

Annual report 2026A · The company itself

“We derived approximately 33%, 32%, and 32% of our total revenue from our international customers for fiscal 2026, fiscal 2025, and fiscal 2024, respectively.”

Annual report 2026A · The company itself

“For example, in the European Union, the Network and Information Security Directive (EU) 2022/2555 (“NIS2”), and in the United Kingdom, the Network and Information Systems Regulations 2018, establish requirements related to risk management, security incident reporting, and business continuity for certain entities. Failure to comply with these frameworks may result in significant administrative fines, enforcement actions, and operational restrictions.”

Annual report 2025A · The company itself

“For example, the European Economic Area (EEA) and the United Kingdom have significantly restricted the transfer of personal data to the United States and other countries whose privacy laws it generally believes are inadequate. Although there are currently various mechanisms that may be used to transfer personal data from the EEA and United Kingdom to the United States in compliance with law, such as the EEA standard contractual clauses, the United Kingdom’s International Data Transfer Agreement/Addendum, and the EU-U.S.”

Annual report 2025A · The company itself

“If we are unable to implement a valid compliance mechanism for cross-border personal information transfers, we may face increased exposure to regulatory actions, substantial fines and injunctions against processing or transferring personal information from Europe or elsewhere. Inability to import personal information from other jurisdictions to the United States may significantly and negatively impact our business operations, including by lowering sales on our platform due to the difficulty of establishing a lawful mechanism for personal information transfers out of Europe or other jurisdictions, or requiring us to increase our data processing capabilities in Europe or elsewhere at significant expense.”

Annual report 2025A · The company itself

“In the EU and the United Kingdom, regulators are increasingly focusing on compliance with requirements related to the online behavioral advertising ecosystem and requirements around consent and have issued significant fines when consent was not obtained.”

Annual report 2025A · The company itself

“Internationally, nearly every jurisdiction in which we operate has established its own data security and privacy legal framework with which we, the third-parties with whom we work, or our customers must comply. For example, the European Union's General Data Protection Regulation, or EU GDPR, and the United Kingdom's General Data Protection Regulation, or UK GDPR, contain numerous requirements and changes from previously existing law, including more robust obligations on data processors and heavier documentation requirements for data protection compliance programs by companies and data protection authorities.”

Annual report 2025A · The company itself

“Revenue, as determined based on the billing address of our customers, from regions outside of North America was 29% for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Beyond North America, we now have sales presence internationally, including in Amsterdam, Dublin, London, Paris, Seoul, Singapore, Sydney, and Tokyo.”

Annual report 2025A · The company itself

“Våra marknader har under väldigt många år, med bara något enstaka undantag, haft en betydligt högre ekonomisk tillväxt än Sverige, EU-snittet och flertalet EU-länder.”

Annual report 2024A · The company itself

“Samtliga Eastnines marknader förväntas uppvisa positiv tillväxt under 2025, framför allt Polen och Litauen med 3 procent per år de närmaste åren.”

Annual report 2024A · The company itself

“” Eastnine ska vara den ledande, långsiktiga leverantören av moderna och hållbara kontorslokaler i förstklassiga lägen på utvalda marknader i Polen och Baltikum.””

Annual report 2024A · The company itself

“Eastnine investerar i moderna, hållbara och högavkastande kontorsfastigheter i Polen och Baltikum.”

Annual report 2024A · The company itself

“Möte pågår med styrelse och ledning i Eastnines fastighet Valdemara Centrs i centrala Riga. Eastnine äger moderna fastigheter i centrala lägen i utvalda städer i Polen och Baltikum.”

Annual report 2024A · The company itself

“Eastnine äger tre kontorsfastigheter i Polen, en centralt i huvudstaden Warszawa och två i centrala affärsdistriktet i regionstaden Poznan, belägen mellan Warszawa och Berlin.”

Annual report 2024A · The company itself

“Årets resultat, MEUR 9,8 -10,2 Eastnines nio kontorsfastigheter i Litauen ligger i huvudstaden Vilnius. Den sammanlagda uthyrningsbara ytan uppgår till cirka 120 900 kvm, vilket motsvarar en marknadsandel om cirka 11 procent av kontorsmarknaden i staden.”

Annual report 2024A · The company itself

“Eastnine äger tre kontorsfastigheter samt en projektfastighet, centralt belägna i Lettlands huvudstad Riga.”

Annual report 2024A · The company itself

“The EU has also adopted certain additional regulations relating to the safety and sustainability of products on its markets, which bring new obligations both on us directly and our sellers and vendors. The European Union General Product Safety Regulation imposes additional requirements on our business 25 Table of Contents with regard to removing dangerous products from our marketplaces, enabling the traceability of products, and related matters. At times, we have been subject to inspection and investigation by regulators in certain EU-member states relating to whether products on our platforms meet their and EU labeling, documentation and product safety standards.”

Annual report 2025A · The company itself

“Legislative proposals and existing laws and regulations have been increasingly focused on the use of tracking technologies, such as “cookies,” electronic communications and marketing. For example, in the European Economic Area and the U.K., regulators are increasingly focusing on compliance with requirements related to the targeted advertising ecosystem. European regulators have issued significant fines in certain circumstances where they alleged that appropriate consent was not obtained in connection with targeted advertising activities.”

Annual report 2025A · The company itself

“In 2025, we generated nearly $80 billion in GMV, of which 51 percent was generated outside the United States.”

Annual report 2025A · The company itself

“Our international businesses, especially in the United Kingdom and Germany, and in cross-border sales from Greater China, have generated nearly half of our net revenues in recent years.”

Annual report 2025A · The company itself

“In the European Union (“E.U.”) and the U.K., we are subject to the General Data Protection Regulation (“GDPR”), which imposes a comprehensive approach to personal data protection and includes penalties for non-compliance of up to the greater of 20 million Euro (or 17.5 million British Pound) or four percent of a company’s consolidated global revenue.”

Annual report 2025A · The company itself

“Acquisition of CCV On March 18, 2025, the Company acquired CCV Group B.V. (“CCV”), a Netherlands-based supplier of POS payment solutions, for $219 million, net of $34 million of acquired cash. CCV is included within the Merchant segment and expands the Company’s network of payment solutions.”

Annual report 2025A · The company itself

“Other Transactions On September 5, 2025, the Company acquired the remaining 49.9% ownership interest, including cash held of $195 million, in AIBMS, an Ireland-based payments solution provider, for $420 million.”

Annual report 2025A · The company itself

“Goodwill, which is not deductible for tax purposes, is primarily attributed to the anticipated value created by enabling the Company’s ability to accelerate the deployment of its Clover® POS and business management platform, providing enhanced capabilities and innovation to an expansive combined merchant and partner base across Europe.”

Annual report 2025A · The company itself

“We are strengthening Clover’s global presence by establishing or expanding offerings in multiple international markets, including Australia, Singapore, Brazil, Mexico, Belgium, Spain and Japan.”

Annual report 2025A · The company itself

“The majority of the Company’s revenue is earned in the U.S., with revenue generated within its EMEA, LATAM and APAC regions comprising approximately 16% of total revenue for the year ended December 31, 2025, and approximately 15% of total revenue for each of the years ended December 31, 2024 and 2023.”

Annual report 2025A · The company itself

“Under 2024 bromsade dock den tyska marknaden in, och försäljningen av elbilar minskade med cirka 20%.”

Annual report 2024A · The company itself

“Under året har vi lanserat ett stort antal nya produkter på den engelska och irländska marknaden vilket förväntas ha en positiv inverkan på tillväxt och marknadsandelar under de kommande åren. I Sverige har vi lanserat ett nytt kabelskåp för gatubelysning, vilket markerar ett första steg i en strategisk satsning på kabelskåpsprodukter.”

Annual report 2024A · The company itself

“GAROs affärsmål är att fortsätta stärka sin marknadsposition i Europa och återuppta sin marknadsledande position i Norden. Successivt ska antalet marknader utökas genom etablering av egna marknadsbolag alternativt genom andra väletablerade säljkanaler.”

Annual report 2024A · The company itself

“I koncernen ingår försäljningsbolag i flera länder, Sverige, Norge, Finland, Irland, Storbritannien, Polen och Tyskland. Av tre produktionsenheter ligger två geografiskt placerade i Sverige, en i Gnosjö och en i Hillerstorp. Den tredje enheten finns i Szczecin i Polen.”

Annual report 2024A · The company itself

“Tyskland, som är Europas största elbilsmarknad med över 1,4 miljoner laddbara personbilar, står inför ett växande behov av att bygga ut landets laddinfrastruktur. Tidigare bearbetade GARO den tyska marknaden via avtalskunder, men under 2023 etablerade man ett försäljningsbolag i Tyskland och stärkte sin marknadsnärvaro.”

Annual report 2024A · The company itself

“Irland har haft en mycket stark utveckling, både när det gäller försäljning och lönsamhet. Denna positiva trend beror delvis på en stabil marknadsposition och effektivisering av operationella processer, vilket stärker vår närvaro och konkurrenskraft på den irländska marknaden.”

Annual report 2024A · The company itself

“Sverige) minskade med 45 respektive 40 procent jämfört med föregående år. Försäljningen i Europa minskade med 12 procent.”

Annual report 2024A · The company itself

“På GARO står vi väl rustade för en stabil och hållbar tillväxt. Med egna produktionsanläggningar i Polen och Sverige samt en modern teknisk plattform i laddboxarna GARO Entity har vi kapacitet att möta efterfrågan på den europiska marknaden.”

Annual report 2024A · The company itself

“I Tyskland har GARO etablerat marknadsbolag och för att ytterligare stärka vår position på andra europeiska marknader av vikt samarbetar koncernen med distributörer och nyckelkunder.”

Annual report 2024A · The company itself

“Tidigare har denna marknad bearbetats via avtalskunder, men idag har vi en tydlig marknadsnärvaro. Tyskland har det största antalet elbilar i Europa, med över 1,4 miljoner laddbara personbilar, vilket ställer krav på en omfattande expansion av laddstationer för att möta behovet av både hemmaladdning och offentlig laddinfrastruktur.”

Annual report 2024A · The company itself

“For example, the EU AI Act, which came into force on August 1, 2024, will generally become fully applicable after a two-year transitional period, with certain obligations taking effect at an earlier or later time. The EU AI Act introduces various requirements for AI systems and models placed on the market or put into service in the EU, including specific transparency and other requirements for general purpose AI systems and the models on which they are based.”

Annual report 2026A · The company itself

“Outside the United States, we offer identity solutions under the Norton, Avast, and other brands, which include dark web monitoring in over 50 countries, monitoring of credit, social media and financial accounts, restoration support, and identity theft insurance in select countries.”

Annual report 2026A · The company itself

“We derive a significant portion of our revenues from customers located outside of the United States, and we have substantial operations outside of the United States, including engineering, finance, sales and customer support.”

Annual report 2026A · The company itself

“Inte minst i Tyskland där den elintensiva industrin drabbats hårt av höga elpriser, vilket påverkar investeringsviljan i ny kapacitet negativt.”

Annual report 2024A · The company itself

“Den viktiga tyska bil industrin upplever, precis som många europeiska konkurrenter, en ökad kinesisk konkurrens som förändrar industrilandskapet i Europa.”

Annual report 2024A · The company itself

“HEXPOL:s produktionsenheter och distributions center är strategiskt väl placerade i Europa, Asien och Nordamerika.”

Annual report 2024A · The company itself

“HEXPOL Wheels är det enda globala polyuretanhjulsoch däckföretaget med produktionsenheter i Europa, Nordamerika och Asien.”

Annual report 2024A · The company itself

“AFFÄRSOMRÅDE HEXPOL ENGINEERED PRODUCTS I VÄRDEKEDJAN FÖRSÄLJNING 2024 MSEK MEDELANTAL ANSTÄLLDA 2024 RÖRELSEMARGINAL 17,5 % HEXPOL är den enda truckhjulstillverkaren som globalt kan möta kunderna med produktionsenheter i såväl Europa och Nordamerika som i Asien.”

Annual report 2024A · The company itself

“Devulkaniseringslinjen installeras till att börja med vid HEXPOL Compounding Lesina i Tjeckien. Platsen valdes på grund av dess strategiska läge, vilket kommer att underlätta service till andra HEXPOL-anläggningar och kunder.”

Annual report 2024A · The company itself

“The manufacture, import, and sale of our products, as well as our research and development processes, are subject to similar and sometimes more stringent laws in many foreign countries. For example, the European Union regulates the use of certain substances that we currently use in our products or processes. These regulations include, but are not limited to, the Biocidal Products Regulation, which requires the use of approved biocides in our products prior to being manufactured, used, or sold in the European Union; the European Regulation for Registration, Evaluation, Authorization and Restriction of Chemical Substances, or REACH, which regulates and restricts the use of chemicals in the European Union; the Restriction of Hazardous Substances (“RoHS”) Directive, which regulates and restricts certain hazardous substances in electrical and electronic equipment; the Electromagnetic Compatibility Directive; and the Waste Electrical and Electronic Equipment Directive. In addition, European Union regulatory authorities and certain European countries are contemplating regulations to restrict and phase-out PFAS.”

Annual report 2025A · The company itself

“We offer commercial reference laboratory diagnostic and consulting services to veterinarians in many developed geographies worldwide, including customers in the U.S., Europe, Canada, Australia, Japan, New Zealand, South Africa, and South Korea, through a network of approximately 80 laboratories.”

Annual report 2025A · The company itself

“We maintain a sales presence in the U.S. and in major regions worldwide, including Africa, Asia Pacific, Canada, Europe, and Latin America.”

Annual report 2025A · The company itself

“We also manufacture certain of our livestock and poultry testing products in Bern, Switzerland and Montpellier, France.”

Annual report 2025A · The company itself

“Since our business is global in nature, geopolitical risks and other risks associated with doing business internationally could negatively affect our business, financial condition, and operating results For the year ended December 31, 2025, approximately 36% of our overall revenue and approximately 34%, 81% and 50% of our CAG, LPD, and Water revenues, respectively, were attributable to sales of products and services to customers outside the U.S.”

Annual report 2025A · The company itself

“The increase in reference laboratory diagnostic and consulting services revenue was due to higher testing volumes in North America, Europe, and Asia Pacific and higher realized prices. The impact from changes in foreign currency exchange rates increased revenue growth by 0.7%.”

Annual report 2025A · The company itself

“For example, in February 2024, R2 Semiconductor, Inc., a non-practicing entity, was able to obtain an injunction and recall order against us and our customers in the Dusseldorf Regional Court in Germany that, if enforced, could have caused significant potential disruption to our and our customers’ businesses in Europe.”

Annual report 2025A · The company itself

“Our efforts may be hindered by the higher costs of, regulatory and environmental restrictions imposed upon, and time it takes to build fabrication and assembly and test facilities in the jurisdictions in which we operate and plan to build new or upgrade existing foundry facilities as compared to the jurisdictions in which our competitors predominantly operate their foundry facilities.”

Annual report 2025A · The company itself

“Separately, our European exchanges are currently authorized to sell trade information on a non-discriminatory basis at a reasonable cost. This regulatory position could be modified or interpreted by the European Commission or future European court decisions in a manner that could have an adverse effect on our European market data revenues.”

Annual report 2025A · The company itself

“In January 2025, the European Commission adopted a new equivalence decision that allows continued access by EU firms to clear trades at U.K. central counterparties until June 30, 2028. Subsequently, in March 2025, ESMA extended the tiering determination and temporary recognition decisions for ICE Clear Europe until June 30, 2028, which allows continued access for EU firms to clear trades at ICE Clear Europe.”

Annual report 2025A · The company itself

“In the absence of an extension of the temporary equivalence or permanent equivalence of U.K. CCPs by the European Commission, EU persons would be restricted in accessing clearing services at ICE Clear Europe, which could impact clearing revenues, and could also cause us to change our business practices, restructure our businesses or move certain of our businesses and employees.”

Annual report 2025A · The company itself

“The majority of our identifiable assets are located in the U.S. and the United Kingdom, or U.K.”

Annual report 2025A · The company itself

“We operate multiple trading venues, including 13 regulated exchanges and six clearing houses (one of which, ICE Clear Credit, is included in our Fixed Income and Data Services segment discussed below), which are strategically positioned in major market centers around the world, including the U.S., U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.”

Annual report 2025A · The company itself

“In addition, as natural gas and Liquefied Natural Gas, or LNG, continue to globalize, we offer one of the broadest footprints of regional and global natural gas benchmarks, which spans North America, Europe and Asia.”

Annual report 2025A · The company itself

“Revenues also include interest income on certain clearing margin deposits related to our CDS clearing business. •Fixed Income Data and Analytics: We are a leading provider of end-of-day and continuous evaluated pricing services on over three million fixed income securities spanning approximately 150 countries and 80 currencies including sovereign, corporate and municipal bonds, mortgage and asset-backed securities as well as leveraged loans.”

Annual report 2025A · The company itself

“ICE Clear Credit is also regulated by the SEC as a clearing agency because it clears security-based swaps. •ICE Clear Europe, which is primarily regulated in the U.K. by the Bank of England, or BOE, as a Recognized Clearing House, is also subject to regulation by the CFTC as a DCO and by the European Securities and Markets Authority, or ESMA.”

Annual report 2025A · The company itself

“•In the EU, ICE Clear Netherlands is an authorized CCP and is regulated by DNB, AFM and subject to oversight by ESMA.”

Annual report 2025A · The company itself

“ICE Bonds is authorized to provide electronic trading services in Canada and Switzerland.”

Annual report 2025A · The company itself

“Both Creditex Brokerage and ICE Markets Limited are regulated and authorized by the FCA.”

Annual report 2025A · The company itself

“European Union The EU has adopted specific directives and regulations regulating the design, manufacture, clinical investigation, conformity assessment, labeling, and adverse event reporting for medical devices. Until and including May 25, 2021, medical devices were regulated by Council Directive 93/42/EEC (the “EU Medical Devices Directive” or “EU MDD”), which has been repealed and replaced by Regulation (EU) No 2017/745 (the “EU Medical Devices Regulation” or “EU MDR”).”

Annual report 2025A · The company itself

“Pursuing marketing of medical devices in the EU will notably require that our devices be certified under the new regime set forth in the EU MDR. In the EU, there is currently no premarket government review of medical devices.”

Annual report 2025A · The company itself

“Compliance with the general safety and performance requirements of the EU MDR is a prerequisite for European Conformity (“CE”) marking, without which medical devices cannot be marketed or sold in the EU. To demonstrate compliance with the general safety and performance requirements, medical device manufacturers must undergo a conformity assessment procedure, which varies according to the type of medical device and its (risk) classification.”

Annual report 2025A · The company itself

“All manufacturers placing medical devices on the market in the EU must comply with the EU medical device vigilance system, which has been reinforced by the EU MDR. Under this system, serious incidents and Field Safety Corrective Actions (“FSCAs”) must be reported to the relevant authorities of the EU member states.”

Annual report 2025A · The company itself

“Brexit and the UK Regulatory Framework Since January 1, 2021, the Medicines and Healthcare Products Regulatory Agency (“MHRA”) has been the sovereign regulatory authority responsible for Great Britain (i.e., England, Wales, and Scotland) medical device clearances. Following the end of the Brexit transitional period on January 1, 2021, new regulations require all medical devices to be registered with the MHRA before being placed on the Great Britain market. From January 1, 2022, non-UK manufacturers were required to appoint a UK Responsible Person for the purposes of registering devices placed on the Great Britain market.”

Annual report 2025A · The company itself

“We are also subject to various foreign data privacy laws, including the European Union General Data Protection Regulation 2016/679 and applicable national supplementing laws and to the United Kingdom General Data Protection Regulation and Data Protection Act 2018, as well as applicable data privacy laws in China.”

Annual report 2025A · The company itself

“The UK is in the process of overhauling its medical device regulatory framework following its departure from the European Union (“EU”). The UK regulatory framework will apply in Great Britain only, as Northern Ireland continues to follow the EU Medical Devices Regulation (“MDR”). New post-market surveillance requirements took effect on June 16, 2025, while a draft of additional rules governing device classification and pre-market approval pathways are expected to be published in 2026.”

Annual report 2025A · The company itself

“For example, in the EU, the GDPR requires controllers and processors of data relating to an identifiable living individual or “personal data” to adhere to certain key principles whenever accessing or processing personal data. The GDPR imposes comprehensive data privacy compliance obligations in relation to our collection and use of personal data, including a principle of accountability and the obligation to demonstrate compliance through policies, procedures, training, and audit, as well as regulating cross-border transfers of personal data out of the EEA and the UK.”

Annual report 2025A · The company itself

“In addition, on December 16, 2025, the European Commission published a targeted revision proposal of the EU MDR to address structural issues, certification delays, and burdens on small and medium-sized enterprises (SMEs). The proposal will enter the ordinary legislative procedure and is not expected to be adopted before 2027.”

Annual report 2025A · The company itself

“In the EU, subject to the transitional provisions and in order to sell our products in EU member states, our products must comply with the general safety and performance requirements of the EU MDR, which repeals and replaces the MDD. Compliance with these requirements is a prerequisite to be able to affix the CE mark to our products, without which they cannot be sold or marketed in the EU.”

Annual report 2025A · The company itself

“Outside of the U.S., we own and/or lease properties in Mexicali, Mexico, Germany, and Bulgaria, primarily for manufacturing operations, and Aubonne, Switzerland, primarily for our international headquarters.”

Annual report 2025A · The company itself

“We project that by 2030, the European and North American DC fast-charging market will expand to approximately EUR 14 billion to support the growing number of battery electric vehicles. In Europe and North America, the number of DC fast-charging points is expected to grow to 2.7 million units from 0.4 million in 2025.”

Annual report 2025A · The company itself

“While Europe is developing strongly, North America is projected to see even higher demand. Our solutions are engineered to meet the requirements of electric trucks, vans, and buses.”

Annual report 2025A · The company itself

“In North America, public funding is accelerating BEV adoption, but favorable economics and total cost of ownership remain the primary drivers of the broader EV transition. We are continuing to expand in Europe, sustaining a strong foothold in the Nordics and increasing our market share in Southern Europe while enhancing our offerings in Central Europe.”

Annual report 2025A · The company itself

“In Europe, some long-standing customers are gradually increasing their investments, with the exception of the Nordics, where activity remains moderate following the high investment levels of recent years. In North America, our outlook is positive given our strengthening market share and competitiveness.”

Annual report 2025A · The company itself

“Sustained unfavorable market conditions may also result in asset impairments. For example, in the third quarter of 2025, a prolonged downturn in, and outlook for, the European petrochemical and global automotive industries, combined with the sustained decline in our market capitalization, resulted in non-cash impairment charges of $1,182 million, presented in both Goodwill impairments and Other impairments on the Consolidated Statements of Income (Loss).”

Annual report 2025A · The company itself

“A significant portion of our revenues are derived from our business in Europe.”

Annual report 2025A · The company itself

“Table of Contents European Union Efforts toward health care cost containment remain intense in the European Union (EU). The Company faces competitive pricing pressure resulting from generic and biosimilar drugs.”

Annual report 2025A · The company itself

“As a result, increasingly high barriers are being erected to the entry of new products. In some EU Member States, cross-border imports from low-priced markets also exert competitive pressure that may reduce pricing within an EU Member State.”

Annual report 2025A · The company itself

“The Company also has production facilities for human health products at five locations in the U.S. and Puerto Rico. Outside the U.S., through subsidiaries, the Company owns or has an interest in manufacturing plants or other properties in Western Europe, Africa and Asia.”

Annual report 2025A · The company itself

“In addition, in connection with the war in Ukraine in 2022, access to Facebook and Instagram was restricted in Russia and the services were then prohibited by the Russian government, which has adversely affected, and will likely continue to adversely affect, our revenue and business in the region.”

Annual report 2025A · The company itself

“Although the CJEU upheld the validity of SCCs in 2020, in May 2023, the IDPC issued a Final Decision concluding that Meta Platforms Ireland’s reliance on SCCs in respect of certain transfers of European Economic Area (EEA) Facebook user data was not in compliance with the GDPR. The IDPC issued an administrative fine of EUR €1.2 billion as well as corrective orders requiring Meta Platforms Ireland to suspend the relevant transfers and to bring its processing operations into compliance with Chapter V GDPR by ceasing the unlawful processing, including storage, of such data in the United States.”

Annual report 2025A · The company itself

“A further invalidation of the EU-U.S. DPF by the CJEU could create considerable uncertainty and lead to us being unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe, which would materially and adversely affect our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“For example, in response to regulatory developments in Europe, we announced plans to change the legal basis for behavioral advertising on Facebook and Instagram in the European Union, European Economic Area, and Switzerland from "legitimate interests" to "consent," and in November 2023 we began offering users in the region a "subscription for no ads" alternative.”

Annual report 2025A · The company itself

“In response to these developments, in November 2024, we began offering users in the European Union, European Economic Area, and Switzerland who elect to continue using our services free-of-charge, supported by ads, an option to see less personalized ads (LPA), which are less relevant and effective than our premium ad offerings.”

Annual report 2025A · The company itself

“We have significant international operations. We currently make our Family products available in a total of more than 100 different languages, and we have offices or data centers in approximately 40 different countries.”

Annual report 2025A · The company itself

“In Metsä Board’s most important growth market in Europe, demand for paperboard was sluggish in 2025 due to cautious consumer purchasing behaviour. Market balance was weakened by increased paperboard imports from China and capacity growth in Europe.”

Annual report 2025A · The company itself

“Strong market position with growth opportunities We are Europe’s largest producer of folding boxboard and white kraftliners. Our market leadership offers a strong platform to benefit from the growing global demand for paperboards.”

Annual report 2025A · The company itself

“By market area, 60% (58) of sales came from Europe, 25% (27%) from the Americas, and 15% (15) from Emerging markets.”

Annual report 2025A · The company itself

“Development of business operations Consumerboard (folding boxboard) In 2025, folding boxboard deliveries amounted to 890,000 tonnes (992,000), of which 59% (56) was delivered to Europe, 22% (24) to the Americas, and 19% (20) to developing markets.”

Annual report 2025A · The company itself

“Containerboard (white kraftliner) In 2025, total white kraftliner deliveries were 474,000 tonnes (480,000), of which 54% (52) was delivered to Europe, 43% (45) to the Americas, and 3% (3) to developing markets.”

Annual report 2025A · The company itself

“Our business is increasingly subject to regulation by various federal, state and international governmental agencies responsible for enacting and enforcing laws and regulations relating to privacy, data protection, and information security. For example, since the GDPR became effective in 2018, the Court of Justice of the EU has issued rulings that have impacted how multinational companies must implement that law and the European Commission (EC) has published new regulatory requirements relating to cross-border data transfers.”

Annual report 2026A · The company itself

“Our business could face stricter obligations, greater fines, and private causes of action under new privacy, data protection, and information security laws and regulations, including the GDPR, which provides for penalties of up to 20 million Euros or four percent of our total worldwide annual turnover of the preceding financial year (whichever is higher), the California Consumer Privacy Act, the California Privacy Rights Act, and a growing number of comprehensive privacy laws enacted by various U.S. states, many of which impose varying and potentially conflicting obligations, as well as new and emerging privacy laws globally.”

Annual report 2026A · The company itself

“In addition, in the EU, various cyber resilience related laws (for example, the EU Cyber Resilience Act and the Network and Information Systems Directive 2) have been enacted and will be applied in phases. These frameworks essentially oblige those doing business in the EU to implement robust cybersecurity standards with respect to the products and services they provide.”

Annual report 2026A · The company itself

“The EU has also enacted a comprehensive law regulating the development and use of AI systems, the EU AI Act, which came into force on August 1, 2024, and will generally become fully applicable after a two-year transitional period, with certain obligations taking effect at a later time. The EU AI Act imposes enhanced requirements on certain “high-risk” AI systems, including obligations relating to risk management, data governance, documentation, human oversight and conformity assessments, and also establishes transparency obligations that apply to a broad range of AI systems.”

Annual report 2026A · The company itself

“As we provide technology services to EU financial institutions, the Digital Operational Resilience Act (DORA) imposes financial and legal risks. These include compliance costs for enhancing cybersecurity, performing resilience testing, requiring comprehensive documentation, increased audits, and detailed reporting.”

Annual report 2026A · The company itself

“Full-year revenue amounted to DKK 629 million (2024: DKK 699 million), corresponding to an organic growth decline of 10.2%.”

Annual report 2025A · The company itself

“Project postponements – particularly in parts of our US business and segments of our European markets – resulted in lower revenue growth and profitability than originally anticipated.”

Annual report 2025A · The company itself

“On the organizational level NNIT moved a smaller business unit of Europe Throughout 2025, Region Europe was significantly affected by ongoing macroeconomic and geopolitical uncertainty, which led to a slowdown in the Life Sciences segment. Despite these headwinds, the region demonstrated adaptability by strengthening relationships with long-term customers and expanding its presence in lower-tier market segments, successfully onboarding 20 new customers during the year.”

Annual report 2025A · The company itself

“The contraction was primarily driven by the market unrest resulting in customer hesitation which led to project postponements, and a lower number of largescale transformation projects initiated compared to prior years. Additionally, project scopes have generally been shorter in duration and size affecting the overall revenue generation.”

Annual report 2025A · The company itself

“NNIT is a trusted Danish IT and consulting partner with a global footprint across Europe, the US, and Asia.”

Annual report 2025A · The company itself

“Europe experienced revenue pressure from postponed projects but achieved higher profitability through better utilization and cost control.”

Annual report 2025A · The company itself

“During the fourth quarter, Region Europe generated revenue of DKK 151.7 million (DKK 170.6 million in Q4 2024), representing a decline of 11.1% in reported terms and an organic growth of -11.3%. The performance was affected by ongoing market uncertainty, which led to lower overall customer activity compared with the same period last year.”

Annual report 2025A · The company itself

“Vekst i utfordrende markeder I 2024 gjorde forholdene i markedet det mer krevende å nå våre EBITDA-mål. Vi oppnådde justert EBITDA på 26 318 millioner kroner og en justert avkastning på gjennomsnittlig sysselsatt kapital (ARoaCE) på 8,5 prosent, noe som ligger under vårt mål om 10 prosent over forretningssyklusen.”

Annual report 2024A · The company itself

“Gjennom vekst i attraktive regioner og segmenter, en sterk bærekraftsplattform, kundepartnerskap og kommersielt fokus samt porteføljeoptimalisering og kostnadsreduksjoner trapper Hydro Extrusions opp sine ambisjoner for driftsmessige og kommersielle forbedringer mot 2030.”

Annual report 2024A · The company itself

“Annual report 2024 ESEF XBRL Integrert årsrapport 2024 Introduksjon 3 Høydepunkter i 2024 5 Brev til interessenter 8 Viktige hendelser i 2024 9 Innholdsfortegnelse Høydepunkter fra 2024 Hydro leverte solide resultater i 2024 drevet av oppstrømsvirksomheten med positive inntektsdrivere og sterke resultater, til tross for utfordrende markeder i Europa og Nord- Amerika.”

Annual report 2024A · The company itself

“Produksjonskapasiteten innen ekstrudering er på 1,4 millioner tonn i året, og markedsandelene var 16 prosent i Europa og 19 prosent i Nord-Amerika i 2024, i tillegg til solide posisjoner i Sør-Amerika og Asia.”

Annual report 2024A · The company itself

“Tillfällig inbromsning för en bransch i tillväxt EMS-branschen i Europa förväntas växa med i genomsnitt 7% om året fram till 2030.”

Annual report 2024A · The company itself

“Den engelska marknaden har haft utmaningar, framförallt under årets sista del, något som vi också ser kommer fortsätta in under början av 2025.”

Annual report 2024A · The company itself

“Efterfrågan i Europa har varit stark under de senaste åren och framöver förväntas EMS-marknaden i hela Europa uppleva fortsatt tillväxt. Hemtagning av tillverkning ("Reshoring") gynnar NOTE Trenden med hemtagning gynnar NOTE som en europeisk EMS-till verk nings partner. Den minskande lönekostnadsdifferensen mellan Europa och traditionella lägrekostnadsregioner ökar NOTE:s konkurrenskraft och gör europeisk tillverkning mer ekonomiskt hållbar.”

Annual report 2024A · The company itself

“Preferenser för produkter "Made in Europe", förknippade med kvalitet och hållbarhet, stärker NOTEs varumärkesimage och attraktionskraft. Denna förskjutning stöder också NOTEs hållbarhetsåtaganden genom att minska koldioxidavtrycket kopplat till långväga transporter.”

Annual report 2024A · The company itself

“I Västeuropa har NOTE fabriker i områden med hög industriell aktivitet och innovationsgrad. Där erbjuds sofistikerade produktionstekniska tjänster i nära samverkan med kunderna, till exempel komponentval, utveckling av testutrustning, prototyptillverkning och serieproduktion.”

Annual report 2024A · The company itself

“I ett diversifierat europeiskt EMS-landskap, med över 2 000 elektronikkontraktstillverkare, har NOTE en stark position. Denna marknad omfattar en rad internationella och stora asiatiska aktörer, men NOTEs strategi med fokus på high mix, low volume skiljer sig från många av dessa aktörer, särskilt från de allra största aktörerna från Asien.”

Annual report 2024A · The company itself

“Western Europe innefattar enheter belägna i geografiska områden med hög industriell aktivitet och innovationsgrad i Sverige, Finland och England. Där erbjuds avancerade produktionstekniska tjänster i nära samverkan med kunderna, till exempel komponentval, utveckling av testutrustning, prototyptillverkning och serieproduktion.”

Annual report 2024A · The company itself

“Rest of World utgörs av enheterna i Bulgarien, Estland och Kina. De är lokaliserade nära stora slutmarknader och i regioner med stark produktionstradition och hög kompetens.”

Annual report 2024A · The company itself

“In certain markets, such as in EU member states, the U.K., Japan, China, Canada and Australia, governments have significant power as large single payors to regulate prices, access criteria, or impose other means of cost control, particularly as a result of global financing pressures.”

Annual report 2025A · The company itself

“Additionally, in the EU, the European Parliament and the European Council reached an agreement in December 2025 on the EU Pharma Package – the largest reform of the EU’s Pharmaceutical Legislation in 20 years. The reform still requires formal approval by both institutions and will enter into force upon publication in the EU’s Official Journal, expected in 2026. Most provisions are expected to apply from 2028, following a two-year transition period.”

Annual report 2025A · The company itself

“In addition, the European Regulation on Health Technology Assessment (EU HTA-R) took effect in January 2025, introducing a single EU-level submission file for joint clinical assessments for oncology medicines and advanced therapy medicinal products. The EU HTA-R will be extended to orphan medicines in January 2028 and, as of 2030, will cover all medicinal products authorized in the EU through the centralized marketing authorization procedure.”

Annual report 2025A · The company itself

“In 2025, 41% of our total revenues were derived from international operations, including 21% from Europe and 12% from China, Japan and the rest of the Asia Pacific region.”

Annual report 2025A · The company itself

“We are also subject to complex and evolving privacy laws in the EU and the UK, such as the European Union General Data Protection Regulation (the “EU GDPR”) and the United Kingdom General Data Protection Regulation (the “UK GDPR”). The enactment of the EU GDPR and the UK GDPR also introduced numerous privacy-related changes for companies operating in the EU and the UK, including greater control for data subjects (including, for example, the “right to be forgotten”), increased data portability for EU and UK consumers, data breach notification requirements, and increased fines. In particular, fines for certain breaches are significant, up to the greater of 4% of total global annual turnover or €20 million in the EU (£17.5 million under the UK GDPR).”

Annual report 2025A · The company itself

“For example, the EU and UK GDPR prohibit transfers of personal information from the European Economic Area (“EEA”) or UK to countries not formally deemed adequate by the European Commission or the UK Information Commissioner’s Office (“UK ICO”), respectively, including the U.S., unless particular compliance mechanisms (and, if necessary, certain safeguards) are implemented. The mechanisms that we and many other companies rely upon for EEA and UK data transfers (for example, standard contractual clauses or the EU-US Data Privacy Framework and the UK Extension to the EU-US Data Privacy Framework) are the subject of legal challenge, regulatory interpretation, and judicial decisions. While the U.S. and the EU reached agreement on the EU-US Data Privacy Framework (and similar agreements were reached with respect to the UK) and while we currently self-certify to the EU-US Data Privacy Framework, the Swiss-US Data Privacy Framework, and the UK Extension, there are legal challenges to this data transfer mechanism as well.”

Annual report 2025A · The company itself

“During the three months ended December 31, 2025, approximately 57% of Redditors visited the platform from outside of the United States.”

Annual report 2025A · The company itself

“In addition, we plan to continue expanding our business operations outside the United States and offering content and advertising to Redditors and advertisers in other languages and countries. We plan to continue to enter new international markets where we have limited or no experience in deploying our services or selling advertisements.”

Annual report 2025A · The company itself

“In some countries, such as France, Germany, and Japan, government reimbursement is currently available for the purchase or rental of our products, subject to constraints such as price controls or unit sales limitations.”

Annual report 2026A · The company itself

“Failure to comply with the requirements of GDPR and the applicable national data protection and marketing laws of the EEA member states may result in fines of up to €20 million or up to 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher, and other administrative penalties as well as individual claims for compensation.”

Annual report 2026A · The company itself

“In the European Union, we are required to maintain certain ISO certifications and comply with the Medical Device Regulation (MDR) in order to sell our products and must undergo periodic inspections by notified bodies to obtain and maintain these certifications.”

Annual report 2026A · The company itself

“We market our products in most major countries in Rest of World geographies. We have wholly owned subsidiaries in Australia, Austria, China, Czech Republic, Denmark, Finland, France, Germany, India, Ireland, Japan, Korea, Netherlands, New Zealand, Norway, Poland, Sweden, Switzerland, Taiwan, Thailand, and the United Kingdom.”

Annual report 2026A · The company itself

“We manufacture substantially all of our products outside the U.S. and sell a significant portion of our products outside the U.S. Sales in Rest of World regions accounted for approximately 37% and 36% of our net revenues in the years ended June 30, 2026 and June 30, 2025, respectively.”

Annual report 2026A · The company itself

“For example, in some countries, such as Spain, France and Germany, government coverage and reimbursement are currently available for the purchase or rental of our products but are subject to constraints such as price controls or unit sales limitations.”

Annual report 2026A · The company itself

“Net revenue from our Sleep and Breathing Health business in Rest of World increased for the year ended June 30, 2026 to $1,697 million from $1,507 million for the year ended June 30, 2025, an increase of $189 million or 13% (a 7% increase on a constant currency basis). The constant currency increase in device and mask sales in Rest of World was primarily attributable to increased demand and unit sales across our sleep health, partially offset by lower unit sales of our life support devices.”

Annual report 2026A · The company itself

“Other facilities are in Atlanta, Georgia, Greenwood, Indiana, Moreno Valley, California, Chatsworth, California, and Calabasas, California, U.S.A.; Singapore; Johor Bahru, Malaysia; Lyon, France; Gremsdorf and Munich, Germany; and Suzhou, China.”

Annual report 2026A · The company itself

“Aerospace market may be affected by ESA membership The Company’s market segment mainly consists of the institutional European aerospace market and exclusively exists owing to Denmark’s ESA membership.”

Annual report 2025A · The company itself

“Rovsing’s future is defined by three priorities: • • • Maintain leadership in Europe as trusted systems, service and product supplier.”

Annual report 2025A · The company itself

“As part of the strategic market expansion efforts, the Company has explored benefits and business cases for different establishment configurations within the European Union (EU) and USA.”

Annual report 2025A · The company itself

“Risk description The Group’s production is handled by suppliers (contract manufacturers), which are located both in Asia and Europe with the majority of sourced volume from Asia.”

Annual report 2025A · The company itself

“RTX use production partners in mainly EU, The Philippines and China.”

Annual report 2025A · The company itself

“Euroalueen ennustetaan kasvavan vuonna 2026 vain hieman, noin 1,2 prosenttia. Rahapolitiikka jatkunee kireänä.”

Annual report 2025A · The company itself

“Tulevaisuuden näkymät Arvio markkinakehityksestä Eurooppalainen turkisnahkojen tuotanto elää voimakasta muutosvaihetta. Pitkään jatkuneen tuotantomäärien laskun lisäksi turkistarhauksen maakohtaiset kiellot sekä minkin luokittelu haitalliseksi vieraslajiksi koko EU-alueella asettavat turkistuottajien toiminnan epävarmaan asemaan.”

Annual report 2025A · The company itself

“Nahkoja ostettiin laajasti myös Turkkiin, Kreikkaan, Etelä-Koreaan sekä länsimaisten muotitalojen käyttöön.”

Annual report 2025A · The company itself

“Tilikaudella ketunnahkojen ostoista kasvava osa suuntautuikin Turkkiin ja Kreikkaan, joiden asema eurooppalaisina turkisjalostuksen osaamiskeskuksina on vahvistunut.”

Annual report 2025A · The company itself

“The UK, European, and North American online grocery markets in 2024 have shown steady growth. While France, the Netherlands, and Scandinavia report higher online grocery penetration, Germany, Spain, and Italy remain at lower levels in Europe.”

Annual report 2024A · The company itself

“In 2024, UK retailers have faced a variety of challenges that lead to reduced spending across the shopfitting industry, particularly in the grocery vertical. The year proved to be demanding as economic uncertainties and continued margin pressures lead to a tightening of retailers discretionary spend on store enhancements and a significant reduction in the development of new space and formats.”

Annual report 2024A · The company itself

“The stable economic situation and normalized inflation in Lithuania and Latvia present challenges for retailers striving to remain profitable and efficient. In contrast, Estonia faces a more complex market situation, with increased VAT further reducing consumer purchasing power.”

Annual report 2024A · The company itself

“Consumption has nearly returned to prepandemic levels, growing by 1.3 percent.”

Annual report 2024A · The company itself

“There are two prevalent trends coming out of 2024 that are impacting grocers in the United Kingdom and will continue through 2025, rising costs and soaring rates of theft. The rising cost of living in the United Kingdom looks set to continue into 2025, perpetuated by increases in National Insurance payments and a rise in National Minimum Wage which will be in effect from April.”

Annual report 2024A · The company itself

“StrongPoint was selected by the UK’s second largest grocery retailer Sainsbury’s to supply order picking technology for online grocery orders fulfilled manually in store.”

Annual report 2024A · The company itself

“This partnership reinforces our commitment to strengthening our presence in the UK, a market where we are still in the very early stages of building the same depth as we have in Norway, Sweden, and the Baltics, where our top ten customers on average utilize between four and five of our solutions.”

Annual report 2024A · The company itself

“StrongPoint’s supply chain starts with the sourcing of materials and extends to the distribution of StrongPoint’s products mainly to customers throughout Europe. StrongPoint’s key markets are Norway, Sweden, the Baltics, Spain, UK, South-Africa, Italy and the USA.”

Annual report 2024A · The company itself

“Många länder, inklusive USA och flera europeiska nationer, investerar både i nya reaktorer och modernisering av befintliga anläggningar. Trenden har skapat en växande marknad för våra tjänster inom bränsle- och materialprovning, avfallshantering och avancerade programvarulösningar.”

Annual report 2024A · The company itself

“Sedan testanläggningen för vår patenterade inDRUMteknologi stod klar under andra kvartalet har efterfrågan på vår innovativa avfallshanteringsteknologi ökat markant. Intresset från både befintliga och nya marknader har varit stort, och vi är nu involverade i flera affärs utvecklingsprojekt för att etablera inDrum globalt.”

Annual report 2024A · The company itself

“Därutöver så ingick Studsvik samarbete avseende inDRUM med Uniper, en internationell energikoncern med verksamhet i mer än 40 länder.”

Annual report 2024A · The company itself

“Studsviks verksamhetsområden Avvecklings- och strålskyddstjänster Avvecklings- och strålskyddstjänster är verksamt inom strålskydd, avveckling, demontering och dekontaminering. Kunderna är kärnkraftverk, forsknings centra och andra kärntekniska anläggningar främst i Tyskland men även i Schweiz, Sverige, Belgien och Nederländerna.”

Annual report 2024A · The company itself

“De tekniska lösningarna licensieras, med tillhörande ingenjörstjänster, till kunder i Europa, Nordamerika och Asien, för att driva anläggningarna i kundernas egen regi.”

Annual report 2024A · The company itself

“For example, the European Union ("EU") General Data Protection Regulation 2016/679 (“GDPR”), and further amendments and interpretations thereof, impose stringent EU data protection requirements on companies established in the European Union or companies that offer goods or services to, or monitor the behavior of, individuals in the European Union. The GDPR establishes a robust framework of data subjects’ rights and imposes onerous accountability obligations on companies, including certain data transfer and security mechanisms. Noncompliance with the GDPR can trigger steep fines of up to the greater of 20 million euros or four percent of annual global revenue.”

Annual report 2026A · The company itself

“We conduct our operations principally from our Silicon Valley headquarters, and facilities in Taiwan, Malaysia, and the Netherlands.”

Annual report 2026A · The company itself

“International Sales Our global sales efforts are primarily supported by our international offices in the Netherlands, Taiwan, Malaysia, as well as by our United States based sales team. Product fulfillment and first level support for our international customers are provided by Supermicro Global Services, as well as through our indirect sales channel and OEMs.”

Annual report 2026A · The company itself

“We intend to expand our international sales efforts, especially into Asia, and we are expanding our business operations in Europe and Asia, particularly in Taiwan, Malaysia, the Netherlands, Japan, Mexico and India.”

Annual report 2026A · The company itself

“(3) Our international facilities include manufacturing facilities primarily located in Taiwan, Malaysia, and the Netherlands.”

Annual report 2026A · The company itself

“In Europe, including the U.K., the European Union (the “EU”), the European Economic Area (the “EEA”) and the countries of Iceland, Liechtenstein and Norway, separate laws and regulations (and member states’ implementations thereof) govern the processing of personal data, and these laws and regulations continue to impact us. The General Data Protection Regulation (“EU GDPR”) and the United Kingdom General Data Protection Regulation and Data Protection Act 2018 (the “UK GDPR”) (the EU GDPR and UK GDPR are hereinafter referred to collectively as the GDPR), which apply to us, define “personal data” broadly. Together with related laws, such as the ePrivacy Directive, we and our clients and inventory partners face enhanced data protection obligations, both as controllers of such data and as service providers processing the data.”

Annual report 2025A · The company itself

“Many of our clients serve advertisers on a global basis, and we have been expanding our presence in markets outside of the United States to serve the needs of those advertisers in additional geographies. We believe that the global opportunity for programmatic advertising is significant and will continue to expand as publishers and advertisers outside the United States seek to adopt the benefits that programmatic advertising provides. As we expand relationships with our existing clients, we are investing in select regions in Europe and Asia. In particular, we believe that the United Kingdom (“U.K.”), Germany, France, China, Japan, India and Australia may represent substantial growth opportunities, and we are investing in developing our business in those and other markets.”

Annual report 2025A · The company itself

“We have a U.K. entity through which we have entered into international client and partner agreements, including with those in the EU, which are governed by English Law, and some of our clients and partners pay us in Euros, British Pounds and other foreign currencies.”

Annual report 2025A · The company itself

“In addition, in the European Union (“EU”), privacy law is governed by the General Data Protection Regulation (“GDPR”), which is directly binding and applicable in each EU member state. The GDPR contains enhanced compliance obligations and increased penalties for non-compliance and is regularly enforced by European regulators.”

Annual report 2025A · The company itself

“The Company’s subsidiaries provide domestic merchant processing services directly to merchants, as well as similar merchant services in Canada and segments of Europe.”

Annual report 2025A · The company itself

“The requirements governing drug pricing vary widely country-by-country and region-by-region. For example, the member states of the E.U. can restrict the range of drugs for which their national health insurance systems provide reimbursement and can control the prices of prescription drugs.”

Annual report 2025A · The company itself

“In most markets outside of the U.S., the pricing and reimbursement medicines is subject to governmental control and governments are making greater efforts to reduce drug prices and limit drug spending. The reimbursement process in ex-U.S. markets vary widely and can take a significant time to complete, and reimbursement decisions are made on a country-bycountry and region-by-region basis.”

Annual report 2025A · The company itself

“In the U.S. and Europe, we estimate that there are approximately four million people diagnosed with T1D.”

Annual report 2025A · The company itself

“We estimate that pMN affects approximately 150,000 people in the U.S. and Europe, and more than 600,000 people globally.”

Annual report 2025A · The company itself

“We estimate that there are approximately 300,000 people diagnosed with ADPKD in the U.S. and Europe.”

Annual report 2025A · The company itself

“It is a serious life-shortening disease with no approved treatments, and we estimate that it affects approximately 110,000 people in the U.S. and Europe.”

Annual report 2025A · The company itself

“Our CF medicines are reimbursed or accessible in more than 60 countries across six continents.”

Annual report 2025A · The company itself

“Outside of the U.S., patients have access to CASGEVY in Austria, Denmark, the U.K., Italy, Luxembourg, Bahrain, Saudi Arabia, the UAE, and Kuwait.”

Annual report 2025A · The company itself

“In Europe and other foreign jurisdictions, the success of our products depends largely on obtaining and maintaining government reimbursement, because patients are generally unable to access prescription pharmaceutical products that are not reimbursed by their governments.”

Annual report 2025A · The company itself

“Our ex-U.S. total revenues increased 3% in 2025, as compared to 2024, primarily due to solid CF performance across multiple geographies and increased CASGEVY product revenues, partially offset by a decline in product revenues in Russia, where we are continuing to experience a violation of our intellectual property rights.”

Annual report 2025A · The company itself

“We make international sales primarily through distributor arrangements and to retail pharmacies, as well as to hospitals and clinics, many of which are government-owned or supported customers.”

Annual report 2025A · The company itself

“EMEA 9,923”

Annual report 2025A · The company itself

“The offshore market segment, despite recent challenges, is expected to grow faster from a lower base. Installation growth is expected across all three regions EMEA, Americas and Asia Pacific, with key developed markets in Europe, North America and Australia accounting for approx. 60 percent of expected installations in the period from 2026 to 2030.”

Annual report 2025A · The company itself

“Germany, already the largest onshore wind market in Europe, set a new record in 2025 and awarded 14.4 GW in onshore wind capacity auctions while simultaneously granting a record number of building permits.5 The German government also reaffirmed its 80 percent renewable electricity target by 2030, which requires 10 GW annual onshore wind installations.”

Annual report 2025A · The company itself

“In 2025, Vestas received 1.1 GW of orders in Ukraine, Romania and Poland combined, from customers such as DTEK, Rezolv Energy, and OX2. This demand underlines the mutual benefit of long-term partnerships and highlights the opportunities for collaboration on energy security in Eastern Europe through the expansion of wind energy.”

Annual report 2025A · The company itself

“As an example, the German market had 14.4 GW of onshore wind awarded through their auction systems in 2025.”

Annual report 2025A · The company itself

“The need for European-produced offshore turbines has never been more evident, in a world where the focus on energy independence and security has greatly escalated.”

Annual report 2025A · The company itself

“The increased revenue was primarily driven by Offshore projects in Power Solutions.”

Annual report 2025A · The company itself

“Onshore Performance in 2025 Changing market conditions In 2025, the environment for onshore wind solutions saw improvements in most of our core markets. In Europe, the need for independent power generation has arguably never been greater, as electricity prices linger above pre -Covid levels and energy security remains a key concern.”

Annual report 2025A · The company itself

“Our top three onshore markets during the year were Germany, the USA, and Brazil. Germany soared to 4.1 GW of firm and unconditional orders compared to 2.2 GW the previous year, driven by improved permitting and record high auction awards.”

Annual report 2025A · The company itself

“Nevertheless, Vestas secured Offshore order intake of 2.6 GW in 2025, and with a total backlog of EUR 10.1bn, Vestas is well positioned to become a global leader in offshore wind.”

Annual report 2025A · The company itself

“In the UK, Visa Europe is designated as a Recognized Payment System, bringing it within the scope of the Bank of England’s supervisory powers and subjecting it to various requirements, including on issues such as governance and risk management designed to maintain the stability of the UK’s financial system. Visa Europe is also regulated by the UK’s Payment Systems Regulator (PSR), which has wide-ranging powers and authority to review our business practices, systems, rules and fees with respect to promoting competition and innovation in the UK, and ensuring payment systems take care of, and promote, the interests of service users.”

Annual report 2025A · The company itself

“•In Europe, the EU’s IFR places an effective cap on consumer credit and consumer debit interchange fees for both domestic and cross-border transactions within the European Economic Area of 30 basis points and 20 basis points, respectively. EU member states have the ability to further reduce these interchange levels within their territories.”

Annual report 2025A · The company itself

“Even with our strong foundation in credit, significant opportunity remains in international markets, where the penetration of card-linked credit products as a percentage of consumer spending is less than half that of the U.S. To address this, we continue to develop new products that provide greater control and insight to our issuing clients and their customers.”

Annual report 2025A · The company itself

“Second, we leverage A2A networks to deliver Visa-branded A2A products, most notably through Tink, our open banking solution in regions, such as Europe and Latin America. Tink enables open banking and data exchange for A2A transactions. Since acquiring Tink in 2022, we have scaled our open banking payments network, reaching thousands of bank connections as of September 30, 2025.”

Annual report 2025A · The company itself

“More than half of our net revenue is earned outside the U.S.”

Annual report 2025A · The company itself

“For example, changes in local economic condition or outlooks, such as lower economic growth rates in China, Europe, or other key markets, impact the demand or profitability of the Company's products.”

Annual report 2025A · The company itself

“Table of Contents Resources Human Capital: On December 31, 2025, the Company employed approximately 60,500 people (full-time equivalents), with approximately 22,500 employed in the United States and 38,000 employed internationally.”

Annual report 2025A · The company itself

“Growth disappointments were seen in Europe and China, and this triggered a policy response. Europe and other central banks have cut interest rates by 100-150bps as inflation has come under control and growth has weakened.”

Annual report 2024A · The company itself

“Detta är drivet av ett starkt behov att öka kvinnors möjligheter att förvärvsarbeta även efter att familjen skaffat barn. I Frankrike är bedömningen att det behövs över 200 000 platser fram till 2030, även i Storbritannien är behovet stort.”

Annual report 2024A · The company itself

“Det började med Espira i Norge 2014 och idag är över 30 procent av vår omsättning utanför Sverige.”

Annual report 2024A · The company itself

“I utgången av detta verksamhetsår utgjorde våra internationella verksamheter cirka 40 procent av omsättningen, 2016 var siffran 16 procent. AcadeMedia har i dag verksamhet i sju länder, Sverige, Norge, Tyskland, Nederländerna, Finland, Polen och Storbritannien.”

Annual report 2024A · The company itself

“2014 – förvärv av norska Espira, 75 förskolor • 2016 - instegsförvärv i Tyskland, sju förskolor i Bayern • 2016 till 2024 – organisk tillväxt i Tyskland genom öppnande av 75 förskolor • 2022 – instegsförvärv i Nederländerna, 2 förskolor • 2022 – förvärv av Tyska FAWZ, 7 skolor och 1 förskola • 2023 – nyetablering av vuxenutbildning i Polen och Storbritannien • 2023 – förvärv av nederländska Winford, 10 grund- och gymnasieskolor • 2024 – förvärv av finska Touhula, 113 förskolor Nya länder och mer än förskola Verksamheterna i både Polen och Storbritannien förväntas växa, och möjligen även breddas till fler segment.”

Annual report 2024A · The company itself

“I framtiden kan både för- och grundskolor i Polen bli aktuellt, vi vet att det finns ett stort intresse för högkvalitativa utbildningar, och att det också finns ett intresse för att finansiera sina barns utbildning genom privata medel.”

Annual report 2024A · The company itself

“Ett annat intressant land är Spanien där det finns en etablerad marknad för internationella skolor. I Spanien används ett finansieringssystem där familjen betalar del av kostnaden för elevens skolplats genom terminsavgifter, resterande del betalas genom offentligt finansierad skolpeng.”

Annual report 2024A · The company itself

“Förvärvet omfattar 113 förskolor med 7 700 barn i Finland och följer AcadeMedias strategi att växa internationellt.”

Annual report 2024A · The company itself

“Verksamheten består av 10 mindre grund- och gymnasieskolor med totalt cirka 600 elever och 100 medarbetare.”

Annual report 2024A · The company itself

“Europeisk marknadstäckning: AddLife unika europeiska närvaro, i kombination med aktivt internt nätverkssamarbete, skapar möjlighet för bredare dialog med nya, strategiskt utvalda leverantörer. Det innebär även en riskminimering genom bolagens ökade och snabbare insikter om internationella marknadstrender.”

Annual report 2023A · The company itself

“Erbjudandet inom Medtech vänder sig främst till offentligt finansierad sjukvård, hemvård och omsorg i Europa.”

Annual report 2023A · The company itself

“Hög aktivitet på den europeiska Life Sciencemarknaden AddLife är en ledande aktör inom Life Science med stark närvaro i Europa och väl positionerat för marknadssituationen efter pandemin. Med en decentraliserad affärsmodell inriktad på specifika segment och ett starkt fokus på kundnärhet och värdeskapande erbjudanden kan AddLifes bolag anpassa sig till och dra nytta av de strukturella drivkrafter och marknadstrender som råder.”

Annual report 2023A · The company itself

“AddLifes närvaro i 30 europeiska marknader har stärkt både nya och befintliga leverantörsrelationer, utvidgat gruppens nätverk och möjliggjort försäljning av både egna och distribuerade produkter på nya marknader. AddLifes försäljning är relativt jämnt fördelat över flera europeiska marknader vilket minskar utsatthet för lokala marknadsförändringar.”

Annual report 2023A · The company itself

“Tyskland, Frankrike, Storbritannien, Italien och Spanien är de fem största regionala marknaderna.”

Annual report 2023A · The company itself

“Stark marknadsposition i Europa AddLifes affärsmodell bygger på att AddLife via dotterbolagen skapar värde och bygger ledande marknadspositioner i utvalda marknadsnischer i Europa. Bolaget har en bred geografisk spridning med verksamhet i 30 länder, där AddLifes dotterbolag har väletablerade säljorganisationer med hög, teknisk kompetens som i kombination med den differentierade produkt- och tjänsteportföljen skapar starka långsiktiga kundrelationer och förutsättningar för goda affärer.”

Annual report 2023A · The company itself

“AddLife är ett svensknoterat medicinteknikbolag verksamt på främst den europeiska marknaden och består av cirka 85 operativa dotterbolag i affärsområdena Labtech och Medtech. Koncernen har 2 301 medarbetare i 30 länder och erbjuder högkvalitativa, kostnadseffektiva lösningar och produkter.”

Annual report 2023A · The company itself

“De externa intäkterna är baserade på var kunderna är lokaliserade och de redovisade värdena på tillgångarna är baserade på var tillgångarna är lokaliserade.”

Annual report 2023A · The company itself

“AES primarily sells its energy in the wholesale electricity market where prices are largely regulated. In 2025, approximately 70% of the energy sold was produced by the hydroelectric power plants and sold in the wholesale electricity market and the remaining 30% was generated by the wind power plants.”

Annual report 2025A · The company itself

“AES Panama Business Description — AES owns and operates five hydroelectric plants totaling 705 MW of generation capacity, a wind farm of 55 MW, and eight solar plants totaling 77 MW, which collectively represent 16% of the total installed capacity in Panama.”

Annual report 2025A · The company itself

“AES Bulgaria Business Description — AES owns an 89% economic interest in the St. Nikola wind farm ("Kavarna"), which has 156 MW of installed capacity. The power output of St. Nikola is sold to customers operating on the liberalized electricity market.”

Annual report 2025A · The company itself

“AES Bulgaria Business Description — Our AES Maritza plant is a 690 MW lignite fuel thermal power plant.”

Annual report 2025A · The company itself

“Finally, we are very pleased to have launched our latest initiative, Plastyx—a 60/40 joint venture between Agilyx ASA and Circular Resources SARL. Plastyx is establishing sourcing supply chains in Europe to supply advanced recycling feedstocks to a wide range of customers, including working in close partnership with Cyclyx to support its inbound plastic demand.”

Annual report 2024A · The company itself

“Global trade tariffs Implementation of trade tariffs on US export in Asia and Europe and import of raw material, negatively affecting our margins Monitor current situation.”

Annual report 2024A · The company itself

“Human Health Ingredients The Human Health Ingredients segment delivered strong growth with revenues of USD 98.0 million, up 17% year-over-year, driven by increasing demand across multiple regions, particularly China, Europe, and the United States.”

Annual report 2024A · The company itself

“The most significant environmental impacts stem from energy consumption and emissions linked to manufacturing krill products and transporting them to customers across the US, Europe, and Asia.”

Annual report 2024A · The company itself

“European competitiveness In some industries, competitiveness is under pressure due to unequal market conditions. Cheaper products are floating the European market and current EU requirements and regulations are making it hard to compete on margins with non-EU peers, not bound by the same rules.”

Annual report 2025A · The company itself

“The market is expected to remain stable, with the slightly softened demand seen during the fourth quarter of 2025.”

Annual report 2025A · The company itself

“Borg Automotive is headquartered in Silkeborg, Denmark, and operates production or large distribution facilities in Poland, Spain, Germany, and Tunisia.”

Annual report 2025A · The company itself

“Fibertex Personal Care is headquartered in Aalborg, Denmark and operates large nonwovens manufacturing facilities in Denmark and Malaysia and printing facilities in Germany, and the USA.”

Annual report 2025A · The company itself

“The drop in EBITDA was mainly caused by lower volumes of nonwovens sold from the site in Denmark and printed materials from the site in the USA.”

Annual report 2025A · The company itself

“the printing facility in Ilsenburg, Germany, contributing to capacity utilisation, high flexibility and reliability of supply.”

Annual report 2025A · The company itself

“Fibertex Nonwovens is headquartered in Aalborg, Denmark, and operates production facilities in Denmark, France, Czechia, Türkiye, the USA, South Africa, and Brazil.”

Annual report 2025A · The company itself

“The accord preserves supply chain continuity for a significant share of imported active pharmaceutical ingredients and finished drug products sourced from Europe while signaling potential divergence in tariff treatment for manufacturers based outside allied markets such as India and China.”

Annual report 2025A · The company itself

“Locations of properties Our properties are strategically located in AAA life science innovation cluster markets.”

Annual report 2025A · The company itself

“Alma Median pääasiallinen liiketoiminta koostuu digitaalisista palveluista, asiakkaina yksityisen sektorin yrityksiä Euroopassa.”

Annual report 2025A · The company itself

“Alman kansainvälinen liiketoiminta itäisessä Keski- Euroopassa, Ruotsissa ja Baltiassa koostuu rekrytointipalveluista ja toimitilojen markkinapaikasta.”

Annual report 2025A · The company itself

“Tavoitteena on kannattava kasvu ja markkina-aseman vahvistaminen erityisesti Euroopassa.”

Annual report 2025A · The company itself

“Liiketoiminta perustuu vahvaan digitaaliseen toimintamalliin ja kansainväliseen kasvuun, jota tukee avoimuutta, vastuullisuutta ja jatkuvaa oppimista korostava yrityskulttuuri.”

Annual report 2025A · The company itself

“Tavoiteasetanta kattaa yhtiön koko henkilöstön 10 maassa.”

Annual report 2025A · The company itself

“Fastighetsbeståndet är diversifierat, vilket innebär att beståndet inte är centrerat kring ett fåtal regioner eller städer. Fokus på kommersiella fastigheter i tillväxtregioner i Sverige och Finland där fastighetsvärden är relativt konstanta över tid.”

Annual report 2024A · The company itself

“Tydlig transaktionsprocess och kapacitet inom bolaget för att utvärdera affärer. Stor geografisk närvaro genom regionkontor samt ett etablerat brett kontaktnät på fastighetsmarknaden.”

Annual report 2024A · The company itself

“Idag äger och förvaltar Nyfosa fastigheter på tre nordiska marknader; Sverige, Finland och Norge.”

Annual report 2024A · The company itself

“Efter årets utgång tecknade Nyfosa avtal om att förvärva minoritetsandelen i vårt finska dotterbolag Kielo från Brunswick Real Estate, som Nyfosa etablerade verksamheten i Finland med 2021. Nu tar vi nästa steg i utvecklingen av Kielo, som på kort tid byggt upp ett diversifierat och högavkastande bestånd om 8,3 MDSEK med tyngdpunkt i universitets- och regionstäder i den södra delen av landet.”

Annual report 2024A · The company itself

“Rörelsesegmentrapportering Nyfosas verksamhet delas in i tre rörelsesegment för Sverige, Finland och Norge, utifrån Nyfosas tre geografiska verksamhetsområden, där Finland presenteras under namnet Kielo och Norge under namnet Bratsberg.”

Annual report 2024A · The company itself

“Effective intellectual property protection is not available in every country in which our products and services are made available. We also may not be able to acquire or maintain appropriate domain names in all countries in which we do business.”

Annual report 2025A · The company itself

“Our International Operations Expose Us to a Number of Risks Our international activities are significant to our revenues and profits, and we plan to further expand internationally. In certain international market segments, we have relatively little operating experience and may not benefit from any first-to-market advantages or otherwise succeed.”

Annual report 2025A · The company itself

“The People’s Republic of China (“PRC”) and India regulate Amazon’s and its affiliates’ businesses and operations in country through regulations and license requirements that may restrict (i) foreign investment in and operation of the internet, IT infrastructure, data centers, retail, delivery, and other sectors, (ii) internet content, and (iii) the sale of media and other products and services. For example, in order to meet local ownership, regulatory licensing, and cybersecurity requirements, we provide 7 Table of Contents certain technology services in China through contractual relationships with third parties that hold PRC licenses to provide services.”

Annual report 2025A · The company itself

“International In the UK, the Prudential Regulation Authority (PRA) is the lead prudential supervisor for our UK insurance operations and the Financial Conduct Authority has oversight of AIG’s insurance operations for consumer protection and competition matters. The Society of Lloyd’s also provides regulatory oversight of AIG’s Lloyd’s Managing Agent, Talbot Underwriting Limited.”

Annual report 2025A · The company itself

“We have sought to address the GDPR’s requirements by demonstrating accountability for compliance with the GDPR’s principles relating to processing of personal data, maintaining records of processing and completing mandatory Data Protection Impact Assessments in connection with data processing activities identified by the GDPR as “higher risk.” The GDPR imposes requirements on the transfer of personal data outside of the EEA, including via standard contractual clauses supplemented by an assessment and due diligence of the legal and regulatory landscape of the jurisdiction of the data importer, the channels used to transmit personal data and the processors or subprocessors of personal data.”

Annual report 2025A · The company itself

“The EU has also taken steps to regulate the use of data and algorithms used for the purpose of AI and automated decision-making. For example, the European Union Artificial Intelligence Act, which entered into force on August 1, 2024, with various requirements becoming effective at different points in time, broadly regulates the use of AI.”

Annual report 2025A · The company itself

“Annehem verkar i nordiska tillväxtområden med goda kommunikationer. Tillväxten i områdena drivs av ekonomisk utveckling, urbanisering och en växande efterfrågan på hållbara och flexibla fastigheter som möter framtidens behov.”

Annual report 2024A · The company itself

“In the U.K., Apollo is considered the controller of certain insurance company (or equivalent) subsidiaries of Catalina Holdings (Bermuda) Ltd. (“Catalina”), including Catalina Worthing Insurance Limited.”

Annual report 2025A · The company itself

“Athora Apollo’s asset management business, through its consolidated subsidiary, ISGI, provides investment advisory services to certain portfolio companies of Apollo funds and Athora, a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). As of December 31, 2025, Apollo, through its subsidiaries, managed or advised $57.2 billion of AUM and $55.2 billion of Fee-Generating AUM in Athora Accounts.”

Annual report 2025A · The company itself

“Outside of the U.S., our subsidiaries and the funds that we manage, including Apollo Management International LLP, Apollo Credit Management International Limited, Apollo Asset Management Europe LLP, Apollo Investment Management Europe LLP, Apollo Investment Management Europe (Luxembourg) S.à r.l., Apollo Capital Solutions Europe B.V., Apollo Advisors (Mauritius) Ltd, AION Capital Management Limited, Apollo Management Singapore Pte. Ltd., Apollo Management Asia Pacific Limited and Apollo Management Japan Limited, are subject to regulation in the European Union, the Abu Dhabi Global Market, the U.K., India, Mauritius, Singapore, Australia, Hong Kong and Japan.”

Annual report 2025A · The company itself

“Operations We have offices and conduct business throughout the world and are continuing to expand into foreign markets. Our fund investments and our revenues are primarily derived from our U.S. operations.”

Annual report 2025A · The company itself

“Global automotive vehicle production increased 4% from 2024 to 2025 (1% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue), reflecting increased vehicle production of 10% in China and 1% in South America, our smallest region, partially offset by declines of 2% in North America and 1% in Europe.”

Annual report 2025A · The company itself

“However, the impacts of the conflict have adversely impacted, and may continue to adversely impact, global economies, and in particular, the European economy, a region which accounted for approximately 32% of our net sales for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“As of December 31, 2025 our workforce is distributed as follows: •50% in North America, with our largest presence in Mexico; •30% in the Europe, Middle East and Africa region, with our largest presence in Morocco and Serbia; •15% in the Asia Pacific region, with our largest presence in China and India; and •5% in South America, with our largest presence in Brazil.”

Annual report 2025A · The company itself

“We do not have a material physical presence in either Russia or Ukraine, with less than 1% of our workforce located in the countries as of December 31, 2025. For the year ended December 31, 2025, less than 1% of our net sales were generated from manufacturing facilities in Ukraine, and we did not generate any sales in Russia.”

Annual report 2025A · The company itself

“These programs are primarily focused on reducing global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning our manufacturing capacity with the current levels of automotive production in each region.”

Annual report 2025A · The company itself

“The largest portion of net sales in the Europe, Middle East & Africa region was $1,639 million, $1,632 million and $1,701 million in Germany for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“With the acquisition of Arch Indemnity in Australia in 2021, and continued growth insuring and reinsuring European banks, we believe diversifying revenues on a global basis is a key operating principle. Our mortgage group focuses on the following areas: •Direct mortgage insurance in the United States.”

Annual report 2025A · The company itself

“•Mortgage insurance and reinsurance in Europe and other countries where we identify profitable underwriting opportunities. Since 2011, Arch Insurance (EU) has offered mortgage insurance to European mortgage lenders in order to reduce lenders’ credit risk and regulatory capital requirements associated with the insured mortgages. In certain European countries, lenders purchase mortgage insurance to facilitate regulatory compliance with respect to high loan-to-value residential lending.”

Annual report 2025A · The company itself

“Increasingly, Arch Insurance (EU) and Arch Re Bermuda are providing protection to European banks on significant risk transfer (“SRT”) transactions.”

Annual report 2025A · The company itself

“Our U.K., other European and Asian operations and our investment activities worldwide are subject to a variety of regulatory regimes that vary by country. In the EU, examples of further legislation may include proposals for further changes to or reviews of the extent and interpretation of pay regulation, including under the EU Regulation on the prudential requirements of investment firms (Regulation (EU) 2019/2033) and its accompanying Directive (Directive (EU) 2019/2034) or the U.K. version, the Investment Firms Prudential Regime (which may have an impact on the retention and recruitment of key personnel), proposals for enhanced regulation of loan origination (see “—Alternative Investment Fund Managers Directive”) and new reporting requirements in relation to securities financing transactions.”

Annual report 2025A · The company itself

“Alternative Investment Fund Managers Directive AIFMD applies to: (i) AIFMs established in the EEA that manage EEA or non-EEA AIFs; (ii) non-EEA AIFMs that manage EEA AIFs; and (iii) non-EEA AIFMs that market their AIFs to professional investors within the EEA. Non-EEA AIFMs do not currently benefit from marketing passport rights and may only market AIFs to investors in some EEA jurisdictions in accordance with national private placement regimes.”

Annual report 2025A · The company itself

“AIFMD II imposes a range of requirements on AIFMs which may increase the cost of doing business for AM Lux and Ares’ non-EEA AIFMs (including AMUKL) to the extent they market funds in the EEA and potentially disadvantages our funds as investors in private companies located in EEA member states compared to non-AIF/AIFM competitors that may not be subject to such requirements.”

Annual report 2025A · The company itself

“The U.K.’s divergence from the EU (“Brexit”) could adversely affect our business and our operations. Following the U.K.’s divergence from the EU on January 31, 2020 and a transitional period, EEA “passporting rights” which previously facilitated certain EEA investor-facing activities by AML and AMUKL, are no longer available.”

Annual report 2025A · The company itself

“The U.K. continues to review its financial services and markets regime, introducing measures via initiatives such as the Edinburgh Reforms to diverge from aspects of the EU regime. To the extent such measures result in a material divergence between the U.K. and EU regulatory regime continues, compliance with two diverging regulatory regimes may increase the operational burden and cost to our operations in these jurisdictions. These complex issues and other by-products of Brexit may increase the costs of having operations, conducting business and making investments in the U.K. and Europe.”

Annual report 2025A · The company itself

“AM Lux and its EU branches were established to enable Ares to continue certain regulated activities in the EU post Brexit, such as the management and marketing of funds (including funds managed by affiliates of AM Lux) to European investors. The TCA remains the principal framework governing relations between the U.K. and the EU but it does not substantively address financial services, including reciprocal market access into the EU by U.K. firms, under equivalence arrangements or otherwise. Progress on a comprehensive regulatory cooperation agreement has been limited, and U.K.-based financial firms face ongoing uncertainty over access to EU markets, pending any further developments in the equivalence regime or bilateral arrangements.”

Annual report 2025A · The company itself

“Business Overview Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries.”

Annual report 2025A · The company itself

“Our real estate activities are managed by equity and debt teams in the Americas, Europe and Asia-Pacific (“APAC”), supported by our vertically-integrated operating platforms.”

Annual report 2025A · The company itself

“Real Estate: Our real estate strategy encompasses equity and debt across core, value-add and opportunistic investments in predominantly the Americas, Europe and APAC. We provide investors access to our real estate investment capabilities through private commingled vehicles, SMAs, publicly-traded funds and perpetual wealth vehicles.”

Annual report 2025A · The company itself

“Our vertically-integrated operating teams are strategically located across the Americas, Europe and APAC in our key target markets, to invest in core, value-add, and development opportunities that are accretive to our portfolios and drive returns for our investors.”

Annual report 2025A · The company itself

“Corporate Private Equity: Our team consists of over 45 investment professionals based primarily in Los Angeles and London. Our private equity funds are leaders in the Americas and European middle market, where they focus on growth buyout transactions.”

Annual report 2025A · The company itself

“Our U.S. and European direct lending strategies rank among the largest in their respective markets, supported by investment committee members who average decades of experience.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total AUM was divided by channel, and further our institutional direct AUM by client type and geographic origin as follows ($ in billions): Institutional Direct Perpetual Wealth Vehicles Publicly-Traded Vehicles Pension Insurance Bank Americas APAC Europe Institutional Intermediaries Sovereign Wealth Fund Investment Manager High Net Worth and Private Bank Middle East & Africa Other The following chart presents the AUM of investors committed to more than one of our funds as of December 31, 2025 compared to December 31, 2020 ($ in billions): We believe that the AUM of multi-fund investors demonstrates our investors’ satisfaction with our performance, disciplined management of their capital and diverse product offering.”

Annual report 2025A · The company itself

“Certain of our subsidiaries operate outside the U.S. In Luxembourg, AM Lux is subject to regulation by the CSSF.”

Annual report 2025A · The company itself

“As a result, the performance of our funds which are focused on investing in the U.K. and to a lesser extent across Europe, such as certain funds in our Credit and Real Assets Groups may be disproportionately affected compared to those funds that invest more broadly across global geographies or are focused on different regions.”

Annual report 2025A · The company itself

“Many of our funds invest a portion of their assets in the equity, debt, loans or other securities of issuers located outside the U.S., including Europe and APAC, while certain of our funds invest substantially all of their assets in these types of securities, and we expect that international investments will increase as a proportion of certain of our funds’ portfolios in the future.”

Annual report 2025A · The company itself

“I Europa är merparten av våra kunder beroende av statliga vårdbudgetar. Under 2024 har politisk turbulens och en osäkerhet avseende finansiering av sjukvården haft en direkt påverkan på vår försäljning på flera större marknader.”

Annual report 2024A · The company itself

“Koncernens största marknader är USA, Storbritannien, Frankrike, Kanada och Tyskland.”

Annual report 2024A · The company itself

“Arjos segment Global Sales består av samtliga marknader utanför Nordamerika och inkluderar således Europa, Asien, Latinamerika, Afrika och Oceanien.”

Annual report 2024A · The company itself

“Arjos försäljning sker via egna bolag och distributörer till kunder i över 100 länder.”

Annual report 2024A · The company itself

“In particular, our financial results, key metrics, or other operating metrics in Europe during our third quarter are usually affected by a slower summer period, and our APAC operations typically experience seasonal slowing in our fourth quarter.”

Annual report 2026A · The company itself

“International net revenue represented 64% of our net revenue for both fiscal 2026 and 2025.”

Annual report 2026A · The company itself

“Vi bedömer därför möjligheterna för oss att lyckas och göra skillnad för sparare även utanför Sveriges gränser som goda. Tillväxtpotentialen i Sverige är fortsatt stark och en utlandsexpansion syftar till att ytterligare öka vår adresserbara marknad och möjliggör fortsatt stark tillväxt under lång tid framåt. Det diversifierar också våra intäktsströmmar och gör Avanza mindre beroende av endast en ekonomi.”

Annual report 2024A · The company itself

“Inför 2030 är målsättningen att ha etablerat oss i minst ett annat europeiskt land.”

Annual report 2024A · The company itself

“Tillväxtpotentialen i Sverige är fortsatt stor och Avanza är ledande i Sverige – en av de mest avancerade sparmarknaderna i Europa, kanske i världen. Vår bedömning är att vi går miste om mycket värdetillväxt genom att inte gå utomlands och att vi har stora möjligheter att göra skillnad för sparare även utanför Sveriges gränser, där möjligheterna till ett bra sparande idag många gånger är undermåliga.”

Annual report 2024A · The company itself

“Sist, men inte minst, vill vi etablera oss på minst en ytterligare geografisk marknad. Att etablera Avanza i ett annat europeiskt land, med andra sparbeteenden och där man inte kommit lika långt inom sparande och investeringar, kommer att vara utmanande och inget vi tar lätt på.”

Annual report 2024A · The company itself

“Via plattformen går det att handla aktier i Norden, på de stora börserna i Europa, och i USA och Kanada. De flesta övriga marknader kan man handla på via mäklare.”

Annual report 2024A · The company itself

“Avanza är idag den överlägset ledande plattformen på den svenska sparmarknaden, vilken är en av de mest utvecklade och konkurrensutsatta marknaderna i Europa.”

Annual report 2024A · The company itself

“Germany, as the largest market, grew by 19% and achieved a market share of 31% in 2025”

Annual report 2025A · The company itself

“enabling the EU, its member states and additional European countries to purchase up to 8 million doses”

Annual report 2025A · The company itself

“Encepur ® is a vaccine against tick-borne encephalitis (TBE), a virus prevalent in Central, Eastern and Northern Europe. The vaccine is marketed in European countries with Germany being the largest market, representing ~80% of the product’s total revenue.”

Annual report 2025A · The company itself

“The world was not prepared for these outbreaks, and they created a sudden and significant surge in demand for our vaccine, which we have successfully managed to fulfil, while also succeeding in establishing longer term partnerships with more governmental customers. As we continue to supply our vaccine to the U.S. and Canada under our existing multi-year agreements, we have also strengthened our collaboration with the EU and its member states, and in 2025, we entered a new framework agreement with the European Commission, through the Health Emergency Preparedness and Response Authority (HERA), enabling the EU, its member states and additional European countries to purchase up to 8 million doses over the next four years.”

Annual report 2025A · The company itself

“Vimkunya launched in the U.S. Vimkunya launched in Germany Extended commitment from the EU A new and larger framework contract was entered with the European Commission through HERA, enabling the EU, its member states and additional European countries to purchase up to 8 million doses of our smallpox/mpox vaccine over the next four years.”

Annual report 2025A · The company itself

“We have since taken it through regulatory development, established commercial manufacturing and developed global marketing plans and more, representing the first fullscale launch of a product ever for Bavarian Nordic. Upon approval in the U.S. and Europe in early 2025, we launched Vimkunya ® in 12 markets before the end of the year.”

Annual report 2025A · The company itself

“Our markets ● Our offices Bavarian Nordic at a glance >1,800 Employees USA Clinical Regulatory Commercial Germany R&D Commercial Switzerland Manufacturing Commercial Denmark Headquarters Manufacturing Public Preparedness A preferred supplier of mpox and smallpox vaccines to governments for public health preparedness Travel Health A leading commercialized portfolio of travel vaccines 10 Bavarian Nordic Annual Report 2025 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Our purpose and commitment Protecting and saving lives is at the heart of what we do.”

Annual report 2025A · The company itself

“In 2025, we continued to demonstrate a very strong performance for our rabies vaccine in key markets, the U.S. and Germany, and for the TBE vaccine in Germany, demonstrating significant growth.”

Annual report 2025A · The company itself

“Key growth drivers in Travel Health: Organic growth in key markets expected to continue Maintain focus on brand performance for key products (rabies and TBE) to drive increased market shares Leverage our expanded market presence in Canada, the UK and Southern Europe Continue launch of chikungunya vaccine in new markets 10-12% CAGR 2025-2027E Bavarian Nordic Annual Report 2025 13 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Expanding the Public Preparedness base business For nearly two decades, we have been a trusted partner to governments on their smallpox preparedness with the U.S. and Canada as key customers, and we have continued to build and strengthen our partnerships, also with other countries in response to recent mpox outbreaks.”

Annual report 2025A · The company itself

“Canada & EU Additional framework contracts aimed at long-term stockpiling Expansion of the customer base Private market in the U.S. and Germany One product, dual purpose JYNNEOS (also marketed as IMVANEX or IMVAMUNE) is indicated for both smallpox and mpox, serving different purposes for our customers, primarily governments and governmental organizations worldwide, but also including private markets in the US and Germany: Long-term stockpiling for public preparedness (smallpox) Public health preparedness and response during outbreaks (mpox) 14 Bavarian Nordic Annual Report 2025 2025 in brief Business and strategy Performance Corporate information Bavarian Nordic at a glance Our purpose and commitment Strategic priorities Business development and M&A to drive further commercial expansion The rabies and TBE vaccine acquired from GSK in 2020 continue to form the backbone of Travel Health, driving growth year-over-year.”

Annual report 2025A · The company itself

“Since then, we acquired the travel vaccine portfolio from Emergent BioSolutions, including a manufacturing facility in Switzerland, which has further added to our capacity and flexibility to ensure a reliable supply.”

Annual report 2025A · The company itself

“Travel Health Rabipur/RabAvert Rabipur/RabAvert sales increased by 34% to DKK 1,817 million (2024: DKK 1,352 million), driven by continued market growth in both Germany (48%) and the U.S.”

Annual report 2025A · The company itself

“Our market position remained strong, with the U.S. and Germany market shares of 78% in 2025 versus 76% prior year and 97% in 2025 versus 91% prior year, respectively.”

Annual report 2025A · The company itself

“The performance was driven by the U.S. and Germany that were the first markets where the product was launched.”

Annual report 2025A · The company itself

“Our focus is on the U.S. and European markets.”

Annual report 2025A · The company itself

“Furthermore, FDA in the United States, the European Medicines Agency in the Europe Union, the Medicines & Healthcare products Regulatory Agency in the United Kingdom, Health Canada in Canada, the China Food and Drug Administration in China, and other government agencies, inside and outside of the United States, administer requirements covering the testing, safety, effectiveness, manufacturing, labeling, promotion and advertising, pricing, distribution, and post-market surveillance of our products.”

Annual report 2025A · The company itself

“Drug Compounding net sales increased 10% for the year ended December 31, 2025, as compared to the prior year period, driven by improved product mix and increased demand for our international pharmacy compounding offerings.”

Annual report 2025A · The company itself

“Our global footprint and the critical nature of our products and services, which are sold in over 100 countries as of December 31, 2025, play a key role in expanding access to healthcare in emerging and developed countries.”

Annual report 2025A · The company itself

“International sales totaled $5.12 billion in 2025, an increase of 7% compared to 2024 on a reported basis and 5% on an operational sales basis.”

Annual report 2025A · The company itself

“Bolaget omsätter 63 miljoner SEK på årsbasis. • I augusti förvärvades 75 procent av aktierna i GIA Group, med option att förvärva resterande andel. GIA Group är ett luftkonditioneringsbolag och en av Spaniens största distributörer med ett flertal egna starka varumärken, däribland Giatsu och HTW.”

Annual report 2024A · The company itself

“Beijer Refs produkter säljs huvudsakligen via koncernens 500+ filialer fördelade på 45 länder.”

Annual report 2024A · The company itself

“Samtliga rörelsesegment – EMEA, APAC och Nordamerika – visade en stabil utveckling och stärkte sina respektive marknadspositioner, drivet av vår lokala närvaro, goda anpassningsförmåga och nära kund- och partnerrelationer.”

Annual report 2024A · The company itself

“Marknaden håller på att ställa om och Europa ligger långt fram, särskilt Norden.”

Annual report 2024A · The company itself

“Freddox har utvecklats väl under 2024 och säljs genom Beijer Refs dotterbolag i Europa, Afrika och Asien.”

Annual report 2024A · The company itself

“Varumärket säljs idag till ett flertal länder inom EMEA. Under 2024 har Sinclair även börjat säljas i USA, Afrika och Thailand.”

Annual report 2024A · The company itself

“Under 2021 förvärvade Beijer Ref även det grekiska bolaget Inventor som också hade ett eget produktvarumärke. Inventor erbjuder HVAC-produkter och är ett välkänt varumärke bland slutkonsumenter i hemmamarknaden Grekland.”

Annual report 2024A · The company itself

“Beijer Ref är majoritetsägare i SCM Frigo sedan 2011. Tillgången till koncernens distributionsnätverk har bidragit till en stark tillväxt för SCM Frigo, som har fördubblat sin omsättning under de senaste fem åren och är marknadsledande inom sitt segment i Europa.”

Annual report 2024A · The company itself

“Utöver produktionen i Italien fungerar SCM Frigo som ett kunskapscenter för Beijer Refs fabriker i Sverige, Nederländerna, Thailand, Australien, Kina och Sydafrika.”

Annual report 2024A · The company itself

“Beijer Ref har en marknadsledande position inom EMEA.”

Annual report 2024A · The company itself

“2024 har varit ytterligare ett år med en stabil omsättningstillväxt och fortsatt stark tillväxt för egenutvecklad grön teknik. Beijer Ref har en lång historik i Europa vilket är koncernens största marknad.”

Annual report 2024A · The company itself

“Under året genomförde koncernen två förvärv inom EMEA, däribland luftkonditioneringsbolaget GIA Group, som är en av Spaniens största distributörer. Bolaget är också en ledande aktör i Spanien inom utveckling av högpresterande och innovativa luftkonditioneringsprodukter, med flera egenutvecklade varumärken.”

Annual report 2024A · The company itself

“Koncernen har dotterbolag inom stora delar av Europa samt i USA, Afrika och APAC.”

Annual report 2024A · The company itself

“Vidare så förvärvades 60 procent av aktierna i Luyten BV, med en sälj-/köpoption om att förvärva resterande andel.”

Annual report 2024A · The company itself

“Under det tredje kvartalet förvärvade Beijer Ref 75 procent av aktierna i GIA Group, med en sälj-/köpoption att förvärva resterande andel. GIA Group är ett luftkonditioneringsbolag och en av Spaniens största distributörer med ett flertal egna starka varumärken.”

Annual report 2024A · The company itself

“Efter räkenskapsårets utgång slutfördes transaktionen av den ledande ungerska HVAC-distributören Cool4U.”

Annual report 2024A · The company itself

“Vi driver tillväxt genom att bredda vårt sortiment inom och till nya produktkategorier samt genom geografisk expansion in i nya marknader. Genom att expandera och öka vår försäljning kan vi tack vara ökad skala stärka vår förhandlingsstyrka vid inköp och uppnå bättre villkor.”

Annual report 2024A · The company itself

“BHG GROUP 2024 3 Om BHG BHG är en av Nordens största online aktörer 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

“Premium Living har en premiumposition baserad främst på lagerläggning av externa varumärken som på ett skalbart sätt tillgängliggör skandinavisk design på internationella marknader från sin nordiska bas. Från att fram till och med 2018 i princip uteslutande fokuserat på de nordiska marknaderna har affärsområdet framgångsrikt etablerat en snabbt växande närvaro på den europeiska marknaden samt på vissa asiatiska marknader. Försäljning till kunder från länder utanför Norden utgjorde under året 41 % av Premium Livings omsättning.”

Annual report 2024A · The company itself

“DIY, möbler och heminredning, omsätter ca. 280 Mdkr årligen och att den europeiska totalmarknaden är 15-20 gånger större.”

Annual report 2024A · The company itself

“• Försäljningen under andra kvartalet utvecklades starkt och växte med 9,1 % jämfört med föregående år. Tillväxten skedde brett över marknader, med den starkaste utvecklingen inom möbelkategorin.”

Annual report 2024A · The company itself

“Segmentet Value Home verkar främst på de nordiska och östeuropeiska marknaderna och är en ”Value”-baserad modell där fokus är att erbjuda konkurrenskraftiga priser, möjliggjort av Private Label.”

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

“The NGAL Test is currently available for In Vitro Diagnostic (IVD) use in Europe and other geographies under its CE-mark for all patient populations, disease states, and instruments. Commercially, IVDR approvals may help to drive demand as the lower requirements for clinical evidence of the former IVDD regulation may have caused physicians and laboratories to wait for better data for approval of specific tests and indications before considering clinical use.”

Annual report 2025A · The company itself

“Our focus is on driving market adoption of the NGAL biomarker based primarily on research use only in the US, capturing high growth in North America and the EU, and expanding our addressable market.”

Annual report 2025A · The company itself

“The goal for 2027 is to achieve high growth, as the Company will apply US market learnings to its European go-to-market strategy. Growth efforts will focus on a few targeted European markets, utilizing clinical education and business development resources.”

Annual report 2025A · The company itself

“In Vitro Diagnostic Regulation (IVDR) important to gain further market access BioPorto currently generates revenue from The NGAL TestTM for research use only (RUO), for general use in the European Economic Area (EEA) under the CE-mark, and subject to local registration in Canada, Israel, and South Korea. also strengthening the local geographic distribution sales channels.”

Annual report 2025A · The company itself

“ROW NGAL revenue totaled DKK 5.5 million, which is a decrease of 35% of which DKK 2.4 million in 2024 was sales through distributors.”

Annual report 2025A · The company itself

“NEDERLÄNDERNA Från januari 2017 äger Björn Borg AB den tidigare externa distributören i Benelux. Förvärvet av verksamheten i Benelux var ett viktigt steg i att accelerera den vertikala integrationen av Björn Borgs verksamhet och ligger i linje med strategin att komma närmare konsumenter och återförsäljare på Björn Borgs huvudmarknader.”

Annual report 2024A · The company itself

“Björn Borg-produkter säljs på ett tjugotal marknader, varav Sverige och Nederländerna är de största.”

Annual report 2024A · The company itself

“Per land såg vi särskilt stark tillväxt på vår största marknad, Sverige (15 procent), och på vår strategiska fokusmarknad, Tyskland (21 procent).”

Annual report 2024A · The company itself

“Nederländerna var under 2024 den näst största marknaden för varumärket Björn Borg med 23 procent av den totala försäljningen.”

Annual report 2024A · The company itself

“FINLAND I Finland etablerades varumärket under andra halvan av 1990-talet och har under senare år utvecklats starkt och står idag för cirka 12 procent av den totala försäljningen och är därmed Björn Borgs tredje största marknad.”

Annual report 2024A · The company itself

“Tyskland är idag Björn Borgs fjärde största marknad med 10 procent av den totala försäljningen.”

Annual report 2024A · The company itself

“Belgien är idag Björn Borgs sjätte största marknad med 4 procent av den totala försäljningen.”

Annual report 2024A · The company itself

“Försäljningen i England har visat en uppgång under 2024 med 27 procent och står för 2 procent av den totala försäljningen.”

Annual report 2024A · The company itself

“Försäljningen i Nederländerna ökade under året med 11 procent.”

Annual report 2024A · The company itself

“Försäljningen på den tyska marknaden ökade jämfört med 2023 med 21 procent.”

Annual report 2024A · The company itself

“Försäljningen på den belgiska marknaden ökade jämfört med 2023 med 11 procent.”

Annual report 2024A · The company itself

“ÖVRIGA MINDRE MARKNADER På många av de övriga mindre marknaderna minskar försäljningen, sammantaget minskar övriga mindre marknader med 2 procent.”

Annual report 2024A · The company itself

“ELIMINERINGAR Kolumnen för elimineringar avser endast interna mellanhavanden GEOGRAFISKA OMRÅDEN 2024 TSEK Tillgångar Investeringar GEOGRAFISKA OMRÅDEN 2023 TSEK Tillgångar Investeringar Koncernen presenterar sina intäkter för de fyra största marknaderna: Sverige, Nederländerna, Finland och Tyskland samt sina två andra viktiga nordeuropeiska marknader, Belgien och Danmark.”

Annual report 2024A · The company itself

“Recognising that hydrocarbons will remain a part of the energy mix for the foreseeable future, BlueNord is dedicated to playing an active role in the energy transition. BlueNord’s strategy focuses on producing affordable and reliable energy for Denmark and the wider EU, while managing climate-related risks and opportunities.”

Annual report 2024A · The company itself

“Beyond the DUC, our vendors are primarily located in the Nordic and North European regions. They offer consultancy, legal and financial services, which are considered to involve minor risk.”

Annual report 2024A · The company itself

“Eurozonen fortsatte däremot att kämpa med svag tillverkning, dämpat konsumentförtroende och förhöjda energikostnader.”

Annual report 2024A · The company itself

“Vårt goda tekniska kunnande, i kombination med god tillgång till fossilfri el, ger tillsammans tillverkningsprocesser med produktivitet och miljöprestanda i världsklass. De hållbarhetsfokuserade partnerskap vi bygger med våra kunder utgör en viktig lokal värdekedja i Europa.”

Annual report 2024A · The company itself

“Produktionen sker i Europa, där den politiska risken är låg.”

Annual report 2024A · The company itself

“Verksamhet Våra gruvor och smältverk Bolidens affärsenheter är belägna i Europa och kännetecknas av hög produktivitet och hög prestationsförmåga inom hållbarhet.”

Annual report 2024A · The company itself

“Europa behöver stärka sin konkurrenskraft och fler moderna bostäder kommer att behöva byggas.”

Annual report 2024A · The company itself

“Tyskland är Bonavas största marknad med verksamhet i storstadsregionerna Berlin, Hamburg, Östersjön, Sachsen, Rhen-Ruhr, Köln/ Bonn, Rhen-Main och Rhen-Neckar/Stuttgart som erbjuder lägenheter och småhus till konsumenter och hyresrättsprojekt till investerare.”

Annual report 2024A · The company itself

“For example, the UK recently established a new scheme which sets an overall cap on the total annual growth in National Health Services (NHS) spending on branded medicines. Sales that exceed this cap are returned to the government as a rebate from the pharmaceutical companies in the scheme.”

Annual report 2025A · The company itself

“We have significant manufacturing operations in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland.”

Annual report 2025A · The company itself

“The percentage of revenues by significant region/country were as follows: Year Ended December 31, Dollars in millions 2025 2024 2023 United States 69 % 71 % 69 % International 29 % 27 % 29 % Other (a) 2 % 2 % 2 % Total Revenues $ 48,194 $ 48,300 $ 45,006 (a) Other revenues include royalties and alliance-related revenues for products not sold by BMS’s regional commercial organizations.”

Annual report 2025A · The company itself

“We have significant operations in Europe, including for manufacturing and distribution. The results of our operations could be negatively impacted by any member country exiting the eurozone monetary union or EU.”

Annual report 2025A · The company itself

“In January 2026, we acquired Acolin Group Holdco Limited (“Acolin”), a European provider of cross-border fund distribution and regulatory services and included in the Company’s ICS reportable segment. Certain subsidiaries of Acolin are subject to supervision by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “Bafin”) in Germany, and by the Swiss Financial Market Supervisory Authority (“FINMA”) in Switzerland. Acolin is therefore subject to regulations concerning many aspects of its businesses, including conduct requirements, minimum capital requirements, anti-money laundering prevention, the protection of client assets where applicable, record retention, and the oversight of outsourced functions, as well as the supervision of directors, officers, and employees.”

Annual report 2026A · The company itself

“In August 2025, we acquired Signal Agency Limited (“Signal”) to expand and globalize our digital customer communications capabilities, strengthen our presence in Europe, and further enhance our ability to help our clients modernize omni-channel customer and investor communications.”

Annual report 2026A · The company itself

“We also provide international corporate governance solutions that address our clients’ needs across Europe, the Middle East and Africa (“EMEA”) and the Asia-Pacific (“APAC”) region. These solutions include institutional and retail global proxy services for financial intermediaries, as well as shareholder disclosure management, data and analytics for both financial intermediaries and corporate issuers.”

Annual report 2026A · The company itself

“Camurus planerar att kommersialisera CAM2029 på egen hand i USA, Europa och Australien. Under året accelererade lanseringsför - beredelserna genom etablering av Camurus Inc, introduktion för nya medarbetare i USA, deltagande vid viktiga endokrinologikonferenser, rådgivande möten med vårdgivare, betalare och patienter samt strategisk utveckling.”

Annual report 2024A · The company itself

“Intäkterna ökade till 1 868 miljoner SEK drivet av stark försäljning av Buvidal i Europa och Australien och växande royaltyintäkter från försäljning av Brixadi* i USA.”

Annual report 2024A · The company itself

“Initiativen bidrog till en fortsatt robust försäljningstillväxt om 27 procent under helåret till totalt 1 654 miljoner SEK i försäljning i Europa, Australien och MENA-regionen.”

Annual report 2024A · The company itself

“Vi såg också markanta framsteg på andra nyckelmarknader som Storbritannien, Tyskland, Spanien och Frankrike.”

Annual report 2024A · The company itself

“Idag har Camurus en effektiv och skalbar plattform för kommersialisering av innovativa läkemedel inom CNS och sällsynta sjukdomar i Europa, Australien och sedan nyligen även i USA.”

Annual report 2024A · The company itself

“Främja företagstillväxt och förbättra hållbarhetsprestanda ~ % Rörelsemarginal kring 50 procent 5x Femfaldig omsättningsökning (från 2022) Godkännanden av fyra utvecklingsprogram Hållbart värdeskapande för alla intressenter genom: Kommersiell infrastruktur i USA Camurus vision 2027 CAMURUS ÅRSREDOVISNING 2024 STRATEGI / KOMMERSIELL TILLVÄXT Sedan första lanseringen av Buvidal vecko- och månadsdepåer av buprenorfin 2019 har Camurus etablerat en marknadsledande position inom segmentet långtidsverkande behandlingar för opioidberoende i Europa, Australien, Nordafrika och Mellanöstern där produkten finns tillgänglig.”

Annual report 2024A · The company itself

“Idag är produkten tillgänglig i 24 länder i Europa, Australien, Mellanöstern och Nordafrika, och vid slutet av året uppskattades fler än 60 000 patienter vara i behandling med Buvidal.”

Annual report 2024A · The company itself

“Camurus har verksamhet i Europa, USA och Australien, med huvudkontor i Lund, Sverige.”

Annual report 2024A · The company itself

“Parallellt fortskred under året granskning av ansökan om marknadsgodkännande för CAM2029 för behandling av akromegali i EU och rekommendation om marknads - godkännande väntas i mitten av 2025.”

Annual report 2024A · The company itself

“I april 2024 lämnade Camurus in en ansökan om marknadsgodkännande (MAA) för CAM2029 för behandling av akromegali till EMA och ansökan accepterades för granskning i maj 2024. Gransk - ning av registreringsansökan fortskred enligt plan under 2024.”

Annual report 2024A · The company itself

“(1 299,0) MSEK, en ökning med 27 procent jämfört med föregående år (27 procent vid CER), främst relaterat till försäljningen av Buvidal i Europa och Australien.”

Annual report 2024A · The company itself

“In some jurisdictions, such as Canada and certain countries in Europe, including the U.K., interchange fees and related practices are subject to regulatory activity, including in some cases, imposing caps on permissible interchange fees.”

Annual report 2025A · The company itself

“For example, in the U.K., interchange fees are capped for both consumer credit and debit card transactions.”

Annual report 2025A · The company itself

“We also offer credit card products and certain other services outside of the U.S. principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of CONA organized and located in the United Kingdom (“U.K.”), and through a branch of CONA in Canada. Both COEP and our Canadian branch of CONA have the authority to provide credit card loans.”

Annual report 2025A · The company itself

“En central prioritering i år var vår expansion i Tyskland, som kulminerade i förvärvet av Data-AL. Vi hade haft en nära dialog med Data-AL under en tid innan vi slutförde köpet, vilket möjliggjorde en snabb start på integrationen. Vårt utvecklingsteam i Webdoc X är nu en del av den tyska organisationen som påskyndar planerna för en fullskalig lansering.”

Annual report 2024A · The company itself

“Som ett börsnoterat mjukvaruföretag inom hälso- och sjukvårdssektorn verkar Carasent i en miljö med höga regulatoriska krav, strikta dataskyddslagar och ökande förväntningar på miljömässig och social hållbarhet. Carasent utvecklar och levererar innovativa ITlösningar för en mer digitaliserad vård på den nordiska och tyska marknaden.”

Annual report 2024A · The company itself

“Carasent har gjort flera strategiska förvärv och erbjuder idag en bred portfölj av innovativa lösningar som tillgodoser de särskilda behoven hos olika vårdgivare, och inom flera vårdsegment, i hela Europa.”

Annual report 2024A · The company itself

“Koncernens nettoomsättning uppgick till 275,3 MSEK, en ökning med 12 % jämfört med 245,2 MSEK under samma period 2023. Omsättningstillväxten drevs av en organisk tillväxt på 14 % (konstant valuta) och förvärvet av Data-AL som konsoliderades från början av november.”

Annual report 2024A · The company itself

“Data-AL GmbH är en leverantör av elektroniska patientjournallösningar för privata vårdcentraler i Tyskland med mer än 1 000 kunder och en lång framgångsrik meritlista på den tyska marknaden.”

Annual report 2024A · The company itself

“This included the delivery of a new national Danish hunting license system serving approximately 200.000 users, as well as going live with more than 4.500 users at Deutsche Rentenversicherung in Germany.”

Annual report 2025A · The company itself

“2025 evolved into a year focused on piloting and preparing for growth At the beginning of 2025, cBrain allocated investments to support international market development in the USA and Germany. These investments were, however, not fully realized. Instead, 2025 evolved into a year focused on piloting and preparing for a broader go-to-market approach.”

Annual report 2025A · The company itself

“International revenue amounted to DKK 70m, compared to DKK 90m in 2024, representing 28% of total revenue. The change in international revenue is primarily attributable to timing of license deliveries.”

Annual report 2025A · The company itself

“In parallel cBrain delivered first projects working with partners in both Europe and Africa.”

Annual report 2025A · The company itself

“More than one-third of our revenue now comes from international markets, supported by strategic collaborations such as our partnership with UNDP in Africa, our cooperation with Elm in Saudi Arabia, and our joint venture in India.”

Annual report 2025A · The company itself

“The EU GDPR also imposes specific restrictions on the transfer of personal data to countries outside of the EU and EEA, including the use of appropriate safeguards to enable such transfers, such as Standard Contractual Clauses (SCCs) and the EU- US Data Privacy Framework (DPF). Although these mechanisms are currently valid for purposes of transferring personal data, they could be subject to legal challenges and there is no assurance that we could satisfy or rely on these measures to lawfully transfer personal data.”

Annual report 2025A · The company itself

“We maintain multiple production centers, including barrier rooms and isolator facilities, on three continents (North America, Europe, and Asia).”

Annual report 2025A · The company itself

“We currently provide discovery and safety assessment services at multiple facilities located in the United States (U.S.), Canada, and Europe.”

Annual report 2025A · The company itself

“We have a global footprint with production facilities strategically located in 7 countries, in close proximity to major biohubs and client concentrations.”

Annual report 2025A · The company itself

“We sell our products and services principally through our direct sales and business development teams who work in North America, Europe and Asia. In addition to interactions with our direct sales force, our primary promotional activities include: demand generation through all available marketing channels, online and offline; presenting scientific symposia to targeted audiences; publishing scientific papers, technical support pieces and white papers, and newsletters; hosting webinars and virtual seminars; and making presentations at, and participating in, scientific conferences and trade shows in North America, Europe and Asia.”

Annual report 2025A · The company itself

“A significant part of our revenue is derived from operations outside the U.S. We expect that international revenue will continue to account for a significant percentage of our total revenue for the foreseeable future.”

Annual report 2025A · The company itself

“Cibus affärsidé är att skapa långsiktig tillväxt och värdeökning genom förvärv, utveckling och förvaltning av högkvalitativa fastigheter i Europa med en tydlig förankring inom dagligvaruhandeln.”

Annual report 2024A · The company itself

“Med dessa förvärv som tillträddes innan 19 februari 2025 så är antalet fastigheter pro forma 642 fastigheter varav 264 fastigheter i Finland, 133 i Sverige, 73 i Danmark och 23 i Norge, 131 i Belgien, 17 i Holland samt 1 fastighet i Luxemburg.”

Annual report 2024A · The company itself

“Transformativt förvärv i Benelux Vi är glada över förvärvet av Forum Estates i Benelux, som skedde genom en apportemission. Förvärvet är en strategiskt välmatchad kombination av våra fastighetsportföljer och utöver detta har vi skapat en plattform för ytterligare tillväxt i Kontinentaleuropa.”

Annual report 2024A · The company itself

“Nederländerna (Cibus verksam i landet från 2025) Under 2024 upplevde den nederländska fastighetsinvesteringsmarknaden en betydande återhämtning och uppnådde en imponerande investeringsvolym på 11 miljarder EUR.”

Annual report 2024A · The company itself

“The Nordic region is via interconnectors a part of the European energy system, allowing us to export clean energy to European markets. Depending on market conditions, our renewable power could help reduce reliance on fossil fuels in neighboring countries, where coal and gas are still common energy sources.”

Annual report 2024A · The company itself

“To mitigate these risks, Cloudberry maintains a geographically and technologically diversified portfolio, applies a disciplined capital allocation strategy, engages in active dialogue with policymakers and regulators, and integrates comprehensive risk monitoring into investment planning.”

Annual report 2024A · The company itself

“Our customers primarily consist of multi-national companies in Scandinavia, United Kingdom, United States and Germany”

Annual report 2025A · The company itself

“US underpins portfolio balance Performance in 2025 varied across markets, reflecting differences in customer sentiment and investment dynamics. While activity in the Nordic markets remained subdued, improved momentum in the UK and the US provided partial compensation, supported by stronger commercial execution and focused leadership. Across Business Lines, traditional ERP project activity declined, reflecting continued customer caution.”

Annual report 2025A · The company itself

“Columbus stands out in a fragmented landscape, combining a broad, complementary service portfolio with international reach—an edge matched by few competitors in our key markets.”

Annual report 2025A · The company itself

“Columbus serves over 1,100 medium and large enterprises across four strategic industries: Manufacturing, Food & Beverage, Retail & Distribution, and Life Science, working globally with bases in the Nordics, the UK, and the US.”

Annual report 2025A · The company itself

“In contrast, revenue grew by 2% in the UK and by 18% in the US.”

Annual report 2025A · The company itself

“The UK Market Unit delivered 2% growth in service revenue in 2025, amounting to DKK 323m in 2025, up from DKK 317m in 2024.”

Annual report 2025A · The company itself

“Our customers primarily consist of multi-national companies in Scandinavia, United Kingdom, United States and Germany, within our focus industries: Retail & Distribution, Manufacturing, Food & beverages, and Life Science.”

Annual report 2025A · The company itself

“We source our consultants from our global talent pool to local markets in Scandinavia, United Kingdom, United States and Germany.”

Annual report 2025A · The company itself

“Firenor och Petrofac har vidare tecknat två ramavtal där Firenor garanterar kapacitet att leverera brandsäkerhetssystem till totalt sex plattformar som Petro - fac tillsammans med Hitachi Energy ska leverera till den europeiska stamnätsoperatören TenneTs 2GW-program utanför Nederländerna och Tyskland. Ramavtalen är värda cirka 500 MSEK för Firenor International.”

Annual report 2024A · The company itself

“Firenor koncen - trerar sin verksamhet i länder och regioner som har en utbyggd industri runt olja och gas, havsbaserad vindkraft samt andra energikällor.”

Annual report 2024A · The company itself

“Table of Contents Operating and Growth Strategy Our growth strategy is to increase revenues and profitability by, among other things, (i) acquiring and developing additional vehicle storage facilities in key markets, including foreign markets; (ii) pursuing global, national, and regional vehicle seller agreements; (iii) increasing our service offerings; and (iv) expanding the application of VB3 into new markets.”

Annual report 2025A · The company itself

“In the U.K., Germany, and Spain we operate both as an agent and on a principal basis, in some cases purchasing salvage vehicles outright and reselling the vehicles for our own account.”

Annual report 2025A · The company itself

“Our expansion into markets outside the U.S., including expansions in the U.K., Canada, Europe, Brazil, and the Middle East expose us to risks arising from operating in international markets.”

Annual report 2025A · The company itself

“Risks related to our international operations • We are expanding our operations outside of the United States, which may subject us to increased business, regulatory, and economic risks that could harm our business.”

Annual report 2025A · The company itself

“Effective trademark, trade secret, patent, and copyright protection may not be available in every country in which we provide our services. The laws of certain countries do not protect proprietary rights to the same extent as the laws of the U.S. and, therefore, in certain jurisdictions, we may be unable to protect our intellectual property and our proprietary technology adequately against unauthorized third-party copying or use, which could harm our competitive position.”

Annual report 2025A · The company itself

“Failure to comply with the GDPR could result in penalties for noncompliance. Since we are subject to the supervision of relevant data protection authorities under multiple legal regimes (including under both the EU GDPR and the UK GDPR), we could be fined under those regimes independently in respect of the same breach.”

Annual report 2025A · The company itself

“Separately, the EU Data Act came into effect on September 12, 2025, establishing new requirements for manufacturers of connected products and providers of related services to such products, and providers of data processing services (including cloud, SaaS) into the EU. The Data Act imposes data access, sharing, design and transparency requirements on manufacturers of connected products, providers of related services and data holders.”

Annual report 2025A · The company itself

“It also requires providers to facilitate customers switching to other providers/ on-premise solutions and porting their data within certain timeframes, remove technical, contractual, and commercial obstacles to service switching (including switching charges), and include certain mandatory terms in customer contracts. Failure to comply with the Data Act can result in regulatory enforcement and fines, civil claims, and reputational damage.”

Annual report 2025A · The company itself

“Further, the EU’s NIS 2 and its EU Member State transpositions and implementing regulations impose security obligations, including on online marketplace providers. We may be required to implement additional security measures and/or operational changes and incur additional costs which could adversely affect our business, operations and financial condition.”

Annual report 2025A · The company itself

“Our current or future geographic expansion plans may not result in increased revenue, which may negatively impact our business, results of operations, and financial position. Expanding into new markets and increasing the depth of our coverage in existing markets imposes additional burdens on our research, systems development, sales, marketing, and general managerial resources. If we are unable to manage our expansion efforts effectively, if our expansion efforts take longer or are more expensive than planned, or we are not successful in marketing and selling our services in existing or new markets, our expansion may have a material adverse effect on our financial position by increasing our expenses without increasing our revenue.”

Annual report 2025A · The company itself

“We own and operate leading online marketplaces for real estate in the U.S., Australia, Europe, Canada, and Asia-Pacific based on the numbers of unique visitors and site visits per month.”

Annual report 2025A · The company itself

“Internationally, our principal facility in the U.K. is located in London, where we occupy approximately 52,000 square feet of office space. Our lease for this facility has a term ending November 10, 2034.”

Annual report 2025A · The company itself

“Vår vision är att bli ett av Europas ledande rekryteringsoch bemanningsföretag inom vård, life science och socialt arbete. I dag rankas vi som nummer 11. ”Ledande i Europa” innebär för oss att vi ska vara en av de fem största aktörerna avseende omsättning, vi ska bedriva verksamhet i flest länder och vi ska vara störst på så kallad cross-border staffing; rekrytering av personal över nationsgränser för att möta kompetensbehov där det behövs mest.”

Annual report 2024A · The company itself

“I Storbritannien fortsätter Dedicares satsning på internationell rekrytering.”

Annual report 2024A · The company itself

“I Storbritannien erbjuder Dedicare rekrytering och bemanning inom vård samt internationell rekrytering och bemanning.”

Annual report 2024A · The company itself

“Dedicares danska verksamhet är specialiserad på långtidsbemanning av läkare och sjuksköterskor. Med ramavtal med samtliga regioner och fokus på kvalitet och stabilitet, bidrar Dedicare till att möta den danska vårdens behov av specialistkompetens.”

Annual report 2024A · The company itself

“Storbritannien är Europas största marknad för vårdbemanning. Här erbjuder Dedicare dels traditionell läkarbemanning inom Storbritannien, dels internationell rekrytering och bemanning till framförallt utomeuropeiska brittiska territorier som exempelvis Falklandsöarna och Western Isles.”

Annual report 2024A · The company itself

“I Danmark är vårdbemanningsmarknaden mindre. Den är uppdelad i korttids- och långtidsbemanning som upphandlas av regioner och kommuner. Dedicare fokuserar på långtidsbemanning av läkare och sjuksköterskor, en marknad som uppskattas vara värd 1 miljard kronor.”

Annual report 2024A · The company itself

“Dedicare är aktiva på fyra geografiska marknader inom vård, life science, socialt arbete och pedagogik. Vårt erbjudande skiljer sig delvis mellan de olika marknaderna.”

Annual report 2024A · The company itself

“Internationally, we seek to bring more choice to customers through innovative alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM Airlines Group S.A. ("LATAM"), Korean Air, Virgin Atlantic and WestJet.”

Annual report 2025A · The company itself

“Revenue in the Atlantic region increased 2% on a 3% increase in capacity as we introduced new routes and destinations to Europe and Africa in 2025. Revenue growth in the Atlantic was led by demand for our premium product offerings.”

Annual report 2025A · The company itself

“Following a 2016 referendum of voters in the United Kingdom, or the U.K., to exit from the EU, or the E.U., the U.K. left the E.U. on January 31, 2020, which began a transition period that ended on December 31, 2020. In December 2020, the U.K. and E.U. agreed on a trade and cooperation agreement that was ratified by the parties in May 2021. The agreement sets out certain procedures for approval and recognition of medical products in each jurisdiction.”

Annual report 2025A · The company itself

“We have a significant presence in the EU, as well as significant sales in the EU, such that any changes in tax laws in the EU could impact our business.”

Annual report 2025A · The company itself

“We are currently building out a new manufacturing facility in Athenry, Ireland. We anticipate that the new facility in Ireland will add substantial manufacturing capacity.”

Annual report 2025A · The company itself

“In addition to our offices with manufacturing and administrative and operations in countries throughout the world, we intend to continue to pursue growth opportunities in sales outside the United States, especially in Asia and Europe.”

Annual report 2025A · The company itself

“We also make investments in existing or new businesses, 58 including investments in the international expansion of our sales efforts and the build-out of our manufacturing facility in Malaysia and the construction of a new facility in Ireland.”

Annual report 2025A · The company itself

“Although the majority of our revenue has been generated in the United States, we have expanded our operations to include additional markets in North America, Africa, Asia Pacific, Europe, Latin America and the Middle East.”

Annual report 2025A · The company itself

“We currently employ sales and marketing personnel for the direct sale and marketing of certain of our products in North America, Asia Pacific, Europe and the Middle East.”

Annual report 2025A · The company itself

“Our operations in countries outside the United States, which accounted for approximately 28% of our revenue for the twelve months ended December 31, 2025, are accompanied by certain financial and other risks.”

Annual report 2025A · The company itself

“We have a significant presence in the EU, as well as significant sales in the EU, such that any changes in tax laws in the EU could impact our business.”

Annual report 2025A · The company itself

“We conduct limited commercial and marketing efforts in certain international markets in the Asia-Pacific, North America and Europe, Middle East and Africa regions, with respect to our CGM systems and may seek to market our products in other regions in the future. Outside the United States, we can market a product only if we receive a marketing authorization and, in some cases, pricing approval, from the appropriate regulatory authorities.”

Annual report 2025A · The company itself

“We may be subject to inquiries, investigations and audits in Europe and around the world, particularly in the areas of consumer and data protection, which will arise in the ordinary course of business and may increase in frequency as we continue to grow and expand our operations.”

Annual report 2025A · The company itself

“Europe DKK 36,241 million 54% of total”

Annual report 2025A · The company itself

“European road freight remained highly competitive as volumes aligned with the slow growth of European economies.”

Annual report 2025A · The company itself

“EBIT before special items: DKK 13,013 million +12.8% Gross profit EBIT before special items Europe DKK 36,241 million 54% of total DKK 8,726 million 45% of total Americas DKK 14,449 million 22% of total DKK 4,014 million 20% of total Middle East and Africa DKK 4,263 million 6% of total DKK 1,394 million 7% of total Asia Pacific DKK 11,906 million 18% of total DKK 5,477 million 28% of total Road In the first half of 2025, the road market continued the weak market trends seen in 2024, characterised by low freight rates and utilisation levels, especially in Europe.”

Annual report 2025A · The company itself

“Strategic and operational highlights With the acquisition of Schenker, the Air & Sea division has significantly expanded its global footprint and become a leading player within air and sea freight. We now service our customers through a leading global air and sea network across more than 90 countries.”

Annual report 2025A · The company itself

“Market situation The road freight market experienced challenges in 2025 due to weak economic activity and macroeconomic uncertainties, notably in Europe, leading to reduced demand and low freight rates in both Europe and the US. The overall low freight demand persists, particularly within domestic groupage in Europe, which has a negative impact on the division’s utilisation levels and profitability.”

Annual report 2025A · The company itself

“Bolaget avser att lansera Emcitate med interna resurser i Europa samt Nordamerika genom en liten och fokuserad kommersiell organisation. I övriga geografier kan produkterna komma att kommersialiseras antingen via en intern organisation eller via kommersialiseringspartners beroende på vad som bedöms ge bäst avkastning i respektive region.”

Annual report 2024A · The company itself

“I februari 2025 godkände EU-kommissionen Emcitate som den första och enda behandlingen för MCT8-brist i EU.”

Annual report 2024A · The company itself

““Vi planerar att lansera Emcitate i det första landet, Tyskland, under det andra kvartalet 2025.””

Annual report 2024A · The company itself

“Primär effektvariabel: Andel deltagare som uppfyller undsättningskriteriet (T3>ULN*) under den 30-dagar långa dubbel-blinda randomiserade behandlingsperioden * ULN: Upper Limit of Normal (övre referensgränsen för normalvärde) ** Den randomiserade behandlingsperioden upphör eſter 30 dagar eller när undsättningskriteriet (T3 >ULN) har uppnåtts, beroende på vilken som först uppnås KOMMERSIALISERING AV EMCITATE Egetis planerar att kommersialisera Emcitate själva i Europa och USA. Egetis beräknar att denna marknad kan hanteras av ett litet antal dedikerade marknadsförings- och medicinska säljspecialister, omkring 20-25 stycken, både i USA och i Europa.”

Annual report 2024A · The company itself

“Den 12 december 2024 rekommenderade den europeiska läkemedelsmyndighetens (EMA) kommitté för humanläkemedel (CHMP) godkännande av Emcitate för behandling av MCT8- brist, och den 13 februari 2025 beviljade EU-kommissionen marknadsgodkännande för Emcitate i alla 27 EU länder, samt Norge, Island och Lichtenstein.”

Annual report 2024A · The company itself

“Utveckla läkemedel fram till ansökan för marknadsgodkännande Egetis Therapeutics strategi är att utveckla läkemedelsprojekt i klinisk fas fram till marknadsgodkännande, med särskilt fokus på läkemedel för behandling sällsynta sjukdomar med stort ouppfyllt medicinskt behov, så kallade särläkemedel.”

Annual report 2024A · The company itself

“Nordic Elmera Group has a subsidiary called Switch Nordic Green AB. The company sells renewable energy and electricity contracts with guarantees of origin (GoOs) in the con- sumer and business markets under the brand name Nordic Green Energy.”

Annual report 2024A · The company itself

“In 2024, we continued to win new business and increased our market share across our core markets, both from fiber and plastics, as well as increased filling machine sales. This development has been driven by our high-quality, innovative, and sustainable solutions, including our tethered caps.”

Annual report 2024A · The company itself

“Realize global growth potential Strengthen leadership in core Leverage plastic replacement shift Our performance | Our strategy ’Repackaging tomorrow’ Executing on our strategy Realize global growth Elopak’ s strategic priority, ‘Realize global growth‘, focuses on accelerating growth in our margin accretive markets in North America, MENA, and India. Since 2022, we have made significant investments to strengthen our market position in these global growth markets. This includes the acquisition of NaturePak, the number one fresh player in the MENA region, establishment of the partly owned subsidiary with GLS Group to enter the Indian market, the largest market for fresh milk in the world, and the construction of our production plant in Little Rock, Arkansas, US, which will transform our ability to serve customers in the region.”

Annual report 2024A · The company itself

“I Sverige är tiltrotatorer standard och penetrationsgraden är cirka 93 procent. I ett globalt perspektiv är marknaden för tiltrotatorer fortfarande i ett tidigt skede och penetrationsgraden bara runt 2 procent.”

Annual report 2024A · The company itself

“I Europa ökade orderingången med 26 procent trots minskad grävmaskinsförsäljning. Detta indikerar att marknadspenetrationen ökar och att vi nått fram med budskapet om tiltrotatorns effektivitetsfördelar.”

Annual report 2024A · The company itself

“Tyskland, Frankrike och Storbritannien är de tre största marknaderna för grävmaskiner med störst potential.”

Annual report 2024A · The company itself

“Europa är från 2024 engcons största region och stod för 42 (34) procent av nettoomsättningen.”

Annual report 2024A · The company itself

“engcon har en aktiv försäljningsstrategi på 16 (16) marknader i Norden, övriga Europa, Amerika, Asien/Oceanien samt genererar viss försäljning från övriga världen.”

Annual report 2024A · The company itself

“Polen har ett starkt beroende av kolkraft och investerare, företag och befolkning kräver ren luft och förnybar energi.”

Annual report 2024A · The company itself

“Regerings skiftet efter valet 2023 innebar bättre förutsättningar för förnybar energi, och landet höjde under 2024 målet för andelen förnybar elektricitet till 56 procent till 2030, från en andel på 22 procent 2023.”

Annual report 2024A · The company itself

“Polen är en attraktiv marknad, också mot bakgrund av landets gynnsamma väder- och vindförhållanden samt att det finns stora tillgängliga markytor.”

Annual report 2024A · The company itself

“Lettland och grannländerna nådde en viktig milstolpe i början av 2025 när det baltiska elnätet slutligen fysiskt kopplades från det ryska och synkroniserades med det europeiska nätet.”

Annual report 2024A · The company itself

“Enligt Wind Europes prognoser kan drygt 640 MW havsbaserad vindkraft komma att installeras i Baltikum till 2030. För landbaserad vind är prognosen en ökning till 7 GW installerad effekt år 2030, vilket skulle innebära en mycket snabb tillväxt.”

Annual report 2024A · The company itself

“De landbaserade vindprojekten Pienava och Valpene i Lettland om totalt cirka 400 MW fick 2023 status som prioriterade investeringsprojekt (Green Corridor), vilket innebär att de får prioriterad tillgång till statliga admi nistrativa resurser kopplade till byggande och fysisk planering.”

Annual report 2024A · The company itself

“Vi konsoliderar vår position i Nordeuropa medan expansionen i USA fortsätter. Med portföljvärde, operativ effektivitet och kommersiell attraktivitet i fokus utforskar vi nya marknader och nya segment.”

Annual report 2024A · The company itself

“Eolus prioritering för 2024 har varit att addera greenfield-projekt i egen regi inom landbaserad vind, vilket också är huvudfokus på marknaden i affärsplanen 2025–2027.”

Annual report 2024A · The company itself

“Under året har Eolus samtidigt lagt till sina första polska batteriprojekt och drivit existerande solkraftsprojekt framåt.”

Annual report 2024A · The company itself

“I Sverige samarbetar vi med Hydro REIN om utveckling av ett tiotal landbaserade vindprojekt. Vi har också utvecklingspartnerskap med Kumbro Vind, Dalavind och Göteborgs Hamn.”

Annual report 2024A · The company itself

“Vi ser stora fördelar med samarbete och räknar med att ingå fler partnerskap framöver.”

Annual report 2024A · The company itself

“Projektet består av 22 turbiner med en totalhöjd om maximalt 250 meter och en beräknad elproduktion om 570 GWh årligen.”

Annual report 2024A · The company itself

“Med vår nya affärsplan och strategi för 2025–2027 höjer vi ambitionen till att nå branschledarskap i Europa tillsammans med ett starkt fotfäste i Nordamerika.”

Annual report 2024A · The company itself

“Förnybar energi för säkerhet, motståndskraft och oberoende i en osäker tid I våra samtal med kunder, kollegor och andra intressenter är det tydligt att 2024 inneburit ett perspektivskifte i synen på förnybar energi.”

Annual report 2024A · The company itself

“Vi fördubblade portföljen för andra året i rad, till totalt 703 MW.”

Annual report 2024A · The company itself

“Spanien förväntas vara en attraktiv marknad även framöver, framför allt genom en kraftig tillväxt av sol kraft.”

Annual report 2024A · The company itself

“Polen har varit ett av de länder i Europa som installerat mest solkraft på senare tid och tillväxten för energislaget mattades något 2024. Under året installerades 4,2 GW som bidrag till en total installerad effekt om 21 GW enligt Solar Power Europe.”

Annual report 2024A · The company itself

“Eolus har varit aktivt i Polen sedan 2021 och har byggt upp en betydande projektportfölj och en stark organisation om 12 medarbetare. Projektportföljen växte med mer än 800 MW under 2024 och uppgår nu till totalt 2,9 GW som Eolus utvecklar både i egen regi och i partnerskap med en lokal aktör.”

Annual report 2024A · The company itself

“Eolus har varit aktivt i Baltikum i över tjugo år och är idag en av de största utvecklarna av förnybar energi i Lettland.”

Annual report 2024A · The company itself

“I Europa har bristande konkurrenskraft blivit ett stort diskussionsämne, men det skapar också unika möjligheter att förvärva bra bolag till attraktiva värderingar.”

Annual report 2024A · The company itself

“Inom våra flaggskeppsstrategier stängde vår large-cap buyout-fond för Europa och Nordamerika, EQT X, på EUR 22 miljarder i kapitalåtaganden, vilket var 40 procent högre än föregångaren.”

Annual report 2024A · The company itself

“Sedan börsnoteringen har EQT ökat antalet strategier från 6 till 18 och täcker nu produkter för privata investerare, Private Equity, Infrastruktur och Real Estate Genom att öka kapitalåtagandena i stängda fonder och lansera nya distributionskanaler förväntar sig EQT att 15–20 % av framtida kapitalanskaffning kommer att komma från Private Wealth Sedan börsnoteringen har EQT ökat sin avgiftsrelaterade EBITDA-marginal från % till 53 % EQT strävar efter att behålla sin ledande position i Europa, expandera sin närvaro i Nordamerika och bli den ledande aktören i Asien.”

Annual report 2024A · The company itself

“Real Estate är inriktat på industri och logistik, en tematisk sektor som drivs av ökad konsumtion och tillväxt inom e-handel i kombination med en global expansion av leverantörskedjor. EQT Real Estate planerar att behålla sin ledande position i Nordamerika, stärka sin redan starka närvaro i Europa och öka sitt fokus på att etablera sig som en större spelare i Asien.”

Annual report 2024A · The company itself

“Geografiska områden som är särskilt viktiga är Europa och Asien-Stillahavsområdet. Där ökar både upplysningskrav och regelverket kring produkter och branscher, vilket beaktas i kategorin politiska och legala risker.”

Annual report 2024A · The company itself

“Svak industriproduksjon i Europa og posisjonering av finansinstitusjoner førte til et press nedover på prisen gjennom året.”

Annual report 2024A · The company itself

“Equinor genererte kontraktsinstrumenter gjennom produksjon av fornybar energi fra europeiske eiendeler i 2024.”

Annual report 2024A · The company itself

“Europeiske kraft- og CO₂-priser Etter to år med kraftig nedgang, økte den europeiske etterspørselen etter elektrisitet med 1 % i 2024, eller 31 TWh, en trend som kunne ses i alle EU-landene. I de fem største markedene i Europa (Tyskland, Frankrike, Spania, Italia og Storbritannia) økte den samlede etterspørselen til 1.697 TWh i 2024. Den moderate økningen i etterspørselen hadde ingen vesentlig innvirkning på kraftprisene, som i gjennomsnitt var på 77 EUR/MWh, en nedgang på 26 % sammenlignet med 2023.”

Annual report 2024A · The company itself

“REN - Finansiell informasjon (i millioner USD) 2024 2023 Endring Eksterne salgsinntekter og andre inntekter >100% (33) N/A >100% Økningen i inntektene for året 2024 som helhet var drevet av bidrag fra tilgangen av landvindparker i drift i Brasil og Polen, en gevinst som følge av justering av virkelig verdi knyttet til betingede vederlag og en positiv endring i resultatandel fra egenkapitalkonsoliderte investeringer.”

Annual report 2024A · The company itself

“To tredjedeler av vår olje- og gassproduksjon kommer fra norsk kontinentalsokkel.”

Annual report 2024A · The company itself

“Equinor leverer i dag fornybar energi til over en million europeiske husstander fra våre havvindparker i Storbritannia.”

Annual report 2024A · The company itself

“Vi har også bygget opp en diversifisert portefølje ved å kjøpe opp lokale utviklingsselskaper i utvalgte kraftmarkeder i Nord-Europa, Brasil og USA. Dette omfatter vind- og solparker på land og anlegg for batterilagring.”

Annual report 2024A · The company itself

“I løpet av de senere årene har vi bygget opp en portefølje av havvindprosjekter med lav kostnadsprofil, og vi har posisjonert oss som et ledende prosjektutviklingsselskap i utvalgte markeder i Europa og USA. Dette gir oss mulighet til å satse på de mest attraktive prosjektene og gir strategisk fleksibilitet.”

Annual report 2024A · The company itself

“Vi vil modne frem transportløsninger (både skip og rørledninger) for å koble europeiske industrielle utslippskilder til CO₂-lagringssteder på den norske kontinentalsokkelen.”

Annual report 2024A · The company itself

“I tillegg jobber vi med CCSprosjekter i Norge, Storbritannia, Danmark og USA.”

Annual report 2024A · The company itself

“Customs brokerage and other services: Customs brokerage and other services revenues and expenses increased 13% and 14%, respectively, in 2025 as compared with 2024, primarily due to double-digit growth rates in customs clearances, import services, road freight and warehousing and distribution from higher shipment volumes, principally from shipments into North America and Europe.”

Annual report 2025A · The company itself

“In June Fenix Outdoor entered a partnership with the German outdoor brand Maloja to operate apparel production at their existing production facility, Viomo - da, in Plovdiv, Bulgaria. is is the rst step toward establishing apparel production in Europe at Fenix Outdoor, following our earlier announce change in production strategy.”

Annual report 2024A · The company itself

“e rm’s own production facility, Progressz in Hungary, again made a valuable contribu - tion.”

Annual report 2024A · The company itself

“e Brands segment operates distribution companies concentrated on sales of a sin - gle brand and operates business-to-consumer sales through brand retail stores in Europe and North America. e Brands segment also operates online sales in all major markets. e Global Sales segment consists of Fenix Out - door multibrand distribution companies represented globally, mainly buying its products from the Brands segment. e Asian distri - bution companies also run retail operations, primarily brand retail.”

Annual report 2024A · The company itself

“External sales per market, MEUR Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Switzerland 1.2 0.7 - - 7.9 10.7 Sweden 9.3 11.4 73.2 73.9 - - Other Nordic countries 1.8 2.4 62.6 60.5 31.5 33.2 Germany 52.4 64.1 189.9 197.1 - - Benelux 18.4 17.0 0.3 0.3 10.7 10.8 Other Europe 16.4 20.0 21.5 20.3 39.2 42.2 Americas 67.3 80.3 - - 44.7 54.8 Other World 6.4 2.4 - - 30.6 36.8 Total 173.2 198.3 347.5 352.1 164.6 188.5 Our Global Sales division is our owned and operated network of wholesale distributors spanning Europe, the Americas, and Asia. Owning and operating our global wholesale distribution network provides numerous advantages. Operating our own local wholesale companies aords us the advantage of deep and direct insights into key markets.”

Annual report 2024A · The company itself

“Vaikutusten kohteena olevat yhteisöt Tosiasiallinen myönteinen vaikutus Oma toiminta Keskipitkä aikaväli Fortumilla on positiivisia sosioekonomisia vaikutuksia paikallisyhteisöihin toimipaikkojensa lähistöllä. Yhtiö työllistää ja tarjoaa epäsuoria työllistymismahdollisuuksia tuotteiden ja palveluiden hankinnan kautta. Lisäksi maanvuokrauksesta ja verotuotoista saadaan tuloja paikallisille yhteisöille.”

Annual report 2025A · The company itself

“Consumer Solutions -segmentissä ilmoitimme kesäkuussa ostavamme Orange Energian, joka on Puolan suurimpia yksityisiä sähköratkaisujen tarjoajia.”

Annual report 2025A · The company itself

“Fortum sai 30.6.2025 päätökseen puolalaisen sähköratkaisujen tarjoajan Orange Energia Sp. z o.o:n yritysoston. Velaton kauppahinta on enintään noin 120 miljoonaa Puolan zlotya (28 miljoonaa euroa).”

Annual report 2025A · The company itself

“Kaukolämmön tai -jäähdytyksen jakelu Kaukolämpö Suomessa (Espoo, Kauniainen ja Kirkkonummi) sekä Puolassa (Czestochowa, Plock ja Wroclaw) jakaa noin 4 TWh lämpöä ja höyryä vuosittain.”

Annual report 2025A · The company itself

“Alustavien tilastotietojen mukaan vuoden 2025 aikana sähkönkulutus keskisessä Länsi-Euroopassa (Saksa, Ranska, Itävalta, Sveitsi, Belgia ja Alankomaat) kasvoi ja oli 1 302 (1 287) TWh. Sähkön kysyntä Manner-Euroopassa oli hieman alle viiden vuoden keskiarvon, ja elpyminen etenee hitaasti.”

Annual report 2025A · The company itself

“Saksassa keskimääräinen spot-hinta vuonna 2025 oli 89,3 (79,6) euroa/MWh.”

Annual report 2025A · The company itself

“1.1 Johdanto 1.1.1 Tämä on Fortum Fortum on Pohjoismaiden kolmanneksi suurin sähköntuottaja, ja yhtiön sähköntuotannon hiilidioksidin ominaispäästöt ovat Euroopan alhaisimpia.”

Annual report 2025A · The company itself

“Fortumilla oli 4 551 (2024: 4 496) työntekijää 12 (2024: 14) maassa 31.12.2025. Suurin osa työntekijöistä on Suomessa, Ruotsissa, Norjassa ja Puolassa.”

Annual report 2025A · The company itself

“Toimitusketjun loppupään hiilestä irtautuminen: keskeiset toimenpiteet liittyvät loppukäyttäjille myydyn kaasun päästöjen vähentämiseen Puolan markkinoilla. Fortumin tavoitteena on kehittää tarjontaa Puolan kaasumarkkinoiden kehityksen mukaisesti sekä vähentää päästöjä. Päästöjen vähentämiseen päästään vähentämällä suurten yritysasiakkaiden kaasunkulutusta - tarkastelemalla nykyistä asiakaskuntaa ja tekemällä yhteistyötä strategisten asiakkaiden kanssa.”

Annual report 2025A · The company itself

“Dokumentin nimi Oma työvoima Arvoketjun työntekijät Vaikutusten kohteena olevat yhteisöt Kuluttajat ja loppukäyttäjät Tärkeimmät toimintaperiaatteet, ohjeet ja manuaalit Eettinen toimintaohje (OT, AK) • • • • Toimintaohje palvelun- ja tavarantoimittajille (AK) • • Fortumin kestävän kehityksen politiikka (kestävyyspolitiikka) (OT, AK) • • • • Ohje väärinkäytöksistä ilmoittamiseen (OT, AK) • • • • Henkilöstöpolitiikka (OT) • Tietosuojapolitiikka • • Turvallisuuspolitiikka (OT, AK) • • • • EHS-johtamisen minimivaatimukset ja ohjeet (OT, AK) • • Muut aiheeseen liittyvät toimintaperiaatteet, ohjeet ja manuaalit Riskipolitiikka (OT, AK) • • Kestävyysasioita koskeva hallintomalli (OT) • • Turvallisuusjohtamisen hallintomalli (OT) • Investointimanuaali (OT, AK) • • • Ihmisoikeuksia koskeva asianmukainen huolellisuus Fortumilla (OT, AK) • • • • Ohje vastapuoliriskien arviointiin (OT, AK) • 3.2 Oma työvoima 3.2.1 Johdanto aiheeseen oma työvoima Fortum työllistää energia-alan ammattilaisia pääasiassa tärkeimmissä toimintamaissaan Suomessa, Ruotsissa, Norjassa ja Puolassa. Fortum painottaa avointa ja luottamukseen perustuvaa yrityskulttuuria ja korostaa järjestelmällistä kaksisuuntaista palautetta työntekijöiden suorituskyvyssä ja sitoutumisessa.”

Annual report 2025A · The company itself

“Henkilöstö keskimäärin 6.4 Konserninlaajuiset tiedot Konsernin toimintasegmentit toimivat pääasiassa Pohjoismaissa ja Puolassa.”

Annual report 2025A · The company itself

“Table of Contents In addition, the EU Markets in Financial Instruments Directive, as revised and expanded in 2018 (“MiFID II”), regulates the provision of investment services and conduct of investment activities throughout the European Economic Area (“EEA”). As revised, MiFID II sets out detailed requirements, governing the organization and business conduct of investment firms and regulated markets, and includes pre- and post-trade transparency requirements for equity markets and extensive transaction reporting requirements.”

Annual report 2025A · The company itself

“MiFID II also includes a ban on commission and other payments (“inducements”) to independent advisers and discretionary managers, which has changed the commercial relationships between fund providers and distributors. Arrangements with non-independent advisers have also been affected, as narrower rules around the requirement that any commission reflect an enhancement of the service to customers came into effect, along with a prescriptive list of permissible non-monetary benefits.”

Annual report 2025A · The company itself

“Moreover, we generally derive higher investment management and distribution fees from our international products than from our U.S. products, and higher sales fees from our U.S. products than from our international products.”

Annual report 2025A · The company itself

“In the U.K., the Financial Conduct Authority (the “FCA”) regulates certain of our subsidiaries. Authorization by the FCA is required to conduct any financial services-related business in the U.K. pursuant to the Financial Services and Markets Act 2000.”

Annual report 2025A · The company itself

“Joint Forces. For the Canadian Army, we provide the Land Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) system.”

Annual report 2025A · The company itself

“Combat Systems provides similar capabilities for U.S. allies and partners through export opportunities and through our longstanding operations in several countries around the world, including Canada, the United Kingdom, Spain, Switzerland, Austria, Germany and Romania.”

Annual report 2025A · The company itself

“ELS also offers Duro and Eagle tactical vehicles in a range of options and weight classes and is currently producing these vehicles for Germany, Switzerland and Luxembourg, while providing a full range of product support for the German and Swiss Armed Forces.”

Annual report 2025A · The company itself

“We continue to grow our global footprint through acquisitions, expansions and significant renovations in strategic business aviation markets most frequented by these customers. In 2025, Jet Aviation acquired an FBO at Paris - Le Bourget Airport, the busiest business aviation airport in Europe.”

Annual report 2025A · The company itself

“Our revenue from non-U.S. government and commercial customers was $9.2 billion in 2025, $8 billion in 2024 and $6.1 billion in 2023, which represented 17% of our consolidated revenue in 2025, 17% in 2024 and 14% in 2023.”

Annual report 2025A · The company itself

“We continue to review and add systems as necessary to accept payments in forms common outside of the U.S., optimize our marketing efforts in numerous non-U.S. geographies, equip our customer care team with the knowledge to serve these markets and maintain and review the need to establish, as needed, customer care operations in overseas locations. In addition, we continue to expand our employee base in a number of international locations, including in India, Bulgaria and Serbia.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had approximately 9.8 million customers outside of the U.S. and derived approximately 33%, 32% and 32% of our total revenue from international sales during the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“International revenue represented approximately 33%, 32% and 32% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”

Annual report 2025A · The company itself

“We lease customer care centers and offices located throughout the U.S. as well as internationally, most significantly in India, the UK, and Romania. We provide our cloud-based products via a network of data centers including (i) a data center we own and operate in Phoenix, Arizona; (ii) co-location data centers located throughout the U.S., most significantly in Virginia; and (iii) co-location international data centers, most significantly in Singapore and France.”

Annual report 2025A · The company itself

“International 1,626.8 1,459.8 1,381.1 $ 4,951.1 $ 4,573.2 $ 4,254.1 No country outside the U.S. represented more than 10% of total revenue in any period presented.”

Annual report 2025A · The company itself

“3.Sustainable Operations: Wherever possible, we will prioritize local sourcing and minimize our operational and value chain footprint.”

Annual report 2024A · The company itself

“Vi har lagt ner ett omfattande arbete under flera år för att ge oss de bästa förutsättningarna för vår etablering på marknaden i Tyskland, Österrike och Schweiz. Under 2024 såg vi resultatet av detta arbete när sex av de totalt åtta bolag som anslöt sig till oss har sin hemvist i regionen.”

Annual report 2024A · The company itself

“Entreprenörer som verkar i samma geografiska område har en naturlig möjlighet till erfarenhetsdelning och utveckling. Koncernen strävar därför efter att etablera ett kluster av tre till fyra bolag inom samma begränsade geografiska område för att möjliggöra utbyten och skapa mervärden.”

Annual report 2024A · The company itself

“Sverige har varit hemmamarknad sedan 2009, därefter etablerades koncernen i Norge 2020, i Finland 2021, i Litauen 2022, i Tyskland 2023, och i Schweiz sedan 2024.”

Annual report 2024A · The company itself

“En framgångsrik modell för ökad lönsamhet När vi nu går in i 2025 består vårt Green Landscaping Group av fler än 50 bolag, vart och ett på sin lokala marknad. Bolagen är väl förankrade i de samhällen där de verkar, med arbetssätt och strukturer som utvecklats under lång tid och starka egna identiteter.”

Annual report 2024A · The company itself

“Stockholm i mars 2025 Johan Nordström Verkställande direktör och koncernchef 6Årsredovisning 2024 | VD-ord Green Landscaping Group AB (publ) Finansiella mål MÅL UTFALL 2024 KOMMENTAR TREND Nettoomsättningstillväxt 10% 9% Nettoomsättningen ska i genomsnitt växa med 10 procent per år (organiskt och via förvärv).”

Annual report 2024A · The company itself

“Det är hemvist för 15 dotterbolag och stod under 2024 för 16 procent av koncernens nettoomsättning och 33 procent av EBITA*.”

Annual report 2024A · The company itself

“För 2024 uppgick nettoomsättningen till 1 020 (610) mkr, varav organisk tillväxt uppgick till 14 procent och förvärv bidrog med 54 procent.”

Annual report 2024A · The company itself

“Tyskland 32%”

Annual report 2026A · The company itself

“Det samlede forbrug af øl har gennem en årrække været faldende i hele Europa, særligt i Tyskland hvor volumen faldt med yderligere 5,8% i 2025 1 .”

Annual report 2026A · The company itself

“Eksport 35% Tyskland 32% Danmark 33% Indholdsfortegnelse LEDELSESBERETNING ........................”

Annual report 2026A · The company itself

“Kauza Harboe er Folkets Bryggeri Harboe er Danmarks 3. største bryggeri, og sammen med vores datterselskab i Tyskland – Darguner Brauerei GmbH – producerer og markedsfører vi vores drikkevarer og ingredienser på en lang række markeder verden over.”

Annual report 2026A · The company itself

“Faldet i volumen var drevet af en nedgang i private label til eksport og i Tyskland, mens Danmark havde fremgang målt på volumen på 14%.”

Annual report 2026A · The company itself

“Harboes drikkevarer sælges og markedsføres i vid udstrækning til de store kunder i detailhandlen i Danmark og Tyskland, til den dansk-tyske grænsehandel samt på udvalgte markeder i Europa, Afrika, Americas og Asien.”

Annual report 2026A · The company itself

“På det tyske marked forventes en stigende afsætning i private label aftaler med fornuftig indtjening.”

Annual report 2026A · The company itself

“I Beverage Tyskland har der været fokus på at tilpasse omkostningsstrukturen efter det strategiske fravalg af større private label-aftaler med utilfredsstillende indtjening.”

Annual report 2026A · The company itself

“Assumed Reinsurance Includes assumed reinsurance of property, liability, surety, credit and political, marine and agriculture risks throughout the world but principally in Europe and the Americas. Business principally provides coverage on broad books of business (i.e. treaty), as opposed to individual risks (i.e., facultative).”

Annual report 2025A · The company itself

“As the sole corporate member of Lloyd's Syndicate 1221, the Company has the exclusive right to underwrite business up to an approved level of premium in the Lloyd’s of London ("Lloyd's") market.”

Annual report 2025A · The company itself

“Global Specialty Global specialty competes against multi-national insurance and reinsurance companies, in the U.S and London markets. Global specialty writes many surplus lines of business, which are lines of business not written through standard products licensed or admitted in a state ("nonadmitted").”

Annual report 2025A · The company itself

“Medan till exempel Sverige har kommit långt i utbyggnaden av fibernät till hemmen, är anslutningsgraden fortfarande relativt låg i länder som Tyskland, Storbritannien och USA.”

Annual report 2024A · The company itself

“I Tyskland är det fortfarande en lång bit kvar till målet. Vid utgången av september 2024 hade 42 procent av Tysklands 41 miljoner hushåll fibernät i närheten (homes passed), varav endast 11 procent var anslutna till en fibertjänst. Det innebär att Tyskland är ett av de länder i Europa som har lägst fibertäckning.”

Annual report 2024A · The company itself

“Inköpsstrategin är baserad på marknadsa - nalys och riskminimering med ambition att ha flera alternativa leverantörer för nyckelprodukter.”

Annual report 2024A · The company itself

“Arbetet med att förbättra Hexatronics position på viktiga strategiska tillväxtmarknader som USA, Storbritannien och Tyskland pågår kontinuerligt. I dessa marknader har det aviserats historiskt stora investeringar i infrastruktur för de kommande åren.”

Annual report 2024A · The company itself

“Sverige 45 % Nordamerika 38 % APAC 9 % Det här är Hexatronic Global marknad Hexatronics största geografiska marknader utgörs av norra Europa och Nordamerika. Vi har en stark position i länder som USA, Tyskland och Storbritannien som utgör attraktiva tillväxtmarknader.”

Annual report 2024A · The company itself

“I andra nyckelmarknader som Storbritannien och Tyskland, har fokus skiftat från nybyggnation av fiberinfrastruktur till att koppla upp kunder. Vi har anpassat oss till lägre efterfrågan och prispress och tror på förbättringar under 2025.”

Annual report 2024A · The company itself

“Idag är Hexatronic en etablerad aktör i länder som Storbritannien, Tyskland och USA där det planeras stora investeringar i fiberoptisk infrastruktur under kommande år.”

Annual report 2024A · The company itself

“Hexatronic påbörjar internationaliseringen genom förvärv av OpticReach i Storbritannien och etablering av lokala bolag i Tyskland och USA.”

Annual report 2024A · The company itself

“Nettoomsättningen för räkenskapsåret minskade organiskt med 13 procent och är primärt hänförligt till svagare försäljning inom Fiber Solutions i Tyskland, Storbritannien och USA. I Tyskland och Storbritannien påverkades marknaderna av en svagare efterfrågan och prispress. Den amerikanska duktförsäljningen har också påverkats av prispress vilket till viss del kompenserats av en ökad försäljning inom fiberanslutningar till hemmet i USA, samt både organisk och förvärvsdriven tillväxt genom bolagen inom våra fokusområden Harsh Environment och Data Center.”

Annual report 2024A · The company itself

“Toisaalta, nostolaitteiden markkina EMEA-alueella alkoi asteittain elpymään vuoden loppua kohti.”

Annual report 2025A · The company itself

“Vuonna 2025 EMEA:n osuus saaduista tilauksista oli 54 ( 49) prosenttia ja Amerikoiden 39 ( 44) prosenttia.”

Annual report 2025A · The company itself

“Vi fortsatte under 2024 att öka effektiviteten i våra verksamheter med särskilt fokus på Belgien, Nederländerna, Storbritannien och Tyskland.”

Annual report 2024A · The company itself

“Lanserade sparkontoerbjudanden i Österrike och på Irland, vilket ytterligare diversifierar inlåningsbasen.”

Annual report 2024A · The company itself

“Sverige Polen Österrike Storbritannien Irland Tyskland Nederländerna 20Års- och hållbarhetsredovisning 2024 | Tre pelare Innehåll Året i korthet Vd-ord Om Hoist Finance Strategi och finansiella mål Marknad Tre pelare Investeringsförvaltning Kapital och finansiering Kreditförvaltning Våra medarbetare Vår aktie Riskhantering Förvaltningsberättelse Bolagsstyrningsrapport Räkenskaper Hållbarhetsrapport Årsredovisningens undertecknande Revisionsrapporter Femårsöversikt Definitioner Aktieägarinformation Kärnprimärkapitalrelation Hoist Finance kärnprimärkapitalrelation (CET1) på koncernnivå uppgick i slutet av 2024 till 11,48 procent (13,89).”

Annual report 2024A · The company itself

“Vi har en väldiversifierad portfölj, såväl geografiskt där vi är aktiva på tretton marknader – som produktmässigt där vi har såväl säkerställda som icke-säkerställda konsumentlån, likväl som lån till små- och medelstora företag.”

Annual report 2024A · The company itself

“Koncernen har förvärvade låne- och kreditportföljer i Belgien, Cypern, Frankrike, Grekland, Italien, Nederländerna, Polen, Spanien, Storbritannien, Sverige, Tyskland, Österrike och Portugal.”

Annual report 2024A · The company itself

“Hoist Finance erbjuder idag inlåning till allmänheten i sju europeiska länder. » Moody’s Ratings uppgraderade Hoist Finance till Baa2, från Baa3.”

Annual report 2024A · The company itself

“Inlåning från allmänheten ökade under året till 40 190 MSEK (20 238) där ökningen främst förklaras av öppnande av nya inlåningsmarknader. Inlåning från allmänheten erbjuds nu i Sverige, Tyskland, Storbritannien, Polen, Nederländerna, Irland samt Österrike.”

Annual report 2024A · The company itself

“In certain countries (primarily in Europe), proceedings are ongoing or have been concluded in which groups representing copyright owners seek to impose upon and collect from us levies upon IT equipment (such as PCs and printers). There have also been efforts to introduce, modify or extend existing levy schemes and to increase the amount of the levies that can be collected from us. The total amount of the copyright levies depends on several factors, and could be substantial.”

Annual report 2025A · The company itself

“Overview HP is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies.”

Annual report 2025A · The company itself

“Net revenue from the United States increased 2.2% to $19.2 billion, and outside of the United States increased 3.8% to $36.1 billion.”

Annual report 2025A · The company itself

“Tavoittelemme strategiakaudella kansainvälisen liiketoiminnan osuuden nostamista 30 prosenttiin. Uskomme vahvasti, että kansainvälinen skaalautuminen on paras tie myös kotimaan toimintojen kannattavuuden parantamiseen.”

Annual report 2025A · The company itself

“Odotamme, että strategiakauden lopussa kansainvälisen liiketoiminnan osuus liikevaihdosta on noin 30 prosenttia.”

Annual report 2025A · The company itself

“Liana Technologiesilla ja Leadventurella on toimipiste myös Ruotsissa. Lisäksi Liana Technologiesilla on toimipisteet Saksassa, Ranskassa, Lähi-idässä ja Hong Kongissa.”

Annual report 2025A · The company itself

“Markkinointi-, teknologia ja datapalveluiden markkina-alueena on pääosin Suomi, mutta teknologiapalveluidemme osalta toimimme Lianan, Ungappedin ja Profinderin kautta erityisesti Ruotsissa ja Lianan kautta myös Saksassa, Ranskassa, Lähi-idässä ja HongKongissa.”

Annual report 2025A · The company itself

“Kasvu Ilkka hyödyntää SaaS-liiketoimintamallin skaalautuvuutta kansainvälisen kasvun vauhdittamisessa. Kasvua haetaan orgaanisesti sekä harkittujen yritysostojen kautta. Lisäksi yhtiö syventää yhteistyötä nykyisten asiakkaiden kanssa ja kehittää heidän kanssaan pitkäjänteistä, arvoa kasvattavaa kumppanuutta.”

Annual report 2025A · The company itself

“Strategiset tavoitteet 2026–2028 - Liikevaihdon kasvattaminen sekä orgaanisesti että epäorgaanisesti. - Keskimääräinen vuotuinen kasvutavoite konsernissa on 20 %.”

Annual report 2025A · The company itself

“With the acquisition, Incap will establish a solid foundation for further expansion in Germany, Europe’s largest EMS market.”

Annual report 2025A · The company itself

“Geographical distribution of revenue Europe North America Asia Australia Africa 58% 30% 5% 5% 2% The acquisition of Lacon Group marked a significant milestone in 2025.”

Annual report 2025A · The company itself

“We will continue to focus on the European, North American, and Asia-Pacific markets where we will be agile and capitalize on cross-selling opportunities and broadening of the service offering.”

Annual report 2025A · The company itself

“Our factories are based in Estonia, India, Slovakia, the United Kingdom, and United States. After the acquisition of Lacon Group, completed in February 2026, our new factories are located in Germany and Romania. Our procurement operations are based in Hong Kong, and our headquarters are in Finland.”

Annual report 2025A · The company itself

“Northern Europe 38% Central & Southern Europe 35% Asia & Pacific 17% Americas 9%”

Annual report 2025B · From the report

“Northern Europe 38% Central & Southern Europe 35% Asia & Pacific 17% Americas 9%”

Annual report 2025B · From the report

“Volume growth contributed around 1.5%-point to organic growth in H2 2025 driven by a combination of increased activity levels at customer sites and expansion of contracts with existing customers, mainly in Northern Europe, Asia & Pacific and Americas.”

Annual report 2025A · The company itself

“Central & Southern Europe delivered the strongest growth being double-digit, driven mainly by price increases in Türkiye and projects and above-base work.”

Annual report 2025A · The company itself

“The largest country in the region is the UK, contributing around 37% of revenue.”

Annual report 2025A · The company itself

“As such, ISS won four significant new contracts with large key account customers, including the Danish-based Velux, COWI and a Public Administration Customer in the UK, extended several large key account contracts, and the commercial pipeline across the region remained attractive.”

Annual report 2025A · The company itself

“ISS won ten new contracts, including European contracts with Danish-based companies like COWI, covering 11 countries and 44 offices, and Velux covering 12 countries in Northern, Central & Southern Europe.”

Annual report 2025A · The company itself

“Expandera till nya marknader och segment • Geografiska vita fläckar i östra och södra Europa. • Ökad försäljning till regioner utanför Europa.”

Annual report 2024A · The company itself

“I syfte att stärka ITABs position och kundbas, påskynda expansionen till detaljhandelsmarknaderna i Väst- och Sydeuropa och komplettera sitt erbjudande ingick ITAB i slutet av september 2024 avtal om att förvärva HMY för en kontant köpeskilling om 320 MEUR. HMY är en ledande europeisk leverantör av butiksinredning, kassor och butiksdesign till detaljhandeln och omsatte strax över 540MEUR under 2023.”

Annual report 2024A · The company itself

“Den primära geografiska marknaden är Europa som står för 90 procent av koncernens omsättning. Dagligvaruhandeln är den största kundgruppen med 56 procent av försäljningen.”

Annual report 2024A · The company itself

“Totalt svarade Europa för cirka 90 procent av netto omsättningen under 2024.”

Annual report 2024A · The company itself

“Förvärvet ger oss en väsentligt större och mer relevant kundbas, stärker vår position på detaljhandelsmarknaderna i Väst- och Sydeuropa samt bidrar med geografiskt kompletterande fördelar med HMYs närvaro i framförallt Spanien, Frankrike, Turkiet samt Central- och Sydamerika.”

Annual report 2024A · The company itself

“Koncernen säljer och distribuerar belysningsprodukter till mer än 90 länder, både genom egna bolag och nationella distributörer för att ge kunderna lokal support med import, certifiering och lokal service/ underhåll.”

Annual report 2024A · The company itself

“Itera aims to leverage new technologies and sustainability competencies as opportunities arise from evolving customer challenges – particularly through innovations like AI – at the same time as nearshore operations provide access to substantial IT talent pools in Eastern and Central Europe, further enhancing our competitive advantage and future growth prospects.”

Annual report 2024A · The company itself

“The company’s overall core strategy of developing large, long-term customer relationships, increasing the number of engagements which involve the full range of Itera’s services, and using our Digital Factory at Scale and distributed delivery model across borders in the Nordics and Central and Eastern Europe, remains unchanged.”

Annual report 2024A · The company itself

“Vuoden kohokohtiin kuuluivat seuraavat julkistetut tilaukset: Kalmar modernisointipalvelun toteuttama 32 konttilukin modernisointi APM Terminalsille MedPort Tangieriin (Marokko), 14 hybridikäyttöistä Kalmarkonttilukkia Hanseatic Global Terminalsille (Ranska), 14 automatisoitua hybridikäyttöistä Kalmar AutoStrad™ - laitetta Patrick Terminalsille (Australia), 16 hybridikäyttöistä konttilukkia Transnet Port Terminalsille Kapkaupunkiin ja Port Elizabethiin (Etelä- Afrikka) sekä 30 hybridikonttilukkia Maher Terminalsin merikonttiterminaaliin New Jerseyihin (Yhdysvallat).”

Annual report 2025A · The company itself

“51 (48) prosenttia, Amerikan 34 (38) prosenttia ja Aasian ja Tyynenmeren alueen 15 (14) prosenttia. Myynti kasvoi EMEA- ja APAC-alueilla molempien segmenttien vetämänä, kun taas myynti laski Amerikassa pitkittyneen markkinatilanteen epävarmuuden vuoksi.”

Annual report 2025A · The company itself

“Kamuxin visiona on olla Euroopan suurin käytettyjen autojen kauppias, ja tämä saavutetaan vahvistamalla Kamuxin konseptia ja prosesseja sekä kehittämällä myymäläverkostoa ja autovalikoimaa.”

Annual report 2024A · The company itself

“Suomessa, Ruotsissa ja Saksassa. Myymälöitä Kamuxilla oli vuoden 2024 lopussa yhteensä69.”

Annual report 2024A · The company itself

“Johdon tekemien arvioiden pohjana olevat oletukset löytyvät seuraavista liitetiedoista: Epävarmuuden lähde ja johdon harkinta Liitetieto Korjausvastuumeno 2.3 ja 3.4 Käytettyjen autojen arvonmääritys 3.1 Liikearvo 5.2 Vuokrasopimukset 5.2 5.5 Kamux on käytettyihin autoihin sekä niihin liittyviin palveluihin erikoistunut vähittäiskaupan ketju. Ensimmäinen Kamuxautoliike avattiin vuonna 2003 Suomessa. Vuoden 2024 lopussa Kamuxilla oli yhteensä 69 myymälää, joista 44 Suomessa, 17 Ruotsissa ja 8 Saksassa.”

Annual report 2024A · The company itself

“Raportoitavat segmentit muodostuvat maantieteellisistä alueista: Suomi, Ruotsi ja Saksa.”

Annual report 2024A · The company itself

“Karnov Group har fler än 300 000 användare på sina plattformar i Region Syd. Karnov Group är den största aktören på marknaden för juridisk information i Spanien och den största aktören inom vertikalen arbetsrätt i Frankrike.”

Annual report 2024A · The company itself

“Karnov avser att dra fördel av sin position på hemmamarknaderna och genomföra geografiska expansioner för att uppnå framtida tillväxt. Det omfattar dels att tillhandahålla koncernens digitala tjänster i ytterligare länder, dels att expandera internationellt med tjänster för internationell rätt och dels tillvarata möjligheter till att överföra befintliga tjänste- och plattformslösningar till andra länder inom koncernen.”

Annual report 2024A · The company itself

“Geografisk expansion genom förvärv av avknoppade verksamheter inom juridisk information från Thomson Reuters i Spanien samt Wolters Kluwer i Spanien, Portugal och Frankrike.”

Annual report 2024A · The company itself

“NÄSTA FAS INLEDD I REGION SYD Det har nu gått lite mer än två år sedan Karnov blev en europeisk aktör genom förvärven i Frankrike, Spanien och Portugal. Vi har nu framgångsrikt slutfört den första fasen av integrationen och inlett nästa fas med fokus på lönsam tillväxt.”

Annual report 2024A · The company itself

“Karnov är verksamt på en konkurrensutsatt marknad för juridiska informationstjänster i Danmark, Sverige, Norge, Frankrike, Spanien och Portugal.”

Annual report 2024A · The company itself

“In recent years, we have grown, and we intend to continue to grow, our business by expanding our global operations. In seeking to expand our operations in geographic markets where we currently have a presence or to establish operations in new geographic markets where we do not currently have a presence, we expect, as we have in the past, to invest significant resources, incur significant expenses, and face various challenges, including those related to compliance with market-specific laws or regulations, gaining acceptance of our products from consumers, customers, and third-party partners, and expanding our sales force and other personnel in those markets.”

Annual report 2025A · The company itself

“Kid Group has during 2024 decided to pilot and test markets outside the Nordic region and Baltics under the Hemtex brand. Accordingly, a German-language website will be launched with local and limited marketing investments for the market in Germany. Additionally, an English-language site targeting other European countries will be launched with no specific marketing investments. The pilot is expected to find place during H2-25.”

Annual report 2024A · The company itself

“Kid ASA (listed on the Oslo Stock Exchange under the ticker symbol KID) offers a full range of home and interior products through Kid Interior in Norway with 158 stores, and under the Hemtex brand in Sweden, Finland and Estonia with 119 stores as well as 11 franchise stores.”

Annual report 2024A · The company itself

“Our suppliers in Pakistan and Bangladesh are mainly working vertically, with tier 1-3 integrated in the same company, leading to a closer relationship and overview even further up the supply chain in these countries.”

Annual report 2024A · The company itself

“For the year ended December 31, 2025, $43.8 billion of capital was invested by our Credit and Liquid Strategies business line, as compared to $38.6 billion for the year ended December 31, 2024. The increase was driven primarily by a higher level of capital deployed across our private credit strategies, most notably direct lending. During the year ended December 31, 2025, 79% of capital deployed was in transactions in North America, 16% was in Europe, and 5% was in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025.”

Annual report 2025A · The company itself

“Our transaction fees are comprised of fees earned from North America, Europe, and the Asia-Pacific region. For the year ended December 31, 2025, approximately 54% of our transaction fees were generated outside of North America as compared to approximately 47% for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Viktige kunder inkluderer regjeringer, forsvarsorganisasjoner og militære styrker i Europa, USA og NATO-land, sammen med kommersielle luftfartskunder.”

Annual report 2024A · The company itself

“Vi solgte luftvernsystemet NASAMS til Spania, Nederland, Norge og Litauen og vi fikk det første internasjonale salget av det mobile NOMADS-systemet til Nederland.”

Annual report 2024A · The company itself

“PARTNER ECOSYSTEM AND CHANNEL PERFORMANCE Partners continue to be a cornerstone of our international growth strategy. In 2025, Konsolidator collaborated with more than 30 partners, with several new strategic partnerships established across Europe and Asia. Konsolidator's value offering Truly Acctech.”

Annual report 2025A · The company itself

“Larger data volumes and faster reporting requirements demand reliable reporting, and GEOGRAPHIC EXPANSION During 2025, the market reach expanded into four new markets: Portugal, Chile, France, and Malaysia. By Konsolidator differentiates itself by providing reliable, year-end, we served 283 active customers, with 52 new trustworthy numbers, supported by Konsolidator’s customers joining during 2025.”

Annual report 2025A · The company itself

“With enhancements to the product suite, Konsolidator is • • • • The Nordics Spain The United Kingdom Germany Partners MARKET GLANCE Customers Offices Countries 2025 22 Customers 2025 283 Employees at year-end now positioned to compete effectively against larger platforms.”

Annual report 2025A · The company itself

“Konsolidator maintains its go-to-market model of focusing its efforts on the Nordics, UK, and Iberia while using partners to cover the rest of the world.”

Annual report 2025A · The company itself

“The subsidiary, which celebrated its first anniversary in May 2025, currently operates in Spain and Portugal, with plans to expand into LATAM in 2026. Since its launch, it has grown 200% (from 10 to 30 customers) and is now the third-largest market by customer count.”

Annual report 2025A · The company itself

“From a board perspective, Our Spanish subsidiary delivered strong results by the end of 2025, resulting in Iberia becoming our third-largest market.”

Annual report 2025A · The company itself

“For 2026, we keep our expectation to accelerate our penetration in the Spanish, Portuguese, and LATAM markets by continuing to focus on our sweet spot market and the launch of new modules in our value proposition.”

Annual report 2025A · The company itself

“The team consists of 8 employees, including 1 in marketing, 2 in sales, and 4 consultants, and is led by Pedro Mardomingo.”

Annual report 2025A · The company itself

“Skandinavien ligger än så länge långt före många andra länder i Europa när det gäller flexibla, öppna och aktivitetsbaserade kontorslandskap som har stort behov av akustikprodukter. Trenden går mot att övriga Europa kommer gå Skandinaviens väg, vilket på sikt innebär en stor potential för Abstracta.”

Annual report 2024A · The company itself

“Utöver detta har bolagen etablerad försäljning i övriga Europa, med särskild närvaro i Tyskland, Storbritannien, Frankrike och Finland.”

Annual report 2024A · The company itself

“Storbritannien har upplevt en nedgång med minskad efterfrågan under året, medan Japan, som är en mindre marknad för Fora Form, har haft en stabil och god omsättning.”

Annual report 2024A · The company itself

“Med en stark marknadsnärvaro i Skandinavien och Europa fortsätter Lammhults att utvecklas genom nära samarbeten med återförsäljare, ledande formgivare och arkitekter.”

Annual report 2024A · The company itself

“Sverige är fortsatt en nyckelmarknad, men fokus ligger även på att utveckla valda exportmarknader.”

Annual report 2024A · The company itself

“Under året har Ragnars levererat ett flertal projekt till kunder i Sverige, Norge samt flertalet projekt i Tyskland, bland annat gällande den framgångsrika bordsserien Coinz.”

Annual report 2024A · The company itself

“Ragnars deltog för första gången på mässan Orgatec i Tyskland, vilket är en del av en satsning för att etablera starkare relationer med arkitekter och återförsäljare utanför Skandinavien.”

Annual report 2024A · The company itself

“Internationella framgångar är en central del av Library Interiors tillväxtstrategi. Library Interiors arbetar med egna bolag i Danmark, Sverige, Norge, Storbritannien, Tyskland, Belgien och Frankrike.”

Annual report 2024A · The company itself

“Dessutom inreder Library Interiors, antingen självständigt eller i samarbete med partners, framstående bibliotek runt om i världen. Det gäller såväl folkbibliotek, bibliotek vid akademiska institutioner, skolbibliotek som företagsbibliotek.”

Annual report 2024A · The company itself

“Framgångarna under åren har varit särskilt betydande i Frankrike, där BC Intérieur SARL utvecklats till marknadsledare i ett av världens mest kulturrika länder. Med både ett 40-årsjubileum och en stabilt ökande omsättning vittnade 2024 om Library Interiors starka position på denna viktiga marknad.”

Annual report 2024A · The company itself

“Joint Ventures Ariston JV. We own a 49.9% interest in a joint venture with Ariston Group that will manufacture and distribute water heaters through Lennox Stores and our direct-to-dealer network.”

Annual report 2025A · The company itself

“In the fourth quarter of 2023, we successfully completed the divestiture of our European operations.”

Annual report 2025A · The company itself

“Lifco köper inte heller företag för att få ut synergier och har aldrig flyttat ett bolag. På så sätt fortsätter förvärvade bolag att bidra till den lokala ekonomin och att skapa trygga och säkra arbetstillfällen i närsamhället.”

Annual report 2024A · The company itself

“Övriga Europa 1 307 Nordamerika 269 Asien och Australien 699 Övriga världen 2 Totalt 7 115 Innehållsförteckning VD-kommentar Förvärvsprocess Aktien Dental 30% En europeisk koncern med global närvaro 16% 12% 10% 9% 8% 6% 8% 1% Tyskland Storbritannien Sverige Nordamerika Norge Italien Nettoomsättning per geografisk marknad Nära 90 procent av Lifcos medarbetare verkar i Europa och europeiska kunder står för över 80 procent av omsättningen.”

Annual report 2024A · The company itself

“Distributionsbolagen i Dental är på sina respektive marknader ledande leverantörer av förbrukningsvaror, utrustning och teknisk service till tandläkare. Bolagen verkar huvudsakligen i Europa.”

Annual report 2024A · The company itself

“Inom Dental levererar Lifcobolagen direkt till tandläkarkliniker i Europa, oftast med vägtransporter.”

Annual report 2024A · The company itself

“Över 80% av omsättningen kommer från kunder i Europa.”

Annual report 2024A · The company itself

“Lifcobolagens verksamhet med sammansättning och återförsäljning gör de enskilda bolagen beroende av sina centrala leverantörer avseende bland annat leveransförmåga, produktkvalitet, pris och hållbarhetsrisker. De flesta av Lifcobolagens inköp sker från leverantörer nära verksamheterna i Europa. Vissa leverantörer eller leverantörernas underleverantörer bedriver verksamhet i andra regioner, framför allt Asien.”

Annual report 2024A · The company itself

“Koncernen styrs av en tydlig filosofi som innebär långsiktighet, fokus på lönsamhet och hållbarhet med en starkt decentraliserad organisation. Lifco har 257 rörelsedrivande bolag i 34 länder.”

Annual report 2024A · The company itself

“In December 2025 the European Commission, Council, and Parliament reached an agreement-in-principle on EU Pharmaceutical Legislation. The implementation timeline and eventual impact on patients and the overall market is currently uncertain. Budget pressures and associated cost containment measures remain a focus in the EU, among other jurisdictions.”

Annual report 2025A · The company itself

“Most countries in the EU attempt to contain drug costs by engaging in some form of reference pricing in which authorities examine pre-determined internal or external markets for published prices of a product or national class of drugs. Member states also employ mandatory rebates, clawbacks, market caps, and other mechanisms to limit spending.”

Annual report 2025A · The company itself

“Investments to increase our manufacturing capacity include new sites in North Carolina, Wisconsin, Indiana, Virginia, Texas, Alabama, Pennsylvania, Ireland, Germany, and the Netherlands.”

Annual report 2025A · The company itself

“In some markets, including the EU, Japan, and China, governments have significant power as large single payors to regulate prices and access criteria or impose other means of cost control.”

Annual report 2025A · The company itself

“We manufacture and distribute our products through facilities in the United States (U.S.), including Puerto Rico, and in Europe and Asia.”

Annual report 2025A · The company itself

“In most international markets, we operate in an environment of government-mandated cost-containment programs, which may include price controls, international reference pricing, discounts and rebates, therapeutic reference pricing (to other, often generic, pharmaceutical choices), health technology assessments, regulatory hurdles, restrictions on physician prescription levels, and mandatory generic substitution. In these markets, healthcare services and the determination of pricing and reimbursement for pharmaceutical products are impacted by government control at the point of care or as the primary payer.”

Annual report 2025A · The company itself

“Significant portions of our business are conducted in Europe, Asia, and other international geographies.”

Annual report 2025A · The company itself

“First, there is significant growth potential in the increased adoption of digital messaging per capita across Europe. Notably, Europe (excluding the Nordics) trails behind the Nordics by 134% in messages per inhabitant, highlighting a substantial opportunity for growth as more enterprises in these markets see the benefit and adopt digital messaging to support their business.”

Annual report 2024A · The company itself

“LINK’s strategy of maintaining a strong local presence in all our markets is a key differentiator from our peers. With local sales teams operating from close to 30 offices across Europe and with additional presence in Latin America, we serve enterprise clients and government customers in their native language, ensuring tailored support and deep market understanding.”

Annual report 2024A · The company itself

“The most valuable GTM approach is LINK’s enterprise business model that presents a localized salesforce. LINK employs a team of approximately 90 sales professionals across local markets in Europe, ensuring exceptional service and value through direct presence, native-language support, and a deep understanding of long-term customer relationships.”

Annual report 2024A · The company itself

“LINK has more than 600 employees in 29 offices, across 18 countries in Europe with an additional presence in, Colombia and Mexico.”

Annual report 2024A · The company itself

“On May 28, 2024, LINK Mobility Spain SLU acquired the Portuguese company EZ4U. The acquisition expands LINK’s geographical reach in Europe to Portugal and offers numerous upselling opportunities through superior local customer success services in Portuguese.”

Annual report 2024A · The company itself

“On September 24, 2024, LINK Mobility Spain SLU acquired Net Real Solutions, headquartered in Castellon, Spain. This acquisition expands LINK’s geographical reach in Europe and unlocks opportunities in Latin America, where Net Real Solutions has a significant market share.”

Annual report 2024A · The company itself

“On October 30, 2024, LINK Mobility UK Limited acquired Reach- Data, headquartered in Doncaster, United Kingdom. This acquisition strengthens LINK’s foothold in the UK market.”

Annual report 2024A · The company itself

“Även om användningen av kontanter minskar på många marknader så är kontantberoendet fortfarande stort i Europa, där över 40 procent av betalningar i butik görs kontant, och ännu större i Latinamerika, där 70 procent av betalningarna görs kontant.”

Annual report 2024A · The company itself

“I Europa och Latinamerika präglades marknaderna av strukturella utmaningar.”

Annual report 2024A · The company itself

“Loomis är en av de ledande aktörerna inom kontanthantering i Europa – ofta den största eller näst största aktören i de länder där vi har närvaro. Samtidigt växer verksamheten i Latinamerika, där Chile och Argentina är de stora marknaderna för Loomis.”

Annual report 2024A · The company itself

“Loomis Europa och Latinamerika Loomis har en stark position på stora marknader som Frankrike, Spanien, Schweiz och Storbritannien, och etablerar sig som en ledande kraft inom kontanthantering över hela Europa – ofta rankad som den största eller näst största aktören på de enskilda marknaderna.”

Annual report 2024A · The company itself

“Sedan den första lanseringen 2020 har Loomis Pay introducerats i Sverige, Norge, Danmark och Spanien.”

Annual report 2024A · The company itself

“Our future growth depends in part on our expansion efforts outside of the Americas. We have limited experience with regulatory environments and market practices internationally, and we may not be able to penetrate or successfully operate in any new market. In connection with our expansion efforts, we may encounter obstacles we did not face in the Americas, including cultural and linguistic differences, differences in regulatory environments, labor practices and market practices, difficulties in keeping abreast of market, business and technical developments, and international guests' tastes and preferences.”

Annual report 2026A · The company itself

“(In thousands) Net revenue $ 1,500,757 $ 1,298,633 Net revenue change 15.6 % 26.8 % We have experienced net revenue growth in APAC and EMEA and intend to continue to invest in these markets to build brand awareness, including leveraging global ambassadors. Where we identify growth opportunities, we plan to open new retail locations, including new EMEA and APAC markets in which we identify growth opportunities.”

Annual report 2026A · The company itself

“Rest of World In 2025, the net revenue we generated in APAC and EMEA represented 13% of our total net revenue.”

Annual report 2026A · The company itself

“Våra produkter vänder sig till tre olika marknader: Leverantörer Inköpen av produkter sker i första hand från företag i Europa och i Asien. Malmbergs Sverige svarar för de gemensamma inköpen till övriga bolag i koncernen, även vad gäller produkter från svenska tillverkare.”

Annual report 2024A · The company itself

“Mandatum perusti kesällä 2025 uuden myyntiyksikön Luxemburgiin tukeakseen liiketoiminnan kasvua erityisesti Manner-Euroopassa.”

Annual report 2025A · The company itself

“Kansainvälisen varainhoitoliiketoiminnan hyvä kehitys jatkui erityisesti Ruotsin vauhdittamana, samalla kun laajentuminen Keski-Euroopan markkinoille eteni suunnitellusti.”

Annual report 2025A · The company itself

“Kansainvälisten instituutioasiakkaiden hallinnoitavat varat kasvoivat vuoden aikana 11 prosenttia 1,8 (1,7) miljardiin euroon.”

Annual report 2025A · The company itself

“Expand direct market coverage 7.4 Technology and products Medistim’s medical devices are used to improve quality of cardiovascular surgery and are subject to high requirements and product certifications with regards to quality and safety, and require high competence and excellent quality systems.”

Annual report 2024A · The company itself

“Based on the US model, pay-per-procedure or leasing agreements is introduced to UK customers.”

Annual report 2024A · The company itself

“Medistim sees great potential in upgrading of the installed base to the MiraQ platform, which provides the combination of ultrasound imaging and TTFM in one system.”

Annual report 2024A · The company itself

“More than 95 % of the revenue from the EMEA region is from Europe either through direct representation or through distributors. Medistim has developed a strong market position in Europe with about 1 150 systems installed, representing a solid base for future recurring revenues.”

Annual report 2024A · The company itself

“Currency neutral sales were up 8 %.”

Annual report 2024A · The company itself

“Flow and Imaging systems 29 37 -21.6 % Flow probes 5 084 4 737 7.3 % Medistim’s direct representation in Europe is in Norway, Denmark, UK, Spain, Germany and Sweden.”

Annual report 2024A · The company itself

“The US is the single largest market for Medistim’s products, representing close to 30 % of the world market, with a combined European market of a similar size.”

Annual report 2024A · The company itself

“EMEA and Europe in particular represents Medistim’s second largest market.”

Annual report 2024A · The company itself

“Germany is the largest market in Europe, with about 44 000 CABG procedures performed per year and Medistim has had direct representation there since 2002. Medistim has a high penetration within coronary surgery in Germany with a market share of more than 80 % but still have opportunities for growth by converting customers to become both flow and imaging customers.”

Annual report 2024A · The company itself

“In the UK, Medistim has had direct representation since 2012. Some 14 000 CABG procedures are performed in the UK every year, and Medistim’s equipment is currently used in about 20 % of these.”

Annual report 2024A · The company itself

“Medistim established direct representation in Spain in 2017. Around 7 000 coronary artery bypass surgery (CABG) procedures and 8 000 vascular procedures are performed per year.”

Annual report 2024A · The company itself

“Inköp av reservdelar sker främst av de stora europeiska leverantörerna som även levererar till biltillverkare.”

Annual report 2024A · The company itself

“Under de senaste tio åren har MEKO genomfört strategiska förvärv i Sverige, Norge, Danmark, Polen, Finland, Estland, Lettland och Litauen.”

Annual report 2024A · The company itself

“MEKO verkar i norra Europa med verksamhet i Danmark, Estland, Finland, Lettland, Litauen, Norge, Polen och Sverige.”

Annual report 2024A · The company itself

“Affärsområdet består i huvudsak av grossist- och butiksverksamhet i Estland, Lettland, Litauen samt Polen som också har exportverksamhet. Nettoomsättningen ökade 23 procent till 4 346 (3 522) MSEK, främst som en följd av förvärvet av Elit Polska som konsoliderades den 1 augusti.”

Annual report 2024A · The company itself

“Importen sker huvudsakligen från Europa, främst i valutorna EUR, DKK, SEK, USD och NOK. Inköpen i EUR, i de bolag som inte har EUR som hemvaluta, omfattar cirka 51 procent av deras inköpsvolym.”

Annual report 2024A · The company itself

“Vår geografiska spridning i åtta olika marknader i norra Europa gör oss mindre sårbara för marknadsfluktuationer i enskilda länder.”

Annual report 2024A · The company itself

“Table of Contents Risk Solutions Longevity Reinsurance Solutions Longevity reinsurance is a risk mitigation solution for United Kingdom (“U.K.”) pension plan sponsors and U.K. insurance companies that write pension risk transfer business, converting uncertain future pension benefit obligations into a fixed stream of payments to MetLife over the duration of the contract as opposed to a lump sum at inception in typical pension risk transfer transactions.”

Annual report 2025A · The company itself

“EMEA We operate across EMEA in both developed (Western Europe) and emerging (Central and Eastern Europe, Middle East and Africa) markets. Our largest operations are in the Gulf region, the U.K., Turkey and France.”

Annual report 2025A · The company itself

“Adjusted premiums, fees and other revenues for the year ended December 31, 2025 increased $353 million, or 14%, compared to 2024. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $335 million, or 13%, compared to 2024, primarily due to growth in our (i) corporate solutions business in the U.K., the Gulf and Egypt, (ii) credit life business in Turkey and Romania, (iii) accident & health and ordinary life businesses across the region, and (iv) pension business in Turkey.”

Annual report 2025A · The company itself

“Marknadsvillkoren varierar mellan regioner, med betydande skillnader i prissättning och ersättningssystem. I USA, Japan och Kanada dominerar den receptbelagda marknaden med höga listpriser (över 500 USD/ månad i USA) och omfattande rabatteringsmodeller, medan EU, Mellanöstern och Asien kännetecknas av receptfria behandlingar med lägre prisnivåer (cirka 15–40 USD/förpackning).”

Annual report 2024A · The company itself

“Moberg Pharma siktar på att utöka sitt inflytande över värdekedjan i Europa genom att etablera en starkare direkt närvaro, inklusive ägandet av varumärket. För att genomföra denna strategi för Moberg Pharma diskussioner med potentiella partners i Europa för att identifiera en optimal väg framåt där MOB-015 når patienter och där bolaget tar en aktiv roll i kommersialiseringen inför den europeiska utrullningen.”

Annual report 2024A · The company itself

“BARNSTUDIE I EUROPA, PÅGÅENDE Efter prövningsgodkännandet från EMA:s pediatriska kommitté genomför Moberg Pharma en barnstudie med 30 deltagare i Europa. Denna studie påverkar ej MOB-015s marknadsgodkännande i Europa för vuxna utan endast när godkännandet kan utökas för att även omfatta barn.”

Annual report 2024A · The company itself

“Med Terclara ® nu godkänt i 13 EU-länder, varav 7 är OTC-marknader, har vår framgångsrika lansering i Sverige bekräftat vår strategi och skapat en stabil grund för fortsatt expansion och tillväxt i Europa.”

Annual report 2024A · The company itself

“De viktigaste marknaderna för MOB-015 förväntas vara USA, EU, Japan, Kanada och Kina.”

Annual report 2024A · The company itself

“MOB-015 är godkänd i 13 EU-länder: Belgien (OTC), Danmark (Rx), Finland (Rx), Frankrike (Rx), Irland (Rx), Italien (OTC), Nederländerna (OTC), Norge (OTC), Spanien (Rx), Sverige (OTC), Tjeckien (Rx), Ungern (OTC) och Österrike (OTC).”

Annual report 2024A · The company itself

“U.S. full service bottlers/distributors 45% ​ 46% ​ 47% International full service bottlers/distributors 43% ​ 41% ​ 40% Club stores and e-commerce retailers 8% ​ 8% ​ 8% Retail grocery, direct convenience, specialty chains and wholesalers 2% ​ 2% ​ 2% Alcohol, value stores and other 2% ​ 3% ​ 3% ​ Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern 12 Table of Contents New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.”

Annual report 2025A · The company itself

“Coca-Cola Europacific Partners accounted for approximately 15%, 14% and 13% of our net sales for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“Net sales outside the United States were $3.44 billion, $2.96 billion and $2.71 billion for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“We have continued expanding our energy drink operations internationally into a variety of new markets. Our net sales to customers outside of the United States were approximately 41%, 40% and 38% of consolidated net sales for the years ended December 31, 2025, 2024 and 2023, respectively.”

Annual report 2025A · The company itself

“Expanding beyond Norway: To achieve the ambitions for growth and profitability it is strategically reasonable to take a larger position outside of Norway.”

Annual report 2024A · The company itself

“Multiconsult Group consists of Multiconsult ASA along with the following subsidiaries, sub-subsidiaries and associated companies as of end of 2024: Norway: Multiconsult Norge AS, LINK Arkitektur AS, A-lab AS (70 per cent ownership), Sitepartner AS. Sweden: Iterio AB and LINK Arkitektur AB. Denmark: LINK Arkitektur A/S, LINK Danmark ApS and A-Lab Danmark ApS (68 per cent ownership). Poland: Multiconsult Polska Sp. z o.o..”

Annual report 2024A · The company itself

“United Kingdom: Multiconsult UK Ltd. Serbia: Iterio LLC Belgrade. Portugal: FHK – Laboratorio De Arquitectura, Lda.”

Annual report 2024A · The company itself

“The group has some activity and subsidiaries outside the Nordic region – in Poland, United Kingdom, Portugal and Serbia.”

Annual report 2024A · The company itself

“Utökad global närvaro I slutet av 2024 invigdes den nya fabriken i Cork, Irland, vilket utökade Munters närvaro i EMEA-regionen. Den 11 148 m² stora anläggningen är designad för att tillverka vår kompletta portfölj av kylsystem för datacenter.”

Annual report 2024A · The company itself

“Europa, Mellanöstern och Afrika SSaammttlliiggaaaaffffäärrssoommrrååddeennäärraakkttiivvaaiirreeggiioonneenn..EEtttt bbrreetttteeggeettfföörrssäälljjnniinnggssnnäättvveerrkkmmööjjlliiggggöörraattttvviikkaann eerrbbjjuuddaavvåårraattjjäännsstteerroocchhpprroodduukktteerrttiillllssttoorraaddeellaarr aavvrreeggiioonneenn..DDeessttöörrssttaammaarrkknnaaddeerrnnaaiiEEMMEEAAäärr TTyysskkllaanndd,,IIrrllaannddoocchhSSttoorrbbrriittaannnniieenn..”

Annual report 2024A · The company itself

“Strategi Förvärv och partnerskap som breddar kärnverksamheten Verksamheten Våra affärsområden Vårt fundament AirTech Under året förvärvades Airprotech, en italiensk tillverkare av VOC (Volatile Organic Compounds) reningssystem. Förvärvet stärker Clean Technologies och möjliggör renare produktion för europeiska industrier.”

Annual report 2024A · The company itself

“Anläggningen kommer att tillverka hela Munters portfölj av kylsystem Andel av koncernens försäljning • Geografisk expansion till nya regioner såsom Latinamerika och Asien 28% • Fortsatt utveckling av nära samarbete med ledande kunder samt branschpartnerskap för att öka räckvidden och komplettera vårt eget erbjudande, exempelvis inom vätskekylning (2023: 24) • Expandera regionalt i APAC genom att dra nytta av Geoclimas säljstyrka i regionen samt deras produktionsanläggning • Den första större ordern togs emot för LCX-kylsystemet, en vatten-till-vatten CDU (coolant distribution unit) STRATEGI Marknad Under året fortsatte hyperscalers att investera i datacenter för att möta den höga efterfrågan, både genom egna investeringar och genom att hyra utrymme från colocationleverantörer.”

Annual report 2024A · The company itself

“Den växande efterfrågan på företagets innovativaoch energieffektiva kylsystem har gjort en utökning av produktionskapaciteten till ett naturligt nästa steg för att bättre möta behoven på EMEA-marknaden.”

Annual report 2024A · The company itself

“Genom förvärvet blir FoodTech marknadsledare inom kontrollenheter till segmentet äggproduktion i USA. • Hotraco (NL) erbjuder kontrollenheter för djurhållning-, grödlagring- och växthus. Förvärvet stärker marknadsnärvaron i Europa.”

Annual report 2024A · The company itself

“Regionfördelning, andel av orderingång 2024 % Orderingången ökade med +18%, varav den organiska tillväxten uppgick till +13%, drivet av stark efterfrågan på både Digital solutions och Equipment i Americas och EMEA.”

Annual report 2024A · The company itself

“Våra kunder finns huvudsakligen i Nordamerika, Europa och Asien.”

Annual report 2024A · The company itself

“Storskalig produktion av NLAB Saga® sker hos en tillverkningspartner med anläggningar i Storbritannien och på Irland.”

Annual report 2024A · The company itself

“NCABs tillväxt drivs även av fortsatt förflyttning av mönsterkortsproduktion från Europa och Nordamerika till Asien samtidigt som montering av mönsterkorten delvis flyttas tillbaka till Europa och Nordamerika, vilket ökar efterfrågan av mönsterkort på NCABs marknader.”

Annual report 2024A · The company itself

“Expandera geografiskt till nya marknader genom förvärv för att accelerera processen Det finns flera geografiska marknader där vi ännu inte etablerat lokal närvaro, till exempel stora och växande marknader i Asien eller delar av Nordamerika. Under 2024 har vi stärkt vår närvaro i Europa genom förvärv i Belgien och Österrike samtidigt som vi fortsatt att undersöka möjligheter på andra nyckelmarknader, allt för att påskynda tillväxten och utöka vår globala räckvidd.”

Annual report 2024A · The company itself

“Under 2024 stod segmentet för 23 procent av hela koncernens försäljning och 27 procent av EBITA. *) Justerat för Polen 23% 27% OMSÄTTNING 1200 1500 20242023202220212020 Mkr ”Utökad regional räckvidd och starka kundrelationer” Peter Jensen, segmentschef Nordic Europe BELGIEN, FRANKRIKE, ITALIEN, NEDERLÄNDERNA, NORDMAKEDONIEN, PORTUGAL, SCHWEIZ, SPANIEN, STORBRITANNIEN, TYSKLAND OCH ÖSTERRIKE ”Marknadspositionen stärktes ytterligare geografiskt genom strategiska förvärv” 194,3 EBITA-MARGINAL 10,9% Europe är vårt största segment och har under 2024 påverkats negativt av marknadsutvecklingen i Tyskland, som ju längre året gått spritt sig till närliggande länder. På den europeiska marknaden finns fortsatt många mindre lokala aktörer och därmed stora förvärvsmöjligheter.”

Annual report 2024A · The company itself

“SEE & EUI 32.8%”

Annual report 2025A · The company itself

“United Kingdom 8.7%”

Annual report 2025A · The company itself

“By attracting and training top talent, we build the human capital necessary to execute complex projects, at scale across multiple markets, and to continuously deliver market-leading innovative products and platforms. Our focus on empowering a modern Europe through technology creates strong relationships with governments and institutions, establishing us as the trusted partner of choice for digital transformation initiatives.”

Annual report 2025A · The company itself

“Our ambition is to become a leading modern pan-European tech company. We are positioned to achieve this by leveraging our role as a leading European IT services company with market-leading products and platforms.”

Annual report 2025A · The company itself

“Our journey, which began 25 years ago with a vision for responsible digitalisation, has culminated in our current role as a European market leading provider of mission critical digital services and solutions, supporting governments and enterprises throughout Europe.”

Annual report 2025A · The company itself

“The Greek tax authorities embark on an ambitious digital transformation with The Greek tax authorities are undertaking an ambitious modernisation of their entire tax administration landscape with SOLON TAX at its core. The solution will replace multiple legacy systems and streamline hundreds of processes, creating a unified, end-to-end digital platform.”

Annual report 2025A · The company itself

“Netcompany operates in more than 10 European countries within the public and private segments. More than 60% of our revenue comes from the public sector, where we deliver IT solutions that are critical to society.”

Annual report 2025A · The company itself

“By providing solutions developed in Europe, for Europe, we help ensure that control over critical data and digital infrastructure remains within the continent. Our expanding footprint outside of Denmark, with significant project wins in the UK, Greece, and the Netherlands, demonstrates the widespread demand for a partner who understands and embodies these principles.”

Annual report 2025A · The company itself

“Executive summary Financial review Corporate governance Sustainability statements Financial statements Equity story Total IT spend in Europe DKKbn 2024 3,680.8 2025 4,026.0 2026 4,416.4 2027 4,855.0 2028 5,342.1 1,870.1 2,155.9 Total addressable IT spend in Europe DKKbn 2024 2,732.3 2025 3,002.7 2026 3,308.5 2027 3,653.4 2028 4,037.3 1,240.1 1,762.6 Core addressable IT spend in Europe DKKbn 2024 2,391.4 2025 2,624.4 2026 2,888.6 2027 3,187.3 2028 3,520.1 1,181.4 1,443.0 IT services Software Market opportunities Towards European market leadership Netcompany is growing a strong presence across Europe, operating in Denmark, Norway, the UK, the Netherlands, Luxembourg, Belgium, Greece and other countries, aiming to become a leading modern pan-European tech company. Our operations in Northern Europe, which are among the most digitalised regions, provide expertise that can be leveraged continentwide.”

Annual report 2025A · The company itself

“While some markets are relevant due to their size, others hold potential for increased digitalisation. We are currently servicing customers in Germany and Sweden too and find both markets highly interesting – Germany for its size and Sweden for its comparability to both the Danish and Norwegian market.”

Annual report 2025A · The company itself

“In Netcompany SEE & EUI revenue grew 12.5% to DKK 2,593.2m in 2025. Revenue growth was driven by strong performance within both the public sector including the EU and the private sector, which grew revenue by 11.2% and 16.6%, respectively.”

Annual report 2025A · The company itself

“Executive summary Financial review Corporate governance Sustainability statements Financial statements Operating entities Norway Netherlands Banking Services Revenue in Netcompany Netherlands increased by 2.6% in 2025 compared to 2024, following growth of almost 35% in 2024. Gross profit margin was 33.9% in 2025 and in line with 2024.”

Annual report 2025A · The company itself

“Netcompany delivers IT solutions that enable and support European customers in their digital transformation. Netcompany’s main geographical markets are Denmark (home market), Norway, United Kingdom, Netherlands, Greece, Belgium and Luxembourg.”

Annual report 2025A · The company itself

“Högsta antalet hushåll i Europa som fortfarande saknar fiber finns i Tyskland och Storbritannien, 24,4 respektive 12,9 miljoner hushåll enligt FTTH Council Europe.”

Annual report 2024A · The company itself

“Division Telekom hade ett mer utmanande år 2024. Tillväxten var god i Norge men utvecklingen på de andra marknaderna påverkade lönsamheten negativt.”

Annual report 2024A · The company itself

“3.Geografisk breddning Vi kan både växa affären och använda våra resurser mer effektivt genom att expandera till närliggande geografiska områden. Under 2024 har vi bland annat utökat närvaron inom Kraft i Norge till närliggande fylken.”

Annual report 2024A · The company itself

“Årlig tillväxt 2010 - 2024 18,7% Orderstock, miljarder SEK 4,0 Antal medarbetare SVERIGE NORGE STORBRITANNIEN TYSKLAND 54% 38% 7% Projekterar, bygger och underhåller fiber- och mobilnät i Norge, Sverige, Storbritannien och Tyskland.”

Annual report 2024A · The company itself

“Netel har under sina 25 år etablerat sig som ett ledande entreprenadföretag inom kritisk infrastruktur i Sverige och Norge med växande positioner i Tyskland och Storbritannien.”

Annual report 2024A · The company itself

“Vi har också utvidgat vår affär i Tyskland med utrullning av fibernät till UGG (Unsere Grüne Glasfaser).”

Annual report 2024A · The company itself

“I Storbritannien fortsätter vi arbetet med att etablera oss och har under året arbetat intensivt med uppbyggnaden av vår närvaro på marknaden för att öka vår omsättning och lönsamhet.”

Annual report 2024A · The company itself

“Idag är vi verksamma inom Telekom i Sverige, Norge, Storbritannien och Tyskland.”

Annual report 2024A · The company itself

“Vi etablerade oss i Storbritannien 2022 genom förvärv och är verksamma i Skottland och norra England.”

Annual report 2024A · The company itself

“Den tyska verksamheten startade 2019 och vi är verksamma i norra och centrala Tyskland.”

Annual report 2024A · The company itself

“Det er fokus, at både eksisterende og tilkøbte aktiviteter kan sikre en stærk forvaltning og et attraktiv og risikobalanceret afkast, overfor semi- og professionelle investorer, herunder, private, fonde, family offices, virksomheder, institutionelle investorer m.v., både i Danmark og internationalt.”

Annual report 2025A · The company itself

“Herudover vil NewCap Holding A/S med udgangspunkt i NCI Advisory A/S’ platform og som godkendt FAIF arbejde på en konsolidering af i første omgang det nordiske kapitalforvaltningsmarked, og sidenhen det nordeuropæiske kapitalforvaltningsmarked.”

Annual report 2025A · The company itself

“Together, across print and digital, these brands reach approximately 60% of adult news readers in the U.K., or approximately 29 million people, based on the PAMCo data referenced below.”

Annual report 2026A · The company itself

“Headquartered in New York, the Company operates primarily in the United States (“U.S.”), Australia and the United Kingdom (“U.K.”), with its content and other products and services distributed and consumed worldwide.”

Annual report 2026A · The company itself

“Digital Real Estate Services The Company’s Digital Real Estate Services segment consists of its 62.0% interest in REA Group, a publicly-traded company listed on ASX (ASX: REA), and its 80% interest in Move. The remaining 20% interest in Move is held by REA Group.”

Annual report 2026A · The company itself

“News UK News UK publishes The Sun, The Sun on Sunday, The Times and The Sunday Times, which are leading newspapers in the U.K. that together accounted for approximately one-third of all national newspaper sales as of June 30, 2026. The Sun is the most read news brand in the U.K., and The Times and The Sunday Times are the most read national newspapers in the U.K. quality market. News UK also distributes content through its digital platforms, including its websites, thesun.co.uk, the-sun.com and thetimes.com, as well as mobile apps.”

Annual report 2026A · The company itself

“A substantial portion of the Company’s revenues are derived outside the U.S., and the Company may continue to expand its international operations.”

Annual report 2026A · The company itself

“As a consequence, European transmission markets are among the most attractive in the world at the moment”

Annual report 2025B · From the report

“We also reinforced our strong market position in the UK with the preferred supplier designation for the Eastern Green Link 3 offshore interconnector”

Annual report 2025A · The company itself

“In Germany the installation of the corridor projects SuedLink and SuedOstLink continued.”

Annual report 2025A · The company itself

“Construction of a new high-voltage factory next to the existing factory in Karlskrona is ongoing, alongside investments to increase production capacity in Cologne.”

Annual report 2025A · The company itself

“Furthermore, the growth was supported by additional medium-voltage capacity as a result of the completed investment projects in Sweden and Czech Republic during Q1 2025.”

Annual report 2025A · The company itself

“The customer relationship in Applications is based on long-term collaboration with several industry partners. NKT holds a leading position in parts of Northern, Central, Eastern, and Southern Europe. strategy announced in November 2025, the Applications business line has been renamed Distribution effective 1 January 2026.”

Annual report 2025A · The company itself

“The key focus will be on solidifying NKT’s position in Europe for medium-voltage power cables for grids, renewables, and infrastructure sectors.”

Annual report 2025A · The company itself

“The Bornholm Energy Island is among the first hybrid grid connections enhancing the interconnection between Denmark and Germany while integrating offshore wind into the two countries’ energy supply. In 2023, NKT was awarded the interconnector project on the German side of the energy island.”

Annual report 2025A · The company itself

“In Germany the installation of the corridor projects SuedLink and SuedOstLink continued. When fully operational they will transform the power grid of Germany by enabling the transmission of large amounts of renewable energy from the north of Germany to the main consumption areas in central and southern Germany.”

Annual report 2025A · The company itself

“Capacity expansions in Sweden and the Czech Republic were completed early in the year, while the additional capacity in Denmark is expected to come online from 2026 as planned.”

Annual report 2025A · The company itself

“The announced investment at the site in Portugal is progressing as planned and is expected to become operational at the end of 2026.”

Annual report 2025A · The company itself

“The strategy builds on NKT’s leading position in Europe, while selectively capturing opportunities globally where a sustainable, long-term presence can be enhanced.”

Annual report 2025A · The company itself

“NKT’s ambition is to be the European leader in turnkey onshore EHV and HV cable systems in a growing market driven by strong electrification, renewable energy, and grid replacement and renewal trends.”

Annual report 2025A · The company itself

“NKT provides power cable services for both offshore and onshore markets and is a trusted partner throughout the lifecycle of a power cable system. The company has leading capabilities within repair, maintenance, and operations services with the organisation predominantly located in Denmark, Germany, Poland, Sweden, the US, and the UK.”

Annual report 2025A · The company itself

“Despite increasing geopolitical uncertainty, NKT expects most project awards to originate in Europe where higher market maturity drives strong demand for power cable systems. While markets outside of Europe are less developed, NKT continues to see opportunities emerging.”

Annual report 2025A · The company itself

“NKT estimates the value of projects awarded in its addressable market to be around EUR 4bn. The projects awarded in 2025 were primarily long-distance DC interconnectors and offshore wind projects, with the majority of projects being awarded in Europe.”

Annual report 2025A · The company itself

“Solutions operates two high-voltage factories, in Karlskrona, Sweden, and Cologne, Germany. These factories complement each other in the allocation of incoming projects.”

Annual report 2025A · The company itself

“These factors are key growth drivers for low- and medium-voltage power cable markets, where Applications is well positioned to capitalise on market trends and secure further profitable growth. ■ Asnaes, Denmark ■ Drammen, Norway ■ Esposende, Portugal ■ Falun, Sweden ■ Kladno, Czech Republic ■ Knurow, Poland ■ Runcorn, United Kingdom ■ Velké Mezirici, Czech Republic ■ Warszowice, Poland Medium-voltage cables 1 kV cables Building wires Telecom power cables Factories The seven primary production sites are located in: Applications The NKT offerings in the medium-and low-voltage markets complement the advanced offerings for the high-voltage market.”

Annual report 2025A · The company itself

“The main accessory production sites are located in: ■ Alingsas, Sweden ■ Nordenham, Germany Service hubs NKT has service hubs globally. The main sites are in: ■ Brondby, Denmark ■ Brisbane, Australia ■ Cary, USA ■ Gdansk, Poland ■ Karlskrona, Sweden ■ Troisdorf, Germany Power cable accessory offerings Terminations Connect cable ends to consumers or overhead lines Connectors Connect cable ends to switchgear or transformer Joints Connect two cable ends The onshore market is served by local companies, multinationals, and some cable operators themselves.”

Annual report 2025A · The company itself

“Aktiviteten på obligationsmarknaden var fortsatt hög och bidrog till att vi kunde upprätthålla vår position som nummer 1 inom nordiska obligationer och nordiska lån totalt sett. Vi genomförde över 600 obligationsemissioner för ett stort antal emittenter, däribland en obligation på 7 md euro för Europeiska Unionen och två för Carlsberg på 4 md euro respektive 500 mn brittiska pund.”

Annual report 2025A · The company itself

“Vi betjänar också kunder via produkt- och specialistenheterna Markets och Investment Banking & Equities samt genom våra internationella företagskontor i New York, London och Shanghai.”

Annual report 2025A · The company itself

“I Finland slutförde vi förvärvet av en portfölj med syndikerade lån till ett värde av 492 mn euro, vilket stärker våra kundrelationer och bidrar till våra tillväxtmål.”

Annual report 2025A · The company itself

“Tillväxten ökade i euroområdet, var stabil i Kina och minskade i USA.”

Annual report 2025A · The company itself

“While advanced economies like the United States saw upgrades in their growth forecasts, other regions, especially in Europe and emerging markets, faced downgrades due to various disruptions.”

Annual report 2024A · The company itself

“In the European Road & Logistics market, growth is expected to be broadly in line with European GDP growth”

Annual report 2025A · The company itself

“Germany will remain a key focus area in 2026”

Annual report 2025A · The company itself

“demand ended stronger than last year, especially on the Asia–Europe trade lane”

Annual report 2025A · The company itself

“To access talent and capabilities, we will expand our start-up programme in 2026. The aim is to attract entrepreneurial talent and launch new ventures across Europe, expanding into new geographies and developing niche segments not yet covered by the division.”

Annual report 2025A · The company itself

“Organic growth was 5.6%, driven by marketshare gains across Denmark, Sweden and the Netherlands.”

Annual report 2025A · The company itself

“The Road & Logistics division provides transport and warehousing solutions with a geographical focus on Europe.”

Annual report 2025A · The company itself

“Our strategic solution to focus growth investments on larger markets in mainland Europe and Sweden leverages our strong railway logistics expertise and directs resources to areas where demand is growing.”

Annual report 2025A · The company itself

“Our strategic decision to focus growth investments on larger markets in continental Europe and Sweden leverages our strong rail logistics expertise and directs resources to areas where demand is rising.”

Annual report 2025A · The company itself

“We see strong growth potential particularly in container transports within the Central European rail market, which is valued at approximately EUR 17 billion, compared with about EUR 300 million in Finland.”

Annual report 2025A · The company itself

“NURMINEN LOGISTICS IN BRIEF Nurminen Logistics is a Finnish logistics company that provides high-quality rail transport, terminal, and multimodal solutions between Asia and Europe, the Nordic countries, and the Baltic region.”

Annual report 2025A · The company itself

“In Sweden, we strengthened sales and rail operations in particular. In late February, we opened our own weekly block train connection between northern Italy and Sweden.”

Annual report 2025A · The company itself

“In Sweden, we strengthened our sales and rail operations in particular and opened an office in northern Italy. With these measures, we will create better prerequisites for international growth and open our own weekly block train connection between northern Italy and Sweden in late February.”

Annual report 2025A · The company itself

“In 2025, we built the company’s future by integrating Essinge Rail into the Nurminen Logistics brand and expanding our service offering in Europe with, for example, project transports from Czechia, Poland and Italy.”

Annual report 2025A · The company itself

“Olvi-konsernin laajennus- ja korvausinvestoinnit olivat tammi–joulukuussa 51,8 (43,7) miljoonaa euroa. Investoinneista 27,8 miljoonaa euroa kohdistui Suomeen ja 16,2 miljoonaa euroa Itämeren alueen tytäryhtiöihin.”

Annual report 2025A · The company itself

“Kasvua tukee oma tuotanto Välimeren läheisyydessä, sillä Olvi pystyy palvelemaan Välimeren matkailualueita, kuten Italiaa, Kroatiaa, Kreikkaa ja Montenegroa, entistä paremmin ja joustavammin. kivennäisvesivalmistajan Värska Originaal AS:n.”

Annual report 2025A · The company itself

“Itämeren alueen myyntivolyymi laski 6,0 prosenttia 358,8 (381,7) miljoonaan litraan.”

Annual report 2025A · The company itself

“Hankinta tukee Olvin monipaikallista kasvustrategiaa tarjoamalla pääsyn vahvoihin paikallisiin brändeihin ja tuotantokapasiteettiin, mahdollistaen kasvun ja laajentumisen Balkanin alueella.”

Annual report 2025A · The company itself

“The three key elements in the strategy are the following: 1) Build a customer driven portfolio through our competitive businesses: • Innovative Medicines focuses on oncology and pain management, leveraging Orion’s R&D expertise in these crucial and expanding fields. • Branded Products continues building on its strength and success in Respiratory and Parkinson’s disease. • Generics and Consumer Health provides a large cost-effective generics portfolio complemented by value-added and complex generics to European hospitals and other selected markets and caters to customer needs with consumer health products with value propositions.”

Annual report 2025A · The company itself

“Orion’s growth strategy in three steps according to Orion strategic roadmap: 1) Strengthen & Expand – Strengthen European and Asia Pacific market positions. 2) Build and Invest – Build and invest into global commercial assets and capabilities. 3) Accelerate – Grow and maximise value of global assets.”

Annual report 2025A · The company itself

“Net sales split by product groups 1–12/25 1–12/24 Generic prescription drugs 420.0 396.3 +6.0% Consumer Health products 132.8 132.1 +0.6% Total 552.8 528.4 +4.6% Net sales split by region 1–12/25 1–12/24 Finland and Baltics 334.6 320.9 +4.3% Scandinavia 97.4 87.8 +10.9% Eastern Europe 52.1 50.0 +4.1% 68.8 69.7 -1.3% Total 552.8 528.4 +4.6% Net sales of the Generics and Consumer Health business division in January–December 2025 increased by 4.6%.”

Annual report 2025A · The company itself

“The company has two large research centres in Finland and smaller R&D offices in Cambridge, UK and Boston, US. In addition, Orion’s Animal Health division has small R&D operations in France and Belgium.”

Annual report 2025A · The company itself

“Revenues from major customer of the Group in 2025 represented approximately EUR 808.9 (2024: 458.8) million of the Group’s total revenue.”

Annual report 2025A · The company itself

“Orion’s operations and sales network Orion is headquartered in Espoo, Finland. The company has a total of eight production sites, six in Finland, one in France and one in Belgium.”

Annual report 2025A · The company itself

“Orion has its own sales network in Europe and six countries in the Asia- Pacific region.”

Annual report 2025A · The company itself

“Net sales split by product groups 1–12/25 1–12/24 Generic prescription drugs 420.0 396.3 +6.0% Consumer Health products 132.8 132.1 +0.6% Total 552.8 528.4 +4.6% Net sales split by region 1–12/25 1–12/24 Finland and Baltics 334.6 320.9 +4.3% Scandinavia 97.4 87.8 +10.9% Eastern Europe 52.1 50.0 +4.1% 68.8 69.7 -1.3% Total 552.8 528.4 +4.6% Net sales of the Generics and Consumer Health business division in January–December 2025 increased by 4.6%.”

Annual report 2025A · The company itself

“These geographical regions correspond to the Group’s main markets. Net sales are presented according to the customer’s location.”

Annual report 2025A · The company itself

“Orthex’s key priorities in its growth strategy are to become the number one brand in the storage product category in Europe and strengthen its position as a leading Nordic houseware company with strong brands and sustainable products.”

Annual report 2025A · The company itself

“Orthex expects major growth opportunities in the international markets and its go-to-market strategy is delivered through local presence with a key account approach. The key focus is to improve the distribution of Orthex products in Europe, invest in strategic customers and new customer acquisition.”

Annual report 2025A · The company itself

“Orthex has more than 100 years of experience in household products, and it has customers in more than 40 countries. Orthex’s core geographic market is Europe.”

Annual report 2025A · The company itself

“We have deployed further local resources focusing on France and Germany, the stronger international commitment is intended to accelerate future growth in the area outside the Nordics. Invoiced sales outside the Nordic market accounted for 23.1% (22.9) of Orthex’s invoiced sales in 2025.”

Annual report 2025A · The company itself

“The trade flow is also characterized by significant salmon processing hubs, such as Poland, Denmark, and the Netherlands.”

Annual report 2024A · The company itself

“The most important markets are the European, US, and Chinese markets.”

Annual report 2024A · The company itself

“The total volumes harvested in Scotland 2024 were 27,880 tonnes gutted weight compared to 20,598 tonnes gutted weight in 2023 - a change in volume of 35%.”

Annual report 2024A · The company itself

“SUPPLY OF ATLANTIC SALMON IN THE US MARKET Chile Canada Norway Faroe Islands United Kingdom USA Other European market In 2024, the European Union market, including the United Kingdom, experienced a 6% increase following a 5% decline in farmed Atlantic salmon in 2023 to a total supply of 1.27 million tonnes WFE. This is equal to a capita consumption of 2.5 kilos WFE on average. Germany, France, and the United Kingdom, collectively accounting for approximately 50% of the total consumption, emerged as the largest markets for salmon within Europe.”

Annual report 2024A · The company itself

“SUPPLY OF ATLANTIC SALMON TO CHINESE MARKET (INCL HONG KONG) Norway Chile United Kingdom Denmark Australia Faroe Islands Canada Others Supply of farmed Atlantic salmon from the Faroe Islands Over the past decade, the Faroese salmon industry has demonstrated unparalleled biological performance, with the lowest loss rates and consistently high average harvest weights compared to other producing regions. This success has resulted in the industry achieving the highest smolt yield in the global salmon sector. The substantial growth in production on the Faroe Islands can be attributed to significant investments in smolt facilities, and implementation of a large smolt strategy – that enables increased stocking and turnover of biomass in the sea.”

Annual report 2024A · The company itself

“Despite achieving a record year in 2021, with Atlantic salmon export volume surpassing 105,000 tonnes WFE, sales have declined to below 90,000 tonnes WFE in 2023. In 2024, supply of salmon from salmon increased back up to 100,000 tonnes WFE.”

Annual report 2024A · The company itself

“With sales suspended in Russia, the European and U.S. markets collectively accounted for over 80% of the total supply volume, reaching market shares not seen since 2011.”

Annual report 2024A · The company itself

“In Europe, growth was hampered by fish health and treatments in the United Kingdom, Faroe Islands, and Iceland, resulting in a combined decline in harvest volume of just over 20,000 tonnes WFE in 2023. Last year, 2024, a significant comeback in terms of volume growth from United Kingdom and for Europe +46,000 tonnes WFE in total.”

Annual report 2024A · The company itself

“Outside the U.S., we provide similar services customized for various countries and foreign jurisdictions through our foreign subsidiaries. The activities of those non-U.S. entities are, or may be, supervised by a financial regulatory authority in the jurisdictions in which they operate.”

Annual report 2025A · The company itself

“We serve our customers in the EU through PayPal (Europe) S.à.r.l. et Cie, S.C.A. (“PayPal (Europe)”), a wholly-owned subsidiary that is licensed and subject to regulation as a credit institution in Luxembourg by the CSSF.”

Annual report 2025A · The company itself

“We serve our customers in the U.K. through PayPal U.K. Limited (“PayPal U.K.”), a wholly-owned subsidiary that is subject to regulation as an electronic money institution in the U.K. by the FCA.”

Annual report 2025A · The company itself

“Consolidated revenue amounted to NOK 1,118.6 million in 2024 (NOK 993.6 million in 2023), representing a 13% increase year-on-year.”

Annual report 2024A · The company itself

“Pexip serves a global market and has customers across the world with its main focus in Europe, North America and the Asia Pacific region.”

Annual report 2024A · The company itself

“Europe - Total Industry, PMI Shipment Volume and Market Share Commentaries The estimated industry volume for cigarettes and HTUs decreased by 3.5% to 524.0 billion units, with a 5.0% decrease for cigarettes and continued HTU growth.”

Annual report 2025A · The company itself

“The report also observed that for those smokers who do not accept e-cigarettes, heat-not-burn products may offer a public health benefit despite their relative risk. The report called for a risk-proportionate regulatory environment for both e-cigarettes and heat-not-burn products and noted that e-cigarettes should remain the least taxed, cigarettes the most taxed, with heat-not-burn products falling between the two.”

Annual report 2025A · The company itself

“Currently, we estimate that illicit trade in the EU accounted for approximately 9% of total cigarette consumption in 2024.”

Annual report 2025A · The company itself

“In November 2012, the FCTC adopted the Protocol to Eliminate Illicit Trade in Tobacco Products (the “Protocol”), which includes supply chain control measures, such as licensing of manufacturers and distributors, enforcement of these control measures in free trade zones, controls on duty free and Internet channels and the implementation of tracking and tracing technologies. To date, 72 Parties, including the EU, have ratified the Protocol. The Protocol came into force in September 2018.”

Annual report 2025A · The company itself

“The tracking and tracing regulations for cigarettes and roll-your-own products manufactured or destined for the EU were extended to include tobacco products other than cigarettes, including some of our SFPs, as of May 20, 2024.”

Annual report 2025A · The company itself

“In 2025, sales to a distributor in the Europe Region and a distributor in the EA, AU & PMI GTR Region each amounted to 10 percent or more of our consolidated net revenues.”

Annual report 2025A · The company itself

“As of December 31, 2025, our smoke-free products were available for sale in 106 markets. With regard to modern oral pouches, we increased our presence to 56 markets.”

Annual report 2025A · The company itself

“As of December 31, 2025, our four geographical segments were as follows: •Europe Region is headquartered in Lausanne, Switzerland, and covers all the European Union countries, Switzerland, the United Kingdom, and also Ukraine, Moldova and Southeast Europe; it also includes our Wellness business; •South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region ("SSEA, CIS & MEA") is headquartered in Dubai, United Arab Emirates.”

Annual report 2025A · The company itself

“As of December 31, 2025, PMI's smoke-free products were available for sale in 106 markets.”

Annual report 2025A · The company itself

“Our shipment volume (in equivalent units) decreased by 1.0% with cigarettes down by 5.5% and SFP up by 10.9%.”

Annual report 2025A · The company itself

“On March 23, 2023, the Greek Ministry of Health authorized a claim for IQOS with HEETS AMBER to inform Greek IQOS users about reduction in emissions of toxicants when using such product compared to cigarette smoking. The decision authorized the following claim: “The concentration of chemical substances with recognized toxicity produced when using IQOS with HEETS AMBER tobacco sticks is lower compared to conventional smoking.”

Annual report 2025A · The company itself

“Photocure’s primary markets for growth, given the Company’s two direct sales organizations and a majority of the market still to be penetrated by Hexvix/ Cysview with BLC. Photocure regained the sales and marketing rights to Hexvix in continental Europe in the fourth quarter of 2020 and regained the rights to Cysview in Canada in January 2022. As a result, the Company remains positioned to take advantage of the growth opportunities in these regions.”

Annual report 2024A · The company itself

“Photocure is commercializing Hexvix/ Cysview directly in the U.S., Canada, and Europe, and has strategic partnerships with Genotests SpA in Chile, Asieris in China, Endotherapeutics in Australia/ New Zealand, Equity Pharma in South Africa, and IGL Medical in Israel.”

Annual report 2024A · The company itself

“Photocure’s product Hexvix ® /Cysview ® is available in over 30 countries, with its established specialist commercial and medical teams in North America and Europe.”

Annual report 2024A · The company itself

“Photocure operates globally with headquarters in Oslo, Norway, and additional offices in Princeton, USA, and Düsseldorf, Germany. We also maintain affiliates in France and Canada.”

Annual report 2024A · The company itself

“Demand for our architectural coatings in Europe and traffic solutions products in the U.S and Canada is typically the strongest in the second and third quarters due to higher home improvement, maintenance and construction activity during the spring and summer months.”

Annual report unknown yearA · The company itself

“During 2025, approximately 70% of the Company’s total net sales were recognized outside of the United States.”

Annual report unknown yearA · The company itself

“GLOBAL ARCHITECTURAL COATINGS Strategic Business Unit Products Primary Customers / End-uses Main Distribution Methods Primary Brands Architectural Coatings Latin America and Asia Pacific Paints, wood stains, adhesives, sealants and purchased sundries Painting and maintenance contractors and consumers for decoration and maintenance of residential and commercial building structures Company-owned stores, home centers and other regional or national consumer retail outlets, paint dealers, concessionaires, independent distributors and direct to consumers COMEX®, PPG®, GLIDDEN®, MERIDIAN®, POLYFORM®, RENNER®, TAUBMANS®, TIKKURILA® and WHITE KNIGHT® Architectural Coatings Europe, Middle East and Africa (EMEA) SIGMA®, HISTOR®, SEIGNEURIE®, GUITTET®, PEINTURES GAUTHIER®, RIPOLIN®, JOHNSTONE’S®, LEYLAND®, PRIMALEX®, DEKORAL®, TRILAK®, GORI®, BONDEX®, DANKE!® and TIKKURILA® Segment Overview This reportable business segment primarily supplies a variety of decorative coatings, adhesives, sealants and finishes along with paint strippers, stains and related chemicals.”

Annual report unknown yearA · The company itself

“Risks Specific to Pennsylvania Regulated Segment (PPL and PPL Electric) We face competition for transmission projects, which could adversely affect our rate base growth.”

Annual report 2025A · The company itself

“(PPL and PPL Electric) PPL Electric delivers electricity to approximately 1.5 million customers in a 10,000-square mile territory in 29 counties within eastern and central Pennsylvania.”

Annual report 2025A · The company itself

“•Legislative, tax, and regulatory risks: Shurgard is subject to a variety of local, national, and pan-European laws and regulations related to permitting and land use, the environment, labor, and other areas, as well as income, property, sales, and value added and employment tax. These laws and regulations can be difficult to apply or interpret, can vary in each country or locality, and are subject to unexpected changes in their form and application due to regional, national, or local political uncertainty and other factors.”

Annual report 2025A · The company itself

“We have exposure to European operations through our ownership in Shurgard. Shurgard, as an owner, operator, and developer of self-storage facilities, is subject to many of the same risks we are with respect to self-storage. However, through our investment in Shurgard, we are exposed to additional risks unique to the various European markets in which Shurgard operates, which may adversely impact our business and financial results, and many of which are referred to in Shurgard’s public filings.”

Annual report 2025A · The company itself

“I Storbritannien har en ny planperiod inletts, något som historiskt sett inneburit låga volymer i början av perioden. Cirka ett år in i planperioden är dock volymerna inte i nivå med vad de borde vara. Vi för en dialog med Network Rail och kommer parallellt att se över vår strategi för Storbritannien.”

Annual report 2024A · The company itself

“Marginalen har varit lägre än föregående år, vilket i huvudsak är en konsekvens av att verksamheten i Storbritannien inte har utvecklats som vi har hoppats. Den påverkas även negativt då vi bygger organisation inför framtida uppdrag.”

Annual report 2024A · The company itself

“Vissa entreprenaduppdrag utförs även i Storbritannien.”

Annual report 2024A · The company itself

“Maskin- och teknikverksamheten utvecklar dels maskiner för den egna verksamheten, dels för att säljas på en internationell marknad.”

Annual report 2024A · The company itself

“Vår verksamhet bedrivs inom följande segment: ENTREPRENAD SVERIGE Andel av koncernens % Vår verksamhet omsätning 39 ENTREPRENAD UTLAND % Andel av koncernens omsätning 4 TRANSPORT SKANDINAVIEN Andel av koncernens % omsätning 55 MASKIN OCH TEKNIK Andel av koncernens % omsätning 2 Kurt Boström, installatör Entreprenad Sverige Entreprenad Utland Transport Skandinavien Maskin och Teknik → VERKSAMHETEN AKTIEN FÖRVALTNINGSBERÄTTELSE HÅLLBARHETSRAPPORT FINANSIELLA RAPPORTER, NOTER ÖVRIGT Lokverkstad i Pitkäjärvi Reparation och underhåll Entreprenadtransporter Maskin-, slipers och makadamtransporter Godstransporter Malmtransporter åt Kaunis Iron och LKAB Verkstad i Skelleſtehamn Maskinutveckling, byggnation och underhåll Huvudkontoret ligger i Skelleſtehamn.”

Annual report 2024A · The company itself

“European markets have experienced slower consumer spending following the recent economic and political developments, and this trend is expected to continue in 2026.”

Annual report 2025A · The company itself

“With comparable translation exchange rates sales were down by 4% from the previous year.”

Annual report 2025A · The company itself

“Under lång tid har RaySearch också byggt upp en stark lokal supportverksamhet, något som anses avgörande för framgångar på den franska marknaden.”

Annual report 2024A · The company itself

“DEN EUROPEISKA OCH AFRIKANSKA MARKNADEN Den europeiska marknaden består av omkring 1 500 strålbehandlingskliniker, varav omkring 301 (december 2024) använder RayStation. RayStation är en väletablerad produkt och har betydande marknadsandelar i framför allt Belgien, Frankrike, Nederländerna, Storbritannien och Tyskland.”

Annual report 2024A · The company itself

“RayStation har en kundbas på drygt 1 000 kliniker i 46 länder (december 2024).”

Annual report 2024A · The company itself

“In addition, in April 2023, the European Commission published a proposal to replace the current pharmaceutical legislative framework in the EU. While it is uncertain whether such proposal will be adopted in its current form, there may ultimately be a number of changes to the current regulatory framework in the EU, including a reduction of the data protection and market exclusivity periods provided thereby.”

Annual report 2025A · The company itself

“While we have made progress with establishing commercial capabilities in certain jurisdictions outside the United States in recent years (primarily in connection with our acquisition of the worldwide rights to Libtayo in 2022 and the exercise of our option under the Antibody Collaboration to co-commercialize Dupixent in certain jurisdictions outside the United States), our commercial capabilities and experience with commercializing products outside the United States (as well as obtaining and/or maintaining regulatory approvals and securing pricing and reimbursement for our products outside the United States) are still somewhat limited. There may be other circumstances in which we need to establish further commercial capabilities outside the United States, including because we decide to commercialize other products independently (such as Lynozyfic and Ordspono, which we recently launched in the EU); we are unable to find an appropriate collaborator; or an existing collaborator decides to opt out or breaches its obligations to us with respect to a particular product.”

Annual report 2025A · The company itself

“We have large-scale manufacturing operations in Rensselaer, New York and Limerick, Ireland.”

Annual report 2025A · The company itself

“We have operations and conduct business in many countries outside the United States and have been significantly expanding the scope of these activities in existing and/or additional countries, including EU countries and Japan. For example, as discussed above, we now have commercial presence in many jurisdictions outside the United States in connection with our commercialization of Libtayo and co-commercialization of Dupixent, and we expect this commercial presence to continue to increase as we expand our commercialization activities for other products outside the United States (including Lynozyfic and Ordspono, which recently launched in the EU).”

Annual report 2025A · The company itself

“We have large-scale manufacturing operations in Limerick, Ireland and have also established offices in the United Kingdom, Germany, Japan, and other countries outside the United States.”

Annual report 2025A · The company itself

“Our key priorities for inorganic investments include: •industrial AI applications; •market access in Europe and Asia; and •product portfolio expansion.”

Annual report 2025A · The company itself

“It should be noted that our local-for-local operating model – manufacturing and selling within the same regions – provides some insulation from potential trade disruptions.”

Annual report 2025A · The company itself

“Capital expenditure reached 473 MEUR, an increase of 86 MEUR compared to 2024, slightly higher than our latest expectation due to timing of some larger investments. The largest individual investments in 2025 related to construction of the new factories in the United States and India, the new production line in Romania and the electrical conversions in the Netherlands and France as well as digitalisation initiatives.”

Annual report 2025A · The company itself

“Main markets like Germany, the United Kingdom, and France declined while Italy, Spain, and the Netherlands performed well.”

Annual report 2025A · The company itself

“Excluding revenue in Russia, Eastern Europe increased five percent in local currencies, with good performance in Romania, Poland and Hungary.”

Annual report 2025A · The company itself

“Revenue in Western Europe reached 549 MEUR in Q4 2025, a decrease of 0.5 percent in local currencies and 1.0 percent in reported figures compared to Q4 2024. The decrease mainly related to the United Kingdom and Switzerland, while Benelux, Italy and Spain performed well compared to Q4 2024.”

Annual report 2025A · The company itself

“Quarterly revenue in Eastern Europe including Russia reached 188 MEUR, a decrease of 1.6 percent in local currencies and an increase of three percent in reported figures compared to Q4 2024. Excluding revenue in Russia, Eastern Europe increased four percent in local currencies, with revenue growth in Hungary, Romania and Poland.”

Annual report 2025A · The company itself

“VERKSAMHET KONCERNENS RESULTATRÄKNING I SAMMANDRAG 2024 steg efterfrågan på marknadsmassa i Europa, Rottneros huvudmarknad, med cirka 10 procent. Samtidigt var efterfrågan svag i Kina.”

Annual report 2024A · The company itself

“Våra kvalitetsmassor levereras till nischmarknader i Europa, Asien och Nordamerika.”

Annual report 2024A · The company itself

“Trots en avmattning på vår huvudmarknad i Europa efter sommaren landade helåret 2024 på en tydlig konsumtionstillväxt här jämfört med föregående år.”

Annual report 2024A · The company itself

“Hållbarhetsarbetet i fokus Den enskilt största marknaden för marknadsmassa, Kina, var relativt svag under hela året, medan Europa och USA uppvisade en starkare trend.”

Annual report 2024A · The company itself

“Rottneros huvudmarknad, Europa, använder cirka 17 miljoner ton marknadsmassa årligen, vilket motsvarar cirka 24 procent av den globala förbrukningen.”

Annual report 2024A · The company itself

“Efterfrågan på marknadsmassa steg under inledningen av 2024 men vände sedan gradvis och uppvisade en nedgång om 2 procent för helåret.”

Annual report 2024A · The company itself

“Trots en avmattning på den europeiska marknaden efter sommaren landade helåret på en tydlig tillväxt här jämfört med 2023.”

Annual report 2024A · The company itself

“Under 2025 startas produktionen i Rottneros och Arctic Papers gemensamma fabrik för högkvalitativa fibertråg i Polen.”

Annual report 2024A · The company itself

“Under 2024 hade det gemensamägda bolaget i Polen, där koncernen tillsammans med Arctic Paper byggt en fabrik för formpressade fibertråg, hög prioritet.”

Annual report 2024A · The company itself

“Koncernen är verksam inom segmentet marknadsmassa, där den producerade massan säljs till kunder över hela världen. Tyngdpunkten för Rottneros försäljning ligger i Europa, USA och på vissa asiatiska marknader.”

Annual report 2024A · The company itself

“Our Partner Brands Our Global Brands are complemented by our interest in TUIC, our 50%-owned joint venture that operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). TUIC is a joint venture owned 50% by us and 50% by TUI AG, a German tourism company, which is designed to serve the contemporary and premium segments of the German cruise market by offering products tailored for German guests.”

Annual report 2025A · The company itself

“NORTHERN EUROPE 66% Share of net revenue 2025”

Annual report 2025A · The company itself

“INTERNATIONAL 10% Share of net revenue 2025”

Annual report 2025A · The company itself

“WESTERN EUROPE mDKK 2025 2024 % changes % organic Volumes (mhl) 5.5 5.0 11 10 EBIT 480 309 55 56 EBIT margin 12.8 9.3 Net revenue split alcoholic vs. non-alcoholic (%) Both Italy and France improved price/mix through growth in own brands and price/pack optimization.”

Annual report 2025A · The company itself

“In Italy, we maintained the strong momentum from 2024 and delivered robust growth in 2025, supported by continued market share gains across categories. Our beer brands, Ceres Strong Ale and Faxe, and our soft drink portfolio under the Crodo range continued to perform strongly across channels, reflecting the strength of our brand portfolio and commercial execution.”

Annual report 2025A · The company itself

“In France, we continued to grow value market shares for both Lorina (lemonade) and Crazy Tiger (energy drinks) in the total non-alcoholic market in 2025. Performance was supported by strong category growth, particularly in energy drinks, and by our focused efforts to unlock new drinking occasions for both brands through single serve pack formats and expanded distribution in convenience channels.”

Annual report 2025A · The company itself

“Faxe beer and Power Malt remain the leading brands for us. • ACHA region, where we continue to expand exports of our Italian CSD brand Lemonsoda, leveraging growing demand for differentiated premium soft drinks. • Premium malt beverages export to Afro-Caribbean and African ethnic consumer groups.”

Annual report 2025A · The company itself

“DENMARK, GERMANY, FINLAND, NORWAY, SWEDEN, LATVIA, LITHUANIA, AND ESTONIA ITALY, FRANCE, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG International MORE THAN 70 MARKETS IN AMERICAS AND EMEAA 11.0mhl VOLUME (on level with 2024) 5.5mhl VOLUME (up by 11�) VOLUME (up by 16%) 1,518mDKK EBIT (up by 4%) 480mDKK EBIT (up by 55%) 239 mDKK EBIT (up by 14%) 10.4bnDKK (up by 2%) 3.7bnDKK (up by 13%) (up by 7%) 14.5� (up by 0.3pp) 12.8� (up by 3.5pp) 15.5� (up by 1.0pp) → Read more: page 33 → Read more: page 35 → Read more: page 37 Financial highlights 2025 by segment”

Annual report 2025A · The company itself

“We operate 20 production sites across 10 countries, primarily serving markets in Northern and Western Europe, complemented by export to international markets.”

Annual report 2025A · The company itself

“The Northern Europe segment comprises our multi-beverage businesses in Denmark (incl. German border trade) Finland, Norway, Sweden, and the Baltic countries. In 2025, Northern Europe accounted for 66% of the Group's net revenue (2024: 68%) and 68% of the Group's EBIT (2024: 74%).”

Annual report 2025A · The company itself

“In 2025, volumes increased by 11% to 5.5m hectoliters (2024: 5.0m hectoliters). The BeLux activities, which were incorporated as of October 1, 2024, accounted for 10 percentage points of the volume growth in 2025.”

Annual report 2025A · The company itself

“The Western Europe comprises our multi-niche businesses in the Netherlands, Belgium, Luxembourg, Italy, and France. In 2025, the segment accounted for 24% of the Group's net revenue (2024: 22%) and 21% of the Group's EBIT (2024: 16%).”

Annual report 2025A · The company itself

“RevolutionRace erbjuder högkvalitativa kläder inom friluftsliv och i övrigt för en aktiv livsstil till kunder i fler än 35 länder via sin webbutik som är lokalanpassad till 18 länder. Sedan Bolaget grundades 2013 och lanserade sin första friluftsbyxa för att utmana traditionella varumärken har RevolutionRace sålt över två miljoner byxor och utökat sitt produktsortiment till att erbjuda en stor variation av egenutvecklade kläder. Bolaget erbjuder sina multifunktionella kläder under det egna varumärket RevolutionRace och riktar sig till en global och bred kundbas som lever ett aktivt liv främst i ålderskategorin 18–70 år.”

Annual report 2022A · The company itself

“Att utöka vår geografiska närvaro genom lokala webbutiker är en viktig framgångsfaktor och en väsentlig del i vår globala tillväxtstrategi. Under året har vi lanserat tre nya marknader; USA, Schweiz och Estland.”

Annual report 2022A · The company itself

“Försäljningen i region DACH, omfattande Tyskland, Österrike och Schweiz, ökade 81 procent till 658 MSEK. Den starka utvecklingen i regionen drevs i huvudsak av en mycket god utveckling på bolagets största marknad – Tyskland.”

Annual report 2022A · The company itself

“RevolutionRace enskilt största marknad är Tyskland följt av Sverige och Finland.”

Annual report 2022A · The company itself

“Väsentliga händelser under räkenskapsåret Nya marknader och produkter Varumärket RevolutionRace och dess produkter har under räkenskapsåret lanserats i Schweiz och Estland samt återlanserats med Amazon UK, med en gynnsam utveckling och efterfrågan.”

Annual report 2022A · The company itself

“In addition to this, Salmon Evolution is pursuing international expansion closer to markets, serving as a lower-CO alternative to long-haul transport and distribution.”

Annual report 2023A · The company itself

“Europe and Rest of World accounted for 43.5% and 6.3% respectively”

Annual report 2025A · The company itself

“machine-rolled cigars Market leader in Europe Pipe tobacco Undisputed global leader 5.9 DKK BN Shareholder returns in the past 5 years 100 + Markets across the globe Performance highlights 2025 became a challenging year for Scandinavian Tobacco Group, with a combination of external disruptions and internal operational issues.”

Annual report 2025A · The company itself

“Global presence We employ approximately 8,800 people globally, have more than 20 sales offices in North America and Europe, and sell to more than 100 countries around the world.”

Annual report 2025A · The company itself

“Within the NGP category, we have significantly grown our nicotine pouch business in 2025 with our lead brand XQS, securing the second largest market share position in Sweden, the market in the world with probably the highest adoption rate.”

Annual report 2025A · The company itself

“In machine-rolled cigars we have market leading positions in several European countries and hold solid positions in nicotine pouches in select markets across Europe.”

Annual report 2025A · The company itself

“MB Elettronica, acquisition completed in January 2026, enhances Scanfil’s footprint in Southern Europe with a strong portfolio in Aerospace & Defense and Medtech & Life Science customer groups.”

Annual report 2025A · The company itself

“Central Europe turnover decreased organically by 3.0% compared to 2024.”

Annual report 2025A · The company itself

“In addition, MB has a strong position in domestic Italian and Southern European markets, and within the Industrial and Medtech & Life Science customer groups.”

Annual report 2025A · The company itself

“De ska vara lönsamma, gärna marknadsledande, entreprenörsledda nischbolag inom infrastruktur, i prioriterade geografier.”

Annual report 2024A · The company itself

“Med huvudkontor i Stockholm är Norden, Storbritannien och Norditalien Sdiptechs huvudmarknader.”

Annual report 2024A · The company itself

“Vår mission Vårt övergripande mål är att skapa en hållbar, långsiktig värdetillväxt och att bli en ledande europeisk leverantör av nischade erbjudanden till infrastruktursektorn.”

Annual report 2024A · The company itself

“De viktigaste geografiska marknaderna för affärsområdet är Norden, Storbritannien och Italien.”

Annual report 2024A · The company itself

“Freedonia gör exempelvis bedömningen att marknaden för bevakningstjänster i Europa och Nordamerika kommer att växa med i genomsnitt cirka 3 procent per år under perioden 2021 till 2031.”

Annual report 2024A · The company itself

“Europa och Nordamerika utgör de största regionerna, med betydande tillväxtmöjligheter, främst inom teknisk innovation och utveckling.”

Annual report 2024A · The company itself

“Chile, Colombia, Costa Rica, Ecuador, Peru, Portugal, Spanien och Uruguay Rörelsemarginal 7,0% 48 000 medarbetare Securitas Europe Securitas Europe erbjuder säkerhetstjänster i 21 länder. Belgien, Danmark, Finland, Frankrike, Irland, Kroatien, Luxemburg, Nederländerna, Norge, Polen, Rumänien, Schweiz, Serbien, Slovakien, Storbritannien, Sverige, Tjeckien, Turkiet, Tyskland, Ungern och Österrike Rörelsemarginal 6,5% 120 000 medarbetare AMEA – Afrika, Mellan östern, Asien och Australien AMEA erbjuder säkerhetstjänster i 11 länder såväl som i Hongkong.”

Annual report 2024A · The company itself

“Securitas Europe Securitas Europe erbjuder säkerhetslösningar i 21 länder.”

Annual report 2024A · The company itself

“Uppnå varaktig och lönsam försäljningstillväxt i Europa Våra marknadsgodkännanden i 15 europeiska länder innebär att Sedana Medical är det enda bolaget som erbjuder en godkänd behandling för inhalationssedering i intensivvård. Med ett starkt fokus på kommersiella framsteg och en återhållsam investeringsfilosofi som prioriterar lönsam tillväxt siktar vi mot att göra inhalationssedering till standardbehandling.”

Annual report 2024A · The company itself

“I övrigt har Sedana Medical direktförsäljning i Spanien, Frankrike, Storbritannien, Benelux, och Norden.”

Annual report 2024A · The company itself

“Vårt strategiska fokus på Spanien, Storbritannien och Frankrike fortsätter att ge goda resultat: Spanien har varit den ledande tillväxtmotorn under året, tack vare en fokuserad strategi att etablera inhalationssedering som en standardbehandling och disciplinerat utförande i fält.”

Annual report 2024A · The company itself

“Tillväxten i Stor britannien har ökat kraftigt efter det regulatoriska godkännandet från MHRA i slutet av 2023, och vi utökar även vårt lokala team i Storbritannien i 2025.”

Annual report 2024A · The company itself

“Geografiskt har Sedana Medical ett tydligt fokus på bolagets nuvarande direktmarknader i Europa (Tyskland, Spanien, Frankrike, Storbritannien och Irland, Norden och Benelux) samt bolagets största potentiella marknad USA.”

Annual report 2024A · The company itself

“Egen direktförsäljning sker förutom i Tyskland och Spanien också i Storbritannien, Frankrike, Belgien och Nederländerna via helägda dotterbolag.”

Annual report 2024A · The company itself

“Våra övriga direktmarknader i Europa uppvisade en tillväxt på 48 procent under 2024. Bland dessa marknader presterar Spanien och Storbritannien bäst sett till tillväxttakt.”

Annual report 2024A · The company itself

“The growth of our business depends on our ability to increase our sales outside of the U.S. as a percentage of our total revenues. Additionally, operating in international markets requires significant investment and management attention and subjects us to varying regulatory, political and economic risks. We have made, and will continue to make, substantial investments in data centers, geographic-specific service delivery models, advisory councils, cloud computing infrastructure, sales, marketing, partnership arrangements, personnel and facilities in new geographic markets.”

Annual report 2025A · The company itself

“Vi gick in i 2024 med en produktionsnivå om cirka 3,8 miljoner motorekvivalenter och med en förväntan om tillväxt under första halvåret, med stöd av ny produktion av tunga fordon för MAN i Tyskland och First Automobile (FAW) i Kina. Men med förseningen av Euro VII-utsläppslagstiftningen i Europa beslutade Traton Group att fokusera på produktionen av 13- litersmotorn i SinterCast-CGI för Scania och Navistar, vilket ledde till att utrullningen för MAN sköts upp.”

Annual report 2024A · The company itself

“Utsikterna för serieproduktion är positiva, med nya produkter på väg in på marknaden inom kort och nya program under utveckling för produktionsstart 2028 Årsredovisning 2024 8 och framåt. Även marknaden som helhet ser lovande ut, med en återhämtning av försäljningen av tunga fordon förväntad under 2025, samt stark efterfrågan i USA inför 2026 och i Europa inför 2028.”

Annual report 2024A · The company itself

“Per den 31 december 2024 hade SinterCast 58 installationer i 13 länder.”

Annual report 2024A · The company itself

“Vidare siktar SEB på att växa sin företagsverksamhet genom att fördjupa bankens helhetsrelationer hos befintliga kunder i Norden och genom en selektiv expansion på våra hemmamarknader utanför Norden.”

Annual report 2024A · The company itself

“Tyskland, Storbritannien och sedan 2021 expanderar vår företagsverksamhet till Österrike, Schweiz och Nederländerna. Vi stödjer företagskunder på hemma marknaden globalt via SEB:s internationella kontorsnätverk.”

Annual report 2024A · The company itself

“We operate 40 consumer packaging plants in Europe in 12 countries which primarily manufacture folding cartons, labels and leaflets for consumer packaging markets. We are one of the largest producers in Europe.”

Annual report 2025A · The company itself

“We are one of the largest European manufacturers in the high growth bag-in-box market, a leading European supplier of bags for bagin-box packaging (primarily packaged in corrugated boxes) for the wine market, and a significant global supplier for taps for bag-inbox packaging for the wine market. We have nine bag-in-box or tap manufacturing facilities located in France, Spain, Italy, Bulgaria, Canada, Argentina, Mexico, and the U.S.”

Annual report 2025A · The company itself

“B) Europe, MEA and APAC Segment Our Europe, MEA and APAC segment mill operations consist of 21 mills, and includes a system of mills and box plants that primarily produce a full line of containerboard that is converted into corrugated containers. We operate in 22 countries across western and eastern Europe.”

Annual report 2025A · The company itself

“Europe, MEA and APAC Segment Net sales before intersegment eliminations for the Europe, MEA and APAC segment increased by $1,316 million, to $10,893 million in the year ended December 31, 2025, from $9,577 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself

“With 99.5% of our suppliers based in Europe and rigorous sustainability standards embedded in our sourcing practices, we continue to lead responsibly and support the green transition.”

Annual report 2025A · The company itself

“Management’s review Markets and customers Our sales are mainly distributed across Denmark (33%), the Netherlands (23%), Sweden (17%), Norway (15%) and Poland (3%).”

Annual report 2025A · The company itself

“Our 2,995 employees are based in Denmark (786), the Netherlands (470), Sweden (524), Norway (509), Poland (361) and others (345).”

Annual report 2025A · The company itself

“With more than 4,000 direct material suppliers mainly in low-risk markets and with over 99% of tier-one suppliers based in Europe we recognise the importance of managing risks across our value chain.”

Annual report 2025A · The company itself

“Although the greatest exposure lies upstream, it remains limited because the majority of our business across the value chain takes place in Europe, and in highly regulated markets with a low risk of corruption.”

Annual report 2025A · The company itself

“Europa sliter med svak vekst, politisk ustabilitet og økende budsjettunderskudd, spesielt i Tyskland og Frankrike. Tyskland har hatt nær nullvekst i to år, med mistillit fra næringslivet som følge av høye energipriser.”

Annual report 2024A · The company itself

“The effect on our NII has been exacerbated by the effects in recent fiscal years of the strong U.S. dollar relative to other currencies, particularly the Euro. If European interest rates remain low or decrease and the U.S. dollar strengthens relative to the Euro, the negative effects on our NII likely will continue or increase.”

Annual report 2025A · The company itself

“Our geographic footprint also exposes us to the relevant macroeconomic, political, legal and similar risks generally involved in doing business in the jurisdictions in which we establish lower-cost locations or joint ventures or in which our outsourcing vendors locate their operations, particularly in locations where we have a concentration of our operational activities, such as India, Poland and China.”

Annual report 2025A · The company itself

“As of December 31, 2025, we serviced AUC/A of approximately $53.80 trillion, comprising approximately $37.42 trillion in the Americas, approximately $12.92 trillion in Europe and the Middle East and approximately $3.46 trillion in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Our continental European banking subsidiary, State Street Bank International GmbH is a significant entity in accordance with European banking regulations and accordingly is supervised directly by the ECB. State Street Bank International GmbH operates in several countries including Germany, Luxembourg, Italy, France and Switzerland.”

Annual report 2025A · The company itself

“Our subsidiaries involved in our investment management and securities and markets businesses are regulated by governments, securities exchanges, self-regulatory organizations, central banks and regulatory bodies in U.S. federal and state and non-U.S. jurisdictions, especially in those jurisdictions in which we maintain an office.”

Annual report 2025A · The company itself

“We manage our operations and expenses across a global model, which may include migrating certain business processes and business support functions to emerging market-based geographic hub locations, such as India, Poland and China, and by outsourcing to vendors and joint ventures in various jurisdictions.”

Annual report 2025A · The company itself

“Marraskuussa Stora Enson hallitus hyväksyi suunnitelman Stora Enson Ruotsin metsäomaisuuden eriyttämisestä uudeksi pörssiyhtiöksi vuonna 2027. Tämä luo Euroopan suurimman listatun, puhtaasti metsään keskittyvän yrityksen.”

Annual report 2025A · The company itself

“Joustava ja muunnettu linja, jonka vuotuinen kapasiteetti on 750 000 tonnia, tuottaa taivekartonkia (FBB) ja päällystettyä valkaisematonta kraftkartonkia (CUK) pakastettuihin, jäähdytettyihin ja kuiviin elintarvikkeisiin sekä juomien monipakkauksiin pääasiassa eurooppalaisille ja pohjoisamerikkalaisille asiakkaille.”

Annual report 2025A · The company itself

“Euroopan kysyntä pysyi vakaana. Makrotaloudelliset ja geopoliittiset epävarmuudet rajoittivat kasvupotentiaalia.”

Annual report 2025A · The company itself

“Euroopan aaltopahvipakkausten kysyntä kasvoi 2 % vuonna 2025, ja kasvua johti Keski- ja Itä-Eurooppa, erityisesti Puola. Verkkokauppa ja vähittäismyynti tukivat kasvua, kun taas vakaa inflaatio ja alhainen työttömyys loivat suotuisan toimintaympäristön.”

Annual report 2025A · The company itself

“Stora Enson päämarkkinat ovat Euroopassa, ja niiden osuus liikevaihdosta on noin 69 %.”

Annual report 2025A · The company itself

“Vuonna 2025 konsernin liikevaihto oli 9 326 (9 049) miljoonaa euroa.”

Annual report 2025A · The company itself

“I Europa var væksten mere afdæmpet. Eurozonen voksede samlet set med ca. 1,5% i 2025, mens Tyskland kun havde en svag fremgang.”

Annual report 2025A · The company itself

“Inflationen faldt til omkring 2% ved årets udgang. ECB sænkede renten 3 gange i 2025 (i alt 0,75%-point) og satte renten ned til 2,00% i juni, hvorefter den blev holdt uændret resten af året.”

Annual report 2025A · The company itself

“S&P 500 steg med ca. 16,4% og Nasdaq Composite med ca. 20,4% i 2025 (begge i lokal valuta). I Europa steg Euro Stoxx 50 med ca. 16% og DAX med 23%.”

Annual report 2025A · The company itself

“ECB sænkede renten 3 gange i 2025 (i alt 0,75%-point) og satte renten ned til 2,00% i juni, hvorefter den blev holdt uændret resten af året. For 2026 forventes ECB overvejende at forblive på pause.”

Annual report 2025A · The company itself

“Selskabet vil investere primært i nordiske aktier, obligationer samt erhvervsobligationer.”

Annual report 2025A · The company itself

“Our operating results are primarily exposed to changes in exchange rates among the United States Dollar, Australian Dollar, British Pound, Canadian Dollar, Euro and Japanese Yen.”

Annual report 2025A · The company itself

“We have exposure to exchange rate fluctuations on cross border transactions and translation of local currency results into United States Dollars: We report our financial results in United States Dollars and approximately 24% of our net sales are denominated in foreign currencies, including the Australian Dollar, British Pound, Canadian Dollar, Euro and Japanese Yen.”

Annual report 2025A · The company itself

“Swecos strategi är att ta marknadsledande positioner på huvudmarknaderna i Europa genom att växa både organiskt och genom förvärv.”

Annual report 2024A · The company itself

“Verksamheten bedrivs genom åtta geografiska affärsområden som tillsammans täcker ett15-tal marknader i Europa.”

Annual report 2024A · The company itself

“Nettoomsättning fördelat på tjänstesegment 2024, % Byggnader och stadsdelar, 37 (37) Vatten, energi och industri, 35 (34) Transportinfrastruktur, 28 (29) Nettoomsättning fördelat på kunder 2024, % Offentliga sektorn, 37 (38) Övriga privata företag, 28 (24) Industriföretag, 19 (21) Bostads-, fastighets- och byggföretag, 17 (17) Nettoomsättning fördelat på affärs områden 2024, % Sweco Sverige, 29 (29) Sweco Belgien, 13 (13) Sweco Finland, 12 (13) Sweco Norge, 11 (12) Sweco Danmark, 11 (10) Sweco Nederländerna, 10 (10) Sweco Tyskland och Centraleuropa, 9 (8) Sweco Storbritannien, 5 (5) Året i korthet Stark tillväxt med fokus på grön omställning 2024 var ytterligare ett år av lönsamt tillväxt för Sweco.”

Annual report 2024A · The company itself

“Vi har åtta huvudmarknader i Europa. Det är marknader med stark ekonomi samt goda förutsättningar till hög lönsamhet, och där vi ser att Swecos affärsmodell och företagskultur passar väl. I dessa marknader har vi som mål att nå en topp tre marknadsposition genom organisk tillväxt och förvärv.”

Annual report 2024A · The company itself

“Med omkring 21 000 årsanställda är Sweco det största konsultföretaget inom teknik och arkitektur på den europeiska marknaden.”

Annual report 2024A · The company itself

“Verksamheterna i Sverige, Norge, Finland, Danmark, Nederländerna, Belgien, Storbritannien, och Tyskland, samt Estland och Litauen är ISO 9001 certifierade. De innehar också certifieringar för ISO 14001 (miljö) och ISO 45001 (arbetsmiljö).”

Annual report 2024A · The company itself

“Sweco är Europas ledande arkitektur- och ingenjörskonsultbolag.”

Annual report 2024A · The company itself

“Riktlinjernas främjande av bolagets affärsstrategi, långsiktiga intressen och hållbarhet Sweco planerar och utformar framtidens samhällen och städer. Swecos hemmamarknad är norra Europa och Sweco ska ha en ledande position på alla de marknader där Sweco etablerar sig. Genom att vara marknadsledande kan Sweco erbjuda den bredaste specialistkompetensen och bli förstahandsvalet för kunder och medarbetare.”

Annual report 2024A · The company itself

“I juni 2024 fick Altuvoct EUgodkännande för hemofili A och lanserades i Tyskland som första marknad. EU-kommissionen följde också den europeiska läkemedelsmyndighetens (EMA) rekommendation om bibehållen särläkemedelsstatus för Altuvoct som därmed beviljades tio års marknadsexklusivitet.”

Annual report 2024A · The company itself

“Sobi har sitt huvudkontor i Stockholm, med närvaro i cirka 30 länder och levererar läkemedel till patienter i ännu fler länder.”

Annual report 2024A · The company itself

“Saab tecknade ett kontrakt med Försvarets materielverk (FMV) och tog emot en beställning på ytterligare fyra Gripen C-stridsflygplan till Ungern. Tilläggsavtalet innebär att Ungern får en stridsflygflotta med totalt 18 Gripen C/D som skyddar och försvarar landets och Natos luftrum.”

Annual report 2024A · The company itself

“Saab tecknade ett kontrakt med det polska försvarsdepartementets upphandlingsmyndighet gällande leverans av granatgeväret Carl-Gustaf M4, ammunition och träningsutrustning. Ordervärdet motsvarar SEK 12,9 miljarder och kontraktsperioden är 2024-2027.”

Annual report 2024A · The company itself

“Saab meddelade att man tagit emot en order från Airbus Defence and Space gällande sensorlösningen Arexis till en telekrigsvariant av Tysklands Eurofighters. Kontraktsperioden är 2024-2026.”

Annual report 2024A · The company itself

“Saab har en etablerad verksamhet i Tyskland och har under de senaste åren fått en betydande roll inom områden såsom marin stridsledning, markbaserad träning och simulering, samt elektronisk krigsföring (EW) för stridsflygplan.”

Annual report 2024A · The company itself

“Tillväxt i strategiska marknader Saab verkar i över 100 länder världen över. Utöver Sverige utgör USA, Storbritannien, Tyskland och Australien den huvudsakliga basen för fortsatt tillväxt. På dessa utvalda strategiska marknader ser Saab möjligheter för att växa inom nischer och teknikområden där Saab har en stark position som exempelvis sensorer, undervattenssystem och ledningssystem.”

Annual report 2024A · The company itself

“Saabs Dynamics Missile Systems har en global kundbas med verksamheter huvudsakligen i Sverige, Tyskland och USA.”

Annual report 2024A · The company itself

“Flygburen multidomän övervakning för militära och säkerhetsskapande uppdrag, med kunder i Sverige, Förenade Arabemiraten, Thailand, Polen, Brasilien, Mexico, Grekland och Pakistan.”

Annual report 2024A · The company itself

“Många konkurrenter är också starka på sina respektive hemmamarknader. • Marknadsorganisationen är organiserad för att fokusera marknads- och försäljningsinsatser till nyckelmarknader där möjligheten till nya affärer är hög. • Saab har, utöver Sverige, identifierat fyra strategiska marknader; Australien, Tyskland, Storbritannien och USA, där den lokala närvaron stärkts och kommer att stärkas ytterligare. Saab har ökat den lokala närvaron också i andra länder som till exempel Brasilien, Finland och Polen, både genom egen verksamhet och samarbeten.”

Annual report 2024A · The company itself

“The effects of the U.K.'s future trade agreements with the E.U. or other nations could potentially disrupt the markets we serve and may cause us to lose customers, distributors, and employees. The Trade and Cooperation Agreement sets out preferential arrangements in areas such as the trade in goods and services but does not reach the level of integration that existed while the U.K. was an E.U. member state, which could have a detrimental impact on our U.K. growth. Such a decline could also make our doing business in Europe more difficult, which could negatively affect sales to consumers of our products.”

Annual report 2026A · The company itself

“International Operations International sales are a significant part of our business. For the fiscal years ended March 31, 2026, 2025, and 2024, we earned 40.8%, 39.5% and 38.7%, respectively, of our net revenue outside the U.S.”

Annual report 2026A · The company itself

“We sell our products globally and have sales operations in Australia, Canada, Chili, France, Germany, Japan, Singapore, South Korea, Taiwan, United Arab Emirates, the U.K., and the U.S.”

Annual report 2026A · The company itself

“For the fiscal year ended March 31, 2026, 40.8% of our net revenue was earned outside the U.S.”

Annual report 2026A · The company itself

“Sourcing Our focus is a local supply chain, and more than 90% of our direct materials are sourced in Europe.”

Annual report 2025A · The company itself

“These suppliers are primarily located in Europe, in most cases relatively close to our production sites in Tvis and Aulum, Denmark. In 2025, 92% of materials directly used in our production were made in Europe.”

Annual report 2025A · The company itself

“Telepalvelumarkkina kehittyneillä alueilla pysyi vuonna 2025 reaalisesti tarkasteltuna vakaana tai lievästi supistuvana, kun operaattorit kohtasivat hinnoittelupainetta, valuuttakurssien vaihtelua sekä investointien maltillistumista.”

Annual report 2025A · The company itself

“Kasvava kysyntä Tecnotreen tuotteille ja laajentuminen Euroopassa Kauden aikana allekirjoitettiin merkittäviä sopimuksia Isossa-Britanniassa, Euroopassa ja Etelä-Afrikassa. Valtaosa tilauskannasta raportoitiin MEA & APAC -alueelta, ja tilauskanta ylitti ensimmäistä kertaa 100 miljoonaa euroa.”

Annual report 2025A · The company itself

“Kolmanneksi kehittyneiden markkinoiden kasvussa strategisten järjestelmäintegraattori - kumppanuuksien kautta, joiden avulla laajennamme markkinoillemenokykyämme Euroopassa, Pohjois- Amerikassa sekä Aasian ja Tyynenmeren alueella.”

Annual report 2025A · The company itself