Consumer preference shifts

“Although the estimated fair value of the Skoal trademark exceeded its carrying value by approximately 7% ($0.3 billion), MST products, including Skoal, continued to be negatively impacted due in part to evolving adult nicotine consumer preferences, which have continued to contribute to reductions in sales volumes for MST products, including Skoal. If the decline in sales volume for Skoal is higher than currently estimated and results in material revenue declines, we believe there may be a material adverse effect on the significant assumptions used in performing our valuation.”

Annual report 2025A · The company itself

“The national nutritional recommendations recommend eating a wide variety of vegetables, increasing the consumption of vegetables, root vegetables and legumes, and using vegetable oils daily.”

Annual report 2025A · The company itself

“Apetit’s most significant climate-related opportunities are related to changes in consumer behaviour, with eating habits shifting towards more plant-based diets and climate-friendly consumption. Apetit’s sustainable food solutions and plant -based food products support planetary health diets very well.”

Annual report 2025A · The company itself

“Climate action and sustainable alternatives are increasingly important factors in consumption decisions.”

Annual report 2025A · The company itself

“Apetit improves its products and creating brand new products to provide easy, delicious plant-based products for different meal situations for people who value food that tastes good, is healthy and is produced responsibly.”

Annual report 2025A · The company itself

“Denna marknadsuppskattning är baserad på: Patienter med primär levercancer eller levermetastaser och kraftigt nedsatt njurfunktion (~4 procent) Faktiska MR-scanningar 1 Input från betalare/experter (+75 intressenter) 2 Partnerstrategi Vår go-to-market-strategi för Orviglance är att lansera med kommersialiseringspartners.”

Annual report 2024A · The company itself

“Vuoden 2024 lopulla julkaistut ravitsemussuositukset vaikuttivat lihavalmisteiden kuluttajakysyntään heikentävästi, mutta alkuvuoden kehitykseen verrattuna kysynnän lasku tasaantui vuoden loppua kohti.”

Annual report 2025A · The company itself

“Atrian toimintaympäristön muutokseen vaikuttavia tekijöitä: ● Kuluttajien kasvava tietoisuus ekologisesti terveellistä ja kestävää elämäntapaa sekä eläinten hyvinvointia kohtaan. ● Proteiinikysynnän siirtyminen punaisesta lihasta kohti siipikarjaa sekä kasvipohjaisia vaihtoehtoja.”

Annual report 2025A · The company itself

“Kokonaisuudessaan 3-Stjernet on vahva perinteikäs brändi, jolla on korkea 98 prosentin tunnettuus ja vahva suosio lapsiperheiden keskuudessa.”

Annual report 2025A · The company itself

“Kuluttajakäyttäytyminen Kuluttajakäyttäytymisen muutokset voivat sekä lyhyellä että pitkällä aikavälillä muuttaa Atrian tuotteiden kysyntää. Esimerkiksi terveydelliset seikat, taloustilanne, regulaatio, eläinten hyvinvointi, eettisyys ja ilmastonmuutos voivat vaikuttaa kuluttajien käyttäytymiseen.”

Annual report 2025A · The company itself

“Atrian elintarviketurvallisuuslaatu- ravitsemusja tuotevastuullisuuspolitiikan mukaan tuotteistuksessa huomioidaan kuluttajatarpeen ja maun ohella vastuullisuustekijät kuten tuotannon eettisyyden, ympäristöystävällisyyden ja ravitsemukselliset ominaisuudet.”

Annual report 2025A · The company itself

“Maineeseen ja markkinariskeihin kuuluu asiakkaiden ja kuluttajien kasvavat vaatimukset kestävyydelle ja läpinäkyvyydelle, mikä voi vaikuttaa tuotteiden kysyntään ja markkinaosuuteen, mikäli odotuksia ei kyetä täyttämään.”

Annual report 2025A · The company itself

“Kuluttajien tietoisuus vastuullisista ruokavalinnoista, terveellisistä elintavoista, kestävästä kehityksestä ja eläinten hyvinvoinnista lisääntyy koko ajan.”

Annual report 2025A · The company itself

“Atria Suomi on mukana ravitsemusterveyteen liittyvissä tutkimushankkeissa ja tuotekehityksen yhtenä painopistealueena on terveellisemmän tarjonnan vahvistaminen. Atria Suomi lanseerasi vuoden 2025 aikana 28 uutta Sydänmerkkituotetta ja kaiken kaikkiaan valikoimasta löytyy tällä hetkellä 201 Sydänmerkkituotetta.”

Annual report 2025A · The company itself

“Atria Ruotsin tuotevalikoimassa on 153 Nyckelhål-merkittyä tuotetta. Nyckelhål-ravitsemusmerkki ohjaa kuluttajia tekemään terveellisempiä valintoja.”

Annual report 2025A · The company itself

“Vuonna 2025 Atria Tanska keskittyi sekä uuden pakkauksen lanseeraamiseen kokolihatuotteille että eläinten hyvinvoinnin parantamiseen siipikarjassa. Markkinoille tuotiin viisi siipikarjatuotetta, joissa kaikissa on Bedre Dyrevelfærd - hyvinvointimerkki (Parempi eläinten hyvinvointi).”

Annual report 2025A · The company itself

“Bidra till en mer hälsosam värld genom att förebygga infektioner Att utforska sätt att förebygga infektioner och därmed minska användningen av antibiotika är en prioriterad fråga på den globala hälso- och hållbarhetsagendan. Vår teknologi är en viktig länk i värdekedjan inom hälsovården i kampen mot antibiotikaresistens, vårdrelaterade infektioner och sepsis, eftersom den avsevärt minskar risken för infektioner relaterade till medicintekniska produkter.”

Annual report 2024A · The company itself

“Företaget har därför tagit fram en varumärkesplattform som speglar varumärkets sportiga identitet och strävan att inspirera andra att nå sin fulla potential, en idé som hela varumärket byggs på och drivs av.”

Annual report 2024A · The company itself

“Vi ser en fortsatt ökning av preferensen för oss som sportvarumärke, samtidigt som vi behåller vår ledande position på marknaden för herrunderkläder.”

Annual report 2024A · The company itself

“Vårt mål om ett produkterbjudande som enbart består av föredragna material fortskrider i god takt. Under 2024 tillverkades 72 procent av materialen i våra kläder och väskor med alternativ som har ett lägre miljöavtryck jämfört med sina konventionella motsvarigheter.”

Annual report 2024A · The company itself

“Risk Beskrivning Motverkande åtgärder Sannolikhet Inverkan 1) Makroekonomiska faktorer Förändringar i de övergripande makroekonomiska förutsättningarna på koncernens geografiska marknad kan påverka koncernens verksamhet när det gäller den generella efterfrågan på mode- och livsstilsvaror, kundbeteende som en följd av ökad miljömedvetenhet, störningar i försörjningskedjan osv.”

Annual report 2024A · The company itself

“S4-4 Åtgärder vad gäller konsumenter och slutanvändare Made With Care-butiken och dess kriterier För att fortsätta hjälpa och stärka kunder ytterligare med hjälp av Made With Care-butiken, genomförde Boozt under 2024 sin första Made With Care-fotografering. Syftet med fotograferingen var att skapa innehåll som ger en tydligare varumärkesprofiliering, göra butiken mer attraktiv för dess kunder och anpassa den till Boozt.coms varumärkesstrategi. Made With Care-butiken gjordes också om och innehåller nu mer information till kunderna, vilket är i linje med strävan att bli mer transparent.”

Annual report 2024A · The company itself

“Konsumenter och slutanvändare Konsekvenser, risker och möjligheter SBM-3-S4 Väsentliga konsekvenser, risker och möjligheter och deras förhållande till strategi och affärsmodell Informera och stärka kunder med Made With Care-butiken I alla Boozts webbutiker har kunderna tillgång till utförlig produktinformation, bland annat detaljerade beskrivningar, storlekstabeller och högkvalitativa bilder. Denna information lämnas för att kunderna ska kunna fatta välinformerade beslut när de handlar hos Boozt och för att de ska kunna ta hand om och använda varorna på ett säkert sätt.”

Annual report 2024A · The company itself

“Our products contribute to several SDGs, including food and feed production (SDG 2), construction and infrastructure (SDG 9 and 11), clean energy (SDG 7), transportation solutions (SDG 9) and chemicals for water purification (SDG 6). Most of Borregaard’s products have a favourable climate footprint compared to fossil-based alternatives, thereby supporting efforts to mitigate climate change (SDG 13).”

Annual report 2024A · The company itself

“Climate-related transitional risks and opportunities The resilience of Borregaard’s strategy is rooted in the diverse product portfolio of over 800 products, which makes the company adaptable to market shifts and reduces exposure to cyclical industries. The growing demand for low-carbon products is anticipated to drive revenue growth, supported by Borregaard’s strategic investments in innovation and the expansion of our product offerings and specialisation.”

Annual report 2024A · The company itself

“Alcohol-free brews (AFB) Share of total volume 3%”

Annual report 2025A · The company itself

“Consumer preferences are continuously changing, including shifts in consumption occasions, liquid preferences, alcohol intake, and purchasing habits and patterns. Carlsberg faces a risk to market share, volume loss and longterm growth if we fail to respond by adapting and evolving our product portfolio in line with changing consumer trends and the changing beverage landscape.”

Annual report 2025A · The company itself

“Further, consumer preferences continue to evolve due to a number of factors, including fragmentation of the consumer market and changes in consumer demographics, including the aging of the general population and the emergence of Generation Z and Generation Alpha who have different spending, consumption and purchasing habits and are increasingly shifting to “private label” products and new nontraditional brands rather than maintaining allegiance to historical brands; evolving consumer concerns or perceptions regarding sustainability practices of manufacturers, including the environmental impacts of products and the sourcing and sustainability of, packaging materials, such as plastic 15 packaging, and their environmental impact; greenhouse gas emissions; waste disposal practices; a growing demand for natural or organic products and ingredients; changing consumer sentiment toward non-local products or sources among different demographic groups; evolving consumer concerns or perceptions regarding the effects of ingredients or substances present in certain consumer products; reduced brand loyalty; and concerns regarding human capital practices.”

Annual report 2025A · The company itself

“There has been a decrease in demand for some of our products in recent years, including condoms, as a result of demographic and other changes.”

Annual report 2025A · The company itself

“We could lose revenue if our consumers change brands, major retailers delist our products or our retail customers move business from us because we have not effectively responded 23 to regulatory requirements, complied with their sustainability requirements or met their expectations related to our sustainability efforts, including with respect to climate resilience, plastic usage, or ingredients.”

Annual report 2025A · The company itself

“Currently, our plastic usage mainly consists of fossilbased virgin materials for safety and quality reasons. To transition, we need to identify new materials and support the development of sustainable technologies.”

Annual report 2025A · The company itself

“People living with intimate healthcare conditions are particularly vulnerable to health impacts, and depend on the quality of information supplied by Coloplast.”

Annual report 2025A · The company itself

“Our advanced dressings and biologics products are both used for the treatment of wounds. This includes a variety of wound types: chronic wounds (diabetic foot ulcers, venous leg ulcers, pressure ulcers), acute wounds (surgical and trauma wounds) and burn wounds.”

Annual report 2025A · The company itself

“We place focus on positioning our portfolio on higher-margin, higher-growth categories of the beverage alcohol industry to align with our strategy to address consumer-led premiumization, product, and purchasing trends, which we anticipate will continue to drive stronger growth rates relative to the industry.”

Annual report 2026A · The company itself

“Consumer preferences, behaviors, perception, and sentiment may shift due to a variety of factors, including changes in taste preferences and leisure, dining, and beverage purchasing and consumption patterns, U.S. demographic trends, changing market dynamics, including consumer-led premiumization, moderation, and betterment trends, pricing, perceived value, branding, marketing, and reputational considerations, geopolitical events and tensions, trends involving environmental sustainability and CSR matters, and other negative trends impacting our products, business, and the entire beverage alcohol industry, such as elevated product supply or inventory levels.”

Annual report 2026A · The company itself

“Failure to identify timely or effectively respond to changing consumer tastes, preferences and spending patterns including those related to resource efficiency, environmental protection, human rights, and the transition to a low-carbon economy could negatively affect our relationship with our members, the demand for our products and services, and our market share.”

Annual report 2025A · The company itself

“If our merchandise, including food and prepared food products for human consumption, drugs, children's products, pet products and durable goods, do not meet or are perceived not to meet applicable safety or labeling standards or our members' expectations, we could experience lost sales, increased costs, litigation or reputational harm. The sale of these items involves the risk of illness or injury to our members.”

Annual report 2025A · The company itself

“We operate in competitive markets with customers continuously pushing suppliers to deliver new, innovative products and solutions that enable them to work more efficiently, reduce their environmental footprint and realize greater cost savings. This is especially so in relation to changing customer preferences and demands for high-performance sustainability solutions with enhanced emissions and/or circularity profiles, including those with greater recycled content and/or innovations to existing products, that help them to deliver on their own climate and/or emissions-related commitments.”

Annual report 2025A · The company itself

“CRH’s connected portfolio of essential materials, infrastructure products, and value-added services play an important role in shaping a more resilient built environment and in 2025, revenues from products with enhanced sustainability attributes3 were $15.7 billion, an increase of 7% compared with 2024.”

Annual report 2025A · The company itself

“Evolving fashion trends, social expectations, and ethical considerations, including increased opposition to the use of animal-derived materials, as well as existing or potential legislation restricting the sale of such products in certain jurisdictions, could also reduce consumer demand for sheepskin products or limit our ability to sell them in key markets. Because sheepskin is integral to the UGG brand, adverse changes in consumer preferences, regulatory requirements, or sourcing standards applicable to sheepskin could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2026A · The company itself

“We also believe that our CGM systems are beginning to have a positive impact on the broader Type 2 population that does not utilize insulin or have hypoglycemia risk, a group that we estimate to be greater than 25 million people in the United States alone.”

Annual report 2025A · The company itself

“På frågan om hur kommunikationshjälpmedel påverkar det allmänna välbefinnandet uppskattar de flesta användare en fördubbling av välbefinnandet – från 3,3 i genomsnitt utan kommunikationshjälpmedel till 6,4 med kommunika tionshjälpmedel. Användare med cerebral pares (CP), ALS och autism bedömde alla att kommunikationshjälpmedel skulle få en positiv inverkan på deras liv, särskilt de med CP och ALS.”

Annual report 2024A · The company itself

“Studier visar också att risken för att utveckla artros fördubblas redan vid sju kilos övervikt. Världshälsoorganisationen, WHO, har uppskattat att ca 2,5 miljarder människor över 18 år var överviktiga år 2022, varav mer än 890 miljoner var gravt överviktiga.”

Annual report 2024A · The company itself

“Den globala läkemedelsmarknaden förväntas växa med 5 – 8 procent i genomsnitt per år fram till 2028. MEGATRENDER Megatrender stödjer en stark och långsiktig tillväxt inom life science En åldrande befolkning och livsstilsfaktorer bidrar till en stadig ökning av antalet människor i världen som lever med kroniska sjukdomar.”

Annual report 2024A · The company itself

“Koncernen ser et stigende marked for bæredygtige og lavemissionsprodukter, herunder miljømærkede malinger, data og dokumentation. Disse muligheder forventes at være særligt markante i de scenarier, hvor overgangen til en lavemissionsøkonomi sker hurtigt, og hvor efterspørgslen på bæredygtige produkter og dokumentation stiger markant.”

Annual report 2026A · The company itself

“Vådvarers påvirkning på malerens helbred Efter påføring kan maling, spartel og andre vådvarer afgive dampe, der potentielt kan udløse allergiske reaktioner hos maleren.”

Annual report 2026A · The company itself

“Produkter med forbedret miljø- og sundhedsprofil Produkter med forbedret miljø- og sundhedsprofil repræsenterer en mulighed for Flügger ved at appellere til miljøbevidste malere og forbrugere, differentiere virksomheden fra konkurrenterne og drive innovation og langsigtede indtægter gennem forbedret produktkvalitet. - Nedstrøms - Stigende krav til dokumentation på byggerier og produktdata I byggeindustrien stiger kravene til dokumentation i forbindelse med certificering af bæredygtigt byggeri, såsom DGNB, BREEAM, LEED og EU Taxonomy dokumentation, der er et udpluk af certificeringer inden for bæredygtigt byggeri.”

Annual report 2026A · The company itself

“Vi ønsker at bruge vores kapacitet på at skabe produkter af malermesterkvalitet og service med omtanke for håndværket.”

Annual report 2026A · The company itself

“Flügger har i regnskabsåret oplevet et fald i den samlede produktionsvolumen af vådvarer, hvilket hænger sammen med et øget strategisk fokus på højkvalitetsprodukter og miljømærkede løsninger under Flüggers egne brands. Udviklingen har medført et lavere samlet forbrug af råvarer og emballage målt på volumen og har samtidig bidraget til reducerede CO e-udledninger relateret til både produktion og indkøbte råvarer.”

Annual report 2026A · The company itself

“Our plans continue to include offering electrified versions of many of our vehicles as well as solely electric nameplates, although we have observed lower than initially anticipated industrywide EV adoption rates. Low EV adoption rates may persist, including as a result of the regulatory framework in various markets shifting away from supporting the adoption of electrified vehicles (as was the case in the United States in 2025); any negative perception of our electrified vehicles or EVs in general; an inability to or delay in developing or embracing new technologies or processes; or shifts in consumer preference.”

Annual report 2025A · The company itself

“The Company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty.”

Annual report 2025A · The company itself

“Vi har over en årrække set et generelt faldende forbrug af øl. Det gælder i hele Europa”

Annual report 2026A · The company itself

“Til gengæld ser vi en stigende efterspørgsel på alkoholfri øl, læskedrikke og energidrikke”

Annual report 2026A · The company itself

“Vores Harboe 0,0% Pilsner... er blandt de mest solgte alkoholfri øl i Danmark”

Annual report 2026B · From the report

“Vores Harboe 0,0% Pilsner, som nu har været på markedet i to år, er blandt de mest solgte alkoholfri øl i Danmark 1 , og sammen med vores Harboe 0,0% Classic byder de således godt ind i det hastigt voksende segment for alkoholfri øl. De to alkoholfri øl vinder fortsat markedsandele og har øget salget med 20% det seneste år 1 .”

Annual report 2026A · The company itself

“Vi ser også fortsat god efterspørgsel på maltbaserede ingredienser, der imødekommer krav til bæredygtighed og clean label på fødevarer i et marked, hvor naturlige ingredienser, forbrugernes sundhed og høje krav til kvalitet er i fokus.”

Annual report 2026A · The company itself

“Harboe vil i det kommende år arbejde videre med at understøtte værdien af Harboebrandet gennem fortsatte markedsføringsaktiviteter og gennem innovation imødekomme forbrugernes efterspørgsel, herunder blandt andet inden for alkoholfri øl, energidrikke, økologiske, sukkerfri og sukkerreducerede sodavand.”

Annual report 2026A · The company itself

“Vi ønsker aktivt at bidrage til at sikre og udvikle fremtidens plantagedrift på en bæredygtig måde og udnytte de enestående ressourcer, vi har adgang til.”

Annual report 2026A · The company itself

“Maltekstrakt bidrager med naturlige egenskaber som farve og sødme, der blandt andet kan erstatte sukker, karamel og en række kunstige tilsætningsstoffer, og imødekommer en fortsat stigende efterspørgsel på bl.a. bæredygtighed og clean label for ingredienser i fødeog drikkevarer.”

Annual report 2026A · The company itself

“Afsætningen af Harboes produkter er desuden påvirket af udviklingen i forbrugertrends, herunder også forventningerne til bæredygtighed i produkter og emballager samt virksomhedens evne til at leve op til sit samfundsansvar.”

Annual report 2026A · The company itself

“Sauna provides significant health and wellness benefits, which people are willing to invest in. Regular sauna bathing several times a week has been scientifically proven to reduce the risk of cardiovascular disease, stroke, and dementia, while improving sleep and skin health.”

Annual report 2025A · The company itself

“Harvia oers investors the opportunity to be part of a globally growing wellness trend.”

Annual report 2025A · The company itself

“Changing customer behavior and expectations If evolving customer expectations or needs are not met, this may lead to unwanted changes in customer behavior and decreased revenue as in transitioning to a lower-carbon economy consumers are expected to prefer climate-aligned brands.”

Annual report 2025A · The company itself

“Changing customer behavior and expectations If evolving customer expectations or needs are not met, this may lead to unwanted changes in customer behavior and decreased revenue as the transition to a lower-carbon economy isexpected consumers to prefer climate-aligned brands. Also, energy availability and energy price changes as well as acute weather hazards may have impact on consumer confidence and frequency of sauna use and result in changing customer behavior.”

Annual report 2025A · The company itself

“The transition to a low-carbon economy creates opportunities for sustainable products & services, as demand grows for solutions that enable climate mitigation. By providing low-emission solutions and innovations, Harvia may increase revenue through customer acquisition, market expansion, and strengthened climate positioning.”

Annual report 2025A · The company itself

“Harvia has defined its strategic role in the industry as “shaping the global sauna market so that everyone has a reason to experience sauna”.”

Annual report 2025A · The company itself

“Harvia’s strategic role is shaping the global sauna market so that everyone has a reason to experience sauna, its health benefits, the enjoyment and entertainment.”

Annual report 2025A · The company itself

“Harvia promotes the overall health and wellbeing of consumers and end-users by offering sauna solutions that support relaxation, recovery, and balance in everyday life. Through safe, durable, and user-friendly products, Harvia enables people to experience the scientifically proven physical and mental health benefits of sauna bathing while enjoying the joy and cultural heritage of sauna experiences.”

Annual report 2025A · The company itself

“Use of Harvia’s products promotes health and well-being of consumers and end-users having positive impact.”

Annual report 2025A · The company itself

“Fokus på råmaterial med lägre koldioxidavtryck (bio-baserat, återvunnet).”

Annual report 2024A · The company itself

“I samarbete med kunder och leverantörer fortsätter utvecklingen av produkter med lägre klimatpåverkan.”

Annual report 2024A · The company itself

“Vidare kräver kunderna ökad användning av produkter med litet klimatavtryck. Kraven på redovisning av produkternas klimatpåverkan ökar också.”

Annual report 2024A · The company itself

“Intresset för miljöanpassade produkter ökar i många branscher och många av kunderna ställer krav avseende utfasning av farliga ämnen och andra egenskaper som har betydelse för hälsa och miljö, framför allt minskad klimatpåverkan. Uppfylls inte kraven finns risken att affären förloras.”

Annual report 2024A · The company itself

“Kansalliset ravitsemussuositukset heikensivät lihavalmisteiden kysyntää etenkin vuoden ensimmäisellä puoliskolla.”

Annual report 2025A · The company itself

“Marraskuussa 2024 julkaistuilla uusilla kansallisilla ravitsemussuosituksilla on ollut negatiivista vaikutusta lihavalmistemarkkinaan. Tällä saattaa olla vaikutusta lihavalmistemarkkinan kehitykseen myös pidemmällä aikavälillä.”

Annual report 2025A · The company itself

“Yhtiön strategialla on vaikutuksia kaikkiin yhtiölle olennaisiksi tunnistettuihin kestävyysseikkoihin, joista kaikkein keskeisimmät keskipitkällä tai pitkällä aikavälillä ovat ilmastonmuutos, kuluttajien terveys ja turvallisuus sekä eläinten hyvinvointi.”

Annual report 2025A · The company itself

“Ravitsemussuositukset voivat keskipitkällä aikavälillä vaikuttaa lihatuotteiden käyttöön ja lihansyöntiin liittyviin asenteisiin sekä myös taloudelliseen riskiin lihatuotteiden myynnin vähenemisen kautta.”

Annual report 2025A · The company itself

“Suurina määrinä punaisen lihan on kuitenkin todettu lisäävän myös tiettyjen sairauksien riskiä. Myös tuotteiden sisältämällä rasvalla ja suolalla on suurina määrinä negatiivisia terveysvaikutuksia.”

Annual report 2025A · The company itself

“Tuotekehityksessä HKFoods ottaa huomioon ravitsemussuositukset ja uudistaa tuotteitaan esimerkiksi suolan määrää vähentämällä ja rasvan laatua parantamalla. Kaikissa tuotekategorioissa on valittavana Sydänmerkki-tuotteita tai vastaavat kriteerit täyttäviä tuotteita, jotka ovat suolan ja rasvan määrän kannalta parempia valintoja omassa tuoteryhmässään.”

Annual report 2025A · The company itself

“Kaikissa HKFoods Finland Oy:n tuotekategorioissa on valittavana Sydänmerkki-tuotteita, jotka ovat suolan ja rasvan määrän kannalta parempia valintoja omassa tuoteryhmässään. HKFoods toi vuoden 2025 alussa markkinoille Makusuolan, jonka avulla HKFoodsin tuotteista on mahdollista vähentää terveydelle haitallisen natriumin määrää jopa 25 prosenttia.”

Annual report 2025A · The company itself

“HKFoodsin hyvinvointia tukevilla tuotteilla on kansanterveydellistä merkitystä niin lyhyellä, keskipitkällä kuin myös pitkällä aikavälillä, ja yhtiö huomioi tuotekehityksessä kotimaiset ravitsemussuositukset. HKFoodsin tuotekehityksen strategisena tavoitteena on lisätä Sydänmerkki-tuotteiden tai vastaavat kriteerit täyttävien tuotteiden määrää kaikissa tuotekategorioissa.”

Annual report 2025A · The company itself

“Vuoden 2025 lopussa asetettu vastuullisuusohjelma vuosille 2026–2028 sisältää seuraavat ravitsemukseen, tuoteturvallisuuteen ja laatuun liittyvät tavoitteet: • Sydänmerkki-tuotteiden tai vastaavat kriteerit täyttävien tuotteiden lisääminen jokaisessa tuotekategoriassa: Tavoitteena on, että 30 prosenttia vähittäiskauppa- ja food service -kanavien tuotteista on Sydänmerkki-kriteerit täyttäviä tuotteita vuoden 2028 loppuun mennessä. Osuus lasketaan suhteutettuna myyntivolyymeihin, jolloin se kuvastaa tuotteiden kansanterveydellistä merkitystä.”

Annual report 2025A · The company itself

“HKFoods on kehittänyt uuden Makusuolan, jonka avulla useista HK®- ja Kariniemen®- tuotteista on onnistuttu vähentämään suolaa jopa 25 prosenttia niin, että tuttu maku säilyy samana. Osa tuotteiden suolasta on korvattu uudella Makusuolalla, jossa ei ole lainkaan natriumia. Makusuola koostuu kaliumkloridista ja aromeista ja HKFoodsilla on siihen toistaiseksi yksinoikeus.”

Annual report 2025A · The company itself

“Vuonna 2025 HKFoods lanseerasi uuden Makusuola-innovaation, jonka avulla useista HK®- ja Kariniemen®-tuotteista voidaan vähentää natriumin määrää jopa 25 prosenttia niin, että tuttu maku säilyy samana. Makusuolassa ei ole lainkaan natriumia vaan se koostuu kaliumkloridista ja aromeista.”

Annual report 2025A · The company itself

“HKFoods Oyj ja sen tytäryhtiöt (yhdessä konserni) valmistaa, markkinoi ja myy korkealaatuista ja vastuullisesti tuotettua sian-, naudan- ja siipikarjanlihaa, niistä valmistettuja tuotteita ja valmisruokia vahvoilla tuotemerkeillä.”

Annual report 2025A · The company itself

“Med välinvesterade produktionsanläggningar och starka produkt erbjudanden har vi goda förutsättningar att fortsätta utveckla vår affär och hjälpa våra kunder att minska sitt fossilavtryck utan att de behöver ge avkall på konkurrenskraft.”

Annual report 2024A · The company itself

“När vi ska minska beroendet av fossila råvaror har skogens produkter en given plats och de kommer vara alltmer efterfrågade i framtiden. Genom ett aktivt skogsbruk växer träden bättre och med det ökar mängden förnybar råvara.”

Annual report 2024A · The company itself

“Minskad klimat- och miljöpåverkan och strävan att undvika förpackningar av plast är starka drivkrafter för ökad användning av träfiberbaserade produkter som kartong och papper.”

Annual report 2024A · The company itself

“Vi är övertygade om att utvecklingen av ett hållbart, koldioxid snålt och resurssmart erbjudande är nyckeln till att driva långsiktig lönsamhet och tillväxt – samt för att stärka vår konkurrenskraft.”

Annual report 2024A · The company itself

“Våra kunder värnar om miljön och tillsammans kan vi skapa stärkta marknadsförutsättningar för mer resurssmarta och koldioxidsnåla lösningar.”

Annual report 2024A · The company itself

“Affärsvärdet för mer hållbara lösningar är uppenbart, våra kunder söker i allt högre grad produkter och tjänster som minskar utsläpp, buller, avfall och energiförbrukning. En ledande position stärker Husqvarnas varumärke och särskiljer oss från konkurrenterna.”

Annual report 2024A · The company itself

“Att göra hållbara val ligger varje trädgårdsentusiast varmt om hjärtat. Därför driver vi utvecklingen av resurseffektiva och koldioxidsnåla trädgårdslösningar, verktyg och utrustning. Detta står i centrum för vår strategi, verksamhet och våra investeringsbeslut.”

Annual report 2024A · The company itself

“Vår affärsenhet Orbit Irrigation erbjuder en stark kanal in på den nordamerikanska marknaden, där vi har börjat etablera Gardena som ett premiumvarumärke inom trädgårdsskötsel. • Omnichannel-tillväxt: Genom att vidareutveckla vår omnichannel-kapacitet kommer vi att kunna dra nytta av nya kanalmöjligheter. • Innovationsdriven tillväxt: Hållbara lösningar är centrala för vår innovationsagenda. Smarta bevattningssystem driver till exempel inte bara affärstillväxt utan stödjer också våra bredare Sustainovate-mål. • Professionell bevattning: Fortsatt utöka vår verksamhet inom professionell bevattning.”

Annual report 2024A · The company itself

“Hållbarhet blir alltmer centralt för såväl kunder som samhället i stort och koncernens fokus är att stimulera framtagande och försäljning av produkter med hållbara mervärden, exempelvis lågt klimat avtryck från ingående material och energieffektiv användningsfas.”

Annual report 2024A · The company itself

“Övergripande är våra största klimatrisker och tillika möjligheter kopplade till den marknadsomställning som sker mot mer energi- och klimateffektiva produkter och lösningar. Viktiga fokusområden är att arbeta för ännu mer hållbara material och produkter som hjälper kunderna att ställa om.”

Annual report 2024A · The company itself

“Dessutom inkluderar 72 (59) procent av bolagen frågor om hållbarhet i sina kundundersökningar eller andra återkommande dialoger med kunderna.”

Annual report 2024A · The company itself

“•If our products do not achieve and maintain customer acceptance, we will not be able to generate the revenue necessary to support our business. •If hospitals are unable to obtain coverage and reimbursement for procedures using our products, if reimbursement is insufficient to cover the costs of purchasing our products, or if limitations are imposed by governments on the amount hospitals can charge for certain procedures, we may be unable to generate sufficient sales to support our business. •If our products contain defects or encounter performance problems, we may have to recall our products and our reputation may suffer. •We utilize distributors for a portion of our sales and service of our products in certain countries, which subjects us to a number of risks that could harm our business, financial condition, or results of operations.”

Annual report 2025A · The company itself

“Bättre hälsa och lägre energiförbrukning är våra största drivkrafter, och det ena får inte utesluta det andra.”

Annual report 2024A · The company itself

“Asiakkaat valitsevat yhä enemmän vähäpäästöisiä tuotteita, vaikka suurin osa myydyistä tuotteista perustuu edelleen polttomoottoriteknologiaan.”

Annual report 2025A · The company itself

“Our success is increasingly dependent on our ability to anticipate, understand, and respond appropriately to market trends and rapidly changing consumer and customer preferences more quickly than our competitors.”

Annual report 2025A · The company itself

“We cannot predict with certainty when or whether we will be able to develop products and technologies, or otherwise license or acquire new products and technologies, and whether they will be commercially successful. Developing new products and technologies is a complex, time-consuming, and costly process.”

Annual report 2025A · The company itself

“Våre produkter bidrar til å løse utfordringer knyttet til både bærekraft og sikkerhet. Dette er to markedsdrivere som vil være svært viktige i årene som kommer.”

Annual report 2024A · The company itself

“Samtidig møter verdens skipsfart betydelige krav og forventninger knyttet til reduserte utslipp og økt energieffektivitet. Dette innebærer at flåten vil oppgraderes eller erstattes av grønnere og mer energieffektive fartøy.”

Annual report 2024A · The company itself

“Consumer preferences for food and beverage products change continually and rapidly. Our success depends on our ability to predict, identify, and interpret the tastes and dietary habits of consumers. We must continue to offer products that appeal to consumers, including with respect to their health and wellness preferences and changing consumption patterns, such as those potentially associated with weight-loss drugs.”

Annual report 2025A · The company itself

“In addition, claims about the health impacts of consumption of our products, or ingredients, additives, preservatives, components, or substances present or allegedly present in those products or packaging, including in connection with the development, manufacture, and marketing of our products, have resulted in, and could in the future result in, us being subject to regulations, fines, lawsuits (including but not limited to pending litigation alleging that certain of our products are “ultra-processed” and consuming them causes adverse health impacts, allegations with which we strongly disagree), or taxes, or may cause us to change the way in which we operate which could adversely impact our profitability, financial condition, or operating results.”

Annual report 2025A · The company itself

“Our ability to refine the ingredient and nutrition profiles of and packaging for our products as well as to maintain focus on ethical sourcing and supply chain management opportunities to address evolving consumer preferences are important to our growth.”

Annual report 2025A · The company itself

“Arbetet för att uppfylla FN:s globala mål och minska klimatpåverkan är starka, långsiktiga samhällstrender. Därför söker vi gärna bolag att förvärva som direkt eller indirekt genom sitt erbjudande effektiviserar och förbättrar kundernas verksamhet och kan bidra till deras hållbarhetsarbete.”

Annual report 2024A · The company itself

“Lifco ser en stark trend bland kunderna att de lägger allt större vikt vid klimat- och miljöfrågor i hela värdekedjan vilket innebär ökade affärsmöjligheter för Lifcobolagen.”

Annual report 2024A · The company itself

“Koncernens minimikrav att följa lagar och riktlinjer inom miljöområdet omfattar också leverantörer och underleverantörer. Lifco ska inte ha affärsrelationer med leverantörer som bryter mot tillämplig lagstiftning och åsidosätter miljöfrågor.”

Annual report 2024A · The company itself

“Risks Relating to Our Business and the Live Events and Ticketing Industries Our business is highly sensitive to public tastes and is dependent on our ability to secure popular artists and other live music events, and we and our ticketing clients may be unable to anticipate or respond to changes in consumer preferences, which may result in decreased demand for our services. Our business is highly sensitive to rapidly changing public tastes and is dependent on the availability of popular artists and events. Our live entertainment business depends in part on our ability to anticipate the tastes of consumers and to offer events that appeal to them.”

Annual report 2025A · The company itself

“Our success depends on our ability to identify and originate product trends as well as to anticipate and react to changing consumer preferences on a timely basis and effectively. Our products are subject to changing consumer preferences that cannot be anticipated with certainty.”

Annual report 2026A · The company itself

“Taste, quality, choice, value and nutrition are important to customers, and the Company is continuously evolving its menu to meet its customers' needs, including testing new products on an ongoing basis.”

Annual report 2025A · The company itself

“The Company has established and enforces high food safety and quality standards. The quality management systems and processes involve ongoing product reviews, supplier visits and third-party verifications with performance expectations.”

Annual report 2025A · The company itself

“If we do not anticipate and address industry trends and evolving consumer preferences and effectively execute our pricing, promotional and marketing plans, our business could suffer.”

Annual report 2025A · The company itself

“For example, health, environmental and other scientific studies and practices (such as changes to dietary guidelines or use of weight-loss medications), continuously evolve and may have contradictory implications, drive popular opinion, litigation and regulation, and alter consumer behavior in ways that affect the IEO segment or perceptions of our brand, generally or relative to available alternatives.”

Annual report 2025A · The company itself

“In recent years, there has been an increasing focus by stakeholders – including employees, franchisees, customers, suppliers, governmental and non-governmental organizations and investors – on environmental and social impact matters. A failure, whether real or perceived, to address environmental and social impact matters or to achieve progress on our environmental and social impact initiatives as intended, could adversely affect our business, including by heightening other risks disclosed in these Risk Factors, such as those related to consumer behavior, brand perception, labor availability and costs, supply chain interruptions, commodity costs, and legal and regulatory complexity.”

Annual report 2025A · The company itself

“The Company collaborates with suppliers to encourage innovation and drive continuous improvement across its global supply chain. The Company also works closely with suppliers and other third-party experts to drive sustainable sourcing initiatives and to improve the health and welfare of the animals within its supply chain.”

Annual report 2025A · The company itself

“Under our Strategy, the Company will: •Maximize our Marketing by investing in new, culturally relevant approaches, grounded in fan truths, to effectively communicate the story of our brand, food and purpose. The Company continues to build relevance with customers through emotional connections and world class creative, which are central to the brand’s “Feel-Good Marketing” approach.”

Annual report 2025A · The company itself

“Consumers want packaging solutions that reduce the use of plastics, and many international brand owners have committed to ambitious packaging and climate goals.”

Annual report 2025A · The company itself

“Trots ekonomiska utmaningar på många håll i Europa visar konsumenterna ett fortsatt intresse för hälsosamma och hållbara livsmedel. Under 2024 fanns tydliga tecken på en återgång till långsiktiga drivkrafter i marknaden kring ekologiska och medvetna livsmedelsval.”

Annual report 2024A · The company itself

“Samtidigt består den underliggande starka drivkraften att leva ett mer hälsosamt liv.”

Annual report 2024A · The company itself

“Viljan att äta mer hälsosamt syns tydligt i Europa. Trots de senaste årens ekonomiska instabilitet behåller hälso - samma produkter fortfarande en stark position på marknaden. Undersökningar visar att hälsa och hälsosamma produkter är viktigt för konsumenter och rankas bland de fem mest prioriterade kategorierna.”

Annual report 2024A · The company itself

“Förutom att EU har höga ambitioner vad gäller hållbarhet och ekologiskt har konsumenter, efter en period där prioriteringarna låg främst på prismedvetna livsmedelsval, återigen börjat visa ett intresse för ekologiskt. Ett exempel är att en tredjedel av Europas befolkning uppger att de har börjat äta mer ekologiskt för miljöns skull.”

Annual report 2024A · The company itself

“I Sverige vill konsumentorganisationer och konsumenter att dagligva - ruhandeln ska öka utbudet och antalet kampanjer av ekologiskt för att tydligare premiera segmentet.”

Annual report 2024A · The company itself

“Behovet av hälsosamma matvanor och livsmedel växer Hälsosamma matvanor är viktigt för att minska risken för hjärt- och kärlsjukdom och förbygga olika cancerformer. För att uppnå en mer hälsosam kost är det enligt Världs - hälsoorganisationen viktigt att äta varierat och minska intaget av salt, socker, mättade fetter och industriellt framställda transfetter.”

Annual report 2024A · The company itself

“Underliggande behov om att äta mer hälsosamt och hållbart Midsonas marknader präglas av underliggande drivkrafter om att äta mer hälsosamt och ekologiskt för att optimera sin egen hälsa men också för planetens bästa.”

Annual report 2024A · The company itself

“Underliggande globala faktorer som en allt äldre befolkning, ett generellt ökat intresse för den egna hälsan och växtbaserad mat samt ökade konsumentkrav på transparens och hållbarhet talar för att Midsona är rätt positionerade för framtiden.”

Annual report 2024A · The company itself

“Det har medfört utmaningar i efterfrågan för en del produktgrupper hos koncernens egna konsumentvarumärken, framför allt i kategorin ekologiska produkter med tidvis avmattade försäljningsvolymer som konsekvens.”

Annual report 2024A · The company itself

“Då verksamheten till stor del består av att utveckla, producera och sälja ekologiska produkter, hälsolivsmedel och konsumenthälsoprodukter är det av central betydelse att affärspartners, investerare och konsumenter förknippar verksamheten och varumärken med positiva värden, där såväl ett gott rykte som trovärdighet är avgörande för affärsvärde och försäljningsframgångar.”

Annual report 2024A · The company itself

“Kunderna blir alltmer klimat medvetna och efterfrågar mer hållbara produkter.”

Annual report 2024A · The company itself

“Midsonas strategi handlar om att bygga en starkare och mer lönsam koncern genom att utveckla koncernens ekologiska och hälsoinriktade varumärken.”

Annual report 2024A · The company itself

“Våra starka varumärken: MISSION: Vi hjälper människor och planet till ett hälsosammare och hållbarare liv. VISION: Vi ska bli ledande i Europa inom hälsosamma och hållbara livsmedel.”

Annual report 2024A · The company itself

“Tre strategiska pelare för ökad lönsam tillväxt Midsonas verksamhet vilar på tre strategiska pelare – samtliga bidragande till en tydlig målsättning att driva koncernens långsiktiga tillväxt och stärka konkurrenskraften. En vinnande ekologisk plattform innebär att koncernen utvecklar och förädlar ett sortiment av ekologiska livsmedel som möter en växande efterfrågan på hållbara och hälsosamma produkter.”

Annual report 2024A · The company itself

“Under året lanserade Midsona en ny strategi, med fokus på organisk tillväxt genom att utveckla koncernens ekologiska varumärken och hälsovarumärken. I strategin finns en mängd strategiska åtgärder för att mer samordnat och effektivt bygga ännu starkare varumärken och en organisation som levererar högre lönsamhet.”

Annual report 2024A · The company itself

“Fokus på att stärka lönsamheten Vår nya strategi ger oss ett tydligt fokus på kärnan i vår affär med sikte på att nå Midsonas vision; att bli ledande i Europa inom hälsosamma och hållbara livsmedel. Vägen dit bygger på att vi nyttjar styrkan i vårt sortiment och i våra varumärken på samtliga marknader där vi verkar, samt att vi jobbar effektivt och integrerat i hela vår kedja.”

Annual report 2024A · The company itself

“KONCERNCHEFEN HAR ORDET 11 Vår strategi I början av 2024 lanserade Midsona en ny strategi som bygger vidare på koncernens framgångsrika tillväxtresa genom förvärv. Syftet med strategin är att vidareutveckla koncernens starka varumärken inom hälsa och ekologiskt i Europa för att skapa högre lönsamhet och organisk tillväxt. En större samordning och effektivisering av organisationen pågår för att uppnå de långsiktiga målsättningarna.”

Annual report 2024A · The company itself

“Grunden till strategin utgår från tre fokusområden som Midsona har definierat baserat på marknadens behov. De fastställda fokusområdena är att ha ett starkt erbjudande av ekologiska och hälsosamma livsmedel, vinna med effektiv paketering och marknadsföring av koncernens varumärken, samt att öka marknadsgenomslaget och fortsätta växa på utvalda geografiska marknader. Strategin vilar på tre strategiska pelare för att klargöra koncernens åtaganden, vilka är: En vinnande ekologisk plattform, Utveckla starka hälsovarumärken samt Effektivitet och harmonisering.”

Annual report 2024A · The company itself

“Strategi och affärsidé bygger på en passion för hälsosam, naturlig och hållbar mat, vilket gör hållbarhet till en integrerad del av verksamheten. Midsonas vision är att påverka människors matvanor mot hälsosamma och hållbara alternativ.”

Annual report 2024A · The company itself

“Den utgörs av tre ben och syftar till att stärka lönsamheten och lägga grunden för framtiden; • Stärka positionen, driva tillväxt och utveckla erbjudandet i kategorin ekologiska produkter genom ett marknadsöverskridande arbete med produktion, inköp, innovation och kommunikation för att utnyttja synergier mellan varumärken som ett led i att göra det enklare för konsumenten att navigera i utbudet.”

Annual report 2024A · The company itself

“• Fortsätta tillväxten med starka varumärken i kategorin hälsolivsmedel både på befintliga och nya marknader genom fokus på lönsam organisk tillväxt på utvalda marknader med stöd av tre egna starka varumärken - Friggs, Earth Control och Gainomax. • Effektivisera värdekedjan och harmonisera sortimentet för att utveckla ett erbjudande som möter marknadens behov och samtidigt eftersträva hög effektivitet från inköp och varumärkesutveckling till produktion och logistik.”

Annual report 2024A · The company itself

“Detta förväntas få en positiv inverkan på bolagets rykte, minska de direkta och indirekta kostnaderna genom lägre koldioxidskatter och ge en konkurrensfördel. – Animaliska produkter har i allmänhet större utsläpp av växthusgaser än växtbaserade livsmedel. Efterfrågan på växtbaserade alternativ har ökat stadigt de senaste åren och förväntas fortsätta växa.”

Annual report 2024A · The company itself

“Midsona har en tydlig strategi att erbjuda produkter med lågt klimatavtryck med ett numeriskt mål för växtbaserade eller vegetariska produkter för hela koncernen.”

Annual report 2024A · The company itself

“Produkterna är inriktade på att hjälpa människor till ett hälsosammare liv samtidigt som de ska vara hållbara för vår planet. Affärsmodellen bygger på starka varumärken med bra marknadspositioner, innovationer samt en effektiv produktions- och distributionsstruktur.”

Annual report 2024A · The company itself

“För att skapa långsiktig tillväxt fokuserar Midsona på organisk tillväxt och geografisk expansion genom sina hälsovarumärken Friggs, Earth Control och Gainomax. Genom att fokusera på lanseringar, nyttja marknadsinsikter och fortsätta utveckla sortimenten strävar koncernen efter att stärka sin marknadsposition och möta konsumenternas behov inom hälsosamma produkter.”

Annual report 2024A · The company itself

“I produktionsanläggningarna i Danmark (1), Tyskland (1), Frankrike (1) och Spanien (1) produceras betydande volymer av certifierade ekologiska produkter för egna varumärken.”

Annual report 2024A · The company itself

“Consequently, any material shift in consumer preferences away from these brands, or from the categories in which they compete, could have a material adverse effect on our business and financial results.”

Annual report 2025A · The company itself

“The success of our business relies heavily on brand image, reputation, product quality and protection of intellectual property. It is important that we maintain and enhance the image and reputation of our existing brands and products, including our corporate purpose, mission and values.”

Annual report 2025A · The company itself

“Hållbarhetsfrågor spelar en allt större roll i kundernas beslut. Företag söker hållbara lösningar som förbättrar energianvändning, arbetsmiljö och miljöprestanda.”

Annual report 2024A · The company itself

“Momentum Groups strategi för ett hållbart kunderbjudande bygger på långsiktiga partnerskap, värdeskapande försäljning och en djup förståelse för kundernas behov. Genom att samarbeta med marknadsledande leverantörer av kvalitetsprodukter och erbjuda innovativa lösningar hjälper vi våra kunder att förbättra sin produktivitet, optimera sina processer och uppnå sina hållbarhetsmål.”

Annual report 2024A · The company itself

“Actual or perceived failure to effectively address the continuing global focus on well-being, including changing consumer acceptance of certain ingredients, industrial manufacturing and processing, nutritional expectations of our products, the sustainability of our ingredients, our supply chain (including human rights, deforestation, and animal welfare issues) and our packaging (including plastic packaging and its 15 Table of Contents ability to be recycled and other environmental impacts) could adversely affect our brands.”

Annual report 2025A · The company itself

“Our success depends on our ability to predict, identify, interpret and meet the tastes, dietary habits, packaging, sales channel and other preferences of consumers around the world and to offer products that appeal to these preferences in the places and ways consumers want to shop.”

Annual report 2025A · The company itself

“Our sales can be adversely affected when we do not accurately predict which shifts in consumer preferences or category trends will be long term or we fail to introduce new and evolved products to satisfy changing preferences.”

Annual report 2025A · The company itself

“For example, consumers have increasingly focused on well-being, including by reducing their consumption of sodium, processed foods and foods with added sugar, using weight-loss drugs and examining the source and authenticity of ingredients in the foods they consume.”

Annual report 2025A · The company itself

“Concern about climate change might cause consumer preferences to switch away from products or ingredients considered to have high climate change impact and towards products that are more sustainably grown and made.”

Annual report 2025A · The company itself

“Research, Development and Innovation Our innovation and new product development objectives include growth through new products, superior consumer satisfaction, reduced production costs and continuous improvement in food safety and quality. We have established a robust framework for innovation to drive a technology pipeline supporting the creation of new product bundles across short-, medium- and long-term horizons. These bundles enhance our portfolio to address evolving consumer preferences, market trends and nutritional needs, as well as reduce our environmental impact.”

Annual report 2025A · The company itself

“We focus on key areas where we believe we can deliver greater long-term growth while having a positive impact.”

Annual report 2025A · The company itself

“Continuing to focus on and expand our well-being offerings while evolving the ingredient and nutrition profiles of existing products is important to our growth, as is maintaining focus on ethical sourcing and supply chain management opportunities to address evolving consumer preferences.”

Annual report 2025A · The company itself

“We work to introduce new varieties of our core products, including new taste or nutrition profiles that cater to evolving consumer preferences, such as the launch of co-branded chocolate innovations combining Biscoff with Cadbury Dairy Milk, Milka and other key brands in Europe as well as zero sugar Bournvita in India.”

Annual report 2025A · The company itself

“There is increasing awareness of and concern for health, wellness and nutrition considerations, including concerns regarding caloric intake associated with sugar-sweetened beverages and the perceived undesirability of artificial ingredients and UPF.”

Annual report 2025A · The company itself

“The megatrends driving salmon demand are strong and driven by health trends and a growing need for more low-carbon diets, more food from the ocean and less ultra-processed food.”

Annual report 2024A · The company itself

“Furthermore, at-home dining has been on the rise due to a combination of economic and lifestyle factors. Finally, sustainability and health aspects of food are at the top of consumers’ priorities.”

Annual report 2024A · The company itself

“Healthy seafood Nutrient-dense foods such as salmon play an important role in meeting our individual dietary requirements without excess energy intake. The nutrients in salmon support optimal health and help to reduce the risk of a range of diseases and disorders. Our salmon is an excellent source of high-quality protein, vitamins, minerals and Omega-3 fatty acids.”

Annual report 2024A · The company itself

“Mowi’s sustainability strategy is deeply rooted in its guiding principles of Planet and People, aligning with the UN Sustainable Development Goals (SDGs).”

Annual report 2024A · The company itself

“In the short term, we are focusing on immediate shifts in consumer preferences towards low-carbon products.”

Annual report 2024A · The company itself

“Opportunities comprise potential increase in product demand, linked with dietary shifts from land-based animal protein to seafood.”

Annual report 2024A · The company itself

“Together, they form a business model set not only to withstand the challenges posed by climate change but also to leverage the opportunities that come with producing food from the ocean which has a lower carbon footprint in comparison with land animal proteins. from 17 413 tonnes of CO2e in 2023, to 20 580 tonnes of CO2e in 2024.”

Annual report 2024A · The company itself

“Opportunities linked with freshwater use are also identified, namely the opportunity that seafood consumption offers as a replacement of land animal proteins which have a higher freshwater use dependency.”

Annual report 2024A · The company itself

“Our strategies for climate change mitigation and adaptation are intertwined with our initiatives for energy efficiency and renewable energy deployment.”

Annual report 2024A · The company itself

“Mowi also continues to develop new innovative and high-quality products that are easily accessible to our customers, to keep pace with constantly evolving food habits.”

Annual report 2024A · The company itself

“Our approach to product development is centered around innovation, quality, and customer centric solutions. With a dedicated team of experts across sales, marketing, and product development, we continuously enhance our diverse product portfolio to ensure it aligns with market trends and consumer preferences.”

Annual report 2024A · The company itself

“Our comprehensive sustainability strategy includes reducing greenhouse gas emissions in line with the Paris agreement, promoting sustainable feed, ensuring sustainable use of freshwater resources, safeguarding animal welfare and farming in harmony with nature, protecting ecosystems, and maintaining biodiversity. Mowi’s commitment to sustainability is not just about environmental stewardship but also about creating long-term social and economic value.”

Annual report 2024A · The company itself

“Nelly är exponerat mot svängningar i trender och mode och konsumenternas preferenser för design, kvalitet och prisnivå. Missbedömning av konsumenternas preferenser kan leda till lägre försäljning, överskott av vissa produkter och prissänkningar.”

Annual report 2024A · The company itself

“Til tross for kortsiktige utfordringer står vår overbevisning om de langsiktige mulighetene for verdiskaping innen resirkulering ved lag. Vi forventer en økende etterspørsel i markedet etter mer bærekraftige materialer og vi ser at mange kunder verdsetter både forutsigbarhet og ansvarlige verdikjeder.”

Annual report 2024A · The company itself

“Extrusions opplever økning i markedsandeler grunnet etterspørsel etter våre grønnere produkter. Hydro CIRCAL har vært en stor suksess i markedet.”

Annual report 2024A · The company itself

“Former markedet for grønnere aluminium i samarbeid med våre kunder Sluttbrukere er i økende grad opptatt av de samlede utslippene forbundet med produktene de kjøper. Som følge av det så dreier våre kunders oppmerksomhet seg mot hvordan aluminium er produsert. Vi forventer at etterspørselen etter lavkarbonaluminium vil vokse raskere enn generell etterspørsel i markedet frem mot 2030.”

Annual report 2024A · The company itself

“Hydro Extrusions har som mål å oppnå et EBITDA-resultat på 10-12 milliarder kroner i 2030 i normaliserte markeder etter forbedringer Styrking av lavkarbonposisjon Bærekraft er en integrert del av virksomheten i Hydro Extrusions, og Hydro samarbeider tett med kunder i ulike bransjer for å levere produkter og løsninger som hjelper kundene å redusere sine karbonutslipp og oppnå økt bærekraft i sine verdikjeder.”

Annual report 2024A · The company itself

“Designed to meet the growing global demand for sustainable packaging solutions, this facility positions Norske Skog as a key player in the European packaging market. The investment underscores our dedication to reducing dependency on traditional newsprint products while capitalising on emerging market opportunities.”

Annual report 2024A · The company itself

“How Norske Skog’s business model and/or strategy can realise the opportunity Low emission products Norske Skog’s strategy to offer low emission products Products Norske Skog sees shifting consumer preferences and trends towards low emission paper and packaging solutions as well as bio-products. As more consumers and businesses prioritise environmental concerns, Norske Skog will leverage this opportunity by continuing to lower emission along the value chain.”

Annual report 2024A · The company itself

“Human Health 494.8 ... 26 % of total sales in Food & Health Biosolutions”

Annual report 2025B · From the report

“our researched biosolutions, we enable our customers to provide consumers with dietary supplements from early life to later years”

Annual report 2025A · The company itself

“Demand for our solutions continues to grow across industries and regions. This is driven by a convergence of performance, health attributes and efficiencies, and environmental benefits.”

Annual report 2025A · The company itself

“Baking, Meat and Plant-based solutions also saw strong growth, mainly driven by innovation and penetration, while Beverages declined, impacted by lower end-market volumes.”

Annual report 2025A · The company itself

“Growth was driven by a strong development across regions and subcategories in Dietary Supplements, led by North America.”

Annual report 2025A · The company itself

“In the current macroeconomic environment, demand for our biosolutions continues to be solid, driven by customer and consumer requirements for higher yield and higher efficiency, healthier nutrients, cleaner and more sustainable foods and products, as well as higher demand for biofuels.”

Annual report 2025A · The company itself

“Highlights Our Food & Beverage biosolutions unlock the tastes, textures, appearances and nutritional value consumers want – all with cleaner labels. At the same time, they help our customers improve product quality while preserving the authenticity consumers expect.”

Annual report 2025A · The company itself

“Myyntivolyymin kehitykseen vaikuttivat yleisen markkinatilanteen heikentyminen, kuluttajakäyttäytymisen muutos alkoholittomiin juomiin, kesäsesongin epävakainen sää, kuluttajien ostovoiman heikko kehitys ja menetetyt kaupan omien merkkien myynnit.”

Annual report 2025A · The company itself

“Alkoholillisten tuotteiden kokonaismarkkina laski Panimoliiton tilastojen mukaan 3,2 prosenttia, kun taas alkoholittomien tuotteiden myynti jatkoi kasvuaan ja oli 3,0 prosenttia.”

Annual report 2025A · The company itself

“Alkoholittomissa tuotekategorioissa, kuten mehuissa, vesissä, energiajuomissa ja virvoitusjuomissa, myyntivolyymit kasvoivat strategisten tavoitteiden mukaisesti.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Olemassa olevan liiketoiminnan ja orgaanisen kasvun tukemisen lisäksi tutkimustoiminta keskittyy uusien liiketoimintamahdollisuuksien kehittämiseen, kuten kaurapohjaisiin lisäarvoa tuottaviin ainesosiin sekä kylläisyyteen ja painonhallintaan liittyviin ratkaisuihin.”

Annual report 2025A · The company itself

“Globaalit megatrendit tukevat Raision strategiaa sekä keskittymistä vastuullisesti tuotettuun ja terveelliseen ruokaan.”

Annual report 2025A · The company itself

“Kasvipohjaisten juomien edelleen jatkuva kasvu on vaikuttanut tulokseen myös hyvin positiivisesti.”

Annual report 2025A · The company itself

“välipalatuotteet sekä sydänterveyden tuotteet muodostavat orgaanisen kasvun lähteet.”

Annual report 2025A · The company itself

“The success of our business depends on our ability to respond to constantly changing fashion and retail trends and consumer preferences in a timely manner, develop products that resonate with our existing customers and attract new customers, and provide a seamless shopping experience to our customers. The industries in which we operate have historically been subject to rapidly changing fashion trends and consumer preferences. Our success depends in large part on our ability to originate and define fashion product and home product trends, as well as to anticipate, gauge, and react to changing consumer preferences in a timely manner.”

Annual report 2026A · The company itself

“Our failure to continue to shorten lead times or to correctly anticipate consumer preferences and demand could result in the build-up of excess inventory.”

Annual report 2026A · The company itself

“Consumer perception may also be influenced by geopolitical developments, including periods of heightened anti-American sentiment in certain international markets, as well as our partnership with athletes and other public figures, our relationships with wholesale customers, licensees, and suppliers, our views on political and social issues, or our long-term environmental and social initiatives as a whole, among other factors.”

Annual report 2026A · The company itself

“Further, many of our customers voluntarily are diverting waste to alternatives to landfill disposal, such as recycling and composting, while also working to reduce the amount of waste they generate. Many of the largest companies in 22 Table of Contents the United States are setting zero-waste goals in which they strive to send no waste to landfills and some jurisdictions have enacted or are considering waste reduction regulations such as extended producer responsibility, organic diversion and minimum recycled content regulations.”

Annual report 2025A · The company itself

“Our purpose-driven vision is to partner with customers to create a more sustainable world. We believe that our products and services are valuable to our customers and essential for long-term sustainability. We further believe our focus on and commitment to sustainability allows us to attract and retain the best talent, win more customers, increase customer loyalty and, ultimately, drive higher revenue and profits.”

Annual report 2025A · The company itself

“Sustainability Innovation We are uniquely positioned to offer products and services to address the complex sustainability needs of our customers, including offerings that allow for greater material circularity and support decarbonization. We believe demand for post-consumer content in consumer packaging and low carbon energy alternatives continues to increase.”

Annual report 2025A · The company itself

“Hållbarhetsaspekten blir allt viktigare för konsumenterna som ofta är medvetna om den påverkan som matproduktion, livsmedelsförpackningar och matavfall har på miljön.”

Annual report 2024A · The company itself

“Miljövänliga och biobaserade lösningar efterfrågas globalt som ersättning för de fossilbaserade, exempelvis förpackningar till livsmedel eller 35% MASSALEVERANSER, KTON FILTER 80 Rottneros är en av de globala marknadsledarna på massa för tillverkning av olika typer av filter.”

Annual report 2024A · The company itself

“Förändringen mot hållbara produkter, från fossilbaserade, är högt prioriterad i samhället och blir viktigare för varje dag.”

Annual report 2024A · The company itself

“Koldioxid tas upp av skogen och lagras därmed i de produkter som tillverkas av den. Nya produkter som ersätter fossilbaserad råvara med biobaserad utgör därmed en betydande potential för både Rottneros och branschen som helhet.”

Annual report 2024A · The company itself

“ROTTNEROS VARUMÄRKEN Spring by Rottneros – mekaniska massa (CTMP) Robur Flash UKP och ECF – oblekt respektive blekt sulfatmassa Nature by Rottneros – formpressade fiberförpackningar FOKUSOMRÅDE: FOSSILFRI PRODUKTION OCH MILJÖ Miljön och målet om fossilfri produktion har mycket hög prioritet Miljöfrågorna är centrala i Rottneros.”

Annual report 2024A · The company itself

“The CSD (carbonated soft drinks) share of volume and market with no/ low sugar content increased during the year”

Annual report 2025A · The company itself

“our growth categories accounting for around 60% of total Group revenue”

Annual report 2025A · The company itself

“We see significant growth opportunities in categories such as no/low sugar carbonated soft drinks, energy and enhanced water, readyto-drink alcoholic beverages, and premium beverages. These categories are expected to grow structurally faster than the broader beverage market and offer higher margins than our average Group margin.”

Annual report 2025A · The company itself

“Consumers are increasingly attentive to alcohol and calorie intake and are seeking alternatives with no/low alcohol or sugar content, and beverages offering functional benefits, such as added vitamins or energy enhancing ingredients like caffeine.”

Annual report 2025A · The company itself

“Consumer preferences are shifting as health focus and changing consumption occasions influence choices, particularly among younger consumers. They increasingly look for beverages offering added benefits such as energy, vitamins, protein, or electrolytes.”

Annual report 2025A · The company itself

“Changing lifestyles continue to influence beverage consumption patterns, including when, where, and how beverages are consumed. Increased focus on convenience and a wider range of consumption occasions support demand for ready-to-consume formats and beverages tailored to specific needs and occasions.”

Annual report 2025A · The company itself

“Consumption of beer, wine, and spirits is declining across most developed markets due to the alcohol moderation trend.”

Annual report 2025A · The company itself

“We continuously adapt our production capabilities to support the Group’s commercial priorities. These include new products, line extensions and new packaging formats, to meet specific price points or to suit specific occasions.”

Annual report 2025A · The company itself

“Gross profit rose by 6% to DKK 6,766m (2024: DKK 6,388m), with gross margin improving to 43.0% from 42.5% in 2024. The improvement reflects growth in higher margin categories, pricing measures, and continued efficiency gains across the Group.”

Annual report 2025A · The company itself

“During 2025, our main markets continued to be characterized by soft consumer sentiment—a continuation of the trends observed in 2024 and in line with our expectations. While overall beverage consumption remained relatively flat across most developed markets, shifting consumer preferences continued to support growth in enhanced beverages, premium beverages, RTD, and no/low sugar soft drinks.”

Annual report 2025A · The company itself

“We delivered growth and increased market shares across most categories in 2025. The CSD category was the main driver, ROYAL UNIBREW Annual Report 2025 33ROYAL UNIBREW Annual Report 2025 33 Our performance in 2025 particularlyno/low calorie variants. Faxe Kondi significantly outperformed the CSD market, supported by the successful launch of new flavors, while Pepsi continued to gain share in the cola segment.”

Annual report 2025A · The company itself

“Therefore, we have clear goals and initiatives to support transparency for consumers and to offer product options that cater to moderation. Our no/low sugar product portfolio is growing faster than our average product portfolio (CSD, water, and juice) and faster than the market.”

Annual report 2025A · The company itself

“The framework comprises four categories: • N o/low sugar soft drinks (mainly CSD), driven by health awareness • E nhanced beverages (including energy), supported by demand for functionality and convenience • R eady-to-drink (RTD) (including cider), benefiting from flavor innovation and new consumption occasions • P remium beverages, driven by demand for higher-quality products and differentiated offerings In 2025, approximately 60% of net revenue was generated from categories within the framework and going forward we will continue to direct a high share of our commercial investments toward the growth categories.”

Annual report 2025A · The company itself

“We continuously follow consumer trends, including the increasing focus on health, well-being, and alcohol moderation to secure relevant new innovations that fit consumer needs.”

Annual report 2025A · The company itself

“The salmon industry is backed by several major global macro trends that have led to a significant demand growth, hereunder increased global population and a growing middle class, increased focus on eating healthy food, and resource efficient and climate friendly food production.”

Annual report 2023A · The company itself

“The global increase in food demand, combined with stronger preferences for healthy and sustainably produced proteins, has led to a high growth in demand for salmon over the last few decades. This increase has mainly been met by a continuous expansion within conventional aquaculture.”

Annual report 2023A · The company itself

“BUSINESS AND INDUSTRY OUTLOOK As society increasingly emphasizes health and wellness, alongside significant global trends like political health initiatives and digital transformation, awareness around fitness is on the rise. This shift is driving growth within the health and wellness sector.”

Annual report 2024A · The company itself

“Our business model of providing access to a fitness club and a wide range of wellness products relates directly to enabling healthy lifestyles. SATS therefore has the highest positive impact within the topic of members’ individual health and well-being, and where we really can make a difference for improved health among our members, while at the same time having a robust business model that can continue to bring an attractive offering to members in line with market developments and members’ demand.”

Annual report 2024A · The company itself

“Positive impact (VC) (OO) Members’ individual health and well-being. Our business model and operations are closely aligned with this topic, and we focus on enhancing the physical well-being of our members, which has a direct impact on their health and safety.”

Annual report 2024A · The company itself

“Människor vill i allt högre grad vara aktiva på sin semester oavsett årstid. Detta gäller för samtliga målgrupper, alltifrån barnfamiljer till pensionärer. SkiStar möter denna trend genom att erbjuda möjlighet till en aktiv semester året runt, med cykling, vandring, klättring och padel som exempel på aktiviteter.”

Annual report 2024A · The company itself

“Den ökade efterfrågan har varit pådriven av ökat fokus på hållbarhet och miljö, där också ”coolcation” blivit ett begrepp för turister som flyr värmen i södra Europa. Många har också upptäckt Skandinavien, både inhemska och utländska gäster, inte minst med tanke på den svaga valutan. SkiStars position är att vara den ledande semesterarrangören för Skandinavien, där vi genom ett attraktivt produktochkonceptutbud vill locka inhemska och utländska gäster till våra skandinaviska destinationer.”

Annual report 2024A · The company itself

“I en tid då människor tar allt mer ansvar för sin egen hälsa och sitt välmående, fortsätter sömn att vara en nyckelingrediens. Sömn som fenomen är mer relevant än någonsin – medvetenheten om dess betydelse fortsätter att öka.”

Annual report 2024A · The company itself

“ÖKANDE INSIKT OM SÖMNENS BETYDELSE FÖR HÄLSAN DRIVER TILLVÄXT Att sömnen spelar en central del i vårt välmående blir allt mer uppmärksammat, vilket skapar ytterligare draghjälp och potential för tillväxt på en global marknad för sömnteknologi som uppskattas till 17 miljarder SEK.”

Annual report 2024A · The company itself

“Ökat fokus på hälsa och välbefinnande, förståelsen för sömnens betydelse för att människor ska må bra samt den ökade acceptansen för prenumerationsbaserade applikationer, är alla exempel på strukturella, globala trender som driver marknaden för sömnhälsa.”

Annual report 2024A · The company itself

“I denna del av strategin ligger fokus på att utveckla våra funktioner för att förbättra datakvaliteten och ytterligare öka förtroendet för Sleep Cycle. Det finns många träffpunkter längs med kundresan där vi kan hjälpa våra användare att skapa goda, återkommande vanor.”

Annual report 2024A · The company itself

“Med hjälp av vår unika AI-teknologi och patenterade ljudanalys levererar vi precisa och personligt anpassade insikter som gör det enklare att somna, vakna mer utvilad och därmed förbättra sin hälsa. Vi har också en av världens mest omfattande källor för sömnstatistik och är en aktiv del av den internationella sömnforskningen. Sleep Cycle är världsledande inom sömnanalys och har en tydlig mission – att förbättra den globala folkhälsan genom bättre sömnvanor.”

Annual report 2024A · The company itself

“En av de viktigaste produktlanseringarna under 2024 var Sömnfaser, en funktion som ger användarna en djupare förståelse för sina sömncykler och nya insikter om vad som krävs för att vakna utvilad varje dag. Bakom denna funktion ligger banbrytande teknik som analyserar både andning och rörelser via ljudupptagning – något som inte tidigare har varit möjligt enbart med telefonens mikrofon.”

Annual report 2024A · The company itself

“Vi mener det likevel er i tråd med vår ønskede rolle som pådriver for omstilling å også jobbe strategisk med å øke andelen kunder som er i gang med sin omstilling, og som klarer noen av kravene, men ikke alle.”

Annual report 2024A · The company itself

“I tillegg møter landbruket overgangs risiko i form av nye bærekraftsrelaterte produksjonskrav, endringer i politiske rammebetingelser, endrede forbruks vaner blant annet som følge av nye nasjonale kostholdsråd med mer.”

Annual report 2024A · The company itself

“Når det gjelder denne risikoen er det viktig å kjenne kundenes preferanser innen klimaomstilling og bankprodukter. Derfor deltar vi i produksjon av den omfattende undersøkelsen Bærekraftsbarometeret, i samarbeid med andre banker i SpareBank 1alliansen. Bærekraftsbarometeret undersøker holdninger til bærekraft hos innbyggere, kommuner og næringsliv i vårt markeds område.”

Annual report 2024A · The company itself

“Når om lag 75 prosent av bankens utlånsbalanse består av boliglån, vet vi at vi må strekke oss langt for å gi tydelige råd og løsninger til kunder med bolig med lav energiklasse til å gjøre lønnsomme grep mens de kan, og før de må.”

Annual report 2024A · The company itself

“Bærekraft er en av våre største forretningsrisikoer, og samtidig vår største forretningsmulighet.”

Annual report 2024A · The company itself

“Vi ser at tydelig posisjon og kompetanse på bærekraft gir økt tilgang på nye bedriftskunder med bærekraftige forretningsmodeller.”

Annual report 2024A · The company itself

“Våra kunder driver på för mer avancerade produkter, man efterfrågar lättare konstruktioner och behöver därför starkare stål.”

Annual report 2024A · The company itself

“SSAB inledde redan 2016 arbetet med att utveckla fossilfri stålproduktion, till följd av en bedömning av ökade omställningsrisker genom exempelvis ökad reglering och kostnader rörande koldioxidutsläpp, men också en ökad efterfrågan på fossilfria produkter. SSABs strategi att ställa om till fossilfri stålproduktion utvecklas kontinuerligt, exempelvis i början av 2022 när styrelsen tog ett policybeslut att tidigarelägga omställningen av det nordiska produktionssystemet med cirka 15 år, tack vare en ökad kundefterfrågan på produkter med lågt koldioxidavtryck.”

Annual report 2024A · The company itself

“Evolving consumer preferences and tastes, as well as adverse public or medical opinions about the health effects of consuming our products, may adversely affect our business. Our success depends on attracting and retaining customers.”

Annual report 2025A · The company itself

“Our primary objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world. We believe the continuous investments in our brand and operations will deliver long-term targeted revenue and income growth.”

Annual report 2025A · The company itself

“Dessutom drivs marknaden för onlinespel av användarnas preferenser och krav. Det innebär att spelutvecklare, spelutgivare och speloperatörer hela tiden behöver erbjuda nya produkter och tjänster för att locka till sig och behålla många olika typer av användare.”

Annual report 2024A · The company itself

“Med Thule Groups ambitiösa hållbarhetsarbete innebär detta möjligheter, och vi arbetar oförtrutet vidare mot att designa allt mer hållbara produkter med hög kvalitet och livslängd.”

Annual report 2023A · The company itself

“I dessa kategorier har vi under flera år sett en positiv marknads - utveckling, drivet av ett ökat cyklande världen över. Även om försäljningen minskade under 2023, jämfört med exceptionella nivåer under pandemiåren, förväntar vi oss att denna kategori kommer att fortsätta växa långsiktigt med cirka 5 procent per år de närmaste åren. Kategorin drivs bland annat av ett generellt ökat intresse för cykelpendling, stora investeringar i städers infrastruktur för att stimulera detta ytterligare, samt ett generellt ökat intresse för en aktiv fritid tillsammans med familjen.”

Annual report 2023A · The company itself

“Vi vet att de konsumenter som väljer att köpa och använda våra produkter sätter stort värde på att de tillverkats på ett ansvarsfullt sätt och att de håller länge.”

Annual report 2023A · The company itself

“Tillväxten gynnas av en sedan många år etablerad global trend att allt fler vill leva ett aktivt liv och ett ständigt växande intresse för frilufts-och fritidsaktiviteter.”

Annual report 2023A · The company itself

“Thule Group är ett globalt sport- och fritidsföretag som erbjuder produkter av hög kvalitet, med smarta funktioner och hållbar design som gör det lätt för människor världen över att leva ett aktivt liv. Under mottot Active Life, Simplified. och med ett fokus på konsumentdriven innovation och ett långsiktigt hållbarhetsperspektiv utvecklar, tillverkar och marknadsför vi produkter inom produktkategorierna Sport&Cargo Carriers (t.ex. takräcken, takboxar, hållare för cykel-, vatten- och vintersporter, taktält som monteras på bil), Juvenile & Pet Products (t.ex. bilbarnstolar, barnvagnar, cykelvagnar, cykelbarnstolar och hundtransport), RV Products (t.ex. markiser, cykelhållare och tält för husbilar och husvagnar) och Packs, Bags & Luggage (t.ex. vandringsryggsäckar, resväskor och kameraväskor).”

Annual report 2023A · The company itself

“Det är den samlade kraften i våra medarbetares kompetenser och erfarenheter som utgör grunden för Thule Groups framgång. Tack vare vårt starka varumärke, god långsiktig tillväxt, ett tydligt hållbarhetsfokus byggt på attraktiva produkter och genuina kärnvärden attraherar vi en mångfald av potentiella medarbetare världen över. Många kan identifiera sig med oss, våra varumärken och våra produkter.”

Annual report 2023A · The company itself

“Wellness ​ The definition of traditional beauty is expanding as wellness and beauty converge and as consumers deepen the connection between how they express themselves to their overall self-care and wellness. The Company believes Ulta U.S. is well-positioned to capture this growth opportunity and support its guests’ wellness journeys.”

Annual report 2026A · The company itself

“There is also increased focus, including by investors, guests, and other stakeholders, on climate change and other environmental, social, governance, and sustainability matters, including single use plastic, energy, waste, and worker safety. Concern about climate change might cause consumer preferences to change, including moving away from products or ingredients considered to have high climate change impact and towards products that are more sustainably made, and we expect to incur additional costs in connection with our initiatives in this area.”

Annual report 2026A · The company itself

“If we are unable to gauge beauty trends and react to changing consumer preferences in a timely manner, our sales may decrease. We believe our success depends in substantial part on our ability to: ● recognize and define product and beauty trends; ● anticipate, gauge, and react to changing consumer preferences (including relating to sustainability of product sources and packaging, ingredient transparency, and animal welfare) in a timely manner; ● translate market trends into appropriate, saleable product and service offerings in our stores and salons in advance of our competitors; ● develop and maintain vendor relationships that provide us access to the newest merchandise on reasonable terms; and ● distribute merchandise to our stores in an efficient and effective manner and maintain appropriate in-stock levels.”

Annual report 2026A · The company itself

“Wellness by Ulta Beauty extends Ulta U.S.’s product offering to include nutrition & supplements (such as vitamins, supplements, and fitness-related tools); intimate care (such as feminine hygiene, as well as period, prenatal and postnatal, and menopausal care); rest & reset (such as aromatherapy, spa essentials, and sleep support); and essential routines (such as oral care, wearables, and devices).”

Annual report 2026A · The company itself

“Significant cost increases, government regulation, or changes of consumer preferences for goods or services relating to alternative sources of energy, emissions reductions, and GHG emissions can materially affect the markets for the commodities we carry and demand for our services, which in turn could have a material adverse effect on our results of operations, financial condition, and liquidity.”

Annual report 2025A · The company itself

“UPM captures the opportunities presented by growing consumer demand for sustainable choices and stricter regulations aimed at mitigating climate change and related to plastic use, for example. With higher living standards and an aging population, a growing number of urban, middle-class people are consuming more over a longer period.”

Annual report 2025A · The company itself

“We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impacts demand for our entertainment offerings and products and services and our results of operations. Our businesses create entertainment, travel and consumer products, the success of which depends substantially on consumer tastes and preferences that change in often unpredictable ways.”

Annual report 2025A · The company itself

“Further, preferences of some consumers are affected by their perceptions of our position on matters of public interest, including regarding environmental and social issues, and such perceptions sometimes lead to consumer boycotts.”

Annual report 2025A · The company itself

“We face risks related to damage to our reputation or brands. Our reputation and globally recognizable brands are integral to the success of our businesses.”

Annual report 2025A · The company itself

“Our success depends on our ability to anticipate and adapt to changes in consumer behavior and shifting content consumption patterns. The ways in which viewers consume content, and technology and distribution models in the media and entertainment industries, continue to evolve. New distribution platforms, as well as increased competition from new entrants and emerging technologies and the availability of alternative forms of entertainment (including user-generated content), have added to the complexity of maintaining predictable revenues.”

Annual report 2025A · The company itself

“The film industry has also been impacted by shifting consumer preferences and technological innovation, including, among other things, consumer preferences for viewing movies at home, a vast library of which is available to them through one or more streaming subscriptions, and shorter theatrical release windows.”

Annual report 2025A · The company itself

“Our livestock business depends heavily on a healthy and growing livestock industry. If the public perceives a risk to human health from the consumption of the food derived from animals that utilize our products, there may be a decline in the production of such food products and, in turn, demand for our products. Furthermore, changing consumer preferences and increasing consumer interest in alternatives to animal-based protein and dairy products has driven the growth of plant-based substitutes.”

Annual report 2025A · The company itself

“Climate change may negatively impact our customers’ operations, particularly those in the livestock industry, through climate-related impacts such as increased air and water temperatures, rising water levels and increased incidence of disease in livestock. In addition, concerns regarding greenhouse gas emissions and other potential environmental impacts from livestock production have led to some consumers opting to limit or avoid consuming animal products. If such events affect our customers’ businesses, they may purchase fewer Zoetis products, and our revenues may be negatively impacted.”

Annual report 2025A · The company itself

“The primary companion animal species are dogs, cats and horses. Factors influencing growth in demand for companion animal medicines, vaccines and diagnostics include: •increasing pet owners’ commitment to the health and well-being of their pets; •economic development and related increases in disposable income, particularly in many emerging markets; •companion animals living longer; •increasing medical treatment of companion animals; and •advances in companion animal medicines, vaccines and diagnostics.”

Annual report 2025A · The company itself

“Similarly, concerns regarding greenhouse gas emissions and other potential environmental impacts of livestock production have led to some consumers opting to limit or avoid consuming animal products. However, we believe the impact of this trend is limited as the livestock industry is still expected to continue to grow in order to feed a growing global population.”

Annual report 2025A · The company itself

“Key risks to the outlook include potential delays in game development and release dates, changes in consumer preferences and increased competition from similar games can affect management estimates.”

Annual report 2025A · The company itself

“Other financial assets – Co-publishing Games For other financial assets (investments in co-published games): The physical and digital game market is rapidly changing due to technology innovations (artificial intelligence), business model evolutions (free to play games), consumer preferences (new games versus legacy franchises).”

Annual report 2025A · The company itself

“We aim to fulfil that need by responsibly delivering better, simpler and more reliable outcomes for our customers.”

Annual report 2025A · The company itself

“In the United States, Botox Cosmetic net revenues decreased 11% primarily driven by unfavorable pricing due to customer loyalty program changes, lower market share and decreased consumer demand, partially offset by the timing of customer inventory destocking in the prior year.”

Annual report 2025A · The company itself

“Net revenues for Juvederm Collection decreased 15% in 2025 primarily driven by decreased consumer demand, partially offset by the timing of customer inventory destocking in the prior year.”

Annual report 2025A · The company itself

“Our clients’ needs and expectations are to provide sustainable products and services and driving positive social and environmental change.”

Annual report 2024A · The company itself

“AddLife erbjuder lösningar inom Life Science för att förbättra människors liv genom att: Tillhandahålla produkter och tjänster som förbättrar människors hälsa och välbefinnande samt möjliggöra forskning inom Life Science Skapa en konkurrensfördel genom högkvalitativa produkter och värdeskapande tjänster, kombinerat med klimatsmarta och cirkulära lösningar Samarbeta kring hållbara erbjudanden till förmån för forskning, hälso- och sjukvårdssystem, vårdpersonal, vårdgivare, patienter och brukare MÅL: Minska intensitet av utsläpp i scope 1 och scope 2 per MSEK omsättning med 25% till och med 2025 med 2021 som basår.”

Annual report 2023A · The company itself

“Forbrugerne ønsker i højere grad end tidligere også at bruge centrene til oplevelser. Der skal skabes det rigtige butiksmiks som en kombination af butikker, F&B-koncepter, oplevelser og serviceydelser, så centrene er attraktive og relevante for kunderne, hvilket vil være med til at øge efterspørgslen efter lejemål.”

Annual report 2026A · The company itself

“Bærekraftige proteiner og ingredienser Det globale markedet for bærekraftig ingredienser og helseprodukter forventes å vokse, drevet av økende helsebevissthet, en voksende middelklasse, og en aldrende befolkning, spesielt i utviklede økonomier.”

Annual report 2024A · The company itself

“Risks Impact Risk mitigation and management* Future sales growth Increased competition from alternative sources of omega -3s, such as GMO plants and algae, could impact growth in the demand for krill products globally and also put pressure on prices.”

Annual report 2024A · The company itself

“Growing market demand for healthy and sustainable food. Delivering high quality health nutrients in a sustainable way is both good for our business and society with a reduced carbon footprint.”

Annual report 2024A · The company itself

“We invest in scientific studies to identify and substantiate benefits and marketing campaigns to increase public awareness of the benefits of krill nutrients for human and animal health and nutrition New krill derived products and products beyond krill Development and launch of new products without krill or krill products with added health and nutrition benefits increasing the value of krill raw material and broadening the product portfolio.”

Annual report 2024A · The company itself

“Human Health Ingredients (HHI) played the most pivotal role in this achievement, with revenues increasing by 25% and krill oil sales up by 15%, contributing to a robust gross margin of 57%.”

Annual report 2024A · The company itself

“At the end of 2023, we introduced PL+ to the market, and in 2024, we secured our first patent for PL+. This patented technology, which enhances nutrient absorption using marine phospholipids from Antarctic krill.”

Annual report 2024A · The company itself

“Hege Spaun Our journey > Our fully integrated value chain Ingredients and brands LYSOVETA®, Aker BioMarine’s breakthrough brain health ingredient, delivers LPC-bound EPA and DHA (omega-3) in a brain-ready form, designed for targeted nutrient delivery to the brain—supporting cognitive function and long-term brain health. In 2022, the first commercial agreement was signed, and in 2024, the company sold its first commercial batch—an important milestone in its market launch.”

Annual report 2024A · The company itself

“By significantly improving the bioavailability of key ingredients like omega-3s, CoQ10, and Curcumin among others, PL+ opens new market opportunities in areas such as heart health, joint health and cognitive support. This innovation enables brands to develop more effective, premium formulations and expand their product portfolios into high-growth health categories.”

Annual report 2024A · The company itself

“Supported by 50+ human clinical trials and 135+ studies , Superba Krill is a leading science-backed krill oil, proven to support heart, brain, joint, skin, eye, and immune health.”

Annual report 2024A · The company itself

“Revervia® is a 100% vegan, marine-origin DHA omega-3 from microalgae, offering one of the highest naturally occurring DHA concentrations on the market. DHA is essential for brain and eye health and early life nutrition.”

Annual report 2024A · The company itself

“Furthermore, the company expects to maintain a strong competitive position in more sustainable solutions, such as low-basis-weight nonwovens, value-adding bonding patterns and surface structures that enhance material performance, softness, and printability.”

Annual report 2025A · The company itself

“Ökat fokus på hållbarhet förblir en nyckeldrivkraft för efterfrågan under året, oavsett om detta gäller växtbaserade livsmedel där flera stora projekt vanns, biobränslen eller energi- och vattenbesparande utrustning i allmänhet.”

Annual report 2024A · The company itself

“Increased acceptance of our products and services depends in part on the recommendations of dental professionals, professional associations, societies and organizations, as well as other factors, including efficacy, safety, ease of use, reliability, aesthetics, third-party reimbursement, price compared to traditional treatment methods and competing products, and perceptions regarding single-use or non-recyclable plastics.”

Annual report 2025A · The company itself

“To drive further adoption by additional doctors and increase utilization by existing doctors, we are, among other things, continuing to move key operations closer to our customers, simplifying our Advantage rebate program, launching new offerings, expanding our zero AA configuration, aligning our sales teams to market demographics, and deepening our commitment to consumer marketing.”

Annual report 2025A · The company itself

“Our ability to adequately and effectively price and personalize products is affected by the evolving nature of consumer needs and preferences, market and regulatory dynamics, broader use of telematics-based rate segmentation and potential change in consumer demand.”

Annual report 2025A · The company itself

“Many of our large, global customers are also committing to long-term targets to reduce greenhouse gas emissions and reliance on fossil fuels within their supply chains. If we are unable to support our customers in achieving these reductions, customers may seek out competitors who are better able to support such reductions.”

Annual report 2026A · The company itself

“Given the potential adverse health impacts associated with excessive or irresponsible alcohol consumption, Anora is expanding its offering of noand low-alcohol (NoLo) alternatives in response to evolving consumer preferences. Alcoholic beverages represent a significant share of Anora’s portfolio and are intended to be consumed responsibly, in moderation, and in accordance with local age restrictions.”

Annual report 2025A · The company itself

“Marknadstillväxten drivs av en växande och åldrande befolkning, en ökande andel kroniskt sjuka patienter, utvecklingen av nya behandlingar och läkemedel samt en ökad medvetenhet kring hälsa.”

Annual report 2024A · The company itself

“Konsernets viktigste samfunnsbidrag er utvikling og distribusjon av skånsomme og naturlige hudpleieprodukter, som gir forbrukere mulighet til å ta bærekraftige valg.”

Annual report 2024A · The company itself

“The Company is also subject to industry-specific risks which include but are not limited to: launch of new products by other industries that can replace the functionalities of the Company’s production; shifting consumer preferences; and product safety and quality. For example, changes in consumer health or dietary preferences could reduce demand for food products that contain sweeteners, such as high fructose corn syrup, edible oils, genetically modified products, and/or other processed ingredients, which could negatively impact our sales and profitability.”

Annual report 2025A · The company itself

“Further, government regulations and/or policies relating to the type of fats, sugars, and grains consumed, as well as changes in customer preferences, can also negatively impact demand for the Company’s ingredients and/or products.”

Annual report 2025A · The company itself

“Research and Development (R&D) R&D expense, net of reimbursements of government grants, for the year ended December 31, 2025 was $246 million. The Company’s R&D efforts focus on creating science-based products, solutions, and technologies aligned with macro trends in food security, sustainable processes, health, and personalized nutrition.”

Annual report 2025A · The company itself

“Relatedly, we, our funds and their portfolio companies risk damage to our brands and reputations, if we or they do not or are perceived to not act responsibly in a number of areas, including, but not limited to human rights, climate change and environmental stewardship, support for local communities, corporate governance and transparency, or consideration of ESG factors in our investment processes.”

Annual report 2025A · The company itself

“Telko aims to provide customers with more sustainable and responsible alternatives such as chemicals that support the achievement of customers’ sustainability goals. Many customers, especially in Europe, also require this.”

Annual report 2025A · The company itself

“A key challenge in environmentally sustainable solutions is their price: solutions that promote sustainable development are more expensive and raise costs throughout the value chain that accumulate for the end customer. The volumes of the most sustainable products therefore remain small.”

Annual report 2025A · The company itself

“A general challenge in the development of plant-based proteins is making products’ flavor, texture and appearance pleasing to consumers.”

Annual report 2025A · The company itself

“Another challenge is the cost of sustainable alternatives. For example, Leipurin offers RSPO certified alternatives for palm oil products and RAC certified cocoa-based products, but the price remains a more important factor than sustainability for many customers.”

Annual report 2025A · The company itself

“Telko sees significant opportunities in the 1.5°C scenario, where growing demand for alternative (e.g., non-fossil) products enables revenue growth.”

Annual report 2025A · The company itself

“Significant opportunities for Leipurin are emphasized in the 1.5°C scenario, as Leipurin can provide sustainability information to its customers and flexibly adjust its product range according to customer needs.”

Annual report 2025A · The company itself

“We recognise our most material water pollution impact as the APIs in our products. APIs are biologically active molecules and may interact with and impact wildlife in the environment. We have ongoing programmes and processes across the value chain to understand and minimise the impact of pharmaceuticals in the environment (PiE), as part of our ambition to lower the environmental burden of healthcare, while improving health outcomes and reducing our exposure to environmental risks.”

Annual report 2025A · The company itself

“Shift in customer demand Amid growing environmental concerns, low-carbon solutions are crucial for resource efficiency and sustainability. The CSRD mandates companies to oversee their sustainability practices, including suppliers and customers.”

Annual report 2024A · The company itself

“Customer health and safety 1. FOOD SAFETY: Land-based farming allows for greater control over production conditions, reducing the risk of contamination from pollutants, pathogens, or other hazards that might affect fish health and, subsequently, human health.”

Annual report 2024A · The company itself

“PUBLIC PERCEPTION AND REPUTATION: Consumer awareness and concern for animal welfare is growing. Prioritizing animal welfare is prioritizing consumer trust.”

Annual report 2024A · The company itself

“Adhering to food safety regulations and standards is essential for compliance and maintaining consumer confidence. Failure to meet these requirements can lead to regulatory penalties, recalls, and damage to the reputation of the farm.”

Annual report 2024A · The company itself

“Disease awareness remains low across markets. The increased occurrence of chikungunya across several southern European countries during 2025 and the first instance of local transmission of the virus reported in the U.S., however, have increased the attention towards this emerging disease, also from the local public health authorities.”

Annual report 2025A · The company itself

“We may be unable to successfully introduce or monetize new and existing products or services or keep pace with changing consumer preferences and needs or advances in technology.”

Annual report 2025A · The company itself

“Table of Contents Our ability to compete is also impacted by changing customer and patient preferences and requirements, including changes in demand as a result of changes to U.S. federal and state policies (affecting products such as pharmaceuticals and vaccines), increased focus on products using materials of concern and demand for more sustainable products, and for products utilizing emerging technologies (such as AI), as well as changes in the ways healthcare services are delivered, such as the transition of more care from acute to non-acute settings and increased focus on chronic disease management.”

Annual report 2025A · The company itself

“Climate change and related regulations and sustainability efforts may also influence customer, shareholder and other stakeholder preferences and requirements, including in diverging directions. This includes increased or shifting demand for more sustainable products and for progress toward sustainability goals and GHG reduction targets, including product-level GHG emissions data.”

Annual report 2025A · The company itself

“Failure to meet customer, shareholder and other stakeholder expectations or our own commitments relating to sustainability or emissions reductions could potentially result in loss of market share, reputational impacts, or challenges in attracting and retaining customers.”

Annual report 2025A · The company itself

“Genom ett nära samarbete med kunderna integreras hållbarhet i innovationsarbetet, med särskild tonvikt på minskad klimatpåverkan.”

Annual report 2024A · The company itself

“Många av slutkunderna efterfrågade i ökad utsträckning gröna produkter, trots att det ännu inte fanns någon skarp lagstiftning på plats som drev omställning.”

Annual report 2024A · The company itself

“Mål 12 – Hållbar konsumtion och produktion: Miljöanpassade produkter Beijer Ref sprider expertis om miljöanpassade köldmedier inom koncernen och till kunder. Koncernen avsätter resurser för att utbilda kunder, leverantörer och anställda i hantering av naturliga köldmedier för att driva omställningen framåt.”

Annual report 2024A · The company itself

“Per-Ola Freskgård, Chief Scientific Officer på BioArctic BioArctics främsta bidrag till en global hållbar framtid är utvecklingen av läkemedel för att förebygga och behandla sjukdomar i hjärnan, med målet att förbättra livet för drabbade patienter och deras anhöriga.”

Annual report 2024A · The company itself

“As consumers seek great tasting, healthy and more sustainable diets, seafood has become an increasingly preferred source of animal protein.”

Annual report 2025A · The company itself

“BlackRock offers choice to its clients who have a variety of goals and preferences, including those who want to increase their exposure to the low-carbon transition and those who choose not to invest in products or strategies with sustainable investment objectives.”

Annual report 2025A · The company itself

“Vårt strategiska mål är att nå 100 procent NPS Consistency till år 2026.”

Annual report 2024A · The company itself

“For example, attention remains focused largely on public health concerns related to alcohol abuse, including drunk driving, underage drinking, and the negative health impacts of the abuse and misuse of beverage alcohol. While most people who drink alcoholic beverages do so in moderation, it is commonly known and well reported that excessive levels or inappropriate patterns of drinking can lead to increased risk of a range of health conditions and, for certain people, can result in alcohol dependence.”

Annual report unknown yearA · The company itself

“Om kan få din behandling en gång i veckan eller en gång i månaden och slipper att bli påmind om ditt beroende varje dag på grund av daglig medicinering, är det en stor fördel. Det är vad patienterna berättar för oss”, säger han.”

Annual report 2024A · The company itself

“Kliniska studier och erfarenheter genom användning av Buvidal har visat att produkten bidrar till att minska behandlingsbördan, inklu - sive ökad behandlingstillfredsställelse och förbättrad livskvalitet jämfört med dagligt administrerat sublingualt buprenorfin.”

Annual report 2024A · The company itself

“Acceptance of price premiums for low carbon products is also rising. A McKinsey survey of over 100 buyers and suppliers found that demand for low carbon materials is expected to increase between 1.7 to 4.5 times current levels by 2030.”

Annual report 2024A · The company itself

“Evolving views among consumers about the impact of GHG and other emissions on the environment may also lead to changes in consumer preferences.”

Annual report 2025A · The company itself

“Developments in crop technology, such as nitrogen fixation, the conversion of atmospheric nitrogen into compounds that plants can assimilate, or nitrogen-efficient varieties, or developments in alternatives to traditional animal feed or alternative proteins, could also reduce the use of nitrogen fertilizers and adversely affect the demand for our products.”

Annual report 2025A · The company itself

“Additionally, revenue from research model services improved modestly driven by the IS and GEMS businesses.”

Annual report 2025A · The company itself

“In 2023, we launched Endosafe® Trillium®, our animal-free recombinant test for endotoxin detection. Endosafe® Trillium® utilizes three biological proteins, which we believe provides superior accuracy and testing outcomes to competitors’ single-protein recombinant alternatives, as well as equivalence to LAL-based testing method.”

Annual report 2025A · The company itself

“Failure to maintain the value and reputation of the Chipotle brand could negatively impact our financial results. We built strong value in the Chipotle brand by serving delicious, high quality food, made fresh every day using responsibly sourced ingredients served in generous portions.”

Annual report 2025A · The company itself

“Additionally, to further deliver value for the benefit of those we serve and to build a more sustainable model for health care, the Company will incur investment and transition costs to support its recently announced rebate-free model for pharmacy benefits, designed to lower 40 medication costs, improve transparency and support local pharmacies.”

Annual report 2025A · The company itself

“Ansvar för klimat och mänskliga rättigheter En viktig trend är det ökade intresset för livsmedelsproduktionens effekter på klimat och lokala producenters sociala förhållanden.”

Annual report 2024A · The company itself

“Det innebär att man vill kunna välja produkter men också kunna få produkter och tjänster som är personligt utformade och som kan anpassas till olika tillfällen. Lösviktsgodis är ett bra exempel på ett koncept som är individanpassat, där vi är en av de ledande marknadsaktörerna.”

Annual report 2024A · The company itself

“Lokala varumärken med stark historik uppskattas av konsumenterna. Detta blev särskilt tydligt under pandemin, då konsumenterna i högre utsträckning valde traditionella och välbekanta varumärken.”

Annual report 2024A · The company itself

“Hälsotrender och debatt om hälsa, vikt och socker kan ha en negativ påverkan på konfektyrkonsumtionen.”

Annual report 2024A · The company itself

“Det är därför vi arbetar för att tillgodose deras olika behov, säkerställa säkra produkter av hög kvalitet, med god insyn, tydlig märkning och en hög grad av tillit. Vi strävar efter att genom fortlöpande innovation erbjuda produkter som är anpassade till föränderliga konsumentbehov, bland annat sundare alternativ och miljömedvetna val.”

Annual report 2024A · The company itself

“Chewits jewels i Storbritannien Med en ikonisk ställning inom segt godis kom Chewits in i gelégodissegmentet i Storbritannien med en produktinnovation som uppfyller HFSS*-standarderna.”

Annual report 2024A · The company itself

“Lanseringen av Strawberry tar Läkerol till nya konsumentsegment Den omfattande och mycket framgångsrika lanseringen av Läkerol Strawberry gav stöd åt varumärket Läkerol med att nå ut till nya konsumentsegment genom produktinnovation. Pastillen är sockerfri, vegansk och innehåller enbart naturliga färg- och smakämnen.”

Annual report 2024A · The company itself

“Further, consumer preferences continue to evolve due to a number of factors, including macroeconomic volatility and uncertainty and inflation, which could cause consumers to purchase a smaller pack or quantity of a product or seek category alternatives or a lower priced alternative to the Company's products; fragmentation of the consumer market and changes in consumer demographics, including the emergence of millennials, Generation Z and younger generations who have different spending, consumption and purchasing habits; evolving consumer concerns or perceptions regarding the sustainability practices of manufacturers, including the environmental impacts of products and packaging; a growing demand for natural or organic products and ingredients; evolving consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of ingredients or substances present in certain consumer products; and changing consumer sentiment toward non-local products or sources.”

Annual report 2025A · The company itself

“Consumer preferences may also result in changing concerns regarding plastics and packaging materials, including single-use and non-recyclable plastic packaging, and other components of the Company's products and their environmental impact; a growing demand for natural or organic products and ingredients; or increased concerns or perceptions (whether accurate or inaccurate) regarding the effects of ingredients or substances present in certain consumer products.”

Annual report 2025A · The company itself

“Negative publicity about us, our brands, our products, our supply chain, our ingredients, our packaging or our sustainability or social impact practices, or our employees, whether or not deserved, could jeopardize our reputation.”

Annual report 2025A · The company itself

“Our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance. We create and acquire media, sports and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways.”

Annual report 2025A · The company itself

“Many factors affect mechanical and electrical services industry growth, including but not limited to, (i) population growth, which increases the need for commercial, industrial and institutional space, (ii) an aging installed base of buildings and equipment, (iii) increasing sophistication, complexity and efficiency of mechanical and electrical systems, and (iv) growing emphasis on internal air quality, environmental sustainability and energy efficiency.”

Annual report 2025A · The company itself

“Parempi kilpailuasema vastaamaan kuluttajien muuttuvia mieltymyksiä, mikä tukee liikevaihdon ja tuloksen kasvua.”

Annual report 2025A · The company itself

“Negative public perception and/or publicity of our industries in general, or of us or our key vendors, brokers or product distribution networks in particular, can further increase our costs of doing business and adversely affect our operating results and our stock price by: •adversely affecting our brand and reputation; •adversely affecting our ability to market and sell our products and/or services and/or retain our existing customers and members; •requiring us to change our products and/or services; •reducing or restricting the revenue we can receive for our products and/or services; and/or •increasing or significantly changing the regulatory and legislative requirements with which we must comply.”

Annual report 2025A · The company itself

“The CVS Weight ManagementTM program optimizes utilization of GLP-1 medication and provides the label-recommended lifestyle support and coaching to maximize and maintain weight loss on these therapies, while addressing new indications (e.g., cardiovascular disease).”

Annual report 2025A · The company itself

“Our ability to compete can also be impacted by changing customer preferences and requirements (for example increased demand for products incorporating digital capabilities or more environmentally-friendly products and supplier practices) as well as changes in the way healthcare services are delivered (including the movement of some care from acute to non-acute settings and increased focus on chronic disease management). Cost containment efforts by governments and the private sector, particularly in the healthcare industry, are also resulting in increased emphasis on products that reduce costs and improve efficiency and effectiveness.”

Annual report 2025A · The company itself

“We are subject to changes in consumer preferences that may adversely affect demand for food at our restaurants. Consumers are continually changing health and dietary preferences.”

Annual report 2026A · The company itself

“Significant damage to our reputation and brand, including as a result of significant adverse publicity or inability to achieve certain sustainability goals, could materially adversely affect our business and financial results. Maintaining our reputation and global brand is critical to our business. We operate in a highly visible and public environment with significant real-time exposure to traditional and social media.”

Annual report 2025A · The company itself

“We generated higher growth in premium products revenue compared to main cabin with the delivery of new aircraft that include more premium seat capacity and an increase in yield in premium products compared to main cabin, as we see more consumers choosing these premium offerings.”

Annual report 2025A · The company itself

“To shape future low-emission offerings, DFDS engages strategic customers through the DFDS Net Zero Co-Lab, a structured forum for co-creation, To reach our targets, our decarbonisation actions are focused on four areas: Efficiency – doing more with fewer resources Electrification – reducing reliance on fossil fuels Alternative fuels – using biofuels and e-fuels Circularity – minimise waste and reuse resources.”

Annual report 2025A · The company itself

“In addition, the success of our business depends in part on our ability to anticipate, identify and respond promptly to evolving trends in consumer preferences. If we are unable to accurately predict the products that our customers will demand, implement competitive and effective pricing and marketing strategies, or timely and appropriately respond to changing demographics, consumer needs, preferences or spending patterns, then the demand for our products (including our higher-margin discretionary merchandise), our market share and our results of operations could be adversely affected.”

Annual report 2026A · The company itself

“Design, kvalitet, hållbarhet, kundupplevelse och konnektivitet är viktiga faktorer för att behålla konkurrensförmågan och attrahera slutkunder.”

Annual report 2024A · The company itself

“Mark - nadsundersökningar visar att människor i alla åldrar, men i synnerhet de yngre generationerna, är villiga att betala extra för hållbara produkter.”

Annual report 2024A · The company itself

“Dometic bidrar till en mer hållbar värld genom att göra det möjligt för människor att njuta av och utforska naturen – lokalt och oftare. Det gör vi genom att erbjuda innovativa och hållbara produkter med låga koldioxidutsläpp som inspirerar till ett aktivt, bekvämt och ansvarsfullt liv utomhus.”

Annual report 2024A · The company itself

“For instance, if prevailing regulatory guidance, health or dietary preferences cause consumers to avoid pizza and other products we offer in favor of foods that are perceived as healthier, or consumers shift away from delivery or carryout food, our business and operating results would be harmed.”

Annual report 2025A · The company itself

“In addition, class action lawsuits have been filed, and may continue to be filed, against various QSRs alleging, among other things, that QSRs have failed to disclose the health risks associated with certain foods and that QSR marketing practices have encouraged obesity.”

Annual report 2025A · The company itself

“The increase in U.S. same store sales was primarily driven by both higher customer transaction counts and higher average ticket, each driven in part by the launch of our Parmesan Stuffed Crust pizza.”

Annual report 2025A · The company itself

“Our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits. The strategic imperatives of our Hungry for MORE strategy are as follows: Most Delicious Food: We believe we have the best pizza in the industry, and our menu has even more mouthwatering options beyond pizza.”

Annual report 2025A · The company itself

“Market growth is expected to be driven by major shifts in population demographics; improving socioeconomic status in emerging geographic regions; consumer and brand owner demand for increased functionality including sustainable offerings through lower-carbon and circular solutions; global efforts to reduce food waste; growth in telecommunications networks; global development of electrical transmission and distribution infrastructure; and renewable energy applications such as wind and solar (photovoltaic) power.”

Annual report 2025A · The company itself

“De tre viktigaste idag är: • Den växande globala medelklassen, som förväntas öka med 33 procent mellan 2020 och 2030, särskilt i Asien–Stillahavsområdet, och vars köpkraft och konsumtion förutspås öka. • Förändrade konsumentbeteenden med fokus på hållbarhet, men även design, bekvämlighet och individualisering spelar en viktig roll i kombination med allt hårdare lagstiftning.”

Annual report 2024A · The company itself

“Table of Contents Demand for product offerings that customers, end users, or other stakeholders across the healthcare, water, construction, and industrial markets, determine support their respective business and/or market strategy is expected to continue to increase, driven by end-user and customer demand, investor preference, and government legislative and market- and product-specific actions.”

Annual report 2025A · The company itself

“Denna utveckling påverkas av såväl branschinitiativ och lagstiftning som ökad efterfrågan från kunderna själva. Kunder ställer också allt högre krav på de IT-företag som de köper varor och tjänster från. • Efterfrågan på hållbara och cirkulära ITlösningar ökar, vilket innebär att det finns en ökad efterfrågan på återanvändning och återvinning samt användning av begagnad hårdvara. • Kunder har högre förväntningar när det gäller ansvarstagande och transparens, särskilt inom områden som socialt ansvar, inkludering samt hantering av klimat- och miljörisker.”

Annual report 2024A · The company itself

“Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health, and personal care as well as smarter and more sustainable cities.”

Annual report 2024A · The company itself

“The plastic replacement shift and underlying positive consumption trend in new end-use areas such as detergents as well as growth in plantbased drinks consumption is a major opportunity.”

Annual report 2024A · The company itself

“Förnybar energi och digitalisering blir allt viktigare för både kunder och slutanvändare.”

Annual report 2024A · The company itself

“Risker relaterade till koncernens verksamhet och bransch Utvecklingen inom spelindustrin drivs till stor del av krav och villkor från slutkunder, spelutvecklare och publicister. Koncernen måste ständigt erbjuda nya produkter och tjänster för att vara konkurrenskraftig. Det finns en risk att investeringar kan generera mindre intäkter än förväntat, om koncernen misslyckas med att utveckla nya spel eller uppdatera befintliga spel enligt kundernas preferenser.”

Annual report 2024A · The company itself

“Asiakkaamme kaipaavat meiltä helppoutta, läpinäkyvyyttä ja yhä laajempia ratkaisuja koko elinkaaren ajalle. Niistä rakennamme kilpailuetuamme. Asiakkaillamme on myös kasvava tarve löytää konkreettisia ja vaikuttavia keinoja ilmastopäästöjen vähentämiseen ja hiilikädenjäljen parantamiseen.”

Annual report 2025A · The company itself

“Riski Oma toiminta Lyhyt–keskipitkä Hallintotapatiedot G1 Yrityskulttuuri Enersense edistää eettistä liiketoimintakulttuuria koko arvoketjussa. Yrityksen yrityskulttuurin tärkeimpiä teemoja ovat arvojen lisäksi kestävän työelämän edistäminen ja ympäristökestävyys. Nämä toimet vaikuttavat myönteisesti työntekijöiden hyvinvointiin, liikekumppaneiden työntekijöihin ja ympäristöön.”

Annual report 2025A · The company itself

“Efterfrågan är också beroende av kundernas behov av ny teknik och beaktande av hållbarhetsrelaterade risker.”

Annual report 2024A · The company itself

“— Private Capital Asia EQT Playbook #01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information EQT:s syn på hållbarhet EQT anser att ’doing good is good business’. Hållbarhetsarbetet syftar till att driva resultat och säkerställa att bolagen förblir konkurrenskraftiga på lång sikt.”

Annual report 2024A · The company itself

“Competition in the apartment community market and other housing alternatives may materially adversely affect operations and the rental demand for the Company’s communities. There are numerous housing alternatives that compete with the Company’s communities in attracting tenants, including other apartment communities, condominiums and single-family homes.”

Annual report 2025A · The company itself

“Framgångsfaktorer Ledarskap inom innovation Hållbara innovationer som förbättrar vardagen Essity fokuserar på att utveckla hållbara innovationer som förbättrar hygien och hälsa, samtidigt som vi minskar bolagets miljöpåverkan och skapar lönsam tillväxt. Vårt mål är att minst 50% av Essitys innovationer årligen ska medföra sociala och/eller miljöförbättringar. Under 2024 var utfallet 87 %.”

Annual report 2024A · The company itself

“Våra ledande lösningar når en miljard människor varje dag i 150 länder. Vi hanterar hälsoutmaningar och främjar inkludering för att öka livskvaliteten för människor.”

Annual report 2024A · The company itself

“I Mexiko lanserades fossilt plastfria dagbindor, nattbindor och trosskydd inom Feminine Care under det marknadsledande varumärket Saba, vilket leder till en lägre klimatpåverkan.”

Annual report 2024A · The company itself

“Kampanjen fokuserar på högkvalitativa produkter som förbättrar vården för personer med inkontinens och minskar avfallet. • Libresses kampanj ”It’s never just a period” avstigmatiserar menstruation och belyser komplexiteten och verkligheten i hur kvinnor+ upplever sin menstruation.”

Annual report 2024A · The company itself

“Customer expectations are expected to change as they become more aware of the climate impact of the retail industry, and so are the expectations of existing and potential employees. The group faces a risk of losing market shares if it does not adapt to these changes.”

Annual report 2024A · The company itself

“Lack of informed choices on sustainable products The group offers a broad assortment of products. If customers are not sufficiently informed about the sustainable choices of products, the ability to choose accordingly is weakened.”

Annual report 2024A · The company itself

“To ensure that the strategy and business model is resilient and address the material IROs, the group strives to provide safe quality products at affordable prices along with transparent product information for customers. With the ambition to offer affordable, sustainable products, the group acknowledges the inherent potential conflict in this strategic objective, as sustainable options are often associated with higher costs and prices.”

Annual report 2024A · The company itself

“As a retailer having a broad variety of discount products, the group has an obligation to drive responsible marketing, nudging consumers towards sustainable choices. An essential part of helping consumers in this direction is clear communication, which makes it easy to make the more sustainable choice.”

Annual report 2024A · The company itself

“Europris has acted to manage the information-related impact on consumers through its commitment to “the greenwashingposter”. This commitment positively impacts consumers by providing them with more accurate and transparent product information, promoting informed purchasing decisions.”

Annual report 2024A · The company itself

“The group has zero tolerance for recalls. A recall is an action to remove a product from the market due to a safety issue, defect or violation of regulation that can pose a risk to consumers.”

Annual report 2024A · The company itself

“There may also be financial and reputational risks if we fail to meet evolving customer expectations, including enabling the integration of residential renewables and providing low carbon solutions, such as electric vehicle infrastructure and energy efficiency services.”

Annual report 2025A · The company itself

“Our decades-long outdoor expertise and a steadfast commitment to innovation continue to meet the growing demand for sustainably produced, high-quality equipment that stands the test of time.”

Annual report 2024A · The company itself

“Portions of the winter collection, mainly available in the markets with a colder climate, are negatively aected by warm and late winters. • Trend risks. The group does not consider itself to be a group of fashion products, but the business is aected by long-term trends such as the outdoor life trend.”

Annual report 2024A · The company itself

“We also strengthened our product oering with an emphasis on serving our fans through performance apparel that emphasizes com - fort, versatility and sustainability. Our2024 collection was focused and energized and drove excitement with retailers and consum - ers.”

Annual report 2024A · The company itself

“Gabriel fremmer bæredygtigt forbrug og brugernes sundhed og sikkerhed ved at anvende produktmærkning. Vir ksomheden samarbejder med genkendelige og anerkendte produktmærker. • Gabriel vejleder kunder og brugere om væsentlige miljømæssige aspekter i forbindelse med brug, genanvendelse og bortskaffelse af virksomhedens produkter. • Medarbejdere med kundekontakt undervises i at kunne videreformidle korrekt information om Gabriels indsats på bæredygtighedsområder.”

Annual report 2025A · The company itself

“Med ökad medvetenhet om klimatförändringarnas påverkan söker dagens konsumenter produkter med så lågt miljöavtryck som möjligt. Valet av hållbara material och förmågan att återvinna produkter efter användning är därför viktiga parametrar som många konsumenter tar hänsyn till vid sina köpbeslut.”

Annual report 2024A · The company itself

“Similarly, demand for our products could be affected by consumer concerns regarding the health effects of ingredients such as sodium, genetically modified organisms, sugar and sugar alternatives, color additives, preservatives, processed wheat and other ingredients, grain-free or legume-rich pet food, or other product ingredients or attributes.”

Annual report 2026A · The company itself

“Increasing concern over climate change or other sustainability issues also may adversely impact demand for our products due to changes in consumer preferences or negative consumer reaction to our commitments and actions to address these issues.”

Annual report 2026A · The company itself

“If we fail to achieve or improperly report on our progress toward achieving our carbon emissions reduction goals and commitments, then the resulting negative publicity could harm our reputation and adversely affect demand for our products.”

Annual report 2026A · The company itself

“With our price investments completed in fiscal 2026, our plans in fiscal 2027 are focused on delivering product innovation and renovation news centered on the benefits that matter most to today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, and fun and indulgence, all of which should help support stronger topline growth.”

Annual report 2026A · The company itself

“Some selected trends driving the in-vitro diagnostics market are the aging population and demographic development. increased prevalence of chronic and infectious diseases, personalized medicine and technological advancements.”

Annual report 2024A · The company itself

“Våra kunders engagemang för hållbar utveckling och tillverkning av läkemedel har ökat avsevärt under de senaste åren.”

Annual report 2024A · The company itself

“Steril godshantering och kirurgi bidrar negativt till miljön, varför våra kunder eerfrågar produkter och tjänster som minimerar eekterna.”

Annual report 2024A · The company itself

“Förflyning av produktportfölj Långa ledtider inom forskning och utveckling till följd av omfaande reglering samt långa valideringsprocesser hämmar en snabb utveckling till mer hållbara produkt- och paketeringslösningar. Marknaden för medicinteknik är strikt reglerad bland annat för a säkerställa patientsäkerhet, vilket kan påverka hur snabbt Getinges produkter kan bli hållbara.”

Annual report 2024A · The company itself

“This represents the company's highest revenue to date and reflects increased market penetration in Copenhagen and Aarhus, improved fleet utilisation, and strong customer demand for sustainable urban mobility.”

Annual report 2025A · The company itself

“Risker kopplade till klimatomställningen omfattar exempelvis kommande miljölagstiftning som ska stimulera till minskade koldioxidutsläpp samt mekanismer för prissättning av koldioxid som kan leda till högre kostnader för Gränges, till exempel ökade kostnader för koldioxidskatt. Andra klimatomställningsrisker är förändrade kund- och konsumentpreferenser till fördel för produkter med lägre klimatavtryck, som skulle kunna leda till vikande efterfrågan på Gränges produkter om de inte hanteras korrekt.”

Annual report 2024A · The company itself

“Our 3D imaging: Whole-brain imaging to map neuronal activation, drug biodistribution, and target engagement Whole-ovary imaging at cellular resolution for key endpoints in drug efficacy, mode of action and toxicology studies Drug distribution Oocytes Alzheimer plaques AI-detected oocytes Driving innovation in women’s health Women’s health is characterized by high unmet medical need and growing investment interest.”

Annual report 2025A · The company itself

“Ved å fremme kritisk tenkning, utdannelse og bevaring av språk og kultur gjennom våre bøker og tjenester fremmer vi ytringsfrihet som en grunnleggende verdi.”

Annual report 2024A · The company itself

“These chemical vessels transport both clean petroleum products and chemicals, allowing us to switch between cargoes and limit ballast time. 17% of the cargo carried on these tankers in 2022 were bioproducts – further underpinning our commitment to a more sustainable world in the shipment of renewable energy.”

Annual report 2022A · The company itself

“The market for employee benefits continues to grow as employees and employers continue to demand employee benefits for addressing mental health, wellness, and caregiving costs.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“We continue to observe increased customer demand for more sustainable and energy-efficient solutions, products, and services.”

Annual report 2025A · The company itself

“Förändrad efterfrågan hos Hexagons kunder är möjlig eftersom teknologibehov och konsumtion förändras över tid.”

Annual report 2024A · The company itself

“Hiabin taloudellisen menestyksen kulmakiviä ovat hinnoittelun laatu, arvomyyntiosaaminen, avainasiakkuuksien hallinta sekä vahvat kumppanuussuhteet.”

Annual report 2025A · The company itself

“For example, in fiscal year 2025 we experienced challenges from changing customer behaviors and we believe we and others in our industry face continuing secular challenges related to, among other things, decreased demand for printing products and solutions as a result of increased digitization, hybrid work, increasing competition from generic alternatives and customer preferences shifting from traditional disposable ink cartridge printers to refillable big tank printers.”

Annual report 2025A · The company itself

“The increasing concern over climate change has resulted, and we expect will continue to result, in transition risks such as shifting customer preferences and regulations, including with regard to our products and their environmental impact. These demands have, and we expect will continue to, cause us to incur additional costs and make other changes to our operations.”

Annual report 2025A · The company itself

“Humble är en ung, dynamisk och nydanande FMCG-koncern som levererar produkter som är bättre både för människan och för planeten. Koncernen består av flera verksamhetsbolag som verkar inom snabbväxande segment såsom sockerreduktion, funktionell mat samt hållbar skönhet och hälsa.”

Annual report 2024A · The company itself

“Additionally, these changes require us to adapt our product and services, as well as our distribution of them, to evolving industry standards and customer preferences. Failure to address competitive pressures could make it more difficult for us to attract and retain customers across our businesses.”

Annual report 2025A · The company itself

“Teknologisesta kehityksestä huolimatta vuoden 2026 markkinassa korostuu inhimillisyyden ja aitouden merkitys vastapainona täysin koneellistetulle sisällölle. Menestyvät organisaatiot hyödyntävätkin tekoälyn tuomaa tehokkuutta vapauttaakseen resursseja luovaan työhön ja aitoon vuorovaikutukseen.”

Annual report 2025A · The company itself

“Further, changes in customer or consumer preferences may increase or decrease the demand for fiber-based products and non-fiber substitutes. Customer and consumer preferences change based on, among other factors, cost, convenience, health concerns and perceptions and an increased awareness of sustainability considerations. In some areas, customers have increasingly shown interest in environmentally friendly products such as fiber-based packaging.”

Annual report 2025A · The company itself

“Other possible indirect impacts include influence on competitive position due to customer and end-consumer preferences regarding low-carbon, circular products with a high recycling rate along with tax credit and funding opportunities to expand green energy production and carbon credit generation.”

Annual report 2025A · The company itself

“– med fokus på användaren Kontinuerlig produktutveckling hör till INVISIOs kärnprocesser och främsta framgångsfaktorer. Stort fokus i arbetet ligger på att ytterligare utveckla och förbättra centrala produktegenskaper såsom kommunikationsförmåga, hörselskydd, bekvämlighet och användarvänlighet.”

Annual report 2024A · The company itself

“The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand.”

Annual report 2025A · The company itself

“In order to generate future revenues and profits, we must continue to sell products that appeal to our customers and consumers. Specifically, there are a number of trends in consumer preferences that may impact us and the food industry as a whole, including convenience, flavor variety, an emphasis on health and wellness, including weight management (e.g., the use of medications and dieting), the desire for transparent product labeling, and simple and natural ingredients.”

Annual report 2026A · The company itself

“Certain of our products contain ingredients which are the subject of public scrutiny, including the suggestion that consumption may have adverse health effects. Although we strive to respond to consumer preferences and social expectations, we may not be successful in these efforts. An unfavorable report on the effects of ingredients present in our products or packaging, product recalls, or negative publicity or litigation could influence consumer preferences, significantly reduce the demand for our products, and adversely affect our profitability.”

Annual report 2026A · The company itself

“Nyproducerade bostäder från JM är anpassade efter hur människor lever och bor idag och imorgon. Sedan 2018 projekte - ras alla JM-bostäder så att kraven för miljömärkning med Svanen uppfylls.”

Annual report 2024A · The company itself

“Genom att erbjuda Svanenmärkta hus och bostäder skapar JM väsent - lig påverkan nedströms och en grund för hållbara livsstilar.”

Annual report 2024A · The company itself

“Hållbar produkt som attraherar fler kunder.”

Annual report 2024A · The company itself

“Kamux pyrkii kehittämään toimintaansa jatkuvasti siten, että sen tarjoamat palvelut vastaavat mahdollisimman hyvin asiakkaiden muuttuvia tarpeita.”

Annual report 2024A · The company itself

“Över 30 procent av alla gravida kvinnor genomgår idag en planerad förlossningsstart med induktionsmetoder som prostaglandiner och oxytocin, som i stor utsträckning kräver övervakning på sjukhus på grund av risken för biverkningar både för mor och barn, vilket leder till höga sjukvårdskostnader. Kliniska råd och riktlinjer kring igångsättning av förlossning har nyligen justerats, till att rekommendera förlossning redan i graviditetsvecka 39 i USA och vecka 40–41 i Europa. Målsättningen är att minska risken för komplikationer som fosterdöd, neonatala komplikationer och kejsarsnitt, vilket leder till förbättrade vårdresultat för både moder och barn.”

Annual report 2024A · The company itself

“Genom våra investeringar satsar vi på områden där det i dag saknas effektiva behandlingar, bland annat hjärtsvikt, sällsynta sjukdomar, kvinnohälsa och olika infektionssjukdomar.”

Annual report 2024A · The company itself

“Health and safety: Product safety Potential negative impact Downstream Short-, medium- and long-term Deficiencies in the safety of the products sold by Kesko can have significant negative impacts on the health and safety of consumers and end-users.”

Annual report 2025A · The company itself

“Consumers' preferences continually evolve due to a variety of factors, including changing demographics of the population, social trends, changes in consumer lifestyles and consumption patterns, including from the use of weight loss drugs, concerns or perceptions regarding the health effects or environmental impact of our products or packaging, concerns regarding the location of origin or source of ingredients and products, changes in consumers' spending habits, negative publicity, economic downturn, or other factors.”

Annual report 2025A · The company itself

“In addition, adverse public opinion, third-party studies, or other allegations, whether or not valid, regarding the perceived or potential negative health effects of processing or ingredients in our beverage products, such as concerns about the caloric intake associated with soft drinks or the use of synthetic colors, nutritive and non-nutritive sweeteners or other additives in our beverages, or chemicals of concern or other substances in our ingredients or materials, may contribute to actual or threatened legal action against us, negative consumer perception of our products, new or increased taxes on our products, or additional government regulation, including new or increased restrictions on the inclusion of our products in benefit programs, such as the U.S. supplemental nutrition assistance program known as SNAP, any of which could result in decreased demand for our products or reformulations of existing products to remove such ingredients or substances, which may be costly and reduce their appeal.”

Annual report 2025A · The company itself

“Our inability to address adverse publicity or other issues, including with respect to product safety, quality, efficacy, environmental impacts (including packaging, energy and water use and waste management), substances and ingredients of potential concern, inclusion and belonging, human rights and other social responsibility or similar matters, or breaches of consumer, customer, supplier, employee or other confidential information, real or perceived, could negatively impact sentiment towards us and our products and brands, and our business and financial results could suffer.”

Annual report 2025A · The company itself

“We may be unable to anticipate or adequately respond to changes in consumer demand for our products. Demand for our products may change based on many factors, including shifting consumer purchasing patterns to lower cost options such as private-label products and mid to lower-tier value products, low birth rates in certain countries due to slow economic growth or other factors, negative customer or consumer response to pricing actions, consumer shifts in distribution from traditional retailers to e-tailers, subscription services and direct to consumer businesses, changing consumer preferences due to increased concerns in regard to post-consumer waste and packaging materials and their impact on environmental sustainability, the impact of health pandemics or other changes in consumer trends or habits.”

Annual report 2025A · The company itself

“Resource outflows related to products and services Circular economy transition opportunities – increased demand for renewable, wood-based products Financial opportunity Downstream Various EU or national level regulations related to material efficiency and recycling requirements – as well as changes in customer behavior – may increase demand for wood-based products suitable for reuse. This could lead to higher revenue and improve the market value of the company’s shares as future prospects strengthen.”

Annual report 2025A · The company itself

“In the long term, the company can also benefit from global megatrends such as the green transition and the circular bioeconomy. The use of wood raw material and products may increase, especially due to the demand for long-lasting and more sustainable solutions, which will bring significant growth opportunities for the company.”

Annual report 2025A · The company itself

“At the same time, operating models that take biodiversity into account can also represent an opportunity, as proactive adaptation to market and regulatory developments strengthens the company’s competitive position in markets where sustainably sourced wood is an increasingly important competitive factor.”

Annual report 2025A · The company itself

“Koskisen develops products and production processes that take these principles into account throughout the value chain and product life cycle.”

Annual report 2025A · The company itself

“Regarding the impacts of biodiversity loss, the company’s Environmental Principles commit it to maintaining biodiversity in the forests it owns. Koskisen advises and trains forest owners on actions that support and promote biodiversity in forest management and harvesting operations.”

Annual report 2025A · The company itself

“The development of new innovative products helps reduce the carbon footprint and offers significant growth opportunities.”

Annual report 2025A · The company itself

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

Annual report 2026A · The company itself

“We are continuing to enhance our connection with our customers with investments in our top priorities – Fresh, Our Brands, Personalization and eCommerce. Each of these strategies is designed to better serve our customers and to generate customer loyalty and sustainable growth momentum. We believe that continuing to focus on these top priorities will enable us to meet the wide-ranging needs and expectations of our customers.”

Annual report 2026A · The company itself

“Next Level Communication syftar till att Library Interiors ska vara med och ta ansvar vid inredningen av bibliotek så att hänsyn tas till mental hälsa, vilket har utvecklats till en viktig fråga i många samhällen. Därför har områden som just mental hälsa på bibliotek och biofilisk biblioteksdesign (se sidan 25) fått en central plats i affärsområdets erbjudanden. Genom att skapa inbjudande miljöer med bekväma sittplatser, ergonomiska möbler, lugna ytor, utrymmen för gemensamma aktiviteter samt naturinspirerad inredning kan biblioteksdesign bidra till att främja välbefinnande och psykisk hälsa.”

Annual report 2024A · The company itself

“Based on our values – honest, open, responsible and creative, we work as One Lerøy to reach our objective of creating the world’s most efficient and sustainable value chain for seafood, and our vision to be the leading and most profitable global supplier of high- quality sustainable seafood.”

Annual report 2024A · The company itself

“Altium Packaging is exposed to changes in consumer preferences. Sales of Altium Packaging’s plastic containers depend heavily on the volume of sales made by its customers to consumers. Consequently, changes in consumer preferences for products in the industries that Altium Packaging serves or the packaging formats in which such products are delivered, whether as a result of changes in cost, convenience or health, environmental and social concerns, perceptions regarding plastics or otherwise, may result in a decline in the demand for Altium Packaging’s plastic container products.”

Annual report 2025A · The company itself

“Many factors can affect the reputation and value of our Company or one or more of our brands, hotels in our system, or other offerings, including adherence to service and other brand standards; matters related to, or incidents involving, food quality and safety, guest and associate safety, health and cleanliness, sustainability, supply chain management, access to opportunity, human rights, and support for local communities; actions perceived as relating to political or social matters; and compliance with applicable laws.”

Annual report 2025A · The company itself

“Social media continues to accelerate trend cycles and shape discovery and purchase behaviour”

Annual report 2026A · The company itself

“Matas Group is characterised by its wide assortment of beauty, personal care, health, wellbeing”

Annual report 2026A · The company itself

“In Health and Wellbeing, demand for vitamins, supplements and functional nutrition continues to grow as consumers prioritise preventive health, holistic wellness and longevity. Preference for natural, organic and plant-based products is increasing, supported by digital access to information and growing adoption of wearable and digital health solutions.”

Annual report 2026A · The company itself

“Demand continues to shift toward high-efficacy Skincare and Dermatological beauty, supported by interest in science-backed products and trusted guidance.”

Annual report 2026A · The company itself

“Health and Wellbeing MediCare (OTC medicine and nursing products). Vitamins, minerals, health supplements, specialty foods and herbal medicinal products. Sports, nutrition and exercise.”

Annual report 2026A · The company itself

“In addition, such climate change may result in modifications to the eating preferences of the ultimate consumers of certain of our products, which may also unfavorably impact our sales and profitability.”

Annual report 2025A · The company itself

“Changing consumer preferences may result in increased demands regarding plastics and packaging materials, including single-use and non-recyclable plastic packaging, and other components of our products and their environmental impact on sustainability; a growing demand for natural or organic products and ingredients; or increased consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of ingredients or substances present in certain consumer products.”

Annual report 2025A · The company itself

“In April 2025, the Food and Drug Administration (FDA) called on the industry to phase out all “petroleum-based synthetic dyes” from the nation’s food supply, and in May 2025, the Make America Healthy Again (MAHA) Commission published an assessment report discussing factors contributing to chronic childhood disease including diet, environmental exposure, lack of physical activity and healthcare. The MAHA Commission publicly released its strategy report, setting forth certain recommendations for addressing chronic childhood disease, in September 2025. While the effects of these proposals remain uncertain at this time, changes to laws and regulations could impact our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“We offer our customers and consumers a range of products, extending from premium to value-priced, to meet the increasing demand for certain product attributes including clean-label, organic, natural, reduced sodium, gluten-free, and non-GMO (genetically modified organisms).”

Annual report 2025A · The company itself

“The Company’s ability to compete could also be affected by changing customer preferences and requirements, such as growing demand for validated net zero GHG emission targets and more environmentally friendly products, packaging or supplier practices, or by failure to meet such customer expectations or demand.”

Annual report 2025A · The company itself

“The Company risks negative shareholder reaction, including from proxy advisory services, as well as damage to its brand and reputation and inability to attract and retain employee talent, if the Company fails to act responsibly, or if the Company is perceived to not be acting responsibly, in key areas, including equitable access to medicines and vaccines, product quality and safety, environmental stewardship, reduction of GHG emissions, support for local communities, corporate governance and transparency, and addressing human capital factors in the Company’s operations.”

Annual report 2025A · The company itself

“Man ser t ex en ökande strävan från främst kommersiella aktörer att bli klimatneutrala eller -positiva i sin verksamhet vilket bl a betyder att installera solpaneler med så låga klimatavtryck som möjligt.”

Annual report 2024A · The company itself

“Inom klimatområdet beaktar Mips risken för att otillräckliga åtgärder när det gäller att minska produkternas klimatavtryck kan innebära att produkterna inte förblir relevanta för kunder och slutanvändare.”

Annual report 2024A · The company itself

“Clients increasingly prefer service providers capable of delivering lower-emissions solutions, driven by regulatory changes and rising costs for fuel-intensive industries. The trend is expected to strengthen MPCC’s market position, as its energy-efficient fleet offers a competitive advantage over peers with less efficient assets.”

Annual report 2024A · The company itself

“Ett skifte säkerställer resurseffektivitet under hela produki intressenternas efterfrågan på energieffektivitet och rena teknologier kräver ökade investeringar i forskning och utveckling samt produktledning. tens livscykel.”

Annual report 2024A · The company itself

“Risker och möjligheter Branschförändringar och marknadsutveckling kan leda till minskad efterfrågan på vissa produkter eller segment och ökad efterfrågan på hållbara lösningar, vilket i sin tur kan öka behovet av hållbara och/eller icke-jungfruliga råmaterial för våra produkter.”

Annual report 2024A · The company itself

“As a practical matter, few customers provide their own service at the present time since FPL's cost of service is lower than the cost of self-generation for a significant majority of customers. Changing technology (particularly the increasing efficiency of solar power generation), tax incentives, economic conditions, regulatory changes and other factors could alter the favorable relative cost position that FPL currently enjoys; however, FPL seeks as a matter of strategy to ensure that it delivers superior value in the form of low customer bills, high reliability, outstanding customer service and energy from diverse generation sources.”

Annual report 2025A · The company itself

“As a result of increased awareness regarding climate change, coupled with economic considerations, availability of alternative energy sources, including private solar, microturbines, fuel cells, energy-efficient buildings and energy storage devices, and regulations restricting, or imposing fees on, emissions, some consumers and companies may use less energy, meet their own energy needs through alternative energy sources or avoid expansions of their facilities, including natural gas facilities, which may result in less demand for our services. As these technologies become a more cost-competitive option, whether through cost effectiveness or government incentives and subsidies, certain customers may choose to meet their own energy needs and subsequently decrease usage of our systems and services, which may result in, among other things, our facilities becoming less competitive and economical.”

Annual report 2025A · The company itself

“These changes may include shifts in consumer preferences, fluctuations in supply and demand, technological advancements, regulatory modifications, and competitive pressures. The risk stems from potential difficulties in adapting adequately to rapidly evolving market conditions, which could lead to challenges in maintaining market share, profitability, and competitive positioning.”

Annual report 2025A · The company itself

“Macro trends, including electrification, growing SUV and CUV penetration, and increasing demand for sustainable products, continued to support long-term growth opportunities In the second half of 2025, Nokian Tyres conducted a review of its strategy.”

Annual report 2025A · The company itself

“Innovations and high product quality remained core strengths, demonstrated by several tire launches emphasizing safety, sustainability and performance.”

Annual report 2025A · The company itself

“Efterfrågan ökar på hållbart framtagna produkter som genom hela värdekedjan från utveckling till produktion och leverans har ett så lågt miljöavtryck som möjligt.”

Annual report 2024A · The company itself

“› Växande efterfrågan på hållbara och cirkulära lösningar baserade på bioplaster och återvunnen plast. › Önskan om samarbete tidigt i utvecklingsprocessen för att effektivisera och förbättra. › Efterfrågan på kontinentala och regionala produktflöden. › Växande behov av globala aktörer med samordning av lokal produktion. › Stort behov av kostnadseffektiva lösningar. › Behov av unika designlösningar och integrerade specialfunktioner. › Växande behov av skärmning och värmeavledning av elektronik i produkterna. › Efterfrågan på materialval i produkter med lägre koldioxidavtryck.”

Annual report 2024A · The company itself

“Risken för förlorade affärer genom att kundernas intresse för ökad användning av biobaserade och återvunna polymera råvaror inte uppfylls.”

Annual report 2024A · The company itself

“Risken för förlorade affärer genom ökad misstro i samhället mot plastprodukter. Nolato tillverkar polymera produkter som huvudsakligen är baserade på fossila råvaror. Användningen av fossila råvaror bidrar negativt till klimatförändringen.”

Annual report 2024A · The company itself

“Marknad och förtroende Polymerbranschen stigmatiseras och förknippas med fossila råvaror och produkter. Ändrade kundpreferenser (produkter med litet klimatavtryck krävs).”

Annual report 2024A · The company itself

“Ökad användning av råvaror och processer med lägre klimatpåverkan. Ökad cirkularitet. Satsningar på biobaserade och återvunna råvaror genomförs inom koncernen.”

Annual report 2024A · The company itself

“The Company’s strategic goals to reduce the carbon intensity of its jet fleet and introduce fossil-free turbo prop aircraft (see E1-4) are driven in response to a range of drivers including market opportunities, regulation and customer awareness across all segments and markets.”

Annual report 2024A · The company itself

“In addition, concern about climate change may cause consumers to avoid certain kinds of travel including cruise and air travel, which could impact our ability to source guests.”

Annual report 2025A · The company itself

“Novo Nordisk Annual Report 2025 / Annual review / Introducing Novo Nordisk / Message from the Chair and the CEO 5 Q&A WITH THE CEO Leading through change The soaring demand for obesity treatment has also highlighted critical patient safety issues with unapproved compounded products that do not undergo rigorous review for safety, effectiveness and quality. This reinforces why authentic, thoroughly tested medicines matter.”

Annual report 2025A · The company itself

“NRG's brands are recognized for exemplary customer service, innovative smart energy and environmentally-friendly solutions.”

Annual report 2025A · The company itself

“Emerging customer preferences for greater product transparency and less GHG intensive materials may put us at a competitive disadvantage as a carbon steel producer. The federal government and numerous states are considering establishing, or have already established, requirements for Environmental Product Declarations (“EPDs”) so that consumers may more readily evaluate the environmental impacts of products. California has enacted the “Buy Clean California Act” and California has also established Global Warming Potential benchmarks through EPDs for certain materials, including certain steel products. EPD legislation has caused Nucor to incur additional costs and 21 has the potential to put Nucor and its customers at a disadvantage to foreign competitors unless standardized mechanisms are used to fully evaluate and track products produced by foreign producers.”

Annual report 2025A · The company itself

“Andre forhold med stadig større risiko er den stadig større vektleggingen av forbrukerhelse og stadig strengere regulatoriske krav.”

Annual report 2024A · The company itself

“Samtidig endrer konsumentpreferansene seg i retning av økt fokus på blant annet helse, ernæring og bærekraft.”

Annual report 2024A · The company itself

“Outokumpu also has preventive measures in place to minimize pollution at its production facilities.”

Annual report 2025A · The company itself

“Salmon from the Faroe Islands and Scotland is recognised globally as top quality.”

Annual report 2024A · The company itself

“The strong sustainability profile of Bakkafrost salmon is particularly important to clients in the premium sushi segment. Bakkafrost does not use any antibiotics and uses only non-GMO ingredients in feed.”

Annual report 2024A · The company itself

“We focus on farming high-quality and healthy salmon rich in flavour, supple in texture, and vibrant in colour. We go above and beyond to supply our customers with fresh and nutritious salmon.”

Annual report 2024A · The company itself

“Sustainably sourced salmon has one of the lowest carbon footprints of all animal proteins including; chicken, pork, beef, and lamb. It is highly resource efficient and compared to these proteins, has the highest protein retention, the lowest feed conversion ratio, and the lowest water footprint.”

Annual report 2024A · The company itself

“Percentage increase from year 0 in the company to year 5 • Annual salmon survival rate of 96% (Faroes) and 92% (Scotland) • Zero antibiotic use • Maintain industry-leading approach to animal welfare • High omega-3 levels • High protein levels average 19g/100g • No product recall • Maintain ASC certification in the Faroes and achieve ASC certification in Scotland by 2027 • Focus on producing salmon from own unique breed • Reduce by 50% the Scope 1 & 2 CO 2 footprint by 2030 • Reduce the Scope 3 footprint by 52% per tonnes of product by 2030 • Water recirculation rate over 97% in all hatcheries • Measure freshwater use/tonne of fish processed by 2026 • Zero fish escapes • Group FCR below 1.083 weighted average • Continue research and investigation of new sustainable sources for marine ingredients.”

Annual report 2024A · The company itself

“We differentiate ourselves by increasing brand awareness, based upon the provenance, superior quality and large sized salmon, taste and nutritional profile of our salmon with full traceability, fed on our own feed with high marine content.”

Annual report 2024A · The company itself

“Its organic and fluid design aesthetics taps into a consumer preference for nature-inspired jewellery, a segment that comprises 17% of the global market. The collection’s minimalist elegance continues to attract new audiences.”

Annual report 2025A · The company itself

“HIGHLIGHTS 2025 WINONA RYDER STARS IN NEW GLOBAL CAMPAIGN In 2025, Pandora launched the next chapter of our BE LOVE brand campaign, starring acclaimed actress Winona Ryder. Known for her authenticity and emotional depth, Winona brought a powerful presence to the campaign, which celebrates love in all its forms. The campaign featured our most iconic pieces from the Moments collection, PANDORA ESSENCE and Pandora Lab-Grown Diamonds and highlighted the emotional connection people have with their jewellery and the stories they tell.”

Annual report 2025A · The company itself

“Trender på hotellmarknaden 2025: • Utsuddade gränser mellan arbete och privatliv: Hotell erbjuder mer än bara övernattningar och har blivit centrala i den växande upplevelseekonomin, där konsumenter prioriterar upplevelser framför fysiska produkter, särskilt efter pandemins isolering. Hotell fungerar alltmer som ”den tredje platsen” (efter hem och arbetsplats) där människor kan samlas för olika syften, såsom kulturupplevelser, sociala möten, arbete eller långvarigt boende. • Förändrat globalt reselandskap: Internationellt resande är nästan tillbaka på nivåerna från 2019 men ser annorlunda ut.”

Annual report 2024A · The company itself

“I de bostadskontrakt som tecknades under året syns en hög medvetenhet hos kunderna kring hållbart byggande och återbruk.”

Annual report 2024A · The company itself

“Kundekrav og manglende adgang til mere klimavenlige ressourcer og teknologier Øget konkurrence og begrænset udbud kan presse både adgang og priser.”

Annual report 2025A · The company itself

“Our business is subject to changes in adult consumer preferences and if we do not accurately assess market trends, are unable to adapt our product offerings to evolving consumer demands, or face challenges in product development, we could experience missed opportunities, supply chain challenges, reduced competitiveness, inefficient expenditures, and potential impacts on our customer base and brand reputation.”

Annual report 2025A · The company itself

“Fremover vil konsernet øke investeringene i kjernevirksomheten, blant annet for å utvikle mediehusenes innhold i tråd med brukernes medievaner og verdiøke digitale abonnements- og annonseprodukter.”

Annual report 2024A · The company itself

“Lejerne er kunder og selskabet undersøger løbende alle tiltag der kan reducere lejernes omkostninger. Der er fokus på kunder og tilfredshed, og alle omkostninger vurderes også for kunderne i hele værdikæden.”

Annual report 2025A · The company itself

“BUSINESS STRATEGY & ORGANIZATIONAL RISKS Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation, evolving digital marketing and selling platforms and changing consumer habits. We are a consumer products company that relies on continued global demand for our brands and products, and consumer expectations and purchasing habits are evolving at an accelerating pace.”

Annual report 2026A · The company itself

“Vi har en rådgivande roll i våra kundrelationer och bidrar till att hitta lösningar som ger lägre klimatavtryck.”

Annual report 2024A · The company itself

“In addition, suppliers and business partners are expected to proactively identify environmental impacts and to avoid harmful environmental effects, such as loss of biodiversity, challenges related to access to clean water, emissions to air, soil or water, and the use of virgin rare raw materials.”

Annual report 2026A · The company itself

“These risks, which are not subject to our control, include the volatility of commodity prices and production volumes, the development of and consumer demand for alternative energy sources, and legislative and regulatory actions, as well as public opinion, regarding the impact of fossil fuels on the climate and environment.”

Annual report 2025A · The company itself

“Our evolution is designed to capitalize on key macro trends, including the enhanced spotlight on sleep apnea due to pharmaceuticals and consumer technology. Through our brand leadership and expertise, we are positioned to serve large, unmet needs in insomnia, COPD and other respiratory and sleep-related conditions.”

Annual report 2026A · The company itself

“AND SUBSIDIARIES well-being), compliance costs and transition risks (including due to regulatory changes), shifts in market trends (including customer preference for sustainably produced or reusable products) and other adverse effects.”

Annual report 2026A · The company itself

“Additionally, as our business increasingly includes digital health solutions and patient-facing technologies, our ability to educate, engage and support patients throughout their therapy journey has become increasingly important. If we are unable to effectively engage patients through our digital platforms, educational initiatives or other programs, or if patients do not adopt or continue to use these offerings as intended, patient satisfaction, therapy adherence and demand for certain of our products and services could be adversely affected.”

Annual report 2026A · The company itself

“We have expanded our marketing activities in some areas to target the population with a predisposition to sleep-disordered breathing as well as primary care physicians and various medical specialists.”

Annual report 2026A · The company itself

“If we make packaway purchases that do not align with consumer preferences at the later time of release to our stores, we could have significant inventory markdowns.”

Annual report 2026A · The company itself

“Factors that will be critical to our success in these markets include our ability to continue to raise awareness of our products and our ability to adapt our offerings to best suit rapidly evolving consumer demands.”

Annual report 2025A · The company itself

“Ökat fokus på en hälsosam livsstil, där sportinspirerade kläder anses både inspirera till och reflektera medvetenhet om hälsa och välmående.”

Annual report 2022A · The company itself

“Transparent climate action may offer the opportunity to enhance brand value and increase the demand for its products.”

Annual report 2025A · The company itself

“Lack of active and transparent climate action can also be a risk and impact customer expectations, lead to adverse impacts on reputation and ultimately decreased demand.”

Annual report 2025A · The company itself

“On the other hand, Sanoma identifies an opportunity to enhance brand value and increase demand by actively promoting and developing robust and transparent climate and biodiversity actions.”

Annual report 2025A · The company itself

“Sanoma’s key topics for lobbying activities and its main positions are: ■ Improving learning outcomes (related to IRO Impact of access to high-quality and inclusive learning products and services): Sanoma promotes using (only) professionally produced education materials in education, increasing education investments per student as well as having strong copyright protection for using education materials in training AI. ■ Supporting the media’s operating conditions (related to IRO Impact of journalistic ethics and operations as a media company to freedom of expression): Sanoma promotes levelling the playing field with global platform giants, protecting its content with strong copyright, preventing unfair competition by national public service broadcaster and maintaining a lowered tax rate for media.”

Annual report 2025A · The company itself

“Nicotine pouches are the fastest growing subcategory within NGPs with annual growth of mid double-digit rates”

Annual report 2025A · The company itself

“Accelerate nicotine pouch business”

Annual report 2025A · The company itself

“Primarily includes sales of own nicotine pouches”

Annual report 2025A · The company itself

“Energisituasjonen i Norge og Europa er en påminnelse om at energieffektive boliger er kostnadsbesparende for boligeiere, og Selvaag Bolig har opplevd økt etterspørsel etter energieffektive boliger. I tråd med dette og at energieffektivitet er et kriterium i EUs taksonomi, er energieffektivisering strategisk viktig for selskapet.”

Annual report 2024A · The company itself

“Customer Service Management Customer Service Management, or CSM, provides customer self-service support across channels, centralizes customer interactions, and directs requests to the appropriate customer representative, all within a unified workspace. It automates complex processes across functions to improve resolution times.”

Annual report 2025A · The company itself

“Technology, product quality, product composition, raw material sourcing, product innovation and development (including relating to increased customer interest in the sustainability attributes of products and our related key strategies and initiatives for expanding our product offerings), breadth of product line, technical expertise, distribution, service and price are key competitive factors for our business. Competition in any of these areas, or failure to keep pace with developments in any of these areas, may reduce our sales and adversely affect our earnings or cash flow by resulting in decreased sales volumes, reduced prices and increased costs of manufacturing, distributing and selling our products.”

Annual report 2025A · The company itself

“Customer preferences for products and packaging formats are constantly changing based on, among other factors, lifestyle changes, buying habits, cost, convenience, and health and sustainability concerns and perceptions. Also, there is an increasing focus among consumers to ensure that products delivered through e-commerce are packaged efficiently. In addition, customers are increasingly interested in the carbon footprint of our products, and future packaging developments and trends may drive further substitution.”

Annual report 2025A · The company itself

“In recent years, shifting consumer behaviors have accelerated, particularly with the rise of e-commerce and increased awareness of unsustainable packaging solutions. These trends have, to date, been beneficial for paper-based packaging, which is typically made from renewable, recyclable materials.”

Annual report 2025A · The company itself

“Additionally, the impacts of climate change may further influence customer preferences and requirements, such as increased demand for products with lower environmental footprints, and for companies to produce and demonstrate progress against greenhouse gas reduction plans and targets. Failure to provide climate-friendly products or demonstrate greenhouse gas reductions could result in loss of market share.”

Annual report 2025A · The company itself

“Table of Contents Concern among consumers of the impacts of climate change may mean some customers choose to fly less frequently or fly on an airline they perceive as operating in a manner that is more sustainable to the climate, and customers may choose to use alternatives to travel, such as virtual meetings and workspaces.”

Annual report 2025A · The company itself

“Greater development of high-speed rail in markets now served by short-haul flights could provide passengers with lower-carbon alternatives to flying.”

Annual report 2025A · The company itself

“Generelt lever kundernes produkter i kortere tid, og behovene ændrer sig. Det betyder, at kunderne i stigende grad efterspørger mindre produktionsserier, højere fleksibilitet og kortere leveringstider.”

Annual report 2025A · The company itself

“Kundenes virksomhet innen næringen kan påvirkes av blant annet følgende bærekraftrisiko: • Sannsynlig økning i ekstrem nedbør kan påvirke avlinger • Mulig sannsynlig økning i fare for tørke om somrene kan påvirke avlinger • Strengere reguleringer knyttet til utslipp, biodiversitet, arealbruk etc. kan påvirke driften • Endret forventning fra konsumenter med økt fokus på redusert konsum av kjøtt og på økologiske produkter kan påvirke driften Landbruket i vår region har vært utsatt for flere værhendelser, både tørkeperioder og nedbør/flom i løpet av de siste ti årene.”

Annual report 2024A · The company itself

“Vår strategi svarer på tre megatrender: digitalisering, endrede kundeforventninger og bærekraft/det grønne skiftet.”

Annual report 2024A · The company itself

“Vi ønsker å bidra til at produkter med fokus på bærekraft skal være økonomisk lønnsomme for våre kunder gjennom helhetlig økonomisk rådgivning.”

Annual report 2024A · The company itself

“This has helped establish SSF as the leading land-based aquaculture company consistently producing top-quality turbot and sole in commercial volumes.”

Annual report 2024A · The company itself

“To reduce our impact on life below water, we minimise underwater noise to protect cetaceans, modifying routes or slowing ships if necessary.”

Annual report 2024A · The company itself

“Makrotalouden epävakaudesta huolimatta globaalit megatrendit ohjaavat uusiutuvien materiaalien kysyntää, mikä tukee Stora Enson kasvua ja arvon luomista.”

Annual report 2025A · The company itself

“Strategia Stora Enson tavoitteena on korvata uusiutumattomat materiaalit uusiutuvilla tuotteilla, edistää innovaatioita ja kestävää kehitystä samalla maksimoiden osakkeenomistajien arvon.”

Annual report 2025A · The company itself

“Risiko Omstillingsrisiko (f.eks. karbonskatt, skiftende forbrukerpreferanser, regulatorisk risiko eller teknologisk utvikling) for investeringer og bank som kan gå utover verdsetting eller kundens betalingsevne.”

Annual report 2024A · The company itself

“Risiko Endrede preferanser og atferdsmønstre innen bærekraft som kan senke etterspørselen etter våre produkter og tjenester dersom de ikke designes etter endret etterspørsel.”

Annual report 2024A · The company itself

“Dersom Storebrand ikke fanger opp nye trender i tide, inkludert innen bærekraft, kan det gi avstand mellom kundens preferanser og vårt produkttilbud. Det er en risiko for at informasjon som er inkonsistent eller har lav kvalitet kan skape uklarhet, misnøye eller bidra til grønnvasking.”

Annual report 2024A · The company itself

“Risks Suominen is involved with through business relationships in the value chain include increasing regulatory requirements, climate-related supply chain disruptions, and reputational risks linked to societal concerns regarding single-use products.”

Annual report 2025A · The company itself

“Stricter climate regulation and changes in customer preferences favoring Suominen’s product lines were considered significant opportunities for Suominen, due to our already ongoing low-carbon transition and investments in more sustainable products.”

Annual report 2025A · The company itself

“Because raw materials account for the majority of our products’ environmental footprint, shifting from fossil-based to renewable, bio-based alternatives is one of the most effective ways to reduce impacts across the value chain – from emissions to microplastic generation. It is also where our ability to create positive change is strongest: by designing products with lower environmental impact, we support customers and end-users in transitioning to more sustainable everyday solutions.”

Annual report 2025A · The company itself

“Ökat teknikinnehåll Snabb digitalisering som påverkar hela värdekedjan Fortsatt fokus på hållbarhet Frågor rörande såväl miljöpåverkan som socialt ansvarstagande blir allt viktigare.”

Annual report 2024A · The company itself

“Möjligheter N N Kunder kräver i högre utsträckning miljövänliga produkter. Genom att erbjuda produkter med liten miljöpåverkan kan Svedbergs Group-bolagen rikta in sig mot den här marknaden och få konkurrensfördelar.”

Annual report 2024A · The company itself

“Tydligt fokus på långsiktig hållbarhet Svedbergs Group strävar efter att utveckla produkter med lång livslängd, successivt minskad miljöpåverkan och hög resurseffektivitet. Detta tillvägagångssätt driver både konkurrenskraft och kundvärde.”

Annual report 2024A · The company itself

“Handelsbanken Fonder har varit medlem i Nature Action 100+ sedan 2023. Initiativet syftar till att påverka de 100 företag globalt som anses vara mest systemviktiga för att vända trenden av natur- och biodiversitetsförlust till 2030.”

Annual report 2024A · The company itself

“De tilltalar en miljö- och stilmedveten kundgrupp som efterfrågar närproducerade bågar. Under 2024 har fabriken fokuserat på att optimera produktionsprocesserna.”

Annual report 2024A · The company itself

“Consumer eating habits could be affected by a number of factors, including changes in attitudes regarding diet and health (including shifting preferences for sustainable, organic and locally grown products, as well as alternative proteins) or new information regarding the health effects of consuming certain foods.”

Annual report 2026A · The company itself

“Furthermore, our brands’ communications, product lines and experiences are subject to rapidly changing fashion trends and consumer preferences, 14 including the increasing shift to digital brand engagement and social media communication. If we do not anticipate and respond promptly to changing customer preferences and fashion trends in the design, production, and styling of our products, as well as create compelling marketing campaigns that appeal to our target consumers, our sales and results of operations may be negatively impacted.”

Annual report 2026A · The company itself

“Societal expectations regarding sustainability initiatives and disclosures and potential consumer use of substitutes to energy commodities may result in increased costs, reduced demand for our customers’ products and our services, reduced profits, increased investigations and litigation, and negative impacts on our stock price and access to capital markets. Attention to climate change, for example, may result in demand shifts for our or our customers’ hydrocarbon products and additional governmental investigations and private litigation against us or those customers.”

Annual report 2025A · The company itself

“Tele2s negativa påverkan på konsumenthälsa kan potentiellt uppstå genom defekta produkter, exem - pelvis överhettade laddare eller kemiska utsläpp som strider mot RoHS/REACH-standarderna. Dessa problem kan leda till fysiska skador, giftig exponering och undergräva förtroendet för Tele2s enga - gemang för säkerhet.”

Annual report 2024A · The company itself

“Åtgärder relaterade till ansvarsfull marknadsföring Marknadsföring är en central del av Tele2s kommunikation med sina kunder och har därför identifierats som en väsentlig fråga.”

Annual report 2024A · The company itself

“Åtgärder relaterade till hälsa och säkerhet för produkter och tjänster Tele2 strävar efter att tillhandahålla säkra produkter och tjänster som inte har en negativ inverkan på kundernas hälsa. Företaget arbetar proaktivt för att identifiera och övervaka potentiella hälso- och säkerhetsproblem relaterade till sina produkter och tjänster.”

Annual report 2024A · The company itself

“Utmaningen i att åtgärda båda dessa brister är primärt ekonomisk snarare än teknisk, med ett behov av att utveckla nya affärsmodeller som möjliggör välfungerande uppkopplingsmöjligheter till lägre kostnad. Med lösningar som fast bredband via mobilnätet (FWA) bidrar Ericsson till uppkoppling till överkomliga priser, vilket gör det möjligt att tillhandahålla uppkopplingsmöjligheter till dem som ännu inte har det och därmed minska den digitala klyftan.”

Annual report 2024A · The company itself

“Främja forskning, stödja innovation inom medicin och trafiksäkerhet samt bidra till ökad tillgänglighet och inkludering genom att anpassa teknologi efter mänsklig uppmärksamhet och intention.”

Annual report 2024A · The company itself

“Lisääntyvä tietoisuus ja huoli ilmastonmuutoksesta sekä tietoisuus yhä vastuullisemmasta kuluttamisesta voivat muuttaa asiakkaiden ostokäyttäytymistä.”

Annual report 2025A · The company itself

“Kuluttajien ja yhteiskunnan kasvava tietoisuus edellyttää ilmastotietoista toimintaa koko toimitusketjussa, mikä voi edellyttää kestävämpien raaka-aineiden käyttöä ja tuotevalikoiman uudelleenarviointia. Muutoin riskinä on myynnin lasku ja brändimielikuvan rapautuminen.”

Annual report 2025A · The company itself

“Asiakkaiden ostokäyttäytyminen - aina tuotteiden valinnasta niiden käyttöön ja käytöstä poistoon - vaikuttaa Tokmanni -konsernin strategiaan ja liiketoimintaan. Tarjoamalla tuotteita ja rakentamalla toimintatapoja konserni vahvistaa asiakasuskollisuutta, houkuttelee uusia asiakasryhmiä sekä luo mahdollisuuksia uusille kumppanuuksille ja markkinoiden kasvulle.”

Annual report 2025A · The company itself

“Table of Contents Our merchandising and marketing initiatives may not provide expected results. We believe our past performance has been based upon, and future success will depend in part upon, the ability to develop and execute merchandising initiatives with effective marketing programs. These merchandising initiatives and marketing programs may not deliver expected results, and there is no assurance that we will correctly identify and respond in a timely manner to evolving trends and consumer preferences and expectations.”

Annual report 2025A · The company itself

“In an increasingly digital, deeply interconnected and cross-platform media landscape, advertisers have begun to prioritize the use of high-quality, privacy-compliant data to drive intelligently decisioned campaigns and demand access to advanced measurement tools that demonstrate their technology partners’ performance and value. By integrating this data with measurement features, including real time feedback on customer reactions to ads, programmatic advertising increases the value of impressions for advertisers and inventory owners and serves more relevant ads to viewers.”

Annual report 2025A · The company itself

“Dessutom arbetar Trelleborg för att förebygga risker för reducerad försäljning till följd av minskad efterfrågan för produkter och material som är fossilbaserade.”

Annual report 2024A · The company itself

“Sustainability Sustainability is a fundamental aspect of Trimble’s mission to “Transform the Way the World Works.” It is deeply integrated into our business strategy, guiding our innovations, investments, and operations.”

Annual report 2026A · The company itself

“Truecaller inser att en hög användarnöjdhet är avgörande för vår förmåga att leverera värdefulla, användar centrerade lösningar och bygga varaktiga kundrelationer.”

Annual report 2024A · The company itself

“Tulikiven markkina-alueilla tulisijakulttuurit vaihtelevat perinteisten varaavien uunien alueista maihin, joissa kamiinat ovat vahva traditio. Markkinoiden yhtenäistymisen myötä myös tulisijakulttuurit kohdemaissa muuttuvat.”

Annual report 2025A · The company itself

“The food industry in general is subject to changing consumer trends, demands and preferences. Trends within the food industry change often, and failure to identify and react to changes in these trends could lead to, among other things, reduced demand and price reductions for our brands and products.”

Annual report 2025A · The company itself

“Our financial success is dependent on anticipating changes in consumer preferences, purchasing behaviors and dietary habits and successfully developing and launching new products and product extensions that consumers want in the channels where they shop.”

Annual report 2025A · The company itself

“Continuing global focus on health and wellness, including weight management, and increasing media attention to the role of food marketing could adversely affect our brand image or lead to stricter regulations and greater scrutiny of food marketing practices.”

Annual report 2025A · The company itself

“Increasing concern over climate change also may adversely impact demand for our products due to changes in consumer preferences and result in additional legal or regulatory requirements designed to manage greenhouse gas emissions, climate risks, and resulting environmental impacts.”

Annual report 2025A · The company itself

“In addition, the Company believes it is possible that, in the future, segments of the public may choose to fly less frequently as a result of negative perception of the environmental impact of air travel or fly on an airline based on carriers' GHG emissions or which carrier they perceive as operating in a manner that is more sustainable to the climate, which presents both a challenge and an opportunity for the Company; if this trend materializes, the Company's results of operations could be adversely impacted and those impacts could be exacerbated if the Company fails to meet or properly report on its climate change goals and commitments.”

Annual report 2025A · The company itself

“Our ability to compete can also be impacted by changing customer preferences and requirements (for example increased demand for products incorporating digital capabilities or more environmentally-friendly products and supplier practices).”

Annual report 2025A · The company itself

“In addition, Visa offers loyalty and benefits solutions to issuers aimed at creating compelling and differentiated cardholder experiences, as well as Buy Now, Pay Later (BNPL) capabilities, which allow shoppers the flexibility to pay for a purchase in equal payments over a defined period of time. Visa is investing in installments as a payments strategy by offering Visa payment credentials and BNPL solutions to issuers and fintechs.”

Annual report 2025A · The company itself

“Vistin Pharma’s customers are to a growing extent also requesting and expecting their suppliers to support the shift towards a sustainable future, and Vistin is strategically well positioned to fulfill these needs being situated in Norway with renewable hydropower and stable environmental focus.”

Annual report 2024A · The company itself

“Tydlig design: Djärv. Hållbar. Poetisk. Säker.”

Annual report 2024A · The company itself

“Lagstiftning och regelverk främjar förändring i konsumenternas preferenser för mobilitet. Ökningen av energipriserna skapar en större konsumentmedvetenhet om energiförbrukning och priser på fossila bränslen.”

Annual report 2024A · The company itself

“Genom att förlänga bilens livscykel med trådlösa uppdateringar kan vi hålla bilarna på vägen längre än industristandarden. För oss är detta en viktig särskiljande faktor och ett sätt att stärka våra restvärden.”

Annual report 2024A · The company itself

“Hållbarhet kan bli en kraftfull konkurrensfördel som hjälper oss realisera vårt varumärkeslöfte genom mer hållbara produkter. För att vi ska kunna genomföra vår hållbarhetsagenda behöver vi bli bättre på att integrera hållbarhet i beslut och handlingar kopplade till produkter, verksamhet och affärer.”

Annual report 2024A · The company itself

“Our technology and solutions convert biomass, sewage sludge, organic waste and end-of-life tyres into purified water, renewable energy and circular carbon products for a wide range of industries.”

Annual report 2024A · The company itself

“In general, trends such as urbanization and growth in developing markets, sustainability and environmental awareness, investment in technology solutions, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit.”

Annual report 2025A · The company itself

“While sustainability remains a priority for many customers, we have observed a shift in prioritization by some companies with respect to sustainability objectives, including a decreased willingness to pay premium prices for recycled materials or enhanced sustainability solutions, which impacts demand for, and viability of, some of our offerings.”

Annual report 2025A · The company itself

“Those expectations are based in part on the core fundamentals of affordability and reliability but are also increasingly focused on our ability to meet rapidly changing demands for new and varied products, services, and offerings.”

Annual report 2025A · The company itself

“Kuluttajien kiinnostus on siirtynyt yhä vahvemmin vaihtoautoihin.”

Annual report 2025A · The company itself

“Product Sustainability Our focus on sustainable products that are designed and built for durability and longevity adds value to our business and is a competitive advantage. We know that customers prefer high quality, sustainable products that last, based on product sales and customer surveys. As a multinational retailer with a global supply chain, we are committed to energy efficiency, supplier engagement and preferred raw materials.”

Annual report 2026A · The company itself

“Sustainability is becoming an increasingly integral part of commercial decision-making: our customers expect solutions that support their own sustainability goals.”

Annual report 2025A · The company itself

“In specialist fields and knowledge work, for example, refreshments and ergonomic products are emphasized, which support alertness and coping at work and make the workplace more attractive than a home office. That is why high-quality coffees, teas, refreshments and snacks, among others, are increasing their share of Wulff’s sales. The appreciation of well-being is also reflected in the snack selections: Wulff’s FruitBar, which delivers fruit directly to the workplace, is constantly growing in popularity.”

Annual report 2025A · The company itself

“Wulff believes that this target will be achieved through profitable growth, with a strong focus on customer experience, humanity, and sustainability as the key drivers of operational development.”

Annual report 2025A · The company itself

“Improve farmer income and sustainability Positively impact farmer diversity Contribute to zero hunger and healthy nutrition Improve farming productivity and nutrient use efficiency Positively impact nature in the value chain: soil health, biodiversity, water, air quality, and land-use change Reduce our own emissions and improve productivity at our production sites Contribute to decarbonize agriculture Contribute to decarbonize transportation and energy Our long-term ambition is the headline of our strategy Yara has set a long-term strategic ambition of Growing a Nature-Positive Food Future.”

Annual report 2024A · The company itself

“Attracting and retaining top talent is also deeply connected to our Our strategic aspiration is to be: the global leader in offshore wind the leading workplace for talent in offshore wind a globally recognised sustainability leader sustainability profile as today’s workforce increasingly seeks to contribute to organisations that demonstrate a genuine environmental and social responsibility.”

Annual report 2025A · The company itself

“However, the value of certain inventory could be adversely impacted by technological changes affecting the usefulness or desirability of the devices and parts, physical problems resulting from faulty design or manufacturing, increased competition, decreased consumer demand, including due to changes in customer preferences, changes in client promotions and seasonality, changes in client forecasts and demand, supply chain constraints and our ability to manage inventory, growing industry emphasis on cost containment and adverse foreign trade relationships.”

Annual report 2025A · The company itself

“Our mobile business is subject to volatility in mobile device trade-in volumes and margins based on the actual and anticipated timing of the release of new devices, carrier promotional programs and sales prices for used devices, as well as to changes in consumer preferences and client forecasts and demands.”

Annual report 2025A · The company itself

“Our ability to compete can also be impacted by changing customer preferences and requirements (for example increased demand for more environmentally-friendly products and supplier practices).”

Annual report unknown yearA · The company itself

“Further, changes in consumer preferences, trends or perceptions of certain items we sell, or the ingredients therein, could cause consumers to avoid such items in favor of those that are or are perceived as healthier, lower-calorie, or lower in carbohydrates or otherwise based on their ingredients or nutritional content.”

Annual report 2026A · The company itself

“En stark drivkraft i förändringen mot det digitala samhället är hållbarhet.”

Annual report 2024A · The company itself

“Customer preferences and expectations related to sustainability of products and operations are also changing.”

Annual report 2026A · The company itself

“(b) Varulager I samband med att kundattityder och konsumtionsbeteenden förflyttas till alltmer hållbara produkter finns det risk att övriga produkters försäljningspris och efterfrågan minskar, vilket kan orsaka inkurans i varulagret.”

Annual report 2024A · The company itself

“Table of Contents A change in policy direction related to environmental regulations and green energy could negatively impact demand for our monitoring instruments and energy systems products.”

Annual report 2025A · The company itself

“For example, in response to the State of Washington’s My Health My Data Act, which placed significant restrictions on how businesses can collect, use, and disclose consumer health data, we added limitations to the audience segments on our Veeva Crossix data platform. Other states have considered, and in certain cases, enacted, similar laws.”

Annual report 2026A · The company itself