Inventories

“Table of Contents We Face Significant Inventory Risk In addition to risks described elsewhere in this Item 1A relating to fulfillment network and inventory optimization by us and third parties, we are exposed to significant inventory risks that may adversely affect our operating results as a result of seasonality, new product launches, rapid changes in product cycles and pricing (including as a result of tariff policy changes), defective merchandise, changes in customer demand and consumer spending patterns, changes in consumer tastes with respect to our products, spoilage, and other factors. We endeavor to accurately predict these trends and avoid overstocking or understocking products we manufacture and/or sell.”

Annual report 2025A · The company itself

“We have certain non-cancellable purchase commitments arising from these agreements. These commitments are based on forecasted customer demand.”

Annual report 2025A · The company itself

“The inventory valuation allowance, representing a write-down of inventory, was $3.0 billion and $3.3 billion as of December 31, 2024 and 2025.”

Annual report 2025A · The company itself

“Vi har anpassat kostnadsstrukturen och varulagernivåerna till rådande marknadsförhållanden, vilket har resulterat i ett starkt kassaflöde. Detta har i sin tur bidragit till minskad nettoskuld och en stärkt balansräkning.”

Annual report 2024A · The company itself

“Vi har konsoliderat våra verksamheter in i färre skalbara plattformar och vi har kraftigt reducerat våra varulager och har därmed kunnat minska våra lagerytor.”

Annual report 2024A · The company itself

“Under kvartalet reducerade vi lagerytor väsentligt efter konsolidering och framgångsrik minskning av varulagret samt skrev ned delar av varulagret med 99 Mkr.”

Annual report 2024A · The company itself

“Lagerytor reducerades enligt plan, och ytterligare minskningar genomfördes under det tredje kvartalet för att sänka kostnaderna.”

Annual report 2024A · The company itself

“Some of our largest brands, including Jack Daniel’s and our tequilas, are distilled at single locations. A catastrophic event causing physical damage, disruption, or failure at any one of our major distillation or bottling facilities could adversely affect our business.”

Annual report unknown yearA · The company itself

“For example, in addition to our American and Irish whiskeys, rums, and some tequilas, which are aged for various periods, our Scotch whisky brands require long-term maturation – an average of 12 years with limited releases of 30 years or more – making forecasts of demand for such products in future periods subject to significant uncertainty.”

Annual report unknown yearA · The company itself

“Furthermore, as a result of binding price or purchase commitments with suppliers, we may be obligated to purchase components at prices that are higher than those available in the current market or in quantities that exceed our actual requirements if customer demand is lower than anticipated, delayed or shifts to different products or technologies. If we are committed to purchase components at prices in excess of the current market price when the components are actually used, or in quantities in excess of our needs, our gross margins could decrease and we could incur excess or obsolete inventory, losses on purchase commitments or other charges.”

Annual report 2026A · The company itself

“In recent periods, we have increased our efforts in procuring components to meet customer expectations, as we have historically done due to supply constraints, which has contributed to an increase in inventory and purchase commitments. For example, in fiscal 2025 and 2026, we entered into additional purchase commitments with contract manufacturers and suppliers related to manufacturing Cisco Silicon One, memory components and other products to meet expected demand from hyperscalers and other customers.”

Annual report 2026A · The company itself

“These supply chain exposures include potential material excess and obsolete inventory, losses on purchase commitments or other charges if product demand significantly decreases or is delayed for a sustained duration, we are unable to generate demand for certain products planned for development, customer requirements or technology architectures change or we are otherwise unable to mitigate these supply chain exposures.”

Annual report 2026A · The company itself

“We have experienced manufacturing and inventory challenges for G7 in the past that resulted in disruptions in our ability to supply certain markets, including in the U.S. and other countries. If we fail to produce a sufficient amount of our products, our ability to supply our markets will be compromised and health care providers and people with diabetes’ decisions to use our products may be negatively impacted.”

Annual report 2025A · The company itself

“Although we work with our suppliers to try to ensure continuity of supply while maintaining quality, timeliness and reliability, the supply of these components, materials and services has in some cases been, and may continue to be impacted, interrupted or insufficient. Our manufacturers and suppliers may also encounter problems during manufacturing for a variety of reasons.”

Annual report 2025A · The company itself

“In terms of orderbooks for 2025 we do see an improvement for both fall and winter. ere are still signs of retailers being cautious of taking risks in inventory. ey are counting more on reorders from the brands. is means there is an increase of risk in our busi - ness, especially in purchasing, as we must take a larger risk to enable us to capitalize more in reordering. e supply chain as well as the political environment is also factors playing in.”

Annual report 2024A · The company itself

“Failure to effectively manage working capital could adversely affect our cash flow, liquidity, and results of operations. Our operations are working capital intensive, and inventories, accounts receivable, and accounts payable are significant components of our net asset base.”

Annual report 2026A · The company itself

“Our failure or inability to accurately forecast demand and volatility in the availability and prices of materials, equipment, components, and services, including rising prices due to inflation or scarcity of availability, have in the past adversely impacted, and could in the future adversely impact, our business and results of operations.”

Annual report 2026A · The company itself

“In addition, if a component shortage is threatened or anticipated, we may purchase such components early to avoid a delay or interruption in our operations. Purchasing components early has in the past caused, and could in the future, cause us to incur additional inventory carrying costs and cause us to experience inventory obsolescence, both of which may not be recoverable from our customers and adversely affect our gross profit margins and results of operations.”

Annual report 2026A · The company itself

“In addition, we have also, at times, purchased components strategically in advance of demand to take advantage of favorable pricing, to address concerns about the availability of future components, or to prepare to fulfill large orders. If our manufacturers assess charges, we have liabilities for excess inventory or raw materials (each of which could negatively affect our gross margins), we fail to adequately anticipate customer demand and overestimate our requirements, continue to take actions to make strategic purchases in advance of demand, or these dynamics are exacerbated due to order delays or cancellations, a temporary oversupply may result in excess or obsolete components, which may result in additional charges from our manufacturers, or we may have liabilities for excess inventory or raw materials, each of which could negatively affect our gross margins.”

Annual report 2025A · The company itself

“We must manage both owned and channel inventory effectively, particularly with respect to sales to distributors, which involves forecasting demand and meeting pricing challenges. Our distributors may adjust orders during periods of product shortages, cancel orders if their inventory is too high, or delay orders in anticipation of new products.”

Annual report 2025A · The company itself

“When we have excess or obsolete inventory, which we have experienced from time to time, we may have to reduce our prices and/or write down inventory, either of which may adversely impact our gross margin and our results of operations.”

Annual report 2025A · The company itself

“At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts, market conditions, technological changes, product life-cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If in any period the Company anticipates a change in those factors to be less favorable than its previous estimates, additional inventory write-downs may be required and could materially impact gross margin.”

Annual report 2025A · The company itself

“Additionally, we have at times purchased, and may continue to purchase components strategically in advance of demand to take advantage of favorable pricing to lower costs and secure supply for future orders, which have and could in the future negatively affect our margins, especially if we don’t accurately anticipate customer demand.”

Annual report 2025A · The company itself

“We must manage both owned and channel inventory effectively, particularly with respect to sales to distributors, which involves forecasting demand and pricing (and factoring in supply chain challenges and order cancellations). Our forecasts do not always accurately predict demand, and distributors have and may continue to increase orders during periods of product shortages, cancel orders if their inventory is too high or delay orders in anticipation of new products.”

Annual report 2025A · The company itself

“Our uneven sales cycle makes planning and inventory management difficult and future financial results less predictable. Our quarterly sales often have reflected a pattern in which a disproportionate percentage of each quarter’s total sales occurs towards the end of the quarter. This uneven sales pattern makes predicting net revenue, earnings, cash flow from operations and working capital for each financial period difficult, increases the risk of unanticipated variations in our quarterly results and financial condition, and places pressure on our inventory management and logistics systems.”

Annual report 2025A · The company itself

“Because we built inventories in response to customer demand, the cancellation or deferral of product orders resulted in excess inventory, which then resulted in write-downs of inventory and an adverse effect on our gross margins in fiscal 2025 and fiscal 2026.”

Annual report 2026A · The company itself

“In December 2024, we announced our decision to close our Fab 2 manufacturing operations and the closure was completed in May 2025. The decision to close Fab 2 was driven by high inventory levels and ample manufacturing capacity at our other wafer fabrication facilities. All the process technologies that were running in Fab 2 will be transferred to Fab 4 and 8 Table of Contents Fab 5 and many such technologies are already running in Fab 4 and Fab 5, both of which have ample clean room space for expansion.”

Annual report 2026A · The company itself

“We have long-term commitment contracts with certain of our third-party suppliers to help ensure that we receive capacity from them to manufacture wafers and assemble and test our products. We may decide to still purchase products or services under these contracts even though we currently may not need all of them in order to take advantage of contract credits. This could result in excess inventory and inventory reserve charges that may negatively affect our gross margin and results of operations.”

Annual report 2026A · The company itself

“Starting in the first quarter of calendar 2022, we began entering into LTSAs, which offer our customers the ability to receive prioritized capacity. LTSAs are not a guarantee of supply; however, they were designed to provide the highest priority for those orders which were under this program, and the capacity priority was on a first-come, first-served basis until the available capacity was booked. This program and increases in customer order levels outside of this program resulted in some customers holding excess inventory of our products and thus decreased their need to place new orders, including turns 20 Table of Contents orders, in fiscal 2023 and fiscal 2024.”

Annual report 2026A · The company itself

“ETT UTMANANDE ÅR MED LAGERREDUKTION I FOKUS Den kraftiga lageruppbyggnaden av värmepumpar hos distributörer och installatörer under 2023 skapade under det gångna året en svårhanterlig lageruppbyggnad, vilken  Bibehållna satsningar på produktutveckling och marknadsföring, i kombination med sedan tidigare beslutade och nu genomförda investeringar i produktutveckling,   Dubbel lageruppbyggnad Fjolåretskraftigalageruppbyggnadavvärmepumparhos både distributörer ochinstallatörer,innebarattaffärsområdetsförsäljning,ochdärmedproduktion, av värmepumpar blev kraftigt reducerad. En underliggande sund och stabilefterfråganpåvärmepumparfrånslutkundernahardockinneburiten kontinuerligtpågåendelagerreduktionibådadistributionsleden. Vid årsskiftet gjordes bedömningen att dessa lager nått mer acceptablanivåerihuvuddelenavaffärsområdetsstörremarknadervilketinnebär förbättradeutsikterför2025.  Produktutvecklingärenavgrundförutsättningarnaförfortsattexpansionoch förattytterligarestärkavårprofilsommarknadsledandeinomhållbaraenergilösningarförinomhuskomfortbaseradepåförnybarenergi.Affärsområdets produktutvecklinghariprincipvaritheltundantagendetgenomfördaåtgärdsprogrammetochharoförtrutetkunnatfortsättainomsamtligadotterbolag. Prioriterat i produktutvecklingen är energieffektivisering, förbättrad produktprestanda,naturligaköldmedier,uppkopplingsbarhet,intelligentstyrningochlägreljudnivåer. america 26% 49% 3% 22% Norden Europa (exkl Norden) Nordamerika Övriga länder america 26% 49% 3% 22% Norden Europa (exkl Norden) Nordamerika   > NIBE CLIMATE SOLUTIONS > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 35 · Nettoomsättning Andelavkoncernen 20242023202220212020 20242023202220212020”

Annual report 2024A · The company itself

“I EN PASSANDE KOSTYM PÅ MARKNADER VI KÄNNER VÄL 2024 har varit ett år med stora svängningar, inledningsvis med stora lager hos återförsäljare som succesivt betats av och kraftiga reduktioner av våra kostnader i samband  vår organisation och går in i ett nytt år med en väl anpassad kostnadskostym och ett tydligt kundfokus i samtliga våra  Fjolåret blev ytterligare ett år som inte liknade något annat sedan åren före pandemin. Året präglades av att återförsäljare på merparten av affärsområdetsmarknadersåldeochinstalleradeproduktersomdehadepå lagerefterdenkraftigalageruppbyggnadsomskeddeunderstörredelenav 2023. Bakgrunden är välkänd. Den stora efterfrågan från konsumenterna på brasvärmeprodukter hade skapat ett underskott på braskaminer i både Europa och USA. Återförsäljarna byggde lager för att kunna tillgodose den storavågavbeställningarpåinstallationersomföljdeirenoveringsandanoch önskanomatthaenextravärmekällasomenergireservomolja,gasochel skullekommatillkortaellerstigakraftigtipris.Detvarenvågsommedkort varsel,pågrundavstiganderäntor,avvaktanderenoveringarochavstannat nybyggande,vändetillstiltje.”

Annual report 2024A · The company itself

“As a result, a failure to accurately forecast supply and demand could cause us to over-invest or under-invest in inventory, technology transitions or the expansion of Flash Ventures’ capacity. Over-investment by us or our competitors can result in excess supply and lead to significant decreases in 18 Table of Contents our product prices, significant excess, obsolete inventory or inventory write-downs or underutilization charges, and the potential impairment of our investments in Flash Ventures.”

Annual report 2026A · The company itself

“If a customer were to breach its purchase obligations, or if we were to breach our obligations and a customer were to terminate or reduce its volume commitments, we may need to find alternative customers for any affected product volumes. Depending on market conditions at the time, we may be unable to resell those products at comparable prices, or at all, which could result in reduced revenue, lower margins, excess inventory, or manufacturing underutilization or asset impairment charges.”

Annual report 2026A · The company itself

“When we do have contractual commitments with suppliers in an effort to stabilize the supply of our components, those commitments may require us to buy a substantial number of components or make significant cash advances to the supplier and may not result in a satisfactory supply of our components.”

Annual report 2026A · The company itself

“We are subject to order and shipment uncertainties. If we are unable to accurately predict customer demand, we may hold excess or obsolete inventory, which would reduce our gross margin. Conversely, we may have insufficient inventory or be unable to obtain the supplies or contract manufacturing capacity to meet demand, which would result in lost revenue opportunities and potential loss of market share as well as damaged customer relationships.”

Annual report 2026A · The company itself

“Under 2023 påverkades cykelbranschen fortfarande av allt för stora lager som byggts upp under år 2022 hos återförsäljare och butiker. Övriga produktkategorier växte fortsatt. Vår bedömning är att marknaden också under 2024 kommer att påverkas, om än i betydligt lägre omfattning än 2022, av lagerjusteringen inom cykelbranschen, men också det generellt sett osäkrare ekonomiska läget.”

Annual report 2023A · The company itself

“I Region Europe & RoW minskade omsättningen med 12 procent, valutajusterat, påverkat av ett svagt första halvår inom cykelrelaterade produkter. Omsättningen minskade tydligt under första halvåret, framför allt eftersom cykelhandlare i det närmaste helt slutade köpa in produkter för att hantera sina höga lagernivåer.”

Annual report 2023A · The company itself

“OMSÄTTNING PER PRODUKTKATEGORIPROCENT AV FÖRSÄLJNINGEN •• Sport&Cargo Carriers •• RV Products •• Juvenile & Pet •• Packs, Bags & Luggage Mkr 2023 2022 2021 2020 2019 Region Americas 2 450 3 047 2 946 2 107 1 980 Sport&Cargo Carriers 1 695 2 129 2 227 1 540 1 409 RV Products 52 155 101 49 29 Juvenile & Pet 232 259 265 195 129 Packs, Bags & Luggage 471 504 354 323 414 Även i Region Americas var utvecklingen under året klart kopplad till cykelhandelns lagernivåer och beteende. Generellt normaliserades lagernivåerna även i Region Americas under 2023, dock senare under året än vad som var fallet i Europa.”

Annual report 2023A · The company itself

“Trenden vände under det andra halvåret då butikernas lager av Thule-produkter återgick till mer normala nivåer. Senare delen av året påverkades också av den förväntade försäljningsminskningen inom produktkategorin RV Products (produkter till husbilar och husvagnar), där branschen gick in i en svagare period.”

Annual report 2023A · The company itself

“Vi har haft stort fokus på att minska lagernivåerna, och jag gläds åt att detta resulterat i en sänkning med 801 Mkr jämfört med föregående år. Ett resultat som klart överträffade vårt mål att sänka nivån med 600 Mkr, men vi har mer att effektivisera.”

Annual report 2023A · The company itself

“The working capital tie-up continued to decrease as changes in trade payables and receivables were outweighed by dedicated efforts to reduce inventories.”

Annual report 2025A · The company itself

“Efter tidigare utmaningarna i de globala leveranskedjorna med större krav på buffertlager har Alligo arbetat med att reducera lagernivåerna de senaste två åren. Försäljningsprognoser per land används kontinuerligt för att anpassa beställningsmönster, minska riskerna i inköpsarbetet och säkerställa tillgängligheten.”

Annual report 2024A · The company itself

“We may experience similar or other shortages in the future resulting in delayed shipments, supply constraints, clinical trial delays, contract disputes and/or stock-outs of our products. These, or other similar events, could negatively affect our ability to satisfy demand for our products or conduct clinical trials, which could have a material adverse effect on our product sales, business and results of operations.”

Annual report 2025A · The company itself

“In some of our markets where end-user demand may be particularly volatile and difficult to predict, some customers place orders that require us to manufacture product and have it available for shipment, even though the customer is unwilling to make a binding commitment to purchase all, or even any, of the product. In other instances, we manufacture product based on forecasts of customer demand. As a result, we may incur inventory and manufacturing costs in advance of anticipated sales and are subject to the risk of cancellation of orders leading to a sharp reduction of sales and backlog. Further, those orders or forecasts may be for products that meet the customer’s unique requirements such that those canceled orders would result in an inventory of unsaleable products, causing potential inventory write-offs.”

Annual report 2025A · The company itself

“The improvement of operating assets and liabilities, net in both 2023 and 2024 was mainly a result of improved customer call-off accuracy enabling more precise planning and use of resources as well as a multi-year working capital efficiency program aiming at improving working capital by $800 million. At the end of 2024, the Company estimates that around $700 million improvement in working capital has been achieved since the start of the program.”

Annual report 2024A · The company itself

“The development of new products and product features is complex, time-consuming and expensive, and we may experience delays or incur significant additional costs in completing the development and introduction of new products. We may choose to carry higher levels of inventory to mitigate the risk of production delays, which may expose us to an increased risk of obsolescence.”

Annual report 2025A · The company itself

“Ytterligare lagerminskningar kommer att fortsätta att vara en prioritet för 2025, liksom att etablera en global organisation för försörjningskedjan för att öka vår köpkraft.”

Annual report 2024A · The company itself

“Under årets inledning noterades en avmattning i installationstakten. Detta ledde till en tillfällig minskning av lageromsättningen hos våra distributionspartners vilket i sin tur påverkade försäljningen negativt.”

Annual report 2024A · The company itself

“Vissa strategiska komponenter kommer från ett fåtal leverantörer, vilket kan skapa en risk i leveranskedjan som kan ha en negativ påverkan på produktion och försäljning av reagenser. Denna risk motverkas genom säkerhetslager och kontinuerlig övervakning av lagernivåer samtidigt som vi söker efter fler leverantörer till de strategiska komponenterna.”

Annual report 2024A · The company itself

“If seasonal demand is less than we expect, we may be left with excess inventory that would need to be stored (in which case our results of operations would be negatively affected by any related increased storage costs) or liquidated (in which case the selling price could be below our production, procurement and storage costs). The risks associated with excess inventory and product shortages are exacerbated by the volatility of nitrogen fertilizer prices, the constraints of our storage capacity, and the relatively brief periods during which farmers can apply nitrogen fertilizers. If prices for our products rapidly decrease, we may be required to write-down the value of our inventory, adversely affecting our operating results.”

Annual report 2025A · The company itself

“The loss of a key customer, or a significant reduction in orders, could result in lower sales, excess inventory and related write-downs, and materially and adversely affect our financial condition or results of operations.”

Annual report 2026A · The company itself

“Our cash flows from operations, profitability and financial condition may be negatively affected if we are not successful in managing our inventory balances.”

Annual report 2026A · The company itself

“Bolaget har även ökat sina lagernivåer för att minimera risken kring eventuella osäkerheter rörande tillgång av produkter/komponenter på grund av tex. politiska oroligheter eller problem i inköpsled.”

Annual report 2024A · The company itself

“Changes in working capital were negative YoY primarily due to an increase in inventories. This rise in inventories was a result of the production strategy.”

Annual report 2024A · The company itself

“The net working capital in 2024 was negatively impacted by a higher level and earlier shipments and arrivals of goods for the spring season, and a planned inventory build-up to improve the service level in the stores, while 2023 was positively affected by reduced inventory levels.”

Annual report 2024A · The company itself

“Lagerbeholdningerne af både salgsafgrøder og foder er højere end ultimo 2024. Værdien af salgsafgrøder på lager er 28 mDKK højere end ultimo 2024.”

Annual report 2025A · The company itself

“Faldet skyldes primært de øgede beholdninger af afgrøder samt manglende salg af mælk i store dele af året, der dog delvist opvejes af tilskud til indkøb af dyr samt forsikring på aflivede dyr i forbindelse med FMD.”

Annual report 2025A · The company itself

“Our channel partners may increase orders during periods of product shortages, cancel orders or not place orders commensurate with our expectations if their inventory is too high, return products or take advantage of price protection (if any is available to the particular partner) or delay orders in anticipation of new products, and accurately forecasting inventory requirements and demand can be challenging.”

Annual report 2025A · The company itself

“Additionally, if actual demand does not directly match with 32 Table of Contents our demand forecasts, due to our purchase order commitments, we in some instances have been required to and may in the future be required to accept or pay for components and finished goods. This may result in us discounting our products or excess or obsolete inventory, which we would be required to write down to its estimated realizable value, which in turn could result in lower gross margins.”

Annual report 2025A · The company itself

“Nettoarbejdskapitalen pr. 30. september 2025 udgør 141,7 mio. kr. svarende til 27,4% af årsomsætningen mod 156,9 mio. kr./ 32,4% af årsomsætningen pr. 30. september 2024.”

Annual report 2025A · The company itself

“If we do not correctly anticipate demand for our products, we may not be able to secure sufficient quantities or cost-effective production of our products or we could have costly excess production or inventories. The demand for our products depends on many factors and may be difficult to forecast due to our increasingly diverse product portfolio, intensifying competition in the markets for our products, and the maturing of markets for some of our products.”

Annual report 2025A · The company itself

“In addition, we would suffer an adverse impact if our suppliers limit or cancel the return privileges that currently protect us from inventory obsolescence.”

Annual report 2025A · The company itself

“Historically, these losses have not been significant as the vast majority of our inventories are not highly susceptible to obsolescence and are eligible for return under various vendor return programs.”

Annual report 2025A · The company itself

“The U.S. wholesalers and distributors with whom we have entered into inventory management agreements make estimates to determine end-user demand and may not be accurate in matching their inventory levels to actual end-user demand. As a result, changes in inventory levels held by those wholesalers and distributors can cause our operating results to fluctuate unexpectedly if our sales to these wholesalers and distributors do not match end-user demand.”

Annual report 2025A · The company itself

“Vårt främsta fokus är att minska lagernivåerna vilket tillsammans med andra effektiviseringsåtgärder bidrar till att minska skuldsättningen.”

Annual report 2023A · The company itself

“Inkurans i lager – HANZA behöver, i syfte att kunna uppfylla bolagets åtaganden gentemot olika kunder, hålla ett visst lager av komponenter och produktionsmaterial. Det finns här en risk för inkurans där eventuellt lager som inte kommer till användning för kund skulle kunna påverka HANZAs finansiella ställning och resultat negativt.”

Annual report 2024A · The company itself

“Seasonality can increase pressure on suppliers like us to fill orders promptly and thereby shift a significant portion of inventory risk and carrying costs to the supplier.”

Annual report 2025A · The company itself

“Sedan 2022 har vi reducerat lagret med nästan 25 procent.”

Annual report 2024A · The company itself

“Like many other companies in the electronics markets, IDEX Biometrics experienced some disruptions in the supply chain in 2022, when the company expected strong revenue growth. This led to placing orders and holding relatively high values of raw materials, carrying relatively large quantities of finished goods. The supply situation normalized in 2023, but purchase orders were binding and due to lower-than-forecasted volumes sold in 2023 and 2024, the inventory remains high.”

Annual report 2024A · The company itself

“The 2024 number also includes $1.5 obsolescence charge because of business focus shift to the access market and possible overstocking situation.”

Annual report 2024A · The company itself

“In the case of sole-sourced parts, we manage risk by holding inventory in-house and at the supplier to lower the risk of a supply disruption. We work closely with all suppliers to preserve continuity of supply while maintaining high quality and reliability.”

Annual report 2025A · The company itself

“Genomsnittlig andel cash conversion (operativt kassaflöde i relation till rörelseresultat exklusive avskrivningar) ska över en konjunkturcykel uppgå till minst 80 procent.”

Annual report 2024A · The company itself

“Genom vidtagna åtgärder för ökad kapitaleffektivitet kan vi redovisa i stort sett oförändrade lagernivåer för hela 2024 trots den ökade volymen.”

Annual report 2024A · The company itself

“Vaihto-omaisuuden määrä 31.12.2024 oli 131,0 miljoonaa euroa ja vuoden 2023 lopussa se oli 117,2 miljoonaa euroa.”

Annual report 2024A · The company itself

“If we fail to accurately forecast consumer and customer demand for our products, we may experience excess inventory levels or a shortage of product. Excess inventory levels may result in inventory write-downs or write-offs and the sale of excess inventory at discounted prices or in less preferred distribution channels, which could damage our reputation and otherwise adversely affect our business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“Both figures ended below the indicated ranges, reflecting weaker demand and destocking within several of Kitron’s market sectors.”

Annual report 2024A · The company itself

“Industry Conditions Through fiscal year 2024, we experienced significant fluctuations in demand as customers delayed projected shipments or built up inventory in response to supply shortages and then brought down inventories as supply chain constraints eased. Our revenue fluctuated in response to these changes in demand and our margins were adversely impacted as we were not able to fully recover costs, such as underutilized manufacturing capacity.”

Annual report 2026A · The company itself

“Ökat antal artiklar och större volymer medför en ökad risk för inkurans i varulagret. Detta har från ledningens sida medfört ett fortsatt fokus på att vidta olika rörelsekapitalstärkande åtgärder, däribland att på sikt minska storleken på centrallagret i förhållande till nettoomsättningen.”

Annual report 2024A · The company itself

“Brist på insatsvaror kan leda till utebliven eller försenad försäljning, högre priser påverkar lönsamheten i bolagen, samt ökad kapitalbindning i säkerhetslager.”

Annual report 2024A · The company itself

“Any of these events could result in substantial costs. •Biologics and vaccines require long manufacturing lead times, sometimes requiring planning years in advance of demand, which could increase the risk of inventory write-downs if that demand does not materialize.”

Annual report 2025A · The company itself

“In addition, some of our components have long lead-times, requiring us to place orders up to a year in advance of anticipated demand. Such long lead-times increase the risk of excess inventory or loss of sales in the event our forecasts vary substantially from actual demand.”

Annual report 2025A · The company itself

“We often build inventory in advance based on our forecast of future customer orders. This subjects us to certain risks, most notably the possibility that sales will not meet our forecast, which could lead to inventories in excess of demand. If excess inventory exists, it may be necessary for us to sell it at a substantial discount, take a significant write-down or dispose of it altogether, any of which would negatively affect our profit margins.”

Annual report 2025A · The company itself

“The seasonal nature of our businesses requires significant working capital for inventory in advance of the planting seasons.”

Annual report 2025A · The company itself

“We carry our inventories at net realizable value. In periods when the market prices for our products are falling rapidly, including in response to falling market prices for raw materials, we have in the past, and it is possible that in the future we could be required to write-down the value of our inventories if market prices fall below our costs. Any such write-down could adversely affect our results of operations and the value of our assets.”

Annual report 2025A · The company itself

“Failure to accurately forecast consumer demand has in the past led and could in the future lead to excess inventories or inventory shortages, which has in the past resulted and could in the future result in decreased operating margins, reduced cash flows and harm to our business. To meet anticipated demand for our products, we purchase products from manufacturers outside of our futures ordering program and in advance of customer orders, which we hold in inventory and resell to customers.”

Annual report 2026A · The company itself

“Marknadsområdet Läkemedelsförpackningar har haft lägre volymer på grund av lageranpassningar och geopolitiska effekter hos kunderna efter ett starkt 2023.”

Annual report 2024A · The company itself

“Operational Excellence – Vårt ramverk för konkurrenskraft Så skapar Nolato hållbarhetsvärde Just-in-time Genom att minska onödiga lager, både av material och färdiga produkter, optimerar vi produktionsflödet.”

Annual report 2024A · The company itself

“Hydro oppnådde en driftskapitalbalanse på 31,5 milliarder kroner, noe som gjenspeilte stigende oppstrømspriser, lavere lagerreduksjon enn målsetningen på grunn av svakere nedstrømsetterspørsel, periodiseringseffekter, samt omregningseffekter på grunn av en svakere krone mot slutten av 2024.”

Annual report 2024A · The company itself

“Moreover, if we are unable to accurately forecast demand for our products, we may purchase more or fewer parts than necessary or incur costs for canceling, postponing or expediting delivery of parts. If we purchase or commit to purchase inventory in anticipation of customer demand that does not materialize, or such inventory is rendered obsolete by the rapid pace of technological change, or if customers reduce, delay or cancel orders, we may incur excess or obsolete inventory charges.”

Annual report 2025A · The company itself

“If our forecasts overestimate demand, we may be obligated to purchase excess inventory that we cannot sell, resulting in write-downs, increased carrying costs, and lower gross margins. Conversely, if our forecasts underestimate demand, we may experience insufficient supply, leading to product shortages, delayed deliveries, lost sales opportunities, and potential damage to customer relationships.”

Annual report 2026A · The company itself

“Koncernens likviditetsrisk uppstår främst i samband med verksamhetens säsongsvariationer. Eftersom varulagret byggs upp baserat på förväntad framtida försäljning betalas inköpen ofta innan försäljningsinkomsterna erhålls. Detta innebär att tidpunkten för utflödet av pengar för inköp av varor inte överensstämmer med tidpunkten för inflödet av likvida medel hänförliga till försäljningen, vilket leder till en likviditetsrisk.”

Annual report 2024A · The company itself

“Vi har ökat vårt lagerförda sortiment med 50 procent under året för att säkerställa att vi har rätt produkter tillgängliga och redo att skickas till våra kunder.”

Annual report 2024A · The company itself

“Our customers have from time to time overstated their expected demand requirements, possibly in order to procure additional supply, and may do so in the future. This exacerbates the foregoing issues and can negatively impact our ability to forecast and to allocate supply appropriately among our customers.”

Annual report 2025A · The company itself

“If we, or our customers, overestimate demand, or if demand is impacted by factors outside of our or our customers’ control, and such demand is not covered by a binding commitment from our customers, we may experience increased excess or obsolete inventory or reserve charges, which would negatively impact our results of operations.”

Annual report 2025A · The company itself

“Further, to the extent our customers procure supply of our products beyond their current needs (i.e., build up inventory of our products), whether due to concerns over supply, overestimating demand and/or a decline in macroeconomic conditions, or otherwise, they may not purchase expected quantities of our products in subsequent quarters, which may negatively impact our results of operations and cash flows in such quarters.”

Annual report 2025A · The company itself

“Our profitability may decline if we are unable to effectively manage inventory or as a result of increasing pressure on margins. The nature of the apparel retail industry requires us to carry a significant amount of inventory, especially prior to the peak holiday selling season when we build up our inventory levels in order to meet anticipated consumer demand.”

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

“Conversely, if we underestimate consumer demand for our products or if manufacturers fail to supply quality products in a timely manner, we may experience inventory shortages, which may negatively impact customer relationships, diminish brand loyalty, and result in lost sales.”

Annual report 2026A · The company itself

“At the start of the financial year, RTX entered a period of renewed customer activity following an environment shaped by elevated customer inventories and macroeconomic uncertainty.”

Annual report 2025A · The company itself

“Recent macroeconomic adversities, ongoing tariff-related conicts as well as dynamic customer requirements may continue to impact markets, shift demand, and affect stock availability.”

Annual report 2025A · The company itself

“The Company also relies on its ability to maintain inventory levels appropriate to meet consumer and customer demand. The Company is focused on optimizing inventory levels via improved supply chain conditions and strategic inventory management.”

Annual report 2026A · The company itself

“Varulager I samband med respektive balansdag sker en beräkning av nettoförsäljningsvärde för varulagret där de mest tillförlitliga uppgifter som finns tillgängliga beaktas. Det framtida försäljningsvärdet kan påverkas av framtida teknologi och andra marknadsdrivna förändringar som kan minska framtida försäljningspriser.”

Annual report 2024A · The company itself

“Seurauksena voi olla materiaalien ja komponenttien ajoittain epävarma tai rajallinen saatavuus sekä tästä aiheutuvat lisäkustannukset Asiakkaiden investointien tasot ja tilausten määrät vaihtelevat merkittävästi eri ajanjaksoilla, johtuen muun muassa asiakkaiden omien varastojen optimoinnista ja teknologiasukupolvien siirtymistä. Volyymivaihtelun ennustaminen ja niihin varautuminen on usein vaikeaa, mikä voi aiheuttaa virheellisiä arvioita yhtiön tuotantokapasiteetin oikea-aikaisessa mitoituksessa vastaamaan kunkin hetken asiakaskysyntää, huomioiden eri markkinaalueiden tarpeet.”

Annual report 2025A · The company itself

“Raaka-aineiden ja komponenttien saatavuusongelmat voivat vaikeuttaa valmistusta ja viivästyttää toimituksia, kasvattaen käyttöpääomaa ja nostaen yhtiön maksuvalmiusriskiä.”

Annual report 2025A · The company itself

“To meet these objectives and to allow greater flexibility in periods of high demand, our strategy is to build ahead of demand our broad-based products that are used across a diverse set of applications and customers and have low risk of obsolescence. Inventory levels will vary based on market conditions and seasonality.”

Annual report 2025A · The company itself

“Lastly, due to supply chain issues, we have in the past and may in the future accumulate excess inventories if we inaccurately forecast demand for our products, or if dealers are unable to work through their excess inventory.”

Annual report 2026A · The company itself

“Vistin will be keeping a larger than normal level of raw material safety stock due to the current volatility in freight lead times.”

Annual report 2024A · The company itself

“At times we have and may continue to execute multi-year purchase commitments with suppliers that contain minimum spend thresholds, which we are obligated to fulfill even if customer demand declines, and may require that we purchase inventory that exceeds our forecasted demand. In addition, volatility in customer demand, offering availability, and transport costs, may result in increased operating input costs, elevated inventory levels, as well as inventory-related losses.”

Annual report 2025A · The company itself

“120,7 MSEK (134,0) av tillgångarna utgjordes av kundfordringar, en minskning med 13,3 MSEK samt varulager 71,8 MSEK (85,5 ).”

Annual report 2024A · The company itself

“We have experienced price volatility and supply constraints when materials have not been available from multiple sources. From time to time, we acquire certain inventory in anticipation of supply constraints or enter into longer-term pricing commitments with suppliers to improve the priority, price and availability of supply.”

Annual report 2025A · The company itself