DUNI AB: Year-End Report January 1 - December 31, 2024

Eventful year with several acquisitions

October 1 - December 31

• Net sales amounted to SEK 2,057 m (1,971), corresponding to a 4.4% increase in sales. At fixed exchange rates, net sales increased by 3.7%. This year's acquisitions contributed SEK 76 m.
• Operating income amounted to SEK 178 m (191), reflecting high pulp and container prices.
• Positive operating cash flow and low net debt create a contin- ued strong financial position.
• The acquisition of Poppies, which was announced in Decem- ber 2024 and will be consolidated from February 2025, will strengthen the Group's market position in the UK, which will be one of the Group's biggest markets.

January 1 - December 31

• Net sales amounted to SEK 7,578 m (7,718), corresponding to a 1.8% decrease in sales. At fixed exchange rates, net sales decreased by 1.7%.
• Operating income amounted to SEK 604 m (716), which should be seen against the background of weaker demand in the global restaurant market.
• Earnings per share attributable to equity holders of the Parent Company amounted to SEK 5.48 (8.30) and adjusted earnings per share attributable to equity holders of the Parent Company amounted to SEK 7.56 (8.39).
• The Board of Directors proposes a dividend of SEK 5.00 (5.00) per share, to be divided into two partial payments.
• Four acquisitions were carried out during the year: Decent Packaging, Relevo, Huskee and Seti. In addition, an agreement was signed to aquire Poppies Europe Ltd.

Key financials	3 months	3 months	12 months	12 months
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
SEK m	2024	2023	2024	2023
Net sales	2,057	1,971	7,578	7,718
Organic growth	-0.2%	-4.9%	-4.9%	5.2%
Operating income1)	178	191	604	716
Operating margin1)	8.7%	9.7%	8.0%	9.3%
EBIT	163	172	412	648
EBIT margin	7.9%	8.7%	5.4%	8.4%
Income after financial items	149	164	355	593
Income after tax	107	83	278	443
Earnings per share attributable to equity holders of the Parent Company	2.14	1.65	5.48	8.30
Adjusted earnings per share attributable to equity holders of the Parent Company	2.14	1.70	7.56	8.39
Return on capital employed, excluding goodwill	24.8%	31.5%	24.8%	31.5%
1) For reconciliation of alternative key financials, definition of key financials and glossary, see pages 28-29.

CEO summary

2024 was an eventful year for Duni Group with several acquisitions, the start of a restructuring program in logistics and a number of investments in the production. At the same time, the year was characterized by weaker demand driven by inflation, high interest rates and more cautious consumption. Continued volatility in raw material and logistics flows increased purchasing costs more than expected in the second half of the year.

Net sales for the full year amounted to SEK 7,578 m (7,718) and should be seen against a background of weaker demand in the global restaurant market. Operating profit for the full year amounted to SEK 604 m (716) and is explained by higher prices for pulp and freight as well as acquisition costs. This is the second best year in the Group's history.

Net sales in the fourth quarter amounted to SEK 2,057 m (1,971), which is the highest quarterly sales figure in the Company's his- tory. This increase was driven partly by acquisitions made, but also by double-digit growth in the Asia-Pacific region. Growth in Europe, especially in the DACH region, remained weak.

Operating income amounted to SEK 178 m (191), with an operating margin of 8.7% (9.7%). The operating margin was affected by continued high costs of pulp and freight compared with the same period last year. Market prices for pulp leveled out somewhat during the quarter, but remained high compared with the same period last year and had a negative impact on the margin.

Net sales for the quarter for the Dining Solutions business area amounted to SEK 1,208 m (1,214). Sales to the hotel and restaurant segments in Asia increased as a consequence of a positive product mix. In Europe, the acquisition of Seti contributed to the sales, and the acquisition of Poppies means that the UK will become one of the Group's biggest markets. Operating income in the quar- ter amounted to SEK 153 m (175) and the operating margin was 12.6% (14.4%).

Net sales for the quarter for the Food Packaging Solutions business area amounted to SEK 849 m (757), driven by double-digit sales growth for food packaging in the Asia-Pacific region. The year's acquisitions of Decent Packaging and Huskee within the Group's Australian subsidiary BioPak Group also contributed to the growth in sales Operating income in the quarter amounted to SEK 26 m (17), and the operating margin was 3.1% (2.2%).

In the fourth quarter, the Group achieved its climate goal for 2025 with a reduction in carbon intensity of 62% since 2019, thanks to measures including investments in our paper mill and the purchase of fossil-free electricity also in our factory in Thailand.

Looking forward, we are cautiously optimistic given the improvement work undertaken in 2024. We are now focusing on integrat- ing the acquisitions made during the year and bringing great relevance in our offerings to the world around us. Finally, we would like to thank our shareholders, partners and customers for your trust and our employees for your engagement.

Robert Dackeskog,
President and CEO
Duni Group

For additional information, please contact:
Magnus Carlsson, EVP Finance/CFO
[phone]
[e-mail]

Katja Margell, IR and Communications Director,
[phone]
[e-mail]

Duni AB (publ)
Box 237
201 22 Malmö

Phone: [phone]
www.dunigroup.com
Company registration number: 556536-7488

Duni Group is a market leader in attractive, environmentally sound and functional products for table setting and take-away. The Group markets and sells two brands, Duni and BioPak, which are rep- resented in more than 50 markets. Duni has around 2,500 employees spread out across 23 countries, with its headquarters in Malmö and production sites in Sweden, Slovenia, Germany, Poland and Thailand. Duni is listed on the NASDAQ Stockholm under the ticker name "DUNI". Its ISIN code is SE0000616716.

This information is information that Duni AB is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person, at 07.45 CET on February 11, 2025.