Årsredovisning 2024

===== SIDA 1 =====

Annual &
Sustainability
Report 2024
ITAB Shop Concept AB
Rethink
retail.
Together.

===== SIDA 2 =====

ITAB Group 3
2024 in brief 4
President’s statement 5
Strategy & Business model 7
Market & Growth potential 8
Financial targets 9
Operations 10
Acquisition of HMY 14
Sustainability Report 15
General information 16
Environmental information 31
Social information 42
Governance information 51
ESG Accounting Policy 54
Reporting on GRI 59
The Auditor’s Report on the  
Statutory Sustainability Report
 
62
ITAB share 63
Financial Information 66
Administration Report with  
Corporate Governance Report
 
68
Board of Directors 84
Group management 85
Financial review - 5 years in summary 86
Financial tables 89
Financial notes 96
Reconciliation of Alternative  
Performance Measures
 
128
Definitions 129
Signatures of the Board of Directors 130
Auditor’s Report 131
Auditors 133
Annual General Meeting 2025 134
Content
This Annual & Sustainability Report 2024 is in all 
respects a translation of the Swedish original 
Annual & Sustainability Report. In the event of 
any differences between this translation and the 
Swedish original, the latter shall prevail.
... by helping retailers turn consumer brand experience 
into physical reality with our know-how, solutions and 
ecosystem of partners. Together with our customers, we 
create effective shop solutions that contribute to versatile 
and inspirational consumer experiences, sales uplifts and 
bridge the gap between the online and offline worlds. 
Rethink retail. Together.

===== SIDA 3 =====

ITAB | Annual & Sustainability Report 2024    3
ITAB Group
22%12% 10%
ITAB at a glance in 2024 Our offer
ITAB develops, manufactures, sells and installs a broad range of 
solutions and services in interior fixtures, in-store technology and 
lighting for the retail sector. In 2024, ITAB Group had operations 
in 23 countries with approximately SEK 6.6 billion in annual sales, 
some 2,500 employees, and 15 production facilities in Europe, 
South America and China.
Retail Interior
ITAB co-creates modern store 
experiences with retailers 
through an iterative design 
process.
Read more on page 12
Retail Services
Concept creation, store and 
solution design, and installa -
tion are examples of ITAB’s 
service offering.
Read more on page 13
Retail Tech
ITAB offers efficient and inspi -
ring solutions for self-service 
and -checkouts, smart gates, 
in-store guidance, and traditio -
nal checkouts.
Read more on page 11
Retail Lighting
ITAB’s offering includes com -
plete professional lighting sys -
tems, light planning and servi -
ces for the retail sector.
Read more on page 12
Customer overview
Grocery
ITAB’s largest customer 
group mainly comprises 
grocery retailers and 
food stores.
Home improvements
The customer group 
refers primarily to DIY, 
furniture, and home 
furnishings stores.
Fashion
This customer group 
includes stores 
selling ready-to-wear 
clothing and shoes, 
etc.
Other customer group
Other customer groups include 
pharmacies, health & beauty, 
consumer electronics, sport & 
leisure, service stations, hotels, 
offices, brands, industry, cafés 
and restaurants.
Rethinks retail together 
with the customers
ITAB creates in-store experiences 
that meet consumers’ demands for 
improved shopping experiences in 
the physical environment.
Solutions that influence 
buying behaviour
By designing the complete consu-
mer journey that helps influence 
buying behaviour, ITAB supports 
retailers to sales upflifts, improved 
efficiency and lower costs.
56%
The acquisition of HMY
With the aim of strengthening ITAB’s position 
and complementing the Group’s current of-
fering, ITAB agreed to acquire HMY, a leading 
European supplier of shop fittings, checkouts 
and store design to the retail industry, at the 
end of September 2024. The acquisition was 
completed on 31 January 2025 and HMY is 
consolidated in ITAB Group as of 1 February 
2025. 
ITAB Annual Report 2024
This Annual Report presents and report on ITAB 
for 2024 in all aspects, not including HMY (with 
the exception of some illustrative information 
for the combined Group on page 14). The com-
bined ITAB Group and its financial information 
including HMY will be presented and reported 
on in the Interim Report for the first quarter of 
2025 for the first time. 
Read more about the acquisition of HMY on page 14
ITAB Group in 2025

===== SIDA 4 =====

ITAB | Annual & Sustainability Report 2024    4
2024 in brief
2024 in brief
ITAB Group reported a currency-adjusted sales increase of 8 percent and an increased EBIT margin of 7.7 
percent 1) for 2024, despite continued challenging market conditions and strong comparative figures for the 
second half of the year. With the aim of strengthening ITAB’s position and complementing the Group’s current 
offering, ITAB agreed to acquire HMY, a leading European supplier of shop fittings, checkouts and store design 
to the retail industry, for a cash consideration of MEUR 320 at the end of September. The acquisition was 
completed on 31 January 2025 and HMY is now part of ITAB Group.
Higher sales and improved earnings
Overall, the sales performance for 2024 was positive in several of ITAB’s 
solution areas and geographic markets. Currency-adjusted sales 
increased by 8 percent compared with the preceding year. Demand 
for the Group’s technical and digital solutions for loss prevention, 
self-checkouts and other self-service solutions trended positively 
during the year, and sales of customised shop fittings and traditional 
checkouts also increased.
 Th
e Group’s earnings trend was strong during the year, primarily 
driven by a relatively high gross margin combined with a positive sales 
trend. The gross margin has strengthened by the favourable product 
and customer mix, with an increased share of sales of ITAB’s technical 
solutions for loss prevention and self-service in stores in the past few 
years, but increased sales of customised shop fittings also positively 
impacted earnings. The lower share of sales of technical solutions in 
areas such as smart gates in the third and fourth quarters, compa -
red with the corresponding quarters in 2023, is natural given that the 
operations are project-based and earnings for individual quarters 
can depend on specific project outcomes and natural seasonal 
variations. Continued measures for increased sales, efficiency and 
cost adjustments, as well as improvements to capacity utilisation at 
the Group’s production facilities, yielded positive effects during the 
year. The relatively strong gross margin and operational measures 
to reduce the Group’s working capital contributed to the cash flow 
performance.
An eventful year in 2024
ITAB signed multiple new and expanded contracts signed with both 
existing and new customers for the delivery of solutions for self-check -
outs, customised interiors, checkouts and fitting rooms, entrance and 
exit gates, shopfitting and signage solutions, and shop-in-shop con -
cepts, etc. ITAB also made a strategic investment in Signatrix GmbH, a 
technology and Retail AI startup. 
 W
ith the aim of strengthening ITAB’s position and complementing 
the Group’s current offering, ITAB agreed to acquire HMY at the end of 
September. The acquisition was completed on 31 January 2025. Read 
more on page 14.
ITAB Group in figures 2) 2024 2023
Net sales, MSEK 6,585 6,139
Currency adjusted sales growth, % +8 -15
Operating profit, MSEK 459 432
Operating profit excl. non-recurring items, MSEK 507 432
Operating margin (EBIT margin) excl. non-recurring items, % 7.7 7.0
Profit after financial items, MSEK 438 385
Profit margin, % 6.7 6.3
Proft after tax,MSEK 320 292
Cash flow from operating activities, MSEK 624 810
Cash conversion 3), % 88 118
Return on equity 3), % 9.0 8.8
Interest-bearing net debt excl. lease liabilities, MSEK -969 45
Equity/assets ratio 3), % 60 56
Average number of employees 2,532 2,533
Per share data
Earnings per share before dilution, SEK 1.38 1.24
Dividend per share, SEK 0.00 4) 0.75
Equity per share 3), SEK 16.30 14.01
2) All figures refer to Continuing Operations unless otherwise stated.
3) Comparative year 2023 includes Discontinued Operations.
4) 
  P
ursuant to the Board of Directors' proposed dividend for the 2024 financial year.
Per quarter, MSEK
2,000
Net sales per quarter Net sales, rolling 4 quarters
8,000
1,500 6,000
1,000 4,000
500 2,000
0 0
Rolling 4 quarters, MSEK
Operating profit 
per quarter, MSEK
Operating margin
rolling 4 quarters, %
Operating profit per quarter Operating margin, rolling 4 quarters
180 12
150 10
120 8
90 6
60 4
30 2
0 0
1) Excluding non-recurring items.
Operating profit and operating margin 1)
Net sales
EBIT margin 1)
Average number  
of employees
6,585 MSEK
7.7%
2,532 
Net sales
Q1/22
Q2/22
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/22
Q2/22
Q3/22
Q4/22
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24

===== SIDA 5 =====

ITAB | Annual & Sustainability Report 2024    5
An eventful year with  
improved earnings, growth and  
a transformative acquisition
The past year 2024 was characterised by higher sales and underlying earnings 
improvements, despite continued challenging market conditions and strong com -
parative figures for the second half of the year. The historically strong start to the 
year in the first two quarters was followed by a slightly weaker fall compared with 
the preceding year. This is natural due to the project-based nature of our opera-
tions, which entails long decision-making processes and test periods for customer 
investments in our more technology-intensive solutions.
 W
hen we announced our intention to acquire HMY in September 2024, the news 
was well received by our customers, employees and shareholders. We are therefore 
very pleased that the acquisition has been completed and that our two companies 
are part of the same Group since 31 January 2025. Together, we are creating the 
leading solution provider for the retail market, thereby benefiting our customers and 
employees. The acquisition is a strategic and cultural fit, and integration will now 
begin.
Positive sales trend despite challenging  
market conditions
The Group’s overall sales trend remained positive 
throughout 2024, with continued interest in our loss 
prevention solutions and increased self-service 
in stores in particular. For the full year, curren-
cy-adjusted net sales increased by approximately 8 
percent. However, customers in various industries in 
several of our geographic markets remain cautious 
in their investment decisions, which impacts the 
outcome for an individual quarter. Compared with 
2023, the timing of our deliveries of loss prevention 
measures was also different in 2024, which affected 
our customer and product mix. The sales trend for 
our self-checkout solutions, customised shop fittings 
and traditional checkouts was positive during the 
year. At the same time, competition is intense, 
which means that the new combined ITAB Group 
in 2025 needs to continue our sales initiatives to win 
new customer projects. 
Continued strong operating margin  
in line with our financial target
For 2024, operating profit (excluding non-recurring 
costs of MSEK 48 primarily related to the acquisi-
tion of HMY) increased by 17 percent to MSEK 507 
(432), corresponding to an operating margin of 7.7 
percent (7.0). Profit after financial items excluding 
non-recurring items increased by 26 percent to 
MSEK 486 (385).
 T
he Group’s earnings trend was strong during the
year, primarily driven by a relatively high gross 
margin combined with a positive sales trend. Our 
favourable product and customer mix, with a hig-
her share of sales of our loss-prevention solutions, 
smart gates, self-checkouts and other technical 
solutions, combined with the measures we have 
taken such as price adjustments and adaptation of 
the cost structure, has gradually strengthened our 
gross margin in recent years. As demand has incre-
ased, capacity utilisation at the Group’s production 
facilities has also improved. 
President’s statementw
Higher sales and underlying 
earnings improvements, despite 
challenging market conditions

===== SIDA 6 =====

ITAB | Annual & Sustainability Report 2024    6
President’s statement
Cash flow from operating activities for the year of
MSEK 624 (810) was impacted by a higher gross 
margin and operating profit, while increased sales 
also resulted in higher accounts receivable and 
accounts payable. Due to the measures taken to 
improve our capital efficiency, we can report lar-
gely unchanged inventory levels for full-year 2024, 
despite increased volumes. Our capital efficiency 
target, measured as cash conversion, amounted to 
88 percent (118).
 I
n light of the acquisition of HMY and the financial 
resources required to finance the acquisition, the 
Board of Directors has resolved to propose that no 
dividend be paid out for 2024. 
Together with HMY, we are creating  
the market’s leading solution provider 
We see our positive performance in recent years 
and ITAB’s strong financial position as confirmation 
that our strategy is working. Now that the acquisi-
tion of HMY has been completed, together we can 
build an even stronger platform for the future. In 
our interim report for the first quarter of 2025, we 
will present and report on the financial results of 
the combined ITAB Group for the first time. As two 
equal companies joining forces, we will double in 
size. Together, we will form Europe’s leading solution 
provider, thereby benefiting our customers and 
employees. 
The acquisition will provide a significant increase 
in scale and relevance to our customer base, 
strengthen our footprint in the retail markets in 
Western and Southern Europe, and provide geo-
graphically complementary advantages through 
HMY’s presence, especially in Spain, France, Turkey, 
and Central and South America. The acquisition is 
a strategic and cultural fit that will provide clear sy-
nergies and added value in the years ahead. With 
an expanded reach and volumes, the combined 
Group can continue to invest in new capabilities to 
further improve its sales of Retail Technology and 
services through solutions developed together with 
customers. Our broader, complementary combi -
ned product offering and geographic reach are 
expected to create significant opportunities for 
cross-selling to our combined customer base.
The integration has started 
The integration of the companies has started, with 
an initial focus on getting to know each other and 
starting to realise identified synergies over the next 
three years, including in areas such as purchasing 
and cross-selling as well as increased efficiency. 
It is important to remember that we were compe-
titors until the end of January – and now we are 
colleagues. The integration will primarily focus on 
providing clarity, a sense of security and direction in 
order to harness the full power of the new organisa-
tion, which has doubled in size. We will continue to 
interact with our customers, suppliers and partners 
under our different brands, but with a much 
stronger and competitive offering. Together, HMY 
and ITAB’s solutions will continue to contribute to im-
proved operational efficiency, reduced costs and 
increased competitiveness for the retail sector. This 
will enable us to better respond to the opportunities 
and challenges of the coming years together. Our 
focus is to take care of our customers in the best 
way and continuously strengthen our profitability 
through operational improvements and increased 
capital efficiency.
In conclusion – an exciting journey ahead 
The new ITAB Group’s 5,400 employees are now 
embarking on an exciting journey. Much of our One 
ITAB strategy from 2020 has been achieved, and it is 
time to develop a new strategy with new ambitions 
for our new Group. In conclusion, I would like to 
extend my sincere thanks to all of our customers, 
suppliers, partners and employees for their many 
outstanding contributions during a very eventful 
and exciting year. I look forward to 2025 together 
with all of you.
Jönköping, April 2025
Andréas Elgaard
President & CEO
Together with HMY, we are 
creating the market’s leading 
solution provider
Our focus in 2025
In the integration of ITAB with HMY, the new 
ITAB Group is focusing on continuing to im-
prove our operational efficiency and solution 
offering in order to strengthen our custo-
mers’ competitiveness. By ensuring business 
continuity, realising synergies and securing 
cash flow to gradually reduce our debt we 
will continuously strengthen our profitability in 
the short and long term. 
Ensuring business continuity
Continue to do what we do today and serve 
the customers. The combined Group will pro-
vide a significant increase in scale, solution 
offering and relevance to our customer base.
Getting to know each other 
Start to get to know each other and exploring 
the strengths of being BETTER TOGETHER. By 
coming together, we will use the combined 
sector experience, know-how and market 
presence to support our customers’ growth. 
Start to deliver on synergies
Realise key synergies, especially related to 
procurement, cross selling and efficiency. 
Over the next three years, our aim is to gra-
dually realise the synergies we announced in 
connection with our intention to acquire HMY.

===== SIDA 7 =====

ITAB | Annual & Sustainability Report 2024    7
Strategy & Business model
A strong foundation for becoming 
the leading solution provider
One ITAB strategy to 
transform the business
ITAB is a well positioned to help retailers 
rethink retail, and to improve their business.
ITAB’s versatile and inspirational portfolio of solutions and services supports 
the retail sector to meet their challenges of today, and to take full advantage 
of new opportunities for the future.
The seven strategic priorities in the One ITAB strategy focus on trans
 f orming  
ITAB into the leading Solution Provider with differentiating capa b
ilities. The  
re-engineering of the cost structure and strengthening of the financial position 
of the Group over the last couple of years now enable investments in new 
capabilities and expansion. 
Outcome based value proposition
With a focus on a value based outcome ITAB’s aim 
is to deliver measurable results to its customers. 
The process starts with the consumer to under-
stand their evolving needs and how they shop 
across different sectors. This is coupled with an 
understanding of the retailers’ challenges and 
investment priorities. 
The Group uses these retail insights, store 
know-how, a breadth of solutions, and leading 
best practice with proven return on investment to 
create consumer journeys that influence buying 
behavior. This helps retailers differentiate from 
their competitors,increase sales, and contribute 
to changing the way physical shops are operated.
Desired Consumer Brand Experience 
Improving the physical store experience, 
driving footfall and consumer retention.
Increased Sales & Converison
Creating an experience that influences 
consumer buying behaviour.
Improved Efficiencis & Service
Seamless consumer journeys that increase 
throughput and service levels.
Reduced Operatiomal Cost
Efficient operating models to help 
reduce in-store running costs.
Being a 
solution provider
Build on the Group’s 
shared knowledge 
base and our success 
in delivering innovative 
solutions.
Re-engineered  
cost structure 
Our focus is to continue 
ensuring profitable and 
sustainable growth going 
forward.
Empowering people and  
common ways of working 
Our aim is to make all ways
of working parallel, 
collaborative, cross 
functional and 
transparent.
Ecosystem  
of partners 
To deliver complete 
solutions to our customers 
at lower costs with less 
complexity.
Expand  
market position
 By making our 
strengths in know-how, 
customer relations, and 
comprehensive portfolio 
a reality in all regions.
Excellence  
in operations 
We focus on reducing 
lead times, improving 
quality, and eliminating 
waste in our business.
Sustainable  
future 
Our ambitions for sustainable 
business development, 
efficiency in the value chain, 
good working conditions, 
and business ethics.
ITAB platform
Experience
Seamless payments
AI & digital engagement
Online / offline experience
Service efficencies
Actionable insight
Store
Design
Servicessolutions
Solution
Design
Project
Management Maintenance
Retail
Interior
Retail
Tech
Retail
Lighting
Sustainability

===== SIDA 8 =====

ITAB | Annual & Sustainability Report 2024    8
Market & Growth potential
Opportunity to grow is substantial
Penetrate core market
• C ross-sell existing products and services 
portfolio to existing customer base.
•
 G
ain new customers in the focus segments  
grocery, home improvements and fashion.
Expand with new offerings
• R etail Tech solutions e.g. OnRed platform, 
mobile checkout, online/offline integration, 
smart shelves/inventory, etc.
•
 S
ervices within tech solution integration, 
logistics, installation and maintenance.
Expand to new  
markets and segments
• G eographical white spots in  
Eastern and Southern Europe.
•
 I
ncreased distribution into regions  
outside of European footprint.
The retail market is in transformation, driven by short and long term macrotrends 
and changing consumer expectations. To keep ut with the changing demands and 
expectations, modern retailers in Europe are estimated to invest approximately SEK 
1,300 billion in supply chain, stores, online, and other areas each year. Approximately 
15 percent of this is allocated to in-store investments. Hence, the total ”addressable” 
market for ITAB in Europe is estimated at some SEK 110 billion. 
1)
1) Source: Adge by Ascential
Depending on geography and portfolio of solutions, products and ser -
vices, ITAB’s current and potential sales are driven by each customer’s:
•
 S
tore population, number and size
•
 E
xpansion programme
•
 Re
furbishment rate
•
 Re
furbishment spend per sqm
•
 M
aintenance spend
Modern retailers are estimated to invest approximately 3 percent of 
their annual revenues in supply chain, stores, online, and other areas, 
of which some 15 percent is allocated to in-store investments. Based 
on an estimate of total annual revenue  for the European retail market 
of SEK 44,000 billion, the total ”adressable” market for ITAB in Europe is 
estimated at SEK 110 billion. 
1)
 Th is European market is fragmented with a large number of national 
and international manufacturers and suppliers. The market is facing 
continued consolidation and, according to an overall assessment, 
ITAB is one of the three largest players in Europe, none of which has 
a market share of more than 10 percent. This gives ITAB substantial 
opportunity to grow by penetrating the core markets further with incre -
ased cross-selling initiatives in the Group, extending the offer with new 
retail tech solutions, and expanding into new geographical markets 
and customer segments.
Total ”addressable” market 
for ITAB is estimated at SEK 
110 billion per annum
After the end of 2024, ITAB concluded the acquisition of HMY 
making the combined Group the largest player in Europe. 
Read more on page 14.

===== SIDA 9 =====

ITAB | Annual & Sustainability Report 2024    9
Financial targets
ITAB’s targets focus on  
sustainable growth & profitability
Earnings
Average EBIT margin (operating profit in 
relation to net sales) of 7–9 percent over a 
business cycle.
7-9%
EBIT margin
Dividend policy
Dividends over a longer period should follow the 
result and correspond to at least 30 percent of the 
Group’s profit after tax. However, dividends will be 
adjusted to the Group’s investment requirements 
and any share repurchase program.
>30%
Proportion of profit after tax
Financial targets 
ITAB established new financial targets for the Group in 2022. The focus 
is on sustainable growth, increased profitability and capital efficiency. 
The targets are measured as an average over a business cycle, but the 
Group has continued to make positive progress in 2024.
Outcome for 2024: 7.0 percent 
1)
Growth
Average growth in net sales (CAGR) of 4-8 
percent per annum over a business cycle. 
Growth is to be achieved by sustainable 
organic growth and strategic acquisitions.
4-8%
Sales growth
Capital efficiency
Average cash conversion ratio (operational 
cash flow in relation to operating profit 
before depreciation and amortisation) of 
at least 80 percent over a business cycle.
>80%
Cash conversion
Outcome for 2024: +8 percent Outcome for 2024: 88 percent
Proposal for 2024: 0 percent 2)
1) Excluding non-recurring costs for 2024: 7.7 percent.
2) 
 D
ue to the financial resources required to finance the acquisition of HMY, the 
Board of Directors has resolved to propose that no dividend be paid out for 2024.

===== SIDA 10 =====

ITAB | Annual & Sustainability Report 2024    10
Operations
Leader in Europe with global reach
ITAB is the market leader in checkouts for retailers in Europe, and one of the largest suppliers of shop fitting 
concepts, gates and guidance, and retail lighting solutions. The market position is based on close, long-
term collaborations with customers and business partners. The primary geographic market is Europe with 
90 percent of the Group’s sales. Grocery is the largest customer group with 56 percent of sales. 
Grocery
Grocery retailers and food stores. 
Customers include ICA, Morrisons, 
Carrefour, Coop and Tesco.
Home improvement
Retail chains and stores for DIY, furniture, 
and home furnishings.
Customers include IKEA, Coop Bygg,  
Leroy Merlin, Bricoman and Tokmanni.
Fashion
Retail chains and stores selling ready-to-
wear clothing, shoes, and jewellery, etc.
Customers include H&M, Uniqlo, C&A  
and Pandora.
Other customer groups
Pharmacies, health & beauty, consumer electro -
nics, sport & leisure, service stations, hotels, offices, 
brands, industry, cafés and restaurants.
Customers include Expert, Costa, Circle K,  
Apotek Hjärtat and XXL.
Northern Europe
All Nordic countries.
Southern Europe
Main markets in Italy, 
France and Spain.
Central Europe
Largest markets include 
Germany, Netherlands
and Czechia.
United kingdom  
& Ireland
Eastern Europe
Main markets in Baltic 
countries, Poland,  
Romania and Slovakia.
Rest of the world
All countries outside Europe. USA, Australia, 
Canada, China and Argentina account for 
approximately 50 percent of sales.
1,448 MSEK644 MSEK810 MSEK3,683 MSEK
11%
All percentages refer to share of ITAB Group’s net sales in 2024.
22%
22%12%
10% 10%
10%56%
20%27%

===== SIDA 11 =====

ITAB | Annual & Sustainability Report 2024    11
Connecting retail 
environment through 
technology
ITAB seamlessly merges the physical and digital to
empower an immersive in-store consumer experience 
through offering a cutting-edge suite of digital and
physical technology solutions. Our offering includes 
everything from self-service order points and checkouts, 
to in-store guidance and gates systems, along with vision 
fraud detection, and automated locker systems. 
These solutions can be connected through ITAB’s unified software plat-
form – OnRed. The Group’s market leading solutions create frictionless 
consumer journeys and experiences. By connecting in-store brand 
touchpoints digitally, we help customers gain data-driven insights for 
operational optimisation and influencing consumer behaviour. 
 O
ptimising consumer flows and service levels are important factors 
in attracting consumers to the physical store. To create the best 
solutions that reduce the store’s operating costs, improve throughput 
and contribute to a frictionless consumer journey, ITAB has an in-depth 
understanding of existing and future consumer behaviours.
Optimised solutions enhance retail experiences
ITAB offers market leading solutions for protecting store entry and exits,  
checkouts and self-checkout solutions, self-service stations, and store 
guidance  solutions for the retail sector. The solutions can be connected, 
updated, and maintained using ITAB's OnRed platform.
 I
TAB's solution design approach is a creative process  where we 
co-create alongside our customers, with the aim of finding the opti -
mum solution that focuses on improved store efficiency, loss preven-
tion, guiding customers properly, and creating flows that drive sales. 
Through cutting-edge data analysis and Artificial Intelligence (AI) 
integrated in ITAB's solutions, service levels and layout of the store can 
be optimised.
E-commerce and physical stores working together
New types of solutions for fast, safe and efficient delivery have been
on the agendas for most retailers to help support with consumer con -
venience. ITAB offers alternative solutions, ranging from basic pick-up 
points to fully automated lockers.
Operations
ITAB’s approach in co-creating seamless check-
out experiences, has enabled us to partner with 
a number of retailers to help provide leading 
solutions that offer a number of compelling 
advantages for both the retailer and consumer. 
From optimising consumer flows and service 
levels for the retailer which are important factors 
in attracting consumers to the physical store in a 
competitive market. To improving the checkout 
experience for the consumer by improving the 
Creating seamless payment experiences
Rethink 
end-to-end experience through removing unne -
cessary friction by utilising live data in conjunc -
tion with the retailer to help support on-going 
improvements at every stage of the journey via 
ITAB’s OnRed platform. An approach for the retai-
ler, that is designed to improve existing dilemmas 
in reducing the store’s operating costs, improving 
through-put and contributing towards a friction -
less consumer journey.

===== SIDA 12 =====

ITAB | Annual & Sustainability Report 2024    12
Operations
Design led consumer  
experiences
ITAB co-creates modern in-store experiences 
together with its customers through an iterative 
design process. The Group’s customised displays 
are aimed at improving the consumer experience, 
whilst improving the efficiency and running costs of 
the store. All delivered with the help of innovative 
solutions and environmentally friendly materials 
to support the retailers in reducing their carbon 
footprint.
With a focus on designing end-to-end solutions, ITAB’s solution 
design approach enables the customers to co-create differen -
tiating store experiences alongside ITAB through an iterative 
process. Through strong know-how and retail industry experience, 
the Group’s solution designers are able to share and leverage 
ideas to help maximise the Return on Investment irrespective of 
the customer’s specific product offering or target consumers. The 
outcome approach is always to improve the consumer journey, 
increase efficiency,  prevent stock losses, and reduce store 
costs – and  to ultimately result in increased sales and 
conversions. 
integrated service model
ITAB is able to maintain a high level of service through an 
integrated connected service model that spans the entire 
value chain - from standard displays to specialist fittings, 
and covering different types of interactive and merchandi -
sing aids in between. 
 I
TAB’s commitment to our customers encompasses both the 
Group’s own production facilities, and our external suppliers 
and manufacturers. In addition, the Group also offers a compre -
hensive service portfolio, helping to improve the life cycle of the 
products sold and installed - thereby reducing waste and costs for 
the customers over time.
Together
Sustainable lighting 
solutions enhancing 
the in-store experience
In line with increased knowledge about the way light 
affects people, lighting has become an increasingly 
central part of the store concept. During refurbishments 
and new construction, energy efficiency is also increa-
singly important. ITAB develops, manufactures and sells 
complete professional lighting systems, light planning, 
and light services.
Energy consumption represents a large proportion of a store’s total 
costs. Energy efficiency is thus central to the development of ITAB’s 
lighting products and systems. With rising energy prices and require -
ments for sharply reducing CO
2 emissions and on using recyclable 
materials, ITAB sees great opportunities to collaborate closely with the 
Group's customers to add substantial value in the transition to more 
economic and sustainable solutions.
Key focus when developing lighting solutions
As well as lighting being a critical element of store design, the 
importance of light for our well-being is gaining increasing focus in 
the design of physical environments and has a major impact on pur-
chasing decisions and the work environment of store staff. Consumer 
behaviour and the well-being of employees are thus our key focus 
when developing lighting solutions.
 W
e at ITAB have succeeded to improve our LED spotlights significant-
ly during the past 5 years with substantially lower energy consumption, 
for the benefit of our customers.
 S
hops often use more than one type of lighting to create the right 
atmosphere. Through its range of lighting solutions, ITAB can be an 
all-inclusive supplier for retail shops and chains. 
Sales to more than 90 countries
The Group sells and distributes lighting products to more than 90 
countries, both through its own companies and through national 
distributors, in order to provide customers with local support in respect 
of imports, certification and local service/maintenance.

===== SIDA 13 =====

ITAB | Annual & Sustainability Report 2024    13
Retail transformation services
Operations
ITAB’s end-to-end consolidated service offering, range from con-
cept creation, store and solution design, sustainability, project ma-
nagement, manufacturing, and installation with 24-7 maintenance 
and after-care services. All designed to ensure the store remains 
connected and online for the consumer and operating efficiently 
for the retailer.
ITAB understands the importance of an end-to-end service which provides peace of 
mind and support when needed. The Group's portfolio of services include:
Solution design 
Our Solution Design methodology is used to co-create in-store solutions with our 
customers that truly deliver value both to the consumers' shopping journey and en -
suring a strong Return on Investment for our customers. Solution Design commences 
with the consumers, including data, trends and market analysis of them, for all types 
of solutions. This ensures that our design thinkers are able to develop the end-to-end 
consumer journey by experiencing through the consumer and retailers lenses. Which 
in turn provides solutions that are fully measurable and curated to drive measurable 
results for our customers. This type of approach will deliver benefits in the short and 
long term and help grow the level of customer relationships.
Retail transformation services
A critical success factor for our customer is our ability to deliver right the first time. 
Our retail transformation services support our customers with all the implementation 
services required for the execution of a successful project, including store design and 
format development, project managment, equipment consolidation and in-store 
implementation. By offerring this combination of services we can help our customers 
reduce project timescales and minimise impact on trading and customer disruption.
Sustainability services 
As part of our design process, we measure and benchmark the carbon footprint of 
the in-store environment. Together with the customer we co-design positive impro -
vements to support the customer’s journey to achieve carbon reduction objectives. 
The benchmarking includes materials, longevitey of the equipment, circularity of the 
equipment, etc. 
Maintenance and after-care 
ITAB's aim is to always be close to the customers and maintain a long-term relations-
hip even after a project has been completed. Ensuring that our customers' equipme -
nt is operating at the highest level with minimal downtime and working together on 
further developments is a natural continuation in a partnership with ITAB.
ITAB’s connected service offering is designed to 
help provide a consolidated approach for the re-
tailer that delivers a compelling and streamlined 
service to remove complexity, whilst improving 
the end-to-end solution for the consumer, and 
creating long-term value in the process. Consoli -
dating the service offering, from lighting to main -
tenance and on-going value-add services, ITAB 
are able to help deliver a number of key savings 
for the retailer, from on-going carbon footprint 
Driving efficiencies through 
consolidated services
Rethink 
reduction, to helping reduce in store operating 
costs by double digits and much more in the 
process. By turning complex project manage -
ment, into efficient and pain-free service for the 
retailer, results in multiple delivered solutions that 
not only helps improve the in-store experience for 
consumer but reduces total cost of ownership for 
the retailer in the long-term and helps accelerate 
return of investment in the short to mid-term.

===== SIDA 14 =====

ITAB | Annual & Sustainability Report 2024    14
Acquisition of HMY
Acquisition of HMY  
– two market leaders coming together
Together, ITAB and HMY can 
strengthen the retail sector
With the aim of strengthening ITAB’s position 
and complementing the Group’s current 
offering, ITAB agreed to acquire Financière HMY, 
a leading European supplier of shop fittings, 
checkouts and store design to the retail industry, 
for a cash consideration of MEUR 320 at the end 
of September. The acquisition was completed 
on 31 January 2025.
Consumers have more choice than ever on how they interact with brands 
and retailers. Their expectations for a better experience in physical space 
has increased. This has created a dilemma for the retailers on how to invest 
into their brand experience when in-store running costs continue to rise. By 
coming together, ITAB and HMY will use the combined sector experience, 
know-how and market presence to support the customers’ growth.
Strategic acquisition of HMY 
With the aim of strengthening ITAB’s position and customer 
base, accelerating the expansion into the retail markets in Wes-
tern and Southern Europe, and complementing its offering, 
ITAB agreed to acquire HMY for a cash consideration of MEUR 
320 at the end of September 2024. HMY is a leading European 
supplier of shop fittings, checkouts and store design to the 
retail industry and had sales of just over MEUR 540 in 2023. With 
the extended reach and scale, the combined Group will con-
tinue to invest in new capabilities that will further improve sales 
of Retail Technology and services through solutions developed 
together with the customers. The broader and complementing 
combined product offering and geographic reach is expected 
to create significant cross-selling opportunities to the combi-
ned customer base. 
Combined financial information 2023 (FY23A)  
– for illustrative puposes with full synergy realization 2027
MEUR
ITAB HMY
Potential synergies 2) Aggregated 1)FY23A FY23A
Net sales 543.8 541.2 20.0 1,105.0
Adj. EBIT 38.3 27.1 3) 30.0 95.4
% margin 7.0% 5.0% 8.6%
Net income 25.9 13.3 4) 22.5 49.2 5)
% margin 4.8% 2.5% 4.5%
Notes: FYE 31 Dec; ITAB financials converted from SEK to EUR based on exchange rate of 11.290 as of 24 September 2024. 
1) 
 T
he aggregated financial information presented in the table is for illustrative purposes only; HMY’s financial information is prepared in accordance with French GAAP 
and is based on consolidated trial balances; The aggregated financial information is not financial pro forma and has not been audited or otherwise reviewed by the 
companies’ auditors. 
2) 
 A
nnualised synergies, excluding restructuring / rationalisation costs; Yearly pre-tax synergies of MEUR 30 assumed including MEUR 20 of cost synergies and MEUR 10 
EBITDA effect from commercial / revenue synergies of MEUR 20; Full synergy effect to be reached by 2027 with gradual materialisation from FY25 onwards; Applied to FY23 
for illustrative purposes. 
3) 
 E
xtraordinary result is booked below EBIT (total extraordinary result was MEUR 9 in FY23A and includes the cost of restructuring and exiting business activities). 
4) 
 E
xcludes interest expenses based on current capital structure and other financial charges (incl. inventory and doubtful receivable provisions); Based on a 25% tax rate. 
5) Includes impact of new debt issuance of MEUR 255; Assumes a tax rate of 25% for the Group.
ITAB and HMY – Better Together
From February 1st, 2025, ITAB and HMY came 
together as one Group and started working 
together. We aim to be Better Together by 
bringing the best from each business to 
benefit the combined Group.  
We will continue to serve the market as ITAB 
and HMY (as well as with our other brands). 
The main objectives for the first months of 
the integration will be: 
Ensuring business 
continuity
Continue to do what we 
do today and serve the 
customers. 
Getting to know  
each other 
Start to get to know each other 
and exploring the strengths of 
being Better Together.
Start to deliver  
on synergies
Realise key synergies especially 
related to procurement, cross 
selling and efficiency. 
Geographically complementary to ITAB
Geographically complementary to 
ITAB, given HMY’s strength in Spain, 
France, Middle East and South America
Strengthened relevance to  
combined customer base
Together, HMY and ITAB offer strengthened 
relevance to the combined customer base 
and will enable commercial synergies
Significant increase in scale
Significant increase in scale will lead to 
improved efficiency and synergies in both 
cost and capital
Potential synergies of MEUR 30 p.a.
Potential synergies of MEUR 30 p.a. will 
enhance EBITDA margins in the combined 
Group and improve earnings per share (full 
effect during 2027)
Potential for further growth
The market in Europe offers the combined 
Group continued room to grow, both 
organically and through acquisitions
We are thrilled that our two companies now 
join forces to the benefit of all our customers 
and employees. We see this as a strategic 
and cultural fit with clear synergies and value 
creation over the coming years. We are now 
the leading solution provider for the retail 
market, which has been our strategic ambition. 
I am happy to welcome all HMY teams as new 
colleagues and I am convinced we will be 
Better Together. 
Andréas Elgaard,  
President & CEO of ITAB Group

===== SIDA 15 =====

ITAB | Annual & Sustainability Report 2024    15
Sustainability  
Report
About ITAB’s Sustainability Report 2024
ITAB’s Sustainability Report for the 2024 financial year 
comprises pages 15-62. This encompasses the Group’s 
Statutory Sustainability Report as a separate section from the 
Administration Report. The Sustainability Report covers the 
Parent Company, ITAB Shop Concept AB (publ), corp. reg. 
no. 556292-1089, and all entities consolidated in the Group’s 
consolidated accounts, unless otherwise specified. The 
Sustainability Report has been prepared in accordance with 
the provisions of the Annual Accounts Act and has not been 
externally reviewed.
 T
he Board of Directors for ITAB Shop Concept AB has 
approved the Statutory Sustainability Report in conjunction 
with the signing of the annual and consolidated financial 
statement. The auditor’s statement in respect of the Statutory 
Sustainability Report can be found on page 62.
ITAB | Annual & Sustainability Report 2024   15

===== SIDA 16 =====

ITAB | Annual & Sustainability Report 2024    16ITAB | Annual & Sustainability Report 2024    16
Sustainability Report
General 
information
In the general disclosures, we will outline the scope 
of reporting and describe the governance topics 
including management responsibility, due diligence, 
and risk management. We will also detail the strategy, 
business model, value chain and our stakeholders, all 
in relation to our Double Materiality Analysis
ITAB’s sustainability statement has been prepared 
in line with the Corporate Sustainability Reporting 
Directive (CSRD) and the European Sustainability 
Reporting Standards (ESRS), specifically ESRS BP-1 
(Basis for Preparation). This disclosure serves as a 
pre-implementation report ahead of mandatory 
compliance for the 2025 financial year.
 T
he sustainability statement is presented on 
a consolidated basis, aligned with ITAB’s 2024 
financial statements. It covers the full value chain, 
including own operations, upstream, and downstre -
am activities, ensuring a comprehensive overview of 
material sustainability impacts, risks, and opportu -
nities (IROs) in accordance with double materiality 
principles.
 I
TAB fully supports the adoption of these reporting 
standards, recognizing that they enhance trans -
parency, accountability, and comparability across 
industries. Although Sweden has postponed the 
national implementation of CSRD, ITAB has proac-
tively chosen to align with the directive ahead of 
regulatory requirements to demonstrate leadership 
in sustainability reporting.
 Su
stainability is integrated into ITAB’s business 
model, strategy, risk management, and corporate 
governance. Our approach ensures alignment with 
Group policies, commercial operations, and finan -
cial planning, reinforcing sustainable value crea -
tion. To support this, we have implemented internal 
reporting mechanisms, governance structures, and 
oversight by the Board and executive leadership 
team.
 W
e believe that ITAB is at a maturity level where 
near-full pre-implementation of the CSRD and ESRS 
is feasible, allowing us to further embed sustainabili -
ty into decision-making and operational practices.
BP-1 Basis for preparation
List of Disclosure Requirements
ESRS 2 General Disclosures
BP-1 General basis for preparation of the sustainability statement 16
BP-2 Disclosures in relation to specific circumstances 17
GOV-1 The role of the administrative, management and  
supervisory bodies 18
GOV-2 Information provided to and sustainability matters addressed by 
the undertaking’s administrative, management and supervisory bodies 19
GOV-3 Integration of sustainability-related performance in  
incentive schemes 19
GOV-4 Statement on due diligence 19
GOV-5 Risk management and internal controls over  
sustainability reporting 20
SBM-1 Strategy, business model and value chain 20
SBM-2 Interests and views of stakeholders 24
SBM-3 Material impacts, risks and opportunities and their interaction 
with strategy and business model 27
IRO-1 Description of the processes to identify and assess material 
impacts, risks and opportunities 28
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s 
sustainability statement 29

===== SIDA 17 =====

ITAB | Annual & Sustainability Report 2024    17
ITAB | Annual & Sustainability Report 2024    17
Sustainability Report
BP-2 Disclosures in relation to specific circumstances
Time Horizons
ITAB’s definition of time horizons aligns with ESRS 1 
Section 6.4, which defines:
Short-term: Within the reporting period (1 year)
Medium-term: Between 1 to 5 years
Long-term: More than 5 years
These time frames are used consistently in ITAB’s risk 
and opportunity assessments.
Value Chain Estimation
No value chain estimations have been used in this 
report. However, supplier and customer numbers 
have been rounded. These figures were derived 
from actual internal data sources, with rounding 
applied to the nearest hundred, which does not 
materially affect reported trends.
Sources of Estimation and  
Outcome Uncertainty
In preparing the double materiality analysis, ITAB 
estimated the economic IROs using expert assess -
ments. These estimates:
•
 W
ere based on internal and external expert 
evaluations using industry benchmarks and 
available historical data.
•
 M
ay involve measurement uncertainty due to 
changing market conditions and limited for-
ward-looking data.
ITAB is working on refining its estimation methodolo -
gy to enhance precision in future reports.
Changes in Preparation or Presentation of Sustai -
nability Information
There are no changes in the preparation or presen-
tation of sustainability information. The methodo -
logies used for data collection and materiality 
assessments remain consistent with prior reporting 
periods.
Reporting Errors in Prior Periods
No material errors were identified in previous 
reporting periods. Internal controls and external 
assurance reviews have confirmed the accuracy of 
past disclosures.
Disclosures Stemming from Other Legislation or 
Generally Accepted Sustainability Reporting 
Pronouncements
No additional disclosures stem from other legisla -
tion. This report references GRI Standards, speci -
fically GRI 305 (emissions) and GRI 403 (health & 
safety), where applicable. However, this report has 
been developed based on ESRS, not GRI.
Incorporation by Reference
This report does not incorporate any information by 
reference; all relevant ESRS disclosures are included 
in full.
Use of Phase-in Provisions in Accordance  
with Appendix C of ESRS 1
The following disclosures have been omitted under 
ESRS 2 SBM-3 paragraph 48(e) phase-in provisions:
•
 E
SRS E1-6: Gross Scope 1, 2, 3 GHG emissions
•
 E
SRS E1-9: Anticipated financial effects of clima -
te-related risks & opportunities
•
 E
SRS E5-6: Financial effects from resource use & 
circular economy risks
•
 E
SRS S1-12: Workforce data on persons with 
disabilities
•
 E
SRS S1-14: Health & safety data for non-employ-
ees
These omissions are due to ongoing data collection 
efforts, and ITAB is working towards full compliance 
within the permitted phase-in period.

===== SIDA 18 =====

ITAB | Annual & Sustainability Report 2024    18
Sustainability is anchored across our corporate governance structures
Board of Directors
Oversees ESG (Environment, Social & 
Governance) and is updated in perfor -
mance quarterly. Final approval on pro -
posed DMA annually. 
Audit Committee
Responsible for the oversight of the 
financial and non-financial reporting and 
external audit. Audit Committee meet 
quarterly.
Chief Sustainability & People Officer
Accountable for the matters related to 
Environment, Social & Governance. 
Responsible for the deployment of social 
initiatives in ITAB focusing on employee 
engagement, equal opportunities and 
retention.
Chief Operations Officer
Responsible for the deployment of energy, 
waste and CO
2 reduction programmes in 
line with SBTi targets (Science Based Tar-
gets Initiative). Health & Safety in opera-
tions and the deployment of sustainable 
procurement and legislation, for example 
CSDDD (Corporate Sustainability Due Dili -
gence Directive), EUDR (EU Deforestation 
Regulation) and CBAM (Carbon Border 
Adjustment Mechanism).
Chief Commercial Officer
Responsible for the circular design initiati -
ves throughout the business and Sustaina -
bility Services for our customers.
Head of Sustainability
Responsible for the monitoring of legisla -
tion requirements. Makes recommenda -
tions on key ESG topics and ensures the 
accurate reporting of data from the busi -
ness units. Prepares the DMA and gath-
ers stakeholder input before presenting 
to Group Management and the Board.
ITAB Group Management
Creates the strategy and oversees the 
monthly progress. Led by Chief Sustaina -
bility & People Officer and supported by 
a Group Head of Sustainability and a 
Sustainability Controller.
General Counsel
Responsible for the governance initiatives 
including bribery and corruption risk assess -
ment, detection and whistleblowing.
ITAB | Annual & Sustainability Report 2024    18
Sustainability Report
GOV-1 The role of the administrative,  
management and supervisory bodies
Roles and Responsibilities 
Sustainability governance at ITAB is embedded 
within existing corporate governance structures 
to ensure accountability and integration into 
decision-making processes. 
•
 B
oard of Directors: The Board holds ultimate 
responsibility for sustainability governan -
ce and oversees strategic direction, risk 
management, and long-term sustainability 
commitments.
•
 A
udit Committee: The Audit Committee 
provides oversight of sustainability reporting, 
ensuring the same level of rigor and assuran-
ce as financial disclosures.
•
 G
roup Management: Responsible for setting 
sustainability strategy, driving execution, and 
ensuring alignment with ITAB’s corporate 
policies and business objectives.
•
 O
perational Management: Key members of 
Group Management oversee the deployment 
of sustainability initiatives throughout the 
organization.
Sustainability performance is regularly re -
viewed at Board and committee meetings, with 
structured reporting mechanisms in place. The 
diagram on this page provides further detail on 
governance structures.
 T
he Boards gender diversity is 25% female and 
further information on our Board and Group 
Management can be found on pages 84-85.
Expertise and Skills
ITAB has appointed dedicated sustainability 
specialists, including a Chief Sustainability & Pe -
ople Officer (CSPO), Head of Sustainability, and 
Sustainability Controller, who provide technical 
expertise and strategic guidance.
To strengthen internal capabilities, ITAB:
•
 E
ngages external sustainability consultants 
to ensure compliance with CSRD and ESRS 
requirements.
•
 S
eeks subject-matter expertise on areas such 
as decarbonization, circular economy, and 
supply chain sustainability.
•
 H
as provided training on CSRD and sustai-
nability topics to the Board of Directors and 
Group Management, delivered by an external 
sustainability expert.
ITAB is committed to continuous learning and 
development to ensure that governance bodies 
remain equipped to oversee sustainability risks 
and opportunities effectively.
Sustainability is Anchored Across Our Corpora -
te Governance Structures
The organogram to the right shows the ac-
countability and responsibility of sustainability 
through our governance structures. Responsibi -
lity for the oversight of IROs is embedded within 
the Board, particularly the Audit Committee.

===== SIDA 19 =====

ITAB | Annual & Sustainability Report 2024    19
GOV-2 Information provided to, and 
sustainability matters addressed by 
the undertaking’s administrative, 
management and supervisory bodies
The Board is updated quarterly on sustainability pro -
gress and conducts an annual review of the double 
materiality analysis. In the annual Board strategy 
meeting, material IROs are discussed, and any 
required adjustments to the sustainability strategy 
are deliberated with Group Management. In these 
meetings, the Board focuses on overarching, high- 
level sustainability targets, while Group Management 
monitors more detailed operational targets.
The Audit Committee, responsible for performance 
monitoring, reviewed in 2024 the following IROs and 
their associated targets:
•
 C
limate change, mitigation, greenhouse gases 
•
 C
limate change, energy
•
 C
ircular economy, resource inflows, including 
resource use
•
 C
ircular economy, resource outflows related to 
products and services
•
 C
ircular economy, waste
•
 O
wn workforce, working conditions, health & safety
•
 O
wn workforce, working conditions, work-life 
balance
•
 E
qual treatment and opportunities, Diversity, Equity 
and Inclusion (DEI)
•
 E
qual treatment and opportunities training and 
skills development
•
 W
orkers in the value chain, upstream working 
conditions
•
 W
orkers in the value chain, upstream equal  
treatment and opportunities for all
•
 W
orkers in the value chain, other work-related 
rights, upstream child and forced labour
•
 Bu
siness conduct, corruption and bribery,  
prevention, detection including training
These updates and reviews are documented and 
integrated into ITAB’s sustainability reporting and 
strategy review processes, ensuring transparency, 
continuous improvement, and alignment with our 
sustainability objectives.
ITAB | Annual & Sustainability Report 2024    19
Sustainability Report
GOV-3 Integration of sustain a bility-
related performance in incentive 
schemes
At present, ITAB does not operate any performan-
ce-related incentive schemes specifically linked 
to sustainability objectives. While sustainability 
performance is integrated into our broader 
corporate strategy and governance frameworks, 
it is not currently embedded within our remune -
ration or incentive structures. We continuously 
monitor evolving best practices and stakeholder 
expectations, and we are evaluating potential 
approaches for future alignment of incentive 
schemes with our sustainability targets.
GOV-4 Statement on due diligence
The table below shows the sections that contain 
disclosures about our current sustainability due 
diligence performance.
Core elements of  
sustainability due diligence
 
Pages in the sustainability statement
Embedding sustainability due 
diligence in governance, strategy, 
and business model
GOV-1 Roles and responsibilities, page 18
GOV-1 Oversight (organogram), page 18
GOV-2 Sustainability matters addressed by management, page 19
SBM-3 Material impact, risk and opportunities identification process, page 27
Engaging with affected 
stakeholders in all key steps of the 
sustainability due diligence
SBM-2 Interests and views of stakeholders, page 24
SBM-3 Material impact, risk and opportunities identification process, page 27
IRO-1 Process to identify IROs, page 28
MDR-P:
E1-2 Policies related to climate change, page 37
E5-1 Policies related to resource use and circular economy, page 39
S1-1 Policies related to own workforce, page 44
S2-1 Policies related to value chain workers, page 49
G1-1 Business conduct policies and corporate culture, page 52
Identifying and assessing  
adverse impacts
SBM-3 Material impact, risk and opportunities identification, page 27
IRO-1 Identification and assessment of impacts, risks, and opportunities, page 28
Taking actions to address  
those adverse impacts
MDR-A:
E1-3 Actions on material impacts, page 37
E5-2 Actions on material impacts, page 40
S1-4 Health & Safety, Actions on material impacts, page 45
S1-4 Own Workforce, actions on material impacts, page 45
S1-4 Equal Treatment and Opportunities, actions on material impacts, page 45
S2-4 Actions on material impacts, page 50
Tracking the effectiveness ofthese 
efforts and communicating
MDR-M & MDR-T:
E1-4 Performance metrics and targets, page 37
E5-3 Performance metrics and targets, page 40
S1-5 Performance metrics and targets, page 45
S2-5 Performance metrics and targets, page 50
The Board focuses on overarching 
sustainability targets, while Group 
Management monitors more  
detailed operational targets.

===== SIDA 20 =====

ITAB | Annual & Sustainability Report 2024    20ITAB | Annual & Sustainability Report 2024    20
Sustainability Report
GOV-5 Risk management and internal 
controls over sustainability reporting 
To mitigate risks associated with the security and 
quality of the data used in sustainability reporting, 
ITAB has implemented the following measures:
Dedicated Oversight
In addition to the governance models disclosed 
under ESRS 2 GOV-1, ITAB has established the role of 
a Sustainability Controller. This position is dedicated 
exclusively to overseeing the sustainability data 
reported by all parts of the business. A key respon-
sibility of the Sustainability Controller is to validate 
the data in line with ESRS requirements through 
systematic in-person audits of ITAB facilities and 
regular reviews of submitted information with local 
controllers.
Integrated Data Collection
All sustainability data is captured through ITAB’s 
Group consolidation system, ensuring transpa -
rency, traceability, and consistency across the 
organization. This system forms a core part of our 
risk management process by providing verifiable 
data for reporting and analysis.
Audit and Assurance
The Board of Directors has appointed an Audit 
Committee responsible for the quality assurance of 
ITAB’s sustainability reporting. The Audit Committee 
regularly reviews the risk management processes 
related to sustainability data and ensures that cor-
rective measures are implemented promptly when 
discrepancies or risks are identified.
SBM-1 Strategy, business model and value chain
Product and Services Descriptions
ITAB is a leading innovator in the retail sector, 
specializing in the development and implemen -
tation of modern, sustainable shop concepts that 
enhance the customer experience while promoting 
environmental and social responsibility. Our busi -
ness model is built on integrating sustainability into 
every phase of the retail value chain, from concept 
design and operational excellence to supplier 
engagement and digital transformation. Our core 
products and services include; 
Innovative Retail Concept  
Development and Manufacture
We design, develop and manufacture retail 
environments that merge aesthetic appeal with 
functionality and sustainability. Our shop concepts 
are created with an emphasis on energy-efficient 
design, the use of eco-friendly materials, and lay -
outs that optimize natural lighting and ventilation all 
contributing to reduced energy consumption and 
minimized environmental impact.
Retail Technology and Loss Prevention Solutions
Our retail technology solutions seamlessly integrate 
digital and physical experiences, creating an 
immersive shopping environment. Key features 
include advanced checkout systems, self-service 
kiosks, click-and-collect services, interactive consu -
mer interfaces, security gates, and efficient queue 
management systems. This integration streamlines 
operations, enhances efficiency, automates routine 
tasks, and reduces errors resulting in cost savings 
that can be reinvested to further elevate customer 
experiences and drive innovation.
 C
entral to our technology offering is OnRed, a 
cutting-edge platform that leverages data-driven 
insights and an integrated digital ecosystem to re-
volutionize the retail experience. OnRed bridges the 
gap between consumer expectations and actual 
shopping journeys by focusing on personalized 
experiences while maintaining robust privacy stan -
dards. In addition, we prioritize retail loss prevention 
by continuously refining our security measures to 
address emerging threats and reduce retail losses.
Lighting Solutions
With over 40 years of expertise, we deliver advan-
ced, sustainable retail lighting solutions designed 
to enhance consumer experiences and reduce 
environmental impact. Our portfolio features track 
lights, pendant lights, down lights and panels, and 
ceiling lights each engineered for superior energy 
efficiency, optimal colour rendering, and rapid 
ROI. Rigorously tested in our own laboratories and 
certified by third-party bodies, our products support 
tailored lighting plans that optimize store layouts, 
improve energy savings, and elevate retail am-
bience, ensuring a seamless blend of innovation, 
sustainability, and operational excellence.
Consulting and Support Services
Beyond our core retail concepts, we offer tailored 
consulting services to our partners. Our expertise 
assists retailers in adopting sustainable practices 
across their operations from store design and 
energy management to waste reduction and sus-
tainable merchandising. We guide clients through 
the integration of sustainability into their business 
strategies, helping them meet evolving regulatory 
and market expectations.
Sustainability-Focused Retail Operations
Our operational practices emphasize resource effi -
ciency, waste reduction, and responsible consump-
tion. We work closely with our supply chain partners 
to ensure that all products and services offered 
within our retail environments meet stringent 
environmental, social, and governance standards, 
including responsible sourcing and logistics, alig -
ned with circular economy principles.
Commitment to Sustainability
Our approach is underpinned by a clear com -
mitment to sustainability. ITAB does not engage 
in activities involving banned materials, products, 
Overall Framework Integration
Sustainability risks including environmental, social, 
and governance (ESG) factors have been incor-
porated into the overall company risk register and 
are regularly monitored as part of our enterprise risk 
management framework. This integration ensures 
that sustainability-related risks are identified, asses -
sed, and managed alongside other strategic risks.
 Th
e risks, uncertainties and important circum -
stances that are deemed significant for the Group’s 
operations and future development, including 
sustainability risks, are described on pages 73-77. 
The risks relate to ITAB’s operations, industry and 
markets, and are categorised as follows: strategic 
risks, operational risks, financial risks, compliance 
and regulatory risks, and sustainability risks.

===== SIDA 21 =====

ITAB | Annual & Sustainability Report 2024    21
or services, and we derive no revenues from fossil 
fuel-related operations. chemical production, 
controversial weapons or the cultivation or produc -
tion of tobacco. Instead, our focus is on building 
a resilient, low-carbon, and socially responsible 
retail ecosystem that creates long-term value for all 
stakeholders.
 B
y embedding sustainability into our shop 
concepts, operational practices, and strategic 
partnerships, ITAB Group ensures that our products 
and services contribute not only to a superior retail 
experience but also to a more sustainable and 
responsible future for the industry.
Markets Description
In 2024, ITAB Group operated in 23 countries, gene-
rating approximately SEK 6.6 billion in annual sales, 
with around 2,500 employees and 15 operational 
facilities across Europe, Argentina, and China. The 
Group primarily serves the European retail sector, 
with a growing presence in select international 
markets through distributors and partnerships.
Customers and Competitive Landscape
The European modern retail market, encompas-
sing both physical stores and online commerce, is 
valued at approximately SEK 44,000 billion. ITAB’s 
addressable market share varies by geography 
and product portfolio, with an estimated market 
potential of SEK 110 billion within its core segments.
Key Customer Segments
ITAB serves a diverse customer base across multiple 
retail sectors, including:
•
 G
rocery Retail: Carrefour, COOP, Morrisons
•
 H
ome Improvement: IKEA, Leroy Merlin, Rautakesko
•
 F
ashion & Apparel: H&M, Pandora
•
 P
harmacy & Convenience: Circle K, Apotek 
Hjärtat
ITAB has a broadly distributed revenue base, with 
no single customer accounting for more than 11 
percent of total turnover, reducing dependency 
on individual clients and mitigating sector-specific 
risks.
Competitive Positioning
ITAB competes with both large multinational firms 
and regional players. Key competitors include 
Wanzl, Diam and Umdasch with group turnovers 
comparable to ITAB. Additionally, ITAB faces com-
petition from smaller specialist firms and regional 
manufacturers in various European markets. The 
company differentiates itself through integrated 
retail solutions, digital transformation expertise, and 
a strong focus on sustainability-driven innovation.
 I
TAB Group participates actively in the consoli-
dation of the market. With the aim of strengthening 
ITAB’s position and complementing the Group’s 
current offering, ITAB agreed to acquire Finan-
cière HMY at the end of September 2024. HMY 
is a leading European supplier of shop fittings, 
checkouts and store design to the retail industry. 
The acquisition was completed on 31 January 2025 
and HMY is consolidated in the ITAB Group as of 1 
February 2025. HMY will be included in ITAB Group’s 
Sustainability Statement from 2025 onwards.
ITAB | Annual & Sustainability Report 2024    21
Sustainability Report
Country Headcount
Argentina 79
Chile 1
China & Hong Kong 268
Czechia 390
Denmark 24
Estonia 8
Finland 146
France 34
Germany 257
India 1
Italy 363
Latvia 103
Lithuania 150
Malaysia 7
Netherlands 76
Norway 159
Poland 10
Spain 11
Sweden 264
UAE 7
UK 160
USA 5
Total 2,523
Headcount of employees 
as of 31 December 2024
Employee Headcount and Geographic Distribution
As of 31 December 2024, ITAB employed 2,523 
people across 23 countries, reflecting its strong 
presence in Europe and select international mar-
kets. The largest employee bases are in Italy (363 
employees), Czechia (390), China & Hong Kong 
(268), Germany (257), Sweden (264), and the UK 
(160), highlighting key operational hubs.
 I
n addition to its European footprint, ITAB mainta-
ins a strategic presence in Argentina, Chile, China 
& Hong Kong, India, Malaysia, the UAE, and the 
USA, supporting its global business operations. The 
company’s workforce spans a diverse range of 
functions, including manufacturing, commercial, 
procurement and technical design, ensuring seam -
less service across its markets.
SBM-1 Strategy, business model and value chain, cont.

===== SIDA 22 =====

ITAB | Annual & Sustainability Report 2024    22ITAB | Annual & Sustainability Report 2024    22
Sustainability Report
Business Model
ITAB operates a comprehensive business model 
designed to enhance consumer experiences and 
support retailers in adapting to evolving market 
dynamics. The company’s approach is encapsu-
lated in its “One ITAB” strategy, which emphasizes 
close collaboration with customers, suppliers and 
partners to co-create engaging, efficient, and 
sustainable retail environments.
Key Components of ITAB’s Business Model
Solution Design and Co-Creation: ITAB collaborates 
with retailers to transform brand aspirations into 
physical store experiences. By leveraging consumer 
insights and industry expertise, the company deve -
lops tailored solutions that drive consumer footfall, 
increase sales conversions, and improve operatio -
nal efficiencies.
 D
iverse Product and Service Portfolio: The compa -
ny offers a broad range of products and services, 
including retail technology, lighting, interior solu-
tions, and services. This comprehensive portfolio 
enables ITAB to meet various retailer needs, from 
enhancing in-store technology to optimizing store 
layouts and lighting.
 S
ustainable Revenue Model: In response to chan-
ging market demands, ITAB is updating its offerings 
to develop a more sustainable revenue model. This 
involves creating new demand and selling more of 
its equipment and service portfolio to a broa -
der customer base, thereby building on existing 
strengths and creating new revenue streams for 
growth.
 Glob
al Presence with Local Expertise: Operating 
in multiple countries, ITAB combines global reach 
with local competence. This structure allows the 
company to understand diverse shopping behavio -
urs and tailor solutions to specific market needs, en -
suring relevance and effectiveness across different 
regions. 
 C
ommitment to Sustainability: ITAB integrates 
sustainable practices into its operations and solu -
tions, focusing on energy efficiency, eco-friendly 
materials, and designs that minimize environme -
ntal impact. This commitment not only supports 
environmental responsibility but also aligns with the 
growing consumer demand for sustainable retail 
practices.
Through this multifaceted business model, ITAB posi-
tions itself as a strategic partner for retailers aiming 
to create compelling consumer experiences while 
adapting to the rapidly changing retail landscape.
Value Chain
ITAB’s value chain spans upstream suppliers, 
internal operations, and downstream customers 
and services, ensuring a seamless integration of 
sustainability, operational efficiency, and product 
innovation. Please see page 23 for a value chain 
visualisation.
Upstream Activities
ITAB sources materials and components from 
approximately 200 raw material suppliers and some 
2,400 purchased item suppliers. These suppliers 
provide metals, plastics, electronics, and other 
essential components required for ITAB’s retail 
solutions. The suppliers play a key role in ensuring a 
reliable and high-quality supply chain to meet the 
demands of ITAB’s operations and end customers.
Own Operations
In 2024, ITAB operated 15 production facilities, 
multiple warehouse facilities, and office locations 
worldwide, where retail solutions are designed, 
manufactured, and distributed. 
Downstream Activities
ITAB serves over 300 major customers across various 
retail sectors, including grocery, home improve-
ment, fashion, and pharmacy. Its solutions are de-
signed to enhance in-store customer experiences 
while reducing environmental impact. 
The downstream value chain includes:
•
 T
ransportation and distribution of products via 
land and sea, with a focus on optimizing routes 
to reduce emissions. Use phase of sold products, 
ensuring energy-efficient lighting, self-servi -
ce checkout solutions, and loss prevention 
technologies that contribute to sustainable 
retail operations. End-of-life management, with 
ITAB increasingly adopting circular economy 
principles, offering take-back schemes, and 
designing products for modularity, reparability, 
and recyclability. 
•
 P
urchased services (approximately 450 suppliers) 
supporting both upstream and downstream 
activities, including IT, logistics, and maintenance 
services.
Commitment to Sustainability  
and Regulatory Compliance:
ITAB ensures compliance with sustainability regu -
lations across its value chain, including ESG due 
diligence for suppliers, environmental certifications, 
and customer sustainability expectations. Conti -
nuous engagement with stakeholders, suppliers, 
employees, customers, and regulators allows ITAB 
to mitigate risks, seize new opportunities, and lead 
in sustainable retail solutions.
SBM-1 Strategy, business model and value chain, cont.
ITAB positions itself as a strategic 
partner for retailers aiming to create 
compelling consumer experiences.

===== SIDA 23 =====

ITAB | Annual & Sustainability Report 2024    23ITAB | Annual & Sustainability Report 2024    23
Sustainability Report
SBM-1 Strategy, usiness model and value chain, cont.
Raw material suppliers
Purchased item suppliers
Transportation of goods and raw materials
Supply chain workers
ITAB workers
Office facilities
Warehouse facilities
Production facilities
Energy production
and grid consumption
Customers /
Retailers
Use of sold products
Purchased
services
Consumers
Transportation
and distribution
Customers
workers End of life of ITAB products
Upstream Own operations Downstream
Waste produced and recycling
17
16
12
15
11
14
13
9
5
6
7
8
10
4
4
2
1

===== SIDA 24 =====

ITAB | Annual & Sustainability Report 2024    24ITAB | Annual & Sustainability Report 2024    24
Sustainability Report
SBM-2 Interests and views of stakeholders
Please see below on pages 24-26 for stakeholder identification, engagement, expectations and response to expectations.
Customers
Description of Stakeholder
As a first-tier supplier, ITAB serves a broad and diverse customer base across 
multiple retail sectors, including grocery retail (Carrefour, COOP, Morrisons), home 
improvement (IKEA, Leroy Merlin, Rautakesko), fashion and apparel (H&M, Pando-
ra), and pharmacy & convenience (Circle K, Apotek Hjärtat). Our customers are 
integral to ITAB’s business success and play a key role in our value chain.
Nature and Purpose of the Relationship
ITAB engages directly with customers through various channels, including Key 
Account Managers, project managers, customer service teams, and sustaina -
bility professionals. These interactions ensure that ITAB’s solutions align with our 
customers’ strategic goals and meet their operational needs. We work collabora -
tively to provide retail solutions that enhance the customer experience, increase 
operational efficiency, and drive innovation. We also maintain communication at 
the senior management level to ensure that both long-term strategic goals and 
day-to-day operational issues are addressed.
Expectations of Stakeholder
Customers expect ITAB to deliver high-quality products that meet their specific 
operational requirements, with a focus on on-time delivery and competitive pri -
cing. They also place a high value on sustainable business practices that support 
their own sustainability goals, such as energy-efficient solutions, eco-friendly 
materials, and innovative technology integrations that enhance both customer 
experience and operational efficiency.
Addressing Stakeholder Expectations by  
Integration into the Strategy and Business Model
ITAB ensures that we: Continuously innovate and develop solutions that meet the 
highest quality standards, integrating energy efficiency and sustainability into 
all products. Implement robust project management and supply chain systems 
that enable on-time delivery and cost-effective solutions. Prioritize sustainability 
in every aspect of our business, from product design to operations, ensuring that 
our solutions not only benefit our customers but also contribute to their broader 
environmental and social objectives.
Suppliers/Partners
Description of Stakeholder
ITAB sources materials and components from 
approximately 200 raw material suppliers and 2,400 
purchased item suppliers across a wide range of 
industries, including metals, plastics, electronics, and 
other essential components necessary for ITAB’s retail 
solutions. These suppliers play a key role in ensuring 
a reliable and high-quality supply chain to meet the 
demands of ITAB’s operations and end customers.
Nature and Purpose of the Relationship
ITAB maintains open and continuous dialogue with 
its suppliers through several channels, including Key 
Account Managers, local procurement buyers, and 
managers, as well as the Head of Procurement. This 
ongoing communication ensures alignment between 
ITAB and its suppliers on key sustainability goals, 
business practices, and operational expectations. The 
company also collaborates with suppliers to promote 
responsible sourcing and ensure compliance with 
ITAB’s sustainability and ethical standards throughout 
the supply chain. Regular engagements allow ITAB to 
communicate new requirements, align on best practi -
ces, and share sustainability performance feedback.
Expectations of Stakeholder
Suppliers are expected to meet specific performance 
standards aligned with ITAB’s sustainability goals, 
including compliance with ethical sourcing practi -
ces and adherence to environmental, social, and 
governance (ESG) criteria. ITAB values its relationships 
with suppliers, and based on performance, catego -
rizes them into three tiers: Approved suppliers who 
meet basic quality and sustainability criteria. Preferred 
suppliers who consistently meet ITAB’s performance 
and sustainability requirements. Partner suppliers who 
go beyond compliance and actively collaborate with 
ITAB to innovate on sustainable solutions and business 
practices. In addition, ITAB ensures that suppliers 
honour the following expectations: Payment within ag -
reed payment terms, fostering trust and financial stabi -
lity in the supply chain. Sustainable business practices, 
including commitment to reducing environmental 
impacts, supporting fair labour practices, and contri -
buting to Sustainable Development Goals (SDGs).
Addressing Stakeholder Expectations by  
Integration into the Strategy and Business Model
ITAB addresses supplier expectations by continuously 
refining and communicating its sustainability require -
ments. This includes the introduction of sustainability 
audits, training programs for suppliers, and ongoing 
monitoring to ensure compliance with ITAB’s Code 
of Conduct and ethical sourcing policies. ITAB also 
works closely with suppliers to promote innovation in 
sustainable product development, improve energy 
efficiency, and minimize waste throughout the supply 
chain. Additionally, ITAB provides feedback to supp-
liers on performance and collaborates with them to 
make improvements.
Key Stakeholders

===== SIDA 25 =====

ITAB | Annual & Sustainability Report 2024    25
Sustainability Report
ITAB | Annual & Sustainability Report 2024    25
Employees
Description of Stakeholder
ITAB employed a diverse workforce of 2,523 
employees across 23 countries at the end of 
2024. The company has a strong presence 
in Europe and key international markets, with 
significant employee bases in Italy, Czechia, 
China, Germany, Sweden, and the UK. In ad-
dition to its European footprint, ITAB maintains 
a strategic presence in countries including 
Argentina, Chile, China, India, Malaysia, the 
UAE, and the USA, supporting its global busi -
ness operations. The workforce spans various 
functions, including manufacturing, com -
mercial, procurement, and technical design, 
reflecting ITAB’s broad scope and reach across 
industries.
Nature and Purpose of the Relationship
ITAB fosters continuous dialogue with its 
employees through multiple channels, en -
suring their well-being and considering their 
perspectives on sustainability. This includes 
day-to-day business interactions, employee 
appraisals, participation in safety committees, 
internal intranet communications, and employ -
ee engagement surveys. These avenues 
enable ITAB to gather employee feedback, 
address concerns, and promote a culture of 
transparency and inclusivity. Employees are 
encouraged to participate in regular dialogues 
that allow ITAB to understand their needs, espe-
cially in areas related to health, safety, career 
development, and sustainability
Expectations of Stakeholder
ITAB is committed to meeting key expectations 
from its workforce, ensuring a supportive and 
sustainable working environment. The compa-
ny’s key employee expectations include: Attrac-
tive workplace: Providing a safe, inclusive, and 
motivating work environment. Good working 
environment: Fostering a healthy, respectful, 
and collaborative atmosphere where employ -
ees can thrive. Health & Safety: Maintaining a 
high standard of health and safety protocols 
to safeguard employees’ well-being. Staff de -
velopment and career opportunities: Ensuring 
opportunities for growth and progression 
through training, skill development, and career 
advancement programs. Diverse and equal 
workplace: Upholding diversity, equity, and 
inclusion policies to ensure equal opportuni -
ties for all employees regardless of gender, 
race, or background. Pay conditions: Ensuring 
competitive and fair compensation in line with 
industry standards and employee contribu -
tions. Sustainable business: Aligning business 
operations with sustainable practices, involving 
employees in sustainability initiatives, and pro -
moting a sense of purpose in contributing to a 
responsible future.
Addressing Stakeholder Expectations by  
Integration into the Strategy and Business 
Model
ITAB actively works to address these expecta-
tions by providing an attractive and positive 
workplace where employee safety and 
development are prioritized. The company 
regularly conducts employee appraisals 
and engagement surveys to assess employ-
ee satisfaction and areas for improvement. 
Through regular safety committee meetings, 
ITAB ensures that its employees have a platform 
to voice concerns about workplace safety. The 
company also invests in training and deve-
lopment programs to help employees grow 
professionally and provides opportunities for 
career advancement within the organization. 
Additionally, ITAB strives to provide competitive 
pay conditions, implement policies supporting 
workplace diversity, and integrate sustainability 
into daily operations.
Owners/Investors
Description of Stakeholder
ITAB’s owners and investors play a pivotal role 
in providing the necessary capital, strategic 
guidance, and governance oversight to 
ensure that the company remains competi-
tive, resilient, and aligned with the evolving 
dynamics of the retail sector. Investors are 
essential in shaping ITAB’s long-term strategy, 
driving financial growth, and ensuring sustai -
nable practices across the business. They are 
primarily concerned with securing a return on 
investment while ensuring that ITAB adheres to 
principles of governance and sustainability.
Nature and Purpose of the Relationship
ITAB maintains transparent communication 
with its owners and investors through multiple 
channels. This includes regular financial 
reporting, which outlines business performan -
ce, growth, and risk factors. Additionally, ITAB 
provides sustainability disclosures, ensuring 
alignment with environmental, social, and go -
vernance (ESG) expectations. Stakeholder en-
gagements are conducted regularly through 
annual meetings, investor calls, and direct 
communication with executive leadership to 
maintain an open dialogue on strategic priori -
ties, financial performance, and sustainability 
goals. Through these discussions, ITAB ensures 
that the interests of investors are well-under-
stood, and expectations are continuously met.
Expectations of Stakeholder
ITAB’s investors have clear expectations for the 
company, which include: Return on Investment 
(ROI): Ensuring that the company delivers solid 
financial returns and increases shareholder 
value. Transparent Reporting: Providing timely, 
accurate, and comprehensive reports on 
financial performance, sustainability metrics, 
and governance practices. Investors expect 
detailed insights into both financial results and 
ESG progress. Sustainable Business: Investors 
expect ITAB to operate in a sustainable man-
ner that balances profitability with responsible 
environmental and social impact. This includes 
adhering to global sustainability standards, 
reducing the environmental footprint, and im-
plementing ethical business practices across 
the supply chain.
Addressing Stakeholder Expectations by  
Integration into the Strategy and Business 
Model
To address the expectations of its owners 
and investors, ITAB ensures that it provides 
regular and transparent reporting on financial 
results and sustainability performance. This is 
achieved through quarterly financial reports, 
annual sustainability reports, and regular 
meetings where management provides 
updates on strategy and performance. ITAB 
actively works to ensure that its long-term 
growth strategy incorporates sustainability 
objectives, thereby meeting investors’ desire 
for both profitability and responsible business 
practices. In addition, the company has a 
dedicated governance structure that ensures 
strategic alignment with investor expectations, 
continually improving in areas such as risk 
management, sustainable innovation, and 
market competitiveness.
SBM-2 Interests and views of stakeholders, cont.

===== SIDA 26 =====

ITAB | Annual & Sustainability Report 2024    26ITAB | Annual & Sustainability Report 2024    26
Sustainability Report
Society/NGOs
Description of Stakeholder
ITAB recognizes society as a key stakeholder, 
encompassing local communities, regulatory 
bodies, and the broader public that is impacted 
by its operations. As a responsible corporate 
entity, ITAB aims to create a positive impact on 
economic, social, and environmental aspects of 
society. This includes fostering positive relations -
hips with local communities, complying with 
regulations, and contributing to the broader 
public interest through sustainable business 
practices and ethical supply chain manage -
ment. Society’s expectations from ITAB include 
responsible governance, compliance with regu -
lations, and sustainable business operations that 
benefit communities and the environment.
Nature and Purpose of the Relationship
ITAB engages with society through various chan -
nels, ensuring that its operations align with the 
values and expectations of local communities 
and regulatory bodies. This includes complying 
with all applicable laws and regulations across 
the jurisdictions in which ITAB operates. ITAB 
engages with local communities by creating 
employment opportunities, promoting sustai -
nable development, and contributing to local 
economies. The company’s commitment to 
ethical supply chain management ensures that 
it collaborates with suppliers who adhere to 
the same high standards of sustainability and 
responsibility. Moreover, ITAB actively contri-
butes to the public’s well-being by providing 
products and services that promote sustainable 
retail practices, innovation, and environmental 
stewardship.
Expectations of Stakeholder
Society’s expectations from ITAB include: Compli-
ance with all laws in the jurisdictions where the 
company operates, ensuring that ITAB follows 
local and international regulations. The com -
pany is expected to operate in a sustainable 
manner, integrating environmental responsibility 
and social equity into its business model. ITAB is 
expected to pay its taxes fairly and in accor-
dance with the laws of the jurisdictions where 
it operates, contributing to public services and 
societal well-being.
Addressing Stakeholder Expectations by Inte -
gration into the Strategy and Business Model
To address society’s expectations, ITAB ensu-
res full compliance with all relevant laws and 
regulations in each of its operating markets. This 
includes adhering to environmental regulations, 
labour laws, and corporate governance stan-
dards. ITAB also works to reduce its environmen-
tal footprint by investing in sustainable products, 
energy-efficient technologies, and processes 
that minimize waste. The company ensures that 
its supply chain management practices align 
with sustainability principles, ensuring that its 
suppliers and partners adhere to the same high 
standards of ethical conduct and environme-
ntal stewardship. ITAB actively promotes social 
responsibility by fostering local employment and 
sup- porting community development through 
job creation and responsible sourcing.
Strategy and Business Model Amendments
ITAB actively integrates stakeholder perspectives 
into its strategy and business model through its 
Due Diligence and Double Materiality Assessment 
(DMA) process. Stakeholder input is regularly 
gathered through direct engagement, such as 
customer sustainability dialogues, supplier audits, 
employee feedback mechanisms, and investor 
ESG discussions. These insights are then reviewed 
by Group Management and the Board of Directors, 
ensuring full visibility into stakeholder expectations.
 Th
e strategic pillar “Sustainable Future” was 
reviewed in 2024, reflecting stakeholder concerns 
related to circular economy practices, energy-ef -
ficient solutions, and responsible sourcing. This 
resulted in enhanced supply chain sustainability 
measures, increased investment in low-carbon 
solutions, and strengthened ESG reporting transpa -
rency. These updates demonstrate how stakeholder 
engagement directly informs ITAB’s strategic direc-
tion. 
 F
rom 2025 onwards, this review will be conduc-
ted annually, ensuring continuous alignment with 
stakeholder priorities. At this stage, ITAB does not 
foresee any significant modifications to stakeholder 
relationships, as existing engagement mechanisms 
ensure alignment between stakeholder expecta -
tions and business strategy. However, ITAB remains 
open to adjusting engagement models should 
evolving stakeholder concerns necessitate chang -
es in collaboration or business operations.
ITAB aims to create 
a positive impact on 
economic, social, 
and environmental 
aspects of society.
SBM-2 Interests and views of stakeholders, cont.

===== SIDA 27 =====

ITAB | Annual & Sustainability Report 2024    27ITAB | Annual & Sustainability Report 2024    27
Sustainability Report
SBM-3 Material impacts, risks and opportunities and 
their interaction with strategy and business model
Material Impact, Risks & Opportunities (IROs) 
Identification Process
In 2024, ITAB established a structured process for 
conducting a Double Materiality Analysis (DMA), 
incorporating insights from internal and external 
experts. This process follows ESRS 2 IRO-1 and is 
detailed on page 28.
 Th
e assessment involved consultations with 
employees, administrative and supervisory bodies, 
investors, and customers to align ITAB’s strategic 
priorities with stakeholder concerns. To determine 
material IROs, ITAB conducted:
•
 S
takeholder interviews with key groups. 
•
 S
urveys of employees and suppliers.
•
 D
ata-driven analysis of industry trends, regulatory 
developments, and sustainability risks. 
•
 S
cenario assessments to evaluate potential 
financial and operational implications.
Based on this process, ITAB has classified its  
Material IROs as follows:
Critical IROs
These have the highest impact on ITAB’s business 
strategy and long-term value creation:
•
 C
limate change, mitigation, greenhouse gases 
•
 C
limate change, energy
•
 C
ircular economy, resource inflows, including 
resource use
•
 C
ircular economy, resource outflows related to 
products and services
•
 C
ircular economy, waste
Significant IROs
These pose substantial risks or opportunities but do 
not require immediate strategic transformation:
•
 O
wn workforce, working conditions, health & 
safety
•
 E
qual treatment and opportunities, Diversity,  
Equity and Inclusion (DEI) defined as the 
following sub-sub-topics:  
 
 D
iversity, gender equality, measures against 
violence and harassment in the workplace, 
inclusion of persons with disability
•
 E
qual treatment and opportunities, training and 
skills development
•
 W
orkers in the value chain, upstream working 
conditions
•
 Bu
siness conduct, corruption and bribery, pre-
vention, detection including training 
Important IROs
These are emerging areas of focus requiring conti-
nuous monitoring:
•
 O
wn workforce, working conditions, work-life 
balance
•
 W
orkers in the value chain, upstream equal treat-
ment and opportunities for all
•
 W
orkers in the value chain, other work-related 
rights, upstream child and forced labour
Alignment with Business Model & Strategy
Each identified IRO directly influences ITAB’s 
business model, operations, and strategic pillars. 
Critical IROs impact ITAB’s product design, supply 
chain, and energy transition strategy. Significant 
IROs influence ITAB’s workforce policies, compli -
ance obligations, and ethical sourcing practices. 
Important IROs are integrated into ITAB’s social 
responsibility initiatives and People & Culture 
strategies.
Governance & Future Updates
The Board of Directors, in collaboration with Group 
Management, will review and refine the Material 
IROs assessment annually. ITAB’s Sustainability, 
Legal and Commercial teams will continuously mo -
nitor regulatory changes, stakeholder expectations, 
and market trends to ensure alignment. From 2025 
onwards, ITAB will conduct annual reassessments 
of IROs to reflect evolving stakeholder priorities and 
industry developments.

===== SIDA 28 =====

ITAB | Annual & Sustainability Report 2024    28ITAB | Annual & Sustainability Report 2024    28
Sustainability Report
IRO-1 Description of the process to identify and 
assess material impacts, risks and opportunities
Identification and Assessment of Impacts, Risks, 
and Opportunities (IROs)
To develop a comprehensive and structured list of 
actual and potential impacts, risks, and oppor-
tunities (IROs), ITAB used the topics, sub-topics, 
and sub-sub-topics outlined in ESRS 1 AR 16 as a 
framework. This approach ensured a broad assess-
ment of ITAB’s own operations and its upstream 
and downstream value chain, providing a holistic 
understanding of the company’s sustainability 
impacts and potential risks and opportunities.
 Gi
ven the varying levels of granularity required, 
IROs were evaluated at the topic, sub-topic, or sub-
sub-topic level, depending on their significance. 
While ESRS 1 AR 16 provides a standardized structu-
re, ITAB also identified if any company-specific IROs 
were present, by engaging with stakeholders, con-
ducting due diligence, reviewing risk management 
processes, and assessing grievance mechanisms 
such as whistleblowing reports. Additional sources, 
including industry benchmarks, geographic risk 
factors, corporate strategy, and product/service 
impacts, were analysed to ensure comprehensive 
coverage.
 E
ach IRO was classified as an impact, a risk, or 
an opportunity and categorized under Environ -
mental, Social, or Governance (ESG) themes. 
They were further defined as positive or negative, 
actual or potential, and mapped across the value 
chain, considering own operations, upstream, and 
downstream activities. The connection between 
ITAB and each impact was determined based on 
causation, contribution, or linkage.
 T
o enhance transparency, the rationale for 
determining material and non-material IROs was 
clearly documented, ensuring alignment with ESRS 
2 paragraphs 53 and 59. This process also reflected 
stakeholder input, reinforcing its integration into the 
Double Materiality Assessment (DMA) and sustaina -
bility strategy.
Impact Materiality Assessment
For actual negative impacts, materiality was as -
sessed based on severity, while potential negative 
impacts were evaluated considering both severity 
and likelihood. Additionally, all impacts were assig-
ned a time horizon in line with ESRS 1 paragraph 77:
•
 S
hort-term: Within the reporting period (1 year)
•
 M
edium-term: Between 1 to 5 years
•
 L
ong-term: More than 5 years
Severity assessments were based on three key 
factors:
•
 S
cale – how grave the impact is (i.e., extent of 
infringement of access to basic life necessities or 
freedoms such as education, livelihood, etc.); 
•
 S
cope – how widespread the impact is (i.e., the 
number of individuals affected or the extent of 
the environmental damage); and
•
 I
rremediable Character – the extent to which the 
impact can be remediated, for example through 
compensation or restitution.
For potential negative human rights impacts, severi -
ty took precedence over likelihood. Positive impacts 
were assessed using the scale and scope of actual 
impacts, as well as scale, scope, and likelihood for 
potential positive impacts.
Financial Materiality Assessment
Risks and opportunities were evaluated based 
on likelihood, financial impact, and time horizon, 
ensuring alignment with ESRS financial materiality 
principles. 
 Th
resholds were applied for both the financial 
and impact assessments. The financial thresholds 
were applied in the DMA process to assess financial 
risks and opportunities to ensure alignment with 
how risks are generally evaluated in relation to 
financial performance. For the impact assessment, 
internally developed thresholds were applied, ba -
sed on inspiration from advisors. These thresholds 
helped evaluate and identify impacts to satisfy the 
needs of our stakeholders.
 I
ROs were cross-referenced with EU regulatory 
requirements to ensure compliance and proactive 
risk management. The Group Sustainability Team, 
in collaboration with the People & Culture Team, 
Legal Team and Operations Team oversees annual 
IRO reassessments. To finalize the comprehensive 
list of IROs, ITAB recorded:
•
 R
elevant sources of information
•
 S
takeholders impacted by each IRO
•
 S
takeholders engaged during the assessment 
process
The development of the DMA methodology and the 
management of the DMA process is centralised to 
ensure consistency in the application of scores and 
thresholds and the use of external subject-matter 
experts. For own workforce and business con -
duct, Group People & Culture and Group Legal, 
respectively, have contributed and approved the 
social and governance IRO assessments, while the 
Sustainability Team and Operations have comple -
ted the Environment IRO assessment. To ensure an 
understanding of CSRD’s legal framework and the 
identified IROs, the Board of Directors and full Group 
Management were presented with a walkthrough 
of the DMA methodology, thresholds, process, and 
findings before approving the final DMA.

===== SIDA 29 =====

ITAB | Annual & Sustainability Report 2024    29ITAB | Annual & Sustainability Report 2024    29
Sustainability Report
IRO-2 Disclosure Requirements in ESRS covered 
by the undertaking’s sustainability statement
Identification of Material Impacts, Risks, and 
Opportunities
In 2024, ITAB conducted a double materiality as-
sessment following ESRS 1 and ESRS 2 guidelines, in 
consultation with internal and external experts. The 
methodology considered impact materiality (scale, 
scope, irremediability) and financial materiality 
(likelihood, financial magnitude). Stakeholder en-
gagement was central to the process, and insights 
from employees, management, investors, custo-
mers, and external sustainability specialists were 
incorporated. More details are provided under ESRS 
2 IRO-1 on page 28.
 T
opics were deemed material if they posed 
significant risks, opportunities, or impacts on ITAB’s 
operations, value chain, stakeholders, or financial 
performance. 
 Th
e listed material and immaterial topics were as-
sessed and validated through stakeholder engage -
ment, including employees, the Board of Directors, 
Group Management, owners, investors, and 
customers. Stakeholders were actively consulted, 
and their input directly influenced the classification 
of material and immaterial topics. No material 
concerns were raised regarding the conclusions.
 Al
l identified impacts, risks, and opportunities 
(IROs) were evaluated based on impact materiality 
(scale, scope, and irremediability) and financial 
materiality (financial impact and likelihood), in 
accordance with ESRS 1 and ESRS 2 requirements.  
This assessment, in addition to stakeholder engage -
ment, also considered industry benchmarking, and 
alignment with applicable regulatory frameworks.
Key Material Impacts
The company has identified the following signifi -
cant impacts:
Environmental: 
•
 C
limate change, mitigation, greenhouse gases 
•
 C
limate change, energy
•
 C
ircular economy, resource inflows, including 
resource use
efficiency gains from circular economy initiatives, 
enhanced brand value through DEI efforts, and 
potential access to green financing instruments. For 
more information on risks related to sustainability, 
see pages 76-77.
Immaterial Topics
Following a rigorous double materiality analysis, 
the following ESRS topics were determined to be 
immaterial for ITAB’s operations, based on their low 
severity, scope, and financial impact.
ESRS E2: Pollution
ITAB’s processes do not generate significant 
pollution to air, water, or land, and no current or 
foreseeable financial risks are associated with pollu -
tion-related regulatory changes, compliance costs, 
or stakeholder concerns. Given that air emissions 
from joinery facilities are well-controlled and water 
discharges meet all required standards, no material 
impact or financial consequence has been identi -
fied. This conclusion was validated through stake-
holder engagement and financial risk analysis. Wa -
ter discharges from operations are either domestic 
or, where applicable, treated to meet or exceed 
local discharge consent requirements.  ITAB does 
not use substances of high concern or substances 
of concern in manufacturing or product processes. 
No significant risk of ITAB’s products, process by-pro-
ducts, or waste affecting living organisms, land, or 
food resources has been identified.
ESRS E3: Water and Marine Resources
Water usage at ITAB’s factories and offices is 
predominantly domestic. Where water is used in 
production, recycling and treatment processes are 
in place to ensure compliance with local dischar-
ge standards. All ITAB facilities are located in low 
water-stress regions, based on recognized global 
water risk assessments. ITAB does not use seawa-
ter or marine resources in its operations. Water 
usage is minimal and occurs in low water-stress 
regions, resulting in no material financial risks from 
water scarcity, regulatory changes, or operational 
disruptions
ESRS E4: Ecosystems and Biodiversity
ITAB’s operations do not involve activities that direct-
ly or indirectly impact ecosystems or biodiversity. 
No land-use change, deforestation, or activities 
affecting protected habitats occur within ITAB’s 
supply chain, at a level that can be controlled or 
influenced by ITAB. ITAB does not engage in acti-
vities that contribute to soil degradation, habitat 
destruction, or biodiversity loss. ITAB’s operations do 
not depend on or significantly impact biodiversity, 
and low financial risks from land-use regulations, 
biodiversity-related compliance, or supply chain 
disruptions have been identified.
ESRS S3: Affected Communities
ITAB’s direct operations do not contribute to the risk 
factors outlined in ESRS S3: Affected Communities. 
ITAB has not identified any upstream or downstre-
am activities that would materially impact affected 
communities. No grievance mechanisms or 
stakeholder consultations have identified communi -
ty-related risks linked to ITAB’s business model. ITAB 
has low material financial exposure to communi-
ty-related risks, as no operational, reputational, or 
legal risks linked to community impacts have been 
identified through stakeholder engagement
ESRS S4: Consumers and End-Users
ITAB has evaluated the topics under ESRS S4 and 
determined them to be immaterial based on its cur-
rent business model. ITAB fully complies with GDPR 
and ensures customer data protection. Given the 
nature of ITAB’s products, there is limited or no influ-
ence over aspects such as freedom of expression 
or security of person, as outlined in ESRS S4. ITAB’s 
products do not pose significant consumer safety, 
privacy, or regulatory risks, and only low material 
financial impacts related to consumer litigation, 
data security, or product liability exist.
•
  C ircular economy, resource outflows related to 
products and services
•
 C
ircular economy, waste
Social: 
•
 O
wn workforce, working conditions, health & 
safety
•
 O
wn workforce, working conditions, work-life 
balance
•
 O
wn Workforce, equal treatment and opportuni -
ties, gender equality and equal pay
•
 O
wn Workforce, equal treatment and opportuni -
ties, employment and inclusion of persons with 
disability
•
 O
wn Workforce, equal treatment and opportuni -
ties, measures against violence and harassment 
in the workplace
•
 O
wn Workforce, equal treatment and opportuni -
ties, diversity
•
 W
orkers in the value chain, upstream working 
conditions
•
 W
orkers in the value chain, upstream equal treat-
ment and opportunities for all
•
 W
orkers in the value chain, other work-related 
rights, upstream child and forced labour
Governance:
•
 Bu
siness conduct, corruption and bribery, pre-
vention, detection including training 
For the disclosures S1 the sub-sub-topics of Diversity 
Gender equality, inclusion of disabled persons, 
measures against violence and harassment in the 
workplace will be referred to as Diversity Equity and 
Inclusion (DEI).
Identification of Risks and Opportunities
In addition to the identified material impacts, ITAB 
assessed sustainability-related risks and opportuni -
ties. Key risks include regulatory changes impacting 
climate disclosures, supply chain vulnerabilities due 
to resource scarcity, and reputational risks related 
to social performance. Opportunities include

===== SIDA 30 =====

ITAB | Annual & Sustainability Report 2024    30
Environmental
1 Greenhouse Gas Emissions and Energy
2 Pollution of Land, Air & Water, Living Organisms  
& Food Resources
3 Water inc marine resources
4 Biodiversity
5 EcoSystems
6 Materials, Waste and Circular Economy
Social
7 Working Conditions (Own Workforce)
8 Working Conditions (Value Chain)
9 Equal Treatment and Opportunities (Own Workforce)
10 Equal Treatment and Opportunities (Value Chain)
11 Health & Safety (Own Workforce)
12 Health & Safety (Value Chain)
13 Health & Safety, Social Inclusion (Consumer)
14 Child and Forced Labour (Own Workforce)
15 Child and Forced Labour (Value Chain)
16 Communities’ rights
Governance
17 Business Conduct
Sustainability Report
ITAB | Annual & Sustainability Report 2024    30
IRO-2 Disclosure Requirements in ESRS covered by the 
undertaking’s sustainability statement, cont.
Financial severity
5
6
1
4
2
3
16
13
14
15
7
10 8
11
12
17
Important
Significant
Critical
Impact severity
9
1-3
1-3
4-9
10-16
20
25
4-5 6-8 9-10 11-12

===== SIDA 31 =====

ITAB | Annual & Sustainability Report 2024    31ITAB | Annual & Sustainability Report 2024    31
Sustainability Report
Environmental 
information
At ITAB, sustainability is at the heart of our business 
strategy. As a key partner to global retailers, we are 
committed to reducing our environmental impact 
while driving innovation in resource efficiency, 
circular design, and low-carbon solutions.
 Th
rough our Sustainable Future Strategic Priority, 
we are minimizing greenhouse gas emissions, 
optimizing energy use, and rethinking materials to 
create more sustainable products and services. 
By embedding sustainability into our operations 
and supply chain, we are not only meeting 
today’s challenges but shaping a greener, more 
responsible future for retail.
EU Taxonomy
EUTR Reporting on EU taxonomy objectives 2024
EUTR Disclosures on EU Taxonomy 32
E1 Climate Change
E1-1 Transition plan for climate change mitigation 36
ESRS 2 SBM-3 Material impacts, risks and opportunities and their 
interaction with strategy and business model 36
ESRS 2 IRO-1 Description of the processes to identify and assess 
material climate-related impacts, risks and opportunities 36
E1-2 Policies related to climate change mitigation and adaptation 37
E1-3 Actions and resources in relation to climate change policies 37
E1-4 Targets related to climate change mitigation and adaptation 37
E1-5 Energy consumption and mix 37
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 37
E1-7 GHG removals and GHG mitigation projects financed through 
carbon credits 38
E1-8 Internal carbon pricing 38
E1-9 Anticipated financial effects from material physical and transi -
tion risks and potential climate-related opportunities 38
E5 Resource Use and Circular Economy
ESRS 2 IRO-1 Description of the processes to identify and assess 
material resource use and circular economy-related impacts, risks 
and opportunities 39
E5-1 Policies related to resource use and circular economy 39
E5-2 Actions and resources related to resource use and circular 
economy 40
E5-3 Targets related to resource use and circular economy 40
E5-4 Resource inflows 40
E5-5 Resource outflows 40
E5-6 Anticipated financial effects from material resource use and 
circular economy-related risks and opportunities 41

===== SIDA 32 =====

ITAB | Annual & Sustainability Report 2024    32ITAB | Annual & Sustainability Report 2024    32
Sustainability Report
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment 
of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from 
the fuel cycle.
No
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear 
installations to produce electricity or process heat, including for the purposes of district heating or industrial 
processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
No
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that 
produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities 
that produce electricity using fossil gaseous fuels.
No
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/ cool and power generation facilities using fossil gaseous fuels.
No
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels.
No
Reporting on EU Taxonomy Objectives 2024
To meet the EU’s climate and energy targets for 
2030 and reach the objectives of the Europe-
an Green Deal, the EU’s Taxonomy Regulation 
(2020/852/EU) came into force in July 2020. The 
EU Taxonomy is a classification system that helps 
companies and investors identify “environmentally 
sustainable” economic activities to make sustaina -
ble investment decisions.
 I
TAB is a public interest entity and therefore has 
an obligation to report the proportion of its business 
that is eligible under and aligned with the Taxonomy 
Regulation. ITAB develops, manufactures, sells and 
installs a broad range of solutions and services in 
interior fixtures, in-store technology and lighting for 
the retail sector. The Group has today a few econo-
mic activities that are listed in the currently published 
delegated acts for the Taxonomy Regulation.
 I
TAB has reviewed the economic activities listed 
in the three published delegated acts on technical 
screening criteria and identified one activity in the 
delegated act on climate change mitigation and 
one activity on transition to a circular economy.
 N
o activities carried out by ITAB are considered to 
be listed in the delegated acts on climate change 
adaptation, sustainable use and protection of 
water and marine resources, pollution prevention 
and control, and protection and restoration of 
biodiversity and ecosystems. For an economic 
activity to be Taxonomy-aligned, the activity must 
be contained in the technical screening criteria, 
the activity must do no significant harm to any of 
the other five environmental objectives and it must 
fulfil the minimum safeguards that set the standard 
for the social sustainability of companies. Minimum 
safeguards refer to processes to ensure that the 
business is operated in accordance with the OECD 
Due Diligence Guidance for Responsible Business 
Conduct and the UN Guiding Principles on Business 
and Human Rights throughout the value chain. 
Taxonomy-eligible and -aligned activities
CCM 3.5. Manufacture of energy efficiency equip-
ment for buildings
Taxonomy-eligible economic activities within clima -
te change mitigation in 2024 comprises the Group’s 
manufacturing of lighting equipment for retailers 
(NACE code C27.40). Currently approximately 5 
percent of the lighting equipment manufactured 
by ITAB meets the requirements for alignment. 
Hence, this portion of the economic activities within 
climate change mitigation is considered to be 
taxonomy-aligned.
CE 1.2. Manufacture of electrical and electronic 
equipment
Taxonomy-eligible economic activities within tran -
sition to a circular economy in 2024 comprises the 
Group’s manufacturing of retail technology for retai-
lers (NACE code C26 and 27). Currently no part of 
the economic activities within transition to a circular 
economy is considered to be taxonomy-aligned.
All taxonomy-eligible revenue and expenditures re -
late to the objectives climate change mitigation or 
transition to a circular economy, and meet the crite-
ria for Do No Significant Harm. ITAB has established 
processes to ensure that the business is operated in 
accordance with the OECD Due Diligence Guidan -
ce for Responsible Business Conduct and the UN 
Guiding Principles on Business and Human Rights 
throughout the value chain. The process is centred 
on a risk-based working method. ITAB considers 
that the requirement for the fulfilment of minimum 
safeguards in relation to social sustainability is met.
 R
efer to the tables below on pages 33-35 for 
disclosures on EU Taxonomy Objectives 2024.
Nuclear and Fossil Gas Related Activities
On 1 January 2023, a Complementary Climate 
Delegated Act entered into force, whereby com-
panies must now report Taxonomy-alignment of 
certain nuclear and fossil gas related activities. 
Nuclear energy and fossil gas have been deemed 
environmentally sustainable for the time being by 
the European Parliament, as they are considered 
important components of the transition to lower 
GHG emissions. ITAB has assessed its operations 
against the EU Taxonomy and confirms that it has 
no activities related to nuclear energy or fossil 
gas as defined under the EU Taxonomy Climate 
Delegated Act. Therefore, no disclosures related to 
these activities are applicable. Refer to the table on 
the right.
Reporting Principles
The key performance indicators under the EU’s 
Taxonomy Regulation have been calculated in line 
with the definitions in Annex 1 to the Delegated Act 
(EU) 2021:4987, supplementing Article 8 of the Taxo-
nomy Regulation. Relevant data has been collated 
from the Group’s financial systems.
Turnover
Net turnover corresponds to the reported net sales 
for the financial year (see net sales for the Group 
on page 87 and in Note 6). Policies for consolidated 
revenue recognition are described in more detail 
in Note 2. When determining and allocating the 
taxonomy eligible and aligned net sales, opera -
tions and underlying products and services were 
grouped according to economic activities. The 
turnover in the denominator consists of the Group’s 
total net sales.
Capital expenditure (CapEx)
CapEx is defined as additions to property, plant 
and equipment and intangible assets during the 
year after deducting depreciation/ amortisation 
and any impairment, with the exception of changes 
to fair value. Also included are additions to, and re-
valuations of, right-of-use assets as well as property, 
plant and equipment and intangible assets related 
to business combinations. The Group’s acquisitions 
of land and goodwill are not included. The denomi -
nator includes the Group’s total CapEx during the 
year. See also Notes 18 and 19
Operating expenditure (OpEx)
OpEx is defined as direct non-capitalised costs 
that relate to research and development, short-
term leases, maintenance and repair, and any 
other direct expenditures relating to the day-to-day 
servicing of items of property plant and equipment 
by the undertaking or third party to whom activities 
are outsourced that are necessary to ensure the 
continued and effective functioning of such assets. 
The denominator covers the Group’s total OpEx 
during the year associated with the continued and 
effective functioning of such assets. See also Note 
11, with certain supplementary disclosures.

===== SIDA 33 =====

ITAB | Annual & Sustainability Report 2024    33ITAB | Annual & Sustainability Report 2024    33
Sustainability Report
Proportion of turnover / total turnover
Taxonomy-aligned 
per objective
Taxonomy-eligible 
per objective
CCM 0.3% 7.4%
CCA 0,0% 0,0%
WTR 0,0% 0,0%
CE 0,0% 28.4%
PPC 0,0% 0,0%
BIO 0,0% 0,0%
Financial year 2024 Year Substantial Contribution Criteria DNSH criteria (’Does Not Significantly Harm’)
Economic Activities (1)
Code (2)
Turnover (3)
Proportion of  Turnover, 
year 2024 (4)
Climate Change 
Mitigation (5)
Climate Change 
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change 
Mitigation (11)
Climate Change 
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards 
(17)
Proportion of Taxonomy 
aligned (A.1.) or eligible 
(A.2.) turnover, 
 year 2023 (18)
Category enabling 
activity (19)
Category transitional 
activity (20)
MSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of energy efficiency equipment for buildings CCM 3.5 23 0.3% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.2% E
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 23 0.3% 0.3% - - - - - Y Y Y Y Y Y Y 0.2%
Of which Enabling 23 0.3% 0.3% - - - - - Y Y Y Y Y Y Y 0.2% E
Of which Transitional - - - - T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of energy efficiency equipment for buildings CCM 3.5 465 7.1% EL N/EL N/EL N/EL N/EL N/EL 8.9%
Manufacture of electrical and electronic equipment CE 1.2 1,870 28.4% N/EL N/EL N/EL N/EL EL N/EL 27.5%
Turnover of Taxonomy-eligible but not environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2) 2,335 35.5% 7.1% - - - 28.4% - 36.4%
A. Turnover of Taxonomy eligible activities (A.1+A.2) 2,358 35.8% 7.4% - - - 28.4% - 36.6%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 4,227 64.2%
TOTAL 6,585 100.0%
Disclosures on EU Taxonomy Objectives
Proportion of turnover from products or services associated  
with Taxonomy-aligned economic activities for 2024
Y = Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective 
N = Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective 
N/EL = Not eligible, Taxonomy non-eligible activity for the relevant environmental objective  
EL = Taxonomy eligible activity for the relevant objective 
T = Transitional 
E = Enabling 
CCM = Climate Change Mitigation 
CCA = Climate Change Adaptation 
WTR = Water and Marine Resources 
CE = Circular Economy 
PPC = Pollution Prevention and Control 
BIO = Biodiversity and ecosystems

===== SIDA 34 =====

ITAB | Annual & Sustainability Report 2024    34ITAB | Annual & Sustainability Report 2024    34
Sustainability Report
Proportion of capex / total capex
Taxonomy-aligned  
per objective
Taxonomy-eligible  
per objective
CCM 0,5% 1.0%
CCA 0,0% 0,0%
WTR 0,0% 0,0%
CE 0,0% 9.0%
PPC 0,0% 0,0%
BIO 0,0% 0,0%
Proportion of CapEx from products or services associated  
with Taxonomy-aligned economic activities for 2024
Y = Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective 
N = Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective 
N/EL = Not eligible, Taxonomy non-eligible activity for the relevant environmental objective  
EL = Taxonomy eligible activity for the relevant objective 
T = Transitional 
E = Enabling 
CCM = Climate Change Mitigation 
CCA = Climate Change Adaptation 
WTR = Water and Marine Resources 
CE = Circular Economy 
PPC = Pollution Prevention and Control 
BIO = Biodiversity and ecosystems
Financial year 2024 Year Substantial Contribution Criteria DNSH criteria (’Does Not Significantly Harm’)
Economic Activities (1)
Code (2)
CapEx (3)
Proportion of  CapEx, 
 year 2024 (4)
Climate Change 
Mitigation (5)
Climate Change 
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change 
Mitigation (11)
Climate Change 
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards 
(17)
Proportion of Taxonomy 
aligned (A.1.) or eligible 
(A.2.) CapEx, 
 year 2023 (18)
Category enabling 
activity (19)
Category transitional 
activity (20)
MSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of energy efficiency equipment for buildings CCM 3.5 1 0.5% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0% E
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 1 0.5% 0.5% - - - - - Y Y Y Y Y Y Y 0.0%
Of which Enabling 1 0.5% 0.5% - - - - - Y Y Y Y Y Y Y 0.0% E
Of which Transitional - - - - T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of energy efficiency equipment for buildings CCM 3.5 2 1.0% EL N/EL N/EL N/EL N/EL N/EL 3.6%
Manufacture of electrical and electronic equipment CE 1.2 17 9.0% N/EL N/EL N/EL N/EL EL N/EL 21.8%
CapEx of Taxonomy-eligible but not environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2) 19 10.0% 1.0% - - - 9.0% - 25.4%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 20 10.5% 1.5% - - - 9.0% - 25.4%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 170 89.5%
TOTAL 190 100.0%
Disclosures on EU Taxonomy Objectives, cont.

===== SIDA 35 =====

ITAB | Annual & Sustainability Report 2024    35ITAB | Annual & Sustainability Report 2024    35
Sustainability Report
Proportion of opex / total opex
Taxonomy-aligned 
per objective
Taxonomy-eligible 
per objective
CCM 0,0% 2.6%
CCA 0,0% 0,0%
WTR 0,0% 0,0%
CE 0,0% 11.1%
PPC 0,0% 0,0%
BIO 0,0% 0,0%
Proportion of OpEx from products or services associated  
with Taxonomy-aligned economic activities for 2024
Financial year 2024 Year Substantial Contribution Criteria DNSH criteria (’Does Not Significantly Harm’)
Economic Activities (1)
Code (2)
OpEx (3)
Proportion of  OpEx, 
 year 2024 (4)
Climate Change 
Mitigation (5)
Climate Change 
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change 
Mitigation (11)
Climate Change 
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards 
(17)
Proportion of Taxonomy 
aligned (A.1.) or eligible 
(A.2.) OpEx, 
 year 2023 (18)
Category enabling 
activity (19)
Category transitional 
activity (20)
MSEK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of energy efficiency equipment for buildings CCM 3.5 0 0.0% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.0% E
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0.0% 0.0% - - - - - Y Y Y Y Y Y Y 0.0%
Of which Enabling 0 0.0% 0.0% - - - - - Y Y Y Y Y Y Y 0.0% E
Of which Transitional - - - - T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of energy efficiency equipment for buildings CCM 3.5 151 2.6% EL N/EL N/EL N/EL N/EL N/EL 10.4%
Manufacture of electrical and electronic equipment CE 1.2 647 11.1% N/EL N/EL N/EL N/EL EL N/EL 14.4%
OpEx of Taxonomy-eligible but not environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2) 798 13.7% 2.6% - - - 11.1% - 24.8%
A. OpEx of Taxonomy eligible activities (A.1+A.2) 798 13.7% 2.6% - - - 11.1% - 24.8%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 5,051 86.3%
TOTAL 5,849 100.0%
Y = Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective 
N = Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective 
N/EL = Not eligible, Taxonomy non-eligible activity for the relevant environmental objective  
EL = Taxonomy eligible activity for the relevant objective 
T = Transitional 
E = Enabling 
CCM = Climate Change Mitigation 
CCA = Climate Change Adaptation 
WTR = Water and Marine Resources 
CE = Circular Economy 
PPC = Pollution Prevention and Control 
BIO = Biodiversity and ecosystems
Disclosures on EU Taxonomy Objectives, cont.

===== SIDA 36 =====

ITAB | Annual & Sustainability Report 2024    36ITAB | Annual & Sustainability Report 2024    36
Sustainability Report
Transition plan for climate change ¹,² Impacts, Risks and Opportunities 2,3
E1 Climate Change
Currently, ITAB is strengthening and further detailing 
our transition plan for climate change mitigation, 
ensuring our strategy and business model are com -
patible with the transition to a sustainable economy 
and limiting global warming to 1.5 degrees in line 
with the international "Paris Agreement" on climat 
change. 
 S
cope 1 and 2 Greenhouse gases and energy 
consumption are quantified, and work has begun 
on defining and executing on our decarbonisation 
roadmap. We are defining our roadmap with a 
starting point in an in-depth energy consumption 
audit methodology to define energy reduction 
and decarbonisation levers. This methodology is 
being piloted at one of ITABs largest sites. Scope 3 
GHG emissions will be quantified through 2025 and 
targets for all scopes will be created, in line with 
Science Based Targets (SBTi) and submitted to SBTi 
in late 2025 or early 2026. 
Key milestones in our transition plan include:
•
 2
024: Energy and decarbonization audit at our 
production plant in Boskovice, Czechia comple -
ted.
•
 2
025: Scope 3 quantification and target setting, 
SBTi submission preparation.
•
 2
026: Submission of validated Science Based 
Targets to SBTi.
•
 2
030: 50 percent reduction in Scope 1 and 2 
GHG emissions (baseline year: 2022).
Circular design principles are now being applied 
through our design teams and ITAB can provide 
full Carbon Lifecycle Assessments of all products. 
Material selection of the products we make has a 
large impact on the GHG emissions in the supply 
chain. ITAB now uses a material GHG estimator to 
allow climate decisions to be taken as part of the 
design process.
 I
TAB does not engage in any economic activities 
related to coal, oil, or gas, aligning with the com-
pany's commitment to a low-carbon transition and 
sustainable business practices. In line with ESRS E1 
requirements, ITAB’s business model is not exposed 
to fossil fuel extraction, refining, distribution, or 
consumption beyond essential operational energy 
use, which is already being addressed through 
energy efficiency measures and a growing focus 
on renewable energy sources.
 G
overnance: Group Management oversees 
the transition plan, with progress reported to the 
Board of Directors quarterly. Through collaboration, 
ongoing dialogue and data-driven analysis, this 
ensures that sustainability initiatives align with ITAB’s 
long-term financial strategy. 
The materiality assessment described in disclosure 
requirement IRO-2 identified the following material 
climate change mitigation IROs:
Negative Impacts
•
 GH
G Emissions from Operations (Scope 1 & 2): 
Short-, medium-, and long-term impacts due to 
natural gas and electricity consumption.
•
 E
nergy Use: Baseline energy consumption at ITAB 
factories is quantified but not yet optimized for 
efficiency. 
Positive Opportunities
•
 O
nsite Renewable Energy: Two facilities have 
onsite green energy generation - one with solar 
PV, another with biomass heating.
•
 C
arbon Pricing Benefits: A structured decarboni -
zation roadmap will help mitigate future carbon 
pricing risks.
•
 M
aterial Selection: Circular economy principles 
enable lower Scope 3 emissions through better 
material selection and reuse of equipment.
Climate-Related Risks
Transition Risks:
•
 C
arbon Pricing & Energy Costs: Potential impact 
of future carbon taxation on operations.
•
 R
egulatory Changes: Increasing compliance 
costs due to EU & global climate policies.
•
 T
echnology Risks: Risk of slower adoption of 
low-carbon alternatives.
Physical Risks:
•
 A r
esilience analysis assessed acute (extreme 
weather) and chronic (temperature rise, water 
stress) risks.
•
 M
inimal risks were identified due to ITAB's predo-
minantly European based facilities.
•
 W
ater stress is a monitored risk but does not yet 
pose a significant financial threat. 
All of these are reflected into the Sustainable Future 
Strategic Pillar that is part of the business strategy.
 A
s described in our overall process, we have used 
a combination of internal dialogues and advisory 
from external environmental experts to adequately 
assess our situation. We conclude that we have an 
impact on climate change and have made this the 
highest priority from the DMA. Resilience analysis 
was conducted as a desktop study as part of the 
DMA process to assess physical risks from climate 
related hazards, both acute and chronic. The 
conclusion was that the risks are minimal due to 
the locations of our facilities being predominantly 
European based. Water stress is a potential risk 
long-term and will be monitored over the coming 
years.
1 E1-1, 2 ESRS 2 SBM-3, 3 ESRS 2 IRO-1
ITAB is strengthening and further 
detailing our transition plan for 
climate change mitigation.

===== SIDA 37 =====

ITAB | Annual & Sustainability Report 2024    37ITAB | Annual & Sustainability Report 2024    37
Sustainability Report
Climate Related Policy 4 Actions on Material Impacts 5
ITABs environmental policy contains our prelimi-
nary commitment to Greenhouse gas emission 
reduction, the need for renewable energy and 
establishing a base line of the Scope 3 Greenhou-
se gas emissions using methodologies in line with 
Science Based Targets. The Group Policy is being 
specified by local environmental policies in many of 
our locations.
 F
or our product teams, our design principles 
focus on how to design equipment for circular 
economy, covered in E5 Resource Use and Circular 
Economy chapter, but also on material selection. 
Material selection is deemed to be a large driver of 
Scope 3 emissions and hence an important lever to 
reduce the same. 
 S
everal of ITABs sites are ISO14001certified with a 
clear environmental management system in place.
In order to decarbonise ITAB in the most cost-effecti -
ve way, ITAB is performing an energy and decarbo-
nisation audit of its Boskovice facility in Czechia to 
enable development of the roadmap. At the end 
of 2024 an onsite audit took place with specialist 
energy consultants. 
 I
TAB is implementing targeted actions to reduce 
emissions and improve energy efficiency:
Decarbonization Roadmap:
•
 S
olar panels added to our Scaperia production 
site in Italy (2023)
•
 E
nergy & decarbonization audit completed at 
Boskovice in Czechia (2024)
•
 N
ew energy reduction methodology based on in 
depth audit (2025)
•
 E
xpansion to other sites planned for 2025–2026
Renewable Energy Expansion:
•
 F
irst full year of solar PV use in Scaperia in Italy
•
 C
ontinuation of biomass use in Stadsbygd in 
Norway
•
 E
valuation of additional solar & wind opportuni -
ties for 2025
•
 O
ur operations in UK switch to renewable sour-
ced energy
Scope 3 Measurement & Reduction:
•
 N
ew product launch of SigmaGate 2 with 49.5 
percent reduction in carbon footprint
•
 Q
uantification to be completed in 2025
•
 E
ngagement with suppliers on carbon footprint 
reduction
Performance Metrics and Targets 6,7,8
Energy consumption can be seen in the table on 
page 38. ITAB does not operate in high climate 
impact sectors, as defined by ESRS E1, which 
identifies industries with significant Greenhouse gas 
emissions, reliance on fossil fuels, or exposure to 
climate transition risks.
 I
TAB is committed to significantly reducing its 
Greenhouse gas (GHG) emissions in line with 
global climate goals. The company has set a target 
to achieve a 50 percent reduction in Scope 1 
and Scope 2 emissions by 2030, using 2022 as the 
baseline year. This target aligns with ITAB’s ambition 
to contribute to limiting global warming to 1.5°C, as 
outlined in the Paris Agreement.
 T
o ensure robust and science-based climate 
action, ITAB is currently developing a comprehensi-
ve decarbonization strategy. In 2025, the company 
will refine and expand its climate targets to align 
with the SBTi, ensuring that reduction pathways are 
credible, ambitious, and aligned with regulatory 
and stakeholder expectations. This includes the de -
velopment of a validated reduction plan for Scope 
3 emissions, which will be quantified through 2025.
 T
he GHG intensity based on net revenue for ITAB 
in 2024 is 2.14 tCO2e /MSEK. The denominator “Re-
venue from contracts with customers” can be found 
in the income statement on page 87 and Note 6 on 
page 103.
 A
nother important metric for ITAB in the coming 
years, will be around energy reduction measures 
(which is also in line with our decarbonisation 
methodology). The ambition is to be able to see 
steady decreased in energy consumption, also in 
absolute terms over time.
ITAB also has a clear focus on increasing our share 
of renewable energy. The target for this will be to 
reach 100 percent by 2030, as this is required by 
SBTi. We have seen an improvement in the share of 
renewable energy in 2024 but there is still a journey 
left to reach the 100 percent in just a few years’ 
time. 
 I
TAB also follow closely the sentiment of our custo-
mers related to reduction of Greenhouse gas emis-
sions and we are specifically tracking opportunities 
with sustainability profile. Both in terms of leads and 
potential sales. 
 T
he targets and key metrics are followed up on 
all levels in the Group: from local level to the Board 
of Directors. Typically, with a monthly or quarterly 
cadence.
4 E1-2, 5 E1-3, 6 E1-4, 7 E1-5, 8 E1-6
E1 Climate Change, cont.
ITAB is committed to 
significantly reducing 
its Greenhouse gas 
emissions in line with 
global climate goals.

===== SIDA 38 =====

ITAB | Annual & Sustainability Report 2024    38ITAB | Annual & Sustainability Report 2024    38
Sustainability Report
Greenhouse gas emissions Base year (2022) 2023 2024
Scope 1 GHG emissions
Gross scope 1 GHG emissions (tCO2eq) 7,700 5,935 6,968
Percentage of scope 1 GHG emissions from regualted emissions trading schemes (%) 0% 0% 0%
Scope 2 GHG emissions
Gross market-based scope 2 GHG emissions (tCO
2eq) 9,468 7,858 7,144
Total GHG emissions (market based) (tCO2eq) 17,168 13,793 14,112
Energy consumption and mix Base year (2022) 2023 2024
Fuel consumption from natural gas (MWh) 39,183 30,542 33,388
Consumption of purchased or acquired electricity, heat, steam, and cooling from 
non-renewable sources (MWh) 19.195 16,014 12,755
Total non-renewable energy consumption (MWh) 58,378 46,556 46,143
Share of non-renewable sources in total energy consumption (%) 80.6% 82.4% 77.4%
Consumption of purchased or acquired electricity, heat, steam, and cooling from 
renewable sources (MWh) 14,009 9,953 13,509
Total renewable energy consumption (MWh) 14,009 9,953 13,509
Share of renewable sources in total energy consumption (%) 19.4% 17.6% 22.6%
Performance Metrics and Targets cont.
Other information 9, 10, 11
ITAB has not conducted or financed any GHG 
mitigation or removal projects through carbon 
credits. ITAB does not engage in carbon offsetting 
or purchase carbon credits.
 I
nternal carbon pricing discussion are now 
taking place at a group management level and a 
decision will be made as to whether ITAB will adopt 
an internal carbon pricing as part of the CapEx 
approval process going forward.
 A
s stated in BP-2 Disclosures in relation to specific 
circumstances, ITAB is not disclosing ESRS E1-9: 
Anticipated financial effects of climate-related risks 
& opportunities.
9 E1-7, 10 E1-8, 11 E1-9
E1 Climate Change, cont.

===== SIDA 39 =====

ITAB | Annual & Sustainability Report 2024    39ITAB | Annual & Sustainability Report 2024    39
Sustainability Report
Impacts, Risks and Opportunities ¹ Materials and Waste Policies ²
E5 Resource Use and Circular Economy
The materiality assessment described in disclosure 
requirement IRO-2 identified the following material 
IROs:
Impacts
•
 R
eduction in GHG Emissions: ITAB’s focus on 
reducing GHG emissions across its upstream 
value chain through circular design principles, 
including sustainable material selection, will help 
decouple resource outflows from virgin material 
use, minimizing environmental impacts.
•
 E
nergy Consumption: Many of ITAB’s products, 
particularly in the lighting business, consume 
energy throughout their lifecycle, contributing to 
overall environmental impact.
•
 WEEE
 Compliance: ITAB’s lighting business is sub-
ject to Waste Electrical and Electronic Equipment 
(WEEE) Regulations, which require the proper 
collection, recycling, and disposal of products at 
their end of life, under producer responsibility.
•
 P
roduction Waste: ITAB generates significant pro-
duction waste, including metal, wood, electronic 
equipment, and packaging. These materials 
represent a key environmental impact and can 
be reduced by implementing circular design 
principles and increasing resource efficiency.
Risks
•
 R
aw Material Scarcity: The scarcity of raw 
materials, particularly rare earth elements used 
in electronic components, represents a supply 
chain risk for ITAB. Geopolitical shifts and supply 
chain disruptions could exacerbate these risks, 
leading to potential cost increases and produc-
tion delays.
•
 R
egulatory Risks (WEEE & Extended Producer 
Responsibility): As ITAB operates under the WEEE 
regulations, any changes to these regulations or 
failure to comply with them could pose financial 
and reputational risks. The evolving requirements 
Our Environmental Policy outlines our commitment 
to waste reduction through continuous improve-
ment initiatives, operational efficiencies, and the 
integration of circular economy principles. ITAB 
prioritizes reducing waste at the source by optimizing 
production processes, enhancing material recovery, 
and implementing best practices for reusing and re-
cycling materials wherever possible. We also actively 
seek opportunities to transition from virgin materials 
to sustainable and recycled alternatives in our pro-
duct designs and manufacturing processes.
 I
TAB’s Supplier Code of Conduct extends our 
commitment beyond our own operations, ensuring 
that our supply chain aligns with our sustainability 
objectives. The Code establishes expectations for 
responsible material selection, waste minimization, 
and resource efficiency among our suppliers. 
ITAB encourages suppliers to adopt sustainable 
sourcing practices, reduce packaging waste, and 
implement closed-loop material management 
systems to lower their environmental impact.
 A
dditionally, ITAB integrates waste management 
considerations into product life cycle assessments, 
ensuring that products are designed for durability, 
recyclability, and end-of-life responsibility. This 
approach supports compliance with regulato -
ry frameworks, such as the WEEE Directive, and 
strengthens ITAB’s ability to provide sustainable 
solutions to customers,
 I
n 2024, ITAB developed design principles 
centred on circular economy concepts, with 
deployment to all design teams beginning in 2025. 
These principles aim to reduce reliance on virgin 
materials, enhance energy efficiency in electrical 
components, and optimize product weight to lower 
resource consumption. Additionally, they focus 
on improving packaging efficiency to minimize 
transport emissions, supporting a more sustaina -
ble and resource-conscious approach to product 
development.
for Extended Producer Responsibility (EPR) could 
necessitate design changes or introduce new 
obligations for product take-back schemes, 
adding to operational complexity.
•
 W
aste and Inefficiency: High levels of produc-
tion waste, including metal, wood, electronics, 
and packaging, represent a financial risk if not 
managed effectively. Waste management costs 
could increase if production inefficiencies are 
not addressed, and this could undermine opera -
tional profitability.
Opportunities
•
 S
ustainability Services: ITAB’s Sustainability Servi-
ces, which focus on energy efficiency, material 
selection, and circular business models, present 
a significant opportunity to help customers re -
duce their environmental impact. These services 
support retailers in aligning with stricter sustai -
nability regulations and consumer demands for 
more sustainable business practices.
•
 R
eSTORE Program: One of the flagship initiatives 
within ITAB’s Sustainability Services is the ReSTORE 
program, which refurbishes retail fixtures, such as 
shelving, bringing them back to ‘as-new’ condi -
tion. This program reduces resource consump-
tion and waste generation, providing cost-saving 
opportunities of up to 35 percent compared to 
new installations. This initiative not only addresses 
environmental impact but also enhances ITAB’s 
competitive advantage in the market.
•
 Ci
rcular Economy and Regulatory Compliance: 
The EU Circular Economy Action Plan presents 
an opportunity for ITAB to enhance its product 
design and material sourcing practices to meet 
stricter durability, reparability, and recycled con-
tent standards. By staying ahead of these regula-
tory changes, ITAB can ensure compliance while 
fostering innovation in its product offerings.
•
 Z
ero-Waste to Landfill: A future opportunity lies 
in ITAB’s goal to reduce waste generation to a 
zero-waste-to-landfill model. This initiative aligns 
with ITAB’s long-term sustainability goals and 
would help mitigate environmental impact while 
reducing associated costs.
Inefficiencies in material usage and waste gene -
ration pose a financial risk to ITAB, including higher 
operational costs and potential loss of business 
opportunities. However, by implementing circular 
design principles, reducing production waste, and 
leveraging sustainability-focused services, ITAB can 
not only reduce these risks but also enhance its 
competitive positioning and strengthen customer 
relationships in an increasingly sustainability-driven 
market.
1 ESRS 2 IRO-1, 2 E5-1

===== SIDA 40 =====

ITAB | Annual & Sustainability Report 2024    40ITAB | Annual & Sustainability Report 2024    40
Sustainability Report
Actions on Material Impacts ³ Performance Metrics and Targets 4 Resource Inflows 5 Resource Outflows 6
To support and obtain the underlying objectives of 
the policies that we have in place to manage our 
material resource-related impacts and risks, we 
are continuously working to identify new actions as 
well as progressing on the ones we have already 
commenced. In 2024 the focus has been on the 
development of the circular design principles and 
though 2025 ITAB will train the engineering function 
on the design principles to ensure a complete 
coverage of the design teams.
 L
ife cycle analysis of the core range of ITABs gates 
and guidance has now been completed and work 
continues to complete the traditional checkouts and 
the self-checkouts. These will be made available 
to all customers who purchase these items and will 
guide our engineers in the development of the next 
generation of these products, to reduce both materi-
al use and reduce the corresponding emissions. 
 I
TAB currently operates with a fragmented ERP 
landscape, which is being gradually harmonized 
over the coming years to improve efficiency and 
streamline processes. As part of this ERP project, 
master data actions will be implemented to enable 
the classification of incoming raw materials, allowing 
the tracking of recycled percentages for wood, me-
tal, and purchased items. This transition will not only 
improve data integration across the organization but 
also support sustainability initiatives by enhancing 
the visibility of material sourcing and contributing to 
the reduction of virgin material usage.
 W
e will also progress actions that will allow the 
ERP to provide output measurements based on the 
weight of raw materials and purchased items and 
compare it to the outgoing finished product for bet-
ter waste reporting and continuous improvement 
opportunities. 
 I
TAB has launched, as part of the Sustainability 
Services, the ReSTORE program, which refurbishes 
and extends the lifespan of retail fixtures, such as 
shelving, to 'as new' condition.
ITAB has developed metrics around the Sustai-
nability Services roll out through our commercial 
transformation project that will take place through 
2025. ITAB will monitor the total revenue from the 
Sustainability Services and the number of leads in 
the CRM pipeline (Customer Relationship Manage -
ment).
 A
s we move through 2025 targets around 
recycled percentage in raw material use will be 
developed. Waste targets will be developed at a 
local level as part of the continuous improvement 
process of the ISO14001 systems in place.
 O
ur ERP system is currently being enhanced to 
support material weights so they can be reported 
as part of the inflows, and that our PLM system 
(Product Lifecycle Management) can provide the 
weight of finished goods and the outflows.
At present ITAB cannot report the total weight of raw 
materials and products used during the reporting 
period. ITAB cannot report what percentage of re-
cycled raw materials are used to create the finished 
products and the associated packaging, or that of 
any reused or recycled components in purchased 
items. This will be resolved as the new ERP system is 
implemented throughout ITAB Group.
ITAB uses a third-party supplier, Design Conformity, 
to provide detailed life cycle analysis of some of 
the ITABs products. As part of the assessment the 
de-constructability, reusability, recyclable content, 
recycled content, renewable content and any 
refurbished components are all assessed at a 
component level, giving an overall percentage for 
the finished product. The lifespan of the item is also 
captured as part of the certificate. The results are 
shown below summarised by a number of sales 
groups. At present ITAB cannot report the total 
weight of finished products created during the 
reporting period. This will be addressed as the new 
ERP system is implemented throughout ITAB Group.
Sales Group Lifespan De-constructability Reusability
Recyclable  
content
Recycled  
content
Renewable  
content 
Refurbished  
components 
Gates & Guidance 10 years 99% 0% 98% 43% 1% 0%
Checkouts 10 years 96% 0% 93% 1% 1% 0%
Lighting 10 years 100% 94.4% 92.4% 26.4% 0% 0%
3 E5-2, 4 E5-3, 5 E5-4, 6 E5-5
E5 Resource Use and Circular Economy, cont.
ITAB has developed metrics 
around the Sustainability Services 
roll out through our commercial 
transformation project that will take 
place through 2025.

===== SIDA 41 =====

ITAB | Annual & Sustainability Report 2024    41ITAB | Annual & Sustainability Report 2024    41
Sustainability Report
Waste is summarised in the tables below in tonnes.
As stated in BP-2 Disclosures in relation to specific 
circumstances, ITAB is not disclosing ESRS E5.6: 
Anticipated financial effects from material resource 
use and circular economy-related risks and oppor -
tunities.
Treatment Categories Non Hazardous % of Non Hazardous Hazardous % of Hazardous
Incineration with energy recovery R1 161,525 2% 7,714 2%
Recycling & Recovery R2, R4-R13 9,331,021 88% 15,414 3%
Biodegradation R3 214,185 2% 0 0%
Landfill D1-D5 670,326 6% 0 0%
Incineration without energy recovery D10 67,190 0% 7,247 1%
Other disposal operations D6-D9, D11-D15 176,183 2% 491,904 94%
Total 10,620,430 100% 522,279 100%
Waste material streams Non Hazardous % of Non Hazardous Hazardous % of Hazardous
Wood 1,795,554 17% 0 0%
Metal incl cable 7,231,823 68% 0 0%
Cardboard & paper 306,722 3% 0 0%
Electronics 9,528 0% 820 0%
Plastics 41,542 0% 478 0%
Waste oils 10,506 0% 15,572 3%
Glass 9,914 0% 0 0%
Paints and varnishes 195,022 2% 102,198 20%
Adhesives and sealants 28 0% 9,408 2%
Other waste 1,019,791 10% 393,803 75%
Total 10,620,430 100% 522,279 100%
Resource Outflows cont 6
Other Information 7
6 E5-5, 7 E5-6
E5 Resource Use and Circular Economy, cont.

===== SIDA 42 =====

ITAB | Annual & Sustainability Report 2024    42ITAB | Annual & Sustainability Report 2024    42
Sustainability Report
Social information
Being an international company, ITAB’s employees 
reflect a diverse and inclusive workplace, 
representing a broad range of backgrounds, 
identities, and experiences, including but not 
limited to gender, nationality, ethnicity, religion, 
age, sexual orientation, and ability. We engage 
with our employees through various channels, have 
an open and transparent culture and always work 
to improve. We are focused on the development 
of our employees’ skills and competences and 
follow up on the general well-being of employees 
through appraisal talks at individual level and other 
measures.
S1 Own Workforce
ESRS 2 SBM-3 Material impacts, risks and opportunities and 
their interaction with strategy and business model 43
S1-1 Policies relating to own workforce 44
S1-2 Processes for engaging with own workforce and workers’ 
representatives about impacts 44
S1-3 Processes to remediate negative impacts and channels 
for own workforce to raise concerns 44
S1-4 Taking action on material impacts on own workforce, and 
approaches to managing material risks and pursuing material 
opportunities related to own workforce, and effectiveness of 
those actions and approaches 45
S1-5 Targets related to managing material negative impacts, 
advancing positive impacts, and managing material risks and 
opportunities 46
S1-6 Characteristics of the undertaking’s employee 47
S1-7 Characteristics of non-employees in the undertaking’s 
own workforce 47
S1-8 Collective bargaining coverage and social dialogue 47
S1-9 Diversity metrics 47
S1-10 Adequate wages 48
S1-11 Social protection 48
S1-12 Persons with disabilities 48
S1-13 Training and skills development metrics 48
S1-14 Health & safety metrics 48
S1-15 Work-life balance metric 48
S1-16 Remuneration metrics (pay gap and total remuneration) 48
S1-17 Incidents, complaints and severe human rights impacts 48
S2 Workers in the Value Chain
ESRS 2 SBM-3 Material impacts, risks and opportunities and 
their interaction with strategy and business model 49
S2-1 Policies related to value chain workers 49
S2-2 Processes for engaging with value chain workers about 
impacts 49
S2-3 Processes to remediate negative impacts and channels 
for value chain workers to raise concerns 50
S2-4 Taking Action on material impacts on value chain 
workers, and approaches to managing material risks and 
pursuing material opportunities related to value chain workers, 
and effectiveness of those action 50
S2-5 Targets related to managing material negative impacts, 
advancing positive impacts, and managing material risks and 
opportunities 50

===== SIDA 43 =====

ITAB | Annual & Sustainability Report 2024    43ITAB | Annual & Sustainability Report 2024    43
Sustainability Report
S1 Own Workforce
Working conditions, equal treatment  
and opportunities
A diverse and inclusive workplace brings significant 
positive impacts to employees, business perfor -
mance, and company culture. We recognize the 
positive impact we have already seen within ITAB 
from the Diversity, Equity and Inclusion (DEI) area 
and see that by working more systematically with 
DEI going forward there are more opportunities in 
front of us. ITAB’s focus to date has been mainly 
related to gender split in all parts of the Group as 
well as disability inclusion. 
 E
nsuring transparent and fair working conditions 
are rooted in our employer value proposition, where 
fair and competitive rewards and employment 
terms are foundational factors. Being even stricter 
in the follow-up regarding equal pay and opportu -
nities is something we see as important, to reduce 
the potential risk of not reaching our high ambition 
level in this area. 
 An
other fundamental part of our employer value 
proposition is to offer our employees the opportu -
nity to grow and develop with the company. A key 
part in our dialogue with employees and our yearly 
employee development cycle is our appraisal talks. 
We advocate for a transparent and ongoing dia-
logue with all employees continuously, which is key 
but we also see the yearly appraisal talk as a key 
milestone in taking the time to reflect on the current 
situation, providing structured feedback and plan 
for future development. During 2024 we have seen 
positive development in both held appraisal talks 
and corresponding development plans for indivi -
duals, which we know have a positive impact on 
employee engagement and retention. There is still 
room for improvement, and we see clear positive 
opportunities ahead related to both appraisals and 
corresponding development plans and execution 
of thereof. 
During 2024, we have seen important volume and 
sales growth in many of our regions which has put 
pressure on some of our functions and individuals 
to meet the increasing demand. This is something 
that is fundamentally positive for the Group and our 
employee sentiment but also has led to increasing 
stress levels in some functions and regions. To 
address these challenges, we are focused on our 
internal communication and change manage -
ment, strengthening our focus on good leadership 
and mental health and reaffirming our commit -
ment to transparency and the well-being of our 
workforce. 
 A
ll employees in our own workforce are included 
in the scope of our disclosures. Our own workforce 
does not include self-employed people or people 
provided by third-party undertakings, primarily 
engaged in employment activities. Lastly, due to 
the nature of our operations and the jurisdictions 
covering our workforce, we are not at risk of either 
forced labour incidents or child labour incidents. 
Health & Safety (H&S)
Many of our employees work in the manufacture 
of retail interiors, predominantly using metal and 
wood. As such the workplace provides a higher risk 
than that of our offices. Rigorous risk assessment 
and safety procedures reduce the risk in these 
areas, but it is still a risk to our employees, with 
potentially high impacts.
 R
isks are the potential to cause serious injury or 
death and the severity of an accident that could 
happen. The opportunities for H&S are to decrease 
the accident rate and the severity rate over time 
through the deployment of a H&S governance 
structure and the development of a safety vision 
and strategy.
Impacts, Risks and Opportunities¹
1 ESRS 2 SBM-3

===== SIDA 44 =====

ITAB | Annual & Sustainability Report 2024    44
Working conditions, equal treatment  
and opportunities
Our commitments to our own workforce as well 
as employee obligations are outlined via global 
employee policies, country-specific policies, and 
employee handbooks. 
 Th
rough the adopted policies, we describe 
our commitments and positions in place for our 
employees as well as obligations expected from 
employees. The key policies in this area include our 
Employee Code of Conduct but also our Group Pay 
Policy. These policies are owned by the People & 
Culture organisation, with our Chief People & Sustai -
nability Officer being overall accountable for them. 
 O
ur Code of Conduct outlines ITAB Group’s 
ethical principles, behavioural expectations, and 
compliance guidelines for employees. It empha -
sizes business integrity, including zero tolerance 
for corruption, fair competition, and responsible 
business practices. The document also covers hu -
man rights and workplace environment, promoting 
diversity, fair treatment, and a safe, inclusive work 
culture. Additionally, it details sustainability com -
mitments, focusing on environmental responsibility 
and ethical supply chain management. Lastly, it 
includes guidance on reporting misconduct, with a 
whistleblowing mechanism to ensure accountabili -
ty and transparency.
 O
ur Group Pay Policy outlines the principles and 
rules that should be applied when it comes to 
compensation and benefits of our employees. It 
clearly outlines that our approach to compensa -
tion and benefits should be based upon fair and 
market-based salary levels, and it clearly states that 
no discrimination is tolerated. 
For the benefit of our stakeholders, including our 
employees, we also have a whistleblowing policy 
(with our General Counsel being accountable) that 
allows any incidents under the equal treatment 
and opportunities topics to be reported also in an 
anonymous way. 
Health & Safety (H&S)
Providing a safe workplace for all employees, con-
tractors and visitors is a key priority for ITAB and we 
maintain a zero vision. This is reflected in the Group 
Health & Safety Policy, which informs all local H&S 
policies.
 A
t present, four of the Group’s manufacturing 
sites now maintain ISO45001: Occupational health 
and safety management systems. Under these 
management systems, policies are reviewed an -
nually by local management and any changes or 
updates communicated to a Group level to inform 
any updates required at a Group level policy.
Policies²
Engaging with our own workforce is crucial for 
ITAB’s current and future success. We foster a 
culture built on transparency and trust where 
every employee should be confident in sharing 
their views and perspectives. 
We utilize different methods and processes to 
foster dialogue with our workforce including: 
1.
 L
ocal work council structures and employ-
ment relation 
2.
 L
ocal surveys and pulse checks 
3.
 L
ocal People and Culture representatives  
4.
 A
ppraisal talks between manager and 
employee 
Remedy of negative impacts and channels to 
raise concern
We work actively to ensure a safe and inclusive 
working environment in ITAB, where all employ-
ees can feel comfortable, respected and 
valued. Having a clear process for being able 
to report grievances and complaints is a cruci -
Processes for Engaging with Our Own Workforce 3, 4
ITAB | Annual & Sustainability Report 2024    44
Sustainability Report
al part of ensuring fairness, justice, and protection 
for individuals and communities. It allows people 
to seek recourse and find a solution when they 
feel that their rights have been violated, promo -
ting a more equitable and fairer workplace. If any 
employee feels they have experienced an instance 
of bullying, discrimination, or harassment, they are 
encouraged to seek support.
Employees can use various channels for raising 
their concerns or complaints e.g.: 
•
 R
eaching out to direct manager for support
•
 P
eople & Culture organisation 
•
 L
ocal anonymous engagement survey
•
 W
histleblowing channel
Regardless of the reporting mechanisms and its 
severity level, we take all incidents seriously and 
handle all cases in a professional and confidential 
manner where all parties’ needs are taken into 
consideration.
2 S1-1, 3 S1-2, 4 S1-3
S1 Own Workforce, cont.

===== SIDA 45 =====

ITAB | Annual & Sustainability Report 2024    45
Diversity, equity and inclusion (DEI)
The DEI area is broad and includes several dimen-
sions. ITAB has focused on a set of actions to date, 
to materialize the positive opportunities we have 
concluded from this: 
•
 I
ncreased share of female across white collar, 
blue collar and senior managers through more 
systematic follow up on country level, on regional 
and on group level. To ensure management 
attention on the topic but more importantly to 
share learnings and best practice across the 
Group,e.g. related to learnings regarding how to 
encourage females to blue collar roles. 
•
 I
ncreased number of people with diverse abilities 
by ensuring that our workplaces are inclusive and 
functional for all people. Over 2024 we have seen 
improvements in many of our sites related to this. 
•
 D
uring the year we have also started to improve 
our processes for handling grievances and com -
plaints, to ensure that the bar for how to handle 
these important errands is the same across the 
Group. 
Work-life balance 
To mitigate the stress levels we have seen in some 
parts of ITAB Group, e.g. given the growing volumes 
we have seen during the year, we have focused on 
a set of actions: 
•
 L
ocal initiatives to support well-being but also 
promote teamwork and the local culture.
•
 P
romoting collaboration across borders and sha -
re resources across the Group when possible.
•
 Uti
lize temporary workers to handle peaks.
Training and skill development 
The focus on appraisal talks continued during 2024 
and we see a positive development in the share 
of employees having had an appraisal talk. This 
year there has been several improvements to the 
process for our blue-collar workers which has been 
piloted in parts of the Group.  
Local training initiatives, based on the individual 
development plans from the appraisal talks, have 
continued according to already established 
procedures. On Group level the focus during 2024 
have been on Leadership development and we see 
many other learning and training topics as positive 
opportunities to focus on, on Group level going 
forward.
 W
e have also appointed a VP Group Competen-
ce & Leadership Development role, to accelerate 
the focus on this important topic even more.  
Health & Safety (H&S)
Health and safety considerations are embedded 
in ITAB’s business strategy, influencing operational 
planning, investment priorities, and workforce ma -
nagement. Regular risk assessments and incident 
analyses inform leadership decisions, ensuring 
continuous safety improvements across all facilities. 
Employee feedback from the 2024 sustainability 
survey has further shaped ITAB’s safety priorities, 
leading to the planned development of a robust 
accident investigation tool and a group-wide safety 
framework in 2025. These measures reinforce ITAB’s 
commitment to integrating workplace safety into 
strategic decision-making, aligning with its Vision 
Zero objective and long-term business resilience.
Actions on Material Impacts 5
Working conditions, equal treatment  
and opportunities
ITAB tracks the progress on our key metrics on 
local level, regional level, Group level and the 
Board of Directors. 
ITAB has a gender target centred  
around the following: 
Maintaining a balanced workforce where 
neither gender represents more than 60 per-
cent across all departments and management 
levels. We are currently measuring this metric 
for blue collar, white collar and senior mana-
gers. We are doing progress in many areas, 
even if the overall Group result indicate a slight 
reduction 2024, but there is still a clear room for 
improvement and advancement in this area. 
Moreover, we have a zero vision when it 
comes to harassment and violence, where the 
current situation indicates that also here, we 
have more work to do. We also follow short-term 
sick leave and employee turnover closely.
 E
mployee satisfaction would also be a key 
metric in this area and ITAB is looking into 
launching a groupwide employee survey 
during 2025.
Health & Safety (H&S)
ITAB has maintained its zero-fatality rate in 
2024. However, in 2024 there were 59 lost time 
accidents giving a total frequency rate (TFR, 
incidents per million hours) of 11.60 (8.23) and 
a lost time severity rate (LTSR) of 0.25 (0.28) from 
1,271 lost hours in 2024 (1,285).
 1
00 percent of employees are covered by a 
Health & Safety Management System. Internal 
audits and ISO45001 external audits certify the 
validity of the management system.
 O
ur long-term ambition is reducing lost 
time accidents to zero. In the short-term ITAB is 
focusing on reducing the TFR and the LTSR on 
the way to achieving the Zero vision. Short- and 
medium-term goals will be set during 2025. Our 
long-term goal is zero lost time accidents.
Performance Metrics and Targets 6
ITAB | Annual & Sustainability Report 2024    45
Sustainability Report
100%
of ITABs employees are 
covered by a Health & Safety 
Management System
Maintaining a 
balanced workforce 
where neither 
gender represents 
more than 60 
percent across all 
departments and 
management levels. 
5 S1-4, 6 S1-5
Gender balance targets:
S1 Own Workforce, cont.

===== SIDA 46 =====

ITAB | Annual & Sustainability Report 2024    46
Our workforce primarily consists of permanent 
employees, which helps attract and retain top 
talent, creating a knowledgeable and experien -
ced team. This allows us to continuously invest 
in employee development and the reciprocal 
approach ensures continuity and operational 
effectiveness. 
S1-6 Characteristics of the undertaking’s employees
ITAB | Annual & Sustainability Report 2024    46
Sustainability Report
Gender and Contract Type
Headcount of employees  
as of 31 December 2024 Permanent Temporary Non-Guaranteed hours
Female 681 672 9 0
Male 1,842 1,823 19 0
Other 0 0 0 0
Non-disclosed 0 0 0 0
Total 2,523 2,495 28 0
Contract Type and Geographical Distribution
Headcount of  
employees Temporary
Non-Guaranteed 
Hours
Total headcount 
as of 31 Dec 2024
Argentina 79 0 0 79
Chile 1 0 0 1
China & Hong Kong 268 0 0 268
Czechia 390 0 0 390
Denmark 24 0 0 24
Estonia 8 0 0 8
Finland 145 1 0 146
France 34 0 0 34
Germany 246 11 0 257
India 1 0 0 1
Italy 360 3 0 363
Latvia 103 0 0 103
Lithuania 148 2 0 150
Malaysia 7 0 0 7
Netherlands 66 10 0 76
Norway 159 0 0 159
Poland 10 0 0 10
Spain 10 1 0 11
Sweden 264 0 0 264
UAE 7 0 0 7
UK 160 0 0 160
USA 5 0 0 5
Total 2,495 28 0 2,523
Employee Characteristics
Turnover Rate
Employee turnover rate 2024
Rate 14.5%
Number of Employees 2,523
2,523
Headcount of 
Employees in 2024
S1 Own Workforce, cont.

===== SIDA 47 =====

ITAB | Annual & Sustainability Report 2024    47ITAB | Annual & Sustainability Report 2024    47
  Women 27%
  Men 73%
Employees  
by gender
  Under 30 years 12%
  30 to 49 years 55%
  50 years and above 33%
Employees  
by age
Sustainability Report
Contracted labour allows our facilities to flex 
to respond to customer requirements.
Headcount of non-employee in ITAB workforce
Female 6
Male 35
Total 41
Social dialogue and the right of association are all 
covered in the ITAB Group Code of Conduct and 
are a right for every employee.
S1-7 Characteristics of  
non-employees in the 
undertaking’s own workforce
S1-8 Collective bargaining 
coverage and social dialogue
Collective Bargining Coverage Social dialogue
Coverage rate Employees – EEA  
(for countries with >50 employees  
representing >10% total employees)
Employees – Non-EEA
(estimate for regions with >50 employees 
representing >10% total employees)
Workplace representation in  
EEA countries >50 employees only
0-19% Czechia, Latvia, Lithuania, China, UK, Czechia, Latvia, Lithuania,
20-39%  
40-59% Argentina, Norway
60-79% Germany Germany
80-100% Finland, Netherlands, Sweden  Finland, Italy, Netherlands, Sweden
As of 31 December 2024, 27.0 percent of the 
workforce identified as women, down slightly 
on the 2023 figure. Women in senior manage-
ment compromised of 20.8 percent.
Senior managers are defined as the top 
four levels of employees below the Board of 
Directors.
Senior Managers Headcount
Women 25 20.8%
Men 95 79.2%
Total 120
Age distribution
Under 30 years 305 12.1%
30-49 years 1384 54.9%
50 years and above 834 33.1%
Total 2,523  
S1-9 Diversity metrics
Permanent Temporary
Gender and country Women Men Women Men % Women
Argentina 7 72 0 0 8.9%
Chile 0 1 0 0 0.0%
China & Hong Kong 127 141 0 0 47.4%
Czechia 128 262 0 0 32.8%
Denmark 5 19 0 0 20.8%
Estonia 2 6 0 0 25.0%
Finland 25 120 0 1 17.1%
France 11 23 0 0 32.4%
Germany 43 203 3 8 17.9%
India 0 1 0 0 0.0%
Italy 89 271 0 3 24.5%
Latvia 26 77 0 0 25.2%
Lithuania 25 123 1 1 17.3%
Malaysia 2 5 0 0 28.6%
Netherlands 10 56 5 5 19.7%
Norway 39 120 0 0 24.5%
Poland 3 7 0 0 30.0%
Spain 4 6 0 1 36.4%
Sweden 83 181 0 0 31.4%
UAE 1 6 0 0 14.3%
UK 37 123 0 0 23.1%
USA 5 0 0 0 100.0%
Total 672 1,823 9 19 27.0%
S1 Own Workforce, cont.

===== SIDA 48 =====

ITAB | Annual & Sustainability Report 2024    48ITAB | Annual & Sustainability Report 2024    48
Sustainability Report
S1-10 Adequate wages
ITAB pays its employees adequate wages, in line with all applica -
ble benchmarks in all countries.
S1-11 Social protection
ITAB ensures that our employees are covered against loss of inco-
me due to major life-changing events, such as sickness, occupa -
tional injury, redundancy, parental leave, and retirement.
S1-12 Persons with disabilities
Due to legal restrictions under the EU General Data Protection Re-
gulation (GDPR) covering all EU member states and EEA countries, 
as well as similar principles of personal data protection through 
national legislation in the countries the Group operates in outside 
the EU and EEA, we are unable to report on the number of persons 
with disabilities within our organisation.
S1-13 Training and skills development metric
ITAB cannot currently provide the number of training hours per 
employee and will determine how this can be done through 2025.
Total appraisals by gender
Appraisals
Headcount as of  
31 Dec 2024
Women 463 681 68.0%
Men 1,314 1,842 71.3%
Total 1,777 2,523 70.4%
S1-14 Health & safety metrics
Health & safety 2024
Percentage of employees covered by Health & Safety Management System 100%
Percentage of temporary employees covered by Health & Safety Management System 100%
Number of fatalities as a result of work-related injuries and work-related ill health 0
Number of recordable work-related accidents 59
Rate of recordable work-related accidents 11.6 per million hours
Number of cases of recordable work-related ill health  0
Number of days lost due to work-related injuries from work-related accidents 1,271
Due to GDPR restrictions, which apply to all EU member states and EEA 
countries, we cannot differentiate between occupational diseases as 
outlined by the International Labour Organization (ILO). Consequently, 
we report on all recorded sickness without distinguishing between 
work-related and non-work-related cases.
Sick leave, %
Short Term 2.3%
Long Term 1.7%
Total 4.0%
S1-15 Work-life balance metrics
 Female Female Male Male % of total
Family related leave - Entitled 681 100.0% 1,842 100.0% 100.0%
Family related leave - Taken 74 10.9% 90 4.9% 6.5%
S1-16 Remuneration metrics
Our reporting is based on the remuneration of the highest-earning 
employee compared to employees in ITAB.
Total Annual Renumeration 2024
Renumeration Ratio 1:69.7
S1-17 Incidents, complaints and severe  
human rights impacts
We address all discrimination incidents and complaints filed within 
ITAB through formal channels. Given the sensitive nature of these 
matters, we do not disclose details about the incidents. Each report or 
complaint is handled with the highest level of confidentiality. Our grie -
vance mechanisms ensure that employees can report any incident 
confidently and securely.
 N
o fines and penalties related to discrimination were registered in 
2024. We remain dedicated to complying with all relevant regulations 
and upholding the integrity of our business practices. In 2024, no 
severe human rights incidents relating to our workforce occurred, and 
consequently, no fines, penalties, or compensation related to severe 
human rights incidents were registered.
Number
Total number of incidents of discrimination 4
Number of complaints filed through channels and grievance mechanisms 7
Total amount of fines, penalties, and compensation 
for damages as a result of the incidents and complaints 0 SEK
Number of severe human rights incidents 0
Non-respect of the UN Guiding Principles on Business and Human Rights, ILO 
Declaration on Fundamental Principles and Rights at Work or OECD Guideli-
nes for Multinational Enterprises Incidents 0
S1 Own Workforce, cont.

===== SIDA 49 =====