Årsredovisning 2024

ITAB | Annual & Sustainability Report 2024    49
S2 Workers in the Value Chain
ITAB is committed to building a robust ecosystem 
of partners and suppliers that enables us to deliver 
comprehensive solutions to our customers while en -
hancing efficiency, reducing lead times, improving 
quality, and minimizing waste. At the same time, 
we prioritize social sustainability across our value 
chain, ensuring that our business practices do not 
compromise human rights or fair labour conditions.
Our commitment is embedded in three of ITAB’s 
seven strategic pillars:
•
 D
eveloping an Ecosystem of Partners – fostering 
strong, responsible relationships with suppliers 
and stakeholders.
•
 S
ustainable Future – ensuring long-term, ethical, 
and environmentally responsible business prac -
tices.
•
 E
xcellence in Operations – optimizing supply 
chain processes to improve quality and efficien -
cy while upholding ethical standards.
As part of the double materiality assessment it iden -
tified the following material topics related to workers 
in the value chain:
•
 W
orkers in the value chain, upstream working 
conditions – ensuring fair wages, safe workpla -
ces, and ethical labour practices.
•
 W
orkers in the value chain, upstream equal 
treatment and opportunities for all – preventing 
discrimination and promoting diversity and 
inclusion.
•
 W
orkers in the value chain, other work-related 
rights, upstream child and forced labour – 
mitigating the risk of human rights violations, 
particularly in high-risk regions.
ITAB ensures that working conditions, equal tre-
atment, and child/forced labour protections are 
fully integrated into our Supplier Code of Conduct, 
which is derived from our overarching Group Code 
of Conduct to maintain consistency across the 
value chain. These commitments are further reinfor -
ced through our Group Sustainable Procurement 
Policy.
Local Compliance Measures:
•
 I
n Germany, we have implemented a policy 
aligned with the Supply Chain Act.
•
 I
n Norway, we comply with the Transparency Act 
to ensure greater supply chain accountability.
•
 I
n the UK, ITAB has adopted a Modern Slavery 
Policy in line with local legislation, which is public -
ly available on our website.
To ensure supplier compliance, ITAB has 
implemented:
•
 S
upplier audits and due diligence processes to 
monitor adherence to these policies.
•
 Gri
evance mechanisms and reporting channels 
to identify and address violations.
•
 P
erformance Indicators (KPIs) and monitoring 
frameworks to assess policy effectiveness and 
track progress.
Through these measures, ITAB is committed to 
enhancing labour rights, promoting fair working 
conditions, and ensuring responsible sourcing 
across all regions of operation.
While a significant portion of ITAB’s upstream value 
chain is based in Europe, our supply chain includes 
partners in South America and China, where the 
risks related to working conditions, forced labour, 
and human rights violations may be heightened. To 
address these risks, ITAB is implementing a proacti-
ve due diligence framework that includes:
•
 S
upplier audits and compliance monitoring to 
assess labour conditions.
•
 R
isk assessments based on geographical and 
industry-specific factors.
•
 C
ollaboration with suppliers to drive improve -
ments through training, corrective action plans, 
and capacity-building initiatives.
•
 A g
rievance mechanism to enable workers in the 
value chain to report labour rights violations.
Beyond risk mitigation, we recognize opportunities 
to enhance transparency and accountability within 
our value chain. By strengthening supplier enga -
gement and implementing traceability measures, 
ITAB aims to:
•
 I
mprove visibility into potential social impacts 
across the value chain.
•
 Al
ign with emerging regulatory requirements, 
such as the Corporate Sustainability Due Diligen -
ce Directive (CSDDD), by adopting best practices 
globally - not just in Europe.
•
 S
trengthen our brand reputation and create 
a competitive advantage by demonstrating 
leadership in ethical sourcing and responsible 
supply chain management.
By embedding these principles into our strategy, 
ITAB is not only ensuring compliance with interna-
tional sustainability standards but also enhancing 
long-term business resilience and stakeholder trust.
Impacts, Risks and Opportunities¹ Policies ²
ITAB | Annual & Sustainability Report 2024    49
Sustainability Report
1 ESRS 2 SBM-3, 2 S2-1, 3 S2-2
For the supply chain ITAB has local procurement 
functions in place in country which will regularly 
engage with the suppliers in their local supply 
chain. Local procurement professionals will condu -
ct supplier audits on selected suppliers, presenting 
them an opportunity to see the facilities and the 
workers within.
 A
t a Group level there are category managers 
who generally manage the relationships with supp -
liers that serve multiple countries. Suppliers’ audits 
are scheduled and carried out on a rotating basis.
 B
oth category managers and local procurement 
will audit focusing on health & safety standards 
within the facility, labour & human rights and ethics 
policies, training of workers, procurement policies 
and practices, amongst other things to ensure a 
high level of understanding of the supply chain.
 A
ny issues identified with the audit will require a 
timebound improvement plan developed in con -
junction with the supplier. ITAB has a tier approach 
to suppliers, approved, preferred and partner, 
which are defined in our sustainable procurement 
policy.
 S
uppliers and their workers also have access to 
the ITAB whistleblowing service for identification 
of breaches of the code of conduct. In 2024 there 
were no reported cases from the supply chain.
 I
n 2024 a survey of all category managed 
suppliers was conducted looking for alignment of 
material impacts, risks and opportunities. Suppliers 
were invited to review ITAB’s double materiality 
analysis and highlight how it overlapped with theirs, 
so potential synergies could be developed in the fu-
ture. This information is also reflected back into our 
DMA as suppliers are a key stakeholder. In turn this 
is included in the periodic reviews of the strategy 
and business model.
Processes for Engaging with Our 
Value Chain Workforce ³

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Sustainability Report
ITAB applies a risk-based due diligence process to 
assess potential suppliers before onboarding. This 
includes:
•
 A p
re-selection questionnaire to evaluate key ESG 
risks.
•
 A r
isk assessment framework that assigns risk ratings 
based on factors such as geographical location, 
industry sector, and previous compliance history.
•
 A s
pecific assessment of forced and child labour 
risks, ensuring that suppliers do not pose a high risk 
for human rights violations before approval.
To further enhance compliance with local regulations, 
ITAB has implemented targeted actions in Norway and 
Germany to align with:
•
 Th
e Transparency Act (Norway) – increasing supply 
chain visibility and accountability.
•
 Th
e Supply Chain Act (Germany) – ensuring suppliers 
adhere to mandatory human rights and environmen -
tal due diligence requirements.
Future Developments & Strengthening Due Diligence
Starting in 2025, ITAB will enhance its supplier due dili -
gence processes to align with the upcoming Corporate 
Sustainability Due Diligence Directive (CSDDD), which 
takes effect in 2027. This will include:
•
 Re
fining risk assessment criteria to align with new 
CSDDD standards.
•
 E
xpanding supplier questionnaires to incorporate 
additional sustainability and human rights factors.
•
 I
ntroducing on-site audits for medium- and high-
risk suppliers to verify compliance with social and 
environmental standards.
•
 D
eveloping supplier engagement programs to sup -
port continuous improvement and corrective action 
where risks are identified.
By strengthening our risk assessment and due diligence 
framework, ITAB is committed to ensuring ethical 
sourcing, minimizing human rights risks, and proactively 
preparing for evolving regulatory requirements.
Within the value chain 100 percent of category 
managed suppliers have signed the Supplier Code 
of Conduct and 100 percent of the targeted onsite 
audits were completed for 2024. Short-, medium- 
and long-term goals will be developed through 
2025. In total 14 audits of category managed 
suppliers were made and 22 improvement actions 
agreed.
 T
here have been no identified child and forced 
labour incidents in the value chain in 2024. ITAB’s 
target is to have no cases linked to child and forced 
labour through our value chain.
Actions on Material Impacts 4, 5 Performance Metrics and Targets 6
4 S2-3, 5 S2-4, 6 S2-5
S2 Workers in the Value Chain, cont.

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Sustainability Report
Governance 
information
At ITAB, strong governance ensures ethical business 
practices, transparency, and compliance with the 
European Sustainability Reporting Standards (ESRS). 
Sustainability is integrated into decision-making, with 
oversight from the Board and Group Management. 
Our framework includes risk management, 
responsible business conduct, and due diligence to 
uphold human rights, environmental standards, and 
corporate ethics across our value chain. Through 
continuous improvement, we enhance stakeholder 
trust and drive sustainable performance.
G1 Business Conduct
ESRS 2 GOV-1 The role of the administrative,  
management and supervisory bodies 51
ESRS 2 IRO-1 Description of the processes to identify and assess materi-
al impacts, risks and opportunities 51
G1-1 Business conduct policies and corporate culture 52
G1-2 Management of relationships with suppliers 52
G1-3 Prevention and detection of corruption and bribery 52
G1-4 Incidents of corruption or bribery 53
G1-5 Political influence and lobbying activities 53
G1-6 Payment practices 53
G1 Business Conduct
The Board of Directors oversees Governance as they do 
will all aspects of sustainability. The Audit Committee within 
the Board applies oversight to sustainability reporting 
including reporting required under the governance 
heading, Group Management are responsible for strategy 
to achieve the sustainability goals, and key members of 
Group Management are responsible for deployment of 
activities through the organisation. More information can 
be found on page 18 where ESRS 2 GOV 1 is described in 
more detail.
 E
thical business conduct is fundamental to ITAB’s busi-
ness model, which relies on both our own workforce and 
workers in the value chain. Compliance with legislation 
and international guidelines is a priority, not only to mitiga -
te legal and financial risks but also to maintain an efficient 
and skilled workforce. A strong corporate culture is key to 
safeguarding employees and stakeholders from human 
rights violations, preventing corruption, and protecting 
whistleblowers. Beyond legal obligations, these commit -
ments are essential to sustaining our license to operate, 
strengthening our internal social strategy, and achieving 
long-term commercial success.
 Th
e identification of IROs within the Governance 
standard are carried out on the basis of the insights from 
Group Legal and their knowledge of ITAB Group. The 
assessment rests on initial engagement with relevant 
stakeholders. In addition such rules and regulations as the 
EU Whistleblower Directive, UK Bribery Act 2019, current and 
upcoming EU anti-corruption legislation and the OECD 
Guidelines on Multinational Enterprises were consolidated 
and assessed against our current practices.
As part of the double materiality assessment ITAB identified 
the following material impacts, risks and opportunities:
•
 Bu
siness conduct, corruption and bribery, prevention, 
detection including training 
•
 Bu
siness conduct, protection of whistleblowers
Impacts, Risks and Opportunities 1, 2 
1 ESRS 2 GOV-1, 2 ESRS 2 IRO-1

===== SIDA 52 =====

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Sustainability Report
Anti-Corruption Policy
Building on the Group Code of Conduct, ITAB has a 
dedicated Anti-Corruption Policy, accessible to all 
employees via the ITAB intranet. This policy expands 
on key principles, detailing guidelines for travel, 
training conferences, and promotional events to 
prevent conflicts of interest. Mandatory training pro-
grams reinforce ethical behaviour across all levels 
of the organization.
Whistleblower Policy
ITAB encourages employees, business partners, 
and stakeholders to report any suspected violations 
of our Code of Conduct through a confidential 
whistleblowing service. The system plays a crucial 
role in mitigating risks, strengthening corporate 
ethics, and maintaining public trust.
Whistleblowing reports can cover:
•
 I
llegal activities, financial crimes, bribery, and 
corruption.
•
 C
ompetition law breaches and environmental 
offenses.
•
 W
orkplace safety concerns affecting employee 
well-being.
All reports are investigated confidentially and resol -
ved without undue delays. The policy strictly prohi -
bits retaliation against whistleblowers, ensuring a 
secure reporting environment.
 I
n late 2023, ITAB updated and relaunched the 
whistleblowing system, followed by awareness cam -
paigns and training throughout 2024 to enhance 
accessibility and effectiveness.
By embedding strong governance policies, 
compliance mechanisms, and ethical safeguards, 
ITAB fosters a transparent, responsible, and legally 
compliant corporate culture.
ITAB Group is committed to fair and responsible 
supplier management. Our procurement processes 
follow a standard practice of adhering to each 
supplier’s agreed payment terms, ensuring that 
all payments are made in full compliance with the 
original contract. As payment terms vary significant-
ly because we have grown and acquired various 
company over the years, ITAB will work throughout 
2025 to establish standardized payment terms that 
promote consistency and fairness across our supply 
chain.
ITAB is committed to preventing corruption and 
bribery, which is why we have implemented 
an Anti-Bribery and Anti-Corruption Policy that 
supports our Code of Conduct and upholds high 
ethical standards while ensuring compliance with 
relevant laws. The policy offers clear guidelines on 
the giving and receiving of gifts and hospitality, 
ensuring they do not serve as attempts to unduly 
influence decisions, and promotes transparency in 
all business activities and interactions.
 T
o prevent bribery and corruption within our 
operations, we have established procedures to ma-
intain continuous oversight of company expenses. 
A key element of these procedures is our approval 
system, which requires superior approval for any 
gifts, meals, or other forms of hospitality offered or 
received. This process ensures that all transactions 
align with our principles and fosters an environment 
of accountability and transparency.
 An
y allegations or incidents suggesting potential 
violations of our Anti-Bribery and Anti-Corruption 
Policy, or actions covered by anti-bribery and 
anti-corruption laws, will be promptly investigated 
by Group Legal if reported internally. If reported 
through our Whistleblowing System, the investiga -
tion will be conducted in line with our established 
procedures for handling whistleblower reports.
 I
f a violation is confirmed, it is immediately 
addressed, and appropriate corrective actions are 
implemented. Additionally, all outcomes, findings, 
and decisions from the investigation are reported 
to the relevant management, Group Management, 
as well as to the Board of Directors. Incidents of 
corruption and bribery within the value chain are 
reported to the Group Management and the Board 
of Directors as part of our regular internal reporting.
G1-2 Management of relationships  
with suppliers
G1-3 Prevention and detection of 
corruption and bribery
ITAB Group Code of Conduct
ITAB Group’s Code of Conduct applies to all employ-
ees, board members (executive and non-executive), 
and subsidiaries. It defines our commitment to legal 
compliance, ethical business conduct, and integrity 
across all operations and jurisdictions. The policy is 
publicly available on our website.
 O
ur business conduct principles emphasize fair 
and honest relationships, respect, and zero tole-
rance for corruption and cartel activities. ITAB also 
remains politically neutral in all markets. Compli -
ance is monitored through internal reviews, audits, 
and reporting mechanisms, with corrective actions 
taken in cases of violations.
Supplier Code of Conduct
In 2022, ITAB updated its Supplier Code of Conduct, 
aligning it with ISO20400:2017 Sustainable Procu-
rement standards. The policy outlines mandatory 
legal and ethical requirements, including:
•
 C
ompliance with anti-corruption, bribery, and 
environmental laws.
•
 F
air operating practices, including rules on hospi -
tality, gifts, and expenses.
•
 Re
gular supplier assessments and audits to 
ensure adherence.
Non-compliance may result in corrective action plans 
or termination of business relationships, ensuring 
ethical sourcing and sustainable procurement.
Policies ³
3 G1-1, 4 G1-2, 5 G1-3
G1 Business Conduct, cont.
Our business conduct 
principles emphasize fair 
and honest relationships, 
respect, and zero tolerance 
for corruption and cartel 
activities.

===== SIDA 53 =====

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Sustainability Report
ITAB does not take part in political influencing and 
lobbying activities.
During 2024 it has not been possible to calculate 
the average time to pay an invoice. There are 
currently no legal proceedings for late payments. 
Through 2025 ITAB will develop a methodology for 
measurement average payment time.
G1-4 Incidents of corruption or bribery
G1-5 Political influence and 
lobbying activities
G1-6 Payment practices
2024
Number of convictions for violation of anti-corruption and anti-bribery laws 0
Amount fines from violation of anti-corruption and anti-bribery laws 0 SEK
Number of errands reported through whistleblowing 6
Number of confirmed incidents of corruption and bribery from whistleblowing errands 0
A strong corporate culture is key 
to safeguarding employees and 
stakeholders from human rights 
violations, preventing corruption, 
and protecting whistleblowers. 
G1 Business Conduct, cont.

===== SIDA 54 =====

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Sustainability Report
ESG Accounting Policy
Reporting scope
All ITAB companies in all geographical locations.
Reporting framework
The sustainability statement has been structured in 
preparation for compliance with the Corporate Sus -
tainability Reporting Directive (CSRD) and the Euro -
pean Sustainability Reporting Standards (ESRS).
Definitions
Climate
•
 CO2e scope 1 is calculated as combusted fuel 
type x conversion factor per fuel type. Calcula -
tions have been done in line with GHG Protocol 
using WRI GHG Protocol Emission Factor from 
Cross Sector Tools (March 2017). 
•
 CO2e scope 2 is calculated as purchased MWh 
x conversion factor by country from carbonfoot-
print.com.
•
 E
lectricity is the billed amount in MWh amount 
from the energy provider.
•
 N
atural Gas is either kWh directly from the energy 
provider, or where not available m³ multiplied 
by the calorific value of the gas multiplied by 
1.02264 divided by 3.6 to convert to kWh
•
 G
HG intensity based on net revenue has been 
calculated as gross scope 1, scope 2 market-ba-
sed emissions divided by reported net revenue in 
SEK million.
Circular Economy
•
 W
aste is the collated sum taken from waste trans-
fer notes and sorted using disposal codes.
•
 U
sing the same data, streams are sorted and 
totaled.
Own Workforce
•
 H
eadcount is the total of people employed on 
31 December 2024 in a contract with ITAB. This 
includes permanent and temporary workers 
directly employed by ITAB. Permanent is defined 
as being employed by ITAB with no fixed end 
date of employment. Temporary is defined and 
employed by ITAB but with a pre-determined end 
date usually linked to project or a cover for a 
permanent employee.
•
 E
mployee turnover rate is the cumulative number 
of people on ITAB contracts that have left ITAB 
divided by the average number of employees in 
the reporting period (1 January – 31 December 
2024) calculated as closing headcount 2023 ad-
ded to the closing headcount 2024 divided by 2.
•
  C ontractors are classified as non-employees. 
They do not hold an ITAB contract, but their 
labour contributes to ITAB. The headcount of 
non-employees is the number of people employ -
ed this way on 31 December 2024.
•
 C
ollective bargaining is calculated by aggre -
gating the total number of employees covered 
by collective bargaining agreements in the 
reporting period, excluding contractors, and 
dividing this total by the number of employees 
in ITAB.
•
 S
enior Managers are defined as the top four 
levels of management in the ITAB hierarchy. 
•
 G
ender distribution is calculated by summing 
the total aggregated headcount of both women 
and men, respectively, in senior management 
and dividing by the combined headcount of 
women and men in senior management.
•
 Th
e age distribution of employees is calculated 
by aggregating the total headcount of employ-
ees under 30 years (29 or younger), employees 
between 30 and 49 years (30 to 49), and employ-
ees aged 50 years or above. This calculation is 
based on an actual headcount on 31 December 
2024.
•
 Th
e percentage of employees participating in 
performance appraisals is calculated using the 
total employee headcount from the S1-6 disclosu-
re as the denominator.
•
 W
ork related fatalities are the number of deaths 
occurring from work related injuries or ill health, 
occurring to an ITAB employee in the reporting 
period.
•
 W
ork related accidents are the number of lost 
time accidents from work related injuries or ill 
health, occurring to an ITAB employee in the 
reporting period.
•
 Th
e accident rate is calculated using the number 
of lost time accidents, divided by the hours wor-
ked and multiplied by 1 million to provide a rate 
per million hours worked. 
•
  S ick leave is the total number of short-term hours 
lost plus the total number of long-term sick hours 
lost due to illness, divided by the total scheduled 
hours. Short term is defined as 30 calendar days 
and long term is equal to or greater than 30 
days,
•
 F
amily-related leave includes leave for caring for 
sick children or relatives, maternity leave, pater-
nity leave, parental leave, breastfeeding, birth, 
and adoption.
•
 R
emuneration Ratio was calculated by using 
the numerator from the financial reports, Note 8, 
which shows the total remuneration of the CEO, 
including base salary, benefits, bonuses, short 
and long term and pension. The denominator is 
the median of the total compensation for each 
individual employee minus that of the CEO.
Business Conduct
•
 C
onvictions for violations of anti-corruption and 
anti-bribery laws which is determined during the 
financial year.
•
 F
ines for violations of anti-corruption and anti-bri -
bery laws are determined by a court of law 
during the financial year.
•
 T
he number of reports received through the 
Whistleblower System during the year is based 
on information and confirmation by our legal 
department at the end of the year.

===== SIDA 55 =====

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Sustainability Report
ESRS 2 Appendix B
Disclosure requirement  
and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference
EU climate  
law reference
Material/
not material Page reference
ESRS 2 GOV-1 Board’s gender diversity 
paragraph 21 (d)
Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation 
(EU) 2020/1816, Annex II
Material 18
ESRS 2 GOV-1 Percentage of board mem-
bers who are independent paragraph 
21 (e)
Delegated Regulation (EU) 
2020/1816, Annex II
Material 84
ESRS 2 GOV-4 Statement on due diligence 
paragraph 30
Indicator number 10 Table #3 of Annex I Material 19
ESRS 2 SBM-1 Involvement in activities 
related to fossil fuel activities paragraph 
40 (d) i
Indicators number 4 Table #1 of Annex I Article 449a Regulation (EU) No 575/2013: Commission 
Implementing Regulation (EU) 2022/2453 Table 1: Qualitative 
information on Environmental risk and Table 2: Qualitative 
information on Social risk
Delegated Regulation (EU) 
2020/1816, Annex II
Not material
ESRS 2 SBM-1 Involvement in activities 
related to chemical production paragraph 
40 (d) ii
Indicator number 9 Table #2 of Annex I Delegated Regulation (EU) 
2020/1816, Annex II
Not material
ESRS 2 SBM-1 Involvement in activities rela-
ted to controversial weapons paragraph 
40 (d) iii
Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) 
2020/1818, Article 12(1) Delegated 
Regulation (EU) 2020/1816, Annex II
Not material
ESRS 2 SBM-1 Involvement in activities 
related to cultivation and production of 
tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 
2020/1818, Article 12(1) Delegated 
Regulation (EU) 2020/1816, Annex II
Not material
ESRS E1-1 Transition plan to reach climate 
neutrality by 2050 paragraph 14
Regulation (EU) 
2021/1119, Article 2(1)
Material 36
ESRS E1-1 Undertakings excluded from Pa-
ris-aligned Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013; Commission Imple-
menting Regulation (EU) 2022/2453 Template 1: Banking book 
Climate Change transition risk: Credit quality of exposures by 
sector, emissions and residual maturity
Delegated Regulation (EU) 
2020/1818, Article12.1 (d) to (g), and 
Article 12.2
Not material
ESRS E1-4 GHG emission reduction targets 
paragraph 34
Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Imple-
menting Regulation (EU) 2022/2453 Template 3: Banking book 
– Climate change transition risk: alignme- nt metrics
Delegated Regulation (EU) 
2020/1818, Article 6
Material 37
ESRS E1-5 Energy consumption from fossil 
sources disaggregated by sources (only 
high climate impact sectors) paragraph 38
Indicator number 5 Table #1 and Indicator
n. 5 Table #2 of Annex 1
Not Material
ESRS E1-5 Energy consumption and mix 
paragraph 37
Indicator number 5 Table #1 of Annex 1 Material 37
ESRS E1-5 Energy intensity associated with 
activities in high climate impact sectors 
paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 Not Material
ESRS E1-6 Gross scope 1, 2, 3 and Total GHG 
emis- sions paragraph 44
Indicators number 1 and 2 Table #1 of 
Annex 1
Article 449a; Regulation (EU) No 575/2013; Commission Imple-
menting Regulation (EU) 2022/2453 Template 1: Banking book 
– Climate change transition risk: Credit quality of exposures by 
sector, emissions and residual maturity
Delegated Regulation (EU) 
2020/1818, Article 5(1), 6 and 8(1)
Material 37
ESRS E1-6 Gross GHG emissions intensity 
paragraphs 53 to 55
Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Imple-
menting Regulation (EU) 2022/2453 Template 3: Banking book 
– Climate change transition risk: alignment metrics
Delegated Regulation (EU) 
2020/1818, Article 8(1)
Material 37
ESRS E1-7 GHG removals and carbon 
credits paragraph 56
Regulation (EU) 
2021/1119, Article 2(1)
Not material

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Disclosure requirement  
and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference
EU climate  
law reference
Material/
not material Page reference
ESRS E1-9 Exposure of the benchmark 
portfolio to climate-related physical risks 
paragraph 66
Delegated Regulation (EU) 
2020/1818, Annex II Delegated
Regulation (EU) 2020/1816, Annex II
Not material
ESRS E1-9 Disaggregation of monetary 
amounts by acute and chronic physical 
risk paragraph 66 (a) ESRS E1-9 Location of 
significant assets at material physical risk 
paragraph 66 (c).
Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 paragraphs 46 and 
47; Template 5: Banking book - Climate change physical risk: 
Exposures subject to physical risk.
Not material
ESRS E1-9 Breakdown of the carrying value 
of its real estate assets by energy-efficiency 
classes paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013; Commission Imple-
menting Regulation (EU) 2022/2453 paragraph 34;Template 
2:Banking book -Climate change transition risk: Loans collatera-
lised by immovable property - Energy efficiency of the collateral
Not material
ESRS E1-9 Degree of exposure of the 
portfolio to climate-related opportunities 
paragraph 69
Delegated Regulation (EU) 
2020/1818, Annex II
Not material
ESRS E2-4 Amount of each pollutant 
listed in Annex II of the E-PRTR Regulation 
(European Pollutant Release and Transfer 
Register) emitted to air, water
and soil, paragraph 28
Indicator number 8 Table #1 of Annex 1
Indicator number 2 Table #2 of Annex 1
Indicator number 1 Table #2 of Annex 1
Indicator number 3 Table #2 of Annex 1
Not material
ESRS E3-1 Water and marine resources 
paragraph 9
Indicator number 7 Table #2 of Annex 1 Not material
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 Not material
ESRS E3-1 Sustainable oceans and seas 
paragraph 14
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E3-4 Total water recycled and reused 
paragraph 28 (c)
Indicator number 6.2 Table #2 of Annex 1 Not material
ESRS E3-4 Total water consumption in 
m3 per net revenue on own operations 
paragraph 29
Indicator number 6.1 Table #2 of Annex 1 Not material
ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not material
ESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not material
ESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable land / agriculture 
practices or policies paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable oceans / seas practi-
ces or policies paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E4-2 Policies to address deforestation 
paragraph 24 (d)
Indicator number 15 Table #2 of Annex 1 Not material
ESRS E5-5 Non-recycled waste paragraph 
37 (d)
Indicator number 13 Table #2 of Annex 1 Material 40
ESRS E5-5 Hazardous waste and radioactive 
waste paragraph 39
Indicator number 9 Table #1 of Annex 1 Material 40
ESRS 2- SBM3 - S1 Risk of incidents of forced 
labour paragraph 14 (f)
Indicator number 13 Table #3 of Annex I Not material
ESRS 2- SBM3 - S1 Risk of incidents of child 
labour paragraph 14 (g)
Indicator number 12 Table #3 of Annex I Not material
ESRS 2 Appendix B, cont.

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ITAB | Annual & Sustainability Report 2024    57ITAB | Annual & Sustainability Report 2024    57
Sustainability Report
Disclosure requirement  
and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference
EU climate  
law reference
Material/
not material Page reference
ESRS S1-1 Human rights policy commit-
ments paragraph 20
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex I
Material 44
ESRS S1-1 Due diligence policies on issues 
addressed by the fundamental Internatio-
nal Labor Organisation Conventions 1 to 8, 
paragraph 21
Delegated Regulation (EU) 
2020/1816, Annex II
Material 44
ESRS S1-1 processes and measures for 
preventing trafficking in human beings 
paragraph 22
Indicator number 11 Table #3 of Annex I Material 44
ESRS S1-1 workplace accident prevention 
policy or management system paragraph 
23
Indicator number 1 Table #3 of Annex I Material 44
ESRS S1-3 grievance/complaints handling 
mechanisms paragraph 32 (c)
Indicator number 5 Table #3 of Annex I Material 44
ESRS S1-14 Number of fatalities and 
number and rate of work-related accidents 
paragraph 88 (b) and (c)
Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 
2020/1816, Annex II
Material 48
ESRS S1-14 Number of days lost to injuries, 
accidents, fatalities or illness paragraph 
88 (e)
Indicator number 3 Table #3 of Annex I Material 48
ESRS S1-16 Unadjusted gender pay gap 
paragraph 97 (a)
Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 
2020/1816, Annex II
Material 48
ESRS S1-16 Excessive CEO pay ratio para-
graph 97 (b)
Indicator number 8 Table #3 of Annex I Material 48
ESRS S1-17 Incidents of discrimination 
paragraph 103 (a)
Indicator number 7 Table #3 of Annex I Material 48
ESRS S1-17 Nonrespect of UNGPs on 
Business and Human Rights and OECD 
paragraph 104 (a)
Indicator number 10 Table #1 and Indica-
tor n. 14 Table #3 of Annex I
Delegated Regulation (EU) 
2020/1816, Annex II Delegated Regu-
lation (EU) 2020/1818 Art 12 (1)
Material 48
ESRS 2- SBM3 – S2 Significant risk of child 
labour or forced labour in the value chain 
paragraph 11 (b)
Indicators number 12 and n. 13 Table #3
of Annex I
Material 49
ESRS S2-1 Human rights policy commit-
ments paragraph 17
Indicator number 9 Table #3 and Indicator
n. 11 Table #1 of Annex 1
Material 49
ESRS S2-1 Policies related to value chain 
workers paragraph 18
Indicator number 11 and n. 4 Table #3 of
Annex 1
Material 49
ESRS S2-1 Nonrespect of UNGPs on Business 
and Human Rights principles and OECD 
guidelines paragraph 19
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II Delegated Regu-
lation (EU) 2020/1818, Art 12 (1)
Material 49
ESRS S2-1 Due diligence policies on issues 
addressed by the fundamental Internatio-
nal Labor Organisation Conventions 1 to 8, 
paragraph 19
Delegated Regulation (EU) 
2020/1816, Annex II
Material 49
ESRS S2-4 Human rights issues and 
incidents connected to its upstream and 
downstream value chain paragraph 36
Indicator number 14 Table #3 of Annex 1 Material 50
ESRS 2 Appendix B, cont.

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Sustainability Report
Disclosure requirement  
and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference
EU climate  
law reference
Material/
not material Page reference
ESRS S3-1 Human rights policy commit-
ments paragraph 16
Indicator number 9 Table #3 of Annex 1 and 
Indicator number 11 Table #1 of Annex 1
Not material
ESRS S3-1 non-respect of UNGPs on Busi-
ness and Human Rights, ILO principles or 
and OECD guidelines paragraph 17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II Delegated Regu-
lation (EU) 2020/1818, Art 12 (1)
Not material
ESRS S3-4 Human rights issues and inci-
dents paragraph 36
Indicator number 14 Table #3 of Annex 1 Not material
ESRS S4-1 Policies related to consumers 
and endusers paragraph 16
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex 1
Not material
ESRS S4-1 Non-respect of UNGPs on 
Business and Human Rights and OECD 
guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II Delegated Regu-
lation (EU) 2020/1818, Art 12 (1)
Not material
ESRS S4-4 Human rights issues and inci-
dents paragraph 35
Indicator number 14 Table #3 of Annex 1 Not material
ESRS G1-1 United Nations Convention aga-
inst Corruption paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 Material 52
ESRS G1-1 Protection of whistle-blowers 
paragraph 10 (d)
Indicator number 6 Table #3 of Annex 1 Material 52
ESRS G1-4 Fines for violation of anti-cor-
ruption and anti-bribery laws paragraph 
24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II)
Material 53
ESRS G1-4 Standards of anti-corruption and 
antibribery paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 Material 53
ESRS 2 Appendix B, cont.

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ITAB | Annual & Sustainability Report 2024    59ITAB | Annual & Sustainability Report 2024    59
Sustainability Report
Global Reporting Initiative (GRI)
ITAB presents its sustainability information with 
the support of Global Reporting Initiatives’ (GRI) 
standards, core level. The Sustainability Report is 
prepared annually as a section in the Annual  
Re- port. The sustainability information presented 
has not been reviewed by an external party.
The information in the Sustainability Report is to provide a 
comprehensive overview of ITAB’s work within the framework 
of Environmental, Social, and Corporate Governance (ESG) 
sustainability. The sustainability information in this report has 
been defined and delimited on the basis of an analysis of 
ITAB’s most essential issues, and describes the impact both 
within and outside of the organization.
 G
RI’s fundamental principles for sustainability reporting form 
the basis for the preparation of ITAB’s GRI report. This includes 
consideration having been given in order to ensure good 
reporting quality and to delimit and define the content of the 
report.
 T
he index refers to ITAB's Annual Report 2024 including the 
Sustainability Report. The page references show where man -
datory standard information and selected indicators based 
on the materiality analysis are reported in this report.
Petra Axelsson
Chief Sustainability & People Officer
petra.axelsson@itab.com 
 
GRI standard
 
Disclosure
 
ESRS Discloure
Page  
reference
 
Comments
GRI 2: General Disclosures 20212-1 Organizational details 3, 97, 116
2-2 Entities included in the organization’s 
sustainability reporting
ESRS 2 BP-1 16
2-3 Reporting period, frequency and contact 
point
59
2-4 Restatements of information ESRS 2 BP-2 17 There have been no material restatements
2-5 External assurance 62
2-6 Activities, value chain and other business 
relationships
ESRS 2 SBM-1 20
2-7 Employees ESRS 2 SBM-1, ESRS S1-6 20, 47
2-8 Workers who are not employees ESRS S1-7 47
2-9 Governance structure and composition ESRS 2 GOV-1, ESRS G1 18, 52-53
2-10 Nomination and selection of the highest 
governance body
78-82
2-11 Chair of the highest governance body 84
2-12 Role of the highest governance body in 
overseeing the management of impacts
ESRS 2 GOV-1, ESRS 2 GOV-2, ESRS 2 SBM-2, 
ESRS G1
18, 19, 24-26, 
52-53
2-13 Delegation of responsibility for managing 
impacts
ESRS 2 GOV-1, ESRS 2 GOV-2 18, 19
2-14 Role of the highest governance body in 
sustainability reporting
ESRS 2 GOV-1, ESRS 2 IRO-1 18, 28
2-15 Conflicts of interest 78-82
2-16 Communication of critical concerns ESRS 2 GOV-2, ESRS G1-1 19, 52
2-17 Collective knowledge of the highest 
governance body
ESRS 2 GOV-1 18
2-19 Remuneration policies ESRS GOV-3 19, 106-109
2-20 Process to determine remuneration ESRS GOV-3 19, 106-109
2-21 Annual total compensation ratio ESRS S1-16 48
2-22 Statement on sustainable development 
strategy
ESRS SBM-1 20-22
2-23 Policy commitments ESRS GOV-4, ESRS S1-1, ESRS S2-1, ESRS G1-1 19, 44, 49, 52
2-24 Embedding policy commitments ESRS GOV-2, ESRS S1-4, ESRS S2-4, ESRS G1-1 19, 45, 50, 52
2-25 Processes to remediate negative impacts ESRS S1-1, ESRS S2-1 44, 49
2-26 Mechanisms for seeking advice and 
raising concerns
ESRS S1-3, ESRS S2-3, ESRS G1-1 44, 50, 52
2-27 Compliance with laws and regulations ESRS SBM-3, ESRS E2-4, ESRS S1-17,
ESRS G1-4
27, 48, 53 GRI 2-27 covers all significant non-compli-
ance with laws and regulations, and break-
downs by types of incidents of noncompli-
ance. ESRS requirements cover information 
on current financial effects, non-compliance 
with regards to pollution, anticorruption and 
anti-bribery, and severe human rights inci-
dents, in a number of topical standards.
2-28 Membership associations Political engagement is a sustainability 
matter for G1 covered by ESRS 1 §AR 16. 
Hence this GRI disclosure is covered by 
MDR-P , MDR-A, MDR-T, and/or as an entity-
specific metric to be disclosed according 
to ESRS 1 §11 and pursuant to MDR-M.
52-53
2-29 Approach to stakeholder engagement ESRS 2 SBM-2, ESRS S1-1, S1-2, ESRS S2-1, S2-2 24-26, 44, 49
2-30 Collective bargaining agreements ESRS S1-8 47
Statement of use: ITAB Shop Concept AB has reported the information cited in this GRI content index for the period 1 January  
to 31 December 2024 with reference to the GRI Standards. GRI used: GRI 1: Foundation 2021 Publication date: 7 April 2025

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Sustainability Report
 
GRI standard
 
Disclosure
 
ESRS Discloure
Page  
reference
 
Comments
GRI 3: Material Topics 2021 3-1 Process to determine material topics ESRS 2 SBM-1, SBM-3, IRO-1 20-23, 27, 28
3-2 List of material topics ESRS 2 SBM-3, BP-2 17, 27
3-3 Management of material topics ESRS 2 SBM-1, SBM-3, BP-2, ESRS S1-2, S1-5, ESRS S2-2, S2-4,S2-5 17, 20-23, 27, 
44, 46, 49, 50
GRI 201: Economic Performance 2016 3-3 Management of material topics ESRS G1-1, G1-3, G1-4 52-53
201-1 Direct economic value generated and distributed ESRS 2 SBM-1 20-23
201-2 Financial implications and other risks and opportunities due 
to climate change
ESRS 2 SBM-3, ESRS E1-3, E1-9 27, 36-37, 38
201-3 Defined benefit plan obligations and other retirement plans 106-109
GRI 202: Market Presence 2016 202-1 Ratios of standard entry level wage by gender compared to 
local minimum wage
ESRS S1-10 48
GRI 204: Procurement Practices 2016 204-1 Proportion of spending on local suppliers ESRS G1-2 52
GRI 205: Anti-corruption 2016 205-1 Operations assessed for risks related to corruption ESRS G1-3 52
205-2 Communication and training about anti-corruption policies 
and procedures
ESRS G1-3 52
205-3 Confirmed incidents of corruption and actions taken ESRS G1-4 53
GRI 301: Materials 2016 3-3 Management of material topics ESRS E5-1, E5-2, E5-3 39-40
301-1 Materials used by weight or volume ESRS E5-4 40
301-2 Recycled input materials used ESRS E5-4 40
301-3 Reclaimed products and their packaging materials Resource outflows related to products and services' and 'Waste' are sustainability matters for E5 
covered by ESRS 1 §AR 16. Hence this GRI disclosure is covered by MDR-P , MDR-A, MDR-T, and/or as 
an entity-specific metric to be disclosed according to ESRS.
39-41
GRI 302: Energy 2016 3-3 Management of material topics ESRS E1-2, E1-3, E1-4 37
302-1 Energy consumption within the organization ESRS E1-5
302-2 Energy consumption outside of the organization Energy' is a sustainability matter for E1 covered by ESRS 1 §AR 16. Hence this GRI disclosure is 
covered by MDR-P , MDR-A, MDR-T, and/or as an Entity-specific metric to be disclosed according to 
ESRS 1 §11 and pursuant to MDR-M.
36-38
302-3 Energy intensity ESRS E1-5 37
302-4 Reduction of energy consumption Energy' is a sustainability matter for E1 covered by ESRS 1 §AR 16. Hence this GRI disclosure is 
covered by MDR-P , MDR-A, MDR-T, and/or as an Entity-specific metric to be disclosed according to 
ESRS 1 §11 and pursuant to MDR-M.
36-38
302-5 Reductions in energy requirements of products and services Energy' is a sustainability matter for E1 covered by ESRS 1 §AR 16. Hence this GRI disclosure is 
covered by MDR-P , MDR-A, MDR-T, and/or as an Entity-specific metric to be disclosed according to 
ESRS 1 §11 and pursuant to MDR-M.
36-38
GRI 305: Emissions 2016 3-3 Management of material topics ESRS E1-2, E1-3, E1-4, E1-7 36-38
305-1 Direct (Scope 1) GHG emissions ESRS E1-4, E1-6 37
305-2 Energy indirect (Scope 2) GHG emissions ESRS E1-4, E1-6 37
305-3 Other indirect (Scope 3) GHG emissions ESRS E1-4, E1-6 37
305-4 GHG emissions intensity ESRS E1-6 37
305-5 Reduction of GHG emissions ESRS E1-3, E1-4, E1-7 37-38
GRI 306: Waste 2020 3-3 Management of material topics ESRS E5-1, E5-2, E5-3 39-40
306-1 Waste generation and significant waste-related impacts ESRS 2 SBM-3, ESRS E5-4 27, 40
306-2 Management of significant waste-related impacts ESRS E5-2 40
306-3 Waste generated ESRS E5-5 40
306-4 Waste diverted from disposal ESRS E5-5 40
306-5 Waste directed to disposal ESRS E5-5 40
GRI 401: Employment 2016 3-3 Management of material topics ESRS S1-1, S1-2, S1-4, S1-5, S1-17, ESRS S2-1 44-46, 48-49
401-1 New employee hires and employee turnover ESRS S1-11 48
401-2 Benefits provided to full-time employees that are not provided 
to temporary or part-time employees
ESRS S1-15 48
401-3 Parental leave ESRS S1-15 48
Global Reporting Initiative, cont.

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Sustainability Report
 
GRI standard
 
Disclosure
 
ESRS Discloure
Page  
reference
 
Comments
GRI 403: Occupational Health and Safety 
2018
3-3 Management of material topics ESRS S1-1, S1-2, S1-4, S1-5, S1-17, ESRS S2-1 44-46, 48-49
403-1 Occupational health and safety management system ESRS S1-1 44
403-2 Hazard identification, risk assessment, and incident investi-
gation
ESRS S1-3 44
403-3 Occupational health services ESRS S1-1 44
403-4 Worker participation, consultation, and communication on 
occupational health and safety
'Health and safety' and 'Training and skills development' are sustainability matters for S1 covered 
by ESRS 1 §AR 16. Hence this GRI disclosure is covered by MDR-P , MDR-A, MDR-T, and/or as an 
entity-specific metric to be disclosed according to ESRS 1 §11 and pursuant to MDR-M.
44-48
403-5 Worker training on occupational health and safety 44-48
403-6 Promotion of worker health Social protection' is a sustainability matter for S1 covered by ESRS 1 §AR 16. Hence this GRI 
disclosure is covered by MDR-P , MDR-A, MDR-T, and/or as an entity-specific metric to be disclosed 
according to ESRS 1 §11 and pursuant to MDR-M.
44-48
403-7 Prevention and mitigation of occupational health and safety 
impacts directly linked by business relationships
ESRS S2-4 50
403-8 Workers covered by an occupational health and safety 
management system
ESRS S1-14 48
403-9 Work-related injuries ESRS S1-4, S1-14 45, 48
403-10 Work-related ill health ESRS S1-4, S1-14 45, 48
GRI 404: Training and Education 2016 3-3 Management of material topics ESRS S1-1, S1-2, S1-4, S1-5, S1-17, ESRS S2-1 44-46, 48
404-1 Average hours of training per year per employee ESRS S1-13 48
404-2 Programs for upgrading employee skills and transition assis-
tance programs
ESRS S1-1 44
404-3 Percentage of employees receiving regular performance and 
career development reviews
ESRS S1-13 48
GRI 405: Diversity and Equal Opportunity 
2016
3-3 Management of material topics ESRS S1-1, S1-2, S1-4, S1-5, S1-17, ESRS S2-1 44-46, 48-49
405-1 Diversity of governance bodies and employees ESRS 2 GOV-1, ESRS S1-6, S1-9, S1-12 18, 47-48
405-2 Ratio of basic salary and remuneration of women to men ESRS S1-16 48
GRI 406: Non-discrimination 2016 406-1 Incidents of discrimination and corrective actions taken ESRS S1-17 48
GRI 407: Freedom of Association and 
Collective Bargaining 2016
407-1 Operations and suppliers in which the right to freedom of 
association and collective bargaining may be at risk
Freedom of association' and 'Collective bargaining' are sustainability matters for S1 and S2 
covered by ESRS 1 §AR 16. Hence this GRI disclosure is covered by MDR-P , MDR-A, MDR-T, and/or as 
an entity-specific metric to be disclosed according to ESRS.
44-50
GRI 408: Child Labor 2016 3-3 Management of material topics ESRS S1-1, S1-2, S1-4, S1-5, S1-17, ESRS S2-1 44-46, 48-49
408-1 Operations and suppliers at significant risk for incidents of 
child labor
ESRS S1-1, ESRS S2-1 44, 49
GRI 409: Forced or Compulsory Labor 2016 3-3 Management of material topics ESRS S1-1, S1-2, S1-4, S1-5, S1-17, ESRS S2-1 44-46, 48-49
409-1 Operations and suppliers at significant risk for incidents of 
forced or compulsory labor
ESRS S1-1, ESRS S2-1 44, 49
GRI 414: Supplier Social Assessment 2016 414-1 New suppliers that were screened using social criteria ESRS G1-2 52
414-2 Negative social impacts in the supply chain and actions 
taken
ESRS G1-2 52
GRI 415: Public Policy 2016 415-1 Political contributions ESRS G1-5 53
Global Reporting Initiative, cont.

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ITAB | Annual & Sustainability Report 2024    62ITAB | Annual & Sustainability Report 2024    62
Sustainability Report
The Auditor’s Report on 
the Statutory Sustainability 
Report
To the General Meeting of ITAB Shop Concept AB (publ), 
corporate reg. no. 556292-1089
Engagement and responsibility
The Board of Directors is responsible for that the Sustainability Report for 2024 on pages 
15-61 has been prepared in accordance with the Annual Accounts Act in accordance 
with the older wording that applied before 1 July 2024.
The scope of the audit
Our examination of the Statutory Sustainability Report has been conducted in accor -
dance with FAR’s auditing standard RevR 12 Auditor’s report on the Statutory Sustaina-
bility Report. This means that our examination of the Statutory Sustainability Report is 
different and substantially less in scope than an audit conducted in accordance with 
International Standards on Auditing and generally accepted auditing standards in 
Sweden. We believe that the examination has provided us with sufficient basis for our 
opinions.
Opinion
A Sustainability Report has been prepared.
Jönköping, 4 April 2025
Ernst & Young AB
Joakim Falck
Authorised Public Accountant
This is a translation of the original Auditor’s Report in Swedish

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ITAB share

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ITAB share
ITAB’s shares were registered on Nasdaq First North in 2004, and the shares 
have been listed in the Mid Cap segment on Nasdaq Stockholm since 2008. In 
2024, ITAB shares for approximately MSEK 945 were traded and the share price 
increased by 73 percent. On 31 December 2024, ITAB’s market capitalisation 
totalled MSEK 5,292.
Market listing
ITAB’s ordinary shares were registered on Nasdaq First North on 28 
May 2004 and have been listed in the Nasdaq Stockholm Mid Cap 
segment since 2008. ITAB's shares are traded under the ticker ITAB.
The ITAB share’s performance in 2024
In 2024, the ITAB share price increased by 73 percent to a final price 
paid of SEK 20.90 as of 31 December 2024. During the same period, 
the OMX Stockholm PI increased by 6 percent. The highest and lowest 
prices paid for the year were SEK 30.20 (closing price on 27 Septem-
ber) and SEK 11.60 (closing price on 8 January), respectively.
 I
TAB’s total market capitalisation at 31 December 2024 was MSEK 
5,292. Approximately 42 million ITAB ordinary shares were traded 
during the year at a total value of MSEK 945. Calculated against the 
average number of shares outstanding, this corresponds to a turnover 
rate of 18 percent. Calculated per trading day, an average of approx-
imately 165,500 ITAB shares were traded per day at an average value 
of approximately MSEK 3.8.
Share capital
On 31 December 2024, the share capital amounted to MSEK 109. The 
total number of shares was 257,620,533, of which 253,220,533 were 
ordinary shares and 4,400,000 were Class C shares. All ordinary shares 
entitle the holder to an equal share of ITAB’s assets and earnings, and 
entitle holders to one vote per share at general meetings of sharehol-
ders. The Class C shares do not carry the right to any dividend and 
entitle the holder to 1/10 of a vote each. 
Dividends
ITAB’s dividend policy states that dividends over a longer period are to 
follow the Group’s results and correspond to at least 30 percent of the 
Group’s profit after tax. However, dividends are to be adjusted to the 
Group’s investment requirements and any share repurchase program. 
In 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 (SEK 0.75 per share for 
2023). 
Ownership structure
On 31 December 2024, ITAB had 6,727 shareholders. Legal entities, 
including equity funds, insurance companies and pension funds, etc. 
in Sweden and abroad owned approximately 83 percent of the total 
number of shares. Foreign ownership accounted for approximately  
6 percent of the total number of shares. The largest shareholders at  
31 December 2024 are presented in the table on page 65.
 A
t 31 December 2024, ITAB held no ordinary shares in treasury. All 
4,400,000 Class C shares were held in treasury.
Further information
ITAB’s website, itabgroup.com, is continuously updated with informa-
tion about price trends, changes in ownership, etc
ITAB share
Share performance 2024
Share price, SEK No of shares, thousands
  ITAB share       OMX Stockholm PI       shares traded, thousand
32
24
16
8
1,200
800
400
0
jan feb mar apr may jun jul aug sep oct nov dec

===== SIDA 65 =====

ITAB | Annual & Sustainability Report 2024    65
The ITAB ordinary share 1) 2024 2023 2022 2021 2020
Share price at year-end, SEK 20.90 12.10 11.00 13.42 11.75
Market capitalisation at year-end, MSEK 5,292 2,639 2,399 2,927 1,203
Dividend, SEK 0.00 4) 0.75 0.50 0.00 0.00
Payout ratio of net earnings – 4) 60% 64% – –
Average number of shares outstanding before dilution, thousand 2) 226,184 218,015 218,100 191,396 102,383
Average number of shares outstanding after dilution, thousand 2) 227,410 219,275 219,558 218,100 102,383
Number of shares outstanding at year-end, thousand 2) 253,221 217,558 218,100 218,100 102,383
Number of shareholders at year-end 6,727 5,021 5,181 5,308 4,341
Highest share price during the year, SEK 30.20 13.24 16.00 19.90 14.69
Lowest share price during the year, SEK 11.60 8.30 7.65 10.50 4.77
Direct yield 3) – 4) 6.2% 4.5% – –
Earnings per share before dilution, SEK 1.38 1.24 0.78 0.50 -0.21
Equity per share, SEK 16.30 14.01 13.81 12.17 15.69
1) All data refer to ITAB's ordinary shares listed on Nasdaq Stockholm.
2) As of 31 December 2024, ITAB Shop Concept AB held no ordinary shares in treasury.
3) Dividend divided by share price at year-end.
4) Pursuant to the Board of Directors' proposed dividend for the 2024 financial year.
Largest shareholders at 31 December 2024 Number of
Shareholder Ordinary shares Class C shares Shares (%) Votes (%)
ACapital ITAB HoldCo AB 56,116,610 22.16 22.16
Pomona-gruppen AB 40,018,440 15.80 15.80
Petter Fägersten, with companies and family 26,262,112 10.37 10.37
Stig-Olof Simonsson, with companies 20,335,800 8.03 8.03
Anna Benjamin, with companies and family 14,869,485 5.87 5.87
Svolder AB 13,116,080 5.18 5.18
Handelsbanken Funds 10,062,406 3.97 3.97
Lannebo Kapitalförvaltning 5,219,324 2.06 2.06
Nordea Funds 3,989,151 1.58 1.58
Försäkringsaktiebolaget Avanza Pension 3,545,167 1.40 1.40
Other Shareholders - total 59,685,958 23.58 23.58
Total number of shares outstanding 253,220,533 − 100.00 100.00
Repurchased shares held in treasury by ITAB Shop Concept AB − 4,400,000
Total number of shares 253,220,553 4,400,000
Distribution of shares at 31 December 2024
Number of
Shareholders
Number of Proportion of
Share holding Ordinary shares Class C shares Shares (%) Votes (%)
1-1,000 4,856 1,084,678 0.42 0.44
1,001-5,000 1,128 2,661,848 1.03 1.05
5,001-10,000 290 2,153,562 0.84 0.85
10,001-50,000 320 7,241,714 2.81 2.85
50,001-100,000 36 2,574,123 1.00 1.01
100,001- 97 237,504,608 4,400,000 5) 93.90 93.80
Total 6,727 253,220,533 4,400,000 100.00 100.00
5)  As of 31 December 2024, ITAB Shop Concept AB held no ordinary shares and all 4,400,000 Class C shares in treasury.
ITAB | Annual & Sustainability Report 2024    65
ITAB share

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Financial
information

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Financial information
Financial information
Administration Report with Corporate Governance Report
Administration Report 68
Proposed allocation of profits 71
Significant risks and risk management 73
Corporate Governance Report 78
Board of Directors 84
Group management 85
Financial review – Five years in summary 86
Comments on five years in summary 88
Group
Income Statement 89
Statement of Other Comprehensive Income 89
Statement of Financial Position 90
Statement of Changes in Equity 91
Statement of Cash Flows 92
Parent Company
Income Statement 93
Statement of Other Comprehensive Income 93
Balance Sheet 93
Statement of Changes in Equity 94
Statement of Cash Flows 95
Notes
Note 1 General information 97
Note 2 Material information on accounting policies 97
Note 3 Important estimates and assessments 101
Note 4 Financial risk management 101
Note 5 Corporate acquisitions, divestments and discontinued operations 103
Note 6 Revenue from contracts with customers 105
Note 7 Purchases and sales between Parent Company and subsidiaries 105
Note 8 Personnel and senior executives 106
Note 9 Remuneration to auditors 110
Note 10 Depreciation, amortisation and impairment losses 110
Note 11 Costs divided by type of cost 110
Note 12 Other operating income and expenses 110
Note 13 Profit from participations in Group companies 111
Note 14 Financial income and expenses 111
Note 15 Year-end appropriations 111
Note 16 Tax 112
Note 17 Earnings per share 113
Note 18 Intangible assets 114
Note 19 Property, plant and equipment 115
Note 20 Participations in Group companies, associated companies,
and other shares and participations
 
116
Note 21 Financial assets and liabilities 118
Note 22 Leases 122
Note 23 Inventories 122
Note 24 Prepaid expenses and accrued income 122
Note 25 Equity 123
Note 26 Allocation of profits 124
Note 27 Repurchases of own shares and new share issue 125
Note 28 Overdraft facilities 125
Note 29 Provisions for pensions 125
Note 30 Other provisions 126
Note 31 Accrued expenses and prepaid income 126
Note 32 Pledged assets 126
Note 33 Contingent liabilities 126
Note 34 Transactions with related parties 126
Note 35 Inflation adjustment Argentina 126
Note 36 Events after the balance sheet date 127
Reconciliation of Alternative Performance Measures 128
Definitions 129
The Board’s signatures 130
Auditor’s report 131
ITAB | Annual & sustainability report 2024   67

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ITAB | Annual & Sustainability Report 2024    68
Financial information
Administration Report  
with Corporate Governance Report
The Board of Directors and the Chief Executive Officer (CEO) of ITAB Shop Concept 
AB (publ), corp. reg. no. 556292-1089, based in Jönköping, hereby submit the 
annual accounts and consolidated accounts for the 1 January to 31 December 
2024 financial year. The subsequent Corporate Governance Report, Statements 
of Comprehensive Income, Financial Position and Changes in Equity, Cash Flow 
Statements and Notes are integral components of the Annual Report and were 
reviewed by the company’s auditors. Pursuant to the Swedish Annual Accounts Act, 
the statutory Sustainability Report can be found on pages 15-62.
Operations
ITAB Shop Concept develops, manufactures, sells and 
installs complete store concepts for retail chain stores. 
The comprehensive offering includes solution and 
store design, customised concept fittings, checkouts, 
customer-flow solutions, professional lighting systems, 
and digitally interactive solutions for physical stores. 
Customers include leading retailers in Europe operat -
ing in the global market. In 2024, ITAB had operating 
subsidiaries in Argentina, Chile, Denmark, Dubai, Esto -
nia, Finland, France, Hong Kong, India, Italy, China, 
Latvia, Lithuania, Malaysia, the Netherlands, Norway, 
Poland, Spain, the UK, Sweden, Czechia, Germany 
and the US. The Group’s operations in Russia were 
completely discontinued in 2024 (see below).
 W
orking in close collaboration with the customer, 
ITAB contributes its experience and expertise to the 
customer’s specific needs and requests. Operations 
are founded on long-term business relationships and 
delivery reliability, in combination with streamlined 
production resources. ITAB is today the market leader 
in checkouts for retailers in Europe, and one of 
Europe’s largest suppliers of shop fitting concepts and 
lighting systems.
Acquisition of HMY
On 25 September 2024, ITAB agreed to acquire 
Financière HMY for a cash consideration of MEUR 320. 
HMY is a leading European supplier of shop fittings, 
checkouts and store design to the retail industry, pri-
marily in Europe, South America and the Middle East. 
In 2023, HMY had sales of just over MEUR 541. The aim 
of the acquisition is to strengthen ITAB’s position and 
complement the Group’s current offering. The acquisi -
tion was financed with a combination of new debt 
and equity. The transaction was conditional upon 
signing of a final and definitive share purchase agree -
ment, necessary regulatory approvals as well as other 
customary closing conditions. With a final and defini -
tive share purchase agreement entered into on 5 
December 2024 and the other conditions for the trans -
action fulfilled, the acquisition was completed on 31 
January 2025. The purchase consideration was paid in 
connection with the closing of the transaction. HMY is 
consolidated in the ITAB Group as of 1 February 2025.
Discontinuation of operations in Russia
In March 2022, ITAB decided to discontinue its opera-
tions in Russia due to the Russian regime’s invasion of 
Ukraine. For this reason, the Russian subsidiary has 
been recognised as Discontinued Operations in 
accordance with IFRS 5 as of ITAB’s interim report for 
the third quarter of 2022. The discontinuation of the 
operations was completed on 27 March 2024 through 
the divestment of all shares in the Russian subsidiary. 
For more information, refer to Note 2 and Note 5. Other 
operations comprise Continuing Operations. 
 C
omments and figures in this Administration Report 
pertain to Continuing Operations, unless otherwise 
stated.
Comments on the Group’s performance in 2024
The year was characterised by higher sales and 
underlying earnings improvements, despite continued 
challenging market conditions and strong compara -
tive figures for the second half of 2023. The historically 
strong start to the year in the first two quarters was fol-
lowed by a slightly weaker autumn compared with the 
preceding year. The project-based nature of ITAB’s 
operations entails that customer investments in more 
technology-intensive solutions do not follow the natu -
ral annual cycle of its more traditional solutions. 
Instead, they are the result of long decision-making 
processes and test periods. In integrating ITAB and 
HMY, the new ITAB Group is focusing on continuing to 
improve its operational efficiency and to secure and 
implement customer projects in the coming quarters 
in order to strengthen the competitiveness of all cus -
tomers of the new Group. 
Sales and profit
The Group’s net sales increased by 7 percent to MSEK 
6,585 (6,139). Currency-adjusted sales increased by 8 
percent during the year.
 O
verall, the sales performance for 2024 was positive 
in several of ITAB’s solution areas and geographic mar -
kets, with multiple new and expanded contracts 
signed with both existing and new customers. How-
ever, sales growth levelled out somewhat in the third 
and fourth quarters, primarily due to strong compara -
tive figures and the postponement of a number of cus-
tomer projects. Uncertainty around the conditions for 
future economic development in the retail market in 
Europe on the back of inflation and interest rates has 
gradually declined since autumn 2023, but some cus -
tomers and customer groups still remain cautious in 
their investment decisions. Demand for the Group’s 
technical and digital solutions for loss prevention, 
self-checkouts and other self-service solutions has 
trended positively during the year, and sales of cus-
tomised shop fittings and traditional checkouts have 
also risen. At the same time, competition for customer 
assignments remains intense, which means that active 
sales initiatives close to the customers are needed to 
continue to secure customer projects in all product 
and solution areas.
 S
ales during the year were the strongest in Northern, 
Central and Eastern Europe, while sales to countries 
outside Europe declined in relation to the strong com -
parative figures in the preceding year. In total, Europe 
accounted for approximately 90 percent of net sales 
in 2024. 
In terms of customer groups, the sales trend was posi-
tive in Grocery (+14 percent), Home Improvements (+5 
percent) and Fashion (+9 percent) compared with the 
preceding year. Sales to other customer groups, such 
as retailers in pharmacies, consumer electronics, and 
health & beauty, decreased by 7 percent. The Group’s 
largest customer group, Grocery, accounted for 56 
percent of sales.
The Group’s operating profit amounted to MSEK 459 
(432), corresponding to an operating margin of 7.0 
percent (7.0). Earnings were impacted by non-recur -
ring items of MSEK -48 (0) pertaining to the acquisition 
costs to date for the acquisition of HMY and a capital 
loss in conjunction with the sale of a Group company 
in China (MSEK -16). Operating profit excluding these 
non-recurring items totalled MSEK 507 (432), corre -
sponding to an operating margin of 7.7 percent (7.0).
The 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 mar-
gin strengthened due to 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 posi -
tively impacted earnings. The lower share of sales of 
technical solutions in areas such as smart gates in the 
third and fourth quarters, compared with the corre -
sponding quarters last year, is natural given that the 
operations are project-based and earnings for individ -
ual quarters can depend on specific project out-
comes and natural seasonal variations. Adapted 
price increases have largely been able to compen -
sate for the cost increases in the preceding years. 
Continued measures for increased sales, efficiency 
and cost adjustments, as well as improvements to 
capacity utilisation at the Group’s production facili -
ties, have yielded positive effects during the year.
Profit after financial items amounted to MSEK 438 
(385) and profit after tax to MSEK 320 (292). 
Cash flow, financing and liquidity
Cash flow from operating activities amounted to 
MSEK 624 (810). The relatively strong gross margin and 
operational measures to reduce the Group’s working 
capital contributed to the cash flow performance.

===== SIDA 69 =====

ITAB | Annual & Sustainability Report 2024    69
Financial information
Compared with the preceding year, inventories at 31 
December 2024 remained largely unchanged, 
despite higher volumes. Cash conversion for the finan -
cial year amounted to 88 percent. 
 T
he acquisition of HMY announced on 25 September 
2024 was financed through a combination of new 
debt and equity. As a result, ITAB obtained a binding 
commitment letter regarding debt financing provided 
by Danske Bank, Nordea and Swedbank. The debt 
financing comprised MEUR 255 in long-term credit 
facilities, also aimed at refinancing some of ITAB’s 
existing debt outstanding under the MEUR 150 long-
term credit facility entered into with Nordea and Swed-
bank in June 2022. To further strengthen the Group’s 
financing capacity, the binding commitment letter 
also included a MEUR 100 revolving credit facility. The 
acquisition of HMY was completed on 31 January 
2025, when the purchase consideration was
paid. Accordingly, the previously obtained debt 
financing commitments were converted into loans.
 N
et debt on the balance sheet date of 31 December 
2024 excluding lease liabilities amounted to MSEK -969 
(45). Net debt including lease liabilities amounted to 
MSEK -384 (591). As of 31 December 2024, the Group 
had received MSEK 831 in issue proceeds from the 
completed directed share issue (see below and Note 
27).
 T
he Group’s cash and cash equivalents, including 
granted unutilised credits, amounted to MSEK 2,770 
(1,783) on the balance sheet date on 31 December 
2024. The equity/assets ratio was 60 percent (56). 
Investments
The Group’s net investments amounted to MSEK 144 
(107), of which MSEK -32 (-9) was attributable to corpo-
rate acquisitions/divestments. ITAB’s current invest-
ments include common operational support systems 
for the Group, which corresponded to approximately 
46 percent of total investments in 2024. For more infor-
mation on corporate acquisitions and divestments, 
refer to Note 5.
Per share data
Earnings per share before dilution totalled SEK 1.38 
(1.24). Earnings per share after dilution totalled SEK 1.37 
(1.23). Equity per share amounted to SEK 16.30 (14.01). 
Refer to Note 17 for more information.
Employees
The average number of employees amounted to 2,532 
(2,533). For more information, refer to Note 8. 
Parent Company
The Group’s Parent Company, ITAB Shop Concept AB, 
does not conduct any operational activities. Its opera -
tions mainly comprise Group-wide functions. The Par -
ent Company’s net sales pertain to revenue from sub-
sidiaries and amounted to MSEK 198 (184). Profit after 
financial items totalled MSEK 7 (-69). Profit includes div-
idends from subsidiaries of MSEK 99 (27) and impair-
ment of shares and receivables in subsidiaries of MSEK 
-16 (-32).
Corporate acquisitions, divestments and  
discontinued operations
On 25 September 2024, ITAB agreed to acquire 
Financière HMY for a cash consideration of MEUR 320. 
HMY is a leading European supplier of shop fittings, 
checkouts and store design to the retail industry, pri-
marily in Europe, South America and the Middle East. 
In 2023, HMY had sales of just over MEUR 541. The aim 
of the acquisition is to strengthen ITAB’s position and 
complement the Group’s current offering. The acquisi -
tion was financed with a combination of new debt 
and equity. As a result, ITAB obtained a binding com -
mitment letter regarding debt financing provided by 
Danske Bank, Nordea and Swedbank. The debt 
financing comprised MEUR 255 in long-term credit 
facilities, also aimed at refinancing some of ITAB’s 
existing debt outstanding under the MEUR 150 long-
term credit facility entered into with Nordea and Swed-
bank in June 2022. To further strengthen the Group’s 
financing capacity, the binding commitment letter 
also included a MEUR 100 revolving credit facility. For 
more information about partial financing of the acqui -
sition through equity, see below under “Directed share 
issue” on page 70 and in Note 27. The transaction was 
conditional upon signing of a final and definitive 
share purchase agreement, necessary regulatory 
approvals as well as other customary closing condi -
tions. With a final and definitive share purchase agree -
ment entered into on 5 December 2024 and the other 
conditions for the transaction fulfilled, the acquisition 
was completed on 31 January 2025. The purchase 
consideration was paid in connection with the closing 
of the transaction, converting the binding commit -
ment letter into loans. HMY is consolidated in the ITAB 
Group as of 1 February 2025.
On 2 May 2024, ITAB’s Italian subsidiary La Fortezza 
S.p.A. exercised its right to acquire the minority hold-
ing of 19 percent of the shares in its subsidiary Imola 
Retail Solution S.r.l. in accordance with the original 
acquisition agreement from October 2020. The pur -
chase consideration for the outstanding minority hold -
ing amounted to approximately MEUR 1. Imola Retail 
Solution subsequently became a wholly owned sub -
sidiary in the ITAB Group.
 T
hrough an investment of MEUR 2, ITAB acquired a 
minority holding of approximately 18 percent of the 
shares in Signatrix GmbH, a technology and retail AI 
startup, at the end of May. Since 2022, ITAB and Signa-
trix have together created frictionless security deter -
rents that reduce product loss for the retail sector. The 
partnership is now strengthened with this investment.
In connection with the restructurings of the Group, 
ITAB sold 100 percent of its shares in the company 
Nuco Sourcing (HK) Co Ltd in Hong Kong, with a sub-
sidiary in China, through a subsidiary in December 
2024. The purchase consideration amounted to MSEK 
25. The effect on earnings including accumulated cur -
rency translation differences amounted to MSEK -16 
and was recognised as a non-recurring item in the 
fourth quarter. The divestment had an impact of MSEK 
15 on cash flow in the fourth quarter. 
In March 2022, ITAB decided to discontinue its oper-
ations in Russia due to the Russian regime’s invasion of 
Ukraine. For this reason, the Russian subsidiary has 
been recognised as Discontinued Operations in 
accordance with IFRS 5 as of ITAB’s interim report for 
the third quarter of 2022. The discontinuation of the 
operations was completed on 27 March 2024 through 
the divestment of all shares in the Russian subsidiary. 
For more information, refer to Note 2 and Note 5.
Sustainability Report
ITAB works consciously with the Group’s environmental, 
social and financial responsibility as part of meeting 
the ambitions of the Paris Agreement and the UN Sus-
tainability Development Goals (SDGs). Through its sus -
tainability efforts, ITAB wants to contribute to a sustain -
able development that the planet can manage while 
at the same time securing favourable social condi -
tions, profitability and long-term economic growth. In 
dialogue with its stakeholders, ITAB has identified 
material sustainability issues – areas where the Group 
can make a difference linked to its customer offering 
and own operations. ITAB also takes into account the 
risks that are associated with its own operations and 
the world in which the Group operates. By doing so, 
ITAB creates a strong and resilient company that con -
tributes to the necessary transition of society. The 
Group does not pursue any reporting activities 
according to the Swedish Environmental Code in the 
Parent Company or any of the Swedish subsidiaries.
In 2024, ITAB intensified its environmental, social 
and corporate governance (ESG) efforts with the aim 
of preparing the Group for a review of its sustainability 
targets and increased ESG reporting requirements 
under the EU Corporate Sustainability Reporting Direc -
tive (CSRD). For more information, refer to ITAB’s  
Sustainability Report on pages 15-62.
In accordance with Chapter 6, Section 11 of the 
Swedish Annual Accounts Act, ITAB has prepared its 
statutory Sustainability Report for 2024 as a separate 
report from its legal Annual Report. The statutory Sus -
tainability Report can be found on pages 15-62. 
As of 1 January 2022, ITAB is also eligible to disclose 
certain information about its operations in accor -
dance with the EU Taxonomy for sustainable invest-
ments. The ITAB Group presents this information for 
2024 on pages 32-35. 
ITAB’s Sustainability Reports are also available on 
the company’s website, itabgroup.com. 
 T
he company’s auditors review the sustainability 
reporting to the extent required to make a statement 
regarding the preparation of the statutory Sustainabil -
ity Report (refer to page 62), but do not otherwise 
review the sustainability data. 
Research and development
The Group companies carry out continuous product 
development – partly in collaboration with customers 
and partly in-house – to develop new products and 
improve existing products. Most of the Group’s prod-
uct development relates to self-checkout and lighting 
products as well as digital solutions for physical stores. 
In 2024, MSEK 13 (23) was capitalised as development 
expenditure and recognised as intangible assets. 
Amortisation of development costs totalling MSEK 20 
(27) was charged to earnings.
The share and ownership structure
ITAB’s shares were admitted to trading on the First 
North exchange in 2004. Since July 2008, the compa-
ny’s ordinary shares have been listed on Nasdaq 
Stockholm. On 31 December 2024, the total number of 
shares amounted to 257,620,533, of which 253,220,533 
were ordinary shares and 4,400,000 were Class C 
shares. All ordinary shares entitle the holder to an 
equal share of ITAB’s assets and earnings, and entitle 
holders to one vote per share at general meetings of 
shareholders. The Class C shares do not carry the right 
to any dividend and entitle the holder to 1/10 of a vote 
each. The Articles of Association stipulate no limita -
tions on the number of votes each shareholder may 
cast at a general meeting. Refer also to Note 25.
 T
he 2024 Annual General Meeting (AGM) resolved  
to authorise the Board of Directors, on one or more

===== SIDA 70 =====

ITAB | Annual & Sustainability Report 2024    70
Financial information
occasions, and with or without deviation from the 
shareholders’ preferential rights, to decide on a new 
issue of shares up to a maximum of 10 percent of the 
company’s outstanding shares. The purpose of the 
authorisation to decide on a new share issue is to 
increase the company’s financial flexibility and to give 
the company opportunities for corporate acquisitions.
 P
ursuant to Chapter 6, Section 2a of the Swedish 
Annual Accounts Act, listed companies are required 
to disclose information concerning certain circum -
stances that may affect opportunities to take over the 
company through a public takeover bid pertaining to 
shares in the company. ITAB’s creditors are entitled to 
terminate granted credit facilities if the company’s 
shares are delisted from Nasdaq Stockholm, or in the 
event of a public takeover bid if the bidder secures a 
holding of more than 30 percent of the number of sha-
res in the company or controls at least 30 percent of 
the votes in the company. In other respects, the com-
pany has not entered into any significant agreements 
with suppliers or employees that would take effect or 
change or cease to apply or stipulate payment of 
financial compensation should the control of the com -
pany change due to a public offer for the shares in the 
company.
 A
t 31 December 2024, ACapital ITAB HoldCo AB held 
22.2 percent of the shares and votes, Pomona-grup -
pen AB held 15.8 percent of the shares and votes, and 
Övre Kullen AB held 10.4 percent of the shares and 
votes in ITAB. No other shareholder had any direct or 
indirect holdings in the company that represented 
more than one tenth of the total number of votes. On 
31 December 2024, ITAB had 6,727 shareholders 
(5,021). 
 F
urther information about ITAB’s shares, share price 
development and ownership structure as of 31 
December 2024 is presented in the section “ITAB 
share” on pages 64-65.
Directed share issue
In order to partly finance the intended acquisition of 
HMY, ITAB’s Board of Directors resolved on 26 Septem-
ber 2024 to carry out a directed share issue of a total 
of 38,200,000 ordinary shares at a subscription price of 
SEK 22.70 per share, consequently raising proceeds for 
ITAB of approximately MSEK 867 before transaction 
costs. The subscription price corresponded to a dis -
count of approximately 9.9 percent in relation to the 
closing price of the ITAB share on Nasdaq Stockholm 
on 25 September 2024 and was determined through 
an accelerated bookbuilding procedure. The issue 
was oversubscribed and a large number of Swedish 
and international institutional investors participated in 
the directed share issue including Handelsbanken 
Funds, Nordea Funds, Third AP Fund, Fourth AP Fund 
and Alcur, as well as certain existing shareholders. The 
directed share issue also secured new long-term cre -
dit facilities.
 2
4,719,827 of the newly issued ordinary shares were 
issued based on the Board’s authorisation from the 
Annual General Meeting held on 15 May 2024 and the 
remaining 13,480,173 shares were issued following sub -
sequent approval at the Extraordinary General 
Meeting (EGM) held on 21 October 2024. As of 31 
December 2024, a total of MSEK 831 has been provi-
ded to the company in issue proceeds after transac-
tion costs, of which MSEK 16 is share capital. 
Repurchases of own shares
The 2023 AGM resolved to authorise the Board to make 
decisions on the acquisition and conveyance of own 
shares. On 28 September 2023, ITAB initiated a share 
buyback program with a maximum purchase amount 
of MSEK 50. The buyback program was completed on 
22 March 2024 when the maximum amount for share 
repurchases was reached. In total, 3,079,659 ordinary 
shares were repurchased within the program. The pur -
pose of the buyback program was to optimise the 
capital structure with the aim of reducing ITAB’s share 
capital by cancelling repurchased shares. Following 
the resolution of the AGM on 15 May 2024, the cancel-
lation of all 3,079,659 repurchased ordinary shares was 
completed. 
 A
t 31 December 2024, ITAB held no ordinary shares 
in treasury. All 4,400,000 Class C shares were held in 
treasury. Refer also to Notes 25 and 27.
Guidelines for remuneration to senior executives
In accordance with the Swedish Companies Act, the 
Board shall prepare proposals for guidelines for remu -
neration to senior executives at least every four years, 
or before that if there is a need for significant adjust-
ments, and present the proposal for resolution at the 
AGM. The guidelines shall apply until new guidelines 
have been adopted by the AGM. The guidelines shall 
promote the company’s business strategy and the 
safeguarding of the company’s long-term interests, 
including its sustainability. The remuneration shall be 
on market terms and may consist of the following com -
ponents: fixed cash salary, variable cash remunera -
tion, pension benefits and other benefits. The level of 
remuneration for individual executives shall be based 
on factors such as position, competence, experience 
and performance. Additionally, a general meeting of 
shareholders may – irrespective of these guidelines – 
resolve on, among other things, share-based or share 
price-based remuneration.
 The
 2024 guidelines for remuneration and other 
employment conditions for senior executives were 
adopted by the 2021 AGM in accordance with the 
Board’s proposal. The guidelines are presented in full 
in Note 8 on page 107.
 I
n accordance with the Swedish Companies Act, the 
Board intends to propose updated guidelines for 
remuneration to senior executives ahead of the 2025 
AGM, as specified on page 72. The proposed guideli-
nes are essentially consistent with the guidelines 
adopted by the 2021 AGM, with a minor amendment 
that clarifies the calculation of the variable cash 
remuneration for the CEO and other members of 
Group management as a proportion of the fixed 
annual cash salary.
Remuneration Report 2023
ITAB’s Remuneration Report 2023 provides an overview 
of how the guidelines for remuneration to senior exe-
cutives, as adopted by the 2021 AGM, have been 
applied during the year. The Remuneration Report was 
adopted by the 2024 AGM and is available on ITAB’s 
website, itabgroup.com.
Dividend policy and dividends 2024
Over a longer period, dividends 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 buyback program.
 I
n view of the acquisition of HMY and the financial 
means required to finance it, the Board of Directors 
has decided to propose that no dividend per share be 
paid for the financial year 2024 (SEK 0.75 per share for 
2023).
Risks and risk management
Risk is defined as an uncertainty that an event will 
occur, which could impact ITAB’s capacity to achieve 
the objectives the Group has set. Risks are inherent to 
all operations and must be managed continually and 
prevented effectively. This is essential to safeguard the 
business and create profitability and value.
Risk management
ITAB intends to maintain a risk management that is 
integrated into the Group’s corporate governance. 
The aim of the risk management is to, in a balanced 
manner, avoid, prevent and limit risks that adversely 
impact the operations. The risk management process 
involves ensuring that risks are carefully identified, 
reported, analysed and monitored on an ongoing 
basis. 
 I
TAB performs an overall risk assessment annually, 
through which the Group identifies and assesses risks 
that are detrimental to the attainment of ITAB’s goals. 
Identified risks are assessed based on two criteria:
•
 The
 probability that the risk will occur
•
 T
he consequences for ITAB if the risk scenario 
should occur
ITAB’s Group management identifies conceivable 
events that could impact the company’s operations. 
These events are evaluated and a number of control 
activities established (risk-limiting measures) with the 
aim of managing and counteracting the identified 
risks. For each identified risk, a corresponding activity 
to counteract, limit, control and manage the risk con -
cerned is then developed. An assessment of the effi -
ciency of control activities is performed annually. The 
Group’s CFO is responsible for presenting the results of 
the assessment to the Audit Committee and the 
Board.
Insurance
ITAB uses a centrally procured global insurance pro -
gram for the Group as a risk management tool. The 
program includes insurance coverage for risks related 
to ITAB’s operations, such as general liability, property, 
operational disruptions, accidents, transport, business 
travel and Board and management liability. Insurable 
risks and coverage are continuously evaluated as part 
of ITAB’s ongoing loss prevention. 
Significant risks and uncertainties
The risks, uncertainties and important circumstances 
that are deemed significant for the Group’s operations 
and future development 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. Financial risks 
are managed by the finance policy adopted by the 
Board of Directors. An account of the Group’s signifi-
cant financial risks can be found in Note 4. 
Future outlook
ITAB’s overall objective is to strengthen its customers’ 
businesses and competitiveness with its unique solu -
tions for increased operational efficiency in stores, 
reduced risk of theft and lower energy consumption.

===== SIDA 71 =====

ITAB | Annual & Sustainability Report 2024    71
Financial information
Proposed Allocation of Profits
Parent Company 2024
The following funds are at the disposal of the Annual General Meeting (SEK):
Share premium reserve 1,898,479,949
Profit brought forward 304,298,693
Net profit for the year 50,907,283
Total 2,253,685,925
The Board of Directors and CEO propose that these funds be distributed as follows (SEK):
To be carried forward 2,253,685,925
Total 2,253,685,925
In parallel, ITAB continuously works to strengthen its 
own earnings performance through adapted price 
increases as well as increased efficiency and lower 
costs in its operations. ITAB is also continuing to 
develop its operations and to invest in new capabili-
ties with the aim of becoming the leading solutions 
provider in the retail sector. The acquisition of HMY will 
accelerate this transition and strengthen the Group’s 
market position. The ambition is to continue increasing 
the proportion of services and technical solutions, 
and to further strengthen the Group’s digital offerings. 
This will make the ITAB Group more scalable and flexi-
ble in an increasingly dynamic world. 
Significant events after the end of the financial year
The acquisition of HMY was completed on 31 January 
2025. The purchase consideration was paid in con -
nection with the closing of the transaction. For more 
information, refer to Note 36. HMY is consolidated in 
the ITAB Group as of 1 February 2025.
 N
o other significant events for the Group has 
occurred after the end of the financial year.

===== SIDA 72 =====

ITAB | Annual & Sustainability Report 2024    72ITAB | Annual & Sustainability Report 2024    72
Financial information
Proposal for new guidelines for remuneration to 
senior executives ahead of the 2025 AGM.
These guidelines encompass the individuals who are 
part of executive management of ITAB Shop Concept 
AB (publ), currently the CEO and other members of 
Group management. To the extent a Board member 
performs work for ITAB in addition to the Board assign -
ment, these guidelines shall also apply to any remu-
neration (such as consultant’s fees) for such work. The 
guidelines are applicable to remuneration agreed, 
and amendments to remuneration already agreed, 
after adoption of the guidelines by the 2025 AGM. 
These guidelines do not apply to any remuneration 
decided or approved by a general meeting of share-
holders.
The guidelines’ promotion of the company’s business 
strategy, long-term interests and sustainability
In short, ITAB’s business strategy is the following. ITAB 
shall offer complete store concepts for retail chain 
stores. With its expertise, long-term business relation -
ships and innovative products, ITAB will secure a mar -
ket-leading position in selected markets. A prerequisite 
for the successful implementation of the company’s 
business strategy and safeguarding of its long-term 
interests, including its sustainability, is that the com -
pany is able to recruit and retain management with 
good competence and the capacity to achieve set 
goals. To this end, it is necessary that the company 
offers competitive remuneration, which these guide -
lines enable.
Variable cash remuneration covered by these guide -
lines shall aim at promoting the company’s business 
strategy and long-term interests, including its sustain -
ability.
Types of remuneration, etc.
The remuneration shall be on market terms and may 
consist of the following components: fixed cash salary, 
variable cash remuneration, pension benefits and 
other benefits. The level of remuneration for individual 
executives shall be based on factors such as position, 
competence, experience and performance. Addition -
ally, a general meeting of shareholders may – and irre-
spective of these guidelines – decide on, for example, 
share and share price-related remuneration.
The satisfaction of criteria for awarding variable cash 
remuneration shall be measured over a period of one 
year. The variable cash remuneration for the CEO, 
excluding holiday pay, may amount to not more than 
75 percent of the fixed annual cash salary. The vari-
able cash remuneration for other members of Group 
management, excluding holiday pay, may amount to 
not more than 50 percent of the fixed annual cash sal-
ary. For the CEO, pension benefits, including health 
insurance, shall be premium-defined. Variable cash 
remuneration shall not qualify for pension benefits. 
The pension premiums for premium defined pension 
shall amount to not more than 30 percent of the fixed 
annual cash salary.
For other executives, pension benefits, including 
health insurance, shall be premium-defined unless the 
individual concerned is subject to defined-benefit 
pension under mandatory local legislation or collec -
tive agreement provisions.
Variable cash remuneration shall qualify for pension 
benefits to the extent required by mandatory local leg-
islation or collective agreement provisions for the indi -
vidual concerned. The pension premiums for premium 
defined pension shall amount to not more than 30 per -
cent of the fixed annual cash salary.
Other benefits may include, for example, life 
insurance, medical care insurance and company 
cars. Premiums and other costs due to such benefits 
may amount to not more than 12 percent of the fixed 
cash salary.
For employment governed by rules other than Swed -
ish rules, pension benefits and other benefits may be 
duly adjusted to ensure compliance with mandatory 
rules or established local practice, taking into 
account, to the extent possible, the overall purpose of 
these guidelines.
Termination of employment
The notice period may not exceed 12 months if notice 
of termination of employment is made by the com -
pany. Fixed cash salary during the period of notice 
and severance pay may together not exceed an 
amount equivalent to the fixed cash salary for two 
years for the CEO, and one year for other members of 
executive management. The period of notice may not 
exceed six months without any right to severance pay 
when termination is made by the executive.
Criteria for awarding variable cash remuneration, 
etc.
The variable cash remuneration shall be linked to 
predetermined and measurable criteria which can 
be financial or non-financial. They may also be indi -
vidualised, quantitative or qualitative objectives. The 
criteria shall be designed so as to contribute to the 
company’s business strategy and long-term interests, 
including its sustainability, by for example being 
clearly linked to the business strategy or promote the 
executive’s long-term development.
The extent to which the criteria for awarding variable 
cash remuneration have been satisfied shall 
be evaluated/determined when the measurement 
period has ended. The Remuneration Committee is 
responsible for the evaluation so far as it concerns 
variable cash remuneration to executive manage -
ment.
For financial objectives, the evaluation shall be 
based on the latest financial information made public 
by the company.
Salary and employment conditions for employees
In the preparation of the Board of Directors’ proposal 
for these remuneration guidelines, salary and employ -
ment conditions for employees of the company have 
been taken into account by including information on 
the employees’ total income, the components of the 
remuneration and increase and growth rate over time 
in the Remuneration Committee’s and the Board of 
Directors’ basis of decision when evaluating whether 
the guidelines and the limitations set out herein are 
reasonable.
Consultant’s fees to Board members
If a Board member performs services for ITAB in addi-
tion to Board work, a special fee may be paid for this 
(consultant’s fee), provided that such services contrib -
ute to the implementation of ITAB’s business strategy 
and safeguard ITAB’s long-term interests, including its 
sustainability. This also applies to such services that 
ITAB receives through a company wholly owned by a 
Board member. The annual consultant’s fee for each 
Board member may never exceed the annual Direc-
tors’ fee. The consultant’s fee shall be on market terms 
and determined in relation to the benefit of ITAB.
The decision-making process to determine, 
review and implement the guidelines
The Board of Directors has established a Remunera-
tion Committee. The committee’s tasks include prepar -
ing the Board of Directors’ decision to propose guide -
lines for remuneration to senior executives. The Board 
shall prepare proposals for new guidelines at least 
every four years or before that if there is a need for sig-
nificant adjustments, and present the proposal for res -
olution at the AGM.
The guidelines shall apply until new guidelines have 
been adopted by the AGM. The Remuneration Com -
mittee shall also monitor and evaluate programs for 
variable remuneration for executive management, the 
application of the guidelines for remuneration to exec -
utive management as well as the current remunera -
tion structures and remuneration levels in the com -
pany. The members of the Remuneration Committee 
are independent of the company and its executive 
management. The CEO and other members of execu -
tive management do not participate in the Board of 
Directors’ processing of and resolutions regarding 
remuneration-related matters in so far as they are 
affected by such matters.
Derogation from the guidelines
The Board of Directors may temporarily resolve to dero -
gate from the guidelines, in whole or in part, if in a 
specific case there is special cause for the derogation 
and a derogation is necessary to serve the company’s 
long-term interests, including its sustainability, or to 
ensure the company’s financial viability. As set out 
above, the Remuneration Committee’s tasks include 
preparing the Board of Directors’ resolutions in remu -
neration-related matters. This includes any resolutions 
to derogate from the guidelines.

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Financial information
Significant risks and risk management
ITAB’s operations, like all business activities, are associated with risks. Risks can have 
a negative impact on the business, but can also add value if properly managed. 
The way risks are managed is therefore very important. The risks, uncertainties and 
important circumstances that are deemed significant for the Group’s operations and 
future development are described below.
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. Each 
risk is assessed based on the probability that the 
risk will occur and the consequences for ITAB if 
the risk were to occur. An account of the Group’s 
significant financial risks can be found in Note 
4. See page 70 for a more detailed description 
of the Group’s overall risk management process 
and insurance program.
22
23
24
25
26
2728
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20 21
1
2
3
Probability
Insignificant
Insignificant
Low
Medium
High
Very high
Low Medium High Very high
Consequence
Note: The position of the risks in each square in the risk matrix above should be interpreted in  
no particular order.
Strategic risks
1 Changes in the retail market and non-relevant 
products
2 Macroeconomic factors
3 Geopolitical and political risks
Operational risks
4 Supply chain, distribution and logistics
5 Production and production facilities
6 Raw material prices
7 IT security risk
8 Customer concentration and business relationships
9 Acquisition and integration risk
10 Goodwill and participations in Group companies
11 Failed implementation and integration of new ERP 
system
12 Employee risk
Financial risks
13 Liquidity risk
14 Refinancing risk
15 Interest risk
16 Currency risk
17 Credit risk
Compliance and regulatory risks
18 Existing and new laws and regulations
19 Corruption risk
20 Intellectual property
21 Tax risk and regulations
Sustainability risks
22 Social sustainability
23 Health & Safety
24 Environment
25 Fair and ethical business culture
26 Energy and greenhouse gases
27 Materials, waste and circular economy
28 Child and forced labour

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Financial information
Strategic risks
Significant risks Description Risk management
1 Changes in the retail market 
and non-relevant products
The retail market is competitive and changing, with the emergence of online shopping in the last 
decade affecting consumer preferences and behaviour. There has been a transition in large 
parts of the market from large, solely physical stores to smaller stores with digital elements and 
interconnection with online stores. Changing consumer preferences and behaviours require not 
only attractive and effective solutions and products for shop fittings and design, but also new 
types of solutions and concepts.
It is crucial for ITAB to be able to predict and adapt to the changing preferences and behaviours of consumers, and in turn 
customers, in a timely manner, in order to be able to retain its current customers and attract new customers. To respond to the 
changing retail market, ITAB has developed the One ITAB strategy, which focuses on adapting operations so that the Group 
can successfully meet the needs and future demands of the retail sector. This includes improved flexibility in production and 
delivery, increased internal efficiency and an improved organisational structure. Successful implementation of the strategy 
requires that ITAB closely follow developments in consumer behaviour and the retail market and, based on this, develop and 
offer technical and sustainable solutions and products that meet the needs of customers in the market. At the end of 2024, it 
was noted that major parts of the One ITAB strategy had been concluded, and ITAB will develop a new strategy with new new 
ambitions for the new Group together with HMY. The new strategy presumes a continued transformation of the business to 
meet the future needs and demands of the retail industry.
2 Macroeconomic factors The demand for ITAB’s solutions, products and services is affected by general macroeconomic 
factors and other factors, including recession, high inflation, rising interest rates, higher energy 
prices and new consumption patterns. Any uncertainties regarding future economic prospects 
that affect consumer spending habits could have an adverse effect on consumer purchases 
in the retail sector, particularly in physical stores, which in turn would adversely affect retailers’ 
willingness to invest for the future.
The Group’s operations monitor macroeconomic developments closely and continuously implement measures if needed. The 
macroeconomic development appears to be more favorable ahead of 2025 than in the last few years even if uncertainties 
regarding inflation and other macroeconomic data remain. ITAB’s overall goal is to strengthen its customers’ competitiveness 
with unique and competitive solutions that reduce the risk of theft and shrinkage, improve operational efficiency, reduce costs 
in stores and enable lower energy consumption in the retail sector.
3 Geopolitical and political risks Changes in the political situation could materially impact the sales of ITAB’s shop solutions, 
products and services. Examples of such situations include war and armed conflicts, political 
decisions, trade wars, and economic sanctions affecting an industry, region or country where 
ITAB operates.
In 2024, ITAB operated in a total of 23 countries and through partners in other markets. Of the Group’s net sales for 2024, sales 
to customers in Europe accounted for approximately 90 percent. ITAB’s suppliers of metal, which is an important raw material 
for ITAB’s operations, are found mainly in Italy, Sweden and Czechia. ITAB’s production is mainly located in Scandinavia and 
Central Europe. ITAB closely monitors geopolitical developments in the world and makes business decisions accordingly, as 
necessary.
Operational risks
Significant risks Description Risk management
4 Supply chain,  
distribution and logistics
ITAB relies heavily on dependable and orderly supply chain processes in order to provide 
customers in Europe and the rest of the world with its comprehensive solutions, including 
everything from ideas for store concepts, development and production to on-site installation 
at the customer’s premises. Any disruptions or interruptions in the supply chain could have an 
adverse effect on the Group’s operations and sales.
ITAB’s supply chain processes are continuously reviewed in order to improve and address any shortcomings. This includes, 
among other things, contact and coordination with relevant suppliers, such as suppliers of raw materials and transport 
services, and relevant production facilities, product testing, packaging, and installation. ITAB also has insurance for costs 
arising from disruptions or incidents during transportation.
5 Production and  
production facilities
ITAB’s production facilities are a central function in the Group and are in continuous operation. 
Disruptions or total stoppages in production caused by operational errors, accidents, fires, theft, 
burglaries, machine failures or other incidents could entail that the Group is unable to fulfil its 
obligations to the customer in a timely manner or at all.
ITAB develops business continuity plans for its production facilities and carries out contingency exercises, risk analyses and 
prevention work in accordance with these plans. Prolonged disruptions or interruptions in production could also mean that 
ITAB needs to adapt its working methods and production to meet its commitments to customers. In order to reduce the 
financial impact of any damages and production interruptions, the ITAB Group has a centrally procured global insurance 
program. The program includes standard insurance coverage such as general liability, property and business interruption 
insurance.
6 Raw material prices ITAB is dependent on raw materials and energy in its production. Price variations and supply 
disruptions for these raw materials can affect production costs in the short and long term. Raw 
material prices fluctuate based on supply and demand in the world market, which in turn is 
affected by factors such as transport and production chain dynamics as well as wars, regulatory, 
political and country-specific factors.
A large part of ITAB’s business with customers is project-based and priced using a price on application (POA) approach. Many 
of the Group’s customer contracts also contain clauses that protect against major changes in the price of raw materials. 
Significant and long-term increases in the price of relevant raw materials or supply disruptions may entail that ITAB needs to 
adapt its working methods and choice of raw materials in order to maintain an attractive customer offering.
7 IT security risk ITAB’s business and operations are dependent on the reliability, function and continued 
development of the Group’s IT systems regarding all data communication and the enterprise 
systems that the Group uses for its workflow, from orders and warehousing to delivery. The Group 
engages several external third parties who assist in efficiently managing these systems. If the 
IT systems do not work as expected due to operational errors by ITAB or its suppliers, or due to 
external factors such as different types of cyberattacks or malware, the Group could be affected 
by production and administration disruptions. This in turn could entail that deliveries to the 
customer do not take place in a timely manner or at all, that sales or market share are lost or that 
ITAB’s reputation is damaged.
ITAB has IT policies and guidelines to maintain the operation of its IT systems and to mitigate security risks related to these 
systems. The Group works according to the National Institute of Standards and Technology (NIST) framework, under which 
each ITAB site measures and structures its work according to a 60-point scale in order to reduce security risks. This includes 
working with modern protection and penetration testing solutions and regularly testing recoveries of backups. Security training 
for all employees in the Group is another important and ongoing aspect of its IT security processes. Two-factor authentication 
is used for all external or administrative access. The Group also conducts regular audits of critical IT systems delivered by third 
parties as well as external audits of ITAB’s own IT systems and processes.

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Financial information
Operational risks, cont.
Significant risks Description Risk management
8 Customer concentration and  
business relationships
Most of ITAB’s customers in terms of sales are major chain stores that operate in the retail trade, 
many of which have international operations and stores in several countries. If a major customer 
reduces its use of the Group’s solutions, products or services, terminates an existing agreement 
or terminates the relationship with ITAB in its entirety, this could adversely affect the operations. 
During 2024, sales to ITAB’s single largest customer accounted for approximately 11 percent of the 
Group’s total sales. Apart from the largest customer, sales to any other individual customer did 
not account for more than 4 percent.
ITAB is dependent on maintaining good, long-term relationships with its customers, often through framework agreements. 
Specific customer contracts are often signed for each individual shop solution, product and/or service. Customer contracts 
that regulate a long-term commitment for the customer to purchase shop solutions, products and/or services from the 
Group are only entered into to a limited extent. ITAB’s reputation is thus an important asset that contributes to distinguishing 
its solutions, products and services from those of its competitors. The Group’s reputation also contributes to retaining and 
attracting customers, employees and suppliers in the markets where the Group operates. ITAB regularly carries out customer 
surveys and interviews in order to strengthen and develop the collaboration over time.
9 Acquisition and integration 
risk
ITAB’s growth strategy includes both sustainable organic growth and strategic acquisitions. 
Accordingly, the Group intends to carry out acquisitions in order to expand its offering and/
or geographic presence to support future growth and profitability. If the assumptions and 
judgements ITAB makes based on its due diligence of an acquisition candidate and other 
information available at the time of acquisition, including assumptions on future income and 
operating costs, prove to be incorrect, ITAB may not be able to achieve all of the benefits 
expected from the acquisition. Moreover, acquisitions of companies could expose the Group to 
risks associated with the integration of the acquisitions.
Acquisition risks are managed through strategies and plans decided by the Board of Directors and Group management. ITAB 
also relies on external specialists before and during the implementation of an acquisition. Thus, risks are carefully identified 
and analysed in the pre-acquisition due diligence process and are continuously monitored during the acquisition and 
integration phase. In acquisitions, ITAB emphasises the importance of a well-executed integration and retaining key personnel 
in the acquired company through well-developed plans and preparations. The acquisition of HMY, which was completed 
as of 31 January 2025, accelerates the transformation of the market and makes the ITAB Group more scalable and flexible 
in a changing world. However, a failed integration may entail major negative financial consequences. To succeed in the 
integration and achieve expected synergies, an integration management office function has been established which will 
monitor the status of the integration and its risks continiously, together with Group management and the Board. The purpose is 
to manage any problems and implement corrective measures as needed.
10 Goodwill and participations  
in Group companies
Goodwill is a significant asset item in the Group’s balance sheet, corresponding to more than 
26 percent of total assets in 2024. Similarly, participations in Group companies account for 
approximately 60 percent of total assets in the Parent Company’s balance sheet. Any impairment 
of goodwill and participations in Group companies could affect ITAB’s financial position.
In accordance with the significant accounting policies described in Note 2, ITAB tests goodwill for impairment annually, or 
more often if there are any indications of a need for impairment. This impairment test is based on a number of assumptions 
and sensitivity analyses, as described in Note 18. No impairment requirement has been identified.
11 Failed implementation and 
integration of new ERP system
In line with its strategy, ITAB has a need for integrated and coordinated work processes across the 
Group. ITAB is now in a phase where a number of local business/ERP systems are being replaced 
by a common global system. There is a risk that the implementation and integration of ERP 
systems may take longer time and require more resources than expected, which could increase 
costs.
The Group-wide ERP system is based on a well-established ERP solution from IFS, in which adaptations are made based on a 
well-developed project plan, prototype and common ERP template. The system is being implemented in stages in different 
parts of the Group based on experience from completed pilot installations, which minimises the risk of an unsuccessful 
integration. The project is a high priority for ITAB’s Group management and other management teams, and the project plan 
is subject to regular follow-ups. The project is currently deemed to have sufficient resources to be successfully implemented in 
accordance with the established project plans. 
12 Employee risk ITAB’s operations and future success are highly dependent on attracting and retaining dedicated 
and competent employees and key individuals. If one or more key individuals leave the Group, or 
if ITAB fails to attract and retain qualified employees in areas such as research and development 
or production on acceptable terms, this could have an adverse effect on the Group’s operations 
and future prospects, and lead to postponements in the development of new solutions, products 
and services.
ITAB devotes considerable focus to offering all employees a pleasant and attractive workplace characterised by good working 
conditions, equal opportunities, diversity, and a safe and healthy environment – all in accordance with ITAB’s Group-wide 
Code of Conduct. All workplaces are to be free from all forms of discrimination and victimisation. To counteract the negative 
effects of the loss of key individuals, the Group works continuously on skills development and succession planning.
Financial risks
Significant risks
13 Liquidity risk
ITAB is exposed to financial risks in the form of liquidity risks, refinancing risks, interest risks, currency risks and credit risks. Each year, the Board of Directors adopts a Group-wide finance policy 
that governs the management of these risks. For information about financial risks, refer to Note 4.
14 Refinancing risk
15 Interest risk
16 Currency risk
17 Credit risk

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Financial information
Compliance and regulatory risks
Significant risks Description Risk management
18 Existing and new laws and 
regulations
ITAB’s operations are subject to various laws and regulations in a number of different countries 
and jurisdictions. Accordingly, the Group is also exposed to risks related to the implementation of 
new or amended laws or regulations in these countries and jurisdictions. Non-compliance with 
laws and regulations related to the environment or data protection or other laws and regulations 
applicable to, among other things, the Group’s production, work environment and certification 
could mean that ITAB becomes subject to fines, penalties and other sanctions, third party 
claims, lost reputation or loss of current customers, or have an adverse impact on potential new 
customers’ inclination to enter into agreements with the Group.
ITAB has a central legal function that is responsible themselves or assist in monitoring and ensuring that the Group complies 
with various regulations and laws. The central function continuously monitors changing and new laws and regulations in order 
to recommend and ensure adjustments are made to the operations where necessary. The central function also sets guidelines 
for regulatory compliance and contractual terms within the Group, which means that each company within the ITAB Group 
also has a responsibility to comply with local laws and regulations.
19 Corruption risk ITAB’s geographic spread exposes the Group to risks attributable to sanctions and corruption. 
ITAB’s marketing and sales in certain high-risk areas, such as countries in South America and 
Asia, increases its exposure to corruption. Corruption risks are particularly high in connection 
with procurement procedures for contracts of significant value. The risk of corruption is further 
increased by the fact that ITAB, often due to local practice in the country concerned, uses agents 
in some of its markets, including Italy and the Middle East.
ITAB has implemented a Group-wide Code of Conduct that regulates zero-tolerance of all forms of bribes, bribery and 
corruption. If the Group’s employees or agents do not comply with this Code of Conduct and if undue benefits are offered 
or requested, the Group, its employees and Board members may be subject to criminal sanctions under applicable anti-
corruption law. In addition to the Code of Conduct, ITAB also has other policies, such as a sustainable procurement policy, 
that relegate corruption in several areas of ITAB’s value chain and its business relationships.
20 Intellectual property ITAB’s operations are dependent on a number of intellectual property rights, including 
trademarks, patents, other protected information and company secrets. If the Group does not 
protect its intellectual property rights effectively or if a third party takes legal action against ITAB 
for infringement of intellectual property rights, this may have an adverse effect on the Group’s 
operations.
ITAB has established an Intellectual Property Rights Forum to identify and manage risks and issues related to the Group’s rights. 
Furthermore, employees in the Group who work on these issues are provided with training and skills development.
21 Tax risk and regulations The handling of tax issues, such as corporate tax, VAT and transfer pricing for transactions within 
the Group, is based on interpretations of applicable, relevant and new taxation legislation, tax 
treaties and other tax regulations, and the positions of the authorities concerned. If, for example, 
such legislation, agreements and regulations change or ITAB’s interpretation and application 
proves to be incorrect, the Group’s past and present handling of tax issues may be called into 
question. If tax authorities successfully present such claims, this could lead to increased tax 
expenses, fees, interest, and internal and external consultancy costs for ITAB.
ITAB conducts regular internal audits to evaluate the interpretation and outcome of tax issues both at Group level and locally 
in each subsidiary. The Group regularly obtains advice on tax issues from independent tax experts. ITAB and its subsidiaries 
are also occasionally subject to external tax audits and reviews. The management of matters regarding transfer pricing within 
the Group is based on the OECD’s guidelines and national regulations for transfer pricing as well as documented principles for 
determining prices in related party transactions in accordance with market terms.
Sustainability risks (Environment, Social and Governance − ESG)
Significant risks Description Risk management
22 Social sustainability ITAB is dependent on attracting and retaining dedicated and competent personnel (refer to 
Employee risk on page 75). A prerequisite for this is to offer all employees a workplace with good 
working conditions. This applies both to the physical work environment, as mentioned below, as 
well as to social and psychological aspects, characterised by, for example, equal opportunities 
and free of any discrimination. This also applies to the working conditions of the Group’s suppliers 
and partners, and considers any affected communities through the value chain.
The ITAB Group Code of Conduct stipulates that all employees of the Group shall be offered a welcoming workplace and
good working conditions, equal opportunities, diversity, and a safe and healthy environment. All of the Group’s workplaces
shall be free of any discrimination based on gender, marital status, ethnicity or national origin, sexual orientation, gender 
identity, religion, age, or disability. The Group works actively with skills and professional development. Through the Group’s 
Supplier Code of Conduct and onsite audits of all main suppliers, similar requirements for good working conditions throughout
the value chain are applied.
23 Health & Safety The work environment within ITAB’s operations is instrumental to the health and safety of the 
employees of the Group, especially due to the risk of accidents and incidents. ITAB is subject 
to regulations in areas such as occupational health and safety in the jurisdictions where ITAB 
conducts production. This also applies to the work environment of the Group’s suppliers and 
partners, as well as the safety of the final users of ITAB’s products. Non-compliance with acts and 
regulations in any of the jurisdictions in which the Group operates may result in authorities issuing 
orders for enforcement measures, imposing fees or fines, and in some cases even imposing 
restrictions on the operations of the Group.
Within ITAB Group, each company bears the responsibility for maintaining a secure workplace in accordance with local 
laws and regulations. To establish consistent standards throughout the Group, ITAB has formulated a Health & Safety 
(H&S) Framework and has initiated its implementation at the local level. Internal bodies overseeing H&S include employee 
representation, emphasising a collaborative approach to ensure the well-being and safety of all employees across the 
organisation. ITAB has a target of zero accidents and works actively to reduce the number of accidents and reviews the 
safety procedures of companies that report a higher number of accidents. Through the Group’s Supplier Code of Conduct 
and onsite audits of all main suppliers, similar requirements for healthy and safe workplaces throughout the value chain are 
applied.
24 Environment There is a risk that ITAB’s operations have a negative impact on the environment because of
pollution of land, air, and water, and its water usage through its activities. Any pollution may
have significant impact on biodiversity and ecosystems, as well as on ITAB’s financials and
reputation.
The exposure to hazardous materials and substances is very limited in ITAB Group’s production. Any use and disposal of such 
material or substance is handled in accordance with laws and regulations. The Group is in the process of adopting a series of 
water use measures in production and daily life in order to protect water resources and resolve any water waste issues.

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Financial information
Sustainability risks (Environment, Social and Governance − ESG), cont.
Significant risks Description Risk management
25 Fair and ethical business 
culture
If ITAB Group and / or any of its employees do not act in accordance with a fair and ethical 
business culture it may have severe impacts for the Group and / or individuals. If the Group’s 
employees or external agents do not comply with ITAB Group Code of Conduct and if undue 
benefits are offered by the Group, or on behalf of the Group, this may be punishable for the 
Group and its employees and Directors of the Board, under Swedish or other applicable anti-
corruption law.
ITAB Group’s Code of Conduct establishes the essential principles on which all business in the Group should be conducted, 
built on trust, honesty and transparency. According to the Code of Conduct, ITAB has a zero-tolerance policy regarding all
forms of bribery and corruption. The Group conducted an extensive training program on an updated Code of Conduct and 
new whistleblowing directives in 2023. ITAB has an internal and external whistleblowing service.
26 Energy and greenhouse gases The activities within ITAB Group produce greenhouse gases both directly and indirectly in the 
value chain. Energy use, where not sourced from a renewable source, also contributes to the 
production of greenhouse gases.
ITAB Group has plans within energy consumption to achieve a target of 100 percent electricity generated from renewable
sources. The Group has also committed to a 50 percent reduction in CO2e in Scope 1 and 2 emissions by 2030.
27 Materials, waste and circular 
economy
Material use and waste both contribute to the depletion of the natural resources available. In 
the future, designing for reuse of equipment and transitioning to a circular economy are going 
to be essential to reduce both consumption of materials and the waste generated through its 
processes.
ITAB Group’s commitment to sustainable business development is evident in its strategy to create in-store solutions that 
support customers by offering energy-efficient and cost-effective products. The Group focuses on incorporating increasingly 
sustainable materials into its solution and product portfolio in line with its Sustainable Procurement Policy, aiming to minimise 
the environmental impact and contribute to customers achieving their Carbon Zero goals. In cooperation with retailers, ITAB 
develops solutions for a circular economy, whereby equipment is refurbished rather than replaced. To avoid landfill waste, the 
aim is to repair, reuse, refurbish, and recycle an increasing portion of existing equipment with the customers.
28 Child and forced labour The risk of child or forced labour in ITAB’s own production or within the supply chain for a product 
or service.
ITAB Group’s Code of Conduct establishes the essential principles to respect human rights in accordance with international 
conventions. The Code of Conduct together with the Group’s Supplier Code of Conduct stipulate a zero-tolerance policy 
regarding all forms of child and forced labour within ITAB and throughout the value chain. ITAB Group conducts annual onsite 
audits of all main suppliers, and companies within ITAB are regularly subject to audits themselves by some or their larger 
customers.

===== SIDA 78 =====

ITAB | Annual & Sustainability Report 2024    78
Financial information
Corporate Governance Report 2024
Swedish Corporate Governance Code  
and ITAB’S Corporate Governance Report
ITAB Shop Concept AB (publ) is a Swedish public, reg-
istered limited liability company, whose overall ambi -
tion is to create long-term value for shareholders and 
other stakeholders. ITAB’s ordinary shares are listed on 
Nasdaq Stockholm in the Mid Cap segment.
ITAB applies the Swedish Corporate Governance 
Code (hereinafter referred to as the “Code”). The 
Code is a component of self-regulation within the 
Swedish business sector and is based on a “comply or 
explain” principle. This means that a company that 
applies the Code may deviate from individual rules if it 
is deemed to result in better corporate governance, 
but must then explain the reasons for each deviation 
reported. 
This Corporate Governance Report for the 2024 
financial year describes ITAB’s corporate governance, 
management and administration as well as internal 
controls of financial reporting, and is prepared in 
accordance with the Code’s recommendations. The 
Corporate Governance Report constitutes part of the 
formal Annual Report documentation and was 
reviewed by the company’s auditors pursuant to Swed -
ish Annual Accounts Act.
Corporate governance, division of responsibilities  
and Articles of Association
Good corporate governance involves ensuring that 
companies are managed sustainably, responsibly 
and as efficiently as possible for the shareholders. 
Trust among legislators and in society that companies 
are acting responsibly is crucial to the freedom of 
companies to realise their strategies in order to create 
value. Trust among existing and potential investors 
that this is taking place is decisive for their interest in 
investing in the companies. In this way, the business 
sector’s freedom to develop and its supply of venture 
capital and expertise are safeguarded. 
The aim of corporate governance in Swedish listed 
companies is to create a clear division of roles and 
responsibilities between shareholders, the Board of 
Directors, Board committees and executive manage -
ment, and it is regulated by a combination of written 
rules and practices. At first instance, ITAB is to apply 
the Swedish Companies Act and the rules that apply 
in the regulated market in which the company’s 
shares are listed for trading (Nasdaq Stockholm) as 
well as best practices in the stock market. The disclo -
sure requirements to which ITAB is subject are found in 
the Rule Book for Issuers published by Nasdaq Stock-
holm, and the Code is a component of this regulatory 
framework. ITAB shall, at the same time, in the course 
of its operations abide by the provisions stipulated in 
the company’s Articles of Association. The Articles of 
Association can be found in their entirety on ITAB’s 
website, itabgroup.com.
Deviations from the Code
There are no deviations from the Code to report for 
2024.
ITAB’s corporate governance structure
The Swedish Companies Act states that there should 
be three decision-making bodies in the company: the 
General Meeting of Shareholders, the Board of Direc-
General Meeting of 
Shareholders
Board of DirectorsAuditors
CEO
Group management
Subsidiaries
Nomination Committee
tors and the CEO. There must also be an inspection 
body – an auditor that is appointed by the Annual 
General Meeting. The Act specifies the duties of each 
body and the responsibility of the individuals included 
in the company’s bodies.
 R
efer to pages 64-65 for information about the ITAB 
share and ownership structure.
General Meeting of Shareholders
The General Meeting of Shareholders is the highest 
decision-making body through which shareholders 
exercise their influence over the company. The body is 
superior in relation to the company’s Board of Direc -
tors and CEO. According to the Articles of Association, 
notices for a general meeting shall be published by 
means of an announcement in Post- och Inrikes Tid-
ningar (Official Swedish Gazette) and on the compa -
ny’s website. Information that notification has been 
issued must be announced in Dagens Industri. The 
statutory Annual General Meeting (AGM) passes reso -
lutions on the adoption of annual accounts and con -
solidated accounts, discharge the Board of Directors 
and CEO from liability, appropriation of profits for the 
past year, election of the Board and, when required, 
auditors, and other matters in accordance with the 
Swedish Companies Act and the Articles of Associa -
tion.
 A
ll shareholders registered in the share register and 
who have given notice of attendance may participate 
in the meeting and vote according to the number of 
shares owned. Shareholders who are unable to attend 
in person may exercise their rights by postal voting or 
by proxy. The company does not apply any special 
arrangements regarding the function of the general 
meeting due to provisions in the Articles of Association 
or, insofar as is known to the company, due to share-
holder agreements.
Annual General Meeting 2024
ITAB’s AGM was held on Wednesday, 15 May 2024. At 
the AGM, 50 shareholders participated, together rep -
resenting approximately 172 million votes, correspond -
ing to just over 80 percent of the total number of 
shares and votes outstanding in the company on the 
date of the meeting. The following main resolutions 
were passed:
•
 D
ischarge from liability for the Board of Directors 
and CEO for their administration in the 2023 finan -
cial year.
•
 R
e-election of Board members Petter Fägersten, 
Anders Moberg, Madeleine Persson, Fredrik Rapp 
and Vegard Søraunet, and election of Amelie de 
Geer, Lars Kvarnsund and Peder Strand as new 
Board members.
•
 An
ders Moberg was re-elected as Chairman.
•
 T
he registered auditing company Ernst & Young AB 
was elected as auditors, with authorised public 
accountant Joakim Falck as auditor in charge. 
•
 F
ees to the Board of Directors and auditors, and 
Remuneration Report for 2023 were adopted.
•
 C
ancellation of repurchased ordinary shares
•
 A
uthorisation to the Board to decide on the pur -
chase and conveyance of own shares. 
•
 A
uthorisation of the Board to decide on new issues 
of shares up to a maximum of 10 percent of the 
company’s outstanding shares.
Group staff units
Audit Committee
Remuneration Committee
Shareholders
Corporate governance

===== SIDA 79 =====

ITAB | Annual & Sustainability Report 2024    79
Financial information
Extraordinary General Meeting 2024
On Monday, 21 October 2024, ITAB held an EGM to 
approve the Board’s resolution to carry out a directed 
share issue of a total of 38,200,000 ordinary shares to 
partially finance the acquisition of HMY. The EGM 
approved the Board’s resolution. At the EGM, 71 share-
holders participated, together representing approxi -
mately 186 million votes, corresponding to just over 77 
percent of the total number of shares and votes out-
standing in the company on the date of the meeting.
Annual General Meeting 2025
ITAB’s AGM will be held on Wednesday, 7 May 2025 in 
Jönköping, Sweden. Further information can be found 
on page 134.
Nomination Committee
In accordance with Code, ITAB shall have a Nomina-
tion Committee. The Nomination Committee is the 
general meeting’s body for proposals to the meeting’s 
decisions regarding appointment issues in order to 
provide good conditions for the meeting’s decisions 
on these issues.
At the 2022 AGM, revised instructions for the Nomina -
tion Committee were adopted. In accordance with 
these instructions, the Chairman of the Board is tasked 
with contacting the largest shareholders and request -
ing that they appoint three members to form the Nomi -
nation Committee. The selection of shareholders to 
contact is to be based on the share register main-
tained by Euroclear Sweden as of 31 August each 
year. Unless otherwise agreed by the members, the 
Chairman of the Nomination Committee is to be the 
member appointed by the largest shareholder. The 
composition of the Nomination Committee is to be 
announced not later than six months prior to the 
Annual General Meeting. The instructions apply until 
further notice.
In accordance with this, the largest shareholders 
ACapital ITAB HoldCo AB, Pomona-gruppen AB and 
Övre Kullen AB each appointed one member of the 
Nomination Committee ahead of the 2025 AGM. This 
Nomination Committee comprises Åsa Otterlund 
(appointed by ACapital ITAB HoldCo), Ulf Hedlundh 
(appointed by Pomona-gruppen) and Petter Fäger -
sten (appointed by Övre Kullen) with Åsa Otterlund as 
Chairman. The members of the Nomination Commit-
tee were appointed for the period up to and including 
the 2025 AGM. In the event that a member steps down 
from the Nomination Committee before its work is 
completed, the remaining members are tasked with 
appointing a new member.
Ahead of the AGM 2025, the Nomination Committee is 
assigned with preparing and presenting proposals for 
the Chairman of the Meeting, Board members and the 
Chairman of the Board, fees to members of the Board 
and committees, and where applicable, the election 
of and fees to auditors. The Nomination Committee 
shall in other respects fulfil its tasks in accordance with 
the Code. In its assessment of the Board’s evaluation 
and in its proposals, the Nomination Committee shall 
pay particular attention to the requirement for diver -
sity and breadth in the Board and strive for an even 
gender distribution in accordance with the diversity 
policy according to rule 4.1 in the Code. The Nomina-
tion Committee’s proposals shall be included in the 
notice to attend the 2025 AGM. In conjunction with 
the Board issuing the notice for the AGM, the Nomina-
tion Committee shall ensure that the company pub -
lishes the Nomination Committee’s proposals and rea -
soned statement as well as information about how the 
Nomination Committee has conducted its work on 
ITAB’s website, itabgroup.com.
No fees are paid for the Nomination Committee 
assignment. 
Ahead of the 2025 AGM, the Nomination Committee 
has evaluated relevant aspects of Board’s work and, 
to date, has held six minuted meetings with all mem -
bers present, and had several other contacts.
Board of Directors
The tasks of the Board of Directors are to manage the 
company’s affairs on behalf of the shareholders. 
According to ITAB’s Articles of Association, the Board 
of Directors must comprise at least three and at most 
nine Board members with no more than nine deputies.
Board members
At the end of 2024, the Board of Directors of ITAB Shop 
Concept AB consisted of eight regular members 
appointed by the AGM on 15 May 2024: Anders 
Moberg (Chairman), Petter Fägersten, Amelie de 
Geer, Lars Kvarnsund, Madeleine Persson, Fredrik 
Rapp, Peder Strand and Vegard Søraunet. A presenta-
tion of these Board members, including information 
about their other assignments, is presented on page 
84 as well as on ITAB’s website, itabgroup.com. The 
CEO and other officers of the Group participate in 
Board meetings, acting as rapporteur or in administra -
tive functions.
All of the Board members are independent in rela -
tion to the company and its senior executives. Four 
Board members are independent in relation to the 
major shareholders. The Board thereby fulfils the 
requirements for independence pursuant to regula -
tory frameworks. The Articles of Association do not 
contain any special conditions for appointment and 
dismissal of Board members or change of the Articles 
of Association.
In accordance with the AGM’s resolution in May 
2024, Directors’ fees totalled SEK 2,500,000, of which 
SEK 575,000 was paid to the Chairman of the Board 
and SEK 275,000 to each of the other Board members. 
See below for a summary of the Board members and 
their committee membership(s), attendance at Board 
meetings, independence and Directors’ fees. 
Chairman of the Board
The Chairman of the Board is tasked with ensuring that 
the Board’s work is well organised and efficiently con -
ducted, and that the Board fulfils its assignments. The 
Chairman shall, in particular, organise and lead the 
Board’s work to create the best possible conditions for 
the Board’s work. The Chairman is tasked with ensur-
ing that a new Board member participates in requisite 
introductions and other training that the Board’s Chair -
man and the Board member deem to be appropriate, 
that the Board continuously updates and deepens its 
knowledge of the company, that Board meetings are 
held when required and that satisfactory information 
and supporting material for decisions is obtained for 
its work, that the proposed agendas for Board meet-
ings are adopted in consultation with the CEO, that 
the Board’s resolutions are implemented, and that the 
The Board of Directors’ and committees’ composition, independence, attendance and fees 2024
Committees Independent in relation to 1) Participation in
Name Assignment Remuneration Audit
Company and 
executive  
management
Major  
shareholders
Board meetings  
(total number)
Remuneration 
Committee
(total number)
Audit Committee
(total number)
Directors’ fees  
incl. committee fees 
(SEK)
Anders Moberg Chairman Chairman – Yes Yes 18 (18) 1 (1) – 600,000
Karin Eriksson
2) Member – Member Yes Yes 6 (7) – 4 (4) 103,000
Petter Fägersten Member Member – Yes No 18 (18) 1 (1) – 303,000
Amelie de Geer3) Member – Member Yes Yes 11 (11) – 4 (4) 223,000
Lars Kvarnsund3) Member – Chairman4) Yes Yes 11 (11) – 4 (4) 283,000
Madeleine Persson Member – Member Yes Yes 18 (18) – 8 (8) 327,000
Fredrik Rapp Member – Chairman4) Yes No 18 (18) – 4 (4) 270,000
Peder Strand3) Member – – Yes No 11 (11) – – 183,000
Vegard Søraunet Member Member – Yes No 17 (18) 1 (1) – 303,000
1) In accordance with the definitions of the Swedish Corporate Governance Code.
2) Karin Eriksson was a Board member during the period 1 January to 15 May 2024.
3) Amelie de Geer, Lars Kvarnsund and Peder Strand were elected as Board members at the Annual General Meeting on 15 May 2024.
4) Fredrik Rapp was Chairman of the Audit Committee during the period 1 January to 15 May 2024. Lars Kvarnsund was Chairman of the Committee during the period from 16 May to 31 December 2024.

===== SIDA 80 =====

ITAB | Annual & Sustainability Report 2024    80
Financial information
Board’s work is evaluated annually. The Chairman is 
responsible for contacts with shareholders regarding 
shareholder issues and for conveying the views of 
shareholders to the Board.
Board duties
The Board of Directors has ultimate responsibility for 
the company’s organisation and the administration of 
the company’s affairs in the interests of the company 
and all shareholders, pursuant to the laws, ordinances 
and agreements that the company is subject to. The 
Board shall also, based on an analysis of the business 
environment, pass resolutions on strategic issues.
The Board annually adopts written rules of proce -
dures that regulate the Board’s work and its division of 
responsibilities,  including its committees, deci -
sion-making bodies within the Board, the Board’s 
meeting plan, and the Chairman’s tasks, as well as 
instructions for the financial reporting. The Board has 
also issued instructions to the CEO, which includes 
decision authority for investments, corporate acquisi -
tions and divestments as well as financing matters. 
The Board has also adopted a number of policies for 
the Group’s operations, such as a Code of Conduct.
The Board monitors the CEO’s work by continuously 
following up operations during the year and is respon -
sible for ensuring that the organisation, management 
and guidelines for the administration of the compa -
ny’s affairs are appropriately structured and that com -
pany has good internal controls and efficient systems 
for the follow-up and control of the company’s opera -
tions and compliance with laws and regulations that 
are applicable to the company’s operations. The com -
pany’s auditor attends at least one of the Board’s 
meetings annually. On such occasions, the auditor’s 
observations concerning the company’s accounts, 
procedures and internal control are reported and 
reviewed. 
The Board is also responsible for the determination, 
development and follow-up of the company’s goals 
and strategy, decisions about acquisitions and divest -
ments of businesses, major investments, repurchases 
of own shares as well as the appointment and remu -
neration of executive management. The Board of 
Directors and CEO submit the annual accounts to the 
AGM.
Furthermore, the Board is responsible for preparing 
an annual Corporate Governance Report that shall 
include the Board of Directors’ actions to follow up on 
internal controls related to the financial reporting and 
on how reporting to the Board has worked. The Corpo-
rate Governance Report shall be reviewed by the 
company’s auditor. In connection with this, the Board 
shall annually assess and decide whether the com -
pany should have a special review function (internal 
audit). This decision shall be justified in the Corporate 
Governance Report.
The Board conducts an annual evaluation of its 
work, whereby a questionnaire is sent out to all its 
members. The results are compiled by the Chairman 
of the Nomination Committee, who then provides 
feedback to each Board member. The Board continu -
ously evaluates the CEO’s work.
Each Board member shall independently assess the 
matters that are to be addressed by the Board and 
request the information that the Board member 
deems necessary for the Board to make a well-in-
formed decision. Each Board member shall continu -
ously acquire knowledge of the company’s opera -
tions, organisation, markets and similar information 
required for their assignment. 
The Board’s work
The Board’s work follows an annual plan. In addition to 
the statutory meeting held in connection with the 
AGM, the Board normally meets seven times a year 
(regular meetings). Extraordinary meetings are con -
vened as needed. Every meeting follows an agenda 
that is provided together with other underlying docu -
mentation to Board members prior to each Board 
meeting. Board resolutions are passed following a dis-
cussion led by the Chairman. Committees appointed 
by the Board are tasked with preparing matters for res -
olution by the Board (see below).
The agenda of the statutory Board meeting includes 
adoption the Board’s rules of procedures, decisions 
about company signatories and the approval of min -
utes. The regular meeting held in February addresses 
the annual accounts, proposals on the appropriation 
of profits and the Year-End Report. In conjunction with 
this, the company’s auditors submit a report to the 
Audit Committee with their findings and assessments 
of the conducted audit. Every regular meeting gener -
ally includes several other fixed items for presentation, 
such as a report on the current financial outcome of 
the operations.
The Board held eight regular meetings, of which one 
was a statutory meeting, and ten extraordinary Board 
meetings in 2024. The attendance at Board meetings 
and committee meetings is presented in the summary 
on page 79. Essential subjects that have been dis-
cussed during the year include:
•
 S
trategic direction for the operations
•
 B
usiness plans, financial plans and forecasts
•
 A
cquisition of HMY
•
 I
nvestments
•
 L
ong-term financing
•
 P
olicies and guidelines
•
 R
isk management and internal control
•
 I
nterim reports and annual accounts
•
 R
eports from the Board’s committees
•
 Su
stainability work
•
 Fo
llow-up of external audit
Audit Committee
The Board has appointed an Audit Committee that, 
without impacting the Board’s responsibilities and 
assignments in general, is to prepare the Board’s work 
of quality-assuring the company’s financial reporting, 
continually meet with the company’s auditors to 
obtain information about the focus and scope of the 
audit as well as discuss coordination between the 
external audit and the internal control and views of 
the company’s risks. The Audit Committee is also 
responsible for establishing guidelines regarding 
which services other than audits the company may 
procure from the company’s auditors, evaluate the 
audit work and notify the company’s Nomination 
Committee about the results of the evaluation as well 
as assist the Nomination Committee in preparing pro -
posals for the election of auditors and the payment of 
fees for the audit work.
ITAB’s Audit Committee comprises Amelie de Geer, 
Lars Kvarnsund (Chairman of the Committee) and 
Madeleine Persson. All members of the committee are 
independent of the company and its executive man -
agement and independent of the company’s major 
shareholders. Lars Kvarnsund has accounting exper -
tise. The company thus fulfils the requirements of the 
Swedish Companies Act. In 2024, the Audit Committee 
held eight minuted meetings, and maintained ongoing 
contact with the company’s auditors. The Audit Com -
mittee also had a number of contacts with Group man -
agement. In 2024, fees for the Audit Committee’s work 
comprised SEK 150,000 to the Chairman of the Commit-
tee and SEK 60,000 to each of the other members.
Remuneration Committee
The Remuneration Committee’s primary tasks are pre -
paring the Board’s decisions on issues regarding 
remuneration principles, remuneration and other 
terms of employment for executive management, 
monitoring and evaluating ongoing schemes and 
schemes concluded during the year regarding vari -
able remuneration to executive management, as well 
as monitoring and evaluating the application of the 
guidelines for remuneration to senior executives 
decided by the AGM and current remuneration struc -
tures and remuneration levels in the company. ITAB’s 
Remuneration Committee has also been tasked with 
preparing issues regarding remuneration and other 
employment terms for the managing directors of other 
companies in the Group.
The tasks of the Remuneration Committee include 
preparing the Board’s decisions on proposals for guide -
lines for remuneration of senior executives, and drafting 
the Board of Directors’ annual remuneration report on 
the application of the company’s remuneration guide -
lines for approval at the AGM. The Board shall prepare 
proposals for new guidelines at least every four years or 
before that if there is a need for significant adjustments, 
and present the proposal for resolution at the AGM. The 
guidelines shall apply until new guidelines have been 
adopted by the AGM. The current guidelines were 
adopted by the 2021 AGM (see Note 8), and the Board 
intends to propose new remuneration guidelines prior 
to the 2025 AGM (see page 72). The 2023 Remunera-
tion Report adopted by the 2024 AGM is available on 
ITAB’s website, itabgroup.com.
 I
TAB’s Remuneration Committee comprises Anders 
Moberg (Chairman of the Committee), Petter Fäger -
sten and Vegard Søraunet. The CEO is co-opted at 
committee meetings.
In 2024, the Remuneration Committee held one min -
uted meeting. During the year, fees for the Remunera-
tion Committee’s work comprised SEK 45,000 to the 
Chairman of the Committee and SEK 35,000 to each 
of the other members.
CEO and Group management
The CEO is appointed by the Board to be responsible for 
the company’s day-to-day management in line with the 
Swedish Companies Act and within the framework estab-
lished by the Board. The CEO’s decision authority with 
respect to investments, corporate acquisitions and 
divestments as well as financing issues is subject to rules 
adopted by the Board. In consultation with Chairman of 
the Board, the CEO prepares the requisite information 
and supporting material for decisions in advance of 
Board meetings, presents agenda items and motivate

===== SIDA 81 =====

ITAB | Annual & Sustainability Report 2024    81
Financial information
proposed resolutions. The current CEO, Andréas Elgaard, 
took up his position in September 2019.
 T
he CEO leads the work of Group management and 
makes decisions in consultation with other members 
of management. In 2024, ITAB’s Group management 
comprised President & CEO Andréas Elgaard, Chief 
Financial Officer Ulrika Bergmo Sköld, Senior Vice Presi -
dent – MBU Nordic Jan Andersson, Senior Vice Presi-
dent – MBU South Europe Andrea Ciotti, Senior Vice 
President – MBU UK & Baltics Roy French, Chief Com-
mercial Officer Nick Hughes, General Counsel Frida 
Karlsson, Chief Sustainability & People Officer Petra 
Axelsson, Chief Operating Officer Mikael Nadelmann, 
and Senior Vice President – MBU Central Europe Klaus 
Schmid.
 A m
ore detailed presentation of the CEO and Group 
management can be found on page 84. Remunera-
tion of the CEO and Group management in the 2024 
financial year is presented in Note 8 on page 108.
Group staff units
Group staff units that report directly to Group man -
agement have responsibility for business develop -
ment, finance, insurance, HR, purchasing, IT, informa -
tion, marketing, production, development, investor 
relations, legal affairs, communications, consolidation 
of accounts and Group-wide administration. Projects 
that cover all or the majority of the Group’s companies 
are controlled and coordinated from here. Within 
each area, handbooks and policies are drawn up that 
regulate the work in the subsidiaries.
Auditors
To examine the company’s annual accounts, consoli -
dated accounts and accounting records as well as 
the administration of the Board of Directors and CEO, 
a registered auditing company or one or two autho -
rised public accountants shall be appointed by the 
AGM according to the Articles of Association. The 
auditors report to the shareholders at the AGM via 
their Auditor’s Report.
 T
he regular election of auditors in ITAB took place at 
the 2024 AGM and pertained to the term up to and 
including the 2025 AGM. The company’s auditor is the 
registered auditing company Ernst & Young AB, with 
authorised public accountant Joakim Falck as auditor 
in charge. Joakim Falck has been the auditor for ITAB 
since 2018. His other audit assignments include Nolato 
AB, Absolent Group AB, Hexpol AB, Nefab AB, and Gyl-
lensvaans Möbler AB.
The company’s auditor works in accordance with an 
audit plan that incorporates the views of the Board 
and its Audit Committee. The auditor then reports his/
her observations to executive management teams, 
Group management and ITAB’s Board and its Audit 
Committee during the course of the audit and in con-
junction with the adoption of the annual accounts. 
The company’s auditor also participates at the AGM 
and describes and expresses his opinion about the 
audit work. The independence of the external auditor 
is regulated by special instructions adopted by the 
Board, which stipulate the areas in which the external 
auditor may be engaged on matters beyond regular 
audit work. Ernst & Young continuously tests its inde -
pendence in relation to the company and submits a 
written affirmation to the Board every year, stating that 
the auditing firm is independent from ITAB.
 I
n 2024, a total of MSEK 2 (1) was paid in fees for Ernst 
& Young’s services in addition to the audit assignment.
Ethical guidelines
ITAB strives to ensure that its business operations 
adhere to stringent demands on integrity and ethics. 
The Board has adopted a so-called Code of Conduct 
for Group operations, which also includes ethical 
guidelines. The Code of Conduct emphasises the 
importance of each and every employee, that the 
Group is to offer a safe and healthy work environment, 
and that ITAB works continuously to reduce its environ -
mental impact. It also points out that ITAB stands for 
straightforward, honest communication and that all 
employees have to respect commercial confidential -
ity. If an issue relating to business ethics arises at com-
pany level, there is a system in place detailing how 
employees should report directly to the Group and 
how such issues will be handled. In accordance with 
the Code of Conduct, ITAB has a zero-tolerance policy 
regarding all forms of bribery and corruption. The 
Group’s operations have whistleblowing systems for 
reporting any whistleblowing cases from both internal 
and external stakeholders.
ITAB regularly reviews and evaluates internal controls 
in all subsidiaries, which provides reasonable assur -
ance of an appropriate and effective operation, reli -
able financial reporting and compliance with laws 
and ordinances. The internal audit also includes a fol -
low-up of the sustainability program and the Code of 
Conduct. The managing director of each individual 
company within the ITAB Group is responsible for 
ensuring compliance with local regulations. All of 
ITAB’s employees are covered by the Group-wide 
Code of Conduct and have signed it to confirm that 
they are complying with this code.
No known cases of corruption were discovered in the 
Group in 2024. Since the end of 2017, there is also a 
separate Group-wide supplier policy containing fun -
damental business ethics requirements that ITAB 
imposes on its suppliers. In order to ensure that ITAB is 
complying with GDPR, training has been conducted 
for employees who process personal data as part of 
their work.
Internal controls for the financial reporting 
According to the Swedish Companies Act and the 
Code, the Board is responsible for internal controls 
aimed at protecting the company’s assets and 
thereby the investments of its owners. This responsibil -
ity includes annually assessing the financial reporting 
that the Board receives and setting requirements for its 
content and presentation to ensure the quality of the 
reporting. This requirement entails that financial 
reporting must be appropriate, applying the relevant 
accounting rules and other requirements for listed 
companies. The following description is limited to 
ITAB’s internal controls of the financial reporting.
The internal controls should provide reasonable 
assurance of appropriate and effective operations, reli -
able financial reporting, and compliance with laws 
and ordinances. The basis for the internal control of 
financial reporting is the control environment, including 
the organisation, decision-making paths, authorisa -
tions and responsibilities that are documented and 
communicated in the governing documents below. 
ITAB’s tool for internal control is based on the COSO 
framework. COSO is a framework for evaluating a com-
pany’s internal control over financial reporting. The 
framework streamlines the work with internal controls.
The Group’s risk matrix (see pages 73-77) was 
reviewed during the year and forms the basis of the 
internal audit program. In addition to the business risks, 
the internal controls have focused on formalities, proce -
dures and processes linked to the updated risk matrix.
Financial reporting
All subsidiaries submit monthly reports concerning 
financial outcomes, in accordance with the Group’s 
internal finance manual. The reporting is consolidated 
and constitutes the basis for quarterly reports and 
operational follow-ups.
This operational follow-up is carried out in accor -
dance with an established structure where invoicing, 
liquidity, profit, tied-up capital and other key figures of 
importance for the Group are collated and form the 
basis for analysis and measures by management and 
controllers at various levels. Other important, Group-
wide aspects of the internal control include business 
plans and the annual forecast process.
For communication with external parties, the Group 
has an information policy intended to ensure that all 
disclosure requirements are complied with correctly 
and in full.
Control environment
The Audit Committee’s primary task is to monitor the 
accounting and reporting processes and to ensure 
the quality of these reports and processes. The respon -
sibility for maintaining an effective control environ -
ment, day-to-day risk management and internal con -
trols in terms of financial reporting has been 
delegated to the CEO. Executives at various levels of 
the company are in turn responsible within their 
respective areas. Responsibilities and authorisations 
are defined in instructions to the CEOs, instructions 
concerning attestation rights, manuals, and other pol -
icies and procedures.
 The
 Board determines the Group’s policies regarding 
information, credit and finance. Group management 
determines other instructions, and the responsible 
Group functions issue guidelines and oversee the 
application of the regulatory framework. The Group’s 
accounting and reporting rules are stipulated in an 
accounting handbook that is available to all account-
ing staff. Together with laws and other external regula-
tory frameworks, the organisational structure and inter -
nal regulatory frameworks constitute the control 
environment.
Risk assessment
ITAB works continually with risk analyses as a basis for 
revisions of the Group’s risk matrix. Financial, opera -
tional and strategic risks are charted. The Audit Com -
mittee reviews the current risk matrix when necessary 
and at least once a year, as well as ongoing and 
planned activities linked to the respective risk, and 
revisions are undertaken if necessary. 
Control activities
The purpose of control activities is to identify, prevent 
and correct errors and deviations. Policies and guide -
lines are particularly important for accurate account -
ing, reporting and information dissemination and also 
define which control activities should be conducted. 
ITAB regularly updates its policies and guidelines, in

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Financial information
writing and at meetings. Control activities include 
approval procedures, reconciliation of accounts, ana -
lytical follow-up and control of IT systems.
Follow-up
Group management and controllers regularly follow 
up economic and financial reporting as well as key 
business events. At each Board meeting, financial per -
formance is monitored against forecasts, and reviews 
are conducted of how well investments are proceed-
ing according to plan. The follow-up of results is an 
important complement to the controls and reconcilia -
tions implemented in the financial processes them -
selves. The Audit Committee regularly evaluates the 
internal control, the Code and significant accounting 
issues. 
Opinion on internal audit function
The Board has opted not to have a special function for 
internal audits. The assessment is based on the 
Group’s size and operations as well as existing internal 
control processes where the work with internal controls 
is conducted in an internal audit program that covers 
all subsidiaries according to an established plan. If 
necessary, external advisers are used for internal con -
trol projects on behalf of the Audit Committee. Parts of 
the internal control are regularly examined by the 
auditors. 
Violations
The company has not committed any violations of the 
regulatory framework of the stock market where the 
company’s shares are traded nor breached any stock 
market best practices.

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Financial information
Board of Directors
Other information: Refer to ITAB’s website, itabgroup.com, for a more detailed presentation of 
each Board member, including education and work experience.  
Information about the number of shares refers to shareholdings as of 28 February 2025.
Anders Moberg 
(born 1950)
Chairman of the Board 
since 2018 and Board 
member since 2011.
Other Board assignments:  
Chairman of the Board of 
Byggmax AB and Viva Wine 
Group AB. Board member 
of Bergendahl & Son AB, 
Boconcept A/S, Citygross 
AB, and Stichting INGKA 
Foundation. 
Independence:  
Independent in relation to 
the company and its senior 
executives.  
Independent in relation to 
the major shareholders.
Shareholding:   
2,500,000 ordinary shares  
(own holding and via 
endowment policy)
Madeleine Persson
(born 1969)
Board member since 2023.
 
Advisor, Board Member and 
Executive Mentor.
Other Board assignments: 
Board member of aim’n  
apparel AB and Stadium AB.  
Independence:  
Independent in relation to 
the company and its senior 
executives.  
Independent in relation to 
the major shareholders.
Shareholding: 
20,000 ordinary shares
Peder Strand 
(born 1980)
Board member since 2024. 
 
Investment Director at 
Seatankers Management 
Company Ltd.  
Other Board assignments:  
Board member of ACapital 
ITAB HoldCo AB, Medistim 
ASA, and Mowi ASA.
Independence: 
Independent in relation to 
the company and its senior 
executives.  
Dependent in relation to the 
major shareholders.
Shareholding: 
56,116,610 ordinary shares 
(via ACapital ITAB HoldCo)
Vegard Søraunet 
(born 1980)
Board member since 2021.
CEO & Investment Director at  
Aeternum Management AS.
Other Board assignments:  
Board member of ACapital ITAB 
HoldCo AB and SkiStar AB. CEO 
and Chairman of the Board of 
Søraunet Invest AS. 
Independence:  
Independent in relation to the 
company and its senior  
executives.  
Dependent in relation to the major 
shareholders.
Shareholding:
56,116,610 ordinary shares  
(via ACapital ITAB HoldCo)
Lars Kvarnsund 
(born 1967)
Board member since 2024. 
 
Board Member and Advisor.  
Other Board assignments:  
Board member of FM Mattsson AB, 
Ferroamp AB, Novedo Holding AB, 
United Power AB, and Prido AB, 
Chairman of the Board of  
Zinkteknik Group AB and P.O. 
Jansson Industri AB.
Independence:  
Independent in relation to the  
company and its senior executives.  
Independent in relation to the 
major shareholders.
Shareholding: 
25,012 ordinary shares (own 
holding and via company)
Petter Fägersten 
(born 1982)
Board member since 2016.
Other Board assignments:  
Board member of Inev AB, XANO 
Industri AB, Idyllum AB, Skanditape 
AB, Övre kullen AB, and others. 
Independence: 
Independent in relation to the 
company and its senior executives. 
Dependent in relation to the major 
shareholders.
Shareholding: 
26,262,112 ordinary shares (via 
Övre Kullen and with family)
Fredrik Rapp 
(born 1972)
Board member since 2013.
CEO of Pomona-gruppen AB.
Other Board assignments:  
Chairman of the Board of 
Argynnis Group AB, Estinvest AB, 
Serica Consulting AB, Svenska 
Handbollförbundet, and XANO 
Industri AB. Board member of AGES 
Industri AB, Corem Property Group 
AB, Pomona-gruppen AB, AB 
Segulah, and others.
Independence: 
Independent in relation to the 
company and its senior executives.  
Dependent in relation to the major 
shareholders.
Shareholding:
40,148,040 ordinary shares (via 
Pomona-gruppen and with family)
Amelie de Geer 
(born 1978)
Board member since 2024. 
 
CEO of BAMA Nordic AB. 
Other Board assignments:  
Chairman of companies in 
the BAMA Nordic Group.
Independence: 
Independent in relation to 
the company and its senior 
executives.  
Independent in relation to 
the major shareholders.
Shareholding: 
34,498 ordinary shares

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Financial information
Andréas Elgaard 
(born 1972)
President & CEO 
Employed by the Group: 
2019
Education: Master of 
Science, Lund Institute of 
Technology.
Work experience:  Senior 
positions within IKEA, 
Ballingslöv, Sperian, Icopal 
and Saint-Gobain Isover.
Shareholding:  
700,000 ordinary shares
Petra Axelsson 
(born 1988)
Chief Sustainability & 
People Officer 
Employed by the Group: 
2024
Shareholding: –
Andrea Ciotti 
(born 1971)
Senior Vice President –  
MBU South Europe 
Employed by the Group: 
2016
Shareholding:  
20,000 ordinary shares
Nick Hughes 
(born 1969)
Chief Commercial Officer
Employed by the Group: 
2010
Shareholding:  
30,000 ordinary shares
Mikael Nadelmann 
(born 1967)
Chief Operating Officer 
Employed by the Group: 
2024
Shareholding: – 
Other information: Information about the number of shares refers to shareholdings as of 28 February 2025 .
Group management
Jan Andersson 
(born 1979)
Senior Vice President –  
MBU Nordic
Employed by the Group:  
2013
Shareholding: 
150,000 ordinary shares
Ulrika Bergmo Sköld 
(born 1967)
Chief Financial Officer 
Employed by the Group:  
2020
Shareholding:
103,480 ordinary shares
Roy French 
(born 1965)
Senior Vice President –  
MBU UK & Baltics 
Employed by the Group:  
2010
Shareholding: –
Frida Karlsson 
(born 1984)
General Counsel
Employed by the Group:  
2021
Shareholding: –
Klaus Schmid 
(born 1965)
Senior Vice President –  
MBU Central Europe 
Employed by the Group:  
2018
Shareholding:  
8,000 ordinary shares

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Financial information
Financial review – Five years in summary
Income statements (MSEK) 2024 2023 2022 2021 2020
Revenue from contracts with customers 6,585 6,139 6,868 6,087 5,323
Cost of goods sold -4,728 -4,420 -5,286 -4,727 -4,137
Gross profit  1) 1,857 1,719 1,582 1,360 1,186
Selling expenses -1,000 -935 -871 -796 -784
Administrative expenses -376 -327 -344 -331 -285
Other operating income and expenses -22 -25 36 -17 -5
Operating profit  1) 459 432 403 216 112
Financial items -21 -47 -55 -69 -112
Profit after financial items  1) 438 385 348 147 0
Tax on net profit for the year -118 -93 -105 -52 -22
Net profit for the year – Continuing Operations 320 292 243 95 -22
Profit from Discontinued Operations, net after tax 1 -12 -53 8 –
Net profit for the year 321 280 190 103 -22
Attributable to:
Parent Company shareholders 311 270 170 95 -21
Non-controlling interests 10 10 20 8 -1
Balance sheets (MSEK)
Assets
Intangible assets 2,064 1,919 1,897 1,756 1,743
Property, plant and equipment 1,250 1,222 1,408 1,366 1,367
Other non-current receivables 233 157 153 146 119
Non-current assets 3,547 3,298 3,458 3,268 3,229
Inventories 799 793 1,030 1,176 698
Current receivables 1,222 1,033 1,244 1,372 900
Cash and cash equivalents 1,513 578 756 208 692
Current assets 3,534 2,404 3,030 2,756 2,290
Assets held for sale – 66 88 – –
Total assets 7,081 5,768 6,576 6,024 5,519
Equity and liabilities
Equity 4,262 3,208 3,169 2,782 1,725
Deferred tax liabilities 44 39 44 45 41
Other non-current liabilities 1,050 1,057 1,624 1,143 1,283
Other current liabilities 1,725 1,447 1,720 2,054  2,470
Liabilities attributable to assets held for sale – 17 19 – –
Total equity and liabilities 7,081 5,768 6,576 6,024 5,519
Cash flow (MSEK)
Cash flow before change in working capital 653 523 527 424 417
Change in working capital -29 287 15 -589 394
Cash flow from operating activities 624 810 542 -165 811
Cash flow from investing activities -144 -107 -150 -103 -45
Cash flow after investing activities 480 703 392 -268 766
Cash flow from financing activities 432 -810 153 -253 -343
Cash flow for the year 912 -107 545 -521 423
1) For more information about non-recurring items, see the tables on page 87. 
 
As of 2022, ITAB’s Russian subsidiary ITAB Rus JSC was recognised as Discontinued Operations in accordance with IFRS 5. Comparative figures in the consolidated income statement have been restated for 2021.

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Financial information
Financial review – Five years in summary
Key ratios 2024 2023 2022 2021 2020
EBITDA (Operating profit before depreciation and amortisation), MSEK 713 686 674 487 376
EBITDA margin, % 10.8 11.2 9.8 8.0 7.1
EBIT margin, % 7.0 7.0 5.9 3.6 2.1
EBIT margin excl. non-recurring items, % 7.7 7.0 6.4 6.3 6.0
Profit margin, % 6.7 6.3 5.1 2.4 0.0
Profit margin excl. non-recurring items, % 7.4 6.3 5.7 5.1 3.9
Interest-coverage ratio, multiple 7.2 6.0 6.0 2.8 1.0
Equity attributable to Parent Company shareholders, MSEK 4,128 3,049 3,012 2,654 1,607
Interest-bearing net debt, MSEK -384 591 1,080 1,239 1,748
Interest-bearing net debt excl. lease liabilities, MSEK -969 45 399 609 1,092
Equity/assets ratio, % 60 56 48 46 31
Cash conversion, % 88 118 80 N/A 215
Return on equity, % 9.0 8.8 6.0 4.0 Neg
Return on capital employed, % 10.6 9.6 8.9 5.4 2.5
Return on total capital, % 8.1 7.4 6.8 3.9 2.0
Depreciation according to plan, MSEK 254 254 271 271 264
Net investments, MSEK 144 107 150 103 45
  - of which, attributable to corporate acquisitions & divestments, MSEK -32 -9 66 40 0
Average number of employees 2,532 2,533 2,715 2,930 3,030
As of 2022, ITAB’s Russian subsidiary ITAB Rus JSC was recognised as Discontinued Operations in accordance with IFRS 5. Comparative figures in the consolidated income statement have been restated for 2021.
Items that do not belong to regular operations, known as non-recurring items (MSEK)
2024 2023 2022 2021 2020
Acquisition, integration and restructuring costs -32 – -40 -166 -156
Divestment of companies -16 – – – –
Inventory impairment of non-recurring character – – –  – -52
-48 – -40 -166 -208
Impact of non-recurring items on the income statement (MSEK)
2024 2023 2022 2021 2020
Gross profit 0 – -19 -59 -121
EBITDA -48 – -30 -157 -202
Operating profit -48 – -40 -166 -205
Profit after net financial items -48 – -40 -166 -208
Financial targets – follow-up of outcomes 2024 2023 2022 2021 2020
Sales growth(Target: 4–8 percent over a business cycle), % +8 -15 +8 +19 -10
EBIT margin (Target: 7–9 percent over a business cycle), % 7.0 7.0 5.9 3.6 2.1
Cash conversion(Target: >80 percent over a business cycle), % 88 118 80 N/A 215
Dividend as a share of profit after tax(Target: >30 percent over a longer period), % 0 60 64 0 0
See page 129 and “Definitions” on page 9 for a description of the ITAB Group’s financial targets.

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