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1
P.
Rethink Retail. Together.
Annual &
Sustainability  
Report 2025.
ITAB Shop Concept AB

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2
P.ITAB Group | Annual & Sustainability Report 2025
About the Annual and Sustainability Report 2025
Pages 20–153 comprise the statutory Annual Report including 
the Administration Report. Pages 18-28 and 104-153 have been 
audited and pages 29-103 have been reviewed. The sustainability 
report constitutes the statutory sustainability report in accordance 
with the Swedish Annual Accounts Act. ITAB Group presents 
the sustainability report in accordance with the European 
Sustainability Reporting Standards (ESRS) and the EU Taxonomy 
Regulation.
This document is an English translation of the Swedish original.  
In the event of any discrepancies, the Swedish version shall govern.
CONTENT
ITAB Group 3
2025 in brief 4
President’s statement 5
Strategy & Business model 7
Market & Growth potential 8
Financial targets 9
Operations 10
Sustainability 14
Administration Report 18
Significant risks and risk management 24
Sustainability Report 29
General information 30
Environmental information 45
Social information 69
Governance information 89
Appendix 94
Corporate Governance Report 99
ITAB share 104
Board of Directors 107
Group management 108
Financial review – Five years in summary 109
Financial tables 112
Financial notes 119
Reconciliation of alternative performance measures 151
Definitions 152
Signatures of the Board of Directors 153
Auditor's Report 154
Auditors 156
Auditor's limited assurance report on sustainability 
statement
 
157
Annual General Meeting 2026 159
Rethink Retail. Together.
Co-creating retail 
experiences that 
connect people with 
brands they love.

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3
P.ITAB Group | Annual & Sustainability Report 2025
21%
6%
10%
12%
ITAB Group at a glance Our offer
ITAB Group develops, manufactures, sells and installs a broad range  
of solutions and services, with our portfolio consisting of interior fixtures, 
in-store technology and lighting for the retail sector. The Group has 
approximately SEK 13.3 billion in annual sales, some 5,300 employees  
and 22 production facilities in Europe, South America and China.
Retail Interior
ITAB Group co-creates modern 
store experiences through an 
iterative design and manu -
facture process for both 
bespoke and standard store 
interiors.
Read more on page 12
Retail Services
Concept creation, store and  
solution design, sustainability 
bench marking re-use and recycle, 
installation, consolidation and 
maintenance are examples of  
ITAB Group’s service offering.
Read more on page 13
Retail Tech
ITAB Group offers efficient  
and inspiring solutions for self-  
service and -checkouts, smart 
gates, in- store guidance, and 
traditional checkouts. All 
connec ted by our OnRed  
platform turning data into 
actionable outcomes.
Read more on page 11
Retail Lighting
ITAB Group’s offering includes 
complete professional lighting 
systems, light planning, audio 
systems and energy reduction 
services for the retail sector.
Read more on page 12
Customer overview
Better Together
As of 1 February 2025, ITAB and HMY came 
together into one group. With the purpose to 
build on our collective strengths, we have the 
potential to lead our industry forward and 
deliver positive outcomes for our customers. 
Simply put, we are Better Together.
Throughout 2025 we have been working to under -
stand each other’s heritage and sharing best 
practices and it is clear that our people have a 
diverse set of experiences and perspectives, and 
we are bringing together these benefits to our 
customers, people and shareholders to Rethink 
Retail. Together. 
ITAB Group in 2025
Grocery
The largest customer group 
mainly comprises grocery and 
convenience retailers and food 
stores, across all formats and 
scale.
51%
DIY / Home improvement
The customer group refers 
primarily to DIY, furniture, and 
home furnishings stores.
Fashion / Apparel
This customer group includes 
stores selling ready-to-wear 
clothing, shoes and jewellery.
Health & Beauty
This customer group includes  
major health & beauty retailers 
and pharmacies.
Other customer groups
Other customer groups include 
consumer electronics, sport & 
leisure, service stations, hotels, 
automotive, travel, cafés and 
restaurants.
AT A GLANCE

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4
P.ITAB Group | Annual & Sustainability Report 2025
2025 IN BRIEF
2025 in brief
With the aim of strengthening ITAB Group’s position 
and complementing competence and offering, the 
acquisition of HMY, a leading European supplier of 
shop fittings, checkouts and store design to the retail 
industry, was completed on 31 January 2025. The 
integration is proceeding according to plan and 
together, ITAB and HMY create the leading solution 
provider for retailers with a strong market position.
The new ITAB Group reported a currency-adjusted sales increase of 97 
percent for 2025, of which organic growth accounted for +4 percent and 
the acquisition of HMY for +93 percent (for 11 months, February-Decem -
ber). The earnings trend was stable and the EBIT margin (excluding 
non-recurring items) amounted to 6.0 percent, despite continued challen -
ging market conditions and strong comparative figures. 
Stable sales and earnings trend
The overall sales trend for the new ITAB Group was positive in 2025, despite 
the operations facing strong comparative figures for the previous year, 
when a number of major customer projects were completed, particularly in 
the first half of the year. At the same time, the Group has signed a number 
of new agreements with existing and new customers in several geographic 
markets during the year, some of which pertained to ITAB’s technical solu -
tions and lighting systems for HMY’s customer base. While the market is con -
tinuing to show considerable interest in the Group’s technical and digital 
solutions for loss prevention measures, services and lighting solutions, sales 
of customised shop fittings also trended positively during the year.
ITAB Group in figures 2025 2024
Net sales, MSEK 12,780 6,585
Currency adjusted sales growth, % +97 +8
Operating profit, MSEK 580 459
Operating profit excl. non-recurring items, MSEK 763 507
Operating margin (EBIT margin) excl. non-recurring items, % 6.0 7.7
Profit after financial items, MSEK 344 438
Profit margin, % 2.7 6,7
Proft after tax,MSEK 158 320
Cash flow from operating activities, MSEK 785 624
Cash conversion, % 72 88
Return on equity, % 3.2 9.0
Interest-bearing net debt excl. lease liabilities, MSEK 2,332 -969
Equity/assets ratio 35 60
Average number of employees 5,090 2,532
Per share data
Earnings per share before dilution, SEK 0.51 1.38
Dividend per share, SEK – 2) –
Equity per share, SEK 16.35 16.30
2) Pursuant to the Board of Directors' proposed dividend for the 2025 financial year.
Per quarter, MSEK
4,000
3,000
2,000
1,000
0
14,000
10,500
7,000
3,500
0
Net sales per quarter Net sales, rolling 4 quarters
Rolling 4 quarters, MSEK
1) Excluding non-recurring items.
NET SALES
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
Operating profit  
per quarter, MSEK
Operating margin
rolling 4 quarters, %
Operating profit per quarter Operating margin, rolling 4 quarters
250
200
150
100
50
0
10
8
6
4
2
0
OPERATING PROFIT AND OPERATING MARGIN  1)
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
Q2/24
Q3/24
Q4/24
Q1/25
Q2/25
Q3/25
Q4/25
Net sales
EBIT margin 1) Average number  
of employees
12,780 MSEK
6.0% 5,090 
The Group’s earnings trend was stable during the year. Increased sales 
of ITAB’s technical solutions for loss prevention, such as smart gates, and 
self-checkouts during the year had a positive impact on the gross mar -
gin, although the total share of sales of technical solutions is lower for the 
new Group than it was prior to the merger with HMY. Compared with the 
preceding year, the new Group also faced strong comparative figures 
for both legacy HMY and legacy ITAB, which in the first six months of 2024 
reported the highest-ever operating margin for a first half-year so far. In 
the integration of ITAB and HMY, purchasing and sales coordination and 
measures to improve efficiency have started to have a positive impact 
on earnings. However, the Group companies in France and Türkiye had 
a negative profit development during the year, and the implemented 
measures to improve their performance in both the short and long term 
continue. The Group is also continually carrying out various other sales 
activities and measures to increase efficiency and implement cost 
adaptations in different areas. Cash flow performance was strong in 
2025 and cash conversion amounted to 72 percent.
Highlights in 2025
   HMY is consolidated in the ITAB Group as of 1 February 2025.
   Multiple new and expanded contracts for the delivery of smart gates 
and other loss prevention solutions, customised shop fittings, 
self-checkouts, lighting solutions, etc. for new and existing retailers in 
Europe and the rest of the world.
   Acquisitions of Signatrix, a technology and retail AI startup working 
with frictionless security deterrents, and the design agency Blink 
working with solution focused retail design.
   Appointment of Björn Borman as the new President & CEO of the ITAB 
Group, effective 1 May 2026.

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P.ITAB Group | Annual & Sustainability Report 2025
Eventful year as the new stronger 
ITAB Group takes shape
2025 was a truly eventful year for the ITAB Group, dominated by the acquisition  
and integration with HMY. Together, we are creating the leading solution provider 
for retailers with a strong market position. The integration is proceeding according 
to plan with the aim of achieving MEUR 30 in synergies by the end of 2027. We have 
started by focusing on a large number of immediate measures in 2025, and we 
now continue with the next phase in 2026.
Following a stronger second half of the year, the Group’s earnings trend for 
full-year 2025 was stable, with most of our operations achieving profitability in line 
with or above set targets. The measures implemented to improve the performance 
in companies with lower profitability continue. At the same time, it is also 
encouraging to see our strong cash flow from operating activities. 
Stable sales trend despite challenging  
market conditions 
The sales trend for the whole Group was stable during 
the year, but with variations across different geograp -
hical markets and customer segments. The uncerta -
inty regarding the future economic development that 
has characterized the retail market in recent years, 
mainly due to the geopolitical turmoil around the 
world, remained high. This creates a certain caution 
among retailers in preparation for their investments, 
longer decision-making processes and test periods. 
We at ITAB Group are aligned with our customers'  
priorities around cost reduction and improving brand 
experiences, and have the scale, know-how and solu -
tions to help retailers deal with both opportunities and 
challenges. We are working together with our custo -
mers to ensure good returns on their planned invest -
ments, with high quality in delivered products and ser -
vices, to the right place and at the right time. In 
general, demand for our loss prevention solutions and 
opportunities for increased self-service in stores 
remain strong. Following the acquisition of HMY, our 
solution portfolio also offers good opportunities for 
additional sales to a larger customer base, and we 
see several joint sales initiatives for our more technical 
solutions and lighting system in particular, especially 
in Spain. This contributes to profitable growth, at the 
same time as the sales and profitability trends vary 
from quarter to quarter due to our project-based ope -
rations. Overall, the sales performance for 2025 was 
positive, and the currency-adjusted net sales rose  by 
97 percent to MSEK 12,780, with organic growth 
accounting for +4 percent and the acquisition of HMY 
contributing +93 percent.
Continued measures to strengthen the  
Group’ s earnings performance 
The earnings performance for the Group as a whole 
remained stable in 2025 compared with very strong 
outcomes for both ITAB and HMY in 2024. We also 
focus on integration efforts to create the conditions for 
future profitability improvements for the new Group. 
Increased sales of ITAB’s technical solutions for loss 
prevention, such as smart gates and self-checkouts, 
had a positive impact on the gross margin in 2025. At 
the same time, we are continuing our efforts to gene -
rate synergies related to purchasing, additional sales 
to the existing customer base and improved effi -
ciency, and we noted a positive impact on earnings 
during the year as a result. The current earnings trend 
PRESIDENTS STATEMENT
In conclusion, we have excellent 
potential to further strengthen our 
profitability going forward.

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P.ITAB Group | Annual & Sustainability Report 2025
PRESIDENTS STATEMENT
for our companies in France and Türkiye had a nega -
tive impact during the year, and we are continuing to 
implement measures to strengthen the long-term  
efficiency and profitability of these operations. 
 Overall, reported operating profit excluding non-  
recurring items amounted to MSEK 763 (507), corres -
ponding to an operating margin of 6.0 percent (7.7). 
The non-recurring items during the year of MSEK -183 
mainly pertained to acquisition and integration costs. 
Profit after financial items excluding non-recurring 
items totalled MSEK 530 (486). 
Strong cash flow in the fourth quarter
Cash flow from operating activities was strong in the 
fourth quarter, and increased by 26 percent to MSEK 
785 (624) for full-year 2025. In line with the normal 
seasonal pattern for our project-based operations and 
with the Group’s targeted initiatives to optimize pay-
ment terms and receivables efficiency, a significant 
share of the accounts receivable built up during the 
autumn were settled in the fourth quarter. Our capital 
efficiency target, measured as cash conversion, 
amounted to 72 percent (88). 
 In light of the acquisition of HMY and the resources 
needed to finance this acquisition, the Board of 
Directors has resolved to propose that no dividend be 
paid for 2025. 
Integration efforts according to plan
When we began the integration work for the new ITAB 
Group in February 2025, our main focus areas were to 
ensure business continuity, establish a common orga -
nisation, and to start to deliver on the synergies in pro -
curement, cross-selling, and increased efficiency. The 
work is off to a good start during the year with an initial 
focus on a  large number of immediate measures. We 
are now continuing with the next phase of initiatives. 
Excellent potential to further strengthen the 
profitability
Ongoing actions and further measures to improve our 
profitability in the short and long term are continuously 
being evaluated and will be implemented as neces -
sary in all areas of the Group. We are also continuing 
our initiatives to reduce our tied-up capital and debt. 
In conclusion, we have excellent potential to further 
strengthen our profitability going forward. To ensure 
the continued successful implementation of all of our 
ongoing activities and plans for the future, leaders 
and employees from across the Group took part in a 
process during the autumn to establish shared culture 
and values, work methods, and the strategic themes 
and priorities for the new ITAB Group. The results of this 
work will be launched and implemented in the Group 
in 2026.
 Finally and on behalf of the entire Group manage -
ment, I would like to extend our sincere thanks to all of 
our customers, partners and employees for their many 
outstanding efforts during a very eventful and exciting 
2025. We look forward to 2026 together with you all. 
Jönköping, March 2026
Together with HMY, we are 
creating the market's leading 
solution provider.
Priorities going 
forward 
I took over as Interim President & CEO of 
the ITAB Group on 7 January 2026 to lay 
the groundwork for a smooth and effi -
cient start for our new President & CEO, 
Björn Borgman, when he takes over in 
May 2026. The main focus areas for the 
Group going forward is to ensure that 
we continue to strengthen our profitabi -
lity in the short and long term, that the 
integration progresses according to 
plan and that synergies are realised. In 
summary:
   Continued focus on integration and 
our efforts to achieve MEUR 30 in identi-
fied synergies by the end of 2027. 
   Continuous assessment and imple-
mentation of measures to improve our 
profitability in all parts of the Group. 
   Efforts to reduce our tied-up capital 
and debt continue.
   Launch of shared values and culture, 
ways of working, and strategic themes 
and priorities for ITAB Group in 2026.
Glauco Frascaroli
Interim President & CEO

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STRATEGY & BUSINESS MODEL
We are a strategic partner 
for positive outcomes
The ITAB Group Strategy, 
developed and delivered through 
strategic themes and prioritiesITAB Group believes in lasting partnerships built on trust and value creation.
Our people work side-by-side with our customers, making sure that they
get access to our expertise and solutions from across international
markets. We are well positioned to help retailers rethink retail, and to work 
together to solve the challenges and create measurable outcomes.
The ITAB Group strategy is an integral step towards the next phase of becoming  
Better Together, ensuring the strong legacies of the ITAB and HMY brands are 
leveraged with a common plan and strategic direction. Underpinned by a 
deep-rooted culture with our people at the core, transforming through three 
strategic themes, Deliver Profitable Growth, Differentiate in the Market and 
Become Better Together, which are collectively brought together through 
eight strategic objectives.
7P.ITAB Group | Annual & Sustainability Report 2025
Rethink Retail.
Together.
4.  Deliver sustainability  
at the core
Turn consumer, customer and regulatory 
expectations into opportunities  
for innovation.
5.  Power growth with Innovation
Enhance our physical solutions with 
data and actionable insights.
6.  Build People and  
Leadership of the future
Embed our new culture as 
prerequisite to inspire people 
to grow and succeed with 
our ambitions.
7.  Accelerate efficiency  
to enable growth
Reshape the cost structure to  
fund our transformation by 
improving unprofitable businesses, 
unlocking ITAB / HMY synergies 
and reconfiguring our SG&A.8.  Operate as one team
Establish a common operating model 
and a connected, project-oriented 
sales/operations network.
1.  Grow from the core
Strengthen leadership in Grocery, 
DIY / Home improvement,  Fashion 
/ Apparel and Health & Beauty in 
Europe. Maximise the potential of 
our full portfolio across markets.
2.  Scale in high-potential markets
Support customers where they 
operate. Build local sales teams 
and maximise supply through 
partners in markets like North 
America, Middle East and Asia.
3.  Lead with insight to deliver impact
Become a strategic partner and 
solution provider, helping retailers 
improve their business.
Differentiate in the market
Becom
e Better TogetherDeliver Profitable G
rowth
Our diversity is 
the customer’s 
advantage.
Outcome based value proposition
ITAB Group brings solutions to the retailers’ business problems  
by understanding the retailers’ business challenges, co-creating 
solutions, and delivering measurable improvements to the consu -
mers’ experiences and our customers’ business performance.  
We are an integral part of how the retailers develop their store 
environment and operations.
OUR VALUES
WE CARE  ABOUT OUR PEOPLE AND FUTURE. WE CHALLENGE  O U R S E LV E S 
AND THE INDUSTRY. WE COLLABORATE  TO SUCCEED TOGETHER.
ITAB Group delivers for its customers:
Brand experiences  
that drive growth
Improving sales and loyalty by translating 
brand vision into physical reality, creating 
engaging consumer journeys that add value.
Enhancing consumer 
engagement
Creating emotional engagement through 
inspiring design and personalized experience 
blending engagement across all channels.
Proving operational efficiency
Enabling sustained productivity and opera -
tional efficiency. Reducing cost, waste and 
loss by understanding the process and 
simplifying complexity.

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P.ITAB Group | Annual & Sustainability Report 2025
MARKET & GROWTH POTENTIAL
Opportunity to grow is substantial
Become Better Together
  Better together requires capabilities to leverage our 
existing best practice to drive efficiency in ways of working 
and developing our capabilities and a high-performance 
and continuous improvement culture, delivered through 
empowered teams and leaders.
Differentiate in the Market
  Act as a strategic partner to our customers by deeply 
understanding their business challenges and develop 
products and services in solutions with positive outcome 
and P&L impact.
  Connecting equipment and stores to generate data-led 
insights that fuel innovation and drive retail and value  
chain efficiency.
  Help customers transform sustainability requirements  
into opportunities by reducing emissions and costs 
through product design, modularity and re-use.
The retail market is in transformation, driven by short and long term macrotrends 
and changing consumer expectations. To keep ut with the changing demands 
and expectations, modern retailers in Europe are estimated to invest approximately 
SEK 1,300 billion in supply chain, stores, online, and other areas each year. 
Approximately 15 percent of this is allocated to in-store investments. Hence, the total 
”addressable” market for ITAB Group in Europe is estimated at some SEK 110 billion. 1)
ITAB Group's opportunity to grow through cross selling more of the solu -
tion portfolio to our customer base is substantial, using deep industry 
and market insights. The Group remains curious about our customers 
business and have the confidence to challenge and focus on the retai -
ler's challenges, and understand our customers' investment priorities.
Modern retailers are estimated to invest approximately 3 percent of 
their annual revenues in supply chain, stores, online, and other areas, 
of which some 15 percent is allocated to in-store investments. Based on 
an estima- te of total annual revenue for the European retail market of 
SEK 44,000 billion, the total ”adressable” market for ITAB Group in 
Europe is estimated at SEK 110 billion. 1)
 This European market is fragmented with a large number of national 
and international manufacturers and suppliers. The market is facing 
continued consolidation and, according to an overall assessment, ITAB 
Group is one of the two largest players in Europe, none of which has a 
market share of more than 20 percent. This gives ITAB Group the oppor -
tunity to grow by penetrating the core markets further with increased 
cross-selling initiatives in the Group, extending the offer with new retail 
tech solutions, and expanding into new geographical markets and 
customer segments.
Total ”addressable” market  
for ITAB Group is estimated at 
SEK 110 billion per annum.
Deliver Profitable Growth  
  Build profitable growth from our core in Europe.  
Focus on strengthening our leadership in Grocery,  
Home & DIY, Apparel and Health & Beauty.
  Share and scale insight from each sector and follow our 
customers where they operate by leveraging our reach.
1) Source: Flywheel.

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P.ITAB Group | Annual & Sustainability Report 2025
FINANCIAL TARGETS
Financial targets focusing on  
sustainable growth & profitability
Earnings
Average EBIT margin (operating profit in 
relation to net sales) of 7–9 percent over a 
business cycle.
Outcome for 2025:  4.5 percent 1)
7-9%
EBIT MARGIN
Dividend policy  
Dividends over a longer period should follow the 
result and correspond to at least 30 percent of the 
Group’s profit after tax. However, dividends will be 
adjusted to the Group’s investment requirements 
and any share repurchase program.
Proposal for 2025:  No dividend 2)
>30%
PROPORTION OF PROFIT AFTER TAX
ITAB Group’s financial targets focus is on sustainable growth, 
increased profitability and capital efficiency. The targets are 
measured as an average over a business cycle.
Growth
Average growth in net sales (CAGR) of 4-8 percent 
per annum over a business cycle. Growth is to  
be achieved by sustainable organic growth and 
strategic acquisitions.
Outcome for 2025:  +94 percent
4-8%
SALES GROWTH
Capital efficiency
Average cash conversion ratio (operational 
cash flow in relation to operating profit before 
depreciation and amortisation) of at least 80 
percent over a business cycle.
Outcome for 2025:  72 percent
>80%
CASH CONVERSION
1) Excluding non-recurring costs for 2025: 6.0 percent.
2)  In 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 ordinary share be paid for the 2025 financial year.

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P.ITAB Group | Annual & Sustainability Report 2025
OPERATIONS
Leader in Europe 
with global reach
ITAB Group is the market leading solution provider for retailers globally, and one of the largest suppliers of shop 
fitting concepts, checkouts, gates and guidance, and retail lighting solutions. The market position is based 
on close, long-term collaborations with customers and business partners. The primary geographic market is 
Europe with 88 percent of the Group’s sales. Grocery is the largest customer group with 51 percent of sales.
Grocery
Grocery retailers and convenience stores. 
Customers include  ICA, Morrisons, Asda, 
Carrefour, Mercadona, Auchan, Tesco, 
Coop, Coles, and Woolworths.
Fashion / Apparel
Retail chains and stores selling ready-to-
wear clothing, shoes, and jewellery, etc.
Customers include  H&M, Primark, Uniqlo, 
C&A, Mango, and Pandora.
Health & Beauty
Retail chains and stores selling health, 
beauty and wellness ranges, along with 
pharmacies.  
Customers include  Apotek Hjärtat, Hol -
land & Barrett, Rossmann, and Sephora.
Other customer groups
Consumer electronics, sport & leisure, 
service stations, automotive, travel, 
cafés, and restaurants.  
Customers include Expert, Costa, Circle 
K, Vodafone, Avolta, Renault, and XXL.
Northern Europe
All Nordic countries
Southern Europe
Main markets in Italy, 
France, Spain and 
Portugal.
Central Europe
Largest markets include 
Germany, the Netherlands 
and Czechia.
United kingdom & 
Ireland
Eastern Europe
Main markets in Baltic 
countries, Poland, Romania, 
Lithuania, and Türkiey.
Rest of the World
All countries outside Europe. Australia, Argentina, 
Saudi Arabia, Brazil, Chile, and Peru account for just 
over 50 percent of sales.
2,726 MSEK1,479 MSEK 770 MSEK6,505 MSEK
51% 12% 6% 21%
12%8% 8%14%46% 12%
DIY / Home improvement
Retail chains and stores for DIY,  
furniture, and home furnishings.  
Customers include IKEA, B&Q, 
Castorama, Coop Bygg, Leroy Merlin, 
Bricoman, and Tokmanni.
1,300 MSEK
10%

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P.ITAB Group | Annual & Sustainability Report 2025
Connecting the retail 
environment through 
technology
ITAB Group seamlessly merges the physical and 
digital through our cutting-edge portfolio of digital 
and physical technology solutions. Our solutions 
focus first on the retail challenges and are designed 
with measurable outcome in mind, and maximising 
connectivity to ensure that the data created is 
actionable and delivers clear return on investment.
Our offering is broad and ranges from self-service payment points and 
manned and self-serve checkouts to in-store guidance and gates systems, 
along with vision fraud detection, age verification, and automated 
locker and display systems. All solutions are focused on the challenges 
faced by retailers today such as tackling retail loss, enhancing colleague 
efficiency and improving the consumer experience. The acquisition of 
Signatrix in 2025 brings additional know-how and specialist expertise 
when developing retail focused AI solutions.
 These solutions can be connected through ITAB Group’s unified 
software platform, OnRed. The Group’s market leading solutions create 
frictionless consumer journeys and experiences. By connecting in-store 
brand touch- points digitally, we help customers gain data-driven 
insights for operational optimisation and positively influencing consumer 
behaviour.
 Optimising consumer flows and service levels are important factors in 
attracting consumers to the physical store. To create the best solutions 
that reduce the store’s operating costs, improve throughput and contri -
bute to a frictionless consumer journey, ITAB Group has an in-depth 
understanding of existing and future consumer trends and how they 
impact stores.
OPERATIONS
ITAB Group offers market leading solutions for protecting 
store entry and exits, checkouts and self-checkout solu -
tions, self-service selection and payment, and store 
guid  ance solutions for the retail sector. The solutions can 
be connected, updated, and maintained using ITAB 
Group's OnRed platform to capture the valuable data 
and create measurable results.
Blending physical and digital channels
Ensuring consumers receive a seamless experience 
across all channels has been a key focus area for retai -
lers, ITAB Group offers alternative solutions, ranging 
from basic pick-up points, in-store returns solutions to 
fully automated collection lockers.
Creating seamless payment experiences
ITAB Group’s approach in co-creating seamless check- 
out experiences, has enabled us to partner with many 
Optimised solutions enhance retail experiences
retailers to help provide leading solutions that deliver 
significant benefits for both the store colleague and 
consumer. From optimising consumer flows, speed of 
transaction and service levels for the retailer which are 
important factors in attracting consumers to the physi -
cal store in a competitive market. Our experience 
means we have developed digital tools to map store 
data and present the ideal layout specifically meeting 
the demands of each store and service expectations.
 With the added benefit of connecting data and mul -
tiple inputs across our OnRed platform, ITAB Group 
have been supporting retailers track accurate consu -
mer and store colleague journeys across the entire  
purchase journey resulting in significant operational 
savings, increased consumer experience and reduced 
loss at the checkout.
Rethink.

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P.ITAB Group | Annual & Sustainability Report 2025
OPERATIONS
Design led consumer  
and brand experiences
With Group wide experience across both standard 
and custom retail interior equipment, this remains a 
key pillar of how we work with our customers shaping 
brand experiences across all retail sectors. ITAB Group 
co-creates modern in-store experiences alongside its 
customers through an iterative design process. 
 The Group’s customised and bespoke displays are 
aimed at enhancing consumer engagement whilst 
improving the efficiency and operational costs of 
the store. With sustainability at the core, our re-use, 
recycle and circular design services ensure that 
sustainability is a shared advantage throughout our 
entire value chain.
With a focus on designing end-to-end solutions, ITAB Group’s solution 
design approach enables our customers to co-create differentiating 
store experiences through an iterative and collaborative process. Using 
our collective know-how, retail industry experience, and knowledge of 
different geographical markets, our solution designers share and lever -
age ideas to create emotional engagement through inspiring design 
and personalised experience blending engagement across all chan -
nels, improving sales, loyalty and transaction value by translating 
brand vision into physical reality, creating engaging consumer jour -
neys that add value.
Working in Partnership to provide long-term outcomes
Drawing on our deep retail insight and expertise and combining 
consumer research, market and trend analysis and data with our inter -
national expertise, our team works as an extension of the customer’s 
organisation, collaborating and co-creating solutions for long-term 
benefit, providing consistent high-quality international delivery and 
local service in all markets where the customer operates.
 ITAB Group’s commitment to our customers encompasses both the 
Group’s 22 own production facilities, alongside a trusted network of 
suppliers and manufacturers. In addition, the Group offers a compre -
hensive service portfolio, helping to maximise the life cycle of the pro -
ducts sold and installed thereby reducing waste and costs for our 
customers over time.
Sustainable lighting 
solutions enhancing  
the in-store experience
Lighting is no longer simply a practical requirement, but 
a way to drive emotion and create a distinctive brand 
experience in store, and as a result the right lighting 
design and concept plays a key role in the store concept. 
During refurbishments and new construction, energy 
efficiency is also increasingly important. ITAB Group 
designs, develops, manufactures and supplies complete 
professional lighting systems and light planning services.
Energy consumption represents a large proportion of a store’s total running 
costs. Energy efficiency is central to the development of ITAB Group’s lighting 
products and systems. With continued rising energy costs and desire to 
reduce CO2 emissions and using more recyclable materials, ITAB Group colla -
borates closely with our customers to add substantial value in the transition to 
more economic and sustainable solutions.
Lighting that enhances experience for consumers and staff
Lighting plays a critical role in shaping the retail experience, influencing brand 
perception, product presentation and the comfort and productivity of store 
teams. At ITAB Group, we approach lighting as a strategic design discipline, 
balancing commercial performance, brand identity and human wellbeing.
 As a full solution provider, we design and deliver layered lighting solutions—
combining general, accent and feature lighting—integrated seamlessly with 
the wider store concept. Continuous innovation in LED technology has signifi -
cantly improved energy efficiency and product lifetime, helping customers 
reduce operational costs and environmental impact while maintaining 
high-quality, comfortable light throughout the store.
Global reach with local expertise
ITAB Group supplies lighting solutions to customers across a wide international 
footprint, supported by our own operations and a network of trusted national 
partners. This global presence enables us to manage complex supply chains 
while ensuring compliance with local standards, certifications and regulatory 
requirements in each market.
 By combining global scale with local expertise, we provide reliable delivery, 
in-market support and ongoing service and maintenance helping customers 
roll out consistent lighting concepts across regions with confidence.
Retail.

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P.ITAB Group | Annual & Sustainability Report 2025
Retail transformation services
OPERATIONS
ITAB Group’s end-to-end consolidated service offering, designed to turn 
complex store refresh plans into seamless execution journeys. Our mission 
is to embed with retail partners from the earliest strategic stages through 
to post-opening support delivering faster, smarter, and more sustainable 
rollouts. Reducing cost, time, disruption, and environmental impact by 
consolidating supply chain, project management, equipment selection, 
and on-site execution within a single connected service platform.
ITAB Group understands the importance of an end-to-end ser -
vice which provides peace of mind and support when needed. 
The Group's portfolio of services include:
 
Solution Design
Our Solution Design methodology is used to co-create in-store 
solutions with our customers that truly deliver value both to the 
consumers' shopping journey and ensuring positive value crea -
tion for our customers. The Group's Solution Design experts 
reach every corner of our geographies meaning they can bring 
rich global and regional insights into the overall thinking. Solu -
tion Design always starts with the end consumers in mind, study -
ing data, trends and market analysis and creating meaningful 
insights. Using a design thinking approach, our experts consider 
every stage of the consumer journey to capture all relevant 
touch points and through their know-how and experience view 
stores through both the consumer and colleague lenses to 
deliver considered outcome at every level.
Retail transformation services
A critical success factor for our retail customers is delivering right 
first-time. Our retail transformation services support our customers 
with the implementation services across each stage of a success -
ful project, providing best in class project management, equip -
ment consolidation and store implementation. Creating a single 
point of contact and combining complex programs, whether 
acting as principal contractor or working alongside other trades, 
we can help our customers reduce project timescales and mini -
mise the impact on trading and customer disruption.
Sustainability as an advantage
Designing and engineering solutions and services that are 
energy efficient, reduce waste, continually evolving to changing 
business conditions, through responsible manufacturing, sour -
cing and ways of working.
 As part of our end-to-end process, we measure and bench -
mark the carbon footprint of the in-store environment. Together 
we co-design positive improvements to support our customer’s 
journey to achieve carbon reduction objectives. Our benchmar -
king includes certification, materials, equipment lifecycle and 
the total circularity of the equipment. Our ReStore, re-use and 
recycle process ensures we work together with customers to mini -
mise waste and maximise the lifespan of in-store equipment.
Maintenance and after-care
ITAB Group’s aim is to be close to our customers and maintain a 
long-term relationship even after a project has been completed. 
Ensuring that is equipment is operating at the highest level with 
minimal downtime and working together on further develop -
ments is a natural continuation in a partnership with ITAB Group.
ITAB Group’s connected service offering is designed to help provide a 
consolidated approach for the retailer that delivers a compelling and 
streamlined service to remove complexity, whilst improving the end-to-
end solution for our customers and creating long-term value in the pro -
cess. Consolidating our service offering, ITAB Group delivers key 
savings for our customers by combining our total capabilities to bring 
together our own equipment alongside third parties to simplify the flow 
of activity and reduce the complexity within the store, taking the stress 
away from the store colleagues and providing an all-in-one service. 
 By turning complex project management, into efficient and pain-free 
service for the retailer, results in multiple delivered solutions that redu -
ces total cost of ownership for the retailer in the long-term and helps 
accelerate return of investment in the short to mid-term
Driving efficiencies through 
consolidated services
Together.

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITYSUSTAINABILITY
Retailers are facing a new set of pressures
Retail sustainability today is not about ambitious sta -
tements. It is about the practical decisions that store 
operations, procurement, design, and sustainability 
teams make every day. Decisions such as: How do we 
extend the life of store equipment? What do we do 
with fixtures during remodels or closures? How do we 
Deliver 
sustainability 
at the core
Retail is undergoing one of the 
most significant periods of change 
in decades. Shifts in consumer 
behaviour, cost pressures, regulatory 
expectations and rapid-format 
evolution are reshaping what retailers 
need from their store environments. 
Sustainability is becoming 
increasingly integrated into these 
decisions—not because the industry 
is already fully there, but because 
retailers recognise that environmental 
performance, operational flexibility, 
and long-term cost efficiency are 
deeply connected.
At ITAB Group, we see our role as helping accele -
rate this integration. Our mission is to support 
retailers in a landscape where sustainability must 
deliver a win–win–win: greater flexibility, lower 
long-term costs, and reduced carbon impact. 
Through both our internal development and our 
customer-facing services, we aim to make 
sustain a bility practical, scalable and commer -
cially viable, embedded not as an add-on but as 
part of everyday store decision-making.
This ambition sits at the heart of our ReStore 
Sustainability Services: an end-to-end approach 
that helps retailers reduce cost, carbon, waste 
and operational disruption through smarter 
design, connected services and circular path -
ways that can be repeated and adapted across 
markets.
ELLEN MACARTHUR FOUNDATION
…80% of a product's carbon 
footprint is determined in the 
design phase…
DID YOU KNOW?
59-89% of a product's carbon footprint is 
produced by materials and production, 
and 4-25% is produced at end of life
Materials & 
production
End of lifeSourcing 
transport
Manufacturing Distribution  
transport
Consumption
59-89% 4-25%1% 2% 2% 0-34%
PRODUCT CARBON FOOTPRINT
reduce material demand and energy use without 
compromising look and feel? And how do we ensure 
credible scope 3 reporting, especially under growing 
regulatory expectations?
 These questions are not abstract. They shape bud -
gets, timelines, and brand reputation. And they incre -
asingly define the competitive landscape.
Retailers tell us that the challenge is not why they 
should act, but how to do it at scale, without risk, 
without complexity, and without slowing the speed of 
store change. That is why ITAB Group developed 
ReStore.

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY
Together, these pathways offer retailers a 
practical, measurable and commercially  
attractive route to circularity—supported by 
traceable data, connected services, and a 
partner able to deliver consistently across 
markets and store formats.
 And while each pathway can be used indivi -
dually, the impact grows when retailers com -
bine them into a recurring model that makes 
circularity operational rather than optional.
   The ITAB Check Mate 700 checkout is designed 
to extend operational life from 8 years to 16 years
   95% of components are reuseable
   Reducing CAPEX by 50% and decreasing the 
carbon impact by 30% in 2nd life
Bringing circularity to life
REUSE & REFURBISH  
ReStore Sustainability Services is our circular operating model for retail. It brings together 
the full set of capabilities that retailers need to reduce carbon, cost, and waste across 
the lifecycle of fixtures, equipment, and store concepts. It is built on five pathways:
   ReDesign  – embedding sustainability and lower-carbon decisions into concept development
   ReUse – reclaiming and then later redeploying fixtures directly into new projects
   ReFurbish  – value-engineering existing assets to meet new requirements
   ReCycle – converting customer waste streams into new materials or components
   ReCare – proactive maintenance to extend asset life and reduce replacement needs
Strengthening our internal foundations
To support this offer, ITAB Group has spent the 
last year strengthening the internal sustaina -
bility foundation that make circularity credible, 
measurable, and scalable.
 We continued embedding circular design 
principles across product development focu -
sing on durability, modularity, repairability and 
recycled content. While this work has begun, we 
recognise that full implementation of circular 
Introducing ReStore sustainability services
design across all ranges is a focus for 2026 
and beyond. Material choices remain one of 
the most significant drivers of scope 3 emis -
sions, and this shift helps ensure that sustaina -
bility becomes a creative enabler from the 
earliest stages of design, rather than a late 
corrective step.
 Our carbon estimator tool represents 
another important step forward. While still 
being refined and progressively rolled out, it is 
already enabling our engineering, design and 
commercial teams—and our customers—to 
understand the carbon implications of materi -
als and design decisions. As the methodology 
continues to mature during 2026, the tool will 
provide increasing clarity and consistency.
 Operationally, we advanced our renewable 
energy commitments, including the commissio-
ning of a new solar installation in Cariñena 
(Spain), and continued progress in Scarperia e 
San Piero (Italy). We strengthened governance, 
completed our Group-wide Double Materiality 
Assessment, and integrated sustainability more 
deeply into Group Management and Board dis-
cussions.
 We also continued to invest in our culture, 
embedding safety, continuous improvement, 
circular thinking and responsible decision-ma -
king into our ways of working. Our certifications 
and audit performance demonstrate progress, 
but our cultural foundation—how we act, colla -
borate and innovate—is equally important to 
sustaining long-term improvement.
 This internal progress strengthens the credi -
bility of our services, ensures we hold ourselves 
to the same standards as our customers, and 
supports our long-term transition.

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY
ReDesign
Making better decisions at the moment they matter most
Retailers increasingly recognise that 80 percent of a  
product’s carbon footprint is determined at the design 
stage. Choices made early in materials, joinery, modu -
larity, lighting specifications, can lock in costs and 
emissions long before the first fixture is built.
 ReDesign helps retailers embed sustainability at this 
moment of highest influence. We combine circular design 
principles with our carbon estimator tool to provide clear, 
scenario-based insights: new vs. reuse, recycled vs. virgin 
materials, alternative constructions, modular approaches, 
or lighter-weight engineering. This enables our customers 
to balance aesthetics, durability, and cost with measur-
able environmental benefits.
 For retailers preparing for CSRD, the service also provi -
des clear, traceable scope 3 (Capital Goods) data, hel-
ping build a more complete and credible emissions pro -
file. In a world where store design sits under increasing 
scrutiny—from investors, regulators, and consumers, 
ReDesign brings confidence, transparency, and control.
 The outcome is simple: better design decisions, lower 
carbon from the start, and fewer downstream surprises in 
sourcing, store build, or maintenance.
How ReStore meets retailer needs across the store lifecycle
ReCare
Sustainability through asset longevity
Sustainability does not end with installation. Asset failures, reactive maintenance, and premature 
replacements are major sources of cost, disruption, and carbon emissions. ReCare addresses this 
by creating a proactive, connected maintenance model that keeps fixtures performing for longer.
 Through regular servicing, condition monitoring, and coordinated repair/refurbishment options, 
ReCare helps retailers achieve higher uptime, fewer emergency interventions, and longer equip -
ment life. When replacement is needed, the item can be channelled into ReUse, ReFurbish, or 
ReCycle, closing the loop.
 The result is lower spend on Goods Not For Resale (GNFR), reduced scope 3 emissions, and a 
more predictable operational environment.
ReCycle
Turning waste into new value
Not all assets can be reused or refurbished. But that does not mean they must become waste.  
ReCycle enables retailers to convert post-use materials; from wood and metal to plastics, textiles, 
and carpets, into new resources that can be reintegrated into future fixtures or store applications.
 The process is fully traceable, certified, and increasingly innovative. Working with specialist part -
ners, we develop solutions that transform waste into new panels, slats, structural components, or 
decorative elements. Beyond carbon reduction, this pathway strengthens brand credibility by 
making circularity visible to customers and employees.
 For many retailers, ReCycle is the missing piece that turns sustainability ambition into circular reality.
ReFurbish
Extending life without compromise
Sometimes assets cannot be reused directly, but they can be transformed. ReFurbish allows retai -
lers to extend the life of existing fixtures through value-engineering, re-coating, material substitu -
tion, and selective redesign. The result is equipment that meets current aesthetic and functional 
requirements without the cost, carbon, or disruption of manufacturing new items.
 This pathway is especially impactful for large retail estates undergoing phased refresh program -
mes, category reinventions, or brand upgrades. Lead times shorten. Costs fall. Carbon intensity 
drops sharply. And assets that would previously have gone to waste are given a new lifecycle.
 Customers increasingly see refurbishment not as a compromise but as a strategic option that 
aligns with sustainability commitments and protects the bottom line.
ReUse 
The fastest way to avoid carbon and save costs
ReUse is one of the most direct levers retailers can 
pull. When fixtures are reclaimed from store closu -
res, remodels or inventory cycles and redeployed 
into new openings or concepts, the need for new 
manufacturing drops dramatically. Carbon and 
cost fall in step.
 Commercially, this pathway avoids capital expen -
ditures and stabilises lead times. Operationally, it 
reduces waste and simplifies store closures and 
relocations. And from an ESG perspective, it provi -
des quantifiable avoided emissions; typically 
demonstrating carbon savings of 50–70 percent 
compared to buying new.
 We manage the entire process: controlled disas -
sembly, transport, warehousing, inventory coding, 
quality checks, and re-installation. Retailers gain pre -
dictable quality, traceable flows, and scalability 
across markets.
 In short, ReUse turns what was once treated as 
waste into a strategic asset.

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P.17P.ITAB Group | Annual & Sustainability Report 2025
Scaling circularity: From one-off projects 
to a repeatable operating model
As retailers accelerate their transition to 
lower-carbon, more efficient, and more 
resilient store formats, ReStore Sustainabi -
lity Services will continue to evolve. We will 
expand our data methodologies, 
strengthen our circular design principles, 
and deepen our partnerships in recycling 
and material innovation. We will continue 
integrating our learnings from the DMA, 
third-party assurance, and operational 
footprints into our services. And we will fur -
ther embed sustainability into our design, 
manufacturing, installation, and main -
tenance operations across the Group.
 The shift to circularity is already under 
way across the retail sector. Our ambition 
is to help retailers move confidently from 
intention to implementation, turning 
sustain ability from a cost into a source of 
value, and from a regulatory obligation 
into a strategic advantage.
 We look forward to continuing this 
journey with our customers, helping build 
retail environments that are better for 
business, better for people, and better for 
the planet.
Looking Ahead
ReDesign
Decisions made early in  
design account for up to:
ReUse
Up to 30% cost re  duction  
less total cost of ownership
ReFurbish
Up to 10% cost reduction  
less total cost of ownership
ReCycle
100% traceability zero waste 
certification up to 98% waste 
recyc lability
ReCare
Asset life cycle extended
of total product  
carbon impact
carbon footprint reduc -
tion per item by avoiding  
remanufacturing
reduction in project carbon 
footprint by avoiding manu -
facturing from scratch
reduction in project 
carbon footprint 
less total cost of ownership 
Facts & Figures
20-30%
70%90%80% 25%
Retailers tell us that sustainability can feel 
overwhelming. Too many tools. Too much 
data. Too many disconnected providers. 
Progress often depends on cross-functio-
nal alignment and that is hard to 
achieve without the right partner.
 What makes ITAB Group different is 
not simply our technical capability. It is 
the combination of expertise, operatio -
nal reach, connected services, and 
practical understanding of how stores 
actually work. As a manufacturer, 
installer, designer, and service provi -
der, we connect the dots across the 
store lifecycle.  
As a sustainability partner, we provide 
data transparency, credible methodo -
logies, and circular pathways that 
retailers can trust.
 Our services are not abstract concepts. 
They are grounded in real projects, 
measur able outcomes, and proven deli-
very across markets and formats. They 
are backed by internal improvements 
that ensure we meet the same stan-
dards we help our customers achieve.
 In short: we make sustainability easier 
to implement, easier to measure, and 
easier to scale.
SUSTAINABILITY
The power of ReStore lies not only in the  
five pathways but in the ability to combine 
them into a circular operating model. For 
many retailers, the journey begins with a 
pilot, testing reuse or refurbishment in a 
single market or category. But the real 
value emerges when retailers embed  
circularity into their wider estate strategy.
This model creates a predictable rhythm:
Baseline  Design  ReUse/ReFurbish  
Maintain  ReCover  ReCycle  ReBaseline
It reduces complexity, supports scope 3 
reporting, improves cost predictability, 
and creates year-on-year progress that 
is both visible and measurable.
 For retailers navigating regulatory 
change, shrinking budgets, and rising 
customer expectations, this approach 
transforms sustainability from a chal -
lenge into a competitive advantage.
A partnership mindset:  
Why retailers choose ITAB Group
Refer to the Sustainability Report on pages 29-98 
for more information in accordance with CSRD / 
ESRS reporting.

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P.ITAB Group | Annual & Sustainability Report 2025
ADMINISTRATION REPORT
Administration 
Report

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P.ITAB Group | Annual & Sustainability Report 202519P.ITAB Group | Annual & Sustainability Report 2025
ADMINISTRATION REPORT
Administration Report with Sustainability Report and Corporate Governance Report
Administration Report 20
Proposed allocation of profits 23
Significant risks and risk management 24
Sustainability Report 29
Corporate Governance Report 99
ITAB share 104
Board of Directors 107
Group management 108
Financial review – Five years in summary 109
Comments on five years in summary 111
Group
Income Statement 112
Statement of Other Comprehensive Income 112
Statement of Financial Position 113
Statement of Changes in Equity 114
Statement of Cash Flows 115
Parent Company
Income Statement 116
Statement of Other Comprehensive Income 116
Balance Sheet 116
Statement of Changes in Equity 117
Statement of Cash Flows 118
Notes 119
Reconciliation of alternative performance measures 151
Definitions 152
The Board’s signatures 153
Auditor’s report 154
Auditor's limited assurance report on sustainability statement 157
Content

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P.ITAB Group | Annual & Sustainability Report 2025
Administration Report with Sustainability Report and 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 
2025 financial year. The following Sustainability Report, 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. The statutory Sustainability 
Report in accordance with the Swedish Annual Accounts Act is included in the 
company’s sustainability statements on pages 29-98.
Operations
The ITAB Group 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 2025, the Group had oper -
ating subsidiaries in some 30 countries (for more infor -
mation, refer to Note 20).
Working in close collaboration with the customer, 
ITAB Group contributes its experience and expertise to 
the customer’s specific needs and requests. The  
operations are founded on long-term business rela -
tionships and delivery reliability, in combination with 
streamlined production resources. Today, the Group is 
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, 
primarily in Europe, South America and the Middle 
East. The aim of the acquisition was to strengthen the 
ITAB Group’s position and complement the Group’s 
current offering. The acquisition was financed with a 
combination of new debt and equity. With a final and 
definitive share purchase agreement entered into on  
5 Dec ember 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. 
HMY is consolidated in the ITAB Group as of 1 February 
2025.
Comments on the Group’ s performance in 2025
The year was characterised by a stable sales and 
earnings performance, despite continued challen  g-
ing market conditions. Compared with last year, the 
new Group also faced strong comparative figures 
both for HMY and for ITAB, which reported their high -
est-ever operating margin for a first half-year to date in 
the first six months of 2024. The project-based nature 
of the Group’s operations entails that customer invest -
ments in more technology-intensive solutions do not 
follow the natural annual cycle of more traditional 
shop solutions. Instead, they are the result of long 
decision-making processes and test periods. As a 
result, earnings for individual quarters can depend on 
specific project outcomes and natural seasonal varia -
tions.  The integration is progressing according to plan 
with the aim of achieving MEUR 30 in synergies by the 
end of 2027. This work began with several immediate 
actions in 2025 and is now continuing in the next 
phase in 2026.
Sales and profit.
The Group’s net sales increased by 94 percent to MSEK 
12,780 (6,585). Currency-adjusted sales increased by 97 
percent year on year, with organic growth accounting 
for +4 percent and the acquisition of HMY contributing 
+93 percent (for 11 months, February–December).
The overall sales trend for the new ITAB Group was pos -
itive in 2025, despite the operations facing strong com -
parative figures for the previous year, when a number 
of major customer projects were completed, particu -
larly in the first half of the year. At the same time, the 
Group has signed a number of new agreements with 
existing and new customers in several geographic 
markets during the year, some of which pertained 
to ITAB’s technical solutions and lighting systems for 
HMY’s customer base. While the market is continuing 
to show considerable interest in the Group’s technical 
and digital solutions for loss prevention measures, 
services and lighting solutions, sales of customised 
shop fittings also trended positively during the year. 
The sales trend was strongest in Southern and Central 
Europe and the UK, while Northern Europe and the 
countries outside Europe faced stronger comparative 
figures from last year. In total, Europe accounted for 
approximately 90 percent of sales in 2025.
Of the Group’s customer groups, sales increased 
most in DIY/Home Improvements compared with 2024, 
but demand in Grocery, Fashion/Apparel and Health 
& Beauty also grew during the year. Other customer 
groups include retailers in consumer electronics, 
sports & leisure and service stations. The Group’s larg -
est customer group, Grocery, accounted for approxi -
mately 51 percent of sales.
Operating profit for the full financial year amounted 
to MSEK 580 (459), corresponding to an operating 
margin of 4.5 percent (7.0). Earnings were impacted 
by non-recurring items of MSEK -183 (-48), primarily 
pertaining to acquisition and integration costs in con -
junction with the acquisition of HMY and a provision 
for a customer reclaim (MSEK -27). Operating profit 
excluding these non-recurring items totalled MSEK 763 
(507), corresponding to an operating margin of 6.0 
percent (7.7). EBITDA excluding non-recurring items 
totalled MSEK 1,267 (761). 
 The earnings performance was stable in 2025, with 
most of the operations achieving profitability in line 
with or above set targets. The Group also initiated 
measures to strengthen the long-term efficiency of 
Group companies that reported lower profitability. The 
operations are continually carrying out various sales 
activities and cost adaptations in different areas. 
Increased sales of the Group’s technical solutions for 
loss prevention, such as smart gates, and self-check -
outs during the year had a positive impact on the 
gross margin, although the total share of sales of tech -
nical solutions is lower for the new Group than it was 
prior to the merger with HMY. Efforts to generate syner -
gies related to purchasing, additional sales to the 
existing customer base and improved efficiency also 
started to have a positive impact on earnings. 
Profit after financial items totalled MSEK 344 (438). 
Earnings excluding non-recurring items of MSEK -186 
(48) amounted to MSEK 530 (486). The Group’s finan -
cial expenses were impacted by higher interest 
expenses due to increased debt incurred to partially 
finance the acquisition of HMY and other costs during 
the year pertaining to currency effects and financial 
reporting in hyperinflationary economies.
Profit after tax amounted to MSEK 158 (320). Tax 
expenses for the year have been impacted by this 
year's corporate acquisitions with increased non-de -
ductible costs, primarily consisting of acquisition costs 
and interest costs. The proportion of companies in 
countries with higher tax rates have also increased.
Cash flow,  financing and liquidity.
Cash flow from operating activities was strong during 
the year and amounted to MSEK 785 (624). In line with 
the normal seasonal pattern for the Group’s project-  
based operations and after the Group’s targeted initi -
atives to reduce working capital, a significant share of 
the accounts receivable built up during the strong 
autumn sales months were settled in the fourth quar -
ter. Cash conversion for the financial year amounted 
to 72 percent. 
Net debt on the balance sheet date as of 31 
December 2025 excluding lease liabilities amounted 
to MSEK 2,332 (-969). Net debt including lease liabilities 
amoun ted to MSEK 3,019 (-384). The increase in net 
debt compared with the preceding year is a conse -
quence of the acquisition of HMY. See below as well as 
Note 2 and Note 5 for more information.
The Group’s cash and cash equivalents, including 
granted unutilised credits, amounted to MSEK 1,739 
(2,770) on the balance sheet date as of 31 December 
2025. The equity/assets ratio was 35 percent (60).
ADMINISTRATION REPORT

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P.ITAB Group | Annual & Sustainability Report 2025
Investments
The Group’s net investments amounted to MSEK 1,766 
(144), of which MSEK 1,473 (-32) was attributable to 
corporate acquisitions/divestments. For more informa -
tion on corporate acquisitions and divestments, refer 
to Note 5.
Per share data
Earnings per share before dilution amounted to SEK 
0.51 (1.38). Earnings per share after dilution totalled 
SEK 0.51 (1.37). Equity per share amounted to SEK 16.35 
(16.30). Refer to Note 17 for more information.
Employees
The average number of employees amounted to 5,090 
(2,532). 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 257 (198). Profit after 
financial items totalled MSEK 273 (7). Profit includes 
dividends from subsidiaries of MSEK 298 (99) and 
impairment of shares and receivables in subsidiaries 
of MSEK -14 (-16).
Corporate acquisitions and divestments
Acquisitions in 2025
On 25 September 2024, ITAB agreed to acquire all 
shares in Financière HMY SAS for a cash consideration 
of MEUR 320 on a cash and debt free basis. HMY is a 
leading European supplier of shop fittings, checkouts 
and store design to the retail industry, primarily in 
Europe, South America and the Middle East. 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 comprising 
MEUR 255 in long-term credit facilities and a MEUR 100 
revolving credit facility. For more information, refer to 
Note 5. With a final and definitive share purchase 
agreement entered into on 5 December 2024 and the 
other conditions for the transaction fulfilled, the acqui -
sition was completed on 31 January 2025. The pur -
chase consideration was paid in connection with the 
closing of the transaction, and consequently, the pre -
viously obtained debt financing commitments were 
converted into loans. HMY is consolidated in the ITAB 
Group as of 1 February 2025. Expenses in connection 
with the transaction are reported on an ongoing basis 
as costs in profit or loss and are included in reported 
non-recurring items.
Effect of the acquisition of the shares in HMY 2025
Fair values of acquired assets and liabilities, purchase 
considerations and the impact on the Group’s cash 
and cash equivalents according to acquisition analy -
ses are presented in Note 5. Goodwill arising in the 
transaction primarily comprises the value of expected 
synergies and the value of the employees. Final pay -
ment of the purchase consideration is expected to 
take place in 2026.
In May 2025, ITAB acquired the remaining 82 percent 
of the shares in Signatrix GmbH, which thereby 
became a wholly owned subsidiary that was consoli -
dated into the ITAB Group from June 2025. Signatrix is 
a technology and retail AI startup, and together with 
ITAB has created frictionless security deterrents that 
reduce thefts and shrinkage for the retail sector since 
2022. The impact on the Group’s cash and cash equiv -
alents on the acquisition date was MSEK 0.
In December 2025, ITAB acquired all shares in Blink 
AB through a subsidiary. Blink is a solution-focused 
design agency with a focus on brand & retail design. 
By developing solutions that help retailers to improve 
consumer experiences across the entire store environ -
ment, reduce operational challenges and increase 
efficiency, the ITAB Group and Blink can jointly create 
the solutions and implement them. At the time of the 
acquisition, Blink had sales of approximately MSEK 13 
and the average number of employees was six. The 
purchase consideration amounted to MSEK 16, with 
an additional purchase consideration of a maximum 
of MSEK 9.5 based on the company’s performance 
over the next two years. The purchase consideration 
was settled at the time of acquisition and costs related 
to the acquisition are reported as expenses on an 
ongoing basis. The acquisition is consolidated from 31 
December 2025. Acquired net assets estimated at fair 
value amounted to MSEK 22 at the time of acquisition, 
of which goodwill was MSEK 11. Goodwill mainly con -
sists of know-how and personnel. The acquisition 
affected the Group’s cash flow by MSEK 10.
Divestments in 2025
In connection with the restructurings in the Group, ITAB 
sold 100 percent of its shares in the company La Fortezza 
Asia Sdn Bhd in Malaysia through a subsidiary in April 
2025. On the divestment date, the company had 
seven employees. The effect on earnings including 
accumulated currency translation differences 
amounted to MSEK -1 and was recognised as a non- 
recurring item in the second quarter of 2025. The 
divestment had an impact of MSEK 1 on cash flow in 
the quarter.
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 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.
Since 2024, ITAB has intensified its environmental, 
social and corporate governance (ESG) efforts with 
the aim of preparing the Group for a review of its sus -
tainability targets and increased ESG reporting 
requirements under the EU Corporate Sustainability 
Reporting Directive (CSRD). For more information, refer 
to ITAB’s Sustainability Report on pages 29-98.
The statutory Sustainability Report is included in 
ITAB’s sustainability statements on pages 29-98. As of 1 
January 2022, ITAB is also eligible to disclose certain 
information about its operations in accordance with 
the EU Taxonomy Regulation. The ITAB Group presents 
this information for 2025 on pages 66-68. 
The ITAB Group’s Sustainability Reports are also 
available on the Group’s website, itabgroup.com.
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 pro -
duct development relates to self-checkout and light-
ing products, store concepts as well as digital solu -
tions for physical stores. In 2025, MSEK 6 (13) was 
capitalised as development expenditure and recog-  
nised as intangible assets. Amortisation of develop -
ment costs totalling MSEK 23 (20) 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 company’s 
ordinary shares have been listed on Nasdaq Stock -
holm. On 31 December 2025, the total number of 
shares amounted to 258,231,533, of which 255,275,518 
were ordinary shares and 2,956,015 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.
The 2025 Annual General Meeting (AGM) resolved 
to authorise the Board of Directors, on one or more 
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.
The 2022 AGM resolved on a long-term incentive 
program for key individuals (LTIP 2022) extending from 
June 2022 until June 2025. The program ended in the 
second quarter of 2025. As a result, 2,054,985 Class C 
shares were converted to ordinary shares, and 
1,043,671 ordinary shares were thereafter conveyed to 
the participants and the remaining 1,011,314 ordinary 
shares were conveyed on Nasdaq Stockholm to cover 
part of the costs for the program.
With the support of the authorisation from the AGM, 
the Board of Directors resolved on 16 December 2025 
on a directed cash issue of 611,000 Class C shares to 
Danske Bank A/S, Danmark, Sverige Filial (Danske 
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P.ITAB Group | Annual & Sustainability Report 2025
Bank) at a subscription price corresponding to the 
quotient value of the shares. The Board also decided 
to immediately repurchase all 611,000 Class C shares 
from Danske Bank at the same price as the subscrip -
tion price. The purpose of the issue and repurchase 
was to secure delivery of ordinary shares to employees 
in ITAB Group who are participants in the LTIP 2025 per-
formance-based incentive programme that was 
adopted by the AGM on 7 May 2025 by ITAB later con-
verting the Class C shares to ordinary shares. 
Refer to Note 8 for information about the long-term 
incentive programs LTIP 2022 and LTIP 2025.
 Pursuant 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 
shares in the company or controls at least 30 percent 
of the votes in the company. In other respects, the 
company has not entered into any significant agree -
ments with suppliers or employees that would take 
effect or change or cease to apply or stipulate pay -
ment of financial compensation should the control of 
the company change due to a public offer for the 
shares in the company.
At 31 December 2025, Pomona-gruppen AB held 
15.7 percent of the shares and votes, WQZ Investments 
Group Ltd held 11.1 percent of the shares and votes, 
and Övre Kullen AB held 10.3 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 2025, ITAB had 7,229 shareholders 
(6,727). Further information about ITAB’s shares, share 
price development and ownership structure as of 31 
December 2025 is presented in the section “ITAB 
share” on pages 104-106.
Repurchases of own shares
The 2025 AGM resolved to authorise the Board to make 
decisions on the acquisition and conveyance of own 
shares. The authorisation is intended to give the Board 
increased leeway in its work with the company’s capi -
tal structure and, if deemed appropriate, to enable 
share-based incentive programs for the Group’s 
employees or the acquisition of businesses through 
payments with the company’s shares. The Board of 
Directors shall, on one or more occasions, be able to 
make such decisions ahead of the 2026 AGM. For 
repurchased treasury shares, all rights associated with 
the shares cease to apply until the shares are reissued.
Aside from the repurchase of newly issued Class C 
shares resolved on by the Board of Directors on 16 
December 2025 in accordance with the above, no 
repurchases of shares took place in 2025.
At 31 December 2025, ITAB held no ordinary shares 
in treasury. All 2,956,015 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 applicable guidelines for remuneration and 
other employment conditions for senior executives 
were adopted by the 2025 AGM in accordance with 
the Board’s proposal. The guidelines are presented in 
full in Note 8 on page 130.
The Board of Directors has no intention to propose 
any amendments to the guidelines for remuneration 
of senior executives ahead of the AGM in 2026.
Remuneration Report 2024
ITAB’s Remuneration Report 2024 provides an overview 
of how the guidelines for remuneration to senior 
execu tives, as adopted by the 2021 AGM, have been 
applied during the year. The Remuneration Report was 
adopted by the 2025 AGM and is available on ITAB’s 
website, itabgroup.com.
Dividend policy and proposed dividend 2025
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. 
In view of the acquisition of HMY in 2025 and the 
financial means required to finance it, the Board of 
Directors has decided to propose that no dividend  
per ordinary share be paid for the 2025 financial year  
(SEK 0.00 per ordinary share for 2024).
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. ITAB 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
   The 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, Board and management liability. and cyber 
security. 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 
24-28. 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
The ITAB Group’s overall objective is to strengthen its 
customers’ businesses and competitiveness with its 
solutions for increased operational efficiency in stores, 
reduced risk of theft and lower energy consumption. 
In parallel, the Group continuously works to strengthen 
its own earnings performance through adapted price 
increases as well as increased effici  ency and lower 
costs in its operations. The acquisition of HMY in 2025 
is accelerating this transition and strengthens the 
Group’s market position.
The employees are ITAB Group’s most important 
resource, but the Group’s collective offering of unique 
solutions and products under a number of strong 
brands, collaboration between different parts of the 
Group and with strong partners, sustainability ser -
vices, and efficient production are also key resources 
in the Group’s business model that lay the foundation 
for a competitive business. 
The employees’ know-how, experience, engage -
ment, and diversity are the basis for the Group’s suc -
cess, and its people and operations develop together 
through learning, participation, and a sustainable 
working life. With strong brands, solutions and prod -
ucts, the Group has a presence in all customer seg -
ments in the retail market in Europe and the rest of the 
world, and ITAB Group meets retailers and consumers 
on their terms. Together, employees in all parts of the 
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P.ITAB Group | Annual & Sustainability Report 2025
Proposed allocation of profits
Parent Company 2025
The following funds are at the disposal of the Annual General Meeting (SEK):
Share premium reserve 1,895,089,134
Profit brought forward 362,224,720
Net profit for the year 328,147,899
Total 2,585,461,752
The Board of Directors and CEO propose that these funds be distributed as follows (SEK):
To be carried forward 2,585,461,752
Total 2,585,461,752
business develop common ways of working and 
investments are made in efficient operational support 
solutions and IT systems for the whole Group. Overall, 
this creates major values for the business, customers, 
employees, owners, and other stakeholders.
Sustainability is integrated in ITAB Group’s business 
model and operating activities, and in the offering to 
the customers. Ambitious sustainability efforts and sev -
eral different types of sustainability related services for 
retailers lay the foundation for strengthened market 
positions and for long-term profitable growth. 
The ITAB Group is also continuing to develop its 
operations and to invest in new capabilities with the 
aim of becoming the leading solutions provider in the 
retail sector. 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 Group more scalable and flexible in an 
increasingly dynamic world.
Significant events after the end of the financial year
Glauco Frascaroli took over as interim President & CEO 
on 7 January 2026. Björn Borgman will take over as the 
new President & CEO of the ITAB Group on 1 May 2026.
In January 2026, ITAB exercised an annual exten -
sion option for its MEUR 255 credit facility and MEUR 
100 revolving credit facility. The term has thus been 
extended by one year to January 2029 on unchanged 
terms compared with the original credit facilities.
No other significant events for the Group have taken 
place after the end of the financial year.
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P.ITAB Group | Annual & Sustainability Report 2025
SIGNIFICANT RISKS AND RISK MANAGEMENT
Significant risks and risk management
ITAB Group’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 Group’s operations, 
industry and markets, and are categorised as 
follows: strategic risks, operational risks, finan -
cial risks, compliance and regulatory risks, 
and sustain  ability 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 22 for a more detailed description 
of the Group’s overall risk management pro -
cess and insurance program.
Probability
Insignificant 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.
24P.ITAB Group | Annual & Sustainability Report 2025
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 price & energy price
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 and social sustainability
13 Health and Safety
Financial risks
14 Liquidity & 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. Fraud & ethical business culture
20 Tax risk and regulations
Sustainability risks
21 Environment; Energy and greenhouse gases; materials, 
waste and circular economy
21
7
8
9
10
11
12
13
14
15
16
17
20
1
2
3
5 4
619
18
Insignificant Low Medium High Very high

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P.ITAB Group | Annual & Sustainability Report 2025
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 Group to continuously monitor and respond to evolving consumer preferences and customer requirements in order 
to remain relevant and competitive in the retail market. The market is characterized by ongoing changes in competitive dynamics 
and pricing conditions, which may influence demand and customer purchasing behavior over time. Maintaining competitive and 
differentiated offering, supported by ITAB’s global scale and international customer support capabilities, remains central to sustaining 
long-term customer relationships. To respond to the changing retail market, ITAB developed the One ITAB strategy focusing on adapting 
operations to meet current and future needs of the retail sector. This has included increased flexibility in production and delivery, 
improved internal efficiency and a strengthened organizational structure. Continuous monitoring of market developments enables ITAB 
to develop and offer technical, sustainable, and value-adding solutions aligned with customer needs. Following the merger with HMY, 
ITAB has established a new Group strategy with renewed ambitions, supporting a continued transformation of the business to meet 
future needs and demands of the retail industry. 
2 Macroeconomic factors The demand for ITAB Group’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 demand for ITAB’s solutions, products and services is affected by general macroeconomic and external factors, including 
geopolitical developments, changes in trade conditions and ongoing technological developments within the retail sector. Uncertainty 
regarding future economic and trade conditions may influence consumer spending habits and retailers’ investment decisions. In 
addition, changes in consumption patterns and technological requirements may affect customer needs over time. ITAB continuously 
adapts its solutions and services to evolving market and technological developments to maintain the Group’s competitiveness. 
These risks are managed through established compliance frameworks and by continuously monitoring relevant macroeconomic 
developments.
3 Geopolitical and 
political risks
Changes in the political situation could materially impact the sales of ITAB Group’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.
ITAB Group operates in some 30 countries and through partners in other markets. The Group’s net sales are mainly generated in Europe, 
and key raw materials and production are primarily sourced and located within Europe. Geopolitical developments, including changes 
in trade conditions, tariff structures and regulatory requirements, may affect ITAB’s operations and create uncertainty and pricing 
pressure.
In addition, increasing regulatory requirements related to sustainability, compliance and traceability may impact the Group’s operating 
environment. ITAB closely monitors geopolitical and regulatory developments and makes business decisions accordingly, as necessary.
Operational risks
Significant risks Description Risk management
4 Supply chain,  distribution 
and logistics
ITAB Group 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 including 
dependency on certain suppliers, limited sourcing alternatives or constraints in logistics and 
transportation capacity, could have an adverse effect on the Group’s operations, delivery 
capability and sales.
In addition, external factors such as geopolitical developments, trade-related restrictions and 
other events affecting international transport routes may increase uncertainty in supply chains 
and logistics.
ITAB Group’s supply chain, distribution and logistics processes are continuously reviewed and developed in order to improve resilience 
and address identified risks. This includes ongoing mapping of critical suppliers, maintaining contact and coordination with suppliers 
of raw materials, transport services and production facilities, and working to identify and validate alternative sourcing options where 
appropriate. The Group also reviews logistics arrangements and transport routes to improve flexibility and reduce dependency on single 
solutions. In addition, ITAB also maintains insurance coverage for costs arising from disruptions or incidents during transportation.
5 Production and  
production facilities
ITAB Group’s production facilities are central to the Group and operate continuously. Disruptions 
or stoppages caused by operational errors, accidents, fires, theft, machine failures or other 
incidents could prevent the Group from fulfilling its obligations to customers on time. Limited 
network agility, climate-related events and natural disasters may further affect production 
continuity, while frequent machine breakdowns or insufficient planning could lead to delays and 
additional costs.
ITAB Group manages production risks through a combination of preventive, monitoring and contingency measures. Business continuity 
plans are developed for all production facilities, and contingency exercises, risk analyses and preventive maintenance are carried out 
regularly. Geographic risk assessments are performed to account for natural disaster and climate-related risks. To reduce the financial 
impact of disruptions, the ITAB Group maintains a centrally procured global insurance program covering property, business interruption 
and general liability. Additional measures include fire safety systems, maintenance programs to reduce machine breakdowns, and 
planning for backup production capacity where possible. These measures are continuously reviewed to ensure the Group can meet its 
commitments to customers.
SIGNIFICANT RISKS AND RISK MANAGEMENT

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P.ITAB Group | Annual & Sustainability Report 2025
Operational risks,  cont.
Significant risks Description Risk management
6 Raw material prices ITAB Group is dependent on raw materials and energy for its production. Fluctuations in prices or 
disruptions in supply may affect production costs in the short and long term. Global supply and 
demand dynamics, regulatory requirements and geopolitical developments may further increase 
uncertainty. Significant or prolonged increases in raw material costs or supply constraints could 
require ITAB to adapt its working methods and selection of materials to maintain an attractive 
customer offering.
A large part of ITAB Group’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. ITAB actively 
monitors developments in raw material markets and global supply conditions and takes measures to maintain continuity in production 
and delivery.
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. These practices help ITAB maintain 
stable production costs, secure supply continuity and continue to deliver reliable solutions to its customers.
7 IT security risk ITAB Group’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, production and 
delivery. The Group engages several external third parties who assist in efficiently managing these 
systems. 
Disruptions caused by operational errors, cyber threats or other IT-related incidents could affect 
operational processes and customer deliveries. The ongoing implementation of new enterprise 
systems, including ERP and CRM, also introduces complexity and requires careful management to 
ensure continuity during rollout and adaptation phases.
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 continuous system monitoring, 
penetration testing, backup recovery exercises, redundant infrastructures and group-wide cyber insurance coverage. Employee 
awareness, security training and two-factor authentication further strengthen resilience. ITAB also has Group-wide insurance coverage for 
risks related to cyber security.
Enterprise system implementations are carried out gradually, supported by centralized teams, internal and external expertise, and 
continuous monitoring to ensure smooth performance. These measures help ITAB maintain reliable IT operations, support business 
continuity and enable the secure and consistent delivery of solutions to customers.
8 Customer concentration 
and business 
relationships
Most of ITAB Group’s customers in terms of sales are major chain stores that operate in the retail 
sector, 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 2025, sales to ITAB’s single largest customer accounted for approximately 8 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 Group’s growth strategy includes both sustainable organic growth and strategic acquisitions. 
Acquisitions are intended to expand the Group’s offerings and geographic presence and 
support future growth and profitability. The successful realization of expected benefits depends 
not only on assumptions regarding future income and operating costs, but also on effective 
integration of acquired companies.
Integration introduces complexity, including alignment of operations, processes, systems and 
corporate culture, as well as retention of key personnel. If integration is not carefully managed, 
the Group may face operational or financial challenges. The acquisition of HMY, completed in 
January 2025, provides additional scale and flexibility and accelerates transformation, while 
requiring structured management to ensure synergies are achieved and operations continue 
smoothly.
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, together with Group management 
and the Board, oversees the alignment of operations, processes, systems and corporate culture.
These measures help ensure that acquisitions, including HMY, are successfully integrated, expected synergies are realized.
10 Goodwill and 
participations in  
Group companies
Goodwill is a significant asset item in the Group’s balance sheet, corresponding to more than 
31 percent of total assets in 2025. Similarly, participations in Group companies account for 
approximately 62 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 Group 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.
SIGNIFICANT RISKS AND RISK MANAGEMENT

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

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P.ITAB Group | Annual & Sustainability Report 2025
Significant risks Description Risk management
12 Employee risk and  
social sustainability
ITAB Group’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.
In addition, social sustainability aspects, including equal opportunities, diversity, inclusion, and 
safe and healthy working conditions, are central to maintaining an attractive workplace. These 
principles extend across the Group’s suppliers and partners, as well as communities affected 
through the whole value chain. Compliance with evolving regulations, such as those related to 
harassment, discrimination and pay transparency, is increasingly important to protect the Group’s 
reputation and ensure long-term sustainability.
ITAB Group 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.
Across the whole value chain, the Group ensures similar standards through the Supplier Code of Conduct and onsite audits of main 
suppliers. Compliance programs, training, whistleblowing channel and contingency measures support the prevention of harassment, 
discrimination and other workplace risks. Monitoring of regulatory developments, including pay transparency legislation, is conducted 
to ensure compliance and safeguard the Group’s reputation. These measures support a motivated and sustainable workforce and the 
long-term success of the Group.
13 Health & Safety The work environment within ITAB Group’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.
Financial risks
Significant risks
14 Liquidity and refinancing 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.
15 Interest risk
16 Currency risk
17 Credit risk
SIGNIFICANT RISKS AND RISK MANAGEMENT
Operational risks,  cont.

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P.ITAB Group | Annual & Sustainability Report 2025
Compliance and regulatory risks
Significant risks Description Risk management
18 Existing and new laws 
and regulations
ITAB Group’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 Latin America, Italy and the Middle East.
ITAB promotes a culture of integrity through its Group-wide Code of Conduct and complementary policies, including sustainable 
procurement standards, which establish a zero-tolerance approach to bribery and corruption. Employee and agent training, onboarding 
and regular refresh programs reinforce compliance. Whistleblowing channels, audits and monitoring of business practices support 
transparency and responsible operations. These measures help ITAB maintain trust with customers, partners and stakeholders, while 
ensuring robust compliance across all markets.
20 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 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
Significant risks Description Risk management
21 Environment 
Energy and greenhouse 
gases,  materials, waste 
and circular economy 
ITAB Group’s operations have potential environmental impacts through energy consumption, 
greenhouse gas emissions, material use, waste generation and water usage. These activities 
could affect ecosystems, biodiversity, and the Group’s reputation if not managed carefully. 
Transitioning to sustainable energy, reducing emissions, and implementing circular economy 
principles are key to minimising environmental impact and supporting long-term sustainability.
ITAB manages environmental risks through compliance with relevant laws and regulations and proactive sustainability measures. 
Sustainable materials are increasingly incorporated into products and solutions, and circular economy principles are applied through 
refurbishment, reuse and recycling in cooperation with customers. These initiatives are complemented by water-saving measures, energy 
efficiency improvements, and continuous monitoring, supporting ITAB’s commitment to responsible operations and helping customers 
achieve their own carbon reduction and sustainability goals. Refer to the Sustainability Report on pages 29-98 for more information on 
sustainability risks and risk management. 
SIGNIFICANT RISKS AND RISK MANAGEMENT

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29
P.ITAB Group | Annual & Sustainability Report 2025
About ITAB Group’s  
Sustainability Report
The Sustainability Report covers the Parent 
Company, ITAB Shop Concept AB (publ), 
corp. reg. no. 556292-1089, and all entities 
consolidated in the Group’s consolidated 
accounts, unless otherwise specified. The 
report has been prepared in accordance 
with the Corporate Sustainability Reporting 
Directive (CSRD) and the European 
Sustainability Reporting Standards (ESRS). It is 
subject to limited assurance by the Group's 
external independent auditor Ernst & Young 
AB (EY) in accordance with applicable 
regulatory requirements.
 The Board of Directors of ITAB Shop Concept 
AB has approved the Statutory Sustainability 
Report in conjunction with the signing of 
the annual and consolidated financial 
statements. The auditor’s limited assurance 
statement regarding the Sustainability Report 
is presented on page 157.
 
.
SUSTAINABILITY REPORT
We care
We challenge
We collaborate
Sustainability 
Report

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

30
P.ITAB Group | Annual & Sustainability Report 2025
30P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
General information
General disclosures form the foundation of 
sustainability reporting under the Corporate 
Sustainability Reporting Directive (CSRD). They provide 
essential context for understanding how sustainability 
is embedded in ITAB Group’s governance, strategy, 
and operations. This section outlines the scope of 
reporting and describes governance topics, including 
management responsibility, due diligence processes, 
and risk management. It also presents ITAB Group’s 
strategy, business model, value chain, and key 
stakeholders, all in relation to the Double Materiality 
Assessment.
Frameworks and data selection
The sustainability statement is prepared in accor -
dance with the Corporate Sustainability Reporting 
Directive (CSRD) and the European Sustainability 
Reporting Standards (ESRS) adopted by the Euro -
pean Commission. All disclosures in the environ -
mental, social and governance chapters are either 
identified as material through ITAB Group’s Double 
Materiality Assessment (DMA) or are mandatory 
under ESRS. No other reporting frameworks have 
been applied.
Since the EU has not yet approved the digital 
taxo nomies for ESRS and Article 8, the sustainability 
report has not been tagged in the format specified in 
Chapter 6 paragraph 14 of the Annual Accounts Act.
Consolidation
The sustainability statement is presented on a 
consolidated basis consistent with ITAB Group’s 
2025 financial statements. Data includes ITAB Shop  
Concept AB (publ) and all subsidiaries under ITAB 
Group’s control.
Value chain
The report covers ITAB Group’s whole value chain, 
including own operations, upstream and 
downstream activities, insofar as material impacts, 
risks and opportunities have been identified 
through the DMA. Selected policies, actions and 
targets extend to the value chain where relevant. 
Where value chain information is based on estima -
tes, this is disclosed in the relevant sections.
BP-1 
General basis for preparation of sustainability statements
ESRS 2 General disclosures
BP-1 General basis for preparation of sustainability statements 30
BP-2 Disclosures in relation to specific circumstances 31
GOV-1 The role of the administrative, management and supervisory 
bodies 32
GOV-2 Information provided to and sustainability matters addressed by 
the undertaking’s administrative, management and supervisory 
bodies 33
GOV-3 Integration of sustainability-related performance in incentive 
schemes 34
GOV-4 Statement on due diligence 34
GOV-5 Risk management and internal controls over sustainability 
reporting 35
SBM-1 Strategy, business model and value chain 36
SBM-2 Interests and views of stakeholders 38
SBM-3 Material impacts, risks and opportunities and their interaction 
with strategy and business model 39
IRO-1 Description of the process to identify and assess material 
impacts, risks and opportunities 41
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s 
sustainability statement 42
Measurement basis
Accounting policies have been applied consistently 
during the reporting year and to comparative figu -
res. Key estimation methods, calculation factors 
and assumptions, as well as known limitations or 
uncertainties, are disclosed alongside the relevant 
metrics in accordance with ESRS 1.
External review
The sustainability statement is subject to limited 
assu rance by our external independent auditor 
Ernst & Young AB (see the auditor’s limited assu -
rance report on page 157).
 ITAB Group has not applied the ESRS option to omit 
disclosures on the grounds of protecting intellectual 
property, know-how or the results of innovation.
 ITAB Group has also not made use of the Member 
State option to omit information relating to impen -
ding developments or matters under negotiation.
GENERAL INFORMATION

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31
P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
BP-2 
Disclosures in relation to specific circumstances
Time horizons
ITAB Group’s definition of time horizons aligns with ESRS 
1 Section 6.4:
Short-term: Within the reporting period (1 year)
Medium-term:  Between 1 to 5 years
Long-term: More than 5 years
These time frames are applied consistently in risk and 
opportunity assessments.
Value chain estimation
No value chain estimations have been used in this 
report. Supplier and customer numbers have been 
rounded to the nearest hundred. These figures are 
derived from actual internal data sources, and roun -
ding does not materially affect reported trends.
Marking of estimates
In accordance with ESRS 2 BP-2 (paragraphs 11a, 
11b(i), and 11b(ii)), all disclosures within this Sustaina -
bility Report that contain estimates are clearly marked. 
For each such disclosure, we provide a concise expla -
nation of the estimation methodology, the data sour -
ces and assumptions applied, and the process by 
which the estimates were executed and validated.
Estimation methodology and execution
Where estimates are used, the following approach is 
applied:
   Data sources:  Estimates are based on a combina -
tion of internal data, external benchmarks, 
sector-average data, and, where necessary, proxies 
or extrapolations. For example, scope 2 Green -
house Gases (GHG) emissions are calculated using 
activity data multiplied by relevant emissions 
factors, with country averages applied where 
supplier-s  pecific data is unavailable.
Disclosures stemming from other legislation  
or generally accepted sustainability reporting 
pronouncements
No additional disclosures stem from other legislation 
or from other generally accepted sustainability 
reporting frameworks. 
Incorporation by reference
This report does not incorporate any information by 
reference; all relevant ESRS disclosures are included  
in full.
Use of phase-in provisions in accordance  
with Appendix C of ESRS 1
The following disclosures have been omitted under 
ESRS 2 SBM-3 paragraph 48(e) phase-in provisions:
  ESRS E1-9:  Financial effects from material physical 
and transition risks and potential climate-related 
opportunities
  ESRS E3-5: Financial effects from water-related 
impacts, risks and opportunities
  ESRS E5-6: Financial effects from resource  
use & circular economy risks
  ESRS S1-12: Workforce data on persons  
with disabilities
  ESRS S1-14: Health & safety data for  
non-employees Paragraph 89 – work related  
ill health of non-employees.
These disclosures will be progressively incorporated as 
data availability improves and within the timeframe 
permitted under ESRS 1 Appendix C.
   Calculation methods:  The calculation approach 
for each estimate is described in the relevant 
disclosure. This may include the use of activity data, 
emission factors, expert assessments, or industry 
benchmarks.
  Assumptions:  Key assumptions underlying each 
estimate are disclosed, such as market conditions, 
operational boundaries, or the use of rounding for 
certain value chain figures.
  Execution and validation:  Estimates are subject to 
internal validation, cross-functional review, and 
governance oversight. Where relevant, estimates are 
reviewed by the Sustainability Steering Committee or 
equivalent governance body. The estimation 
process is periodically reassessed to incorporate 
new data, improved methodologies, and external 
feedback.
Outcome uncertainty
Estimates inherently involve measurement uncertainty 
due to data limitations, market variability or forward-  
looking assumptions. Where material, the sources of 
uncertainty and their potential impact on reported 
outcomes are disclosed. ITAB Group is committed to 
progressively improving estimation precision as data 
availability increases.
Changes in preparation or presentation  
of sustainability Information
This is the first year of ESRS reporting, however the 
previous report format was inspired by the ESRS 
standards.
Reporting errors in prior periods
No material errors were identified in previous reporting 
periods. Internal controls and external assurance activi -
ties have confirmed the accuracy of past disclosures.
GENERAL INFORMATION

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32
P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
GOV-1 
The role of the administrative,  
management and supervisory bodies
Board of Directors
Oversees ESG (Environment, Social 
& Governance) and is updated in 
performance quarterly. Final app-
roval on proposed DMA annually. 
Audit Committee
Responsible for the oversight of the financial 
and non-financial reporting and external 
audit. Audit Committee meets quarterly.
Group Management
Creates the strategy and oversees 
the monthly progress. Led by Chief 
Sustainability & People Officer and 
supported by a Group Head of 
Sustainability and a Sustainability 
Controller.
General Counsel
Responsible for the governance initiatives 
including bribery and corruption risk assess-
ment, detection and whistleblowing.
Head of Sustainability
Responsible for the monitoring 
of legislation requirements. 
Makes recom men dations on 
key ESG topics and ensures 
the accurate reporting of 
data from the business units. 
Prepares the DMA and gath-
ers stakeholder input before 
presenting to Group Mana ge-
ment and the Board.
   Board of Directors: All eight members of 
ITAB’s Board of Directors are non-executive 
and independent of the company and 
executive management. The Board holds 
ultimate responsibility for the oversight of 
sustainability matters, including strategic 
direction, risk management, and long-term 
sustainability commitments. The Board 
reviews sustainability performance quarterly 
and provides annual approval of the Double 
Materiality Assessment (DMA) and the 
sustainability-related sections of the Annual 
Report. The Board also oversees ITAB Group’s 
alignment with ESRS requirements and due-
diligence expectations. ITAB currently has no 
employee or worker representatives on its 
Board of Directors or other governance 
bodies.
   Audit Committee: The Audit Committee 
provides oversight of sustainability reporting 
and the effectiveness of related internal con -
trols, ensuring the same level of rigor as 
financial disclosures. Meeting quarterly, it 
reviews both financial and non-financial 
information, internal control updates, and 
external assurance outcomes. The Commit -
tee monitors progress toward ESRS imple -
mentation and reporting readiness.
   Group Management:  Group Management 
is responsible for setting the sustainability 
strategy, ensuring its integration into 
corporate policies, and overseeing 
implementation across the organisation.  
It monitors progress through structured 
reporting mecha  nisms, dashboards, and  
KPI reviews, and ensures sustainability 
matters are reflected in business planning 
and operational decision-making.
   Chief Sustainability & People Officer 
(CSPO): The CSPO holds overall responsibility 
for sustainability governance, including ESRS 
compliance, due-diligence processes, and 
the integration of sustain  ability considera -
tions across Group functions. The CSPO over -
sees the deployment of sustainability initiati -
ves, chairs relevant governance forums, and 
reports regularly to Group Management and 
the Board.
   Head of Sustainability: Reporting directly to 
the CSPO, the Head of Sustainability is respon -
sible for monitoring legislation, preparing and 
updating the DMA, coordinating stakeholder 
input, and ensuring consistency of sustain  a-
bility information. The Sustainability Controller 
reports to the CFO and indirectly to the Head 
of Sustainability, supporting data integrity 
and alignment between financial and 
sustain ability information.
   Operational Management: Operational 
management is responsible for implementing 
sustainability initiatives across the organisa -
tion, including energy efficiency program -
mes, waste reduction, water management, 
and circular-economy measures. Operatio -
nal teams provide data and performance 
updates through defined reporting structures.
The accompanying organogram illustrates 
these governance structures and reporting lines.
Governance structure
Sustainability governance at ITAB Group is embedded within existing corporate governance 
structures to ensure accountability and integration into strategic and operational decision-ma -
king. Oversight responsibilities follow Swedish corporate governance requirements and ESRS 2 
GOV-1.
GENERAL INFORMATION
Chief Operations Officer
Responsible for the deployment of energy, 
waste and CO2 reduction programmes. 
Health & Safety in operations and the 
deployment of sustainable procurement and 
legislation, for example CSDDD (Corporate 
Sustainability Due Diligence Directive), EUDR 
(EU Deforestation Regulation) and CBAM 
(Carbon Border Adjustment Mechanism).
Chief Commercial Officer
Responsible for the circular design initiatives 
throughout the business and Sustainability 
Services for our customers.
Chief Sustainability & People Officer
Accountable for the matters related to 
Environment, Social & Governance. Respon-
sible for the deployment of social initiatives 
in ITAB Group focusing on employee enga-
gement, equal opportunities and retention.
Governance structures and reporting lines

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

33
P.ITAB Group | Annual & Sustainability Report 202533P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
GOV-1 
The role of the administrative,  management and supervisory bodies
Expertise and skills
ITAB Group has appointed dedicated sustainability 
specialists, including a CSPO, Head of Sustainability, 
and Sustainability Controller, who bring technical 
expertise and strategic guidance. To strengthen 
capabilities further, ITAB Group:
   Engages external sustainability consultants to 
ensure compliance with CSRD and ESRS require -
ments.
   Seeks subject-matter expertise on areas such as 
decarbonisation, circular economy, and supply 
chain sustainability.
   Provides training on CSRD and sustainability topics 
to the Board of Directors and Group Management, 
delivered by external experts.
The Board receives regular briefings and targeted 
training from internal specialists and external experts 
to ensure it maintains the necessary collective com -
petence to oversee ESRS-related matters.
Employee engagement
Annual employee surveys are carried out in selected 
countries to gather insights on development, 
empower ment, culture and dialogue. These results 
inform management decisions and support 
identification of potential impacts relating to 
workforce matters (ESRS S1). At present, survey 
outcomes are not systematically reported to Board 
level, but Group Management considers employee 
feedback in its ongoing assessment of material 
sustainability matters.
Internal controls and reporting
ITAB Group maintains internal controls that support 
the accuracy, completeness and reliability of sustain -
ability information. These controls are integrated into 
the Group’s broader internal control framework and 
GENERAL INFORMATION
GOV-2 
Information provided to and sustainability matters addressed by the 
undertaking’ s administrative,  management and supervisory bodies
The Board of Directors receives quarterly updates 
on sustainability progress through structured 
reporting, including key performance indicators, 
progress against targets, updates on actions, and 
emerging regulatory requirements. The Board also 
conducts an annual review of the Double Materia -
lity Assessment (DMA), including significant 
changes in impacts, risks and opportunities (IROs). 
During the annual strategy meeting, material IROs 
and potential trade-offs between sustainability 
objectives are discussed with Group Management, 
and adjustments to the sustainability strategy are 
considered where required. In these meetings, the 
Board focuses on overall strategic direction and 
high-level sustainability targets, while Group Mana -
gement monitors more detailed operational objec -
tives and implementation progress.
 Sustainability-related initiatives are developed by 
the member of Group Management responsible 
for the relevant area, typically the CSPO, CCO or 
COO, who assigns appropriate cross-functional 
teams to drive implementation and monitor progress.
 The Board and Audit Committee are informed of 
the implementation of due-diligence processes 
and the effectiveness of sustainability-related poli -
cies, actions, metrics and targets. Information pro -
vided includes both multi-year historical perfor -
mance and forward-looking assessments, such as 
target trajectories, planned actions, anticipated 
regulatory changes and, where available, expec -
ted financial effects of material sustainability-rela -
ted risks and opportunities.
 The Audit Committee reviews material sustaina -
bility matters identified through ITAB Group’s 
Double Materiality Assessment  as part of its over -
sight of non-financial reporting and internal con -
trols. In 2025, the Committee reviewed all material 
sustainability matters identified through ITAB 
Group’s Double Materiality Assessment, covering the 
Environment, Social and Governance topical areas.
 The Committee discussed associated impacts, 
risks, opportunities and the status of any relevant 
targets.
  Sustainability expertise is made available to 
governance bodies through regular input from the 
Chief Sustainability & People Officer, Head of Sus -
tainability and external experts. These specialists 
support the interpretation of sustainability data, 
regulatory developments and IRO analysis to 
inform decision-making.
 The Audit Committee’s reviews of sustainability 
matters are documented and integrated into ITAB 
Group’s sustainability reporting processes and 
annual strategy cycle, ensuring transparency, con -
tinuous improvement and ongoing alignment with 
ITAB Group’s sustainability objectives.
are supported by defined reporting procedures, 
role-based responsibilities and standardised data 
definitions.
 To strengthen sustainability-related internal con -
trols, ITAB Group is undertaking several improvement 
initiatives, including:
   Sustainability reporting process mapping and risk 
assessment for key ESRS topics, serving as the 
basis for identifying necessary controls (comple -
tion during 2025).
   Review and enhancement of sustainability  
internal control activities, including documen -
tation, control ownership and evidence require -
ments (completion by mid-2026).
   Development of sustainability reporting tools, 
expected to improve data traceability and consis -
tency across sites (implementation by 2027).
   Training for data owners and controllers to support 
consistent understanding of definitions, processes 
and internal-control expectations (completion by 
end-2025).
Internal audit activities over sustainability information 
are conducted through ITAB Group’s broader internal 
audit programme and are distinct from routine inter -
nal controls. Sustainability information is also subject 
to limited external assurance, and the results of ass  u-
rance or audit activities are used to inform conti nu-
ous improvement actions.
Diversity
The Board’s gender diversity is 37.5 percent female 
and Group Management’s gender diversity is 33.3 
percent female. Further information on Board and 
Group Management composition can be found on 
pages 107-108.

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
GOV-3 
Integration of sustainability-related 
performance in incentive schemes
ITAB Group does not currently operate any remune -
ration or performance-related incentive schemes 
that include sustainability-related performance 
measures for the Board of Directors, Group Manage -
ment or other employee groups. At present, no sus -
tainability indicators or targets are incorporated into 
variable pay, long-term incentive plans or other 
reward mechanisms.
 Sustainability performance is monitored and dis -
cussed within ITAB Group’s governance framework, 
but it has not yet been integrated into remuneration 
structures due to the ongoing development of ITAB 
Group’s sustainability targets, data systems and 
measurement approaches. As these foundational 
elements mature, ITAB Group is assessing potential 
pathways for future alignment between incentive 
structures and sustainability objectives.
 ITAB Group continuously monitors evolving market 
practice, regulatory expectations and stakeholder 
perspectives relating to sustainability-linked 
remuneration. As part of our broader review of 
remuneration governance, ITAB Group is actively 
evaluating whether and how sustainability-related 
performance indicators may be incorporated into 
future incentive schemes. No specific timeline has 
yet been established.
GOV-4 
Statement on due diligence
ITAB Group’s sustainability due diligence process is aligned with ESRS 1, chapter 
4 Due diligence and the OECD Guidelines for Responsible Business Conduct. 
The table below maps where the main aspects and steps of due diligence are 
described in this Sustainability Statement, as required under ESRS 2 GOV-4.
Core elements of due diligence Sections of the Sustainability Statement where these are disclosed
Embedding due diligence 
in governance,  strategy and 
business model
GOV-1 Roles and responsibilities, page 32 
GOV-1 Governance structure / organogram, page 32 
GOV-2 Information provided to, and sustainability matters addressed by, the administrative, management and supervisory bodies, page 33 
GOV-3 Integration of sustainability-related performance in incentive schemes (if applicable), page 34
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model, page 39 
MDR-P Policies adopted to manage material sustainability matters, page 49
Engaging with affected 
stakeholders in all key steps  
of the sustainability due 
diligence
GOV-2 Description of information flows from stakeholder engagement to the administrative, management and supervisory bodies,  
page 33
SBM-2 Interests and views of stakeholders, page 38  
SBM-3 Description of how stakeholder input informs the materiality assessment, page 38
IRO-1 Description of processes to identify and assess material impacts, risks and opportunities (including stakeholder engagement),  
page 41
MDR-P Policies on stakeholder engagement for material matters, pages 50, 58, 61, 71-72, 85 and 91
Identifying and assessing 
adverse impacts
SBM-3 Overview of material impacts, risks and opportunities and link to strategy and business model, page 39
IRO-1 Identification and assessment of impacts, risks and opportunities, page 41 
MDR-P Materiality Determination Process (criteria, thresholds and methods), page 41
Taking actions to address  
those adverse impacts
MDR-A Actions and resources in relation to material sustainability matters
E1-3 Actions to address material climate-related impacts, risks and opportunities, page 51
E3-2 Actions to address material water impacts, page 58
E5-2 Actions to address material resource use and circularity impacts, page 62
S1-4 Actions to address material own-workforce impacts (including health & safety, equal treatment and opportunities), page 74
S2-4 Actions to address material workers in the value chain impacts, page 87
Tracking the effectiveness of 
these efforts and communi-
cating
MDR-M Metrics in relation to material sustainability matters
MDR-T Targets used to track effectiveness of policies and actions
E1-4 Climate-related metrics and targets, page 52 
E3-4 Water metrics and targets, page 58
E5-3 Resource use & circularity metrics and targets, page 62
S1-5 Own-workforce metrics and targets, page 75
S2-5 Workers in the value chain metrics and targets, page 88
GENERAL INFORMATION

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

35
P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
GOV-5 
Risk management and internal controls over sustainability reporting
To mitigate risks associated with the security and qua -
lity of data used in sustainability reporting, ITAB Group 
has implemented a comprehensive set of internal con -
trols and risk management processes aligned with our 
broader internal control framework.
 The main sustainability-related risks identified 
through ITAB Group’s risk assessment processes 
include climate-related transition risks, supply-chain 
disruptions, regulatory compliance risks, and risks 
related to data quality in sustainability reporting. Each 
risk is managed through defined mitigation strategies, 
for example, implementation of energy-efficiency and 
decarbonisation measures, diversification of suppliers 
and strengthened due-diligence procedures, 
en hanced monitoring of regulatory developments, 
and ongoing improvements to sustainability data 
controls. These mitigation actions are incorporated 
into ITAB Group’s enterprise risk management pro -
cesses and monitored through regular updates to 
Group Management and the Audit Committee.
Formalised internal controls
Sustainability data controls are fully integrated into 
ITAB Group’s internal control framework. These controls 
address data accuracy, completeness, timeliness, 
and consistency, and are reviewed regularly for 
design and operating effectiveness. Controls apply  
to both own-operations data and value-chain infor -
mation where relevant.
Structured walkthroughs and prioritisation
ITAB Group conducts structured walkthroughs of sus -
tainability reporting processes, prioritising high-risk 
and material ESRS topics. These walkthroughs are faci -
litated by the Sustainability Controller together with 
local controllers and data owners, and are designed 
to identify risks, validate data flows, and evaluate the 
adequacy of existing controls.
Integrated data collection
All sustainability data is collected and consolidated 
through ITAB’s Group financial consolidation system, 
GENERAL INFORMATION
which provides transparency, traceability and an 
audi table record of submissions. The system includes 
role-based access controls and standardised defini -
tions to support data integrity across the organisation.
Audit Committee oversight and assurance
The Board of Directors has appointed an Audit  
Committee responsible for oversight of sustainability 
reporting quality. The Committee reviews risk assess -
ments, internal control updates, and the status of 
improvement initiatives. Sustainability information is 
subject to limited assurance by ITAB Group’s external 
auditor, and assurance findings form a key input into 
the continuous improvement of sustainability data con -
trols and reporting processes. The Audit Committee 
oversees management’s response to these findings.
 Findings from sustainability risk assessments, 
internal-  control evaluations and external assurance 
are reported to the Audit Committee quarterly as part 
of its standing agenda. Material issues and significant 
control findings are further escalated to the Board of 
Directors as part of the annual review of sustainability 
reporting and risk management.
Continuous improvement
ITAB Group is committed to strengthening its sustain -
ability reporting controls as ESRS implementation pro -
gresses. Control enhancements will continue in accor -
dance with our multi-year roadmap, including 
expanded walkthroughs, improved documentation 
and the introduction of additional automated controls.
Enterprise Risk Management integration
Sustainability-related risks are incorporated into ITAB 
Group’s company-wide risk register and monitored 
through the enterprise risk management (ERM) frame -
work. This integration ensures that both out side-in risks 
(such as climate-related physical risks, supply-chain 
disruptions or regulatory changes) and inside-out 
impacts (such as environmental or social impacts ari -
sing from ITAB Group’s operations or value chain) are 
identified, assessed, escalated and managed using 
the same processes and taxonomy as other strategic, 
operational, financial and compliance categories.
 The risks, uncertainties, and important circumstances 
that are deemed significant for the Group’s operations 
and future development, including sustainability risks, 
are described on pages 24-28 . The risks relate to ITAB 
Group’s operations, industry and markets, and are 
categorised as follows: strategic risks, operational 
risks, financial risks, compliance and regulatory risks, 
and sustainability risks.

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

36
P.ITAB Group | Annual & Sustainability Report 2025
SBM-1 
Strategy,  business model and value chain
Overview
ITAB Group is a leading innovator in the retail sector, 
specialising in the development and implementation 
of modern, sustainable shop concepts that enhance 
the customer experience while promoting environ -
men tal and social responsibility. Our business model 
integrates sustainability into every phase of the retail 
value chain, from concept design and operational 
excellence to supplier engagement and digital trans -
formation.
Business model and value chain
ITAB Group’s business model is built on close collabo -
ration with customers, suppliers, and partners to 
co-create engaging, efficient, and sustainable retail 
environ ments. Our approach combines global reach 
with local expertise, enabling tailored solutions for 
diverse markets.
Key components of the business model
   Solution Design and Co-Creation:  Collaborating 
with retailers to transform brand aspirations into  
physical store experiences.
   Diverse Product and Service Portfolio: Retail 
technology, lighting, interior solutions, and 
consulting services.
   Sustainable Revenue Model:  Expanding offerings  
to create new demand and revenue streams.
   Global Presence with Local Expertise:  Combining 
global scale with local market knowledge.
   Commitment to Sustainability: Integrating materials 
with reduced environmental impact, such as those 
with lower embodied carbon, higher recycled 
content or improved resource efficiency, energy 
efficiency, and circular principles
Products and services
ITAB Group offers innovative retail concept develop -
ment, advanced retail technology and loss prevention 
solutions, sustainable lighting systems, and tailored 
consulting services. These solutions enhance custo -
mer experience, improve operational efficiency, and 
support sustainability goals.
Value chain
Our value chain, shown in the graphic on page 37, 
spans upstream suppliers (approximatley 7,900 supp -
liers), own operations (including 22 production facili -
ties), and downstream customers (over 450 major 
retailers).
Sector mapping and revenue breakdown
ITAB Group’s business activities are mapped to the 
ESRS sectors ‘Manufacturing – Building Materials and 
Fixtures (MMB)’ and ‘Manufacturing – Electronics 
(MEL)’. MMB corresponds to NACE code C31; MEL 
corre sponds to NACE code C27.40. For the reporting 
period, approximately 16 percent of ITAB Group’s total 
revenue was generated from MMB activities and 4 per -
cent from MEL activities. The sum of revenue from MMB 
and MEL equals the total revenue reported under IFRS 
8 operating segments, as ITAB Group operates as a 
single integrated segment. No additional significant 
ESRS sectors have been identified for the reporting 
period. The sector mapping has not changed since 
the previous reporting period.
Markets and geographic footprint
In 2025, ITAB Group operated in some 30 countries, 
generating approximately SEK 12.8 billion in annual 
sales, with around 5,300 employees across Europe, 
South America, and China. The largest employee 
bases are in Spain, France, Czechia, Italy, Germany, 
Türkiye, Sweden and China.
Customers and competitive landscape
ITAB Group serves a diverse customer base across 
grocery, home improvement, fashion, and pharmacy 
sectors, with no single customer accounting for more 
than 8 percent of turnover. Key customers include 
Carrefour, H&M, Mercadona, Leroy Merlin, Coop 
Scandinavia and Decathlon. 
SUSTAINABILITY REPORTGENERAL INFORMATION
ITAB Group competes with large multinational firms 
such as Wanzl, Diam, and Umdasch, as well as regio -
nal specialists. The company differentiates itself 
through integrated retail solutions, digital trans  for-
mation expertise, and a strong focus on sustainability-  
driven innovation.
Commitment to sustainability and  
regulatory compliance
ITAB Group does not engage in activities involving 
banned materials, fossil fuels, chemical production, 
controversial weapons, or tobacco. Sustainability risks, 
including environmental, social, and governance 
(ESG) factors, are incorporated into the company risk 
register and monitored as part of our enterprise risk 
management framework. Continuous engagement 
with stakeholders, suppliers, employees, customers, 
and regulators enables ITAB Group to mitigate risks, 
seize new opportunities, and lead in sustainable retail 
solutions.

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

37
P.ITAB Group | Annual & Sustainability Report 202537P.ITAB Group | Annual & Sustainability Report 2025
SBM-1 
Strategy,  business model and value chain
Raw material suppliers
Purchased item suppliers
Transportation of goods and raw materials
Supply chain workers
ITAB Group workers
Office facilities
Warehouse facilities
Production facilities
Energy production
and grid consumption
Customers /
Retailers
Use of sold products
Purchased 
services
Consumers
Transportation
and distribution
Customers'
workers
End of life of ITAB Group products
Upstream Own operations Downstream
Waste produced and recycling
SUSTAINABILITY REPORTGENERAL INFORMATION

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

38
P.ITAB Group | Annual & Sustainability Report 202538P.ITAB Group | Annual & Sustainability Report 2025
SBM-2
Interests and views of stakeholders
Identification of stakeholders
ITAB Group identifies its stakeholders through a struc -
tured assessment based on the principles of impact, 
influence and dependency, in line with ESRS require -
ments. The process includes:
   Mapping stakeholder groups that are affected by 
ITAB Group’s operations, such as employees, 
workers in the value chain, and society.
   Identifying stakeholders with a significant influence 
on ITAB Group’s strategy, performance, or access to 
market, including customers, investors and 
regulators.
   Reviewing the stakeholder list annually as part of 
our Double Materiality Assessment (DMA) and due 
diligence processes to ensure relevant groups are 
captured, including those who may be underrepre -
sented or more vulnerable to potential impacts.
   This structured approach ensures we recognise 
both affected stakeholders and users of sustainabi -
lity statements, enabling balanced and inclusive 
engagement.
How we engage with stakeholders
ITAB Group’s stakeholder engagement process is built 
on openness, transparency, and regular dialogue. 
Engagement is tailored to each stakeholder group to 
ensure effective two-way communication and mea -
ningful participation. The table summarises the main 
stakeholder groups, engagement methods, purpose 
and key outcomes.
 Where differing stakeholder opinions arise, ITAB 
Group evaluates these using the principles of impact 
severity, regulatory expectations, long-term strategic 
relevance and operational feasibility.
 Stakeholder insights are regularly reviewed by ITAB 
Group’s Group Management and Board of Directors, 
directly informing our strategy, risk management, and 
sustainability priorities. This ensures continuous align -
ment between stakeholder expectations and our busi -
ness objectives
Stakeholder group How we engage Purpose of engagement Examples of outcomes
Customers 
Users of our products  
and solutions
Key Account Managers, project meetings, 
customer surveys, sustainability dialogues
Understand needs, align solutions, 
support customer sustainability goals
Product/service improvements, 
co-development of sustainable solutions, 
long-term partnerships
Suppliers/ Partners 
Including affected workers in the 
value chain
Supplier audits, Code of Conduct, regular 
meetings, sustainability training
Ensure responsible sourcing, 
compliance, and innovation
Improved sustainability performance, 
supplier development programmes, risk 
mitigation
Employees 
Affected stakeholders
Appraisals, engagement surveys, safety 
committees, intranet, town halls
Foster well-being, gather feedback, 
promote inclusion and development
Enhanced workplace policies, training 
initiatives, improved satisfaction scores
Investors/Owners 
Users of sustainability information
Annual meetings, quarterly reports, ESG 
disclosures, direct dialogue
Ensure transparency, align on strategy, 
address ESG expectations
Strategic updates, enhanced ESG 
reporting, investor feedback integration
Society/ NGOs 
Affected stakeholders
Community meetings, public consulta -
tions, partnerships, grievance mechanisms
Build trust, address local impacts, 
support community development
Community benefit projects, local hiring, 
environmental initiatives
Regulators & Policy Makers Regulatory compliance, industry forums, 
public consultations
Ensure compliance, contribute to  
 policy development
Regulatory alignment, input into policy, 
licence to operate
Use of stakeholder insights in strategy,  
DMA and business model
Stakeholder input forms a core part of ITAB Group’s 
Double Materiality Assessment, where insights from 
customers, employees, suppliers, communities, and 
investors help to validate and prioritise impacts, risks 
and opportunities. Engagement outcomes are inte -
grated into the DMA through:
   Stakeholder interviews and surveys forming part of 
the impact and financial materiality evaluation.
   Value chain assessments that incorporate supplier 
and community perspectives.
   Review and validation of DMA results by Group 
Management and the Board of Directors.
Stakeholder perspectives also contribute to strategic 
and operational decisions. In 2025, insights highligh -
ted the importance of circularity, decarbonisation 
and cultural development. As a result:
   The ReStore model was strengthened  
as a strategic commercial focus.
   A fully costed decarbonisation roadmap  
was developed.
   The Code of Conduct was updated and refreshed.
These developments illustrate how stakeholder enga -
gement directly influences ITAB Group’s strategy, busi -
ness model, and sustainability priorities.
Changes in stakeholder engagement and future outlook
ITAB Group reviews its stakeholder engagement pro -
cesses annually. No significant changes were made 
during the reporting year, and no substantial modifi -
cations are currently anticipated. However, ITAB Group 
remains prepared to adjust its engagement mecha -
nisms should emerging stakeholder concerns, regula -
tory developments or business changes require new 
approaches.
SUSTAINABILITY REPORTGENERAL INFORMATION

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

39
P.ITAB Group | Annual & Sustainability Report 2025
SBM-3
Material impacts,  risks and opportunities and their interaction with strategy and business model
Material impact,  risks & opportunities (IROs) 
identification process
In 2024, ITAB Group established a structured Double 
Materiality Assessment (DMA), refined in 2025 as part 
of continuous improvement. The DMA integrates inter -
nal and external expert input as well as stakeholder 
engagement with employees, Group Management, 
investors, suppliers and customers. Topics such as sub -
stances of concern and substances of very high con -
cern were consolidated given ITAB Group’s non-use of 
such materials. Full methodology is provided in IRO-1 
(page 41).
 The assessment involved consultations with employ -
ees, Group Management, investors, suppliers and 
customers to align ITAB Group’s strategic priorities with 
stakeholder concerns. To determine material IROs, 
ITAB Group conducted:
   Stakeholder interviews with key groups.
   Surveys of employees and suppliers.
   Data-driven analysis of industry trends, regulatory 
developments, and sustainability risks.
   Scenario assessments to evaluate potential 
financial and operational implications.
Tables at the start of each ESRS topical chapter detail 
all material impacts, risks and opportunities, including 
the ESRS topic, whether the IRO is positive or negative, 
actual or potential, within own operations or the value 
chain, and the resulting materiality level.
Material sub-topics identified include:
Environment
   Climate change mitigation
   Climate change adaptation
   Energy
   Water 
   Resource inflows including resource use
   Resource outflows related to products and services
   Waste
Social
   Working conditions for own workforce:
• Secure employment, adequate wages, social  
dialogue, freedom of association and collective 
bargaining
• Work-life balance and working time
• Health and safety
   Equal opportunities and equal treatment for  
own workforce:
• Equal treatment and opportunities for  
all including gender equality and diversity  
• Training and development
• Measures against violence and  
harassment in the workplace
   Value chain workers’ working conditions,  
health and safety
Governance
   Corporate Culture
   Management of relationships with suppliers  
including payment practices
Changes in material impacts,  risks and opportunities 
compared with the previous reporting period
As part of the 2025 Double Materiality Assessment, ITAB 
Group identified changes to material IROs compared 
with the prior reporting cycle. The only material change 
was to water and marine resources (ESRS E3), which 
increased in materiality due to improved data availabi -
lity following the integration of HMY, updated water-use 
mapping across manufacturing sites, and a clearer 
understanding of site-specific water-stress exposure. 
These developments resulted in water being reassessed 
from a non-material to a material topic in 2025.
Alignment with business model & strategy
Material IROs shape ITAB Group’s business model, 
value chain and strategic direction. Insights from the 
DMA are embedded into ITAB Group’s strategic pillars 
(such as Sustainable Future and Ecosystem of Partners) 
and programmes such as ReStore. The DMA outputs 
reviewed by Group Management and the Board 
inform:
   strategic planning;
   updates to ITAB Group’s value chain management;
   risk registers and enterprise risk management 
processes;
   capital allocation decisions (CapEx/OpEx for decar -
bonisation, waste reduction, supplier compliance); 
and
   the design of KPIs, scheduled for development in 2026
Conversely, ITAB Group’s business model—particularly 
its material use, manufacturing footprint, energy 
dependency and supply chain structure—influences the 
severity and likelihood of sustainability impacts, risks and 
opportunities. These reciprocal interactions are assessed 
through the DMA and due diligence processes.
Current financial effects of material risks  
and opportunities
As this is ITAB Group’s first year reporting under the 
ESRS, the Group has not yet completed the data- 
collection, modelling and scenario-calibration work 
required to quantify the current period’s financial 
effects of its material sustainability-related risks and 
opportunities. During 2026, ITAB Group will establish 
the internal processes, controls and data sources 
needed to assess short-term financial impacts, inclu -
ding margin effects, cost-base developments, capital 
expenditure implications, revenue-related opportuni -
ties and risk-mitigation costs.
Based on available information for the reporting 
period, ITAB Group did not identify any material and 
separately quantifiable financial effects directly attri -
butable to sustainability-related risks or opportunities. 
The Group will develop its quantification methodology 
during 2026, with the aim of providing progressively 
more granular disclosures in future reporting periods, in 
line with ESRS requirements and auditor expectations.
Anticipated financial effects,  
investment/divestment plans,  and funding
Based on our Double Materiality Assessment and 
scenario testing, ITAB Group anticipates the following 
ranges of financial effects over the Short (0–1 year), 
Medium (1–5 years), and Long (5+ years) horizons. 
These are estimates derived from top -down sensitivities 
applied to our current cost base and preliminary 
project scoping; they will be refined as baselines and 
KPIs are established during 2026.
Energy & decarbonisation:
   OpEx impact (S/M): MSEK 0 – 1 per year due to price 
volatility and efficiency programmes; potential 
savings of MSEK 1 – 10 from implemented measures 
(assumes electricity price +25% sensitivity at EU/UK/
Türkiey/China sites).
   CapEx (M/L): MSEK 20 – 40  for metering, decarboni -
sation technology, on -site renewables/PPAs and 
process optimisation.
Circular design & waste:
   OpEx (S): MSEK 0.5 – 1.0 for carbon foot printing of 
own products.
   OpEx/CapEx (M/L): MSEK 0.5 – 3 per year for waste 
reduction and take -back pilots; potential revenue 
uplift in selected lines MSEK 0.5 – 2.5 MSEK (Europe) 
as circular offerings scale.
Supplier sustainability compliance:
   COGS/OpEx (S/M): MSEK 0.5 – 2 from compliant 
materials/components (+15% unit cost sensitivity in 
Europe/China/Türkiey); mitigations (alternative sour -
cing/design to cost) expected to offset 30–50% of 
uplift over 1–3 years.
People & Culture (DEI, H&S, training):
   OpEx (S/M): MSEK 1 – 5 per year for training, 
programmes and Health & Safety enhancements; 
productivity improvements are expected but not yet 
separately quantified.
SUSTAINABILITY REPORTGENERAL INFORMATION

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

40
P.ITAB Group | Annual & Sustainability Report 2025
Funding and investment plans:
Initiatives are expected to be funded primarily through 
operating cash flows, supplemented by grants where 
available.
Uncertainty and methodology:
Estimates reflect scenario parameters (e.g., +25% 
energy, +15% supplier sustainability cost) and geo -
graphic scope. Ranges will be updated as baselines 
and KPIs for energy, waste, circularity, Health & Safety 
and supplier compliance mature during 2026.
Resilience of strategy and business model  
(beyond climate)
As part of ITAB Group’s Double Materiality Assessment 
and Enterprise Risk Management processes, we assess 
the resilience of our strategy and business model to 
material sustainability risks beyond climate change. 
The analysis is based on a three-year forward-looking 
scenario representing a severe-but-plausible stress 
case affecting key non-climate sustainability factors 
across our value chain.
Scenario parameters and assumptions
The scenario incorporates changes in market condi -
tions, regulatory expectations, resource constraints, 
and social factors. Key parameters include:
   Energy price increase: +25%
   Supplier sustainability-related cost increases: +15% 
(due to legislation, traceability and waste handling 
requirements)
   Talent scarcity: +10% increase in labour cost or 
vacancy duration, particularly in technical roles
   Water stress: affecting sites in Italy, Spain, Türkiey 
and China, with potential for usage restrictions and 
cost increases
   Logistics disruption: +10% transportation cost and  
+5 days average lead-time extension
   Regulatory compliance uplift: +10% additional  
cost related to product, safety, circularity and  
due diligence requirements
The scenario assumes continued demand for store 
transformation, stable access to financing, and no 
major geopolitical shock.
Potential impacts on strategy and business model
Under these conditions, ITAB Group could experience:
   Higher cost of goods sold driven by energy, 
transport and supplier compliance costs
   Pressure on margins for energy-intensive 
manufacturing sites
   Production delays or increased working capital 
needs from extended lead times
   Heightened operational risks at water-stressed facilities
   Constraints in talent capacity, slowing innovation or 
delaying project execution
   Increased compliance workload across product 
development, sourcing and reporting
While the impacts are material, they do not jeopardise 
ITAB Group’s overall business model. Instead, they 
reinforce the importance of ongoing operational 
efficiency, supplier engagement and innovation in 
circular design.
Adaptation and mitigation capacity
ITAB Group has identified and activated mitigation 
levers to maintain resilience and competitiveness 
under the stressed scenario:
   Energy efficiency projects delivering 5–10% 
reductions in consumption
   Potential use of Power Purchase Agreements (PPAs) 
and increasing on-site renewables to stabilise 
electricity costs
   Alternative sourcing strategies and long-term supp -
lier partnerships delivering 5–10% cost reductions
   Acceleration of circular design, reducing depen -
dency on virgin materials and lowering waste fees
   Automation and targeted training, improving pro -
ductivity by 3–5%
   Water reuse and efficiency projects achieving 5% 
reductions at exposed sites
These measures collectively increase operational sta -
bility and reduce exposure to external volatility.
Overall resilience assessment
After applying mitigation measures, ITAB Group’s 
strategy and business model remain resilient under 
the severe-but-plausible scenario.
   Margin compression is mitigated by efficiency, 
sourcing diversification and productivity gains.
   Disruption risks at water-stressed or logistics-expo -
sed sites remain manageable through planned 
investment.
   Talent scarcity is being addressed through targe -
ted capability programmes and automation.
   Regulatory cost increases are absorbed through 
process optimisation and strengthened gover -
nance.
The Board of Directors and Group Management 
review scenario outcomes annually and incorporate 
results into strategic planning, capital allocation and 
risk prioritisation.
Governance & future updates
The Board of Directors, in collaboration with Group 
Management, will review the material IROs assess -
ment annually. ITAB Group’s Sustainability, Legal and 
Commercial teams will continuously monitor regula -
tory changes, stakeholder expectations, and market 
trends to ensure alignment. ITAB Group does con -
duct annual reassessments of IROs to reflect evolving 
stakeholder priorities and industry developments.
SBM-3
Material impacts,  risks and opportunities and their interaction with strategy and business model
SUSTAINABILITY REPORTGENERAL INFORMATION

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

SUSTAINABILITY REPORT
IRO-1
Description of the process to identify and assess material impacts,  risks and opportunities
Identification and assessment of impacts,  risks,  and 
opportunities (IROs)
To develop a comprehensive and structured list of 
actual and potential impacts, risks, and opportunities 
(IROs), ITAB Group used the topics, sub-topics, and sub-
sub-topics outlined in ESRS 1 as a framework. This app -
roach ensured a broad assessment of ITAB Group’s own 
operations and its upstream and downstream value 
chain, providing a holistic understanding of the com -
pany’s sustainability impacts and potential risks and 
opportunities.
 Given the varying levels of granularity required, IROs 
were evaluated at the topic, sub-topic, or sub-sub-
topic level, depending on their significance. While 
ESRS 1 AR 16 provides a standardized structure, ITAB 
Group also identified if any company-specific IROs 
were present, by engaging with stakeholders, conduc -
ting due diligence, reviewing risk management pro -
cesses, and assessing grievance mechanisms such as 
whistleblowing reports. Additional sources, including 
industry benchmarks, geographic risk factors, corpo -
rate strategy, and product/service impacts, were 
analy sed to ensure comprehensive coverage.
Integration of due-diligence outcomes into the DMA
Outcomes from ITAB Group’s ongoing due-diligence 
processes were directly used to inform the Double 
Materiality Assessment. Findings from supplier audits, 
health and safety reporting, grievance and whistle -
blowing channels, and internal compliance reviews 
were reviewed and incorporated into the scoring of 
impacts, risks and opportunities. Actual issues identi -
fied through these processes were treated as evidence 
of negative impacts and were reflected in the final 
materiality conclusions. This ensures that the DMA is 
grounded in real conditions observed across ITAB 
Group’s operations and value chain.
 Each IRO was classified as an impact, a risk, or an 
opportunity and categorized under Environmental, 
Social, or Governance (ESG) themes. They were further 
defined as positive or negative, actual or potential, and 
mapped across the value chain, considering own opera-
tions, upstream, and downstream activities. The connec-
tion between ITAB Group and each impact was determi-
ned based on causation, contribution, or linkage.
 To enhance transparency, the rationale for determi -
ning material and non-material IROs was clearly 
documented, ensuring alignment with ESRS 2. This pro -
cess also reflected stakeholder input, reinforcing its 
integration into the Double Materiality Assessment 
(DMA) and sustainability strategy.
Impact materiality assessment
For actual negative impacts, materiality was assessed 
based on severity, while potential negative impacts 
were evaluated considering both severity and likeli -
hood. Additionally, all impacts were assigned a time 
horizon in line with ESRS 1: 
   Short-term: within the reporting period (1 year)
   Medium-term: between 1 to 5 years
   Long-term: more than 5 years
Severity assessments were based on three key factors:
   Scale – how grave the impact is (i.e., extent of 
infringement of access to basic life necessities or 
freedoms such as education, livelihood, etc.);
   Scope – how widespread the impact is (i.e., the 
number of individuals affected or the extent of the 
environmental damage); and
   Irremediable character – the extent to which the 
impact can be remediated, for example through 
compensation or restitution.
For potential negative human rights impacts, severity 
took precedence over likelihood. Positive impacts 
were assessed using the scale and scope of actual 
impacts, as well as scale, scope, and likelihood for 
potential positive impacts.
Financial materiality assessment
Risks and opportunities were evaluated based on likeli -
hood, magnitude of potential financial effects and 
time horizon. Thresholds were defined to ensure align -
ment with ITAB Group’s financial evaluation practices. 
The assessment considered:
   cost structures and operational exposure
   capital investment needs
   regulatory requirements
   market demand and commercial opportunities
Internally developed thresholds, informed by external 
advisors, were used for impact assessments, while 
financial thresholds reflected the Group’s existing risk 
evaluation criteria. Information used in the financial 
materiality assessment was validated through internal 
reviews, data quality controls and cross-functional 
oversight to ensure reliability and consistency.
 IROs were cross-referenced with EU regulatory requi -
rements to ensure forward-looking compliance and 
proactive risk management.
Governance,  documentation and responsibilities
The Group Sustainability Team, together with People  
& Culture, Legal and Operations, conducts the annual 
IRO reassessment. Sustainability domain specialists 
contribute to topic-specific evaluations, ensuring that 
environmental, social and governance matters reflect 
expert input. For social and governance IROs, Group 
People & Culture and Group Legal validated the 
assessments, while the Sustainability Team and  
Operations evaluated environmental topics.
Relevant documentation includes:
   sources of information
   stakeholders affected
   stakeholders engaged
   evidence supporting materiality conclusions
The Board of Directors and Group Management were 
provided with a detailed walkthrough of the Double 
Materiality Assessment (DMA) methodology, thres -
holds, process and findings before approving the final 
list of material IROs.
GENERAL INFORMATION
Prioritisation of sustainability-related risks
Sustainability-related risks are assessed and prioritised 
within ITAB Group’s overall risk management frame -
work, alongside financial, operational, strategic, and 
compliance risks. The Group’s annual risk assessment 
process uses a risk matrix on page 24, that evaluates 
all risks, including sustainability, based on probability 
and potential impact. Sustainability risks are mapped 
and scored using the same criteria as other risk cate -
gories, ensuring that material sustainability risks are 
considered at the same level as financial and opera -
tional risks. The risk matrix is reviewed by Group Mana -
gement and the Audit Committee, and sustainability 
risks that meet or exceed defined thresholds are esca -
lated for Board-level oversight. ITAB Group uses a com -
bination of qualitative and quantitative risk assess -
ment tools, including scenario analysis, risk scoring, 
and benchmarking against industry standards.
Decision-making process and internal controls
The identification, assessment, prioritisation, and 
monitoring of risks and opportunities with potential 
financial effects are governed by a structured deci -
sion-making process. This process involves:
   Annual and ad-hoc risk reviews by Group 
Management, with input from operational leaders 
and subject-matter experts.
   Use of a risk register and risk matrix to document, 
score, and track all identified risks and opportunities.
   Internal control procedures, including regular 
audits, management reviews, and Audit Committee 
oversight, to ensure that risk assessments are robust 
and that mitigation actions are implemented and 
monitored.
   Integration of risk findings into strategic planning 
and financial forecasting, ensuring that material 
risks and opportunities are considered in business 
decisions.
41P.ITAB Group | Annual & Sustainability Report 2025

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42
P.ITAB Group | Annual & Sustainability Report 2025
IRO-1
Description of the process to identify and assess 
material impacts,  risks and opportunities
The process for identifying, assessing, and mana -
ging material impacts, risks, and opportunities 
uses the following input parameters:
   Data sources: stakeholder input (surveys, inter -
views), grievance mechanisms, industry bench -
marks, regulatory developments, and value 
chain analysis.
   Thresholds: Internally developed thresholds for 
materiality, inspired by external advisors and 
aligned with ESRS guidance.
Key assumptions underlying the identification and 
assessment process include:
   Future regulatory changes will continue to 
increase the importance of sustainability perfor -
mance.
   Stakeholder expectations regarding sustain -
ability will remain high and may intensify.
   Market and supply chain conditions will remain 
dynamic, requiring ongoing monitoring and 
flexibility.
   Financial impacts of sustainability risks are 
estimated based on historical data, expert 
judgment, and scenario analysis, with the 
understanding that actual outcomes may  
differ due to uncertainty.
Process changes and review cycle
The process for identifying and assessing material 
impacts, risks, and opportunities was refined in 
2025 to improve the consistency and clarity of 
materiality scoring and thresholds. These refine -
ments were made to ensure the assessment rema -
ins robust, transparent, and aligned with best prac -
tice. The most recent modification to the process 
was completed in October 2025. 
 ITAB Group is committed to reviewing and, where 
necessary, revising the materiality assessment on 
an annual basis, with the next scheduled review 
planned for the last quarter of 2026. Any further 
SUSTAINABILITY REPORTGENERAL INFORMATION
IRO-2 
Disclosure requirements in ESRS covered by 
the undertaking’ s sustainability statement
ITAB Group applies a structured, transparent, and 
ESRS-aligned approach to determining which 
impacts, risks, and opportunities (IROs) are material 
for disclosure and strategic decision-making. Materia -
lity is assessed using a qualitative five-point scale: 
minimal, informative, important, significant, and criti -
cal. In line with our commitment to prioritising issues 
with meaningful implications for our business and 
stake holders, ITAB Group sets the materiality threshold 
at “significant” and above for both impact materiality 
and financial materiality assessments.
 Based on this threshold, ITAB Group reports on all 
disclosure requirements contained in ESRS E1, E3, E5, S1, 
S2 and G1, as these were assessed as material topics, 
and all applicable cross-cutting requirements in ESRS 2. 
These topical standards were assessed as material 
during the Double Materiality Assessment (DMA).
Impact versus financial materiality
Although the materiality threshold is consistent across 
both dimensions, the assessment criteria differ:
   Impact materiality is based on severity (scale, 
scope, irremediable character) and, for potential 
impacts, likelihood.
   Financial materiality assesses the probability and 
likelihood of financial effects, including effects on 
revenues, costs, assets, liabilities, and cost of 
capital, supported by scenario analysis and 
forward-looking considerations.
These distinctions ensure that the impact assessment 
captures the significance of effects on people and the 
environment, while the financial materiality assessment 
captures implications for enterprise value.
Immaterial topics and rationale
During the DMA, several IROs were evaluated but did 
not meet the “significant” threshold. Specifically, 
aspects addressed by ESRS S3 (Affected communities), 
ESRS S4 (Consumers and end-users), ESRS E2 (Pollution), 
and ESRS E4 (Biodiversity and ecosystems) were determi-
ned to be non-material topics at this time. The rationale 
is as follows:
   Low severity and scope of actual or potential 
impacts in relation to our value chain activities.
   Limited stakeholder concern expressed during 
consultations, reflecting the lower relevance of 
these topics compared with others assessed.
   Low likelihood of substantial financial effects, 
confirmed through risk analysis and scenario 
considerations.
   No credible near-term escalation indicators,  
such as emerging regulatory obligations, 
substantial value chain exposure, or industry-
specific risk patterns.
As required by ESRS 2, the exclusion of these topics 
means that the associated disclosure requirements 
(e.g. S3-1, S4-1, E2-1, E4-1) are omitted from our sustain -
ability statement. These topics will continue to be 
monitored and may be reassessed in future reporting 
cycles.
Disclosure requirements complied with  
following the DMA outcome
In accordance with ESRS 2 ITAB Group provides a list of 
all ESRS Disclosure Requirements (DRs) that are repor -
ted in this Sustainability Statement as a result of the 
materiality assessment.
changes to the process, including updates to 
methodologies, input parameters, or assumptions, 
will be disclosed in future reports to ensure trans -
parency and continuous improvement.
Changes compared to the prior reporting period
The IRO process for 2025 was updated compared to 
the previous reporting period to reflect structural 
changes within ITAB Group and improvements in 
methodology. The integration of HMY into the Group 
resulted in an expanded value-chain scope, addi -
tional stakeholder inputs, and new due-diligence 
findings that were incorporated into the assess -
ment. Thresholds for financial materiality were refi -
ned to ensure consistency across the combined 
organisation. These changes improved the compa -
rability and robustness of the assessment while 
maintaining continuity with prior-year conclusions.

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