Årsredovisning 2025

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
SBM-2, SBM-3
Impacts,  risks and opportunities
S2 Workers in the value chain
SOCIAL
Below are the identified IROs for S2:
Material impacts,  risks and opportunities IRO Positive / Negative Actual / Potential Own operations / Value chain Materiality level Management of the IRO
Value chain working conditions - Health and safety 1
Work-related incidents at supplier sites that may result in injuries, 
fatalities or adverse mental health outcomes for workers.
I Negative Actual Value chain Significant •   Apply risk-based supplier due diligence
•   Conduct health and safety assessments during supplier onboarding
•   Prioritise audits of high-risk suppliers
•   Require corrective action plans at non-conformities
Serious health and safety incidents, including fatalities, that may 
lead to supply chain disruption, legal investigations or fines under 
due diligence legislation such as the Corporate Sustainability 
Due Diligence Directive (CSDDD), as well as reputational damage 
affecting stakeholder trust.
R Value chain Significant •   Integrate supplier health and safety risks into due diligence processes
•   Incorporate supplier-related risks into enterprise risk management
•   Enable escalation of significant issues
•   Support informed decisions on supplier relationships to mitigate legal,  
operational and reputational risks
ITAB Group recognises workers in the value chain as a 
key group of affected stakeholders whose interests, 
views and rights could be materially impacted by the 
Company’s operations and supply chain relationships. 
Through the Company’s Double Materiality Assess -
ment, the principal concern for value chain workers 
was identified as health and safety risks, including the 
potential for workplace incidents that may result in 
injuries, fatalities or work-related mental health 
impacts.
 These issues inform ITAB Group’s strategy and busi -
ness model in the following ways:
   Strategic risk prioritisation: The potential for serious 
health and safety incidents in the value chain has 
been integrated into supplier risk assessment and 
prioritisation of due diligence activities within the 
procurement and sustainability strategy.
   Human rights respect framework: Respect for the 
human rights of value chain workers, particularly the 
right to safe and healthy working conditions, is 
embedded in ITAB Group’s Supplier Code of  
Conduct and Sustainable Procurement Policy.
By explicitly linking material impacts on value chain 
workers’ health and safety to strategic priorities, ITAB 
Group aims to ensure that respect for workers’ rights is 
reflected in how the business operates and how value-
chain risk is governed.
Types of value chain workers subject to  
material impacts 
Based on the Double Materiality Assessment and ITAB 
Group’s supplier-risk mapping, the value chain workers 
most exposed to material impacts are those working in:
   Upstream manufacturing and fabrication activities, 
including metalworking, wood processing and 
electrical component assembly subcontractors.
   Installation and shopfitting at customer sites, often 
involving physically demanding tasks, power tools 
and work at height.
   Transport and logistics providers, where manual 
handling, loading activities and road-safety risks  
are present.
   Suppliers operating machinery or undertaking 
hazardous processes, such as welding, cutting, 
chemical handling or mechanical assembly.
   Small or non-ISO-certified suppliers with less formali -
sed health and safety management systems.
These workers are typically employed by third-party 
suppliers, subcontractors or temporary labour provi -
ders and therefore fall outside ITAB Group’s own work -
force but may be affected by the conditions and prac -
tices within the value chain.
Geographies or commodities with elevated  
child labour or forced labour risk 
ITAB Group’s primary supply chain is located in 
Europe, Turkey, China and South America.
 Based on screening using global human-rights risk 
indices and ITAB Group’s supplier category analysis:
   No material risk of child labour or forced/
compulsory labour has been identified in the 
commodities and geographies material to ITAB 
Group’s business model.
   The Group’s main procurement categories (metals, 
wood-based products, plastics, packaging and 
electronic components) are sourced from suppliers 
operating in jurisdictions with established labour 
regulatory frameworks.
   Where higher-risk jurisdictions exist globally for these 
commodities, ITAB Group does not source from the 
affected regions.
If this assessment changes due to business expansion, 
geopolitical shifts or new supplier onboarding, ITAB 
Group will update its analysis accordingly.
Understanding of workers at greater risk of harm 
ITAB Group has developed an understanding of which 
value chain workers may be at greater risk of harm 
through the following processes:
   Supplier onboarding assessments, which include 
screening for hazardous tasks, machinery use and 
the existence of health and safety management 
systems.
   Risk-based supplier categorisation, identifying 
suppliers whose operations involve hazardous 
physical work, or lower levels of safety maturity.
   Supplier audits, focused on occupational health 
and safety governance, accident records, training 
practices and use of personal protective equipment.
ITAB Group recognises that some value chain workers 
may face higher risks of harm due to the nature of 
their employment, such as temporary agency workers 
or workers engaged in physically demanding or hazar -
dous tasks. Although ITAB Group does not collect 
detailed information on vulnerable groups from supp -

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
SBM-2, SBM-3 
Impacts,  risks and opportunities
SOCIAL
liers, indications of elevated risk may be observed 
during supplier onboarding and site visits, for 
example, where suppliers rely heavily on temporary 
labour or where language or training gaps are noted. 
When such factors are identified, they are considered 
qualitatively in supplier-risk assessments and in deter -
mining where additional follow-up or monitoring may 
be needed.
 From this, ITAB Group has identified that workers per -
forming hazardous manual tasks, working at height, 
operating heavy machinery and engaged in installa -
tion activities in customer environments are at higher 
risk of harm.
Material risks and opportunities affecting  
specific groups
The material impact identified for value chain workers, 
health and safety risk, primarily affects the following 
groups:
   Manufacturing workers in upstream production 
(metalworking, woodworking, assembly).
   Installation and shopfitting workers performing 
onsite customer work.
   Transport and logistics workers exposed to manual 
handling and road-safety risks.
   Workers at suppliers with limited safety governance, 
including SMEs or non-ISO-45001-certified suppliers.
These groups may face disproportionate impacts due 
to the physical nature of their work, the environments 
in which they operate, or the maturity of supplier 
safety systems.
ITAB Group has policies in place to address 
material impacts on workers in the value chain, 
with a specific focus on working conditions related 
to health and safety, which was identified as a 
material topic through the Double Materiality 
Assessment.
 In addition to health and safety, ITAB Group’s poli-
cies explicitly prohibit trafficking in human beings, 
forced or compulsory labour and child labour, reco -
gnising these as fundamental human rights risks 
that may affect workers in global supply chains.
 The company’s expectations regarding the treat-
ment of value chain workers are set out in the Supp -
lier Code of Conduct, which is derived from ITAB 
Group’s Group Code of Conduct and applies to 
suppliers, contractors and other business partners. 
The Supplier Code of Conduct requires suppliers to 
provide safe and healthy working conditions, to pre -
vent work-related injuries, incidents and fatalities, 
and to manage occupational health and safety 
risks in line with applicable laws and regulations.
   provide safe and healthy working conditions 
   prevent work-related injuries, incidents and fatalities
   protect the mental and physical well-being of 
workers,
   prohibit all forms of forced, bonded or 
involuntary labour, including practices that 
restrict freedom of movement or require workers 
to surrender identity documents,
   comply with minimum working age laws and 
prohibit child labour,
   avoid all forms of human trafficking, exploitation 
or coercive recruitment practices.
These commitments are supported by ITAB Group’s 
Sustainable Procurement Policy, which integrates 
health and safety considerations into supplier 
selection, onboarding and ongoing supplier mana -
S2-1
Policies
gement. Together, these policies establish mini -
mum standards for suppliers operating within ITAB 
Group’s value chain and form the basis for mana -
ging health and safety risks affecting value chain 
workers.
 ITAB Group's policies are informed by internatio -
nally recognised standards, including the UN Gui -
ding Principles on Business and Human Rights, the 
OECD Guidelines for Multinational Enterprises, and 
relevant ILO conventions, and are designed to sup -
port compliance with evolving due-diligence legis -
lation, including the Corporate Sustainability Due 
Diligence Directive (CSDDD).
 The Supplier Code of Conduct is communicated 
to suppliers and is a prerequisite for doing business 
with ITAB Group. 
Governance and accountability
Oversight of policies relating to workers in the value 
chain is shared between Group Management and 
relevant procurement and sustainability functions, 
with governance and escalation mechanisms in 
place as part of ITAB Group’s broader due-diligence 
framework. These functions are responsible for 
ensuring that policy requirements are embedded 
into sourcing decisions, supplier risk assessments, 
corrective actions and escalation processes. 
Cross-references to S2-1 requirements are embed -
ded within:
   the Supplier Code of Conduct (Sections: Human 
Rights, Working Conditions, Child Labour, Forced 
Labour, Freedom of Employment)
   the Sustainable Procurement Policy  
(Sections: Supplier Due Diligence, Risk Screening, 
Audits and Corrective Actions)
   the Group Code of Conduct  
(Sections: Respect for Human Rights, Ethical 
Behaviour, Zero Tolerance for Exploitation)

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P.ITAB Group | Annual & Sustainability Report 2025
ITAB Group engages with workers in the value chain 
primarily through indirect engagement processes, 
reflecting the nature of its business relationships and 
the fact that supply chain workers are employed by 
suppliers rather than by ITAB Group directly.
 Engagement focuses on the material impact 
identified for value chain workers, namely health 
and safety risks that may lead to work-related men -
tal health issues, injuries or fatalities.
Supplier onboarding (pre-engagement stage)
   Suppliers must confirm compliance with the 
Supplier Code of Conduct and complete a 
sustainability and health and safety self-
assessment before being approved.
   Frequency: before onboarding
Ongoing supplier management  
(implementation stage)
   Supplier audits and on-site assessments provide 
opportunities to observe working conditions, 
verify the implementation of health and safety 
controls and discuss risks with supplier 
management and, where relevant, workers or 
worker representatives.
   Frequency: these audits are typically performed 
annually or bi-annually for suppliers
Ongoing operational dialogue
   Local procurement teams and category mana -
gers maintain regular dialogue with suppliers on 
health and safety expectations, incident preven -
tion and improvements.
   Frequency: periodic
S2-2
Processes for engaging  
with value chain workers 
S2  Workers in the value chain
SUSTAINABILITY REPORTSOCIAL
86P.ITAB Group | Annual & Sustainability Report 2025
S2-3
Remediation processes  
and grievance channels  
for value chain workers
ITAB Group has processes in place to remediate 
negative impacts on workers in the tier 1 supply 
chain related to health and safety incidents, 
including injuries, fatalities or adverse mental  
health outcomes.
 Where actual or potential health and safety issues 
are identified through supplier audits, ongoing 
supplier dialogue, self-assessments or reported 
concerns, ITAB Group requires suppliers to develop 
and implement time-bound corrective action plans. 
Progress against corrective actions is monitored 
through follow-up assessments or reviews, and 
issues that are severe, repeated or not adequately 
addressed are escalated through ITAB Group’s 
procurement, sustainability and governance 
processes. Where necessary, this may result in 
reassessment of the supplier relationship.
 1st tier supply chain  workers, including employees 
of suppliers, have access to ITAB Group’s confiden -
tial whistleblowing channel, which allows concerns 
related to health and safety or other labour issues to 
be reported anonymously or confidentially. Reports 
received through this channel are reviewed in accor -
dance with ITAB Group’s whistleblowing procedures, 
investigated where appropriate, and followed up 
with relevant actions.
 ITAB Group tracks reported incidents and grievan -
ces related to the value chain and uses insights from 
remediation processes to strengthen due diligence, 
supplier risk assessments and preventive measures 
over time.
Grievance mechanisms (continuous stage)
   ITAB Group operates a confidential whistleblowing 
channel accessible to suppliers and workers 
within the supply chain (https:/ /itab.whistlelink.
com/), allowing concerns, including those rela -
ting to health & safety, to be raised anonymously 
at any time.
   Frequency: continuous as concerns can be  
raised at any time
Insights from these engagement processes are used 
to inform supplier risk assessments, prioritisation of 
due diligence activities, and the identification of 
areas requiring corrective action or enhanced 
monitoring. Where engagement identifies significant 
health and safety risks or incidents, these are 
escalated through ITAB Group’s governance and 
due diligence processes.
 ITAB Group does not have a Global Framework 
Agreement or similar formal agreement relating to 
the human rights of value chain workers. If relevant 
in the future, ITAB Group will disclose such 
agreements in line with ESRS requirements.
Steps to gain insights into workers who may  
be particularly vulnerable or marginalised 
ITAB Group recognises that certain value chain 
workers may face higher risks of harm due to factors 
such as age, migration status, temporary 
employment arrangements, or the nature of 
hazardous work.
Direct engagement with these workers is limited 
because they are employed by suppliers; however, 
ITAB Group takes initial steps to gain insight into 
potential vulnerabilities through existing processes, 
including:
   General supplier risk assessments, which consider 
factors such as the country of operation, type of 
activity and nature of workforce (e.g., use of 
temporary or agency labour) as part of the overall 
risk profile.
   Supplier audits and self-assessments, which may 
highlight practices or conditions that could 
indicate increased risk for certain worker groups, 
although these tools are not yet systematically 
focused on vulnerable groups.
   The whistleblowing channel, which is accessible 
to supplier employees and may provide visibility of 
concerns raised by workers, including those who 
may be vulnerable or marginalised.
ITAB Group acknowledges that these approaches 
provide only partial insight. As part of the continued 
development of its due-diligence processes, ITAB 
Group intends to further strengthen how risks to 
potentially vulnerable worker groups are identified 
and monitored over time, particularly among higher-  
risk suppliers.

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORTSOCIAL
S2  Workers in the value chain
ITAB Group takes action to address the material 
negative impact on workers in the value chain 
related to health and safety, and to manage the 
associated risk of supply chain disruption, legal 
exposure and reputational damage.
 Actions focus on preventing health and safety 
incidents at supplier sites and on reducing the 
likelihood and severity of adverse outcomes 
through a risk-based due diligence approach. 
Key actions include:
   Integrating health and safety criteria into supp -
lier onboarding and risk assessment, to identify 
suppliers with elevated risk profiles and prioritise 
due diligence efforts.
   Conducting supplier audits and assessments, 
with a focus on occupational health and safety 
practices at higher-risk suppliers.
   Requiring corrective action plans where 
deficiencies or incidents are identified, with 
defined timelines and follow-up to verify 
implementation.
   Escalating severe or repeated issues through 
procurement, sustainability and governance 
processes, including reassessment of the supp -
lier relationship where risks are not adequately 
addressed.
Planned actions
To further strengthen ITAB Group’s approach, the 
Group is planning incremental improvements to 
supplier health and safety due diligence during 
2025–2026. These include:
   Implementation of a Group-wide supplier 
management digital tool, which will be introdu -
ced during 2026. The tool is expected to support 
S2-4
Actions and resources
more consistent documentation, follow-up and 
visibility of supplier assessments, corrective 
actions, and risk indicators across all regions.
   Improve clarity and consistency in follow-up of 
corrective actions, focusing on documenting 
timelines and outcomes in a more structured 
way. The new tool is expected to assist with this 
once it is in place.
   Continue developing internal processes for 
identifying and prioritising higher-risk suppliers,  
in line with available data and resources.
   Further refine supplier communication on 
expectations relating to health and safety in a 
pragmatic way as processes mature.
These planned improvements will be rolled out pro -
gressively as part of ITAB Group’s ongoing develop -
ment of its due-diligence processes.
Material opportunities
While no standalone opportunities were identified 
as material in the Double Materiality Assessment, 
improved supplier health and safety performance 
may indirectly support more reliable operations 
and reduce the risk of delivery disruptions. ITAB 
Group will continue to review whether additional 
opportunities arise as due-diligence processes 
mature.
Resources 
Resources to implement these actions are provided 
through ITAB Group’s procurement, sustainability 
and category management functions at both local 
and Group level. These functions are supported by 
established governance and risk management pro -
cesses, enabling coordination, escalation and 
oversight.
Due to the ongoing integration of procurement 
structures following the HMY acquisition, ITAB Group 
is not yet able to quantify the full resource alloca -
tion (e.g., hours for audits or specific budget 
amounts). Improved visibility is expected once the 
supplier-management tool is operational in 2026.
Tracking effectiveness 
The effectiveness of actions is monitored through 
follow-up assessments, incident reporting, and 
review of supplier performance over time. Insights 
gained are used to strengthen preventive measu -
res, refine due diligence priorities and support con -
tinuous improvement in managing health and 
safety risks in the value chain.
Steps taken regarding workers who may  
be more vulnerable
ITAB Group’s existing processes, such as general 
supplier risk assessments, supplier audits and the 
whistleblowing channel, may highlight risks affec -
ting certain worker groups, although they do not 
yet provide systematic insight into marginalised or 
vulnerable workers.
 At present ITAB Group does not have dedicated 
processes focused specifically on vulnerable 
groups (e.g., migrants, young workers or temporary 
workers). As procurement processes mature, ITAB 
Group will review whether more targeted methods 
are feasible and proportionate.

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88P.ITAB Group | Annual & Sustainability Report 2025
S2-5
Targets and metrics 
During the reporting period, ITAB Group used a limited 
set of qualitative and quantitative indicators to monitor 
the effectiveness of actions aimed at addressing the 
material impact on value chain workers related to 
health and safety. Because the procurement organi -
sation and due-diligence processes are undergoing 
significant transition following the integration of HMY, 
the scope and maturity of available metrics remain 
limited.
Metrics
Key metrics used during the reporting period include:
Supplier Code of Conduct coverage (2025 baseline):
   In 2025, ITAB Group introduced a new Supplier Code 
of Conduct that consolidates legacy ITAB and HMY 
requirements into a single Group-wide standard.
Supplier audits:
   Audit activity in 2025 remained limited due to the 
restructuring of the procurement organisation and 
the harmonisation of supplier categories.
   Where audits were conducted, they resulted in a 
small number of corrective actions related to 
health and safety management at supplier sites. 
Figures for 2025 therefore provide indicative insight 
only, and will form the foundation for a more 
consistent audit approach beginning in 2026
Incidents and grievances:
   No reported serious health and safety incidents 
affecting value chain workers were identified 
through audits or grievance channels during 2025.
These metrics are used to support oversight of supp -
lier compliance, prioritisation of due diligence activi -
ties, and monitoring of potential health and safety 
risks in the value chain. However, ITAB Group acknow -
ledges that its metric set does not yet fully meet the 
expectations of ESRS S2-5 or AR 45–48 due to data 
and system limitations during the transition year fol -
lowing the integration of HMY.
Targets
At present, ITAB Group has not adopted quantitative 
targets related to health and safety outcomes for 
workers in the value chain. This reflects the current 
maturity of the Group’s supply-chain data and moni -
toring processes.
 Following the integration of HMY and the res -
tructuring of ITAB Group’s procurement organisation, 
the Group is still in the process of building a consoli -
dated approach to supplier risk assessment, monito -
ring and data collection. At this stage, ITAB Group 
does not yet have sufficiently complete or compara -
ble data across all category-managed suppliers to 
establish a reliable baseline or define meaningful, 
outcome-based health and safety targets.
The current limitations relate to:
   inconsistent data availability across supplier 
categories and regions;
   ongoing redevelopment of due-diligence proces -
ses across the combined ITAB–HMY supply base;
   absence of a unified supplier-management 
system, which restricts Group-wide aggregation 
and analysis.
These constraints prevent ITAB Group from setting 
robust, ESRS-aligned targets with the required base 
year, milestones and KPIs.
 While quantitative targets have not yet been set, 
ITAB Group focuses on strengthening governance 
and preventive measures, including:
   rollout of the updated Supplier Code of Conduct 
(2025);
   introduction of a harmonised supplier-risk 
classification model;
   corrective-action follow-up where issues are 
identified;
   availability of supplier grievance and whistle -
blowing channels.
These measures support continuous improvement 
while ITAB Group develops the foundations required 
for future target-setting.
During 2026 and into 2027, ITAB Group will imple -
ment a Group-wide supplier-management system, 
which is expected to significantly improve visibility, 
data consistency and traceability. Once a stable 
data baseline is established, ITAB Group will reassess 
the feasibility of introducing quantitative targets rela -
ted to value chain worker health and safety in future 
reporting periods.
SUSTAINABILITY REPORTSOCIAL
S2  Workers in the value chain

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORT
Governance
Governance underpins ITAB Group’s approach 
to sustainable value creation and responsible 
business conduct. Effective governance struc tures, 
policies and controls support ethical behaviour, 
legal compliance and transparency across the 
Group’s own operations and its value chain.
ITAB Group’s governance disclosures focus on how the Group 
manages material impacts and risks related to business conduct, 
including corporate culture, anti-corruption and bribery, manage -
ment of supplier relationships and payment practices. These topics 
were identified as material through the Double Materiality Assessment.
 The Board of Directors has overall responsibility for governance, 
including oversight of sustainability-related matters. Group Mana -
gement is responsible for implementing governance policies and 
procedures and for ensuring that they are applied consistently 
across the organisation.
 The sections below describe ITAB Group’s approach to gover -
nance, including identified impacts, risks and opportunities, and 
the related policies, processes and practices.
GOVERNANCE
G1 Business Conduct
ESRS 2 
GOV-1 
The role of the administrative, management and supervisory 
bodies 90
ESRS 2 
IRO-1 
Description of the processes to identify and assess material 
impacts, risks and opportunities 90
G1-1 Business conduct policies and corporate culture  91
G1-2 Management of relationships with suppliers  91
G1-3 Prevention and detection of corruption and bribery  92
G1-4 Incidents of corruption or bribery  92
G1-5 Political influence and lobbying activities  92
G1-6 Payment practices  93

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P.ITAB Group | Annual & Sustainability Report 2025
SUSTAINABILITY REPORTGOVERNANCE
ESRS 2 GOV-1, ESRS 2 IRO-1
Impacts,  risks and opportunities
G1 Business conduct
The identification and materiality assessment of business conduct is con -
ducted under the Group-wide IRO identification and DMA methodology 
described in the general disclosures ESRS 2 IRO-1 found on page 41.
Below are the identified IROs for G1:
Material impacts,  risks and opportunities IRO Positive / Negative Actual / Potential Own operations / Value chain Materiality level Management of the IRO
Corporate Culture 1
Contribution to the creation of a corporate culture that promotes 
fair competition, prevents bribery and corruption, and supports 
long-term value creation for shareholders and other stakeholders.
I Positive Actual Own operations Significant •   Promote a corporate culture with integrity, compliance and transparency
•   Apply the Code of Conduct and dedicated anti-bribery and corruption policies
•   Ensure leadership oversight of ethical business conduct
•   Use internal controls to establish clear expectations on ethical behaviour and fair 
competition across the Group
Management of relationships with suppliers  
including payment practices
2
Failure to adhere to agreed payment terms, including delays in 
payments and extending payment terms beyond 30 days.
I Negative Actual Value chain Significant •   Apply defined procurement and financial processes in supplier payments
•   Use contractual payment terms to govern payment practices
•   Maintain internal controls over invoice handling and payments
•   Monitor payment practices across the Group
•   Work towards increased consistency and transparency in payment practices

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P.ITAB Group | Annual & Sustainability Report 2025
G1  Business Conduct
GOVERNANCE
ITAB Group has policies in place to promote ethical 
business conduct and a corporate culture that sup -
ports fair competition, prevents bribery and corrup -
tion, and contributes to long-term value creation for 
shareholders and other stakeholders. These poli -
cies apply across ITAB Group’s own operations and, 
where relevant, extend to the value chain.
Code of Conduct and ethical principles
The foundation of ITAB Group’s business conduct 
framework is the Code of Conduct, which applies 
to all employees, members of the Board of Directors 
(executive and non-executive), and subsidiaries. 
The Code of Conduct defines ITAB Group’s commit -
ment to legal compliance, integrity, transparency 
and responsible business behaviour across all juris -
dictions in which the Group operates.
 The Code of Conduct sets out expectations 
relating to:
   fair competition and compliance with 
competition law;
   zero tolerance for bribery, corruption and 
unethical business practices;
   avoidance of conflicts of interest; and
   respectful and responsible behaviour towards 
colleagues, business partners, suppliers and 
other stakeholders.
Anti-bribery and corruption framework
Building on the Code of Conduct, ITAB Group has a 
dedicated Anti-Bribery and Corruption Policy, 
which provides more detailed guidance on preven -
ting bribery, corruption, money laundering and 
other dishonest behaviour. The policy includes 
requirements and limits related to gifts, hospitality, 
travel, training events and other benefits, and is 
designed to prevent undue influence in business 
decision-making.
 Mandatory training and internal communication 
activities are used to reinforce these principles and 
support consistent understanding of ethical 
expectations across the organisation.
Corporate culture and governance oversight
Ethical business conduct and integrity are integral 
to ITAB Group’s corporate culture and are reinfor -
ced through leadership expectations, governance 
structures and internal controls. Oversight of busi -
ness conduct policies forms part of the Board of 
Directors’ overall responsibility for governance, with 
Group Management responsible for implementation 
and day-to-day application across the organisation.
Governance and accountability for  
business conduct policies
Responsibility for implementing ITAB Group’s busi -
ness-conduct policies rests with Group Manage -
ment, with overall oversight provided by the Board 
of Directors. The Chief Executive Officer (CEO) holds 
ultimate accountability for ensuring that the Group 
Code of Conduct, Anti-Bribery and Corruption 
Policy and related governance controls are embed -
ded across the organisation. Day-to-day responsibi -
lities are delegated to the Group Legal and 
Finance, with the Compliance function, who are 
jointly responsible for policy maintenance, training, 
monitoring of compliance, and escalation of 
potential breaches. Local management teams are 
required to ensure that these policies are imple -
mented within their entities and that employees 
understand and adhere to the Group’s ethical 
expectations. This governance structure ensures 
that senior leadership plays an active role in pro -
moting a culture of integrity and ethical behaviour.
Whistleblowing and protection against retaliation
ITAB Group encourages employees and other 
stake holders to report suspected breaches of the 
Code of Conduct or related policies through its 
whistleblowing system (https:/ /itab.whistlelink.
com/). The reporting channel allows individuals to 
submit concerns either anonymously or confidenti -
ally, depending on their preference. All reports are 
handled in accordance with ITAB Group’s whistle -
blowing procedures, with protections in place to 
safeguard confidentiality, prevent retaliation and 
ensure that concerns related to unethical beha -
viour, corruption, bribery or other misconduct are 
appropriately investigated and followed up.
 ITAB Group prohibits retaliation against individuals, 
who raise concerns in good faith and aims to 
ensure that reports are handled confidentially and 
in line with established procedures.
G1-1
Policies and corporate culture
SUSTAINABILITY REPORT
ITAB Group manages its relationships with suppliers 
with a focus on responsible business conduct, trans -
parency and long-term collaboration. Supplier rela -
tionships are a key element of ITAB Group’s business 
model and value supply chain and are governed 
through procurement processes, contractual 
arrangements and ongoing supplier management.
 Supplier expectations are set out through ITAB 
Group’s Supplier Code of Conduct and Sustainable 
Procurement Policy, which define requirements rela -
ted to ethical business conduct, legal compliance 
and responsible practices. These frameworks sup -
port consistent engagement with suppliers and pro -
vide the basis for monitoring and managing supp -
lier performance.
 As part of supplier relationship management, ITAB 
Group also addresses payment practices, recogni -
sing that adherence to agreed payment terms is an 
important aspect of fair and responsible treatment 
of suppliers. Payment terms are defined contractu -
ally and applied through established procurement 
and finance processes.
 Oversight of supplier relationships, including pay -
ment practices, is embedded within procurement, 
finance and governance structures. Where issues 
are identified, escalation mechanisms are in place 
to support resolution and continuous improvement 
in supplier engagement.
G1-2
Management of relationships 
with suppliers

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P.ITAB Group | Annual & Sustainability Report 2025
G1  Business Conduct
GOVERNANCE SUSTAINABILITY REPORT
ITAB Group has processes in place to prevent, detect 
and address corruption, bribery and other forms of 
unethical business conduct across its own operations.
 Prevention of corruption and bribery is embedded 
in ITAB Group’s governance framework through the 
Group Code of Conduct and the Anti-Bribery and 
Corruption Policy, which define clear expectations 
regarding ethical behaviour, conflicts of interest, gifts, 
hospitality and other benefits. These expectations are 
supported by internal controls and approval proces -
ses designed to reduce the risk of improper conduct.
 Detection of potential misconduct is supported 
through multiple channels, including management 
oversight, internal reviews and ITAB Group’s confi -
dential whistleblowing system. Employees and other 
stakeholders are encouraged to report suspected 
violations of business conduct policies, including bri -
bery or corruption, anonymously or confidentially.
 Allegations or suspected incidents of corruption or 
bribery are assessed and investigated in line with 
established procedures. Investigations are conduc -
ted confidentially and, where relevant, involve 
Group Legal and appropriate management func -
tions. Confirmed violations result in appropriate cor -
rective actions and disciplinary measures, and out -
comes are reported to relevant management and 
governance bodies.
 These processes support ITAB Group’s objective of 
maintaining a strong ethical culture, preventing mis -
conduct and ensuring compliance with applicable 
anti-corruption and bribery legislation.
Training and capability building
Training on anti-corruption and bribery forms part of 
ITAB Group’s prevention framework and is delivered 
on a risk-based basis. ITAB Group has developed a 
structured assessment of bribery and corruption risks 
by job role and geography, which is used to identify 
functions with higher exposure and to determine 
appropriate training requirements.
Mandatory Code of Conduct training, which inclu -
des anti-corruption and bribery principles, is provi -
ded to all new employees. In addition, specific 
anti-corruption training is provided to employees in 
roles assessed as having elevated risk exposure, and 
tailored role-specific training modules are being 
developed for higher-risk roles, such as procure -
ment, sales and marketing & communications.
 During the reporting period, ITAB Group did not 
centrally track training hours related specifically to 
anti-corruption and bribery. Training has been deliv -
ered through a combination of classroom and 
online formats, but historical differences in systems 
and delivery methods limit consolidated reporting of 
training hours.
 ITAB Group has introduced a formal risk-based 
frame work to define training needs and has devel -
oped new training content during the year. A Group-
wide digital learning platform is planned for imple -
mentation in 2026, which will enable improved 
tracking of training participation and hours as well 
asnd support more detailed reporting in future 
reporting periods. In parallel, ITAB Group is reviewing 
and updating its Code of Conduct, with a revised 
version and accompanying training planned for roll -
out in 2026.
G1-3
Prevention and detection of corruption and bribery
G1-4
Incidents of corruption or bribery
The table below presents information on identified 
incidents of corruption or bribery during the 
reporting period, including confirmed cases, con -
victions and fines. This information is based on 
reports received through ITAB Group’s whistle -
blowing system and internal reporting channels 
and reflects incidents assessed in accordance 
with ITAB Group’s established investigation and 
governance procedures.
G1-4
Incidents of corruption or bribery 2025 2024
All incidents reported through Whistleblowing, number 10 6
Confirmed incidents of corruption and bribery from whistleblowing, number 3 –
Convictions for violation of anticorruption and anti-bribery laws, number – –
Amount fines from violation of anti-corruption and anti-bribery laws, SEK thousand – –
Accounting policy
The total number of whistleblowing incidents disclosed under ESRS G1 -4 covers all types of concerns raised 
and is presented to show that our reporting channel is active, trusted and functioning as intended. The num -
ber of reports received through the Whistleblower System during the year is based on information and confir -
mation by our legal department at the end of the year.
Convictions for violations of anti-corruption and anti-bribery laws which is determined during the financial year.
 Fines for violations of anti-corruption and anti-bribery laws are determined by a court of law during the 
financial year.
 
G1-5
Political influence and lobbying 
activities
ITAB Group maintains a position of political neutrality and 
does not participate in party-political activities or make 
political donations. The names or resources of ITAB 
Group are not used to promote the interests of political 
organisations or individuals, as such no payments have 
been made for memberships to lobbying associations 
and has no lobbying expenses, financial or in-kind.
 Oversight of political neutrality is embedded within 
ITAB Group’s governance framework and supported 
by internal policies, including the Code of Conduct 
and Anti-Corruption Policy, to ensure compliance with 
applicable laws and ethical standards.
Public administration roles prior to appointment
ITAB Group confirms that none of the members of its 
administrative, management or supervisory bodies 
held a comparable position in public administration 
during the two years preceding their appointment to 
ITAB Group. During the reporting period, no individuals 
with recent public-sector executive, regulatory or 
governmental roles were appointed to ITAB Group’s 
Board of Directors or Group Management. As a result, 
no additional disclosures are required under ESRS 
G1-5 in relation to prior public administration positions.

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93P.ITAB Group | Annual & Sustainability Report 2025
G1  Business Conduct
SUSTAINABILITY REPORTGOVERNANCE
G1-6
Payment practices
ITAB Group monitors its payment practices as part of its 
management of supplier relationships and responsible 
business conduct.
 During the reporting period, ITAB Group’s average time 
to pay invoices was 59.9 days. This figure is calculated 
based on invoices paid during 2025.
 In 2025, there  was no legal proceedings outstanding 
or completed  related to late payments to suppliers.
 ITAB Group recognises that payment terms and practi -
ces have historically varied across parts of the Group 
because of growth and acquisitions. Work is ongoing to 
improve consistency and transparency in payment practi -
ces across the organisation, supported by procurement 
and finance processes and internal controls.
ITAB Group does not apply fully standardised payment 
terms across all countries. The Group-level averages pre -
sented below therefore reflect the weighted calculation of 
actual payment time and contractual payment terms 
across the reporting entities, in accordance with the 
accounting policy described below.
G1-6
Payment practices 2025 2024
Average payment time to pay an 
invoice, number of days 59.9 N/A
Average payment terms, number 
of days 55.9 N/A
Variance, number of days +4.0 N/A
Accounting policy
Actual payment time is calculated as the weighted 
average number of days between the start of the con-
tractual or statutory payment period and the date on 
which invoices were paid during the reporting period. 
The weighting is based on invoice value.
Average payment terms are calculated at country 
level using a weighted average of the contractual pay-
ment terms agreed with suppliers, also weighted by 
invoice value.
Due to data limitations, ITAB Group has not included 
entities in China, Italy, Norway and the United States in 
the calculation of payment practice metrics.

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SUSTAINABILITY REPORTAPPENDIX
Appendix A ESRS Disclosure requirements
ESRS 2 General disclosures P.
BP1-General basis for preparation of sustainability statements 30
BP2-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 processes to identify and assess material impacts, risks and opportunities 41
IRO-2 Disclosure requirements in ESRS covered by the undertaking's sustainability statement 42
Environment
E1 Climate change P.
E1-1 Transition plan for climate change mitigation 46
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 46
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and  
opportunities 48
E1-2 Policies related to climate change mitigation and adaptation 50
E1-3 Actions and resources in relation to climate change policies 51
E1-4 Targets related to climate change mitigation and adaptation 52
E1-5 Energy consumption and mix 52
E1-6 Gross scopes 1, 2, 3 and total GHG emissions 55
E1-7 GHG removals and GHG mitigation projects financed through carbon credits 56
E1-8 Internal carbon pricing 56
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related  
opportunities 56
E3 Water and marine resources P.
ESRS 2 IRO-1 Description of the processes to identify and assess material water and marine resource-related impacts, risks 
and opportunities 57
E3-1 Policies related to water and marine resources 58
E3-2 Actions and resources related to water and marine resources 58
E3-3 Targets related to water and marine resources 59
E3-4 Water consumption 59
E3-5 Anticipated financial effects from water-related impacts, risks and opportunities 59
E5 Resource use and circular economy P.
ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy- 
related impacts, risks and opportunities 60
E5-1 Policies related to resource use and circular economy 61
E5-2 Actions and resources related to resource use and circular economy 62
E5-3 Targets related to resource use and circular economy 62
E5-4 Resource inflows 63
E5-5 Resource outflows 64
E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities 65
Social
S1 Own workforce P.
ESRS 2 SBM-2 Interests and views of stakeholders 70
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 70
S1-1 Policies related to own workforce 71
S1-2 Processes for engaging with own workers and workers' representatives about impacts 73
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 74
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and  
pursuing material opportunities related to own workforce, and effectiveness of those actions 74
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks 
and opportunities 75
S1-6 Characteristics of the undertaking's employees 76
S1-7 Characteristics of non-employees in the undertaking's own workforce 77
S1-8 Collective bargaining coverage and social dialogue 78
S1-9 Diversity metrics 79
S1-10 Adequate wages 79
S1-11 Social protection 79
S1-12 Persons with disabilities 80
S1-13 Training and skills development metrics 80
S1-14 Health & safety metrics 81
S1-15 Work-life balance metric 82
S1-16 Remuneration metrics (pay gap and total compensation) 83
S1-17 Incidents, complaints and severe human rights impact 83
S2 Workers in the value chain P.
ESRS 2 SBM-2 Interests and views of stakeholders 84
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 84
S2-1 Policies related to value chain workers 85
S2-2 Processes for engaging with value chain workers about impacts 86
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 86
S2-4 Taking action on material impacts on value chain workers, and approaches to mangaing material risks and pursuing 
material opportunities related to value chain workers, and effectiveness of those actions 87
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks 
and opportunities 88
Governance
G1 Business conduct P.
ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies 90
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 90
G1-1 Business conduct policies and corporate culture 91
G1-2 Management of relationships with suppliers 91
G1-3 Prevention and detection of corruption and bribery 92
G1-4 Incidents of corruption and bribery 92
G1-5 Political influence and lobbying activities 92
G1-6 Payment practices 93

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SUSTAINABILITY REPORTAPPENDIX
ESRS 2 Appendix B
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference EU climate law reference
Material/
not material P.
ESRS 2 GOV-1 Board’s gender diversity 
paragraph 21 (d)
Indicator number 13 of Table #1 of 
Annex 1
Commission Delegated Regulation 
(EU) 2020/1816, Annex II
Material 33
ESRS 2 GOV-1 Percentage of board members who are 
independent paragraph 21 (e)
Delegated Regulation (EU) 
2020/1816, Annex II
Material 32
ESRS 2 GOV-4 Statement on due diligence 
paragraph 30
Indicator number 10 Table #3 of Annex I Material 34
ESRS 2 SBM-1 Involvement in activities related to fossil 
fuel activities paragraph 40 (d) i
Indicators number 4 Table #1 of Annex I Article 449a Regulation (EU) No 575/2013: Commission 
Implementing Regulation (EU) 2022/2453 Table 1: Qualitative 
information on Environmental risk and Table 2: Qualitative 
information on Social risk
Delegated Regulation (EU) 
2020/1816, Annex II
Not material 36
ESRS 2 SBM-1 Involvement in activities related to 
chemical production paragraph 40 (d) ii
Indicator number 9 Table #2 of Annex I Delegated Regulation (EU) 
2020/1816, Annex II
Not material 36
ESRS 2 SBM-1 Involvement in activities related to 
controversial weapons paragraph 40 (d) iii
Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) 
2020/1818, Article 12(1) Delegated 
Regulation (EU) 2020/1816, Annex II
Not material 36
ESRS 2 SBM-1 Involvement in activities related to 
cultivation and production of tobacco paragraph 
40 (d) iv
Delegated Regulation (EU) 
2020/1818, Article 12(1) Delegated 
Regulation (EU) 2020/1816, Annex II
Not material 36
ESRS E1-1 Transition plan to reach climate neutrality by 
2050 paragraph 14
Regulation (EU) 
2021/1119, Article 2(1)
Material 46
ESRS E1-1 Undertakings excluded from Paris-aligned 
Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 1: Banking 
book Climate Change transition risk: Credit quality of exposures by 
sector, emissions and residual maturity
Delegated Regulation (EU) 
2020/1818, Article12.1 (d) to (g), 
and Article 12.2
Not material 46
ESRS E1-4 GHG emission reduction targets  
paragraph 34
Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 3: Banking 
book – Climate change transition risk: alignme- nt metrics
Delegated Regulation (EU) 
2020/1818, Article 6
Material 52
ESRS E1-5 Energy consumption from fossil sources 
disaggregated by sources (only high climate impact 
sectors) paragraph 38
Indicator number 5 Table #1 and Indica-
tor n. 5 Table #2 of Annex 1
Not material
ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 Material 54
ESRS E1-5 Energy intensity associated with activities in 
high climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 Not material
ESRS E1-6 Gross scope 1, 2, 3 and Total GHG 
emis- sions paragraph 44
Indicators number 1 and 2 Table #1 of 
Annex 1
Article 449a; Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 1: Banking 
book – Climate change transition risk: Credit quality of exposures 
by sector, emissions and residual maturity
Delegated Regulation (EU) 
2020/1818, Article 5(1), 6 and 8(1)
Material 55
ESRS E1-6 Gross GHG emissions intensity 
paragraphs 53 to 55
Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 3: Banking 
book – Climate change transition risk: alignment metrics
Delegated Regulation (EU) 
2020/1818, Article 8(1)
Material 55
ESRS E1-7 GHG removals and carbon credits 
paragraph 56
Regulation (EU) 
2021/1119, Article 2(1)
Not material 56
ESRS E1-9 Exposure of the benchmark portfolio to 
climate-related physical risks paragraph 66
Delegated Regulation (EU) 
2020/1818, Annex II Delegated
Regulation (EU) 2020/1816, Annex II
Not material 56

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SUSTAINABILITY REPORTAPPENDIX
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference EU climate law reference
Material/
not material P.
ESRS E1-9 Disaggregation of monetary amounts by 
acute and chronic physical risk paragraph 66 (a) 
ESRS E1-9 Location of significant assets at material 
physical risk paragraph 66 (c).
Article 449a Regulation (EU) No 575/2013; Commission Implemen-
ting Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: 
Banking book - Climate change physical risk: Exposures subject to 
physical risk.
Not material
ESRS E1-9 Breakdown of the carrying value of its  
real estate assets by energy-efficiency classes 
paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013; Commission Implemen-
ting Regulation (EU) 2022/2453 paragraph 34;Template 2:Banking 
book -Climate change transition risk: Loans collateralised by 
immovable property - Energy efficiency of the collateral
Not material
ESRS E1-9 Degree of exposure of the portfolio to 
climate-related opportunities paragraph 69
Delegated Regulation (EU) 
2020/1818, Annex II
Not material
ESRS E2-4 Amount of each pollutant listed in Annex II 
of the E-PRTR Regulation (European Pollutant Release 
and Transfer Register) emitted to air, water
and soil, paragraph 28
Indicator number 8 Table #1 of Annex 1
Indicator number 2 Table #2 of Annex 1
Indicator number 1 Table #2 of Annex 1
Indicator number 3 Table #2 of Annex 1
Not material
ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 Not material
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 Not material
ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Material 58
ESRS E3-4 Total water recycled and reused 
paragraph 28 (c)
Indicator number 6.2 Table #2 of Annex 1 Material 58
ESRS E3-4 Total water consumption in m3 per net 
revenue on own operations paragraph 29
Indicator number 6.1 Table #2 of Annex 1 Material 59
ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Material 59
ESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not material
ESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable land / agriculture practices or 
policies paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable oceans / seas practices or 
policies paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E4-2 Policies to address deforestation 
paragraph 24 (d)
Indicator number 15 Table #2 of Annex 1 Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 Material 65
ESRS E5-5 Hazardous waste and radioactive waste 
paragraph 39
Indicator number 9 Table #1 of Annex 1 Material 65
ESRS 2- SBM3 - S1 Risk of incidents of forced labour 
paragraph 14 (f)
Indicator number 13 Table #3 of Annex I Not material
ESRS 2- SBM3 - S1 Risk of incidents of child labour 
paragraph 14 (g)
Indicator number 12 Table #3 of Annex I Not material
ESRS S1-1 Human rights policy commitments
paragraph 20
Indicator number 9 Table #3 and Indica-
tor number 11 Table #1 of Annex I
Material 71
ESRS 2 Appendix B

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ESRS 2 Appendix B
SUSTAINABILITY REPORTAPPENDIX
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference EU climate law reference
Material/
not material P.
ESRS S1-1 Due diligence policies on issues addressed 
by the fundamental International Labor Organisation 
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 
2020/1816, Annex II
Material 71
ESRS S1-1 processes and measures for preventing 
trafficking in human beings paragraph 22
Indicator number 11 Table #3 of Annex I Material 71
ESRS S1-1 workplace accident prevention policy or 
management system paragraph 23
Indicator number 1 Table #3 of Annex I Material 71
ESRS S1-3 grievance/complaints handling 
mechanisms paragraph 32 (c)
Indicator number 5 Table #3 of Annex I Material 74
ESRS S1-14 Number of fatalities and number and rate 
of work-related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 
2020/1816, Annex II
Material 81
ESRS S1-14 Number of days lost to injuries, accidents, 
fatalities or illness paragraph 88 (e)
Indicator number 3 Table #3 of Annex I Material 81
ESRS S1-16 Unadjusted gender pay gap 
paragraph 97 (a)
Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 
2020/1816, Annex II
Material 83
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Material 83
ESRS S1-17 Incidents of discrimination 
paragraph 103 (a)
Indicator number 7 Table #3 of Annex I Material 83
ESRS S1-17 Nonrespect of UNGPs on Business and 
Human Rights and OECD paragraph 104 (a)
Indicator number 10 Table #1 and Indi-
cator n. 14 Table #3 of Annex I
Delegated Regulation (EU) 
2020/1816, Annex II Delegated Re-
gulation (EU) 2020/1818 Art 12 (1)
Material 83
ESRS 2- SBM3 – S2 Significant risk of child labour or 
forced labour in the value chain paragraph 11 (b)
Indicators number 12 and n. 13 Table #3
of Annex I
Not material
ESRS S2-1 Human rights policy commitments 
paragraph 17
Indicator number 9 Table #3 and Indica-
tor n. 11 Table #1 of Annex 1
Material 85
ESRS S2-1 Policies related to value chain workers 
paragraph 18
Indicator number 11 and n. 4 Table #3 of
Annex 1
Material 85
ESRS S2-1 Nonrespect of UNGPs on Business and 
Human Rights principles and OECD guidelines 
paragraph 19
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II Delegated Re-
gulation (EU) 2020/1818, Art 12 (1)
Not material
ESRS S2-1 Due diligence policies on issues addressed 
by the fundamental International Labor Organisation 
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 
2020/1816, Annex II
Not material
ESRS S2-4 Human rights issues and incidents con-
nected to its upstream and downstream value chain 
paragraph 36
Indicator number 14 Table #3 of Annex 1 Not material
ESRS S3-1 Human rights policy commitments 
paragraph 16
Indicator number 9 Table #3 of Annex 
1 and Indicator number 11 Table #1 of 
Annex 1
Not material
ESRS S3-1 non-respect of UNGPs on Business and 
Human Rights, ILO principles or and OECD guidelines 
paragraph 17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II Delegated Re-
gulation (EU) 2020/1818, Art 12 (1)
Not material

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Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark regulationreference EU climate law reference
Material/
not material P.
ESRS S3-4 Human rights issues and incidents 
paragraph 36
Indicator number 14 Table #3 of Annex 1 Not material
ESRS S4-1 Policies related to consumers and endusers 
paragraph 16
Indicator number 9 Table #3 and  
Indicator number 11 Table #1 of Annex 1
Not material
ESRS S4-1 Non-respect of UNGPs on Business and 
Human Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II Delegated Re-
gulation (EU) 2020/1818, Art 12 (1)
Not material
ESRS S4-4 Human rights issues and incidents 
paragraph 35
Indicator number 14 Table #3 of Annex 1 Not material
ESRS G1-1 United Nations Convention against 
Corruption paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 Material 91
ESRS G1-1 Protection of whistle-blowers 
paragraph 10 (d)
Indicator number 6 Table #3 of Annex 1 Material 91
ESRS G1-4 Fines for violation of anti-corruption 
and anti-bribery laws paragraph 24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 
2020/1816, Annex II)
Material 92
ESRS G1-4 Standards of anti-corruption and 
antibribery paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 Material 92
ESRS 2 Appendix B
SUSTAINABILITY REPORTAPPENDIX

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CORPORATE GOVERNANCE REPORT
Corporate  
Governance  
Report

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CORPORATE GOVERNANCE REPORT
Corporate Governance Report
Swedish Corporate Governance Code  
and ITAB’S Corporate Governance Report
ITAB Shop Concept AB (publ) is a Swedish public, 
registered limited liability company, whose overall 
ambition is to create long-term value for shareholders 
and other stakeholders. ITAB’s ordinary shares are 
listed on Nasdaq Stockholm in the Mid Cap segment.
 ITAB applies the Swedish Corporate Governance 
Code (hereinafter referred to as the “Code”). The Code 
is a component of self-regulation within the Swedish 
business sector and is based on a “comply or explain” 
principle. This means that a company that applies the 
Code may deviate from individual rules if it is deemed 
to result in better corporate governance, but must then 
explain the reasons for each deviation reported.
 This Corporate Governance Report for the 2025 
financial year describes ITAB’s corporate governance, 
management and administration as well as internal 
controls of financial reporting, and is prepared in 
accordance with the Code’s recommendations. The 
Corporate Governance Report constitutes part of the 
formal Annual Report documentation and was 
reviewed by the company’s auditors pursuant to 
Swedish Annual Accounts Act.
Corporate governance,  division of responsibilities  
and Articles of Association
Good corporate governance involves ensuring that 
companies are managed sustainably, responsibly 
and as efficiently as possible for the shareholders. 
Trust among legislators and in society that companies 
are acting responsibly is crucial to the freedom of 
companies to realise their strategies in order to create 
value. Trust among existing and potential investors 
that this is taking place is decisive for their interest in 
investing in the companies. In this way, the business 
sector’s freedom to develop and its supply of venture 
capital and expertise are safeguarded.
 The aim of corporate governance in Swedish listed 
companies is to create a clear division of roles and 
responsibilities between shareholders, the Board of 
Directors, Board committees and executive manage -
ment, and it is regulated by a combination of written 
rules and practices. At first instance, ITAB is to apply 
the Swedish Companies Act and the rules that apply 
in the regulated market in which the company’s 
shares are listed for trading (Nasdaq Stockholm) as 
well as best practices in the stock market. The disclo -
sure requirements to which ITAB is subject are found in 
the Rule Book for Issuers published by Nasdaq Stock -
holm, and the Code is a component of this regulatory 
framework. ITAB shall, at the same time, in the course 
of its operations abide by the provisions stipulated in 
the company’s Articles of Association. The Articles of 
Association can be found in their entirety on ITAB’s 
website, itabgroup.com.
Deviations from the Code
There are no deviations from the Code to report for 2025.
ITAB’ s corporate governance structure
The Swedish Companies Act states that there should 
be three decision-making bodies in the company: the 
General Meeting of Shareholders, the Board of Direc -
tors and the CEO. There must also be an inspection 
body – an auditor that is appointed by the Annual 
General Meeting. The Act specifies the duties of each 
body and the responsibility of the individuals included 
in the company’s bodies. Refer to pages 104-106 for 
information about the ITAB share and ownership structure. 
General Meeting of Shareholders
The General Meeting of Shareholders is the highest 
decision-making body through which shareholders 
exercise their influence over the company. The body is 
superior in relation to the company’s Board of Directors 
and CEO. According to the Articles of Association, 
notices for a general meeting shall be published by 
means of an announcement in Post- och Inrikes Tid -
ningar (Official Swedish Gazette) and on the compa -
ny’s website. Information that notification has been 
issued must be announced in Dagens Industri. The statu-
tory Annual General Meeting (AGM) passes resolutions 
on the adoption of annual accounts and consolidated 
accounts, discharge the Board of Directors and CEO 
from liability, appropriation of profits for the past year, 
election of the Board and, when required, auditors, and 
other matters in accordance with the Swedish Compa-
nies Act and the Articles of Association. 
 All shareholders registered in the share register and 
who have given notice of attendance in time may par -
ticipate in the meeting and vote according to the 
number of shares owned. Shareholders who are 
unable to attend in person may exercise their rights by 
postal voting or by proxy. The company does not 
apply any special arrangements regarding the func -
tion of the general meeting due to provisions in the 
Articles of Association or, insofar as is known to the 
company, due to shareholder agreements.
Annual General Meeting 2025
ITAB’s AGM was held on Wednesday, 7 May 2025. At the 
AGM, 74 shareholders participated, together represent-
ing approximately 196 million votes, corresponding to 
just over 77 percent of the total number of shares and 
votes outstanding in the company on the date of the 
meeting. The following main resolutions were passed: 
   Discharge from liability for the Board of Directors and 
CEO for their administration in the 2024 financial year.
   Re-election of Board members Petter Fägersten, 
Amelie de Geer, Lars Kvarnsund, Anders Moberg, 
Madeleine Persson, Fredrik Rapp and Peder Strand, 
and election of Kerstin Anderson as a new Board 
member.
   Anders Moberg was re-elected as Chairman.
   The registered auditing company Ernst & Young AB 
was elected as auditors, with authorised public 
accountant Franz Lindström as auditor in charge.
   Fees to the Board of Directors and auditors, the Remu-
neration Report for 2024 and updated guidelines for 
remuneration to senior executives were adopted.
   Authorisation to the Board to decide on the pur -
chase and conveyance of own shares.
   Authorisation of the Board to decide on new issues 
of shares up to a maximum of 10 percent of the 
company’s outstanding shares.
   Establishment of a performance-based share 
savings programme for certain ITAB employees  
(LTIP 2025) and measures to conclude the 
performance-based share savings programme  
from 2022 (LTIP 2022).
Annual General Meeting 2026
ITAB’s AGM will be held on Wednesday, 6 May 2026 in 
Jönköping, Sweden. Further information can be found 
on page 159.
CEO
Subsidiaries
Nomination Committee
Audit Committee
Remuneration Committee
Shareholders
Corporate governance
Auditors
General Meeting of 
Shareholders
Board of Directors
Group management Group staff units

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Nomination Committee
In accordance with Code, ITAB shall have a Nomina -
tion Committee. The Nomination Committee is the 
general meeting’s body for proposals to the meeting’s 
decisions regarding appointment issues in order to 
provide good conditions for the meeting’s decisions 
on these issues.
 At the 2022 AGM, revised instructions for the Nomina -
tion Committee were adopted. In accordance with 
these instructions, the Chairman of the Board is tasked 
with contacting the largest shareholders and request -
ing that they appoint three members to form the Nomi -
nation Committee. The selection of shareholders to 
contact is to be based on the share register main -
tained by Euroclear Sweden as of 31 August each 
year. Unless otherwise agreed by the members, the 
Chairman of the Nomination Committee is to be the 
member appointed by the largest shareholder. The 
composition of the Nomination Committee is to be 
announced not later than six months prior to the 
Annual General Meeting. The instructions apply until 
further notice.
 In accordance with this, the largest shareholders 
Pomona-gruppen AB, WQZ Investments Group Ltd and 
Övre Kullen AB each appointed one member of the 
Nomination Committee ahead of the 2026 AGM. This 
Nomination Committee comprises Ulf Hedlundh 
(appointed by Pomona-gruppen), Eirik Rogstad 
(appointed by WQZ Investments Group) and Petter 
Fägersten (appointed by Övre Kullen) with Ulf Hed -
lundh as Chairman. The members of the Nomination 
Committee were appointed for the period up to and 
including the 2026 AGM. In the event that a member 
steps down from the Nomination Committee before its 
work is completed, the remaining members are tasked 
with appointing a new member.
 Ahead of the 2026 AGM, the Nomination Committee 
is assigned with preparing and presenting proposals 
for the Chairman of the Meeting, Board members and 
the Chairman of the Board, fees to members of the 
Board and committees, and where applicable, the 
election of and fees to auditors. The Nomination Com -
mittee shall in other respects fulfil its tasks in accor -
dance with the Code. In its assessment of the Board’s 
evaluation and in its proposals, the Nomination Com -
mittee shall pay particular attention to the require -
ment for diversity and breadth in the Board and strive 
for an even gender distribution in accordance with 
the diversity policy according to rule 4.1 in the Code. 
The Nomination Committee’s proposals shall be 
included in the notice to attend the 2026 AGM.  
In conjunction with the Board issuing the notice for the 
AGM, the Nomination Committee shall ensure that the 
company publishes the Nomination Committee’s pro -
posals and reasoned statement as well as information 
about how the Nomination Committee has con -
ducted its work on ITAB’s website, itabgroup.com. 
 No fees are paid for the Nomination Committee 
assignment.
Board of Directors
The task of the Board of Directors is to manage the 
company’s affairs on behalf of the shareholders. 
According to ITAB’s Articles of Association, the Board 
of Directors must comprise at least three and at most 
nine Board members with no more than nine deputies.
Board members
At the end of 2025, the Board of Directors of ITAB Shop 
Concept AB consisted of eight regular members 
appointed by the AGM on 7 May 2025: Anders Moberg 
(Chairman), Kerstin Anderson, Petter Fägersten, Amelie 
de Geer, Lars Kvarnsund, Madeleine Persson, Fredrik 
Rapp and Peder Strand. A presentation of these Board 
members, including information about their other 
assignments, is presented on page 107 as well as on 
ITAB’s website, itabgroup.com. The CEO and other offi -
cers of the Group participate in Board meetings, act -
ing as rapporteur or in administrative functions.
 All Board members are independent in relation to the 
company and its senior executives. Five Board mem -
bers are independent in relation to the major share -
holders. The Board thereby fulfils the requirements for 
independence pursuant to regulatory frameworks. The 
Articles of Association do not contain any special con -
ditions for appointment and dismissal of Board mem -
bers or change of the Articles of Association.
 In accordance with the AGM’s resolution in May 
2025, Directors’ fees totalled SEK 3,000,000, of which 
SEK 725,000 was paid to the Chairman of the Board 
and SEK 325,000 to each of the other Board members.
 See page 102 for a summary of the Board members 
and their committee membership(s), attendance at 
Board meetings, independence and Directors’ fees.
Chairman of the Board
The Chairman of the Board is tasked with ensuring that 
the Board’s work is well organised and efficiently con -
ducted, and that the Board fulfils its assignments. The 
Chairman shall, in particular, organise and lead the 
Board’s work to create the best possible conditions for 
the Board’s work. The Chairman is tasked with ensur -
ing that a new Board member participates in requisite 
introductions and other training that the Board’s Chair -
man and the Board member deem to be appropriate, 
that the Board continuously updates and deepens its 
knowledge of the company, that Board meetings are 
held when required and that satisfactory information 
and supporting material for decisions is obtained for 
its work, that the proposed agendas for Board meet -
ings are adopted in consultation with the CEO, that 
the Board’s resolutions are implemented, and that the 
Board’s work is evaluated annually. The Chairman is 
responsible for contacts with shareholders regarding 
shareholder issues and for conveying the views of 
shareholders to the Board.
Board duties
The Board of Directors has ultimate responsibility for 
the company’s organisation and the administration of 
the company’s affairs in the interests of the company 
and all shareholders, pursuant to the laws, ordinances 
and agreements that the company is subject to. The 
Board shall also, based on an analysis of the business 
environment, pass resolutions on strategic issues. 
 The Board annually adopts written rules of proce -
dures that regulate the Board’s work and its division of 
responsibilities, including its committees, decision-  
making bodies within the Board, the Board’s meeting 
plan, and the Chairman’s tasks, as well as instructions 
for the financial reporting. The Board has also issued 
instructions to the CEO, which includes decision 
authority for investments, corporate acquisitions and 
divestments as well as financing matters. The Board 
has also adopted a number of policies for the Group’s 
operations, such as a Code of Conduct.
 The Board monitors the CEO’s work by continuously 
following up operations during the year and is responsi -
ble for ensuring that the organisation, management 
and guidelines for the administration of the company’s 
affairs are appropriately structured and that company 
has good internal controls and efficient systems for the 
follow-up and control of the company’s operations and 
compliance with laws and regulations that are applica -
ble to the company’s operations. The company’s audi -
tor attends at least one of the Board’s meetings annu -
ally. On such occasions, the auditor’s observations 
concerning the company’s accounts, procedures and 
internal control are reported and reviewed. 
 The Board is also responsible for the determination, 
development and follow-up of the company’s targets 
and strategy, decisions about acquisitions and divest -
ments of businesses, major investments, repurchases of 
own shares as well as the appointment and remunera -
tion of executive management. The Board of Directors 
and CEO submit the annual accounts to the AGM. 
 Furthermore, the Board is responsible for preparing an 
annual Corporate Governance Report that shall include 
the Board of Directors’ actions to follow up on internal 
controls related to the financial reporting and on how 
reporting to the Board has worked. The Corporate Gover-
nance Report shall be reviewed by the company’s audi-
tor. In connection with this, the Board shall annually 
assess and decide whether the company should have a 
special review function (internal audit). This decision 
shall be justified in the Corporate Governance Report.
 The Board conducts an annual evaluation of its 
work, whereby a questionnaire is sent out to all its 
members. The results are compiled by the Chairman 
of the Nomination Committee, who then provides 
feedback to each Board member. The Board 
continuo  usly evaluates the CEO’s work.
 Each Board member shall independently assess the 
matters that are to be addressed by the Board and 
request the information that the Board member 
deems necessary for the Board to make a well-in -
formed decision. Each Board member shall continu -
ously acquire knowledge of the company’s opera -
tions, organisation, markets and similar information 
required for their assignment.
The Board’s work
The Board’s work follows an annual plan. In addition to 
the statutory meeting held in connection with the AGM, 
the Board normally meets ten times a year (regular meet-
ings). Extraordinary meetings are conve ned as needed. 
Every meeting follows an agenda that is provided 
together with other underlying documentation to Board 
members prior to each Board meeting. Board resolutions 
are passed following a discussion led by the Chairman. 
Committees appointed by the Board are tasked with pre-
paring matters for resolution by the Board (see below).
 The agenda of the statutory Board meeting includes 
adoption the Board’s rules of procedures, decisions 
about company signatories and the approval of minu -
tes. The regular meeting held in February addresses 
the annual accounts, proposals on the appropriation 
of profits and the Year-End Report. In conjunction with 
this, the company’s auditors submit a report to the 
Audit Committee with their findings and assessments 
of the conducted audit. Every regular meeting gene -
rally includes several other fixed items for presentation, 
such as a report on the current financial outcome of 
the operations.
CORPORATE GOVERNANCE REPORT

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The Board held ten regular meetings, of which one 
was a statutory meeting, and nine extraordinary Board 
meetings in 2025. The attendance at Board meetings 
and committee meetings is presented in the summary 
below. Essential subjects that have been disc  ussed 
during the year include:
   Strategic direction for the operations
   Business plans, financial plans and forecasts
   Completion of the acquisition of HMY and follow-up 
of integration work
   Investments
   Long-term financing
   Appointment of new CEO to begin in May 2026 and the 
interim CEO for the period from January to May 2026
   Policies and guidelines
   Risk management and internal control
   Interim reports and annual accounts
   Reports from the Board’s committees
   Sustainability work
   Follow-up of external audit
Audit Committee
The Board has appointed an Audit Committee that, 
without impacting the Board’s responsibilities and 
assignments in general, is to prepare the Board’s work 
of quality-assuring the company’s financial reporting, 
continually meet with the company’s auditors to 
obtain information about the focus and scope of the 
audit as well as discuss coordination between the 
external audit and the internal control and views of 
the company’s risks. The Audit Committee is also 
responsible for establishing guidelines regarding 
which services other than audits the company may 
procure from the company’s auditors, evaluate the 
audit work and notify the company’s Nomination 
Committee about the results of the evaluation as well 
as assist the Nomination Committee in preparing pro -
posals for the election of auditors and the payment of 
fees for the audit work.
 ITAB’s Audit Committee comprises Amelie de Geer, 
Lars Kvarnsund (Chairman of the Committee) and 
Peder Strand. All members of the committee are inde -
pendent of the company and its executive manage -
ment. Amelie de Geer and Lars Kvarnsund are inde -
pendent in relation to the company’s major 
shareholders. Lars Kvarnsund has accounting exper -
tise. The company thus fulfils the requirements of the 
Swedish Companies Act.
In 2025, the Audit Committee held eight minuted 
meetings, and maintained ongoing contact with the 
company’s auditors. The Audit Committee also had a 
number of contacts with Group management. In 2025, 
fees for the Audit Committee’s work comprised 
SEK 150,000 to the Chairman of the Committee and 
SEK 60,000 to each of the other members.
Remuneration Committee
The Remuneration Committee’s primary tasks are pre -
paring the Board’s decisions on issues regarding 
remuneration principles, remuneration and other 
terms of employment for executive management, 
monitoring and evaluating ongoing schemes and 
schemes concluded during the year regarding vari -
able remuneration to executive management, as well 
as monitoring and evaluating the application of the 
guidelines for remuneration to senior executives 
decided by the AGM and current remuneration struc -
tures and remuneration levels in the company. ITAB’s 
Remuneration Committee has also been tasked with 
preparing issues regarding remuneration and other 
employment terms for the managing directors of other 
companies in the Group. 
 The tasks of the Remuneration Committee include 
preparing the Board’s decisions on proposals for guide -
lines for remuneration of senior executives, and drafting 
the Board of Directors’ annual remuneration report on 
the application of the company’s remuneration guide -
lines for approval at the AGM. The Board shall prepare 
proposals for new guidelines at least every four years or 
before that if there is a need for significant adjustments, 
and present the proposal for resolution at the AGM. The 
guidelines shall apply until new guidelines have been 
adopted by the AGM. The current guidelines were 
adopted by the 2025 AGM (see Note 8). The 2024 
Remuneration Report adopted by the 2025 AGM is 
available on ITAB’s website, itabgroup.com.
 ITAB’s Remuneration Committee comprises Anders 
Moberg (Chairman of the Committee), Petter Fäger -
sten and Madeleine Persson. The CEO is co-opted at 
committee meetings.
In 2025, the Remuneration Committee held three 
minuted meetings. During the year, fees for the Remu -
neration Committee’s work comprised SEK 45,000 to 
the Chairman of the Committee and SEK 35,000 to 
each of the other members.
CEO and Group management
The CEO is appointed by the Board to be responsible 
for the company’s day-to-day management in line 
with the Swedish Companies Act and within the frame -
work established by the Board. The CEO’s decision 
authority with respect to investments, corporate acqui -
sitions and divestments as well as financing issues is 
subject to rules adopted by the Board. In consultation 
with Chairman of the Board, the CEO prepares the 
requisite information and supporting material for deci -
sions in advance of Board meetings, presents agenda 
items and motivate proposed resolutions.
 The CEO leads the work of Group management and 
makes decisions in consultation with other members of 
management. At the end of  2025, ITAB’s Group mana- 
gement comprised President & CEO Andréas Elgaard, 
Chief Financial Officer Andreas Helmersson, Senior Vice 
President – MBU North Europe Jan Andersson, Chief 
Sustainability & People Officer Petra Axelsson, Senior 
Vice President – MBU South Europe West José Benito 
Pardo, Senior Vice President – MBU South Europe East 
Nicola Frascaroli, Chief Commercial Officer & Senior 
Vice President – MBU Rest of the World Nick Hughes, 
General Counsel Frida Karlsson, Chief Sales Growth 
Officer – Annja Mostrup, Chief Operations Officer 
Mikael Nadelmann, Senior Vice President – MBU Central 
Europe Klaus Schmid, and Chief Information Officer 
Teresa Tomás Aznar.
 Andréas Elgaard left his position as President & CEO 
on 6 January 2026. Glauco Frascaroli took over as 
interim President & CEO on 7 January 2026 and will 
remain in the role until Björn Borgman takes over as 
the new President and CEO on 1 May 2026.
 A more detailed presentation of the current CEO 
(interim) and Group management can be found on 
page 108. Remuneration to the CEO and Group man -
agement in the 2025 financial year is presented in 
Note 8 on page 131.
Group staff units
Group staff units that report directly to Group mana -
gement have responsibility for business development, 
finance, insurance, HR, purchasing, IT, information, 
marketing, production, development, investor rela -
tions, legal affairs, communications, consolidation of 
accounts and Group-wide administration. Projects 
that cover all or the majority of the Group’s companies 
CORPORATE GOVERNANCE REPORT
The Board of Directors’  and committees’  composition,  independence,  attendance and fees 2025
Committees Independent in relation to 1) Participation in
Name Assignment
Remune- 
ration Audit
Company and  
executive  
management
Major  
share- 
holders
Board meetings  
(total number)
Remuneration 
Committee
(total number)
Audit Committee
(total number)
Directors’  fees  incl.   
committee fees (SEK)
Anders Moberg Chairman Chairman – Yes Yes 19 (19) 3 (3) – 720,000
Kerstin Anderson 2) Member – Member Yes Yes 13 (13) – – 217,000
Petter Fägersten Member Member – Yes No 19 (19) 2 (3) – 343,000
Amelie de Geer Member – Member Yes Yes 19 (19) – 8 (8) 368,000
Lars Kvarnsund Member – Chairman Yes Yes 19 (19) – 8 (8) 458,000
Madeleine Persson 3) Member Member – Yes Yes 18 (19) 1 (1) 4 (4) 352,000
Fredrik Rapp Member – – Yes No 19 (19) – – 308,000
Peder Strand 4) Member – Member Yes No 19 (19) – 4 (4) 348,000
Vegard Søraunet 5) Member – Member Yes No 6 (6) 2 (2) – 103,000
1) In accordance with the definitions of the Swedish Corporate Governance Code.
2) Kerstin Anderson was elected as a Board member at the Annual General Meeting on 7 May 2025.
3) Madeleine Persson was a member of the Audit Committee from 1 January to 7 May 2025 and the Remuneration Committee during the period 7 May to 31 December 2025.
4) Peder Strand was a member of the Audit Committee during the period from 7 May to 31 December 2025.
5) Vegard Søraunet was a Board member during the period from 1 January to 7 May 2025.

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are controlled and coordinated from here. Within 
each area, handbooks and policies are drawn up that 
regulate the work in the subsidiaries.
Auditors
To examine the company’s annual accounts, consoli -
dated accounts and accounting records as well as 
the administration of the Board of Directors and CEO, 
a registered auditing company or one or two autho -
rised public accountants shall be appointed by the 
AGM according to the Articles of Association. The 
auditors report to the shareholders at the AGM via 
their Auditor’s Report. 
 The regular election of auditors in ITAB took place at 
the 2025 AGM and pertained to the term up to and 
including the 2026 AGM. The company’s auditor is the 
registered auditing company Ernst & Young AB, with 
authorised public accountant Franz Lindström as audi -
tor in charge. Franz Lindström has been the auditor for 
ITAB since 2025. Other audit assignments include AAK 
Sweden, Be-Ge Företagen, Bergkvara Group, Yaskawa 
Nordic and LW Fastigheter. 
 The company’s auditor works in accordance with an 
audit plan that incorporates the views of the Board 
and its Audit Committee. The auditor then reports his/
her observations to executive management teams, 
Group management and ITAB’s Board and its Audit 
Committee during the course of the audit and in con -
junction with the adoption of the annual accounts. 
The company’s auditor also participates at the AGM 
and describes and expresses his opinion about the 
audit work. The independence of the external auditor 
is regulated by special instructions adopted by the 
Board, which stipulate the areas in which the external 
auditor may be engaged on matters beyond regular 
audit work. Ernst & Young continuously tests its inde -
pendence in relation to the company and submits a 
written affirmation to the Board every year, stating that 
the auditing firm is independent from ITAB.
 In 2025, a total of MSEK 1 (2) was paid in fees for Ernst & 
Young’s services in addition to the audit assignment.
Ethical guidelines
ITAB strives to ensure that its business operations 
adhere to stringent demands on integrity and ethics. 
The Board has adopted a so-called Code of Conduct 
for Group operations, which also includes ethical 
guidelines. The Code of Conduct emphasises the 
importance of each and every employee, that the 
Group is to offer a safe and healthy work environment, 
and that ITAB works continuously to reduce its environ -
mental impact. It also points out that ITAB stands for 
straightforward, honest communication and that all 
employees have to respect commercial confidential -
ity. If an issue relating to business ethics arises at com -
pany level, there is a system in place detailing how 
employees should report directly to the Group and 
how such issues will be handled. In accordance with 
the Code of Conduct, ITAB has a zero-tolerance policy 
regarding all forms of bribery and corruption. The 
Group’s operations have whistleblowing systems for 
reporting any whistleblowing cases from both internal 
and external stakeholders.
 ITAB regularly reviews and evaluates internal controls 
in all subsidiaries, which provides reasonable assur -
ance of appropriate and effective operations, reliable 
financial reporting and compliance with laws and ordi -
nances. The internal audit also includes a follow-up of 
the sustainability program and the Code of Conduct. 
The managing director of each individual company 
within the ITAB Group is responsible for ensuring compli -
ance with local regulations. All of ITAB’s employees are 
covered by the Group-wide Code of Conduct.
 Since the end of 2017, there is also a separate Group-
wide supplier policy containing fundamental business 
ethics requirements that ITAB imposes on its suppliers. In 
order to ensure that ITAB is complying with GDPR, train -
ing has been conducted for employees who process 
personal data as part of their work. 
Based on reports received through ITAB Group's whis -
tleblowing system and other internal reporting chan -
nels, three incidents of corruption and bribes were con -
firmed in the Group in 2025. These incidents were 
assessed in accordance with ITAB Group's established 
investigation and governance procedures. None of 
these incidents resulted in police reports.
Internal controls for the financial reporting 
According to the Swedish Companies Act and the 
Code, the Board is responsible for internal controls 
aimed at protecting the company’s assets and 
thereby the investments of its owners. This responsibi -
lity includes annually assessing the financial reporting 
that the Board receives and setting requirements for its 
content and presentation to ensure the quality of the 
reporting. This requirement entails that financial 
reporting must be appropriate, applying the relevant 
accounting rules and other requirements for listed 
companies. The following description is limited to 
ITAB’s internal controls for the financial reporting.
 The internal controls should provide reasonable 
assurance of appropriate and effective operations, 
reliable financial reporting, and compliance with laws 
and ordinances. The basis for the internal control of 
financial reporting is the control environment, includ -
ing the organisation, decision-making paths, authori -
sations and responsibilities that are documented and 
communicated in the governing documents below. 
ITAB’s tool for internal control is based on the COSO 
framework. COSO is a framework for evaluating a com -
pany’s internal control over financial reporting. The 
framework streamlines the work with internal controls.
 The Group’s risk matrix (see pages 24-28) was 
reviewed during the year and forms the basis of the 
internal audit program. In addition to the business risks, 
the internal controls have focused on formalities, proce -
dures and processes linked to the updated risk matrix.
Financial reporting
All subsidiaries submit monthly reports concerning 
financial outcomes, in accordance with the Group’s 
internal finance manual. The reporting is consolidated 
and constitutes the basis for quarterly reports and 
operational follow-ups. 
 This operational follow-up is carried out in accor -
dance with an established structure where invoicing, 
liquidity, profit, tied-up capital and other key figures of 
importance for the Group are collated and form the 
basis for analysis and measures by management and 
controllers at various levels. Other important, Group-
wide aspects of the internal control include business 
plans and the annual forecast process.
 For communication with external parties, the Group has 
an information policy intended to ensure that all disclo-
sure requirements are complied with correctly and in full.
Control environment
The Audit Committee’s primary task is to monitor the 
accounting and reporting processes and to ensure 
the quality of these reports and processes. The respon -
sibility for maintaining an effective control environ -
ment, day-to-day risk management and internal con -
trols in terms of financial reporting has been 
delegated to the CEO. Executives at various levels of 
the company are in turn responsible within their 
respective areas. Responsibilities and authorisations 
are defined in instructions to the CEOs, instructions 
concerning attestation rights, manuals, and other 
poli cies and procedures.
 The Board determines the Group’s policies regarding 
information, credit and finance. Group management 
determines other instructions, and the responsible Group 
functions issue guidelines and oversee the application of 
the regulatory frameworks. The Group’s accounting and 
reporting rules are stipulated in an accounting hand-
book that is available to all accounting staff. Together 
with laws and other external regulatory frameworks, the 
organisational structure and internal regulatory frame-
works constitute the control environment.
Risk assessment
ITAB works continually with risk analyses as a basis for 
revisions of the Group’s risk matrix. Financial, opera -
tional and strategic risks are charted. The Audit  
Committee reviews the current risk matrix when  
necessary and at least once a year, as well as  
ongoing and planned activities linked to the respec -
tive risk, and revisions are undertaken if necessary. 
Control activities
The purpose of control activities is to identify, prevent 
and correct errors and deviations. Policies and guide -
lines are particularly important for accurate account -
ing, reporting and information dissemination and also 
define which control activities should be conducted. 
ITAB regularly updates its policies and guidelines, in 
writing and at meetings. Control activities include 
approval procedures, reconciliation of accounts,  
analytical follow-up and control of IT systems.
Follow-up
Group management and controllers regularly follow up 
economic and financial reporting as well as key  
business events. At each Board meeting, financial per -
formance is monitored against forecasts, and reviews 
are conducted of how well investments are proceeding 
according to plan. The follow-up of results is an import -
ant complement to the controls and reconciliations 
implemented in the financial processes themselves. 
The Audit Committee regularly evaluates the internal 
control, the Code and significant accounting issues. 
Opinion on internal audit function
The Board has opted not to have a special function for 
internal audits. The assessment is based on the Group’s 
size and operations as well as existing internal control 
processes where the work with internal controls is con -
ducted in an internal audit program that covers all sub -
sidiaries according to an established plan. If necessary, 
external advisers are used for internal control projects 
on behalf of the Audit Committee. Parts of the internal 
control are regularly examined by the auditors. 
Violations
The company has not committed any violations of the 
regulatory framework of the stock market where the 
company’s shares are traded nor breached any stock 
market best practices.
CORPORATE GOVERNANCE REPORT

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ITAB SHARE
ITAB share

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P.ITAB Group | Annual & Sustainability Report 2025
ITAB SHARE
ITAB’s shares were registered on Nasdaq First North in 2004, and the shares have been 
listed in the Mid Cap segment on Nasdaq Stockholm since 2008. In 2025, ITAB shares 
for approximately MSEK 1,402 were traded and the share price decreased by  
16 percent. On 31 December 2025, ITAB’s market capitalisation totalled MSEK 4,493.
Market listing
ITAB’s ordinary shares were registered on Nasdaq First 
North on 28 May 2004 and have been listed in the 
Nasdaq Stockholm Mid Cap segment since 2008. 
ITAB's shares are traded under the ticker ITAB.
The ITAB share’ s performance in 2025
In 2025, the ITAB share price decreased by 16 percent 
to a last price paid of SEK 17.60 as of 31 December 
2025. During the same period, the OMX Stockholm PI 
increased by 10 percent. The highest and lowest 
prices paid for the year were SEK 26.90 (closing price 
on 2 May) and SEK 16.58 (closing price on 11 August), 
respectively.
 ITAB’s total market capitalisation at 31 December 
2025 was MSEK 4,493. Approximately 71 million ITAB 
ordinary shares were traded during the year at a total 
value of MSEK 1,402. Calculated against the average 
number of shares outstanding, this corresponds to a 
turnover rate of 28 percent. Calculated per trading 
day, an average of approximately 284,525 ITAB shares 
were traded per day at an average value of approxi -
mately MSEK 5.6.
Share capital
On 31 December 2025, the share capital amounted to 
MSEK 109. The total number of shares was 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 earn -
ings, and entitle holders to one vote per share at 
gene ral 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.
Dividends
ITAB’s dividend policy states that dividends over a 
longer period are to follow the Group’s results and 
correspond to at least 30 percent of the Group’s profit 
after tax. However, dividends are to be adjusted to the 
Group’s investment requirements and any share 
repurchase program.
 The Board of Directors proposes that no divided be 
paid for the 2025 financial year.
Ownership structure
On 31 December 2025, ITAB had 7,229 shareholders. 
Legal entities in Sweden, including equity funds, insur -
ance companies and pension funds, etc., owned 
approximately 60 percent of the total number of 
shares. Foreign ownership accounted for approxi -
mately 25 percent of the total number of shares.  
ITAB share
The largest shareholders at 31 December 2025 are  
presented in the table on page 106.
 At 31 December 2025, ITAB held no ordinary shares in 
treasury. All 2,956,015 Class C shares were held in treasury.
Further information
ITAB’s website, itabgroup.com, is continuously 
updated with information about price trends, changes 
in ownership, etc
1,200
800
400
0
32
24
16
8
jan feb mar apr may jun jul aug sep oct nov dec
 Shares traded, thousand     ITAB share      OMX Stockholm PI
No of shares, thousandsShare price, SEK
SHARE PERFORMANCE 2025

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P.ITAB Group | Annual & Sustainability Report 2025
The ITAB ordinary share 1) 2025 2024 2023 2022 2021
Share price at year-end, SEK 17.60 20.90 12.10 11.00 13.42
Market capitalisation at year-end, MSEK 4,493 5,292 2,639 2,399 2,927
Dividend, SEK 0.00 4) 0.00 0.75 0.50 0.00
Payout ratio of net earnings – 4) – 60% 64% –
Average number of shares outstanding before dilution, thousand 2) 254,485 226,184 218,015 218,100 191,396
Average number of shares outstanding after dilution, thousand 2) 255,809 227,410 219,275 219,558 218,100
Number of shares outstanding at year-end, thousand 2) 255,276 253,221 217,558 218,100 218,100
Number of shareholders at year-end 7,229 6,727 5,021 5,181 5,308
Highest share price during the year, SEK 26.90 30.20 13.24 16.00 19.90
Lowest share price during the year, SEK 16.58 11.60 8.30 7.65 10.50
Direct yield 3) – 4) – 6.2% 4.5% –
Earnings per share before dilution, SEK 0.51 1.38 1.24 0.78 0.50
Equity per share, SEK 16.35 16.30 14.01 13.81 12.17
1) All data refer to ITAB's ordinary shares listed on Nasdaq Stockholm.
2) As of 31 December 2025, ITAB Shop Concept AB held no ordinary shares in treasury.
3) Dividend divided by share price at year-end.
4) Pursuant to the Board of Directors' proposed dividend for the 2025 financial year.
Largest shareholders at 31 December 2025 Number of
Shareholders Ordinary shares Class C shares Shares (%) Votes (%)
Pomona-gruppen AB 40,018,440 15.68 15.68
WQZ Investments Group Ltd 28,363,361 11.11 11.11
Petter Fägersten, with companies 26,262,112 10.29 10.29
Stig-Olof Simonsson, with companies 20,635,800 8.08 8.08
Anna Benjamin, with companies 14,869,485 5.82 5.82
Aeternum Capital AS 12,957,510 5.08 5.08
Svolder AB 11,499,877 4.50 4.50
Handelsbanken Fonder AB 9,403,666 3.68 3.68
Lannebo Kapitalförvaltning 5,119,442 2.01 2.01
Alcur Fonder AB 5,035,942 1.97 1.97
Other Shareholders – total 81,109,883 31.78 31.78
Total number of shares outstanding 255,275,518 – 100.00 100.00
Repurchased shares held in treasury by ITAB Shop Concept AB – 2,956,015
Total number of shares 255,275,518 2,956,015
Distribution of shares at 31 December 2025
Number of
Shareholders
Number of Proportion of
Share holding Ordinary shares Class C shares Shares (%) Votes (%)
1–1,000 4,953 1,247,943 0.48 0.49
1,001–5,000 1,370 3,309,871 1.28 1.30
5,001–10,000 362 2,716,543 1.05 1.06
10,001–50,000 382 8,359,570 3.24 3.27
50,001–100,000 53 3,817,009 1.48 1.49
100,001– 110 235,824,582 2,956,015 5) 92.47 92.39
Total 7,230 255,275,518 2,956,015 100.00 100.00
5)  At 31 December 2025, ITAB held no ordinary shares in treasury. All 2,956,015 Class C shares were held in treasury.
ITAB SHARE

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P.ITAB Group | Annual & Sustainability Report 2025
BOARD OF DIRECTORS
Board of Directors
Other information: Refer to ITAB’s website, itabgroup.com, for a more detailed  
presentation of each Board member, including education and work experience.
Information about the number of shares refers to shareholdings as of 28 February 2026.
Anders Moberg 
(born 1950)
Chairman of the Board since 2018 
and Board member since 2011.
Other Board assignments:  
Chairman of the Board of Byggmax 
AB and Viva Wine Group AB. Board 
member of Bergendahl & Son AB, 
Boconcept A/S, Citygross AB, and 
Stichting INGKA Foundation.
Independence:  
Independent in relation to the 
company and its senior executives.  
Independent in relation to the 
major shareholders.
Shareholding:  
2,700,000 ordinary shares (own 
holding and via endowment policy)
Kerstin Anderson
(born 1964)
Board member since 2025.
Vice President Operations , 
Vitec Software Group AB.
Other Board assignments:  
Board member of Ekan AB. 
Chairman/Board member of 
subsidiaries in Vitec Software Group.
Independence:  
Independent in relation to the 
company and its senior executives.  
Independent in relation to the 
major shareholders.
Shareholding:  
4,444 ordinary shares
Madeleine Persson 
(born 1969)
Board member since 2023.
 
Advisor, Board Member and 
Executive Mentor.
Other Board assignments:  
Chairman of the Board of PF Group 
AB and its subsidiaries Diamantbrev 
AB and Hailey’s Jewelry House AB. 
Board member of aim’n apparel  
AB and Stadium AB. 
Independence:  
Independent in relation to the 
company and its senior executives.  
Independent in relation to the major 
shareholders.
Shareholding: 
20,000 ordinary shares
Lars Kvarnsund 
(born 1967)
Board member since 2024. 
 
Board Member and Advisor. 
Other Board assignments: 
Board member of FM Mattsson AB, 
Ferroamp AB, Novedo Holding AB, 
and United Power AB, Chairman of 
the Board of Zinkteknik Group AB 
and P .O. Jansson Industri AB.
Independence:  
Independent in relation to the 
company and its senior executives.  
Independent in relation to the major 
shareholders.
Shareholding: 
25,012 ordinary shares (via LKV 
Consulting and own holding)
Petter Fägersten 
(born 1982)
Board member since 2016.
Other Board assignments:  
Board member of Pontix AB, Inev AB, 
XANO Industri AB, Idyllum AB, Övre 
kullen AB, and others.
Independence:  
Independent in relation to the 
company and its senior executives. 
Dependent in relation to the major 
shareholders.
Shareholding: 
26,262,112 ordinary shares (via Övre 
Kullen and with family)
Fredrik Rapp 
(born 1972)
Board member since 2013.
CEO of Pomona-gruppen AB.
Other Board assignments:  
Chairman of the Board of 
Argynnis Group AB, Estinvest AB, 
Serica Consulting AB, Svenska 
Handbollförbundet, and XANO 
Industri AB. Board member of 
AGES Industri AB, Corem Property 
Group AB, Pomona-gruppen AB, AB 
Segulah, and others.
Independence:  
Independent in relation to the 
company and its senior executives.  
Dependent in relation to the major 
shareholders.
Shareholding:
40,148,040 ordinary shares (via 
Pomona-gruppen and with family)
Amelie de Geer 
(born 1978)
Board member since 2024. 
 
CEO of Menigo Foodservice AB. 
Independence:  
Independent in relation to the 
company and its senior executives.  
Independent in relation to the 
major shareholders.
Shareholding: 
34,498 ordinary shares
Peder Strand 
(born 1980)
Board member since 2024. 
 
Investment Director at Seatankers 
Management Company Ltd. 
Other Board assignments:  
Board member of Medistim ASA 
and Mowi ASA.
Independence:  
Independent in relation to the 
company and its senior executives.  
Dependent in relation to the major 
shareholders.
Shareholding: 
19,357,835 ordinary shares (via WQZ 
Investments Group Ltd.)

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GROUP MANAGEMENT
Glauco Frascaroli 
(born 1958)
Interim President & CEO
Employed by the Group: 2016
Shareholding: 60,000 ordinary 
shares (held indirectly by a related 
company)
Petra Axelsson 
(born 1988)
Chief Sustainability & People Officer 
Employed by the Group: 2024
Shareholding: 16,250 ordinary 
shares
José Benito Pardo 
(born 1967)
Senior Vice President – MBU South 
Europe West
Employed by the Group: 2025
Shareholding: –
Nicola Frascaroli  
(born 1988)
Senior Vice President – MBU South 
Europe East
Employed by the Group: 2008
Shareholding: 1,000 ordinary shares
Andreas Helmersson 
(born 1985)
Chief Financial Officer
Employed by the Group: 2020
Shareholding: 25,000 ordinary 
shares
Teresa Tomás Aznar 
(born 1983)
Chief Information Officer
Employed by the Group: 2025
Shareholding: 1,000 ordinary shares
Annja Mostrup 
(born 1968)
Chief Sales Growth Officer
Employed by the Group: 2025
Shareholding: 20,000 ordinary 
shares
Nick Hughes 
(born 1969)
Chief Commercial Officer & Senior 
Vice President – MBU Rest of the 
World
Employed by the Group: 2010
Shareholding: 63,000 ordinary 
shares
Mikael Nadelmann 
(born 1967)
Chief Operations Officer 
Employed by the Group: 2024
Shareholding: 15,000 ordinary 
shares 
Other information: Information about the number of shares refers to shareholdings as of 28 February 2026.
Group management
Jan Andersson 
(born 1979)
Senior Vice President – MBU North 
Europe
Employed by the Group: 2013
Shareholding: 250,000 ordinary 
shares
Frida Karlsson 
(born 1984)
General Counsel
Employed by the Group: 2021
Shareholding: 3,768 ordinary shares
Klaus Schmid 
(born 1965)
Senior Vice President – MBU Central 
Europe 
Employed by the Group: 2018
Shareholding: 16,800 ordinary 
shares

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KEY RATIOS FIVE YEARS
Financial review – Five years in summary
Income statements (MSEK) 2025 2024 2023 2022 2021
Revenue from contracts with customers 12,780 6,585 6,139 6,868 6,087
Cost of goods sold -9,762 -4,728 -4,420 -5,286 -4,727
Gross profit  1) 3,018 1,857 1,719 1,582 1,360
Selling expenses -1,680 -1,000 -935 -871 -796
Administrative expenses -728 -376 -327 -344 -331
Other operating income and expenses -30 -22 -25 36 -17
Operating profit 1) 580 459 432 403 216
Financial items -236 -21 -47 -55 -69
Profit after financial items 1) 344 438 385 348 147
Tax on net profit for the year -186 -118 -93 -105 -52
Net profit for the year – Continuing Operations 158 320 292 243 95
Profit from Discontinued Operations, net after tax – 1 -12 -53 8
Net profit for the year 158 321 280 190 103
Attributable to:
Parent Company shareholders 131 311 270 170 95
Non-controlling interests 27 10 10 20 8
Balance sheets (MSEK)
Assets
Intangible assets 5,136 2,064 1,919 1,897 1,756
Property, plant and equipment 1,935 1,250 1,222 1,408 1,366
Other non-current receivables 245 233 157 153 146
Non-current assets 7,316 3,547 3,298 3,458 3,268
Inventories 1,320 799 793 1,030 1,176
Current receivables 2,865 1,222 1,033 1,244 1,372
Cash and cash equivalents 971 1,513 578 756 208
Current assets 5,156 3,534 2,404 3,030 2,756
Assets held for sale – – 66 88 –
Total assets 12,472 7,081 5,768 6,576 6,024
Equity and liabilities
Equity 4,392 4,262 3,208 3,169 2,782
Deferred tax liabilities 279 44 39 44 45
Other non-current liabilities 3,671 1,050 1,057 1,624 1,143
Other current liabilities 4,130 1,725 1,447 1,720 2,054
Liabilities attributable to assets held for sale – – 17 19 –
Total equity and liabilities 12,472 7,081 5,768 6,576 6,024
Cash flow (MSEK)
Cash flow before change in working capital 847 653 523 527 424
Change in working capital -62 -29 287 15 -589
Cash flow from operating activities 785 624 810 542 -165
Cash flow from investing activities -1,766 -144 -107 -150 -103
Cash flow after investing activities -981 480 703 392 -268
Cash flow from financing activities 533 432 -810 153 -253
Cash flow for the year -448 912 -107 545 -521
1) For more information about non-recurring items, see the tables on page 110. 
As of 2022, ITAB’s Russian subsidiary ITAB Rus JSC was recognised as Discontinued Operations in accordance with IFRS 5. Comparative figures in the consolidated income statement have been 
restated for 2021.

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P.ITAB Group | Annual & Sustainability Report 2025
KEY RATIOS FIVE YEARS
Financial review – Five years in summary
Key ratios 2025 2024 2023 2022 2021
EBITDA (Operating profit before depreciation and amortisation), MSEK 1,084 713 686 674 487
EBITDA margin, % 8.5 10.8 11.2 9.8 8.0
EBIT margin, % 4.5 7.0 7.0 5.9 3.6
EBIT margin excl. non-recurring items, % 6.0 7.7 7.0 6.4 6.3
Profit margin, % 2.7 6.7 6.3 5.1 2.4
Profit margin excl. non-recurring items, % 4.2 7.4 6.3 5.7 5.1
Interest-coverage ratio, multiple 2.6 7.2 6.0 6.0 2.8
Equity attributable to Parent Company shareholders, MSEK 4,174 4,128 3,049 3,012 2,654
Interest-bearing net debt, MSEK 3,019 -384 591 1,080 1,239
Interest-bearing net debt excl. lease liabilities, MSEK 2,332 -969 45 399 609
Equity/assets ratio, % 35 60 56 48 46
Cash conversion, % 72 88 118 80 N/A
Return on equity, % 3.2 9.0 8.8 6.0 4.0
Return on capital employed, % 7.1 10.6 9.6 8.9 5.4
Return on total capital, % 4.9 8.1 7.4 6.8 3.9
Depreciation according to plan, MSEK 504 254 254 271 271
Net investments, MSEK 1,766 144 107 150 103
  - of which, attributable to corporate acquisitions & divestments, MSEK 1,473 -32 -9 66 40
Average number of employees 5,090 2,532 2,533 2,715 2,930
As of 2022, ITAB’s Russian subsidiary ITAB Rus JSC was recognised as Discontinued Operations in accordance with IFRS 5. Comparative figures in the consolidated income statement have been restated for 2021.
Financial targets – follow-up of outcomes 2025 2024 2023 2022 2021
Sales growth (Target: 4–8 percent over a business cycle), % +94 +8 -15 +8 +19
EBIT margin (Target: 7–9 percent over a business cycle), % 4.5 7.0 7.0 5.9 3.6
Cash conversion (Target: >80 percent over a business cycle), % 72 88 118 80 N/A
Dividend as a share of profit after tax (Target: >30 percent over a longer period), % 0 0 60 64 0
See page 9 and “Definitions” on page 152 for a description of the ITAB Group’s financial targets. 
Items that do not belong to regular operations,  known as non-recurring items (MSEK)
2025 2024 2023 2022 2021
Acquisition-related costs -65 -32 – – –
Integration and restructuring costs -93 – – -40 -166
Capital loss on divestment of Group companies -1 -16 – – –
Reserve for customer complaints -27 – – –  –
-186 -48 – -40 -166
Impact of non-recurring items on the income statement (MSEK)
2025 2024 2023 2022 2021
Gross profit -20 0 – -19 -59
EBITDA -183 -48 – -30 -157
Operating profit -183 -48 – -40 -166
Profit after net financial items -186 -48 – -40 -166

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KEY RATIOS FIVE YEARS
Comments on five years in summary
Sales
Total net sales have increased by approximately 110 
percent over the past five years, primarily through the 
acquisition of HMY in 2025. 
 In 2021, sales grew by MSEK 764, corresponding to 
+14 percent. Currency-adjusted sales increased by 19 
percent, with organic growth accounting for 8 percent 
and the acquisition of Cefla Retail Solutions contribut -
ing 11 percent. The sales trend was favourable 
throughout the entire year as societies and retailers 
opened up after lockdowns due to the pandemic. 
Sales to the Grocery and Home Improvements cus -
tomer groups increased, while sales in Fashion were 
unchanged compared with the preceding year. The 
most significant growth took place in Southern and 
Eastern Europe.
 In 2022, sales grew by MSEK 781, corresponding to 
+13 percent. Currency-adjusted sales increased by 8 
percent, with organic growth accounting for 6 percent 
and the acquisition of Checkmark in February 2022 
contributing 2 percent. Organic growth was mainly 
attributable to implemented price increases and sta -
ble underlying demand. The greatest sales increase 
took place in Central Europe. Growth was largest in 
Fashion and Home Improvements, but sales to Gro -
cery and Other customer groups also increased.
 In 2023, sales decreased by MSEK 729, correspond -
ing to -11 percent. Currency-adjusted sales fell by 15 
percent. Sales of the Group’s loss prevention solutions 
increased during the year, while the year in other 
aspects was characterised by uncertainty regarding 
future economic trends, with rising inflation and inter -
est rates. This had a negative impact on overall 
demand. The decline in sales was evident in all geo -
graphic markets except for non-European countries. 
Sales in Grocery, Home Improvements and Fashion 
were negatively impacted, while Other customer 
groups developed more positively.
In 2024, sales grew by MSEK 446, corresponding to +7 
percent. Currency-adjusted sales increased by 8 per -
cent. Overall, the sales performance for the full year 
was positive in several of ITAB’s solution areas and 
geographic markets, with multiple new and expanded 
contracts signed with both existing and new custom -
ers. Sales were strongest in Northern, Central and East -
ern Europe, while sales to countries outside Europe 
declined in relation to the strong comparative figures 
in the preceding year. While the Group’s largest cus -
tomer group, Grocery, experienced the highest growth 
(14 percent), sales in Home Improvements and Fash -
ion also increased during the year.
Following the acquisition of HMY, sales grew by  
MSEK 6,195 in 2025, corresponding to +94 percent. Cur -
rency-adjusted sales increased by 97 percent, 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 positive, despite the oper -
ations facing strong comparative figures for the previ -
ous year, when a number of major customer projects 
were completed. At the same time, the Group has 
signed a number of new agreements with existing and 
new customers in several geographic markets. Pro 
forma sales increased most in DIY/Home Improvement 
compared with 2024, but demand in Grocery,  
Fashion/Apparel and Health & Beauty also grew 
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 strong comparative figures from last year.
Profitability
During the five-year period, operating profit varied 
between a minimum of MSEK 216 (2021) and a maxi -
mum of MSEK 580 (2025). The operating margin during 
the period also varied between 3.6 percent (2021) and 
7.0 percent (2024). Excluding non-recurring items (see 
summary on page 110), the operating margin varied 
between 6.0 percent (2025) and 7.7 percent (2024). 
Profit after net financial items amounted to between 
MSEK 147 (2021) and MSEK 438 (2024), and the profit 
margin was between 2.4 percent (2021) and 6.7 per -
cent (2024).
 Profit for 2021 was positively impacted by increased 
sales and the ongoing efforts to transform the opera -
tions under One ITAB, including completed production 
relocations and cost adaptations, more common 
ways of working, and more efficient and flexible mar -
ket cultivation. At the same time, the sharp increase in 
raw material prices and shortages of certain compo -
nents during the first two quarters of the year had a 
negative impact on all of the Group’s markets. Profit 
was negatively impacted by non-recurring items of 
MSEK -166 pertaining to restructuring costs.
Profit for 2022 was positively impacted by the sales 
increase enabled by implemented price increases 
and currency effects. At the same time, shortages of 
certain electronic components and rapidly rising 
prices for raw materials, shipping and energy as well 
as lockdowns in China due to the COVID-19 pandemic 
at the start of the year had a negative impact on the 
gross margin. Profit was negatively impacted by 
non-recurring items of MSEK -40 pertaining to restruc -
turing costs.
 In 2023, the increased share of sales of loss preven -
tion and other technical solutions, implemented price 
increases and measures to reduce Group expenses 
gradually strengthened both the gross margin and the 
operating margin. At the same time, lower net sales 
had a negative impact on capacity utilisation and 
earnings in the Group. Profit was not impacted by any 
non-recurring items.
 The earnings trend for 2024 was strong, primarily 
driven by a relatively high gross margin combined with 
a positive sales trend. The gross margin strengthened 
due to the favourable product and customer mix, with 
an increased share of sales of ITAB’s technical solu -
tions for loss prevention and self-service in stores in the 
past few years, but increased sales of customised 
shop fittings also positively impacted earnings. Contin -
ued measures for increased sales, efficiency and cost 
adjustments, as well as improvements to capacity utili -
sation at the Group’s production facilities, have 
yielded positive effects during the year. Profit was neg -
atively impacted by non-recurring items of MSEK -48, 
mainly pertaining to costs in connection with the 
acquisition of HMY.
The earnings performance in 2025 was stable, with 
most of the operations achieving profitability in line 
with or above set targets. At the same time, the Group 
also initiated measures to strengthen the long-term 
efficiency of Group companies that reported lower 
profitability.  These operations are continually carrying 
out various sales activities and cost adaptations in dif -
ferent areas. Increased sales of the Group’s technical 
solutions for loss prevention, such as smart gates, and 
self-checkouts during the year had a positive impact 
on the gross margin. Efforts to generate synergies 
related to purchasing, additional sales to the existing 
customer base and improved efficiency also started 
to have a positive impact on earnings. Profit was 
impacted by non-recurring items of MSEK -183, mainly 
pertaining to costs in connection with the acquisition 
and integration of HMY.
The Group’s return on equity during the period aver -
aged approximately 6.2 percent. 
Investments
During the period, net investments, excluding corpo -
rate acquisitions, amounted to a maximum of 2.7 per -
cent of sales. The Group’s investments have mainly 
consisted of machinery with a focus on automated 
operations, high utilisation of resources, sustainability 
and cutting-edge technical development, generated 
development costs for proprietary products and solu -
tions, and investments in shared operational support 
systems for the Group.
 Investments attributable to corporate acquisitions 
have focused on strengthening the Group’s position 
as a market-leading supplier of shop fittings to the 
Group’s selected customer groups and geographic 
markets, and on strengthening and supplementing 
the services and product portfolio in certain areas. In 
line with this, the Group acquired HMY, a leading Euro -
pean supplier of shop fittings, checkouts and store 
design. The acquisition was completed on 31 January 
2025, and HMY is consolidated in the ITAB Group as of 
1 February 2025.
Financial development
The balance sheet total was MSEK 5,519 at the start of 
2021 and MSEK 12,472 at year-end 2025. The changes 
in the balance sheet total are attributable to com -
pleted acquisitions and divestments, investments in 
production facilities, and the new share issues con -
ducted in autumn 2024 due to the acquisition of HMY. 
The expansion was achieved through positive cash 
flow from operating activities, bank financing, the 
recapitalisation and share issues in 2021, and the new 
share issue in 2024. Interest-bearing net debt (exclud -
ing lease liabilities) amounted to MSEK 609 at year-
end 2021 and increased to MSEK 2,332 at year-end 
2025 due to the acquisition of HMY. The Group’s 
equity/assets ratio was 35 percent at year-end 2025.

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FINANCIAL STATEMENTS
Income Statement
Group
(MSEK) Note 2025 2024
Revenue from contracts with customers 6 12,780 6,585
Cost of goods sold 8, 9, 10, 11 -9,762 -4,728
Gross profit 3,018 1,857
Selling expenses 8, 9, 10, 11 -1,680 -1,000
Administrative expenses 8, 9, 10, 11 -728 -376
Other operating income 12 83 23
Other operating expenses 12 -113 -45
Operating profit 580 459
Financial income 14 24 49
Financial expenses 14 -260 -70
Profit after financial items 344 438
Tax expenses for the year 16 -186 -118
Net profit for the year – Continuing Operations 158 320
Profit from Discontinued Operations, net after tax 5 – 1
Net profit for the year 158 321
Net profit for the year attributable to:
   Parent Company shareholders 131 311
   Non-controlling interests 27 10
Earnings per share,  SEK 17
   Including Discontinued Operations before dilution 0.51 1.38
   Including Discontinued Operations after dilution 0.51 1.37
   Excluding Discontinued Operations before dilution 0.51 1.37
Statement of Other Comprehensive Income
Group
(MSEK) Note 2025 2024
Net profit for the year 158 321
Other comprehensive income
Items that will not be reclassified to the income statement:
Revaluation of defined-benefit pension commitments 29 -3 -1
Tax relating to items not to be reclassified 16 1 0
-2 -1
Items that may be reclassified to the income statement:
Translation difference on translation of foreign operations -106 100
Translation difference transferred to net profit for the year -1 40
Change in fair value of hedges of net investments 3 -8
Change in fair value of cash flow hedges -11 1
Change in fair value of cash flow hedges  
transferred to net profit for the year 5 -3
Tax on items that may be reclassified 16 1 2
25 -109 132
Total other comprehensive income -111 131
Comprehensive income for the year 47 452
Comprehensive income for the year attributable to:
   Parent Company shareholders 39 433
   Non-controlling interests 8 19

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FINANCIAL STATEMENTS
Statement of Financial Position
Group
(MSEK) Note 2025 2024
Assets
Non-current assets
Intangible assets
Goodwill 18 3,897 1,844
Other intangible assets 10, 18 1,239 220
6 5,136 2,064
Property, plant and equipment 
Buildings and land 10, 19, 22 1,359 905
Plant and machinery 10, 19, 22 354 218
Equipment, tools and installations 10, 19, 22 207 108
Construction in progress and advance payments  
for property, plant and equipment 
 
19 15 19
6 1,935 1,250
Financial assets
Shares and participations 5, 20 – 23
Non-current derivative receivables 21 1 5
Long-term investments 21, 35 55 96
Other financial non-current receivables 21 28 16
84 140
Deferred tax assets 16 161 93
Total non-current assets 7,316 3,547
Current assets
Inventories 23 1,320 799
Accounts receivable 21 2,328 1,008
Current tax assets 32 36
Current derivative receivables 21 7      3
Other receivables 21 211 76 
Prepaid expenses and accrued income 6, 21, 24 282                      99
Short-term investments 21, 35 5 –
Cash and cash equivalents 21 971 1,513
Total current assets 5,156 3,534
Total assets 12,472 7,081
(MSEK) Note 2025 2024
Equity and liabilities
Equity
Share capital 109 109
Other contributed capital 1,904 1,911
Translation and hedging reserve 136 226
Profit brought forward including net profit for the year 2,025 1,882
Equity attributable to Parent Company shareholders 4,174 4,128
Non-controlling interests 218 134
Total equity 25, 26, 27 4,392 4,262
Non-current liabilities
Liabilities to credit institutions 21 2,979 565
Non-current lease liabilities 21, 22 520 433
Non-current derivative liabilities 21 2 –
Other non-current liabilities 21 32 5
Provisions for pensions and similar obligations 29 105 32
Provision for deferred tax liabilities 16 279 44
Other non-current provisions 30 33 15
Total non-current liabilities 3,950 1,094
Current liabilities
Liabilities to credit institutions 21 372 56
Current lease liabilities 21, 22 167 152
Overdraft facilities 21, 28 18 27
Advance payments from customers 6, 21 325 72
Accounts payable 21 1,939 817
Current tax liabilities 91 65
Other liabilities 21 225 111
Accrued expenses and prepaid income 6, 21, 31 944 413
Current provisions 30 49 12
Total current liabilities 4,130 1,725
Total equity and liabilities 12,472 7,081

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FINANCIAL STATEMENTS
Statement of Changes in Equity
Group
(MSEK) Note Share capital
Other contributed 
capital
Other reserves  
(see Note 25)
Profit brought  
forward
Attributable to Parent  
Company shareholders
Attributable to non-controlling 
interests
Total  
equity
Equity as of 1 January 2024 25, 26 93 1,093 103 1,760 3,049 159 3,208
Net profit for the year 311 311 10 321
Revaluation of defined-benefit pension commitments -1 -1 0 -1
Translation difference, foreign operations 131 131 9 140
Hedging of net investment -6 -6 -6
Hedging of cash flow -2 -2 -2
Comprehensive income for the year 123 310 433 19 452
Dividends -161 -161 -15 -176
Acquisition of non-controlling interests 5 18 18 -29 -11
Share incentive program 8, 27 3 3 3
Repurchase of own ordinary shares 27 -45 -45 -45
Bonus issue 27 1 -1 0 0
Cancellation of ordinary shares 27 -1 1 0 0
New issue of ordinary shares 27 16 815 831 831
Equity as of 31 December 2024 25, 26 109 1,911 226 1,882 4,128 134 4,262
Equity as of 1 January 2025 25, 26 109 1,911 226 1,882 4,128 134 4,262
Net profit for the year 131 131 27 158
Revaluation of defined-benefit pension commitments -2 -2 0 -2
Translation difference, foreign operations -88 -88 -19 -107
Hedging of net investment 2 2 2
Hedging of cash flow -4 -4 -4
Comprehensive income for the year -90 129 39 8 47
Dividends 0 -31 -31
Acquisitions and divestments of partly owned companies 5 0 107 107
Share incentive program 8, 27 -4 -10 -14 -14
Sale of own ordinary shares 27 24 24 24
Issue costs 27 -3 -3 -3
Equity as of 31 December 2025 25, 26 109 1,904 136 2,025 4,174 218 4,392

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FINANCIAL STATEMENTS
Statement of Cash Flows
Group
Indirect method (MSEK) Note 2025 2024
Operating activities
Operating profit 580 459
Adjustment for items not included in the cash flow
depreciation and amortisation 10, 22 504 254
impairment losses of current assets 32 42
adjustment for pensions and other provisions 50 4
non-cash items from discontinued operations 5 1 16
other items 13 5
Total 1,180 780
Interest received 22 28
Interest paid -231 -75
Tax paid -124 -80
Cash flow from operating activities before changes in working capital 847 653
Change in working capital
Change in inventories (increase -/decrease +) 22 -29
Change in operating receivables (increase -/decrease +) -35 -172
Change in operating liabilities (increase +/decrease -) -49 172
Total change in working capital -62 -29
Cash flow from operating activities 785 624
Investing activities
Business combinations/acquisitions of Group companies for the year, effect on cash and cash equivalents 5 -1,474 -35
Divestment of Group companies 5, 12 1 67
Investments in intangible assets 18 -205 -117
Divestment of intangible assets 12, 18 17 0
Investments in property, plant and equipment 19 -112 -73
Divestment of property, plant and equipment 12, 19 7 14
Cash flow from investing activities -1,766 -144
Cash flow after investing activities -981 480
Financing activities
New share issue and issue costs 27 -3 831
Sale of own ordinary shares 8, 25 24 –
Conclusion of long-term incentive program (LTIP2022) 8, 25 -26 –
Repurchase of own ordinary shares 27 – -45
Repayment of loans 21 -923 -67
Repayment of lease liabilities 21 -171 -128
New loans raised 21 1,624 20
Change in operating receivables 39 -3
Dividend paid to non-controlling interests -31 -15
Dividend paid to shareholders – -161
Cash flow from financing activities 533 432
Cash flow for the year -448 912
Cash and cash equivalents at the start of the year 1,513 578
Translation differences on cash and cash equivalents -94 23
Cash and cash equivalents at the end of the year 971 1,513

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FINANCIAL STATEMENTS
Income Statement
Parent Company
(MSEK) Note 2025 2024
Net sales 7 257 198
Cost of goods sold 7, 8, 9, 11 -27 -24
Gross profit 230 174
Selling expenses 7, 8, 9, 10, 11 -150 -140
Administrative expenses 7, 8, 9, 10, 11 -132 -63
Other operating income 12 4 7
Other operating expenses 12 -16 -8
Operating profit -64 -30
Income from participations in Group companies 13 298 99
Expenses from participations in Group companies 13 -14 -16
Financial income 14 222 41
Financial expenses 14 -169 -87
Profit after financial items 273 7
Year-end appropriations 15 68 40
Profit before tax 341 47
Tax expenses for the year 16 -13 5
Net profit for the year 328 52
Statement of Other Comprehensive Income
Parent Company
(MSEK) Note 2025 2024
Net profit for the year 328 52
Other comprehensive income – –
Comprehensive income for the year 328 52
Balance Sheet
Parent Company
(MSEK) Note 2025 2024
Assets
Non-current assets
Property, plant and equipment
Equipment, tools and installations 10, 19 3 3
Financial assets
Participations in Group companies 20 3,826 2,095
Non-current receivables with Group companies 21 1,679 –
Non-current receivables 21 6 1
Other non-current assets
Deferred tax assets 16 5 21
Total non-current assets 5,519 2,120
Current assets
Receivables with Group companies 21 479 135
Current tax assets 1 0
Other receivables 21 29 3
Prepaid expenses and accrued income 24 21 43
Cash and bank balance 21 171 1,231
Total current assets 701 1,412
Total assets 6,220 3,532
Equity and liabilities
Equity
Restricted equity
Share capital 109 109
Statutory reserve 7 7
116 116
Non-restricted equity
Share premium reserve 1,895 1,898
Profit brought forward 363 304
Net profit for the year 328 52
2,586 2,254
Total equity 25, 26, 27 2,702 2,370
Non-current liabilities
Liabilities to credit institutions 21 2,876 565
Provision for pensions 6 1
Other non-current liabilities  6 –
Total non-current liabilities 2,888 566
Current liabilities
Liabilities to credit institutions  221 –
Accounts payable 9 3
Liabilities to Group companies 372 553
Other liabilities 2 0
Accrued expenses and prepaid income 31 26 40
Total current liabilities 21 630 596
Total equity and liabilities 6,220 3,532

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FINANCIAL STATEMENTS
Statement of Changes in Equity
Parent Company
  Restricted equity Non-restricted equity
(MSEK) Note Share capital Statutory reserve
Share premium 
reserve
Profit brought 
forward
Net profit for  
the year Total equity
Equity as of 1 January 2024 93 7 1,083 466 41 1,690
Previous year’s profit transferred 41 -41 0
Net profit for the year 52 52
Dividends paid -161 -161
Repurchase of own ordinary shares 27 -45 -45
Share incentive program 8 3 3
Bonus issue 27 1 -1 0
Cancellation of ordinary shares 27 -1 1 0
New issue of ordinary shares 27 16 815 831
Equity as of 31 December 2024 25, 26 109 7 1,898 304 52 2,370
Equity as of 1 January 2025 109 7 1,898 304 52 2,370
Previous year’s profit transferred 52 -52 0
Net profit for the year 328 328
Share incentive program 8, 27 -17 -17
Sale of own ordinary shares 27 24 24
Issue costs 27 -3 -3
Equity as of 31 December 2025 25, 26 109 7 1,895 363 328 2,702

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P.ITAB Group | Annual & Sustainability Report 2025
FINANCIAL STATEMENTS
Statement of Cash Flows
Parent Company
(MSEK) Note 2025 2024
Operating activities
Operating profit -64 -30
Adjustment for items not included in the cash flow 
depreciation charged to operating profit 1 1
non-cash items from discontinued operations 13, 20 – -1
other items 11 7
Total -52 -23
Dividends received from subsidiaries 13 298 98
Interest received 99 39
Interest paid -183 -62
Tax paid -1 0
Cash flow from operating activities before change in working capital 161 52
Change in working capital
Change in operating receivables (increase -/decrease +) -15 6
Change in operating liabilities (increase +/decrease -) -3 3
Total change in working capital -18 9
Cash flow from operating activities 143 61
Investing activities
Acquisitions of subsidiaries 20, 36 -1,811 -32
Repayment of capital from subsidiaries 20 81 8
Investments in property, plant and equipment 19 0 0
Cash flow from investing activities -1,730 -24
Cash flow after investing activities -1,587 37
Financing activities
New share issue and issue costs -3 831
Repurchases of own shares 0 -45
Conclusion of own ordinary shares 8, 25 24 –
End of long-term incentive program (LTIP2022) 8, 25 -26 –
Repayment of loans -885 -40
New loans raised 3,429 0
Lending from/to Group companies -2,080 277
Group contributions 15 68 40
Dividend paid to shareholders – -161
Cash flow from financing activities 527 902
Cash flow for the year -1,060 939
Cash and cash equivalents at the start of the year 1,231 292
Cash and cash equivalents at the end of the year 171 1,231

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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Notes
Note 1 General information 120
Note 2 Material information on accounting policies 120
Note 3 Important estimates and assessments 124
Note 4 Financial risk management 124
Note 5 Corporate acquisitions and divestments 126
Note 6 Revenue from contracts with customers 128
Note 7 Purchases and sales between Parent Company and subsidiaries 128
Note 8 Personnel and senior executives 129
Note 9 Remuneration to auditors 133
Note 10 Depreciation, amortisation and impairment losses 133
Note 11 Costs divided by type of cost 133
Note 12 Other operating income and expenses 133
Note 13 Profit from participations in Group companies 134
Note 14 Financial income and expenses 134
Note 15 Year-end appropriations 134
Note 16 Tax 135
Note 17 Earnings per share 136
Note 18 Intangible assets 137
Note 19 Property, plant and equipment 138
Note 20  Participations in Group companies, associated companies, and other 
shares and participations
139
Note 21 Financial assets and liabilities 141
Note 22 Leases 145
Note 23 Inventories 145
Note 24 Prepaid expenses and accrued income 145
Note 25 Equity 146
Note 26 Allocation of profits 147
Note 27 Repurchases of own shares and new share issue 148
Note 28 Overdraft facilities 148
Note 29 Provisions for pensions 148
Note 30 Other provisions 149
Note 31 Accrued expenses and prepaid income 149
Note 32 Pledged assets 149
Note 33 Contingent liabilities 149
Note 34 Transactions with related parties 149
Note 35 Inflation adjustment Argentina and Türkiey 149
Note 36 Events after the balance sheet date 150
119P.ITAB Group | Annual & Sustainability Report 2025

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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
All amounts are in MSEK unless otherwise stated..
Note 1 General information
ITAB Shop Concept AB (publ), corporate registration 
number 556292-1089, is a Swedish-registered limited 
liability company with its registered office in 
Jönköping, Sweden. The address of the company’s 
head office is Instrumentvägen 2 (visiting address), 
Box 9054, 550 09 Jönköping, Sweden.
ITAB Shop Concept AB develops, manufactures, 
sells, and installs complete store concepts for retail 
chain stores.
 The Parent Company’s ordinary shares are listed on 
Nasdaq Stockholm. 
 ITAB’s Annual Report includes the consolidated 
accounts including the Parent Company and its sub -
sidiaries, jointly referred to as the Group. The content 
of the Annual Report and consolidated accounts was 
decided on 23 March 2026 and approved for issue by 
the Board on 31 March 2026.
Note 2 Material information on  
accounting policies
Compliance with standards and laws
The consolidated accounts have been prepared in 
accordance with the International Financial Reporting 
Standards as adopted by EU (IFRS® Accounting Stan -
dards) issued by the International Accounting Stan -
dards Board (IASB). Furthermore, relevant sections of 
the Swedish Annual Accounts Act and the Swedish 
Corporate Reporting Board’s recommendation RFR 1 
have been applied. 
 The Parent Company applies the Swedish Annual 
Accounts Act and the Swedish Corporate Reporting 
Board’s recommendation RFR 2. For more information, 
refer to the section “Parent Company accounting poli -
cies”.
Basis for preparation of the financial statements
The Parent Company’s functional currency is Swedish 
krona (SEK). This means that the financial statements 
for the Parent Company and the Group are presented 
in the reporting currency SEK, rounded off to the nearest 
million SEK.
New and amended standards  
and interpretations introduced 2025
Company management’s assessments of relevant 
amendments and interpretations of existing standards 
that entered into force as of 1 January 2025 have not 
had any significant impact on the Group’s or the  
Parent Company’s financial statements.
Issued new and amended standards and interpreta-
tions that have not yet been applied by the Group
A number of new standards and interpretations will 
enter into force for financial years commencing on 1 
January 2026 or later and have not been applied in 
the preparation of this financial report. 
The IASB has issued a new standard which will take 
effect as of 1 January 2027, IFRS 18 Presentation and 
Disclosure in Financial Statements  (published on 9 
April 2024 and approved by the EU on 13 February 
2026). The company is currently evaluating the effects 
of the introduction of IFRS 18. The standard is primarily 
expected to impact the presentation of the financial 
statements and the disclosure requirements in the 
financial statements. The most significant impact will 
be seen in the presentation of the statement of com -
prehensive income and in cash flow and related key 
ratios.
No new standards, amended standards or IFRIC 
interpretations published by the IASB are expected to 
have any material impact on the financial statements 
of the Group or the Parent Company.
Consolidated accounts 
The consolidated accounts include the Parent Com -
pany, ITAB Shop Concept AB, and the companies in 
which ITAB Shop Concept AB, directly or indirectly, has 
a controlling influence as of the balance sheet date. 
Business combinations 
Business combinations are recognised in accordance 
with the acquisition method. In the case of acquisi -
tions of partly owned subsidiaries, non-controlling 
interests are recognised at a proportionate share of 
the identified net assets.
 For acquisitions, the entity approach has been 
applied, which means that all assets and liabilities as 
well as income and expenses are included in their 
entirety, including for partly owned subsidiaries, which 
impacts recognised goodwill linked to the acquisition. 
Goodwill that has arisen in a corporate acquisition is 
assessed at least annually if there is an impairment 
requirement. Refer to the section on intangible assets 
below. Additional purchase considerations are classi -
fied as liabilities that are financial instruments and 
measured at fair value, while any resulting profit or loss 
is recognised in the income statement as other oper -
ating income or expenses.
Translation of foreign currency
Functional currency and reporting currency
Items in the financial statements for the various Group 
units are measured in the currency used in the finan -
cial environment where each company primarily con -
ducts its business (functional currency). The consoli -
dated accounts employ SEK, which is the Parent 
Company’s functional currency and thus the Group’s 
reporting currency. ITAB primarily uses the exchange 
rates of the European Central Bank (ECB) when trans -
lating foreign currencies. For currencies for which the 
ECB does not publish exchange rates, other official, 
reliable market sources are used for the translation of 
foreign currency.
Transactions and balance sheet items in foreign 
currencies
Transactions in foreign currencies are translated to the 
functional currency at the exchange rate from ECB 
prevailing on the transaction date. 
Exchange rate gains and losses incurred when pay -
ing for such transactions and when converting mone -
tary assets and liabilities in foreign currency at the 
closing day rate are recognised in profit or loss. Excep -
tions include when monetary assets and liabilities 
comprise hedging of net investments in foreign opera -
tions, in which case exchange rate differences are 
recognised in “Other comprehensive income”. A pre -
requisite is that the hedging transactions satisfy the 
necessary requirements as regards hedge account-
ing. Exchange rate differences on interest-bearing 
loan receivables and borrowings are recognised as 
financial income and expenses; other exchange rate 
differences are recognised in operating profit.
Foreign Group companies
The profit and financial position of all Group compa -
nies with a functional currency other than the report -
ing currency are translated to the Group’s reporting 
currency as follows: 
(i) assets and liabilities for each balance sheet are 
translated at the closing day rate, 
(ii) income and expenses for each income state -
ment are translated at the average exchange rate 
(unless this average rate is not a reasonable approxi -
mation of the accumulated effect of the rates prevail -
ing on the transaction date, in which case income 
and expenses are translated as of the transaction 
date), 
(iii) all translation differences that arise are recog -
nised in “Other comprehensive income”. 
Countries with a hyperinflationary currency are recog -
nised in accordance with IAS 29, with all components 
of the subsidiaries’ financial statements restated at the 
closing day rate. The translation difference arising 
from translation to SEK is transferred to other compre -
hensive income. In 2024 and 2025, Argentina and Türkiey 
were defined as countries with hyperinflationary cur -
rencies. Refer to Note 35.
 Goodwill and other assets and liabilities that arise 
when acquiring foreign operations are treated as 
assets and liabilities for these operations and trans -
lated at the closing day rate.
Revenue from contracts with customers
The Group recognises revenue when the commit-
ments to supply promised goods or services are ful -
filled according to identified customer contracts, 
excluding VAT, discounts and returns and after elimi -
nation of intra-Group sales. 
The ITAB Group sells, develops, produces and distrib -
utes shop fittings and equipment to chain-based 
custo mers. Most of ITAB’s customers are major chain 
stores that operate internationally and have stores in 
several countries. As ITAB sells customised store con -
cepts and often sets a price for a combined product 
and service, the revenue types are not recognised 
separately. 
Revenue recognition for sales takes place in the 
period when control has passed to the customers, 
which normally takes place when all material risks and 
rewards associated with ownership have been trans -
ferred to the buyer. As a result, the Group no longer 
has any involvement that is associated with ownership 
and does not exercise any real control. In the event of 
revenue from concept sales including service assign -
ments, revenue recognition takes place over time 
based on the degree of completion on the balance 
sheet date, when the Group will probably receive eco -
nomic benefits associated with the assignment and 
reliable calculations can be performed. The degree of 
completion is determined on the basis of expenditure 
incurred in relation to calculated total costs. Antici -
pated losses are expensed immediately.

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NOTES
Note 2 cont.
Pensions
The Group’s pension plans are mostly defined-contri -
bution plans. The costs for these plans are recognised 
as personnel costs in operating profit during the 
period in which the employees perform the services to 
which the contribution refers. The Swedish subsidiaries 
have a defined-benefit ITP plan via Alecta. At present, 
Alecta cannot provide the required information for the 
Group to be able to recognise this plan in the balance 
sheet in accordance with IAS 19. Pension commit-
ments that have not been taken over by insurance 
companies or secured in some other way with an 
external party are recognised as provisions in the bal -
ance sheet. 
Intangible assets
Capitalised expenses for development work
Development expenses where the results are used to 
plan or create production of new or greatly improved 
processes or products are capitalised if it is deemed 
that the process or product is technically and com -
mercially viable. The expenses are recognised as an 
asset in the balance sheet from the time when the 
future technical and commercial feasibility of the 
product has been established, the company has the 
resources to complete the development process to 
thereafter use or sell the intangible asset, and it is fea -
sible that the product will generate future economic 
benefits. The carrying amount includes expenses for 
material, direct expenses and indirect expenses that 
can reasonably and consistently be attributed to the 
asset. 
Capitalised development expenditure is recognised 
at cost less accumulated amortisation and any 
impairment. Amortisation is recognised in profit or loss 
over the estimated useful life of the capitalised devel -
opment expenditure. Amortisation commences from 
the time the asset is available for use. The estimated 
useful life varies between three and ten years. Esti -
mated useful lives are reassessed every year.
Trademarks, patents and similar rights
Trademarks, patents and similar rights are recognised 
at cost less accumulated amortisation. Amortisation is 
carried out on a straight-line basis over the estimated 
useful life of five to ten years. Estimated useful lives are 
reassessed every year.
Goodwill
The factors that constitute ITAB’s recognised goodwill 
are primarily synergy effects in production, logistics, 
staff, know-how and effective organisation. Goodwill is 
recognised as an intangible asset with an indetermin -
able useful life and is tested for impairment annually 
at year-end or when there is an indication of possible 
impairment losses; refer to the section on Impairment 
in Note 3.
A cash-generating unit (IAS 36) is defined as the 
smallest identifiable group of assets that, in continu -
ous use, generates cash inflows that are essentially 
independent of other assets or groups of assets. No 
distribution of the Group’s goodwill has been per -
formed since all ITAB companies’ activities and cash 
inflows are highly dependent on each other. Goodwill 
arising from this year’s acquisition of HMY has been 
tested separately within the acquired units for the 
year. The HMY Group operated in a similar manner to 
ITAB and as the integration with the ITAB Group began 
immediately after closing, no distribution of goodwill 
will be performed going forward. 
The recoverable value has been determined based 
on the unit’s value in use, which consists of the present 
value of estimated future cash flows. Identification of 
projected cash flows is based in part on an assess -
ment of the expected rate of growth of the business in 
accordance with forecasts prepared by company 
management for the next four years. The company 
uses weighted average cost of capital (WACC) to dis -
count projected cash flows and estimate the 
cash-generating unit’s value in use, refer to Note 18.
Leases
ITAB is only a lessee, not a lessor. At the commence -
ment date of a lease, the company determines the 
lease term as the non-cancellable period, together 
with periods covered by an extension or termination 
option if it is reasonably certain that the option will be 
exercised. The lease liability is measured at the pres -
ent value of the lease payments that were not paid at 
the commencement date. Lease payments are dis -
counted with the rate implicit in the lease if it can be 
determined; otherwise ITAB’s incremental borrowing 
rate at the commencement date is used. 
ITAB’s lease portfolio consists mainly of real estate, 
machinery and vehicles. ITAB applies the practical 
exemptions in IFRS 16 regarding short-term leases, 
which are defined as leases where the initial lease 
term is a maximum of 12 months after consideration of 
extension options, and leases where the underlying 
asset is of a low value, which in the Group includes 
office equipment. ITAB does not apply IFRS 16 for intan -
gible assets. Non-lease components are expensed 
and are not recognised as part of the right of use or 
lease liability.
Property,  plant and equipment
Property, plant and equipment are measured at cost 
less deductions for accumulated depreciation 
according to plan and any impairment losses. 
Depreciation is carried out systematically over the 
assets’ expected useful life and commences after the 
non-current asset has been taken into operation. The 
Group applies component depreciation, which 
means that each part of property, plant and equip -
ment with a cost that is significant in relation to the 
combined cost of the asset is depreciated separately. 
Land is not depreciated. 
Depreciation plan
Buildings  10–40 years
Land improvements  10–20 years
Improvements to others’ property  10–20 years
Machinery and equipment  3–10 years
Depreciation plan for right-of-use assets 
Buildings, production  8–15 years
Buildings, offices and warehouses  3–10 years
Machinery and equipment  3–10 years
The useful life and residual values of assets are 
reviewed regularly and adjusted regularly as needed. 
Financial instruments
Financial instruments include cash and cash equiva -
lents, loan receivables, accounts receivable, 
accounts payable, current and non-current borrow -
ings, and derivative instruments. 
Classification of financial assets and liabilities
A financial instrument is classified on initial recogni -
tion according to the purpose for which the instrument 
was acquired. The Group divides up its financial 
assets and liabilities into debt instruments, equity 
instruments and derivatives such as hedging instru -
ments in hedge accounting.
Debt instruments
The classification of financial assets that are debt 
instruments is based on the Group’s business model 
for the management of the asset and the nature of 
the asset’s contractual cash flows. The instruments are 
classified at: amortised cost or fair value through profit 
or loss. Financial liabilities are classified at amortised 
cost or at fair value through profit or loss.
Financial assets measured at amortised cost are 
non-derivative financial assets with payments that are 
established or can be established and that are not 
traded on an active market. Receivables of this type 
normally arise when the Group pays cash to a coun -
terparty or supplies a customer with goods or services 
without the intent of converting the receivable that 
arises. Loan receivables, cash and cash equivalents, 
and accounts receivable are recognised at the 
amount that is expected to be received after deduc -
tions for expected credit losses. All loan receivables 
and accounts receivable are assessed individually. 
The anticipated maturity of accounts receivable is 
short, which is why the value is recognised at the nom -
inal amount.
Financial assets measured at fair value through profit 
or loss include financial assets available for sale and 
financial assets that have been identified as being 
measured at fair value through profit or loss.  Financial 
instruments in this category are initially recognised at 
fair value. Changes in fair value are recognised in 
profit or loss. Derivatives are classified at fair value 
through profit or loss if the instrument has not been 
identified as a hedging instrument in hedge account-
ing or is ineffective. 
Financial liabilities measured at amortised cost . This 
category includes loans, other financial liabilities, 
accounts payable, financial accrued expenses and 
prepaid income. Financial liabilities recognised at 
amortised cost are initially measured at fair value 
including transaction costs. After initial recognition, 
they are measured at amortised cost according to the 
effective interest method.
Financial liabilities measured at fair value through 
profit or loss include  financial liabilities that have ini -
tially been attributed to the relevant category as well 
as derivative liabilities if the instrument has not been 
identified as a hedging instrument in hedge account-
ing or is ineffective. Changes in the fair value of finan -
cial instruments are recognised in profit or loss for the

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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 2 cont.
period in which they arise. Additional purchase con -
siderations in connection with business combinations 
are classified as financial liabilities measured at fair 
value through profit or loss.
Equity instruments
The Group classifies equity instruments at fair value 
through profit or loss.
Derivatives as hedging instruments in hedge accounting
Hedging of net investments in foreign operations and 
future cash flows are recognised according to the 
principles for hedge accounting. When the transac -
tion is entered into, the relationship between the 
hedging instrument and the hedged item is assessed 
and analysed against the Group’s objective for risk 
management in respect of hedging. An assessment of 
whether the hedging instruments used in hedging 
transactions are effective when it comes to countering 
changes in fair value or the cash flows that are attrib -
utable to the hedged items is performed when hedging 
is entered into and continually during the hedging 
period.
Hedging of net investments in foreign operations
Investments in foreign subsidiaries (net assets including 
goodwill) have to a certain extent been hedged 
through loans in foreign currency. The exchange rate 
gain or loss in respect of borrowing that is deemed to 
be effective hedging is recognised as a translation dif -
ference when translating foreign operations in other 
comprehensive income. The ineffective portion is 
recog nised immediately in net financial items in the 
income statement. Profit that has been recognised 
under other comprehensive income is transferred to 
the income statement when the foreign operation has 
been divested.
In addition to loans in foreign currencies, the Group 
uses currency futures to hedge net assets in foreign 
currencies. The fair value of currency hedges is recog -
nised as a change in the fair value of hedges of net 
investments in other comprehensive income. Any in  -
effectiveness is recognised immediately in net finan -
cial items in the income statement.
Hedging of future cash flows
The derivative instruments used for hedging projected 
interest expenses and forecast cash flow in a foreign 
currency are recognised in the balance sheet at fair 
value. Any gain or loss is recognised as a change in 
the fair value of cash flow hedges in other comprehen -
sive income until the hedged flow is recognised in the 
income statement, at which time the hedged instru -
ment’s accumulated change in value is transferred to 
net profit for the year to meet the earnings effects of 
translated foreign cash flows. 
Impairment of financial assets
The Group’s financial assets, apart from those that are 
classified at fair value through profit or loss, are cov -
ered by impairment for expected credit losses. In addi -
tion to this, the impairment covers lease receivables 
and contract assets that are not measured at fair 
value through profit or loss. Impairment for credit 
losses according to IFRS 9 is forward-looking, and a 
loss allowance is made when there is exposure to 
credit risk, normally on initial recognition. Expected 
credit losses reflect an objective, probability-weighted 
outcome that gives consideration to most scenarios 
based on reasonable and verifiable forecasts for the 
anticipated remaining term.
 The financial assets are recognised in the balance 
sheet at amortised cost, meaning net of gross value 
and loss allowance. Changes in the loss allowance 
are recognised in profit or loss.
Inventories
Inventories are measured at the lower of cost or net 
realisable value and in accordance with first-in, first-
out (FIFO) method. Alternatively, weighted average 
prices are used. The same method is used for all 
goods with a similar nature in each company. For 
manufactured goods and work in progress, cost 
includes a reasonable portion of the indirect costs 
based on a normal capacity. Deductions are made 
for internal gains that arise through sales between 
companies in the Group.
An assessment of the provision for obsolescence is 
conducted on an ongoing basis for inventories that 
have not moved for more than 12 months, alternatively 
if other relevant circumstances. The assessment of 
value is carried out for individual items.
Transactions with related parties
Related companies are defined as those companies 
included in the Group as well as companies in which 
related physical persons have a controlling, joint con -
trolling or significant influence. Related physical per -
sons are defined as Board members, senior executives 
and close family members of such persons. Informa -
tion about transactions with related parties is pre -
sented in Note 34. The current Board and Group 
mana gement are presented on pages 107-108.
Share-based payment
ITAB has long-term share-based incentive programs 
that enable employees to acquire shares in the Parent 
Company. The Group and the Parent Company recog -
nise these programs in accordance with IFRS 2 Share-
based Payment . The fair value of allocated share 
rights is recognised as a personnel cost with a corre -
sponding increase of equity. Fair value is calculated 
at the time of allocation and is distributed over the 
vesting period. The fair value of the allocated share 
rights is calculated taking into account market condi -
tions and conditions that are not vesting conditions as 
well as the prerequisites that applied at the time of 
allocation. The cost recognised corresponds to the fair 
value of an estimate of the number of shares expected 
to be vested taking into account service conditions 
and performance conditions that are not market con -
ditions. This cost is adjusted in subsequent periods to 
ultimately reflect the actual number of shares vested. 
However, an adjustment is not made when forfeiture is 
only due to market conditions and/or conditions that 
are not vesting conditions not being met.
 Social security contributions attributable to share-
based instruments for employees as remuneration for 
purchased services are expensed distributed over the 
periods in which the services are rendered. Provisions 
for social security contributions are based on the fair 
value of the share rights on the reporting date. 
Disclosures on share-based payment are presented 
in Note 8 Personnel and senior executives  as well as 
Note 25.
Operating segments
Identification of operating segments has been per -
formed in four stages: identifying the company’s chief 
operating decision-maker, identifying the business 
activities, determining whether discrete financial infor -
mation is available for the business activities, and 
determining whether this information is reviewed regu -
larly by the company’s chief operating decision  maker. 
The definition according to IFRS 8 has thereafter been 
used to define the Group’s operating segments.
The company’s chief operating decision-maker is 
identified as the Board of Directors, see page 107. 
Profit at company level, or aggregated company level, 
are not used as a basis for decisions on the allocation 
of resources. Various parameters in customer projects 
based primarily on strategic aspects are used as a 
basis instead. The majority of the Group’s sales are 
made to major global customers, which is why the 
ITAB Group has a local presence in many countries. 
Decisions are made at Group level, meaning, for 
example, that pricing takes place in relation to a par -
ticular customer. Pricing can entail an uneven alloca -
tion of resources between different Group units in 
order for the Group to secure an order. The various 
units’ level of revenue and profit are consequently 
highly dependent on the Group’s other companies, 
which is one reason why profit is not used as a basis 
for decisions on the allocation of resources.
Another reason is that the supporting data for deci -
sions on the allocation of production resources is not 
determined by the various units’ profit, rather by the 
conditions that exist in various customer projects as 
regards the most effective production for the Group as 
a whole. This can entail that certain units are allo -
cated resources for production that are not favourable 
from the individual unit’s perspective, but that are 
deemed to be the best decision from a Group per -
spective. The corresponding argument also applies to 
other parameters, such as design, construction, mar -
keting, installation, development, etc. 
This business model entails that a large portion of 
the decisions that affect the Group’s various compa -
nies are taken centrally. ITAB does not have any inde -
pendent financial information regarding products or 
product groups since the majority of sales take the 
form of concept sales, with a combination of several 
products and services. 
 These conditions mean that profit is not used as a 
basis for decisions regarding the allocation of 
resources to various parts of the company, and that 
the Group only comprises one operating segment.
Parent Company accounting policies
The Parent Company has prepared its annual 
accounts in accordance with the Swedish Annual 
Accounts Act and the Swedish Corporate Reporting 
Board’s recommendation RFR 2. The Swedish Corpo -
rate Reporting Board’s recommendations for listed 
companies have also been applied.

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123
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 2 cont.
Presentation of income statement and balance sheet
The Parent Company uses the presentation formats 
specified in the Swedish Annual Accounts Act, which 
means for example that a different presentation of 
equity is applied and that provisions are recognised 
under a separate heading in the balance sheet. For 
the Parent Company, equity is presented divided into 
non-restricted and restricted equity.
 
Leases
In the Parent Company, IFRS 16 is not applied. Instead, 
lease payments are recognised as an expense on a 
straight-line basis over the lease term.  
Group contributions, shareholder contributions and 
dividends
Group contributions are recognised according to RFR 
2’s alternative rule, which means that received and 
paid Group contributions are recognised as year-end 
appropriations in the income statement.
Shareholder contributions are recognised directly 
against equity for the recipient and capitalised in 
shares and participations for the provider to the extent 
impairment is not required. 
Dividends received are recognised as revenue when 
the right to receive dividends has been determined.
Participations in subsidiaries
Participations in subsidiaries are recognised in the  
Parent Company according to the acquisition 
method. The investments’ impairment requirements 
are tested annually or when there is a risk that the  
carrying amount of the investment is higher than the 
replacement cost. 
Dividends from subsidiaries are recognised as finan -
cial income. When dividends stem from gains earned 
before the acquisition, the item must be tested for 
impairment.
Financial instruments
As a result of the relationship between accounting 
and taxation, the rules relating to financial instruments 
are not applied according to IFRS 9 in the Parent Com -
pany as a legal entity. Instead, the Parent Company 
applies the cost method in accordance with the 
Swedish Annual Accounts Act. In the Parent Company, 
financial non-current assets are thus measured at cost 
and financial current assets according at the lower of 
cost or net realisable value, with impairment of 
expected credit losses applied according to IFRS 9 in 
respect of assets that are debt instruments. For other 
financial assets, impairment is based on market values. 
Derivatives are recognised according at the lower of 
cost or net realisable value.

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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 3 Important estimates  
and assessments
The preparation of financial reports requires that the 
company management makes assessments and uses 
estimates and assumptions that affect recognised 
amounts in the consolidated accounts. These esti -
mates, assessments and related assumptions are 
based on experience and other factors that are 
deemed reasonable in the prevailing circumstances. 
The actual results may deviate from these estimates. 
The estimates, assessments and assumptions are reas -
sessed regularly. Changes to estimates and assess -
ments are recognised in the period in which the 
change takes place as well as in future periods if these 
periods are affected. 
 Below are the estimates and assessments that, in the 
company management’s opinion, are important for 
recognised amounts in the financial statements and 
for which there is a significant risk that future events or 
new information could result in them changing.
Business combinations
The measurement of identifiable assets and liabilities 
in conjunction with the acquisition of subsidiaries or 
operations involves items in the acquired company’s 
balance sheet, as well as items that have not been 
recognised in the acquired company’s balance sheet 
such as customer relationships, being measured at 
their fair value. In the case of acquisitions, the purchase 
consideration and any additional purchase consider -
ation may also be assessed. There are normally no 
publicly listed prices for the assets and liabilities that 
are to be measured, whereupon various measure -
ment techniques must be applied. These measure -
ment techniques are based on a number of different 
assumptions. For a production-intensive company like 
ITAB, non-current assets, inventories and accounts 
receivable are significant items in the balance sheet 
that can be difficult to measure and assess.
 The measurement of identifiable assets and liabilities 
is also dependent on the accounting environment in 
which the acquired company/business has operated. 
Assessments are made regarding the extent of the 
adaptations that are required to the Group’s account -
ing policies, the frequency with which final accounts 
are prepared as well as access to data that may be 
required to measure identifiable assets and liabilities. 
All balance sheet items are thereby subject to esti -
mates and assessments. This also means that a pre -
liminary measurement is performed and subsequently 
adjusted. All acquisition calculations are subject to 
final adjustment at the latest one year after the time of 
the acquisition. With due consideration to the above 
description and the practical potential to compile and 
present all individual adjustments in a way that bene -
fits the person reading the Annual Report, ITAB has 
decided, provided this is not a case of material adjust -
ments, not to specify separately for each individual 
acquisition the reasons why the initial reporting of the 
business combination is preliminary, nor the assets and 
liabilities for which the initial reporting is preliminary.
Impairment testing for goodwill,  other intangible 
assets and other non-current assets
Important sources of uncertainty in estimates
Goodwill is not amortised, rather impairment testing is 
performed annually instead. Other intangible assets 
and other non-current assets are amortised or depre -
ciated over the period in which company manage -
ment estimates that the asset will be used. In addition, 
regular assessments are performed as to whether 
there is any indication of a need for impairment. 
Impairment testing is based on a review of the recover -
able amount. The value is estimated based on com -
pany management’s calculations of future cash flows, 
which are based on internal business plans and fore -
casts.
Estimates and assessments
Company management’s judgement is required 
when it comes to impairment, particularly when 
assessing:
–  whether an event has occurred that can affect the 
values of the assets,
–  whether an asset’s carrying amount can be con -
firmed by the discounted present value of future 
cash flows, which are estimated based on the con -
tinued use of the asset in the operations,
–  that adequate assumptions are used when prepar -
ing cash flow forecasts, and
– the discounting of these cash flows.
Changes to the assumptions that are made by com -
pany management when determining any level for 
impairment can affect the financial position and oper -
ating profit.
Impairment testing for financial assets
Important sources of uncertainty in estimates
Impairment for credit losses of financial assets accord -
ing to IFRS 9 is forward-looking, and a loss allowance is 
made when there is exposure to credit risk, normally 
on initial recognition. Expected credit losses reflect an 
objective, probability-weighted outcome that gives 
consideration to most scenarios based on reasonable 
and verifiable forecasts for the anticipated remaining 
term.
Estimates and assessments
ITAB’s credit risk is almost exclusively attributable to 
accounts receivable. The basis for expected credit 
losses comprises an assessment of the unpaid receiv -
ables. The loss allowance for expected credit losses is 
based on a calculation according to the internal reg -
ulatory framework in combination with an individual 
assessment. The assessment is performed on the basis 
of the circumstances that could have a significant 
impact in the valuation process, such as important 
customers’ financial position and ability to pay that 
are known on the balance sheet date. 
Leases
Important sources of uncertainty in estimates
ITAB applies IFRS 16 Leases . Lease liabilities attribut -
able to long-term leases are valued at the present 
value of the remaining lease payments, discounted 
using the incremental borrowing rate. ITAB initially 
recog nises a right-of-use asset as a non-current asset 
at an amount corresponding to the lease liability. The 
establishment of the lease term and incremental bor -
rowing rate entails judgements that affect the value of 
the lease liability and right-of-use asset.
Estimates and assessments
When determining the lease liability and right-of-use 
asset, the most significant assessments are attribut-
able to the establishment of the lease terms. The 
majority of ITAB’s leases include options to either 
extend or terminate the agreement. When the term of 
the lease is established, ITAB takes into consideration 
all facts and circumstances that provide a financial 
incentive to utilise an option to extend or waive an 
option to terminate the agreement. Examples of factors 
that are considered include strategic plans, restructur -
ing programs, the importance of the underlying asset 
to ITAB’s operations and/or costs attributable to not 
extending or terminating leases.
Deferred tax
Important sources of uncertainty in estimates
Deferred tax assets/liabilities are recognised for tem -
porary differences between the reported amounts for 
assets and liabilities and the relevant taxable values 
as well as unutilised capitalised loss carryforwards. 
Deferred tax assets are recognised on the basis of 
company management’s estimates of future taxable 
profit in various tax jurisdictions.
 The actual results may differ from the estimates due 
to changes in business climate, ownership and tax 
legislation. 
Estimates and assessments
For example, company management estimates future 
taxable income in order to determine the value of 
deferred tax.
Estimate/Assessment Note
Business combinations 5, 36
Impairment testing for goodwill,  
other intangible assets and other  
non-current assets 18, 19
Impairment testing for 
financial assets 21
Leases 22
Deferred tax 16
Note 4 Financial risk management
ITAB’s risk management aims to identify, control, prevent 
and minimise the Group’s risk mapping. ITAB’s finan -
cial risks are described below. For other business- 
related risks, see pages 24-28.
 Financial risks are managed by the finance policy 
adopted by the Board of Directors. Financial activities 
such as risk management, liquidity management and 
borrowing are handled centrally by the Parent Com -
pany. This allows the Group to optimise the financial 
risks and make use of economies of scale and synergy 
effects. The Group’s identified financial risks are cur -
rency, interest, credit, liquidity and refinancing risks. 
Currency risk
ITAB Shop Concept is exposed to currency risks 
through its international business activities. These can 
be divided into transaction risk, risk when translating 
foreign subsidiaries’ income statements, and risk when 
translating foreign subsidiaries’ balance sheets.

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