FULLTEXT DEL 4 AV 4
Årsredovisning 2025
125
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 4 cont.
Transaction risk
Commercial payment flows that occur in a currency
other than the respective subsidiary’s local currency
entail a transaction risk. To reduce currency exposure,
efforts are made to match the inflow and outflow in
different currencies, for example by issuing invoices in
the same currency in which purchases are made. In
line with the finance policy, each individual Group
company decides whether to hedge transaction
exposure, which in that case occurs with ITAB Shop
Concept AB as the counterparty. External currency
exposure hedging is thereafter performed by the Parent
Company ITAB Shop Concept AB, with due consider -
ation for the Group’s currency exposure within the next
12 months. According to ITAB’s finance policy, 50–75
percent of the currency risk within the next upcoming
12 months is hedged through forward agreements. It is
also possible to adjust prices for currency fluctuations
through clauses in some customer contracts. As a
result of the hedging strategy, the impact on ITAB’s
profit from a reasonable fluctuation in exchange rates
is deemed to be small, whereupon the currency risk
analysis regarding the transaction flows is not deemed
to be significant. Hedging activities to reduce transac -
tion exposure are classified as cash flow hedges. At
the end of 2025, there were cash flow hedges of
projec ted flows in EUR, GBP, CZK and CNH. The fair
value of the forward agreements used to hedge fore -
cast flows amounted to MSEK 2 (3), net. The year’s
change in fair value, MSEK -1 (4) after tax, has been
recognised in comprehensive income. The realised
results of the forward agreements for 2025 amounted
to MSEK -8 (-6) before tax, which has been recognised
as other operating income and expenses in the
income statement.
Risks when translating the income statements of foreign
subsidiaries
The income statements of foreign subsidiaries that are
not located in hyperinflationary countries are trans -
lated at the average exchange rate for the respective
period. In countries considered to be hyperinflation -
ary, the translation of the income statement is instead
recognised at the closing day rate and earnings in the
local currency are adjusted according to local
indexes. Given the invoicing and net profit of 2025, a
5 percent change in the SEK exchange rate to all
currencies would affect invoicing by approximately
MSEK 605 (296) and net profit by approximately MSEK
18 (22).
Risks when translating the balance sheets of foreign
subsidiaries
The foreign subsidiaries’ balance sheets are translated
at the closing day rate. The translation risks relate to
exchange rate fluctuations that affect the value of the
net foreign assets when translating to SEK. The value of
net foreign assets amounted to MSEK 2,957 (2,328) as
of the balance sheet date. Investments in net foreign
assets are partly financed by raising loans in foreign
currencies, which reduces the translation risks. To
reduce the net assets in foreign currencies and
thereby reduce the currency risks, assets are financed
locally in the foreign subsidiaries, in local currency,
where this is commercially possible. However, some
financing is arranged via the Parent Company ITAB
Shop Concept AB. In addition to loans in foreign cur -
rencies, the Group uses currency futures to hedge net
assets in foreign currencies. The fair value of the cur -
rency hedges is recognised against comprehensive
income and can be reclassified as a financial gain or
loss when currency futures are ineffective. Earnings
from currency futures amounted to MSEK 2 (-6) after
tax in 2025, which was recognised against compre -
hensive income in the Group. Exchange rate fluctua -
tions in 2025 had a total impact of MSEK -105 (134)
after tax on the Group’s comprehensive income. At
the end of 2025, the fair value of the currency futures is
estimated at MSEK 2 (-1).
The value of the Group’ s foreign net assets after hedging
per currency:
Currency (MSEK) 31 Dec 2025 31 Dec 2024
CZK 325 438
NOK 147 129
GBP 214 167
EUR 1) 1,830 988
USD, HKD and CNY 378 460
Other 63 146
2,957 2,328
1) EUR also refers to currencies linked to EUR.
Currency hedges
At the end of the year, the Group had hedged the
following net amount via currency futures for the pur -
pose of hedging cash flows and net assets. The gross
volumes below are stated per currency in the local
currency (million) measured at nominal value. All con -
tracts have a term of less than 12 months.
Currency 31 Dec 2025 31 Dec 2024
SEK 364 -750
NOK – -10
CNH 121 120
CZK 105 242
GBP -1 -3
EUR -51 45
Average exchange rate,
currency futures
31 Dec 2025
EUR/SEK 10.9520
EUR/CZK 24.7978
EUR/CNH 8.1751
GBP/SEK 12.7809
CZK/SEK 0.4489
Interest risk
The interest risk consists of interest rate changes having
a negative impact on the Group’s profit through
increased borrowing costs. In order to reduce the
interest risk, interest rates can be fixed via restricted
loans or through interest rate swap agreements. The
Group’s interest-bearing liabilities excluding lease lia -
bilities amounted to MSEK 3,369 (648) on the balance
sheet date. Of this amount, MSEK 1,475 (116) was
financed at variable interest rates. The remaining
MSEK 1,894 (532) is restricted through interest rate
swap agreements and has an average fixed rate
period of 33 months (36). The average interest rate for
outstanding interest-bearing liabilities including inter -
est rate swaps was 4.45 percent (3.34) at year-end.
A 1 percentage point change in interest would affect
net profit by approximately MSEK 10 (1) per annum.
The change in the fair value of interest rate swap
agreements is recognised in comprehensive income
until the hedged flow is transferred to net profit for the
year. The change in comprehensive income amounts
to MSEK -5 (-7) for 2025, of which MSEK -3 (-9) has been
transferred to net profit for the year. Of the MSEK 9 rec -
ognised as financial expenses in 2024, MSEK 1 per -
tains to hedges deemed ineffective. No hedges were
deemed ineffective in 2025.
Derivative instruments
Interest rate swap
agreements
31 Dec 2025
Nom. amount
(MSEK)
31 Dec 2024
Nom. amount
(MSEK)
Duration less than 1 year – 102
Duration 1–3 years 893 215
Duration 3–5 years 1,001 143
Duration more than 5 years – 72
1,894 532
Liquidity and refinancing risk
Liquidity risk refers to the risk that a company has insuf -
ficient cash and cash equivalents or unutilised credit
facilities to fulfil its payment obligations. Refinancing
risk is the risk that a company cannot raise, or has diffi -
culty raising, capital or refinancing its existing loans on
acceptable terms. ITAB Shop Concept strives to main -
tain a high level of financing readiness, for example by
monitoring and managing the Group’s combined
capital financing centrally within the Parent Company.
The majority of the Group’s borrowing takes place
between banks and ITAB Shop Concept AB. Subsidiar -
ies in turn borrow from ITAB Shop Concept AB on mar -
ket terms. Some local borrowing from banks in the rele -
vant company’s local currency may occur. Refinan-
cing of existing loans should be carried out in good
time before maturity or be covered by guaranteed
unutilised credit facilities. Time analysis of financial
liabilities is presented in Note 21.
Credit risk
Credit risk refers to the risk that the counterparty in a
financial transaction is unable to fulfil its obligations.
ITAB Shop Concept’s credit risk is almost exclusively
attributable to accounts receivable. The Group has
historically had low losses on accounts receivable.
The company’s customers are primarily large,
well-established companies with sound payment
capacity distributed across several geographic mar -
kets. The risk of losses on accounts receivable is man -
aged through set procedures for credit restrictions,
reminder procedures and penalty interest invoicing.
Credit insurance policies exist in conjunction with
sales to customers in certain countries. The amount
that best represents the maximum exposure to credit
losses, without consideration for any security provi -
sions and VAT, is the outstanding accounts receivable
on the balance sheet date of MSEK 2,328 (1,008).
Credit risk from balances in banks and financial insti-
tutes is managed by the Parent Company in accor-
dance with the Group’s policy. The Group’s total financial
assets amount to MSEK 3,766 (2,734). Refer to Note 21.
===== SIDA 126 =====
126
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 5 Corporate acquisitions and divestments
Purchase consideration 2025 2024
Total purchase consideration
excluding acquisition costs 1,773 35
of which, purchase consider-
ation not paid during the year
6
–
Acquisitions and divestments had an impact of MSEK
-1,473 on net investments in 2025, of which MSEK -1,464
pertained to the acquisition of Financière HMY SAS,
MSEK -10 to the acquisition of Blink AB and MSEK +1 to
the divestment of La Fortezza Asia Sdn Bhd. Acquisi -
tions and divestments had an impact of MSEK 32 on
net investments in 2024, of which MSEK -12 pertained
to the acquisition of a minority stake in Imola Retail
Solutions Srl. and MSEK -23 to the acquisition of partici -
pations in Signatrix GmbH, MSEK +15 pertained to the
divestment of a Group company in China and MSEK
+52 to the divestment of the operations in Russia.
Expenses in connection with acquisitions are recog -
nised as expenses in operating profit.
Acquisitions in 2025
Acquisition of Financière HMY SAS
On 25 September 2024, ITAB agreed to acquire all
shares in Financière HMY SAS for a cash consideration
of MEUR 320 on a cash and debt free basis. HMY is a
leading European supplier of shop fittings, checkouts
and store design to the retail industry, primarily in
Europe, South America and the Middle East. In 2024,
the HMY Group had sales of approximately MEUR 585.
The aim of the acquisition was to strengthen ITAB’s
position and complement the Group’s current offer -
ing. The acquisition was financed with a combination
of new debt and equity. As a result, ITAB obtained a
binding commitment letter regarding debt financing
comprising MEUR 255 in long-term credit facilities and
a MEUR 100 revolving credit facility. For more informa -
tion regarding financing through equity, refer to Note 27
concerning the directed share issue. The transaction
was conditional upon signing of a final and definitive
share purchase agreement, necessary regulatory
approvals as well as other customary closing conditions.
With a final and definitive share purchase agreement
entered into on 5 December 2024 and the other condi-
tions for the transaction fulfilled, the acquisition was
completed on 31 January 2025. The purchase consider-
ation was paid in connection with the closing of the
transaction, and consequently, the previously obtained
debt financing commitments from Danske Bank, Nordea
and Swedbank were converted into loans.
HMY is consolidated in the ITAB Group as of 1 Febru-
ary 2025. The operations of the former HMY Group had
combined sales of approximately MEUR 600 for full-year
2025. Expenses in connection with the transaction are
reported on an ongoing basis as costs in profit or loss
and are included in reported non-recurring items.
Effect of the acquisition of the shares in HMY 2025
Fair values of acquired assets and liabilities, purchase
considerations and the impact on the Group’s cash
and cash equivalents according to acquisition analy -
ses are presented below. Goodwill arising in the trans -
action primarily comprises the value of expected syn -
ergies and the value of the employees, which are not
recognised separately. Final payment of the purchase
consideration is expected to take place in 2026. The
summary below presents the estimated purchase con -
sideration. The difference between estimated and
final purchase consideration will impact operating
profit in the income statement.
HMY Group on the acquisition date
Fair value,
MSEK
Intangible assets 975
Property, plant and equipment 947
Deferred tax assets 86
Financial assets 8
Inventories 660
Accounts receivable 1,312
Other current assets 856
Deferred tax liabilities -257
Non-current liabilities incl. provisions and
lease liabilities
-2,380
Current liabilities incl. lease liabilities -2,498
Net identifiable assets and liabilities -291
Non-controlling interests -107
Group goodwill 1) 2,124
Estimated purchase consideration 1,726
Less net cash and cash equivalents in the
acquired companies and non-cash items
-262
Impact on the Group’ s cash and cash
equivalents on the acquisition date 1,464
1) Goodwill comprises primarily synergy effects in terms of product
supply, logistics, personnel, know-how and an effective organisation.
No part of goodwill is expected to be tax deductible.
Pro forma combined financial information for the ITAB Group including HMY
To illustrate the financial effects of the acquisition and to facilitate comparisons with the previous year, 2025 is
also presented below with HMY included for the full year (from 1 January 2025) and the comparative figures for
2024 as combined financial information on a pro forma basis. The restated financial information for 2024 has
been prepared and presented in accordance with the ITAB Group’s accounting policies.
Note: All items below exclude non-recurring items. The combined financial information has not been audited.
2025 2024
A B 2) C 3)
ITAB Group 1)
Pro forma
ITAB
Actual
HMY
Pro forma
Consolidated
ITAB Group
Pro forma
Revenue from contracts with customers 13,270 6,585 6,694 13,279
Cost of goods sold -10,142 -4,728 -5,324 -10,052
Gross profit 3,128 1,857 1,370 3,227
Gross margin, % 23.6% 28.2% 20.5% 24.3%
EBITDA excl. non-recurring items 1,294 761 616 1,377
EBITDA margin, % 9.8% 12.0% 9.6% 10.8%
Adjusted EBIT excl. non-recurring items
and amortisation of acquisition-related assets
847
507
411
918
Adjusted EBIT margin 6.4% 7.7% 6.1% 6.9%
1) Pro forma for the combined Group including HMY for 12 months (January–December) in 2025.
2) Pro forma – HMY’s financial information for 2024 restated in accordance with the IFRS Accounting Standards in MSEK.
3) Pro forma – Combined financial information for 2024 for the consolidated ITAB Group (column A + B).
===== SIDA 127 =====
127
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 5 cont.
Other acquisitions in 2025
ITAB acquired, through a subsidiary, the remaining 82
percent of the shares in Signatrix GmbH, a technology
and retail AI startup, in May 2025. The Group acquired
18 percent of the shares in 2024. Since 2022, Signatrix
and ITAB have together created frictionless security
deterrents that reduce thefts and shrinkage for the
retail sector. On the acquisition date, Signatrix had 17
employees. The company is consolidated in the ITAB
Group as of June 2025. The acquisition had a marginal
impact on the Group’s earnings per share and an
impact of MSEK 0 on the Group’s cash and cash
equivalents on the acquisition date.
In December 2025, ITAB acquired, through a subsi -
diary, all shares in the design agency Blink AB with the
aim of strengthening its position in brand and retail
design. On the acquisition date, Blink had sales of
MSEK 13 and the average number of employees was
six. The purchase consideration amounted to MSEK 16,
with an additional purchase consideration of a maxi -
mum of MSEK 9.5 based on the company’s perfor -
mance over the next two years. The purchase consid -
eration was paid on the acquisition date and costs
related to the acquisition are reported as expenses on
an ongoing basis. The acquisition is consolidated from
31 December 2025. The acquisition had a marginal
impact on the Group’s earnings per share and an
impact of MSEK 10 on the Group’s cash flow for 2025.
The two acquisitions are not individually of material
significance, which is why they are reported jointly
below. Acquired net assets at preliminarily estimated
fair values amounted to MSEK 47 on the acquisition
dates, of which goodwill was MSEK 29. Goodwill mainly
consists of know-how and personnel.
Other acquisitions on the acquisition dates
Preliminary
fair values,
MSEK
Intangible assets 29
Property, plant and equipment 1
Financial assets 1
Accounts receivable 2
Other current assets 9
Deferred tax liabilities -2
Non-current liabilities incl. provisions and
lease liabilities
-1
Current liabilities incl. lease liabilities -21
Net identifiable assets and liabilities 18
Group goodwill 1) 29
Purchase consideration including estimated
contingent purchase consideration
47
Estimated additional purchase consideration 2) -6
Purchase consideration paid 2025 -23
Less net cash and cash equivalents in the
acquired companies
-8
Impact on the Group’ s cash and cash
equivalents on the acquisition date 10
1) Goodwill comprises primarily synergy effects in terms of product
supply, logistics, personnel, know-how and an effective organisation.
No part of goodwill is expected to be tax deductible.
2) The agreed contingent additional purchase consideration from the
2025 acquisition of Blink AB is attributable to the company’s earnings in
2026–2027 and has a maximum of MSEK 9.5.
Divestments in 2025
In connection with the restructurings in the Group,
ITAB sold 100 percent of its shares in the company La
Fortezza Asia Sdn Bhd in Malaysia through a subsidiary
in April 2025. On the divestment date, the company
had seven employees. The purchase consideration
amounted to MSEK 1. The effect on earnings including
accumulated currency translation differences
amounted to MSEK -1 and was recognised as a non-
recurring item in the second quarter of 2025. The
divestment had an impact of MSEK 1 on cash flow in
the quarter.
La Fortezza Asia Sdn Bhd on
divestment date
Fair value,
MSEK
Accounts receivable 3
Cash and cash equivalents 1
Current liabilities -2
Profit from divestment -1
Consideration received 1
Less cash and cash equivalents on
divestment date 0
Impact on the Group’ s cash and cash
equivalents for the year 1
In 2025, four minor companies were also wound up in
Denmark, Norway, Hong Kong and Germany and a
new company was registered in Ecuador.
Acquisitions in 2024
In early May 2024, ITAB’s Italian subsidiary La Fortezza
S.p.A. exercised its right to acquire the minority hold -
ing of 19 percent of the shares in its subsidiary Imola
Retail Solutions S.r.l. in accordance with the original
acquisition agreement from October 2020. The pur -
chase consideration for the outstanding minority hold -
ing amounted to approximately MEUR 1. For acquisi -
tions, the entity approach is applied, which means
that all assets and liabilities as well as income and
expenses are included in their entirety on the initial
acquisition date, including for partly owned subsidiaries,
and no additional goodwill is therefore linked to the
acquisition. The difference between the valuation of
the non-controlling interest before the acquisition and
the purchase consideration is recognised directly in
equity attributable to Parent Company shareholders.
Cash flow from investing activities in 2024 was affected
in an amount of MSEK -12.
Cash flow for 2024 was also impacted in an amount
of MSEK -23 with respect to an investment in a minority
holding of approximately 18 percent of the shares in
Signatrix GmbH, a technology and retail AI startup.
Since 2022, Signatrix and ITAB have together created
frictionless security deterrents that reduce thefts and
shrinkage for the retail sector.
Divestments in 2024
In connection with the restructurings of the Group,
ITAB sold 100 percent of its shares in the company
Nuco Sourcing (HK) Co Ltd in Hong Kong, with a sub -
sidiary in Shenzhen, China, through a subsidiary in
December 2024. As of the divestment date, the Nuco
Group had just over 65 employees. The purchase con -
sideration amounted to MSEK 25. The effect on earn -
ings including accumulated currency translation dif -
ferences amounted to MSEK -16 and was recognised
as a non-recurring item in 2024. The divestment had
an impact of MSEK 15 on cash flow in the fourth quarter
of 2024.
Nuco Sourcing on divestment date
Fair value,
MSEK
Property, plant and equipment 4
Inventories 16
Accounts receivable 13
Other current assets 4
Cash and cash equivalents 10
Current liabilities -6
Profit from divestment -16
Consideration received 25
Less cash and cash equivalents on
divestment date -10
Impact on the Group’ s cash and cash
equivalents for the year 15
The Group’s Russian subsidiary, ITAB Rus JSC, has been
recognised as Discontinued Operations in accordance
with IFRS 5 since ITAB’s interim report for the third quarter
of 2022. The discontinuation of the Russian operations
was completed on 27 March 2024 through ITAB divest -
ing all participations in the Russian subsidiary ITAB Rus
JSC through its Italian subsidiary, La Fortezza S.p.A. The
purchase consideration amounted to MSEK 52, of
which MSEK 49 was paid in April 2024 and MSEK 3 in
August 2024. Since the Russian company has been
recognised as Discontinued Operations, only the line
item Discontinued Operations in the consolidated
income statement has been impacted due to this
divestment. Cash flow for 2024 was impacted posi -
tively in an amount of MSEK 52.
ITAB Rus JSC on divestment date
Fair value,
MSEK
Property, plant and equipment 0
Inventories 36
Current assets 20
Cash and cash equivalents 13
Current liabilities -17
Profit from divestment 0
Consideration received 52
In 2024, a company in Sweden was also divested and
two dormant companies in the UK, a dormant com -
pany in Belgium, a dormant company in Luxembourg,
and a dormant company in China were wound up.
===== SIDA 128 =====
128
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 6 Revenue from contracts with customers
Business segments and geographic areas
The ITAB Group comprises some 60 operating compa -
nies that sell, develop, produce and distribute shop fit -
tings and equipment to chain-based customers. The
largest customer accounts for approximately 8 per -
cent of external sales, and none of the Group’s other
customers account for more than 4 percent of exter -
nal sales. Most of ITAB’s customers are major chain
stores that operate internationally and have stores in
several countries. Several of the Group’s companies
are involved in most business deals. Because sales
largely involve different customised store concepts,
customer sales are often conducted with resources
from several Group companies in order to fulfil the cus -
tomer’s various needs in the best possible way. Devel -
opment and production of the various store concept
segments are carried out by different Group compa -
nies depending on where the best conditions exist.
This business model entails that a large portion of the
decisions that affect the Group’s various companies
are taken centrally.
As ITAB sells customised store concepts and often
sets a price for a combined product and service, ITAB
performs no division between product groups. These
circumstances mean that the profit or loss is not used
as a basis for deciding on the allocation of resources
to different parts of the company, and that ITAB makes
no allocation according to operating segments or
business segments. See more about the business
operations on pages 10-17.
External revenue 1)
Group 2025 2024
Spain 2,435 131
France 1,766 221
Italy 1,291 1,014
United Kingdom 976 688
Germany 900 684
Norway 545 583
Sweden 466 445
Finland 388 510
The Netherlands 315 260
Portugal 304 59
Poland 288 162
Brazil 239 0
Czechia 193 204
Türkiey 139 20
Australia 135 45
Other 2,400 1,559
12,780 6,585
1) The allocation basis for deciding the country for external sales is the
country where the product is delivered and/or service is performed.
Property, plant and equipment and intangible assets
Group 2025 2024
France 911 17
Spain 513 1
Sweden 424 351
Italy 170 199
China including Hong Kong 160 195
Czechia 153 168
United Kingdom 141 119
Finland 133 93
Türkiey 119 0
Norway 101 108
Other 279 219
Goodwill and other
intangible surplus values
3,967
1,844
7,071 3,314
Revenue from contracts with customers divided by
customer group and geographic market
Revenue recognition takes place when the Group
satisfies a performance commitment by transferring
promised goods and the customer gains control of the
asset. This normally takes place on delivery in accor -
dance with applicable delivery terms. In the event of
concept sales where a service assignment is included,
revenue recognition for the projects takes place over
time. The projects are primarily short-term projects.
Payment terms vary since they are adapted according
to different conditions in different geographic markets.
Sales per customer group 2) 2025 2024
Grocery 6,505 3,683
Fashion / Apparel 1,479 644
DIY / Home Improvement 1,300 810
Health & Beauty 770 331
Other customer groups 2,726 1,117
12,780 6,585
2) The customer groups are divided according to the industries in
which the customers operate. Other customer groups largely consist of
distributors, consumer electronics, sport and leisure, service stations,
hotels, etc.
Sales per market 3) 2025 2024
Southern Europe 5,923 1,480
Central Europe 1,739 1,311
Northern Europe 1,531 1,747
United Kingdom & Ireland 1,034 716
Eastern Europe 1,000 667
Rest of the World 1,553 664
12,780 6,585
3) Southern Europe consists mainly of Spain, France, Italy and Portugal.
Central Europe’s largest markets are Germany, the Netherlands and
Czechia. Northern Europe consists of the Nordic countries. Eastern
Europe’s largest markets are the Baltic countries, Poland, Romania,
Lithuania and Türkiey. Rest of the World comprises all countries outside
Europe, with Australia, Argentina, Saudi Arabia, Brazil, Chile and Peru
accounting for just over 50 percent of sales.
Contract assets and contract liabilities
ITAB’s contract assets comprise goods and services
that have been delivered but not yet invoiced, normally
in the event of concept sales over time, where addi -
tional performance commitments must be fulfilled.
Contract liabilities comprise advance payments from
customers, allocations from customer loyalty programs
and invoicing in addition to performances not yet ful -
filled in the event of concept sales over time. ITAB
applies the practical expedient in accordance with
IFRS 15.121 as ITAB’s performance commitments are
part of contracts that have a term of 1 year maximum.
Contract assets 2025 2024
Accrued income 164 15
Contract liabilities
Advance payments from customers 325 72
Accrued expenses 121 26
Prepaid income 21 3
467 101
The Group’ s recognised revenue includes:
2025 2024
Revenue included in the opening
balance in the item contract liabilities 68 52
Revenue attributable to commitments
wholly or partially executed during
previous periods 3 0
Note 7 Purchases and sales between
Parent Company and subsidiaries
Of the Parent Company’s invoiced sales, 100 percent
consisted of invoicing to subsidiaries.
Purchases from subsidiaries relate primarily to IT,
design, marketing and administration services. No
goods were purchased from subsidiaries.
Profit from participations in subsidiaries as well as
financial income and expenses from Group companies
are presented in Notes 13 and 14, respectively.
Parent Company 2025 2024
Sales of services to subsidiaries 253 198
Purchases of services from
subsidiaries -218 -156
===== SIDA 129 =====
129
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 8 Personnel and senior executives
Average number of
employees
2025 Of which
men
Of which
women
2024 Of which
men
Of which
women
Parent Company Sweden 1 100% – 1 100% –
Subsidiaries Argentina 89 87% 13% 78 91% 9%
Belgium 1 100% – – – –
Brazil 204 77% 23% – – –
Chile 27 69% 31% 2 100% –
Denmark 23 78% 22% 21 76% 24%
Estonia 9 89% 11% 9 78% 22%
Finland 151 83% 17% 148 83% 17%
France 723 79% 21% 34 68% 32%
United Arab Emirates 7 86% 14% 7 86% 14%
India 1 100% – 1 100% –
Italy 377 76% 24% 357 76% 24%
China and Hong Kong 259 52% 48% 334 48% 52%
Latvia 96 76% 24% 100 75% 25%
Lithuania 150 82% 18% 150 84% 16%
Malaysia 2 100% – 7 71% 29%
Mexico 54 75% 25% – – –
The Netherlands 84 81% 19% 68 84% 16%
Norway 157 76% 24% 157 76% 24%
Peru 26 54% 46% – – –
Poland 50 64% 36% 10 70% 30%
Portugal 31 65% 35% – – –
Saudi Arabia 5 100% – – – –
Spain 1,105 73% 27% 11 64% 36%
United Kingdom 199 75% 25% 159 75% 25%
Sweden 256 68% 32% 242 69% 31%
Czechia 429 66% 34% 383 67% 33%
Türkiey 302 85% 15% – – –
Germany 268 83% 17% 248 83% 17%
USA 4 25% 75% 5 – 100%
Subsidiaries total 5,089 75% 25% 2,531 72% 28%
Group total 5,090 75% 25% 2,532 72% 28%
Salaries, other remuneration and
social security expenses
2025
2024
(MSEK)
Salaries and
remuneration
Social security
expenses
Salaries and
remuneration
Social security
expenses
Parent Company 11.8 10.7 12.4 6.0
(of which pension costs) 1) 1.7 1.7
Subsidiaries 2,287.1 681.5 1,208.9 332.1
(of which pension costs) 98.5 91.6
2,298.9 692.2 1,221.3 338.1
Costs for long-term incentive programs 2) 15.6 0.6 3.7 3.9
Group total 2,314.5 692.8 1,225.0 342.0
(of which pension costs) 3) 100.2 93.3
1) Of the Parent Company’s pension costs, MSEK 1.7 (1.7) pertains to the Board and CEO. The company’s outstanding pension commitments to these
persons amount to MSEK 0 (0).
2) Long-term incentive programs refer both to terminated and to new programs. For terminated programs, social security contributions are recognised
in the respective companies, which means that the figure for social security contributions refers exclusively to provisions for new programs.
3) Of the Group’s pension costs, MSEK 4.9 (4.0) pertains to Other senior executives in Group management.
Salaries and other remuneration divided by country 2025 2024
Parent Company in Sweden 11.8 12.4
Subsidiaries in Sweden 194.4 164.2
Subsidiaries outside Sweden
Argentina 20.1 22.2
Belgium 0.9 –
Brazil 26.9 –
Chile 6.8 1.3
Denmark 26.3 23.9
Estonia 2.9 3.2
Finland 84.8 83.3
France 348.4 20.7
United Arab Emirates 4.0 4.1
India 0.2 0.2
Italy 197.9 187.0
China and Hong Kong 49.5 57.5
Latvia 27.5 27.3
Lithuania 54.0 59.7
Malaysia 1.7 1.4
Mexico 12.2 –
The Netherlands 60.4 50.8
Norway 135.3 130.3
Peru 5.7 –
Poland 21.5 4.9
Portugal 10.4 –
Saudi Arabia 3.7 –
Spain 546.4 6.1
United Kingdom 114.4 103.0
Czechia 102.1 99.7
Türkiey 59.3 –
Germany 165.7 153.4
USA 3.7 4.7
Subsidiaries total 2,287.1 1,208.9
Group total 2,298.9 1,221.3
Salaries and other remuneration include: 2025 2024
To the Board and CEO of ITAB Shop Concept AB including
variable salary
11.8 12.4
(of which variable salary) 1.9 4.0
To Other senior executives in Group management 27.2 25.1
(of which variable salary) 3.9 9.9
===== SIDA 130 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 8 cont.
Remuneration to senior executives
Remuneration Committee 2025
The Remuneration Committee comprises Anders
Moberg (Chairman), Petter Fägersten and Madeleine
Persson, with the CEO co-opted to attend committee
meetings.
Directors’ fees 2025
In accordance with the resolution at the 2025 Annual
General Meeting (AGM), the fee for elected Board
members amounted to a total of SEK 3,000 thousand,
of which SEK 725 thousand to the Chairman of the
Board and SEK 325 thousand to each of the other
seven elected Board members.
In addition, selected Board members receive a fee
for their work on the Remuneration Committee and
the Audit Committee. These fees, which are distributed
between the committee members, total SEK 115 thou -
sand for the Remuneration Committee and SEK 270
thousand for the Audit Committee. Besides these fees,
ITAB paid no other remuneration to Board members.
Guidelines for remuneration to senior executives
These guidelines encompass the individuals who are
part of executive management of ITAB Shop Concept
AB (publ), currently the CEO and other members of
Group management. To the extent a Board member
performs work for ITAB in addition to the Board assign -
ment, these guidelines shall also apply to any remu -
neration (such as consultant’s fees) for such work. The
guidelines are applicable to remuneration agreed,
and amendments to remuneration already agreed,
after adoption of the guidelines by the 2025 AGM.
These guidelines do not apply to any remuneration
decided or approved by a general meeting of share -
holders.
The guidelines’ promotion of the company’s business
strategy, long-term interests and sustainability
In short, ITAB’s business strategy is the following. ITAB
shall offer complete store concepts for retail chain
stores. With its expertise, long-term business relation -
ships and innovative products, ITAB will secure a mar -
ket-leading position in selected markets. A prerequisite
for the successful implementation of the company’s
business strategy and safeguarding of its long-term
interests, including its sustainability, is that the com -
pany is able to recruit and retain management with
good competence and the capacity to achieve set
goals. To this end, it is necessary that the company
offers competitive remuneration, which these guide -
lines enable.
Variable cash remuneration covered by these guide -
lines shall aim at promoting the company’s business
strategy and long-term interests, including its sustain -
ability.
Types of remuneration, etc.
The remuneration shall be on market terms and may
consist of the following components: fixed cash salary,
variable cash remuneration, pension benefits and
other benefits. The level of remuneration for individual
executives shall be based on factors such as position,
competence, experience and performance. Addition -
ally, a general meeting of shareholders may – and irre -
spective of these guidelines – decide on, for example,
share and share price-related remuneration.
The satisfaction of criteria for awarding variable cash
remuneration shall be measured over a period of one
year. The variable cash remuneration for the CEO,
excluding holiday pay, may amount to not more than
75 percent of the fixed annual cash salary. The variable
cash remuneration for other members of Group man a-
ge ment, excluding holiday pay, may amount to not
more than 50 percent of the fixed annual cash salary.
For the CEO, pension benefits, including health insur -
ance, shall be premium-defined. Variable cash remu -
neration shall not qualify for pension benefits. The
pension premiums for premium defined pension shall
amount to not more than 30 percent of the fixed
annual cash salary.
For other executives, pension benefits, including
health insurance, shall be premium-defined unless the
individual concerned is subject to defined-benefit
pension under mandatory local legislation or collec -
tive agreement provisions.
Variable cash remuneration shall qualify for pension
benefits to the extent required by mandatory local leg -
islation or collective agreement provisions for the indi -
vidual concerned. The pension premiums for premium
defined pension shall amount to not more than 30 per -
cent of the fixed annual cash salary.
Other benefits may include, for example, life insur -
ance, medical care insurance and company cars.
Premiums and other costs due to such benefits may
amount to not more than 12 percent of the fixed cash
salary.
For employment governed by rules other than Swed -
ish rules, pension benefits and other benefits may be
duly adjusted to ensure compliance with mandatory
rules or established local practice, taking into
account, to the extent possible, the overall purpose of
these guidelines.
Termination of employment
The notice period may not exceed 12 months if notice
of termination of employment is made by the com -
pany. Fixed cash salary during the period of notice
and severance pay may together not exceed an
amount equivalent to the fixed cash salary for two
years for the CEO, and one year for other members of
executive management. The period of notice may not
exceed six months without any right to severance pay
when termination is made by the executive.
Criteria for awarding variable cash remuneration, etc.
The variable cash remuneration shall be linked to pre -
determined and measurable criteria which can be
financial or non-financial. They may also be individu -
alised, quantitative or qualitative objectives. The crite -
ria shall be designed so as to contribute to the com -
pany’s business strategy and long-term interests,
including its sustainability, by for example being
clearly linked to the business strategy or promote the
executive’s long-term development.
The extent to which the criteria for awarding variable
cash remuneration have been satisfied shall be evalu -
ated/determined when the measurement period has
ended. The Remuneration Committee is responsible
for the evaluation so far as it concerns variable cash
remuneration to executive management.
For financial objectives, the evaluation shall be
based on the latest financial information made public
by the company.
Salary and employment conditions for employees
In the preparation of the Board of Directors’ proposal
for these remuneration guidelines, salary and employ -
ment conditions for employees of the company have
been taken into account by including information on
the employees’ total income, the components of the
remuneration and increase and growth rate over time
in the Remuneration Committee’s and the Board of
Directors’ basis of decision when evaluating whether
the guidelines and the limitations set out herein are
reasonable.
Consultant’s fees to Board members
If a Board member performs services for ITAB in addi -
tion to Board work, a special fee may be paid for this
(consultant’s fee), provided that such services contribute
to the implementation of ITAB’s business strategy and
safeguard ITAB’s long-term interests, including its
sustain ability. This also applies to such services that
ITAB receives through a company wholly owned by a
Board member. The annual consultant’s fee for each
Board member may never exceed the annual Direc -
tors’ fee. The consultant’s fee shall be on market terms
and determined in relation to the benefit of ITAB.
The decision-making process to determine, review and
implement the guidelines
The Board of Directors has established a Remunera -
tion Committee. The committee’s tasks include prepar -
ing the Board of Directors’ decision to propose guide -
lines for remuneration to senior executives. The Board
shall prepare proposals for new guidelines at least
every four years or before that if there is a need for
signi ficant adjustments, and present the proposal for
resolution at the AGM.
The guidelines shall apply until new guidelines have
been adopted by the AGM. The Remuneration Com -
mittee shall also monitor and evaluate programs for
variable remuneration for executive management, the
application of the guidelines for remuneration to
execu tive management as well as the current remu -
neration structures and remuneration levels in the
company. The members of the Remuneration Commit-
tee are independent of the company and its execu -
tive management. The CEO and other members of
executive management do not participate in the
Board of Directors’ processing of and resolutions
regarding remuneration-related matters in so far as
they are affected by such matters.
Derogation from the guidelines
The Board of Directors may temporarily resolve to dero -
gate from the guidelines, in whole or in part, if in a
specific case there is special cause for the derogation
and a derogation is necessary to serve the company’s
long-term interests, including its sustainability, or to
ensure the company’s financial viability. As set out
above, the Remuneration Committee’s tasks include
preparing the Board of Directors’ resolutions in remu -
neration-related matters. This includes any resolutions
to derogate from the guidelines.
Guidelines adopted by ITAB’s AGM on 7 May 2025.
===== SIDA 131 =====
131
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 8 cont.
Remuneration and benefits to senior executives
Costs are recognised as remuneration for the period during which each person held their role.
2025
Directors’ fee 1) /
Fixed salary
Short-term
variable
salary
Long-term incentive
programs
Other remuneration
and benefits 2)
Total salary
and fees Pension costs
Total incl.
pension 3)
Board of Directors
Anders Moberg 0.7 0.7 0.7
Kerstin Anderson 4) 0.2 0.2 0.2
Petter Fägersten 0.3 0.3 0.3
Amelie de Geer 0.4 0.4 0.4
Lars Kvarnsund 0.5 0.5 0.5
Madeleine Persson 0.4 0.4 0.4
Fredrik Rapp 0.3 0.3 0.3
Peder Strand 0.3 0.3 0.3
Vegard Søraunet 5) 0.1 0.1 0.1
Total – Board of Directors 3.2 3.2 3.2
Group management
CEO 6.7 1.9 3.6 0.2 12.4 1.7 14.1
Other senior executives in
Group management (11 people) 23.3 3.9 5.0 1.5 33.7 4.9 38.6
Total – Group management 30.0 5.8 8.6 1.7 46.1 6.6 52.7
2024
Board of Directors
Anders Moberg 0.6 0.6 0.6
Karin Eriksson 4, 5) 0.1 0.1 0.1
Petter Fägersten 0.3 0.3 0.3
Amelie de Geer 4) 0.2 0.2 0.2
Lars Kvarnsund 4) 0.3 0.3 0.3
Madeleine Persson 0.3 0.3 0.3
Fredrik Rapp 0.3 0.3 0.3
Peder Strand 4) 0.2 0.2 0.2
Vegard Søraunet 0.3 0.3 0.3
Total – Board of Directors 2.6 2.6 2.6
Group management
CEO 5.8 4.0 1.2 0.2 11.2 1.7 12.9
Other senior executives in
Group management (9 people) 15.2 9.9 1.2 1.2 27.5 4.0 31.5
Total – Group management 21.0 13.9 2.4 1.4 38.7 5.7 44.4
1) Directors’ fee including remuneration for committee work to Board members concerned.
2) Benefits refer to taxable benefits for cars, medical care insurances, etc.
3) Salaries and fees are recognised excluding employer’s contributions. Pension costs are recognised excluding special payroll tax.
4) Board member assumed the role in conjunction with ITAB’s 2025 and 2024 AGMs, respectively.
5) Board member stepped down in conjunction with ITAB’s 2025 and 2024 AGMs, respectively.
Long-term incentive programs
LTIP 2022
The 2022 AGM resolved on a long-term incentive program
(LTIP 2022) extending from June 2022 until May 2025 cover-
ing senior executives and other key individuals. Assuming
that the participant had invested in ITAB shares (savings
shares), they were been allocated two retention share rights
and two performance share rights for each savings share,
depending on the participant category. The share rights
were allocated free of charge, and were subject to a three-
year vesting period and were conditional on the participant’s
continued employment. The vesting of performance shares
was also contingent on fulfilment of applicable performance
conditions pertaining to the Group’s average adjusted EBIT
margin during 2023–2024 and the Group’s average net
growth during 2022–2024. The number of performance
shares vested depended on the extent to which the perfor -
mance conditions were fulfilled. The vesting period for LTIP
2022 ended in May 2025 and the outcome of the program
entitled participants to a total allocation of 2,054,985 ordi -
nary shares, of which 652,010 pertained to the CEO.
To facilitate the termination of LTIP 2022, the AGM
resolved on 7 May 2025 to approve a cash payment of
part of the remuneration to those participants who
requested such a solution. This meant that a total of
1,043,668 ordinary shares were allocated to the partici -
pants, of which 326,005 were allocated to the CEO. The
remaining 1,011,314 ordinary shares were conveyed on
Nasdaq Stockholm to cover part of the costs for the pro -
gram. The market value of the other ordinary shares, total -
ling approximately MSEK 26, was paid to the participants in
cash. Refer to the table on page 132.
LTIP 2025
The 2025 AGM resolved on a new long-term incentive pro -
gram (LTIP 2025) covering senior executives and other key
individuals. Assuming that the participant has invested in
shares in ITAB shares (savings shares), they have been
allotted two retention share rights and two to four perfor -
mance share rights for each savings share, depending on
the participant category. The share rights were allocated
free of charge, and are subject to a three-year vesting
period and are conditional on the participant’s continued
employment. The vesting of performance shares is also
contingent on fulfilment of applicable performance condi -
tions pertaining to annual organic growth, the adjusted
EBIT margin and the Group’s cash conversion, measured
as an average over the measurement period 2025–2027.
The number of performance shares vested depends on
the extent to which the performance conditions are ful -
filled. Refer to the table on page 132.
===== SIDA 132 =====
132
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 8 cont.
Share savings program LTIP 2022
Number of participants on termination in May 2025 26 people
Performance target 1 – EBIT margin The Group’s average EBIT margin during the measurement
period
Vesting period for performance target 1 January 2023–December 2024
Performance target 2 – Sales growth Average annual net growth during the measurement period
Vesting period for performance target 2 January 2022–December 2024
Fair value per share right SEK 10.16*
* The fair value of the share rights is calculated as the share price at the start of the program.
Share savings program LTIP 2025
Number of participants still employed as
of 31 December 2025 56 people
Performance target 1 – Annual organic growth Average annual organic growth during the measurement
period
Performance target 2 – Adjusted EBIT margin The Group’s average EBIT margin adjusted for non-recurring
items during the measurement period
Performance target 3 – Cash conversion The Group’s average cash conversion during the measure-
ment period
Vesting period for all performance targets January 2025–December 2027
Fair value per share right SEK 17.52*
* The fair value of the share rights is calculated as the share price at the start of the program.
No. of share rights at
the start of the program
Number
of participants
Maximum number
Retention share rights Performance share rights Total number
LTIP 2022 31 1,114,102 2,228,204 3,342,306
LTIP 2025 56 1,167,900 1,435,400 2,603,300
No. of share rights allocated / forfeited in 2024
LTIP 2022
Maximum number
LTIP 2025
Maximum number
No. of share rights as of 1 January 2024 2,887,956
Forfeited during the year -76,401
No. of share rights as of 31 December 2024 2,811,555 –
No. of share rights allocated / forfeited in 2025 Maximum number Maximum number
No. of share rights as of 1 January 2025 2,811,555
Allocated during the year 2,029,140
Forfeited during the year -9,300
Non-performance due to unmet performance targets -747,270
Terminated program -2,054,985
No. of share rights as of 31 December 2025 0 2,029,140
Recognised cost for LTIP , MSEK 2025 2024
LTIP 2022 11 4
LTIP 2025 4 –
The cost for the share-based incentive program is included in operating profit and is recognised in the balance
sheet as equity and accrued expenses (social security contributions). The cost is based on the fair value of the
share rights expected to be allocated. Fair value is determined at the time of the participants’ investment at the
share price. Fair value for the cost for social security contributions is calculated on each balance sheet date.
Gender distribution of Board members/senior executives at year-end
2025 2024
Group Of which women Of which men Of which women Of which men
Board members 23% 77% 16% 84%
Senior executives 21% 79% 21% 79%
Parent Company
Board members 38% 62% 25% 75%
Senior executives 33% 67% 30% 70%
Personnel costs divided by function
Group 2025 2024
Cost of goods sold -1,663 -790
Selling expenses -1,125 -687
Administrative expenses -405 -201
-3,193 -1,678
Parent Company
Cost of goods sold -17 -17
Selling expenses -29 -39
Administrative expenses -70 -40
-116 -96
===== SIDA 133 =====
133
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 9 Remuneration to auditors
Shown below are the fees for audit assignments and
other assignments that are expensed during the year.
Audit assignment refers to reviewing the annual
accounts and the accounting records as well as the
administration by the Board of Directors and the CEO.
Audit activities other than the audit assignment refer
to other quality assurance services that are performed
in accordance with applicable regulatory require -
ments. Tax consultancy includes both advice and
checking of compliance within the tax field. Other
services are other assignments. The audit was mainly
performed by Ernst & Young AB (EY). Of fees to other
auditors, PwC accounts for approximately 25 percent.
Group Parent Company
2025 2024 2025 2024
Fees
to EY
Fees to
other
auditors
Fees
to EY
Fees
to other
auditors
Fees
to EY
Fees
to other
auditors
Fees
to EY
Audit assignment 12 7 7 4 3 – 1
Audit activities other than
audit assignment
0
1
1
0
0
–
0
Tax consultancy 1 4 1 2 1 0 1
Other services 0 4 0 2 0 2 0
13 16 9 8 4 2 2
Note 10 Depreciation, amortisation and impairment losses
Depreciation and amortisation divided by function
Group 2025 2024
Cost of goods sold -315 -161
Selling expenses -161 -80
Administrative expenses -28 -13
-504 -254
Depreciation and amortisation divided by asset type
Group 2025 2024
Capitalised development expenditure -80 -21
Patents and other intellectual property rights -78 -9
Buildings -178 -136
Plant and machinery -83 -50
Equipment, tools and installations -85 -38
-504 -254
Of which leases -179 -133
Depreciation and amortisation divided by function
Parent Company 2025 2024
Selling expenses -1 -1
Depreciation and amortisation divided by asset type
Parent Company 2025 2024
Equipment -1 -1
Note 11 Costs divided by type of cost
Costs of goods sold, selling expenses and administra -
tive expenses divided by cost type:
Group 2025 2024
Costs for direct materials -5,319 -2,580
Shipping costs to customers -611 -287
Personnel costs -3,193 -1,678
Depreciation, amortisation and
impairment losses -504 -254
Other costs -2,543 -1,305
-12,170 -6,104
Government grants are recognised as a cost reduction
of the items to which the grants relate when there is
reason able assurance that the grant will be received,
and that the Group will meet the conditions associated
with the grant. The grants are systematically accrued in
the same way and over the same periods as the costs
the grants are intended to compensate for. Grants
received during the year amounted to approximately
MSEK 1 (1), most of which comprised employee-related
grants.
Parent Company 2025 2024
Personnel costs -116 -96
Depreciation, amortisation and
impairment losses
-1
-1
Other costs -192 -130
-309 -227
Note 12 Other operating income
and expenses
Other operating income
Group 2025 2024
Operation’s exchange rate
differences 72 20
Capital gain on divestment
of non-current assets 1 1
Capital gain on divestment
of intangible assets 3 –
Rental income 4 1
Other 3 1
83 23
Other operating expenses
Group 2025 2024
Operation’s exchange rate
differences -97 -26
Capital loss on divestment
of companies -1 -16
Capital loss on divestment
of intangible assets -8 0
Capital loss on divestment
of property, plant and equipment -1 -1
Other -6 -2
-113 -45
Other operating income
Parent Company 2025 2024
Operation’s exchange rate
differences 4 7
4 7
Other operating expenses
Parent Company 2025 2024
Operation’s exchange rate
differences -16 -8
-16 -8
===== SIDA 134 =====
134
P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 13 Profit from participations in Group companies
Parent Company 2025 2024
Income from participations in Group companies
Dividends received 298 98
Profit from participations in subsidiaries – 1
298 99
Expenses from participations in Group companies
Impairment of current receivables in Group companies 1) – -1
Impairment of shares in subsidiaries 2) -14 -15
-14 -16
1) Impairment of receivables in connection with the discontinuation of Group companies in 2024 pertains to Radlok S.ã.r.l. in an amount of MSEK -1.
2) In 2025, shares in ITAB Shop Products AS were impaired by MSEK 14 in connection with the payment of shareholder contributions and the impair -
ment of shares. In 2024, shares in ITAB Shop Products AS and ITAB Group Support AB were impaired by MSEK 15 in connection with the payment of
shareholder contributions.
For more information, see Note 20.
Note 14 Financial income and expenses
Financial income
Group 2025 2024
Interest income 24 31
Exchange rate differences – 18
24 49
Financial expenses
Group 2025 2024
Interest expenses from interest rate
derivatives 3 9
Interest expenses leases -27 -14
Other interest expenses -155 -44
Exchange rate differences -43 –
Other financial expenses -38 -22
-260 -71
Financial income
Parent Company 2025 2024
Interest income, Group companies 119 30
Interest income, other 4 11
Exchange rate differences 99 –
222 41
Financial expenses
Parent Company 2025 2024
Interest expenses, Group companies -19 -26
Other interest expenses -135 -30
Interest expenses from interest rate
derivatives 3 9
Exchange rate differences – -29
Other financial expenses -18 -11
-169 -87
Note 15 Year-end appropriations
Parent Company 2025 2024
Group contributions received 76 47
Group contributions paid -8 -7
68 40
===== SIDA 135 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 16 Tax
Group 2025 2024
Current tax expenses
Tax expenses for the year -193 -128
Adjustment of tax attributable to previous years -10 0
-203 -128
Deferred tax expenses (-) / tax income (+)
Deferred tax attributable to temporary differences 32 1
Deferred tax attributable to previous years 0 0
Deferred tax attributable to loss carryforwards -15 9
17 10
Total recognised tax expense in the income statement -186 -118
Difference between Swedish income tax rate and the effective tax rate
Group 2025 2025 2024 2024
Reported profit before tax 344 438
Tax at Swedish income tax rate -71 -20.6% -90 -20.6%
Tax effect of
Adjustment of previous years’ tax -10 -3.0% 0 0.0%
Other tax rates for foreign Group companies -27 -7.9% -27 -6.1%
Deductible temporary differences 5 1.4% 1 0.2%
Loss carryforwards -19 -5.6% -9 -2.0%
Altered tax rates 0 0.0% 0 0.0%
Non-taxable income and non-deductible expenses -64 -18.3% 7 1.6%
Recognised tax expense -186 -54.0% -118 -26.9%
Tax items recognised in other comprehensive income 2025 2024
Tax on cash flow hedges 1 0
Tax on hedging of net investments 0 2
Deferred tax on pension commitments 1 0
2 2
Changes in deferred tax
Group 2025 2024
Start of the year 49 39
Acquisitions/divestments -173 –
Items recognised in other comprehensive income 1 0
Translation differences -12 0
Recognised in net profit for the year 17 10
End of the year -118 49
The deferred tax assets and liabilities recognised in the balance sheet are attributable to the following:
Group
Receivables
2025
Receivables
2024
Liabilities
2025
Liabilities
2024
Non-current assets 1) 164 139 417 169
Inventories 29 17 5 2
Current receivables 13 2 0 0
Provisions for pensions and similar obligations 20 2 0 0
Loss carryforwards 2) 82 53 – –
Untaxed reserves – – 4 3
Other 6 16 6 7
314 229 432 181
1) IAS 12 Income Taxes clarifies that the exemption, whereby deferred tax is not recognised on temporary differences arising on initial recognition of
an asset or liability, does not apply to transactions that give rise to both an asset and a liability, such as right-of-use assets and lease liabilities. This
entails that deferred tax attributable to right-of-use assets and lease liabilities have been recognised gross in the note, while they continue to be
recognised net in the balance sheet.
2) Of the deferred tax assets for loss carryforwards recognised in the balance sheet, there are loss carryforwards of MSEK 0 (1) for which utilisation
is subject to time restrictions. The Group has loss carryforwards equivalent to a nominal amount of MSEK 1,574 (428), which are not recognised as
a deferred tax asset since some loss carryforwards are not expected to be utilised within a reasonable time. For some of these loss carryforwards,
there are restrictions as regards utilisation per year as well as time limits.
Parent Company 2025 2024
Current tax for the year 0 0
Deferred tax attributable to loss carryforwards -13 5
Total recognised tax expense in the income statement -13 5
Deferred tax assets are attributable to the following:
Parent Company Receivables 2025 Receivables 2024
Loss carryforwards 4 20
Other 1 1
5 21
===== SIDA 136 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 17 Earnings per share
Group
Earnings per share before dilution 2025 2024
Net profit for the period attributable to Parent Company shareholders, MSEK 130.8 311.4
Average number of ordinary shares outstanding 254,485,139 226,183,845
Earnings per share before dilution, SEK per share 0.51 1.38
Earnings per share for Continuing Operations before dilution
Net profit for the period for Continuing Operations attributable to Parent Company
shareholders, MSEK 130.8 310.0
Earnings per share for Continuing Operations before dilution, SEK per share 0.51 1.37
Earnings per share after dilution
Net profit for the period attributable to Parent Company shareholders, MSEK 130.8 311.4
Average number of ordinary shares outstanding 254,485,139 226,183,845
Effect of long-term incentive program 2022 1) – 1,225,838
Effect of long-term incentive program 2025 1) 1,324,332 –
Average number of ordinary shares outstanding after dilution 255,809,471 227,409,683
Earnings per share after dilution, SEK per share 0.51 1.37
Actual number of ordinary shares at the end of the year
before dilution 255,275,518 253,220,533
after dilution 256,599,850 254,446,371
1) For calculation of the number of shares after dilution, the average number of shares is adjusted taking into account the effects of dilutive poten -
tial ordinary shares, which, during the reporting periods in question, comprised rights to receive shares in ITAB within the framework of long-term in -
centive programs. As of 31 December 2025, only matching share rights held by employees in the LTIP 2025 program are considered dilutive, while the
right to receive shares with performance conditions are not considered dilutive since set performance targets are yet to be met. As of 31 December
2024, only matching share rights held by employees in the LTIP 2022 program were considered dilutive, while the right to receive shares with perfor -
mance conditions was not considered dilutive since set performance targets were yet to be met at that time. Adjustment of the number of dilutive
shares is based on the hypothetical number of shares that could have been purchased with the value of remaining positions within the framework of
the incentive program. Refer to Note 8 Personnel and senior executives for a description of the long-term incentive programs adopted.
Repurchases of own shares 2023–2024
On 28 September 2023, ITAB initiated a share buyback program with a maximum purchase amount of MSEK 50.
The buyback program ran from 29 September 2023 until 22 March 2024, when the maximum amount for share
repurchases of MSEK 50 was reached. The program was carried out in accordance with the EU Market Abuse
Regulation (MAR) and the EU Commission’s Delegated Regulation 2016/1052 (the so-called “Safe Harbour Regu -
lation”). A total of 3,079,659 ordinary shares were repurchased within the framework of the program.
The purpose of the buyback program was to optimise the capital structure with the aim of reducing ITAB’s share
capital by cancelling repurchased shares. In accordance with the AGM’s decision on 15 May 2024, the share
capital was subsequently reduced by SEK 1,284,218 through the cancellation of 3,079,659 repurchased ordinary
shares. In order to restore the share capital, the AGM simultaneously resolved to increase the company’s share
capital by SEK 1,284,218 through a bonus issue without issuing new shares by transferring the amount from the
company’s non-restricted equity. Following the cancellation of ordinary shares and the bonus issue, the company’s
restricted equity and share capital are unchanged.
Directed share issue 2024
In order to partly finance the intended acquisition of HMY, ITAB’s Board of Directors resolved on 26 September 2024
to carry out a directed share issue of a total of 38,200,000 ordinary shares at a subscription price of SEK 22.70 per
share, consequently raising proceeds for ITAB of approximately MSEK 867 before transaction costs. The subscription
price corresponded to a discount of approximately 9.9 percent in relation to the closing price of the ITAB share on
Nasdaq Stockholm on 25 September 2024 and was determined through an accelerated bookbuilding procedure.
24,719,827 of the newly issued shares were issued based on the Board’s authorisation from the AGM held on 15
May 2024 and the remaining 13,480,173 shares were issued following subsequent approval at the Extraordinary
General Meeting held on 21 October 2024. As of 31 December 2024, a total of MSEK 831 had been provided to the
company in issue proceeds after transaction costs, of which MSEK 16 was share capital.
Directed cash issue 2025
On 16 December 2025, with the support of the issue authorisation from the 2025 AGM, ITAB’s Board of Directors
resolved to carry out a directed cash issue of 611,000 Class C shares intended for the long-term incentive program.
The Board also resolved to immediately repurchase all 611,000 Class C shares. Following the issue, 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. The Class C
shares do not carry the right to any dividend and entitle the holder to 1/10 of a vote each. ITAB currently holds no
ordinary shares and 2,956,015 Class C shares in treasury. For more information about the share issue, see Note 27.
Share capital development
Year Transaction
Change in
share capital
(SEK thousand)
Total share
capital (SEK
thousand)
Total no. of
ordinary
shares
Total no. of
Class C
shares
Total no. of
shares
Quotient
value per
share (SEK)
1987 Formation of the company 50 50 500 500 100
1997 New share issue 50 100 1,000 1,000 100
1998 New share issue 8,500 8,600 86,000 86,000 100
2004 Bonus issue 8,600 17,200 172,000 172,000 100
2004 Split 20:1 – 17,200 3,440,000 3,440,000 5
2004 New share issue 16,281 33,481 6,696,200 6,696,200 5
2006 New share issue 1,500 34,981 6,996,200 6,996,200 5
2007 Split 2:1 – 34,981 13,992,400 13,992,400 2.5
2008 New share issue 725 35,706 14,282,400 14,282,400 2.5
2008 Conversion 0 35,706 14,282,500 14,282,500 2.5
2009 Conversion 9 35,715 14,285,940 14,285,940 2.5
2010 Conversion 0 35,715 14,285,952 14,285,952 2.5
2012 Conversion 6,668 42,383 16,953,205 16,953,205 2.5
2014 Split 2:1 – 42,383 33,906,410 33,906,410 1.25
2016 Split 3:1 – 42,383 101,719,230 101,719,230 0.417
2016 Conversion 277 42,660 102,383,430 102,383,430 0.417
2021 New share issue 42,660 85,320 204,766,860 204,766,860 0.417
2021 Offset issue 5,556 90,876 218,100,192 218,100,192 0.417
2022 New share issue Class C shares 1,833 92,709 218,100,192 4,400,000 222,500,192 0.417
2024 Cancellation of repurchased
ordinary shares -1,283 91,426 215,020,533 4,400,000 219,420,533 0.417
2024 Bonus issue 1,283 92,709 215,020,533 4,400,000 219,420,533 0.423
2024 New share issue ordinary shares 16,140 108,849 253,220,533 4,400,000 257,620,533 0.423
2025 Conversion of Class C shares
into ordinary shares
–
108,849
255,275,518
2,345,015
257,620,533
0.423
2025 New share issue Class C shares 258 109,107 255,275,518 2,956,015 258,231,533 0.423
Of which repurchased shares held in treasury 2,956,015 2,956,015
===== SIDA 137 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 18 Intangible assets
2025
Group
Capitalised
development
expenditure
Patents and other
intellectual
property rights Goodwill Total
Accumulated cost
Start of the year 357 98 1,844 2,299
Acquired subsidiaries, refer to Note 5. 155 849 2,153 3,157
Additions 198 7 – 205
Sales and disposals -180 -13 – -193
Translation differences for the year -9 -5 -100 -114
521 936 3,897 5,354
Accumulated amortisation according to plan
Start of the year -172 -63 – -235
Sales and disposals 160 10 – 170
Amortisation according to plan for the year -80 -78 – -158
Translation differences for the year 1 4 – 5
-91 -127 – -218
Carrying amount at the end of the year 430 809 3,897 5,136
2024
Group
Capitalised
development
expenditure
Patents and other
intellectual
property rights Goodwill Total
Accumulated cost
Start of the year 257 78 1,786 2,121
Additions 100 17 – 117
Translation differences for the year – 3 58 61
357 98 1,844 2,299
Accumulated amortisation according to plan
Start of the year -151 -51 – -202
Amortisation according to plan for the year -21 -9 – -30
Translation differences for the year – -3 – -3
-172 -63 – -235
Carrying amount at the end of the year 185 35 1,844 2,064
Intangible assets
Capitalised expenses for development work primarily
comprise internally generated, capitalised costs for
the development of checkouts and development work
in preparation for the replacement of the Group’s busi -
ness system. Other intellectual property rights primarily
consist of valued trademarks, customer relationships
and patents.
Amortisation of intangible assets excluding goodwill
is recognised in the income statement over the esti -
mated useful lives of the assets. Amortisation com -
mences from the date the asset is available for use.
Estimated useful lives are reassessed every year. No
impairment losses or reversal of impairment losses took
place in 2025.
The Group’s goodwill comprises primarily synergy
effects in terms of production, logistics, personnel,
know-how and an effective organisation.
Impairment testing of goodwill
The Group assesses goodwill for impairment annually,
or more often if there are any indications of a need for
impairment, in accordance with the accounting poli -
cies described in Note 2. No distribution of the Group’s
goodwill has been performed since all Group compa -
nies’ activities and cash inflows are highly dependent
on each other. In connection with the acquisition of
HMY, impairment testing was also carried out on
goodwill arising in connection with this acquisition.
The impairment testing was conducted in the same
manner as for the entire ITAB Group. There was no
impairment requirement for this acquisition.
The recoverable amount for the unit has been deter -
mined based on the value in use, which consists of the
present value of the estimated projected cash flow.
The estimate of projected cash flow is based on an
assessment of expected growth in accordance with a
cautious starting point in the forecasts prepared by
management for the coming four years. The forecasts
are based on experience from previous years, but with
due consideration for future expected developments.
According to the forecasts, average growth in the oper -
ations is expected to amount to 2 percent (2) per year
during 2026–2029. The cash flows beyond this four-year
period have been extrapolated with the aid of an esti -
mated rate of growth of 2 percent (2) per year, which
corresponds to estimated long-term inflation.
The assumption of projected growth is the most
important assumption and is based on external
assessments of the market’s growth, past trends and
corporate management’s assessment of market
shares. The margins in the operations are an estimate
that also has an impact on the testing. The EBITDA
margin is an important assumption on which manage -
ment bases its assessment.
When assessing impairment in 2025, a figure of 9.8
percent was used for 2026 and 10.0 percent for 2027
and onwards. Average interest rates have been
assumed at the same levels as the outcome for 2025.
The forecast cash flows have been converted to present
value using a discount rate of 11.5 percent (11.3)
before tax, which corresponds to 9.0 percent (9.0)
after tax.
The discount factor, WACC, has been determined
through the Capital Asset Pricing Model (CAPM). As a
part of the discount factor, a risk-free rate of interest
corresponding to the yield on ten-year government
bonds has been used, with an addition for the equity
market’s average risk premium. Required return is also
affected by the debt ratio in an optimal capital struc -
ture. The risk-free rate of interest has historically been
low but has increased in recent years. In 2025, the risk-
free rate of interest increased somewhat while the risk
premium declined, which means that the overall dis -
count rate for 2025 was at the same level as 2024.
The recoverable amount exceeds the carrying
amount, which means there is no need for impairment.
In order to support the impairment assessment that
has been performed for goodwill within the Group, an
overall assessment has been performed of the sensitivity
of the variables used in the model. If the sustainable
rate of growth is set at 0 percent or if the EBITDA margin
is lowered by 3.0 percentage points, there is still no
indication of an impairment need with an unchanged
WACC.
===== SIDA 138 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 19 Property, plant and equipment
2025
Group Buildings Machinery Equipment
Construction
in progress Total
Accumulated cost excl. leases
Start of the year 695 725 340 19 1,779
Acquisitions/divestments of subsidiaries 461 170 86 18 735
Additions 20 48 30 14 112
Sales and disposals 0 -13 -13 – -26
Reclassifications 3 28 3 -34 0
Translation differences for the year -64 -29 -26 -2 -121
1,115 929 420 15 2,479
Accumulated depreciation according to plan excl. leases
Start of the year -308 -507 -280 – -1,095
Divestments of subsidiaries – 0 1 – 1
Sales and disposals 0 9 11 – 20
Reclassifications 0 0 0 – 0
Depreciation according to plan for the year -42 -83 -42 – -167
Translation differences for the year 16 6 14 – 36
-334 -575 -296 – -1,205
Total 781 354 124 15 1,274
Right-of-use assets 1) 578 0 83 – 661
Carrying amount at the end of the year 1,359 354 207 15 1,935
2024
Group Buildings Machinery Equipment
Construction
in progress Total
Accumulated cost excl. leases
Start of the year 668 711 314 22 1,715
Acquisitions/divestments of subsidiaries – -31 -2 – -33
Additions 4 21 22 26 73
Sales and disposals 0 -17 -6 -9 -32
Reclassifications 1 19 1 -21 0
Translation differences for the year 22 22 11 1 56
695 725 340 19 1,779
Accumulated depreciation according to plan excl. leases
Start of the year -282 -485 -256 – -1,023
Divestments of subsidiaries – 27 2 – 29
Sales and disposals 0 13 5 – 18
Reclassifications 0 0 0 – 0
Depreciation according to plan for the year -19 -50 -22 – -91
Translation differences for the year -7 -12 -9 – -28
-308 -507 -280 – -1,095
Total 387 218 60 19 684
Right-of-use assets 1) 518 – 48 – 566
Carrying amount at the end of the year 905 218 108 19 1,250
1) For more information about right-of-use assets, see Note 22.
Parent Company
2025
Equipment
2024
Equipment
Accumulated cost
Start of the year 10 10
Additions 1 0
11 10
Accumulated depreciation according to plan
Start of the year -7 -6
Depreciation according to plan for the year -1 -1
-8 -7
Carrying amount at the end of the year 3 3
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 20 Participations in Group companies and associated companies
Parent Company 2025 2024
Opening carrying amount 2,095 2,046
Corporate acquisitions1) 1,826 –
Divestments 2) – -6
Repayment of part of the share capital of the subsidiary
La Fortezza S.p.A.
-81
–
Shareholder contributions to subsidiaries 3) 1 70
Impairment and revaluations for the year 4) -14 -15
Closing carrying amount 3,827 2,095
1) In 2025, HMY Financière SAS, Blink AB and Signatrix GmbH were acquired.
2) In 2024, ITAB Shop Concept Belgium N.V. was wound up and the remaining equity corresponding to
the share value was repaid.
3) In 2025, shareholder contributions of MSEK 1 were paid to ITAB Shop Products A/S. In 2024, shareholder
contributions were paid to ITAB Shop Products A/S (MSEK 6) and to ITAB Group Support AB (MSEK 64).
4) In 2025, shares in ITAB Shop Products AS were impaired by MSEK 14 in connection with the payment
of shareholder contributions and the impairment of shares. In 2024, shares in ITAB Shop Products AS
and ITAB Group Support AB were impaired by MSEK 15 in connection with the payment of shareholder
contributions.
Participations are held in the following
Group companies: Reg. No. Domicile Country
Number of
shares Holding
2025
Carrying amount
2024
Carrying amount
ITAB Lithuania AB 233393310 Kaunas Lithuania 635,350 100% 20 20
ITAB Eesti OÜ 10994786 Tallinn Estonia 1 100% 0 0
ITAB Germany Gmbh HRB 61998 Cologne Germany 2 100% 17 17
ITAB Harr Gmbh HRB 29025 Malschwitz Germany – 100% – –
ITAB Lighting Germany GmbH HRB 104507 Cologne Germany 5 100% – –
ITAB Holding B.V 32082085 Woudenberg The Netherlands 180 100% 36 36
ITAB Benelux B.V 61775185 Hertogenbosch The Netherlands 180 100% – –
ITAB Group Support AB 556554-1520 Jönköping Sweden 1,000 100% 56 56
ITAB Shop Products Finland OY 1569393-8 Lahti Finland 1,165 100% 8 8
ITAB Pharmacy Concept AB 556603-8245 Jönköping Sweden 40,000 100% 5 5
Sintek Industrial Property AB 556031-3362 Jönköping Sweden 9,070 100% 1 1
Blink AB 5) 556732-0899 Stockholm Sweden 1,000 100% 22 –
ITAB Shop Concept AS 960912624 Oslo Norway 1,534,500 100% 55 55
ITAB Industrier AS 928907619 Stadsbygd Norway 150 100% – –
ITAB Norge AS 5) 935500419 Oslo Norway 50 100% – –
Reklamepartner Graphics AS 979895909 Sofiemyr Norway 100 100% – –
KB Design AS 913275438 Oslo Norway 34 100% – –
ITAB Shop Concept CZ a.s 255 68,663 Blansko Czechia 2,210 100% 277 277
ITAB Shop Concept A/S 19353443 Herning Denmark 11,000 100% 0 0
ITAB Shop Products A/S 5) 13769893 Taastrup Denmark 500 100% 9 22
ITAB Kiinteistö Oy 0719064-4 Järvenpää Finland 77,000 100% 12 12
ITAB Shop Concept Polska Sp zoo 338168 Warsaw Poland 100 100% 2 2
ITAB Shop Products Ltd 5822228 Hemel Hempstead England 2,500,000 100% 33 33
ITAB Holdings UK Ltd 4135080 Hemel Hempstead England 4,638,743 100% 119 119
ITAB UK Ltd 3411363 Hemel Hempstead England 1,200,000 100% – –
Nordic Light Group AB 556306-5373 Skellefteå Sweden 1,000 100% 523 523
ITAB Shop Products AB 556132-4046 Jönköping Sweden 1,000 100% – –
Signatrix GmbH 5) HRB 189186 B Berlin Germany 74,979 100% – –
ITAB Sweden AB 556474-2244 Nässjö Sweden 2,000 100% – –
Nordic Light AB 556203-5161 Skellefteå Sweden 130,000 100% – –
Nordic Light (Suzhou) Investment (HK) Co Ltd. 875186 Hong Kong Hong Kong 10,000 65% – –
ITAB Shop Concept China Co Ltd 91320505MA1MEFBL86 Suzhou China – 65% – –
ITAB North America Inc. 27-4627942 Columbus USA 1,500 100% – –
Nordic Light South America SpA 71.936 / 49.962 Santiago Chile 100 100% – –
Nordic Light India Private Ltd U74900KA2014FTC073090 Bangalore India 10,000 100% – –
ITAB Finland Holding Oy 2447365-4 Jyväskylä Finland 40,594 100% 43 43
ITAB Finland Oy 1882702-2 Jyväskylä Finland 28,000 100% – –
Oy Checkmark Ltd 5) 2278277-9 Pieksämäki Finland 3,500 100% – –
La Fortezza S.p.A. a Socio Unico FI - 462981 Scarperia Italy 20,900,000 100% 705 786
Imola Retail Solutions S.r.L BO-555133 Imola Italy 81,000 100% – –
La Fortezza Alser S.a.S 43869922500027 Jouy-le-Moutier France 381,158 100% – –
ITAB Iberica S.L.Unipersonal B85907236 Barcelona Spain 19,000 100% – –
La Fortezza Middle East DMCC JLT5135 Dubai UAE 1 100% – –
La Fortezza Sudamericana S.A. 30-68703602-2 Buenos Aires Argentina 5,645,921 100% – –
SIA ITAB Latvia 40103175540 Riga Latvia 2,845 100% 80 80
Financiere HMY SAS 5) 82925306100024 Monéteau France 147,583,038 100% 1,804 –
HMY International SAS 479 919 441 00028 Monéteau France 105,902,580 100% – –
HMY SAS 479 919 698 00023 Monéteau France 70,000,000 100% – –
HMY UK Innovation In Retail Ltd 5822214 Newcastle England 3,000,000 100% – –
HMY Middle East Ltd 7035234025 Riyadh Saudi Arabia 37,500 75% – –
The table continues on the next page.
5) In 2025, Financière HMY SAS Group, Blink AB and the remaining shares of Signatrix GmbH were acquired and La Fortezza Asia Sdn Bhd was divested. The Danish company Checkmark Danmark
ApS was merged into ITAB Shop Products A/S. The partly owned company ITAB Room Solutions has been declared bankrupt and dormant companies in Hong Kong and Germany were
wound up. In 2024, the companies ITAB Rus JSC in Russia and Nuco Lighting Technology in China were divested and 55 percent of the shares in ITAB Room Solutions AS were acquired. The
Danish company Checkmark Danmark ApS was sold internally from Oy Checkmark Ltd to ITAB Shop Products A/S and the Norwegian company Checkmark Norge AS was merged with ITAB
Norge AS. In 2024, seven dormant companies in the UK, Belgium, China, Sweden, and Luxembourg were wound up.
===== SIDA 140 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 20 cont.
Participations are held in the following
Group companies: Reg. No. Domicile Country
Number of
shares Holding
2025
Carrying amount
2024
Carrying amount
Teknogon Teshir Elemanlari Sanayii Anomim Sirketi 4257-4024 Çerkezköy Türkiey 12,630,862,708 100% – –
HMY France SAS 316 016 930 00018 Monéteau France 105,643 100% – –
L.D.M Sarl 393 409 420 00022 La Haye-Pesnel France 500 100% – –
Solutionsmags 797 556 016 00021 Saint-Jean-d’Illac France 5,000 50.02% – –
HMY Benelux SA 0418 618 049 Seneffe Belgium 15,711 100% – –
HMY Deutchland GmbH HRB 102177 Saarbrücken Germany 3 100% – –
HMY Polska sp.z.o.o KRS 0000027045 Warsaw Poland 4,080 100% – –
HMY Retail Solutions Netherlands B.V . 88280012 Amsterdam The Netherlands 84,500 65% – –
Yudigar, S.L.U. B50768167 Cariñena Spain 144,573 100% – –
HMY Italia S.R.L. MB - 2629371 Meda Italy 2,760 100% – –
Serint HMY Grupo, S.L. B99095671 Cariñena Spain 1,200,000 100% – –
Yudigar Canarias S.L. B35292754 Aguimes Spain 800 66% – –
Yudigar Portugal LDA 502647825 Sintra Portugal 69,382 100% – –
HMY Yudigar Equipamiento, S.L.U. B96106794 Cariñena Spain 1,125 100% – –
Yudigar Argentina S.A. 30-69158692-4 Buenos Aires Argentina 21,821,613 100% – –
HMY DO Brasil LTDA 3521558552-5 Jundiaí Brazil 76,058,091 100% – –
Yudigar Chile S.A. Page 19.197 No. 14.938 Santiago Chile 0 100% – –
HMY Peru S.A.C 11570835 La Victoria Peru 275,000 100% – –
HMY Ecuador S.A.S Tax id 1793230100001 Quito Ecuador 100% – –
HMY Innovation in Retail Mexico S.A. DE C.V . HII160727239 Cuauhtemoc-
Ciudad de México
Mexico 129,443,834 100% – –
HMY Retail Solutions, S.L.U. B99448987 Cariñena Spain 1,000,000 100% – –
HMY Group SAS 412 929 333 00034 Monéteau France 153,846 100% – –
HMY Business Equipment (Shanghai) Co., Ltd 7000002201909120000 Shanghai China 0 100% – –
3,827 2,095
In addition to the above companies, the Group owns shares in inactive companies. In total, the Group comprised 87 legal companies at the end of 2025.
Group
Participations in associated companies
There were no material associated companies in the ITAB Group at
year-end 2025.
Other shares and participations
In 2024, ITAB Shop Concept AB owned 18.34% of the shares in Signatrix
GmbH via a subsidiary and the company was recognised under other
shares and participations. In 2025, the remaining shares were acquired
and the company was consolidated into the ITAB Group from June 2025
(see Note 5).
Other shares and participations Reg. No. Domicile Country Number of shares Holding
2024
Carrying amount
Unlisted shares and participations
Signatrix GmbH HRB 189186 B Berlin Germany 13,751 18.34% 23
===== SIDA 141 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 21 Financial assets and liabilities
2025 2024
Time analysis of financial assets Past due Not past due Total Past due Not past due Total
Group
Accounts receivable, not impaired
less than 30 days old 127 2,052 2,179 46 901 947
31–60 days old 88 88 33 33
more than 60 days old 61 61 28 28
Accounts receivable, impaired
more than 60 days old 62 62 26 26
Deduction for reserves -62 -62 -26 -26
Total accounts receivable 276 2,052 2,328 107 901 1,008
Other financial assets (excl. cash and cash equivalents) – 467 467 – 213 213
Carrying amount, financial assets excl. cash and cash equivalents 276 2,519 2,795 107 1,114 1,221
The receivable is reserved as doubtful in the case of an expected credit loss. The assessment is individual and performed on a case-by-case basis.
Change in provision for expected credit losses
Group 2025 2024
Opening balance 26 28
Acquired operations 54 –
Divestment of operations – -2
Increase in provision through the income statement 21 6
Utilised reserve due to confirmed losses on accounts receivable -7 -1
Reversed provisions -31 -6
Translation differences for the year -1 1
Closing balance 62 26
2025 2024
Time analysis of financial liabilities recognised as undiscounted
cash flows including accrued interest
Liabilities
to credit
institutions
Lease
liabilities
Other
financial
liabilities
Liabilities
to credit
institutions
Lease
liabilities
Other
financial
liabilities
Group
Maturity date
within 1 year 517 167 2,647 81 167 1,056
between 1 and 3 years 3,094 300 32 586 224 13
between 3 and 5 years 21 174 0 – 168 –
after 5 years 0 111 – – 79 –
3,632 752 2,679 667 638 1,069
Parent Company
Maturity date
within 1 year 356 386 26 565
between 1 and 3 years 3,005 6 586 –
between 3 and 5 years – – – –
after 5 years – – – –
3,361 392 612 565
===== SIDA 142 =====
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P.ITAB Group | Annual & Sustainability Report 2025
NOTES
Note 21 cont.
Change in liabilities attributable to financing activities in the Group’ s cash flow
Group
2024 Items that do not affect the cash flow 2025
Cash flow
Acquisition
of HMY
Short-term portion
of long-term loans
Lease liabilities
according to IFRS 16
Translation
difference Fair value
Derivative receivables -8 0 -8
Long-term investments -96 28 13 -55
Short-term investments 11 -16 -5
Non-current liabilities to credit institutions 1) 565 691 2,126 -221 -182 2,979
Current liabilities to credit institutions and overdraft facilities 83 10 52 221 24 390
Lease liabilities 585 -171 211 89 -27 687
Derivative liabilities 0 2 2
Net debt from financing activities 1,129 569 2,373 0 89 -185 15 3,990
Cash and cash equivalents -1,513 -971
Interest-bearing net debt 2) -384 3,019
1) Acquisitions in 2025 were partly financed with newly raised credit facilities of MEUR 255 and a revolving credit facility of MEUR 100.
2) Some of the company’s bank loans are restricted with covenants, stipulated in the loan contract. One of the restrictions entails that ITAB has committed to keeping the company’s interest-bearing net debt in relation to EBITDA within certain
stipulated levels. None of the company’s covenants were broken during the year.
Information about carrying amount per category and
fair value per class
Valuation hierarchy
The Group recognises financial instruments that are
measured at fair value in the statement of financial
position. This requires information about valuation at
fair value per level in the following fair value hierarchy:
Level 1: Listed prices (unadjusted) on active markets
for identical assets or liabilities. Financial instruments
measured at fair value based on level 1 comprise
cash and cash equivalents and long-term investments
as well as non-current and current interest-bearing
liabilities.
Level 2: Other observable input data for assets or
liabilities other than listed prices included in level 1,
either direct (meaning as price quotations) or indirect
(meaning derived from price quotations). Financial
instruments measured at fair value based on level 2
comprise derivatives that are applied in hedge
accounting.
Level 3: Input data for the asset or liability that are not
based on observable market data (meaning non-
observable input data).
Derivative instruments
Derivative instruments comprise interest rate swaps
and currency futures, and are measured at market
value according to level 2. In other words, for deriva -
tive instruments, the fair value is calculated through
discounted future cash flows according to the con -
tracts’ terms and maturity dates, where all variables,
such as discount rates and exchange rates, are
obtained from market listings for calculations.
Contingent purchase consideration
The calculation of contingent purchase consideration
(level 3) is dependent on the parameters of each con -
tract. These parameters are primarily linked to
expected earnings up to 2027 for acquired compa -
nies. However, for existing contracts, a ceiling is in
place limiting the amount of liabilities that can be
incurred. An increase in expected earnings would
result in a slightly higher contingent purchase consid -
eration liability. Refer to Note 5.
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NOTES
Note 21 cont.
Information about carrying amount per category and fair value per class
Group
2025
Financial instruments measured
at fair value through other
comprehensive income
Financial instruments measured at
fair value through profit or loss
Financial assets and liabilities
measured at amortised cost
Total carrying
amount Fair value 1)
Financial assets
Financial non-current receivables 28 28 28
Accounts receivable 2,328 2,328 2,328
Derivative receivables (level 2) 8 8 8
Long-term investments (level 1) 55 55 55
Other receivables 23 188 211 211
Accrued income, financial assets 165 165 165
Cash and cash equivalents 2) 971 971 971
Total financial assets 8 78 3,680 3,766 3,766
Financial liabilities
Liabilities to credit institutions 3,351 3,351 3,351
Lease liabilities 687 687 687
Overdraft facilities 18 18 18
Derivative liabilities (level 2) 2 2 2
Contingent purchase consideration (level 3) 6 6 6
Advance payments from customers 325 325 325
Accounts payable 1,939 1,939 1,939
Other liabilities 251 251 251
Accrued expenses, financial liability 1 155 156 156
Total financial liabilities 2 7 6,726 6,735 6,735
Group
2024
Financial instruments measured
at fair value through other
comprehensive income
Financial instruments measured at
fair value through profit or loss
Financial assets and liabilities
measured at amortised cost
Total carrying
amount Fair value 1)
Financial assets
Financial non-current receivables 16 16 16
Accounts receivable 1,008 1,008 1,008
Derivative receivables (level 2) 8 8 8
Long-term investments (level 1) 96 96 96
Other receivables 76 76 76
Accrued income, financial assets 17 17 17
Cash and cash equivalents 2) 1,513 1,513 1,513
Total financial assets 8 96 2,630 2,734 2,734
Financial liabilities
Liabilities to credit institutions 621 621 621
Lease liabilities 585 585 585
Overdraft facilities 27 27 27
Advance payments from customers 72 72 72
Accounts payable 817 817 817
Other liabilities 116 116 116
Accrued expenses, financial liability 4 34 38 38
Total financial liabilities – 4 2,272 2,276 2,276
1) For current receivables and liabilities with a lifetime of less than six months, the carrying amount is considered to reflect the fair value.
2) Cash and cash equivalents are made up in their entirety of cash and bank balances.
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NOTES
Note 21 cont.
Information about carrying amount per category and fair value per class
Parent Company
2025
Financial instruments measured
at fair value through other
comprehensive income
Financial instruments measured at
fair value through profit or loss
Financial assets and liabilities
measured at amortised cost
Total carrying
amount
Fair
value 1)
Financial assets
Receivables with Group companies 2,158 2,158 2,158
Other receivables 35 35 35
Cash and cash equivalents 2) 171 171 171
Total financial assets – – 2,364 2,364 2,364
Financial liabilities
Liabilities to credit institutions 3,097 3,097 3,097
Accounts payable 9 9 9
Liabilities to Group companies 372 372 372
Contingent purchase consideration (level 3) 6 6 6
Other liabilities 2 2 2
Accrued expenses, financial liability 2 2 2
Total financial liabilities – 6 3,482 3,488 3,488
Parent Company
2024
Financial instruments measured
at fair value through other
comprehensive income
Financial instruments measured at
fair value through profit or loss
Financial assets and liabilities
measured at amortised cost
Total carrying
amount
Fair
value 1)
Financial assets
Receivables with Group companies 135 135 135
Other receivables 4 4 4
Accrued income, financial assets 2 2 2
Cash and cash equivalents 2) 1,231 1,231 1,231
Total financial assets – – 1,372 1,372 1,372
Financial liabilities
Liabilities to credit institutions 565 565 565
Accounts payable 3 3 3
Liabilities to Group companies 553 553 553
Other liabilities 0 0 0
Accrued expenses, financial liability 3 6 9 9
Total financial liabilities – 3 1,127 1,130 1,130
1) For current receivables and liabilities with a lifetime of less than six months, the carrying amount is considered to reflect the fair value.
2) Cash and cash equivalents are made up in their entirety of cash and bank balances.
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NOTES
Note 22 Leases
ITAB’s leases are attributable to properties, machinery and vehicles. 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 consider -
ation 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, restructuring
programs, sustainability, the importance of the underlying asset to ITAB’s operations and/or costs attributable to
not extending or terminating leases.
Leases – right-of-use assets and lease liabilities
Items concerning leases have been included in the consolidated accounts as described below:
31 December 2025 31 December 2024
Right-of-use assets Buildings Equipment Machinery Total Buildings Equipment Machinery Total
Start of the year 518 48 0 566 498 32 0 530
Acquisitions 140 72 0 212 0 0 0 0
Additions 92 8 0 100 130 31 0 161
Disposals during the year -11 0 0 -11 -9 0 0 -9
Translation difference -25 -2 0 -27 16 1 0 17
Depreciation during the year -136 -43 0 -179 -117 -16 0 -133
Carrying amount at the end
of the year 578 83 0 661 518 48 0 566
Lease liabilities 601 86 0 687 536 49 0 585
2025 2024
Lease liabilities Nominal value Present value Nominal value Present value
Current portion, maturity date within one year 167 167 167 152
Non-current portion, maturity date from one to
three years 300 263 224 203
Non-current portion, maturity date from three to
five years 174 155 168 158
Non-current portion, maturity date over five years 111 102 79 72
Value at the end of the year 752 687 638 585
The Group’s material leases pertain to leases for buildings, mainly located in Sweden, the UK, Italy, Finland and
Czechia. Equipment primarily comprises cars and forklifts.
The Group’s profit for the 2025 financial year was charged with costs attributable to finance leases, including
depreciation of MSEK 179 (133) and interest expenses of MSEK 27 (14). Total lease expenses in 2025 amounted to
MSEK 246 (171). Lease expenses related to low-value and short-term leases amounted to MSEK 49 (29). There are
no significant variable payments or restrictions.
In 2025, leases had an impact of MSEK -171 (-128) on the Group’s cash flow.
Note 23 Inventories
Group 2025 2024
Raw materials and consumables 363 268
Products in progress 153 88
Finished products and goods for resale 795 435
Advance payments for goods 9 8
1,320 799
The year’s impairment of finished products and goods for resale charged to
net profit for the year totalled MSEK 3 (26) for the Group.
Note 24 Prepaid expenses and
accrued income
Group 2025 2024
Prepaid rent and lease payments 17 17
Prepaid insurance premiums 8 5
Other prepaid expenses 130 60
Accrued revenue from contracts with
customers
125
15
Other accrued income 2 2
282 99
Parent Company 2025 2024
Prepaid insurance premiums 2 1
Other prepaid expenses 19 40
Accrued income – 2
21 43
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NOTES
Note 25 Equity
Group
Share capital
For information regarding share capital and the share
capital development, see the information for the
Parent Company below.
Other contributed capital
Pertains to equity contributed by the owners. This
includes a portion of share premium reserves trans -
ferred to the statutory reserve as of 31 December 2005.
Provisions to the share premium reserve from 1 Janu -
ary 2006 and onwards are also recognised as other
contributed capital.
Costs for share-based incentive programs are
recognised in accordance with IFRS 2 Share-based
Payment. The fair value of the allocated share rights is
included in operating profit and is recognised in the
balance sheet as other contributed capital. Fair value
is determined at the time of the participants’ invest -
ment at the share price and is distributed over the
vesting period.
For more information about the share issues com -
pleted in 2024 and 2025, see Note 27.
Other reserves
Other reserves in equity consist of the translation
reserve and hedging reserve.
Translation reserve
Translation differences concerning foreign subsidiaries
are recognised as a separate item in equity. The trans -
lation reserve includes all exchange rate differences
arising on the translation of the financial statements of
foreign operations that have prepared their financial
statements in a currency other than the Group’s func -
tional currency. The Parent Company and the Group
present their financial statements in SEK. The transla -
tion reserve also comprises exchange rate differences
arising on the translation of liabilities used as hedging
instruments for net investments in a foreign operation.
On the sale or discontinuation of foreign operations,
accumulated translation differences are recognised
as a portion of the profit from the divestment. In 2025,
a Group company in Malaysia was divested, and in
2024, Group companies in Russia, China and Hong
Kong were divested.
The accumulated translation reserve, recognised in comprehensive income as of 2004, amounts to the following:
Translation reserve attributable to Parent Company shareholders 2025 2024
Opening balance 219 94
Translation difference discontinued operations transferred to net profit for the year -1 40
Translation difference on translation of foreign operations -87 91
Change in fair value of hedges of net investments 3 -8
Tax 0 2
Closing balance 134 219
Translation reserve attributable to non-controlling interests 2025 2024
Opening balance 29 20
Translation differences for the year -19 9
Closing balance 10 29
Hedging reserve
The hedging reserve includes the accumulated net change in the fair value of cash flow hedging instruments
attributable to hedging transactions that have not yet taken place.
2025 2024
Opening balance 7 9
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 1 0
Closing balance 2 7
Total other reserves attributable to Parent Company shareholders 136 226
Total other reserves attributable to non-controlling interests 10 29
Profit brought forward
Profit brought forward including net profit for the year includes profit earned in the Parent Company and its
subsidiaries. Previous provisions to the statutory reserve, excluding transferred share premium reserves, are
included in this equity item.
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NOTES
Note 25 cont.
Parent Company
Share capital
On 16 December 2025, with the support of the issue authorisation from the
AGM on 7 May 2025, ITAB’s Board of Directors resolved to carry out a directed
cash issue of 611,000 Class C shares. The Board also resolved to immediately
repurchase all 611,000 Class C shares. The purpose of the issue and repur-
chase is to secure delivery of ordinary shares to the employees who are par-
ticipants in the Group’s long-term incentive program 2025 (LTIP 2025) by ITAB
subsequently converting the Class C shares into ordinary shares. For more
information on the Group’s long-term incentive programs, see Note 8.
The 2022 AGM resolved on a long-term incentive program for
senior executives and other key individuals (LTIP 2022) extending from
June 2022 until June 2025. The program ended in the second quarter of
2025. As a result, 2,054,985 Class C shares were converted to ordinary
shares, and 1,043,671 ordinary shares were thereafter conveyed to the
participants and the remaining 1,011,314 ordinary shares were conveyed
on Nasdaq Stockholm to cover part of the costs for the program.
In order to partly finance the intended acquisition of HMY, ITAB’s Board
of Directors resolved on 26 September 2024 to carry out a directed share
issue of a total of 38,200,000 ordinary shares. 24,719,827 of the newly
issued ordinary shares were issued based on the Board’s authorisation
from the AGM held on 15 May 2024 and the remaining 13,480,173 shares
were issued following subsequent approval at the Extraordinary General
Meeting held on 21 October 2024. As of 31 December 2024, a total of
MSEK 831 had been provided to the company in issue proceeds after
transaction costs, of which MSEK 16 was share capital.
On 28 September 2023, ITAB initiated a share buyback program with a
maximum purchase amount of MSEK 50. The buyback program ran from
29 September 2023 until 22 March 2024, when the maximum amount for
share repurchases of MSEK 50 was reached. The program was carried out
in accordance with the EU Market Abuse Regulation (MAR) and the EU
Commission’s Delegated Regulation 2016/1052 (the so-called “Safe Harbour
Regulation”). A total of 3,079,659 ordinary shares were repurchased within
the framework of the program. 541,748 ordinary shares were repurchased
in 2023 and the remaining 2,537,911 shares were repurchased in 2024, up
until 22 March. The purpose of the buyback program was to optimise the
capital structure and consequently ITAB’s share capital was reduced by
cancelling the repurchased shares.
For more information, see Note 27.
Ordinary shares entitle the holder to one vote and Class C shares to 1/10
of a vote at general meetings of shareholders. Ordinary shares entitle the
holder to dividends, while Class C shares do not. The share capital is dis -
tributed as follows: SEK 107,858 thousand pertaining to ordinary shares
and SEK 1,249 thousand pertaining to Class C shares. All Class C shares
are held in treasury by ITAB. The quotient value per share is SEK 0.422517.
For information on the share capital development, refer to Note 17.
Statutory reserve
The purpose of the statutory reserve has been to save a portion of net
profit, which is not used to cover the loss brought forward. This also
includes a portion of share premium reserves transferred to the statutory
reserve as of 31 December 2005.
Share premium reserve
When shares are issued at a share premium, meaning that the price paid
for the shares are higher than their quotient value, an amount corre -
sponding to the amount received over and above the quotient value for
the shares must be transferred to the share premium reserve. Issue costs
reduce the value of the share premium reserve. Share premium reserves
prior to 31 December 2005 have been transferred to the statutory reserve.
For more information about the completed share issues in 2024 and
2025, see Note 27.
Profit brought forward
Profit brought forward comprises the previous year’s profit brought for -
ward, including the previous year’s profit after payment of any dividends.
Costs for share-based incentive programs are recognised in accor -
dance with IFRS 2 Share-based Payment . The fair value of the allocated
share rights is included in operating profit and is recognised in the bal -
ance sheet as profit brought forward. Fair value is determined at the time
of the participants’ investment at the share price and is distributed over
the vesting period.
Together with net profit for the year and the share premium reserve,
profit brought forward constitutes total non-restricted equity, meaning the
amount that is available for dividends to the shareholders.
Parent Company 31 December 2025 31 December 2024
Shares outstanding Ordinary shares Class C shares Total Ordinary shares Class C shares Total
Opening number of shares 253,220,533 4,400,000 257,620,533 218,100,192 4,400,000 222,500,192
Conversion of Class C shares into ordinary shares 2,054,985 -2,054,985 0 – – –
Cancellation of repurchased ordinary shares 1) – – – -3,079,659 – -3,079,659
New share issue – 611,000 611,000 38,200,000 – 38,200,000
Number of shares at the end of the year 255,275,518 2,956,015 258,231,533 253,220,533 4,400,000 257,620,533
of which held by ITAB Shop Concept AB -2,956,015 -2,956,015 -4,400,000 -4,400,000
Total shares outstanding at the end of the year 255,275,518 0 255,275,518 253,220,533 0 253,220,533
1) The purpose of repurchasing ordinary shares was to optimise the capital structure with the aim of reducing ITAB’s share capital by cancelling repurchased shares.
Following the resolution of the AGM on 15 May 2024, the cancellation of all 3,079,659 repurchased ordinary shares was completed.
Note 26 Allocation of profits
Parent Company, MSEK 2025 2024
The following non-restricted funds are
at the disposal of the AGM:
Share premium reserve 1,895 1,898
Profit brought forward 363 304
Net profit for the year 328 52
Total 2,586 2,254
The Board of Directors and CEO propose
that these funds be distributed as follows:
Proposed dividend to shareholders,
SEK per ordinary share 0.00 0.00
Number of ordinary shares outstanding at
the end of the year
255,275,518 253,220,533
Number of ordinary shares outstanding on
the date of the dividend
– –
Total distributed to shareholders, MSEK – –
To be carried forward, MSEK 2,586 2,254
Total, MSEK 2,586 2,254
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NOTES
Note 27 Repurchases of own shares and new share issue
Directed cash issue 2025
On 16 December 2025, with the support of the issue authorisation from the 2025
AGM, ITAB’s Board of Directors resolved to carry out a directed cash issue of
611,000 Class C shares intended for the long-term incentive program. The Board
also decided to immediately repurchase all 611,000 Class C shares. The purpose
of the issue and repurchase is to secure delivery of ordinary shares to the emplo y-
ees who are participants in the Group’s long-term incentive program 2025 (LTIP
2025) by ITAB subsequently converting the Class C shares into ordinary shares.
Directed share issue 2024
In order to partly finance the intended acquisition of HMY, ITAB’s Board of Direc -
tors resolved on 26 September 2024 to carry out a directed share issue of a total
of 38,200,000 ordinary shares at a subscription price of SEK 22.70 per share,
consequently raising proceeds for ITAB of approximately MSEK 867 before trans -
action costs. The subscription price corresponded to a discount of approxi -
mately 9.9 percent in relation to the closing price of the ITAB share on Nasdaq
Stockholm on 25 September 2024 and was determined through an acceler -
ated bookbuilding procedure. The issue was oversubscribed and a large num -
ber of Swedish and international institutional investors participated in the
directed share issue including Handelsbanken Funds, Nordea Funds, Third AP
Fund, Fourth AP Fund and Alcur, as well as certain existing shareholders. The
share issue also secured new long-term credit facilities for the Group.
24,719,827 of the newly issued ordinary shares were issued based on the
Board’s authorisation from the AGM held on 15 May 2024 and the remaining
13,480,173 shares were issued following subsequent approval at the Extraordi -
nary General Meeting held on 21 October 2024. As of 31 December 2024, a
total of MSEK 831 had been provided to the company in issue proceeds after
transaction costs, of which MSEK 16 was share capital.
Repurchases of own shares 2023–2024
On 28 September 2023, ITAB initiated a share buyback program with a maximum
purchase amount of MSEK 50. The buyback program ran from 29 September
2023 until 22 March 2024, when the maximum amount for share repurchases of
MSEK 50 was reached. The program was carried out in accordance with the EU
Market Abuse Regulation (MAR) and the EU Commission’s Delegated Regulation
2016/1052 (the so-called “Safe Harbour Regulation”). A total of 3,079,659 ordinary
shares were repurchased within the framework of the program, of which 541,748
ordinary shares were repurchased in 2023 and the remaining 2,537,911 shares
were repurchased in 2024, up until March 22.
The purpose of the buyback program was to optimise the capital structure
with the aim of reducing ITAB’s share capital by cancelling repurchased
shares. In accordance with the AGM’s decision on 15 May 2024, the share
capital was subsequently reduced by SEK 1,284,218 through the cancellation
of 3,079,659 repurchased ordinary shares. In order to restore the share capi -
tal, the AGM simultaneously resolved to increase the company’s share capital
by SEK 1,284,218 through a bonus issue without issuing new shares by transfer -
ring the amount from the company’s non-restricted equity. Following the can -
cellation of ordinary shares and the bonus issue, the company’s restricted
equity and share capital are unchanged.
At 31 December 2025, ITAB held no ordinary shares in treasury. All 2,956,015
Class C shares were held in treasury. For more information about the number
of shares, see Note 25.
Note 28 Overdraft facilities
Group 2025 2024
Granted overdraft facility 738 1,194
Utilised overdraft facility 23 33
Unutilised overdraft facility 715 1,161
Parent Company 2025 2024
Granted overdraft facility 699 1,153
Utilised overdraft facility 0 0
Unutilised overdraft facility 699 1,153
The companies in the ITAB Group are affiliated to the Group account system. At the end of the
year, ITAB Shop Concept AB had net debt of MSEK 264 (213) via Group accounts. Together with
the subsidiaries in the Group, the Parent Company’s total receivables from credit institutions via
Group accounts amounted to MSEK 171 (231), meaning that the Parent Company has debt to
subsidiaries totalling MSEK 435, net (444).
Note 29 Provisions for pensions
The following tables present an overview of the items included in the net
costs for remuneration recognised in the consolidated income statement
for defined-benefit pension plans. Certain information concerning the
outcome of capital management and amounts reported in the Group’s
balance sheet for these pension plans is also provided.
Defined-benefit pension plans 2025 2024
Net costs
Interest on the year’s increase in the present value of pension
commitments 3 2
Net of pensions earned and premiums paid during the year 5 -2
Expected return on plan assets -2 -1
Recognised pension costs, net 6 -1
Recognised provision as of 31 December
Present value of pension commitments 119 48
Fair value of plan assets -14 -16
Recognised provision as of 31 December 105 32
Net amount distributed between the following countries
Norway 0 1
Sweden 10 4
Italy 21 23
France 68 2
Türkiey 4 –
Other 2 2
Recognised commitments in the balance sheet 105 32
2025 2024
Change in recognised provision
Opening net debt 32 29
Provision assumed in connection with corporate
acquisition
70
–
Actuarial gains and losses 3 2
Value adjustment -6 2
Pension costs, net 6 -1
Recognised provision as of 31 December 105 32
The most important assumptions used for determining
pension commitments (%)
Discount factor 3.7–4.0% 3.5–4.5%
Future salary increases 1.0–4.0% 1.0–3.8%
Future pension increases 2.0–3.75% 3.5–3.7%
Expected return 4.0% 3.7%
Alecta
For salaried employees in Sweden, the ITP 2 plan’s defined-benefit pension
commitments for retirement and family pension are secured through an insur -
ance policy with Alecta. According to a statement from the Swedish Corpo -
rate Reporting Board, UFR 10 Recognition of the ITP 2 pension plan financed
through insurance with Alecta, this is a defined-benefit plan that covers several
employers. For the 2025 financial year, the company did not have access to
information in order to report its proportional share of the plan’s obligations,
plan assets and costs, which meant that it has not been possible to report the
plan as a defined-benefit plan. The ITP 2 pension plan that is secured through
insurance with Alecta is therefore reported as a defined-contribution plan.
The premium for the defined-benefit retirement and family pension is calcu -
lated on an individual basis, and is dependent in part on salary, previously
earned pension and the anticipated remaining period of service. The fees for
the year for ITP 2 insurance policies taken out in Alecta amount to MSEK 7 (7).
The collective funding ratio comprises the market value of Alecta’s assets as
a percentage of the insurance commitments calculated according to Alec -
ta’s actuarial methods and assumptions, which do not coincide with IAS 19.
The collective funding ratio is normally allowed to vary between 125 and 170
percent. If Alecta’s collective funding ratio is below 125 percent or above 170
percent, measures must be taken with the aim of creating the conditions to
bring the funding ratio back to the normal range. In the event of a low fund -
ing ratio, one measure may be to raise the agreed price for new subscriptions
and to extend existing benefits. In the event of a high funding ratio, one mea -
sure may be to introduce premium reductions. At the end of 2025, Alecta’s
surplus in the form of the collective funding ratio was 167 percent (162).
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NOTES
Note 30 Other provisions
Group 2025 2024
Guarantee reserve ¹) 13 8
Reserve for customer complaints 2) 38 –
Other provisions 3) 31 19
82 27
Group 2025
Guarantee
reserve 1)
Reserve
for customer
complaints 2)
Other
provisions 3) Total
Opening balance, 1 Jan 2025 8 – 19 27
Provisions during the year 6 39 3 48
Acquisitions of subsidiaries 1 – 18 19
Utilised provisions 0 – -7 -7
Translation differences -2 -1 -2 -5
Closing balance, 31 Dec 2025 13 38 31 82
Of which, current provisions – 38 11 49
Of which, non-current provisions 13 – 20 33
Group 2024
Guarantee
reserve 1)
Restructuring
reserve 4)
Other
provisions 3) Total
Opening balance, 1 Jan 2024 8 1 13 22
Provisions during the year 1 – 6 7
Utilised provisions -1 -1 0 -2
Closing balance, 31 Dec 2024 8 0 19 27
Of which, current provisions – 0 12 12
Of which, non-current provisions 8 – 7 15
1) The guarantee provision refers to ITAB’s assessed costs for warranty commitments where ITAB’s
products are sold with more than a one-year warranty.
2) Reserve for customer complaints due to a lack of material quality from suppliers.
3) Other provisions primarily refer to provisions for personnel costs in connection with restructuring
and disputes with former employees. The amount also includes a provision for agents pursuant
to Italian law and is based on average commission over the past five years.
4) The restructuring reserve refers to costs in connection with the closure of the production unit
in France.
Note 31 Accrued expenses and prepaid income
Group 2025 2024
Payroll and vacation expenses 275 198
Accrued social security contributions, incl. pension and
payroll tax 120 77
Accrued expenses from contracts with customers 121 26
Accrued sales commissions 12 11
Accrued service-related expenses 27 16
Accrued interest expenses 3 5
Other accrued expenses 354 74
Prepaid revenue from contracts with customers 21 3
Other prepaid income 11 3
944 413
Parent Company 2025 2024
Payroll and vacation expenses 6 14
Accrued social security contributions, incl. pension and
payroll tax 5 14
Accrued interest expenses 2 5
Accrued service-related expenses 12 2
Other accrued expenses 1 5
26 40
Note 32 Pledged assets
Group 2025 2024
Pledges for own liabilities
Corporate mortgages 49 –
Total pledged assets 49 –
All collateral refers to collateral for liabilities to credit institutions.
The Parent Company has no pledged assets.
Note 33 Contingent liabilities
Group 2025 2024
Guarantee undertakings 108 12
Parent Company 2025 2024
Sureties for subsidiaries 66 100
Note 34 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 controlling or significant influence. The ITAB Group’s
related physical persons refer to senior executives, the Parent Company’s
Board of Directors and close family members of these persons. Transac -
tions of significance with related parties refer to transactions with a value
of more than MSEK 1 with the Group’s aforementioned related parties.
For information regarding salaries and remuneration to senior execu -
tives, see Note 8.
Transactions between the Parent Company ITAB Shop Concept AB and
its subsidiaries are specified in Notes 7, 13 and 14.
There were no other significant transactions with related companies
during 2025.
Note 35 Inflation adjustment Argentina and Türkiey
Argentina’s economy is considered to have been in a state of hyperinfla -
tion since 1 July 2018. Following the devaluation of the Argentinian peso in
autumn 2023, the financial statements for ITAB’s subsidiary in Argentina
were fully adjusted to correct for the effects of inflation in accordance with
IAS 29 Financial Reporting in Hyperinflationary Economies . Following the
acquisition of HMY, the ITAB Group also includes companies in Türkiey.
Türkiey is considered a hyperinflationary economy and is reported in the
same manner as Argentina. This means that:
The different items in the income statement have been adjusted in line
with Argentina’s and Türkiey’s respective national consumer price
indexes (CPI). The historical cost of non-monetary assets and liabilities
has been adjusted to reflect changes in the currency’s purchasing
power.
All of the components in the subsidiaries’ financial statements have
been restated at the closing day rate. Translation differences arising in
the translation to SEK have been recognised in Other comprehensive
income in accordance with IAS 21.
The figures for financial year that began prior to 1 January 2023 have
not been changed.
As of 31 December 2025, Argentina’s base CPI was 10,060.6. The con -
sumer price adjustment index at 31 December 2024 was 7,694. To hedge
monetary assets against inflation, long-term investments have been made
in an amount corresponding to MSEK 55. These are recognised at fair
value through net financial items in the income statement.
As of 31 December 2025, Türkiey’s base CPI was 3,513.87. On initial recog -
nition in ITAB on 1 February 2025, the CPI was 2,819.65.
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NOTES
Note 36 Events after the balance sheet date
Glauco Frascaroli took over as interim President & CEO on 7 January 2026.
Björn Borgman will take over as the new President & CEO of the ITAB
Group on 1 May 2026.
In January 2026, ITAB exercised an annual extension option for its MEUR
255 credit facility and MEUR 100 revolving credit facility. The term has thus
been extended by one year to January 2029 on unchanged terms com -
pared with the original credit facilities.
No other significant events for the Group occurred after the end of the
financial year.
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ALTERNATIVE PERFORMANCE MEASURES
Reconciliation of alternative performance measures
Key ratios included in the Annual Report derive primarily from the disclo -
sure requirements according to IFRS and the Swedish Annual Accounts
Act. In addition, reference is made to a number of performance measures
that are not defined in IFRS regulations or directly in the income statement
and statement of financial position, with the aim of illustrating the company’s
profit trend, financial position and how the company has invested its capital.
These financial measures are not always calculated in the same way by
all companies. The main alternative performance measures presented
below are EBITDA, cash conversion, interest-bearing net debt and return
on equity, capital employed and total capital. The definitions of these
alternative performance measures and other key ratios can be found on
the next page.
EBITDA (Operating profit before depreciation and amortisation)
EBITDA (Earnings before interest, tax, depreciation and amortisation) is considered
a relevant profit measure to assess the company’s profit trend over time.
(MSEK) 2025 2024
Operating profit 580 459
Depreciation and amortisation 504 254
EBITDA 1,084 713
Reversal of non-recurring items 1) 183 48
EBITDA excl. non-recurring items 1,267 761
1) For more information about non-recurring items, see page 110.
Cash conversion (Operational cash flow in relation to EBITDA)
A relevant measure to assess capital efficiency. This measure is included in ITAB’s
financial targets.
(MSEK) 2025 2024
Operational cash flow (Cash flow from operating
activities) 785 624
EBITDA 1,084 713
Cash conversion % 72 88
Return on equity
This measure shows the return on the shareholders’ capital invested in the ITAB
Group.
(MSEK) 2025 2024
Net profit for the year attributable to Parent Company
shareholders 131 311
Equity attributable to Parent Company shareholders 4,174 4,128
Average*) equity attributable
to Parent Company shareholders 4,123 3,448
Return on equity, % 3.2 9.0
Return on capital employed
This measure is used to assess the efficiency and value added from the business.
(MSEK) 2025 2024
Net profit for the year after financial items plus financial
borrowing costs 561 508
Average*) balance sheet total less non interest-bearing
liabilities 7,859 4,798
Return on capital employed, % 7.1 10.6
Return on total capital
This measure is used to assess the ability to generate profit on the Group’s assets,
regardless of financing costs.
(MSEK) 2025 2024
Net profit for the year after financial items
plus financial borrowing costs 561 508
Average*) total capital 11,499 6,260
Return on total capital, % 4.9 8.1
Interest-bearing net debt
Interest-bearing net debt is the most relevant measure to show total debt
financing, and is included in the covenants that ITAB has in its loan agreements
with the company’s banks.
(MSEK) 2025 2024
Interest-bearing non-current liabilities 3,501 998
Interest-bearing current liabilities 557 235
Interest-bearing assets -68 -104
Cash and cash equivalents -971 -1,513
Interest-bearing net assets/debt 3,019 -384
Reversal of interest-bearing lease liabilities -687 -585
Interest-bearing net assets/debt excl. leases 2,332 -969
*) Average is calculated as the average of opening balance and the relevant reported quarterly
data up until the closing period. In other words, 2025 is calculated as (31 December 2024 + 31
March 2025 + 30 June 2025 + 30 September 2025 + 31 December 2025) divided by five.
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NOTES
Definitions
Performance measure &
alternative performance measure Definition Motive
Return on equity Net profit for the year attributable to the Parent Company’s shareholders in relation to average equity attributable to the Parent Company’s shareholders. Relevant measure to show the return on the shareholders’
capital invested in the ITAB Group.
Return on capital employed Net profit for the year after financial items plus financial borrowing costs in relation to average balance sheet total less non-
interest-bearing liabilities.
Relevant measure for assessing ITAB’s efficiency and added
value from the business.
Return on total capital Net profit for the year after financial items plus financial borrowing costs in relation to average total capital. Relevant measure for assessing ITAB’s ability to generate
profit on the Group’s assets regardless of financing costs.
Cash conversion Operational cash flow (Cash flow from operating activities) in relation to operating profit before depreciation/amortisation (EBITDA). A relevant measure to assess capital efficiency. This mea-
sure is included in ITAB’s financial targets.
Direct yield Paid or proposed dividend in relation to the share price on the balance sheet date. Return measure for shareholders.
Discount rate (WACC) Weighted Average Cost of Capital – weighted required return for equity and borrowed capital on the company’s future earnings. Measures the required return on ITAB’s capital and is used
to discount future cash flows.
EBITDA Earnings before interest, tax, depreciation and impairment of property, plant and equipment, and amortisation and impairment of intangible assets. A relevant profit measure to assess the company’s profit
trend over time.
Equity per share Equity at the end of the year attributable to Parent Company shareholders in relation to the number of ordinary shares outstanding at the end of the year. Measure to describe how much equity belongs to the
shareholders of the Parent Company.
Cash flow from operating
activities per share
Cash flow from operating activities in relation to the average number of outstanding ordinary shares. This measure highlights ITAB’s ability to generate cash flow
and pay dividends to its shareholders.
Average number of employees Number of worked hours divided by normal annual working time.
Note: In ITAB’s Sustainability Report, the Group’s headcount as of the balance sheet date is used instead. For definition, refer to ESG reporting principles on
page 76.
This measure shows the size of ITAB’s workforce.
Earnings per share after dilution Net profit for the year attributable to Parent Company shareholders in relation to the average number of ordinary shares outstanding after dilution.
For calculation of earnings per share after dilution, the average number of shares is adjusted taking into account the effects of dilutive potential ordinary
shares, which, during the reporting years in question, comprised rights to receive shares in ITAB within the framework of long-term incentive programs.
Matching share rights held by employees as of the reporting date are considered dilutive. Moreover, the right to receive shares with performance condi-
tions is dilutive only to the extent that set performance targets are met as of the reporting date. Adjustment of the number of dilutive shares is based on
the hypothetical number of shares that could have been purchased with the value of remaining positions within the framework of the incentive program.
A valuation measure that highlights ITAB’s ability to pay
dividends to its shareholders.
Earnings per share before dilution Net profit for the year attributable to Parent Company shareholders in relation to the average number of ordinary shares outstanding before dilution. A valuation measure that highlights ITAB’s ability to pay
dividends to its shareholders.
Interest-bearing net debt Non-current and current interest-bearing liabilities including lease liabilities less interest-bearing assets as well as cash and cash equivalents. A relevant measure to show ITAB’s total loan financing. This
measure is included in the covenants in ITAB’s loan agree-
ments with the company’s banks.
Interest-coverage ratio Profit after financial items plus financial interest expenses in relation to financial borrowing costs. Shows ITAB’s ability to cover its financial expenses.
Operating margin/EBIT margin Operating profit in relation to revenue. Relevant for assessing ITAB’s efficiency and added value.
This measure is included in ITAB’s financial targets.
Equity/assets ratio Equity in relation to total capital. This measure highlights financial risk.
Total capital Total equity and liabilities (balance sheet total). This measure highlights the size of the company’s total
assets.
Currency-adjusted sales Translation of the foreign subsidiaries’ income statements are conducted at each period’s average currency rate. For comparison of profit excluding
currency effects, the companies are recalculated at the previous year’s average currency rate for the same period. ITAB applies the European Central
Bank’s average rates for the whole period. As of the 2023 financial year, the effects of the Group’s operations in hyperinflationary countries are excluded
from the calculation of currency effects.
Relevant to show the sales and profit trend without any
effects from currency rates fluctuations. Currency-adjusted
sales growth is included in ITAB’s financial targets.
Profit margin Profit after financial items in relation to revenue. Relevant for assessing ITAB’s efficiency and added value.
152P.ITAB Group | Annual & Sustainability Report 2025
DEFINITIONS
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The Board of Directors and the CEO hereby verify that the consolidated accounts and the annual accounts have been prepared in accor -
dance with the International Financial Reporting Standards (IFRS Accounting Standards), as adopted by the EU, and the Swedish Annual
Accounts Act, respectively, and provide a true and fair view of the Group’s and the Parent Company’s financial position and results, and that
the Administration Report presents a true and fair view of the development of the Group’s and the Parent Company’s business activities,
financial position and results as well as describing significant risks and uncertainties that the Parent Company and companies within the
Group face. The Board of Directors and the CEO also assure that the Annual Report has been prepared in accordance with the European
Sustainability Reporting Standards (ESRS) and the specifications that have been adopted with the support of EU Taxonomy Regulation. 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. The consolidated income statement and statement of financial position as well as the Parent Company’s income statement and bal -
ance sheet will be subject to adoption at the AGM on 6 May 2026.
Jönköping, 31 March 2026
Anders Moberg
Chairman of the Board
Kerstin Anderson
Board member
Petter Fägersten
Board member
Amelie de Geer
Board member
Lars Kvarnsund
Board member
Madeleine Persson
Board member
Fredrik Rapp
Board member
Peder Strand
Board member
Glauco Frascaroli
Chief Executive Officer
Our Auditor’s Report on the Annual Report and consolidated financial statements was submitted on 1 April 2026.
Our Limited Assurance Report on the statutory Sustainability Report was submitted on 1 April 2026.
Ernst & Young AB
Franz Lindström
Authorised Public Accountant
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P.ITAB Group | Annual & Sustainability Report 2025
AUDITOR’S REPORT
Auditor’s report
To the General Meeting of Shareholders of ITAB Shop Concept AB (publ),
corporate identity number 556292-1089
Report on the annual accounts
and consolidated accounts
Opinions
We have audited the annual accounts and consoli -
dated accounts of ITAB Shop Concept AB (publ) for
the year 2025, with the exception of the sustainability
report on pages 29-98 and the corporate gover -
nance report on pages 99-103. The company’s
annual accounts and consolidated accounts are
included on pages 18-153 of this document.
In our opinion, the annual accounts have been pre -
pared in accordance with the Annual Accounts Act
and present fairly, in all material respects, the finan -
cial position of the parent company as of 31 Decem-
ber 2025 and its financial performance and cash flow
for the year then ended in accordance with the
Annual Accounts Act. The consolidated accounts
have been prepared in accordance with the Annual
Accounts Act and present fairly, in all material res-
pects, the financial position of the group as of 31
December 2025 and of its financial performance and
cash flow for the year then ended in accordance with
International Financial Reporting Standards (IFRS), as
adopted by the EU, and the Annual Accounts Act.
Our opinions do not cover the sustainability report on
pages 29-98 and corporate governance report on
pages 99-103. The statutory administration report is
consistent with the other parts of the annual accounts
and consolidated accounts.
We therefore recommend that the General Meeting
of Shareholders adopts the income statement and
balance sheet for the parent company and the group.
Our opinions in this report on the annual accounts
and consolidated accounts are consistent with the
content of the additional report that has been sub -
mitted to the parent company’s Audit Committee in
accordance with the Audit Regulation (537/2014)
Article 11.
Basis for Opinions
We conducted our audit in accordance with Interna -
tional Standards on Auditing (ISA) and generally
accepted auditing standards in Sweden. Our respon -
sibilities under those standards are further described
in the Auditor’s Responsibilities section. We are inde-
pendent of the parent company and the group in
accordance with professional ethics for accountants
in Sweden and have otherwise fulfilled our ethical
responsibilities in accordance with these require -
ments. This includes that, based on the best of our
knowledge and belief, no prohibited services referred
to in the Audit Regulation (537/2014) Article 5.1 have
been provided to the audited company or, where
applicable, its parent company or its controlled com -
panies within the EU.
We believe that the audit evidence we have obtai-
ned is sufficient and appropriate to provide a basis
for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that,
in our professional judgment, were of most signifi -
cance in our audit of the annual accounts and
consolidated accounts of the current period. These
matters were addressed in the context of our audit of,
and in forming our opinion thereon, the annual
accounts and consolidated accounts as a whole, but
we do not provide a separate opinion on these mat-
ters. For each matter below, our description of how
our audit addressed the matter is provided in that
context.
We have fulfilled the responsibilities described in the
Auditor’s Responsibilities for the audit of the financial
statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the financial statements. The results of our audit proce-
dures, including the procedures performed to address
the matters below, provide the basis for our audit opi-
nion on the accompanying financial statements.
Other Information than the annual
accounts and consolidated accounts
This document also contains other information than the
annual accounts and consolidated accounts and is
found on pages 1–17. The other information also inclu-
des the remuneration report, which we have obtained
prior to the date of this auditor’s report. The Board of
Directors and the Managing Director are responsible for
this other information.
Our opinion on the annual accounts and consolida -
ted accounts does not cover this other information and
we do not express any form of assurance conclusion
regarding this other information.
In connection with our audit of the annual accounts
and consolidated accounts, our responsibility is to read
the information identified above and consider whether
the information is materially inconsistent with the annual
accounts and consolidated accounts. In this procedure
we also take into account our knowledge otherwise
obtained in the audit and assess whether the informa-
tion otherwise appears to be materially misstated.
If we, based on the work performed concerning this
information, conclude that there is a material misstate -
ment of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of the Board of
Directors and the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the annual accounts
and consolidated accounts and that they give a fair
presentation in accordance with the Annual Accounts
Act and, concerning the consolidated accounts, in
accordance with IFRS as adopted by the EU. The Board
of Directors and the Managing Director are also respon -
sible for such internal control as they determine is
necessary to enable the preparation of annual
accounts and consolidated accounts that are free
from material misstatement, whether due to fraud or
error.
In preparing the annual accounts and consolidated
accounts, the Board of Directors and the Managing
Director are responsible for the assessment of the
company’s and the group’s ability to continue as a
going concern. They disclose, as applicable, matters
related to going concern and using the going concern
basis of accounting. The going concern basis of
accoun ting is however not applied if the Board of
Valuation of goodwill and shares in Group
companies
Description
As of 31 December 2025, the carrying amount of
goodwill amounts to MSEK 3,897 in the Group’s
balance sheet which corresponds to 31.2% of total
assets. Shares in Group companies are reported in
the Parent Company’s balance sheet at MSEK 3,826,
which corresponds to 61.5% of total assets. Every
year, and when there is an indication of a fall in
value, ITAB tests that the carrying amount does not
exceed the calculated recoverable amount. The
recoverable amount is determined for each
cash-generating unit by means of a current value
calculation of future cash flows. Future cash flows
are based on the management’s business plans
and forecasts and include a number of assump -
tions, including regarding profit trend, growth,
investment needs and discount rate. For participa -
tions in Group companies, the recoverable amount
is determined as fair value or value in use, whichever
is the highest.
Altered assessments of the assumptions that the
management has made in the calculation of the
recoverable amount and the assumptions that the
company has applied are therefore very important
in the assessment of the need for impairment. We
have therefore judged that the recognition of good -
will and shares in Group companies are a key audit
matter.
A description of the impairment test can be found
in Note 18 “Intangible assets” and in Note 3 “Impor-
tant estimates and assessments”.
How our audit addressed this key audit matter
In our audit, we have evaluated and tested the com-
pany’s process for establishing impairment tests,
including by evaluating the accuracy of forecasts
and assumptions in previous years. With the aid of
our valuation specialists, we have assessed the
selected discount rate and assumptions regarding
long-term growth. We have also reviewed the com -
pany’s model and method for implementing impair -
ment tests and have evaluated the company’s sen-
sitivity analysis. We have reviewed the additional
information provided in the annual accounts.
This is a translation of the Swedish
original Auditor´s Report.
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AUDITOR’S REPORT
Report on other legal and
regulatory requirements
Report on the audit of the administration and the pro-
posed appropriations of the company’ s profit or loss
Opinions
In addition to our audit of the annual accounts and
consolidated accounts, we have also audited the
administration of the Board of Directors and the
Managing Director of ITAB Shop Concept AB (publ) for
the year 2025 and the proposed appropriations of the
company’s profit or loss.
We recommend to the General Meeting of Sharehol -
ders that the profit be appropriated in accordance with
the proposal in the statutory administration report and
that the members of the Board of Directors and the
Managing Director be discharged from liability for the
financial year.
Basis for opinions
We conducted the audit in accordance with generally
accepted auditing standards in Sweden. Our responsi -
bilities under those standards are further described in
the Auditor’s Responsibilities section. We are indepen -
dent of the parent company and the group in accor -
dance with professional ethics for accountants in
Sweden and have otherwise fulfilled our ethical respon -
sibilities in accordance with these requirements.
We believe that the audit evidence we have obtai -
ned is sufficient and appropriate to provide a basis for
our opinions.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors is responsible for the proposal for
appropriations of the company’s profit or loss. At the
proposal of a dividend, this includes an assessment of
whether the dividend is justifiable considering the
requirements which the company’s and the group’s
type of operations, size and risks place on the size of
the parent company’s and the group’s equity, consoli-
dation requirements, liquidity and position in general.
The Board of Directors is responsible for the compa -
ny’s organization and the administration of the compa -
ny’s affairs. This includes among other things conti -
nuous assessment of the company’s and the group’s
financial situation and ensuring that the company’s
organization is designed so that the accounting,
management of assets and the company’s financial
affairs otherwise are controlled in a reassuring manner.
The Managing Director shall manage the ongoing
administration according to the Board of Directors’ gui -
delines and instructions and among other matters take
measures that are necessary to fulfill the company’s
accounting in accordance with law and handle the
management of assets in a reassuring manner.
Auditor’ s responsibilities
Our objective concerning the audit of the administra -
tion, and thereby our opinion about discharge from lia -
bility, is to obtain audit evidence to assess with a reaso -
nable degree of assurance whether any member of the
Board of Directors or the Managing Director in any
material respect:
has undertaken any action or been guilty of any omis-
sion which can give rise to liability to the company, or
in any other way has acted in contravention of the
Companies Act, the Annual Accounts Act or the
Articles of Association.
Our objective concerning the audit of the proposed app-
ropriations of the company’s profit or loss, and thereby
our opinion about this, is to assess with reasonable
degree of assurance whether the proposal is in accor-
dance with the Companies Act.
Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accor-
dance with generally accepted auditing standards in
Sweden will always detect actions or omissions that can
give rise to liability to the company, or that the proposed
appropriations of the company’s profit or loss are not in
accordance with the Companies Act.
As part of an audit in accordance with generally
accepted auditing standards in Sweden, we exercise
professional judgment and maintain professional skepti-
cism throughout the audit. The examination of the admi-
nistration and the proposed appropriations of the com-
pany’s profit or loss is based primarily on the audit of the
accounts. Additional audit procedures performed are
based on our professional judgment with starting point in
risk and materiality. This means that we focus the exami-
nation on such actions, areas and relationships that are
material for the operations and where deviations and vio-
lations would have particular importance for the compa-
ny’s situation. We examine and test decisions underta-
ken, support for decisions, actions taken and other
circumstances that are relevant to our opinion concer-
ning discharge from liability. As a basis for our opinion on
the Board of Directors’ proposed appropriations of the
company’s profit or loss we examined whether the propo-
sal is in accordance with the Companies Act.
Directors and the Managing Director intends to liquidate
the company, to cease operations, or has no realistic
alternative but to do so.
The Audit Committee shall, without prejudice to the
Board of Director’s responsibilities and tasks in general,
among other things oversee the company’s financial
reporting process.
Auditor’ s responsibilities
Our objectives are to obtain reasonable assurance
about whether the annual accounts and consolidated
accounts as a whole are free from material misstate-
ment, whether due to fraud or error, and to issue an
auditor’s report that includes our opinions. Reasonable
assurance is a high level of assurance, but is not a gua-
rantee that an audit conducted in accordance with ISAs
and generally accepted auditing standards in Sweden
will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we exer -
cise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement
of the annual accounts and consolidated accounts,
whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to
provide a basis for our opinions. The risk of not detec-
ting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misre -
presentations, or the override of internal control.
Obtain an understanding of the company’s internal
control relevant to our audit in order to design audit
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estima -
tes and related disclosures made by the Board of
Directors and the Managing Director.
Conclude on the appropriateness of the Board of
Directors’ and the Managing Director’s use of the
going concern basis of accounting in preparing the
annual accounts and consolidated accounts. We
also draw a conclusion, based on the audit evidence
obtained, as to whether any material uncertainty
exists related to events or conditions that may cast
significant doubt on the company’s and the group’s
ability to continue as a going concern. If we con -
clude that a material uncertainty exists, we are requi -
red to draw attention in our auditor’s report to the
related disclosures in the annual accounts and
consolidated accounts or, if such disclosures are ina -
dequate, to modify our opinion about the annual
accounts and consolidated accounts. Our conclu -
sions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future
events or conditions may cause a company and a
group to cease to continue as a going concern.
Evaluate the overall presentation, structure and con -
tent of the annual accounts and consolidated
accounts, including the disclosures, and whether
the annual accounts and consolidated accounts
represent the underlying transactions and events in
a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient
and appropriate audit evidence regarding the finan -
cial information of the entities and business activities
within the group to express an opinion on the consoli -
dated accounts. We are responsible for the direction,
supervision and performance of the group audit. We
remain solely responsible for our opinions.
We must inform the Board of Directors of, among other
matters, the planned scope and timing of the audit.
We must also inform of significant audit findings during
our audit, including any significant deficiencies in
internal control that we identified.
We must also provide the Board of Directors with a
statement that we have complied with relevant ethical
requirements regarding independence, and to com -
municate with them all relationships and other matters
that may reasonably be thought to bear on our inde -
pendence, and where applicable, actions taken to eli -
minate threats or related safeguards applied.
From the matters communicated with the Board of
Directors, we determine those matters that were of
most significance in the audit of the annual accounts
and consolidated accounts, including the most
important assessed risks for material misstatement,
and are therefore the key audit matters. We describe
these matters in the auditor’s report unless law or
regulation precludes disclosure about the matter.
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AUDITOR’S REPORT
Franz Lindström (born 1977)
Auditor for ITAB since 2025
Authorized Public Accountant
Member of FAR SRS, Ernst & Young AB
The company’s auditor is the registered auditing company Ernst & Young AB, with
authorised public accountant Franz Lindström as auditor in charge. Aside from his
duties for ITAB Shop Concept AB, Franz Lindström also has auditing assignments for AAK
Sweden, Be-Ge Företagen, Bergkvara Group, Yaskawa Nordic and LW Fastigheter AB.
Auditors
The auditors are appointed by the shareholders at
the Annual General Meeting. The auditors examine
the company’ s annual accounts, consolidated
accounts and accounting records as well as the
administration of the Board of Directors and CEO.
The auditor’ s examination of the
Eesf report
Opinion
In addition to our audit of the annual accounts and
consolidated accounts, we have also examined that the
Board of Directors and the Managing Director have pre-
pared the annual accounts and consolidated accounts
in a format that enables uniform electronic reporting
(the Esef report) pursuant to Chapter 16, Section 4(a) of
the Swedish Securities Market Act (2007:528) for ITAB
Shop Concept AB (publ) for the financial year 2025.
Our examination and our opinion relate only to the
statutory requirements.
In our opinion, the Esef report has been prepared in
a format that, in all material respects, enables uniform
electronic reporting.
Basis for opinion
We have performed the examination in accordance
with FAR’s recommendation RevR 18 Examination of
the Esef report. Our responsibility under this recom -
mendation is described in more detail in the Auditors’
responsibility section. We are independent of ITAB
Shop Concept AB (publ) in accordance with professi -
onal ethics for accountants in Sweden and have
otherwise fulfilled our ethical responsibilities in accor -
dance with these requirements.
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors and
the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the Esef report in
accordance with Chapter 16, Section 4(a) of the
Swedish Securities Market Act (2007:528), and for such
internal control that the Board of Directors and the
Managing Director determine is necessary to prepare
the Esef report without material misstatements,
whether due to fraud or error.
Auditor’ s responsibility
Our responsibility is to obtain reasonable assurance
whether the Esef report is in all material respects prepa -
red in a format that meets the requirements of Chapter
16, Section 4(a) of the Swedish Securities Market Act
(2007:528), based on the procedures performed.
RevR 18 requires us to plan and execute procedures
to achieve reasonable assurance that the Esef report
is prepared in a format that meets these requirements.
Reasonable assurance is a high level of assurance,
but it is not a guarantee that an engagement carried
out according to RevR 18 and generally accepted audi-
ting standards in Sweden will always detect a material
misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, indi -
vidually or in aggregate, they could reasonably be
expected to influence the economic decisions of users
taken on the basis of the Esef report.
The audit firm applies ISQM 1 Quality Management
for Firms that Perform Audits or Reviews of Financial Sta -
tements, and other Assurance or Related Services
Engagements and accordingly maintains a compre -
hensive system of quality control, including documen -
ted policies and procedures regarding compliance
with professional ethical requirements, professional
standards and applicable legal and regulatory requi -
rements.
The examination involves obtaining evidence,
through various procedures, that the Esef report has
been prepared in a format that enables uniform
electronic reporting of the annual and consolidated
accounts. The procedures selected depend on the
auditor’s judgment, including the assessment of the
risks of material misstatement in the report, whether
due to fraud or error. In carrying out this risk assess -
ment, and in order to design audit procedures that
are appropriate in the circumstances, the auditor
considers those elements of internal control that are
relevant to the preparation of the Esef report by the
Board of Directors and the Managing Director, but not
for the purpose of expressing an opinion on the effecti -
veness of the internal controls. The examination also
includes an evaluation of the appropriateness and
reasonableness of assumptions made by the Board of
Directors and the Managing Director.
The procedures mainly include a validation that the
Esef report has been prepared in a valid XHTML format
and a reconciliation of the Esef report with the audited
annual accounts and consolidated accounts.
Furthermore, the procedures also include an assess -
ment of whether the consolidated statement of finan -
cial performance, financial position, changes in equ -
ity, cash flow and disclosures in the Esef report have
been marked with iXBRL in accordance with what fol -
lows from the Esef regulation
Auditor’ s report on the Corporate
Governance Statement
It is the Board of Directors who is responsible for the
corporate governance statement on pages 99-103
and that it has been prepared in accordance with the
Annual Accounts Act.
Our examination has been conducted in accordance
with FAR´s standard RevR 16 The auditor´s examination of
the corporate governance statement. This means that our
examination of the corporate governance statement is
different and substantially less in scope than an audit
conducted in accordance with International Standards
on Auditing and generally accepted auditing standards
in Sweden. We believe that the examination has provided
us with sufficient basis for our opinions.
A corporate governance statement has been prepa -
red. Disclosures in accordance with chapter 6 section
6 the second paragraph points 2-6 of the Annual
Accounts Act and chapter 7 section 31 the second
paragraph of the same law are consistent with the
annual accounts and consolidated accounts and are
in accordance with the Annual Accounts Act.
Ernst & Young AB, Box 7850, 103 99 Stockholm,
Sweden, was appointed auditor of ITAB Shop Concept
AB (publ) by the General Meeting of Shareholders on
7 May 2025. ITAB Shop Concept AB (publ) has been a
public interest entity since 28 May 2004.
Jönköping, 1 April 2026
Ernst & Young AB
Franz Lindström
Authorized Public Accountant
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P.ITAB Group | Annual & Sustainability Report 2025
AUDITOR’S REPORT
Auditor’ s limited assurance report on ITAB Shop Concept AB (publ)’ s
sustainability statement
To the General Meeting of the shareholders ITAB Shop Concept AB (publ),
corporate identity number 556292-1089.
Conclusion
We have conducted a limited assurance engagement
of the sustainability statement prepared by ITAB Shop
Concept AB (publ) (the Company) for the financial
year 2025. The sustainability statement is included
29-98 of this document.
Based on our limited assurance engagement as
described in the section Auditor’s Responsibility ,
nothing has come to our attention that causes us to
believe that the sustainability statement is not, in all
material respects, prepared in accordance with the
Swedish Annual Accounts Act, which includes:
Whether the sustainability statement meets the
requirements of ESRS
Whether the process carried out by the Company to
identify reported sustainability information has been
conducted as described in the sustainability state -
ment; and
Compliance with the reporting requirements in
Article 8 of the EU’s Green Taxonomy Regulation.
Basis for Conclusion
We have conducted the limited assurance engage -
ment in accordance with FAR’s recommendation RevR
19 Revisorns översiktliga granskning av den lagstad -
gade hållbarhetsrapporten. Our responsibility under
this recommendation is described in more detail in the
section Auditor’s Responsibility .
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our
conclusion.
Other Information than the sustainability statement
This document also contains other information than
the sustainability statement, found on pages 1-28 and
99-153. The Board of Directors and the Managing
Director are responsible for this other information.
Our conclusion on the sustainability statement does
not cover this other information, and we do not
express any conclusion with assurance regarding this
other information.
In connection with our limited assurance engagement
on the sustainability statement, our responsibility is to
read the information identified above and consider
whether the information is materially inconsistent with
the sustainability statement. In this procedure we also
take into account our knowledge otherwise obtained
in the limited assurance engagement and assess
whether the information otherwise appears to be
materially misstated.
If we based on the work performed concerning this
information, conclude that there is a material missta -
tement of this other information, we are required to
report that fact. We have nothing to report in this
regard.
Other matter
The sustainability statement for the previous financial
year 2024 has not been subject to a limited assurance
engagement according to RevR 19 Revisorns översiktliga
granskning av den lagstadgade hållbarhetsrapporten.
Therefore, no limited assurance engagement of com -
parative figures in the sustainability statement for 2025
has been performed.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director, are
responsible for the preparation of sustainability state -
ment in accordance with Chapter 6, Sections 12–12f of
the Swedish Annual Accounts Act, and for such inter -
nal control as the Board of Directors and the Mana -
ging Director determine is necessary to enable the
preparation of the sustainability statement that is free
from material misstatements, whether due to fraud or
error.
Auditor’ s Responsibility
Our responsibility is to express a conclusion whether
the sustainability statement is prepared in accor -
dance with Chapter 6, Sections 12–12 f of the Swedish
Annual Accounts Act based on our limited assurance
engagement. The limited assurance engagement has
been conducted in accordance with FAR’s recom -
mendation RevR 19 Revisorns översiktliga granskning
av den lagstadgade hållbarhetsrapporten. This
recommendation requires that we plan and perform
our procedures to obtain limited assurance that the
sustainability statement is prepared in accordance
with these requirements.
The procedures in a limited assurance engagement
vary in nature and timing from, and are less in extent
than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower
than the assurance that would have been obtained
had a reasonable assurance engagement been per -
formed. This means that it is not possible for us to
obtain such assurance that we become aware of all
significant matters that could have been identified if a
reasonable assurance engagement had been perfor -
med.
The audit firm applies ISQM 1 (International Stan -
dard on Quality Management), which requires the
firm to design, implement, and manage a quality
management system including guidelines or procedu -
res regarding compliance with ethical requirements,
standards of professional practice, and applicable
laws and regulations.
We are independent of ITAB Shop Concept AB (publ)
in accordance with professional ethics for accoun -
tants in Sweden and have otherwise fulfilled our ethi -
cal responsibilities according to these requirements.
A limited assurance engagement involves perfor -
ming procedures to obtain evidence to support the
sustainability statement. The auditor selects the proce -
dures to be performed, including assessing the risks of
material misstatements in the sustainability statement,
whether due to fraud or error. In this risk assessment,
the auditor considers the parts of the internal control
that are relevant to how the Board of Directors and the
Managing Director prepares the sustainability state -
ment, in order to design procedures that are appropri -
ate under the circumstances, but not for the purpose
of providing a conclusion on the effectiveness of the
Company’s internal control. The review consists of
making inquiries, primarily of persons responsible for
the preparation of the sustainability statement, perfor -
ming analytical review, and conducting other limited
review procedures.
Our review procedures regarding the sustainability sta -
tement included, but were not limited to the following:
Through inquiries, obtaining a general understan -
ding of the internal control environment, reporting
processes, and information systems relevant to the
preparation of the information in the sustainability
statement.
Evaluating whether information identified as mate -
rial through the process the Company has underta -
ken to identify the content of the sustainability state -
ment is also included.
Evaluating whether the structure and presentation
of the sustainability statements are consistent with
the requirements of ESRS;
Conducting inquiries with relevant personnel and
analytical review procedures regarding selected
disclosures in the sustainability statements;
Performing substantive review procedures of selec -
ted disclosures in the sustainability statements;
Obtain, through inquiries and analytical review pro -
cedures, support for the methods used for prepa -
ring material estimates and forward-looking infor -
mation and on how these methods were applied;
This is a translation of the Swedish original
Auditor´s Limited Assurance Report.
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P.ITAB Group | Annual & Sustainability Report 2025
Our review procedures regarding the process the
Company has undertaken to identify sustainability
information to report included, but were not limited to
the following:
Obtaining an understanding of the process by con -
ducting inquiries to understand the sources of the
information used by management (e.g., stakeholder
dialogues, business plans, and strategy
documents), and
Reviewing the Company’s internal documentation
of its process; and
Evaluating whether the information obtained from
our procedures regarding the process implemented
by the Company aligns with the description of the
process in pages 42-44 in the sustainability
statement.
Our review procedures regarding the taxonomy disclo -
sures included, but were not limited to the following:
Obtaining an understanding of the process for
identifying economic activities that are covered by
and are consistent with the EU Green Taxonomy and
the corresponding disclosures in the sustainability
statement.
Conducting inquiries to relevant personnel and
analytical review procedures on the taxonomy
disclosures;
Conducting inquiries to understand the sources of
the information used in the taxonomy disclosures;
Evaluating whether the presentation of the taxo -
nomy disclosures is consistent with the requirements
of the EU Taxonomy Regulation.
AUDITOR’S REPORT
Inherent limitations
In reporting forward-looking information in accor -
dance with ESRS, the Board of Directors and Group
management of ITAB Shop Concept AB (publ) must
prepare forward-looking information based on speci -
fied assumptions about events that may occur in the
future and possible future activities of ITAB Shop Con -
cept AB (publ). Actual outcomes are likely to differ as
expected events often do not occur as anticipated.
Jönköping, 1 April 2026
Ernst & Young AB
Franz Lindström
Authorized Public Accountant
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P.ITAB Group | Annual & Sustainability Report 2025
159P.ITAB Group | Annual & Sustainability Report 2025
The 2026 Annual General Meeting for ITAB Shop Concept AB (publ) will be
held on Wednesday, 6 May 2026 at 3:00 p.m. CEST at ITAB’s head office at
Instrumentvägen 2 in Jönköping, Sweden.
The notice to attend the Annual General Meeting will be published in early
April 2026 through a press release and on the company’s website, and
through an advertisement in Post- och Inrikes Tidningar. An announcement
of the publication of the notice will be made in Dagens Industri. The notice
will encompass the proposed agenda and the proposals of the Nomination
Committee and Board of Directors for resolutions at the Meeting.
Refer to itabgroup.com for more information,
and to download and order reports.
Financial information for 2026
Interim Report 3 months – 1 Jan-31 Mar 2026 30 April 2026
Annual General Meeting 2026 6 May 2026
Interim Report 6 months – 1 Jan-30 Jun 2026 16 July 2026
Interim Report 9 months – 1 Jan-30 Sep 2026 3 November 2026
Year-End Report 2026 – 1 Jan-31 Dec 2026 10 February 2027
Annual & Sustainability Report 2026 April 2027
ITAB Group Contact – Investor Relations
Mats Karlqvist, Head of Investor Relations
mats.karlqvist@itab.com
ANNUAL GENERAL MEETING
Annual General Meeting
2026
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ITAB Shop Concept AB (publ)
Box 9054
SE-550 09 Jönköping, Sweden
Visiting address: Instrumentvägen 2
info@itab.com | ir@itab.com
itabgroup.com | itab.com Rethink Retail. Together.