Elanders Annual and Sustainability Repo 2025
Contents
004
#. This is Elanders
Elanders at a glance
0 CEO comments
Interview with CFO and COO
The year in summary
Business concept, goals and strategies
Our business model
Our business areas
Our customer segments
Our largest operations
#. Board of Directors’ report
Board of Directors’ report
Sustainability report
Risks and uncertainty factors
Corporate governance report
#. Financial reports and notes
Group
Parent company
Proposed appropriation of profits
#. Auditor’s reports
Auditor’s report
Auditor’s limited assurance report on
Elanders AB (publ)’s sustainability statement
#05. Other information
Five years in summary
Share information and ownership structure
Reconciliation of alternative performance measures
Financial definitions
Specific terms
Board of Directors
Group Management, auditors and nomination
committee
Contact Elanders
Annual General Meeting and financial calendar
006
Elanders at a glance
0 CEO comments
Interview with CFO and COO
The year in summary
Business concept, goals and strategies
Our business model
Our business areas
Our customer segments
Our largest operations
This is
Elanders
007
Elanders Annual and Sustainability Report 2025
Integrated
solutions
worldwide
Elanders is a global logistics company offering a broad service range
of integrated solutions within supply chain management. The business
is mainly operated through two business areas Supply Chain Solutions and
Print & Packaging Solutions. The Group has approximately 7,000 employees
and operates in around 20 countries on four continents. The most important
markets are China, Germany, Singapore, Sweden, the UK and the USA.
The customers are divided into six segments according to their respective
business; Automotive, Electronics, Fashion, Health Care, Industrial and Other.
Group
Net sales, MSEK
,
Employees
,
Locations
>25
Number of countries
≈
008 Elanders at a glanceThis is Elanders
North and South America
Share of net sales , percent
Europe
Share of net sales , percent
Employees
,
Employees
,
Asia
Share of net sales , percent
Employees
009
We entered 2025 with a sense of optimism, given that demand
within a majority of our customer segments had started recovering
during the second half of 2024. Soon, however, global trade was
flung into a whole new situation as a consequence of the tariff
policies of the newly appointed American administration. The first
six months of the year saw a decline in demand within several of our
customer segments. Already in the first quarter we initiated an
extensive cost- and efficiency program in order to meet these
challenges. This was then followed by further structural measures
that had a rapid impact. Our margins improved in the third quarter
and in the fourth we surpassed the previous year in terms of both
result and margin. We are now entering 2026 with a structurally
reduced cost base, but with the capacity available for driving organic
growth. Looking ahead, we see a continued challenging market
situation but with our consistent focus on new sales, and on further
developing existing customer relations, this creates good conditions
for gradually improving earnings.
A highlight during the year was the development of our logistics
site in Thailand, established in 2024 as a part of Elanders’ strategy
of strengthening our presence in South-East Asia. The operations
have surpassed our expectations and contributed to our achieving
organic growth in Asia during the year. This confirms both the
underlying demand in the region and the strength of our long-term
expansion strategy. As we look ahead, we have also intensified our
work within developing AI applications, as well as the roll-out of our
proprietary Warehouse Management System (WMS) CloudX within
the Group. To ensure a high pace of implementation and unified
global processes, we established a new global COO function during
the year, among other things aiming to drive and support progress
within these strategically important areas. This is expected to
strengthen our operational platform and increase economies of
scale within the Group, which in turn will improve the conditions for
long-term profitable growth.
The Group’s sustainability efforts have developed well and
when our climate targets were validated and approved by the
Science Based Targets initiative (SBTi) during the year, it was an
2025 turned out to be a challenging year with a decline in demand within
several of our customer segments. The Group met this development with
extensive cost-saving restructuring measures and a strengthened focus on
new sales, resulting in improved margins already in the last six months of the
year. Our actions have laid the groundwork for a more resilient and balanced
business with an improved cost base, making us better equipped to continue
creating long-term value.
A complex year was
met with swi and
poweul measures
010 CEO commentsThis is Elanders
“We have the ability to
act with great agility
when the surrounding
world changes, which
has been crucial in the
turbulence of last few
years.”
important milestone in our long-term work to reduce our climate
impact and develop a more sustainable business. From a commercial
perspective, we see the importance of being a strategic business
partner who can assist customers in achieving more transparency
and reducing their value chain emissions. Our Renewed Tech
business, where we collect old IT equipment that we refurbish for a
second life, continued growing during 2025.
The year was characterized by a high level of interest rates,
which had a negative impact on the Group’s net income. To mitigate
this, we kept a strong focus on reducing our net debt through various
actions. We kept our investments at well-balanced levels and,
supported by a strengthened Swedish krona, this reduced the
Group’s net debt and interest expenses during the year. Thanks to
our focus on cash flow, we achieved a cash conversion of 92 percent
and at the same time improved our liquidity. We continue to be
confident in our robust business model that is based on both
geographic diversification and balanced exposure to different
customer segments. Elanders is a flexible, global partner to our
011
logistics site in Thailand, established at the end of 2024 to capture
volumes that are moved out of China. Development has also been
positive in Mexico. We initiated an expansion in the country in 2023
as a response to the nearshoring trend where customers in Asia
move operations there as a cost-efficient way to be closer to the
American market.
Our second largest customer segment, Fashion, has had a more
challenging year with negative growth. This is mainly due to
developments in North America, where the Fashion market in the
first six months of the year was negatively impacted by the new US
import tariffs. Despite these challenges, we managed to achieve
growth in North America as a result of both our existing customers
starting to adapt to the current market situation, and successful new
sales. In Europe, the market has been more stable during the year
and the demand for contract logistics services has remained at the
same level as last year, but a decline in prices within Air & Sea
operations had a negative impact on growth.
Automotive is the customer segment that has been the most
customers who can turn to us for both offshore and nearshore
solutions according to their specific wishes. The developments this
year yet again demonstrated that we have the ability to act with
great agility when the surrounding world changes, which has been
crucial in the turbulence of recent years.
Supply chain solutions
In spite of Elanders’ wide customer base and geographic spread, the
business area Supply Chain Solutions started the year with negative
organic growth that continued in the second and third quarters but
then recovered in the fourth quarter. Our largest customer segment,
Electronics, achieved growth during the entire year, in spite of a
challenging market, which in part balanced out the decline in our
other segments. The growth within Electronics has been important
for both our European and Asian operations, especially in Asia
where the main part of global electronics manufacturing is
concentrated. As mentioned earlier, one important reason for our
organic growth in Asia was the successful development of our first
012
challenging and had the most negative impact on growth, although
we could note some stabilization towards the end of the year. Here,
developments are not only connected to the economic cycle, but
also a result of extensive structural changes within the automotive
industry. During the year, we implemented several important structu-
ral measures within the segment, including the discontinuation of a
major part of our road transportation operations in Germany. This
has reduced the Automotive segment’s share of net sales to more
sustainable levels and decreased the Group’s exposure to continued
weak demand.
The customer segment Industrial has also had a challenging
year, particularly during the second and third quarters. Positively, we
could note an improved demand towards the end of the year. Within
the important customer segment Health Care, we have had
continued important success in 2025, through growth in technical
logistics where we handle delivery and installation, retrieval and
demo management of medical technology equipment. Parallel to
this, we have continued to grow within contract logistics services.
We continue our efforts to constantly develop the Group’s offer
both in terms of the customer segments and geography. The roll-out
of our proprietary WMS CloudX within the Group is continuing
according to plan, and at the end of 2025, the system was used
globally at several of our sites. Thanks to this, we have been able to
both attract new global customers and convert several existing local
customers to global ones. Previously, CloudX has primarily attracted
Fashion customers but during the year customers have also been
added from other customer segments with similar needs, such as
sales in several countries, deliveries to both retail and e-commerce,
as well as handling returns.
Print & Packaging Solutions
During 2025, the preceding year’s negative trend of weakening
demand continued within the business area Print & Packaging
Solutions, resulting in negative organic growth. Compared to 2024,
demand declined in the first three quarters of the year before
stabilizing in the fourth quarter, resulting in sales in line with the
previous year. During the year, the decline in demand has primarily
been noted within the customer segment Automotive but traditional
printed matter, such as catalogues and marketing materials, was also
negatively impacted.
Since we expect demand from Automotive to remain challeng-
ing, we have implemented several structural measures during the
year. We are continuing our transition from traditional offset
production to digital print, which enables us to develop our offering
within online print, and also in other important areas, such as
packaging, publishing and marketing materials. Within publishing we
notice a clear trend towards shorter print runs instead of purchasing
large volumes from low-cost countries outside Europe.
Our focus on publishing as a strategic growth area during the
“The Group forcefully responded to
developments with extensive restructuring
measures to reduce our costs. This resulted
in improved margins already in the last six
months of the year.”
year resulted in an important contract with Thalia, the largest
bookseller in the German-speaking countries of Europe. Thalia
and Elanders will now jointly create a solution combining traditional
book production with a high-performing print-on-demand model.
A state-of-the-art digital printing center will be established at the
new Thalia Omni-Channel Hub linking print-on-demand with
logistics. The objective is to reduce surplus production while at the
same time making an even wider assortment of titles available for
readers in the shortest time possible. Using this solution, editions of
popular books will never run out. If books are not in stock, they will
be produced rapidly and efficiently and delivered on demand.
The consolidation of print service suppliers continued during
the year, and a large number of bankruptcies occurred in several of
our markets. Over time, this contributes in decreasing the overcapa-
city in the market and improving price levels. Elanders remains an
attractive supplier thanks to our dedicated efforts to continuously
develop and improve our offering, combined with us being one of
the few suppliers that are able to offer solutions for production in a
multitude of countries and regions. Another important factor is that
we have succeeded in developing our offering to both existing and
new customers by taking responsibility for a larger share of their
value chain through handling other products and various logistics
services.
Summary
It has been a complex year characterized by weakened demand
from the majority of our customers. Combined with high interest
charges, this has pressured the Group. In such a challenging
environment you have to act rapidly both when it comes to cutting
costs and increasing new sales. The Group forcefully responded to
this development with extensive restructuring measures to reduce
our costs. This resulted in improved margins already in the last six
months of the year. During the year, we have also changed
management within several of the Group’s subsidiaries, increased
our new sales and renewed several large and important contracts
with existing customers. It was also a significant milestone for the
Group when our climate targets were approved by the SBTi, which is
a clear confirmation of our long-term ambition to combine a growing
business with responsible and sustainable development.
I want to end with a heartfelt thanks to all our employees that
contribute to Elanders’ long-term success by working every day for
us to be able to keep delivering on the highest level. Of course, I also
want to thank our investors and customers for their confidence in us.
We are now continuing to jointly develop Elanders as one of the
world’s leading companies in supply chain management and print.
Magnus Nilsson
President and Group CEO
013
Elanders Annual and Sustainability Report 2025
How would you summarize 2025?
The year was characterized by a weak market combined with
continued high interest rates. We entered 2025 with a certain
degree of optimism as the end of the previous year had been
positive for us and there were signs of a recovery in demand.
Unfortunately, the positive development was weakened when the
USA introduced new trade tariffs, creating global market uncertain-
ty. This, in turn, led to a decline in demand across several of our
customer segments and geographies. We rapidly initiated actions to
address these challenges and have executed extensive cost savings
programs to reduce the Group’s cost base. In parallel, we have had a
focus on our cash flow in order to reduce our net debt and thereby
also the Group’s interest expenses. It is positive that the net debt in
2025 decreased by MSEK 1,123, of which MSEK 782 was an effect
of a stronger Swedish krona. During the year, we have secured
continued financing of our operations by prolonging our existing
credit agreement. The prolongation enables opportunities for
growth while ensuring financial stability for the Group.
What has been your focus as CFO during the year?
Since our present net debt comes with high interest charges, the
focus has been on optimizing our investments, which has strength-
ened the Group’s cash flow. With the same purpose we have
discontinued, or scaled down the operations that are not sufficiently
profitable while they are also tying up working capital. Elanders has
a long history of generating cash flow, which in part has financed our
acquisitions in recent years. At the same time, we have financed
major acquisitions through loans, which means that leverage
temporarily increases. When this coincides with reduced demand,
the company may appear hard to analyze. To more clearly illustrate
the Group’s underlying strength in generating cash flow, we have
chosen to add more key performance indicators, such as cash
conversion, which increased from 90 to 92 during the year, as well as
free cash flow per share, which amounted to SEK 29.49. This
demonstrates our underlying strength and ability to generate cash
flow even in a challenging market.
We now continue the long-term efforts to optimize our cash
flow which will gradually reduce the Group’s net debt and thereby
also lower our interest expenses that presently represent one of our
largest cost items. A strong cash flow is crucial for our financial
flexibility and future growth opportunities.
How have your sustainability efforts progressed during the year?
We have worked intensely with preparations for the EU’s Corporate
Sustainability Reporting Directive (CSRD). It has been challenging to
implement a regulatory framework at the same time as relief
measures are being introduced. During the year, we have revised the
Group’s climate targets which have been approved and validated by
the Science-Based Targets initiative (SBTi). All in all, the Group has
taken a major step forward in the efforts to reduce its climate
impact and continuing to build a more sustainable and long-term
business.
Finally, do you have any concluding comments?
I would like to extend my warm and sincere thank-you to all our
employees, and especially to our finance and sustainability teams
around the world, for their tremendous work throughout the year. I
would also like to thank our investors and banks for their continued
confidence and for constructive dialogue.
A strong focus
on costs
Åsa Vilsson, Group CFO
In this interview, Elanders’ CFO Åsa Vilsson shares her perspective on
the past year when the uncertain market developments led to a strong
focus on reducing the Group’s cost base and increasing cash flow.
Åsa Vilsson, Group CFO
014 Interview with CFO and COOThis is Elanders
A new role as
Elanders Group
COO
Charles Ickes, Group COO
As Group COO, Charles Ickes will focus on driving profitable and sustainable
growth across the Elanders Supply Chain Solutions network, harmonizing
technology infrastructure, and enabling AI-powered, data-driven operations
throughout the organization.
Charles Ickes, Group COO
In addition to your role as President for Bergen Logistics, you
were appointed Chief Operational Officer (COO) for Elanders
Group in June 2025. How do you view this role?
It is a new role that has been created to align the Group’s global
operations, IT strategy and commercial offerings so that we present
a unified global supply chain platform to our customers. By working
more closely together and sharing best practices, the subsidiaries
can find and realize synergies. This includes harmonizing contracts,
processes, technology and customer experience while enabling local
leadership to remain agile and accountable for performance.
What are your targets and visions connected to the COO role?
We are going to build a globally consistent operating model
supported by CloudX that will improve customer outcomes while
also saving on costs. With a single architecture to power all facilities
we will standardize workflows and KPIs across regions, make the
rollout of new sites and customers faster, lower fragmentation of
systems and integrations and achieve the ability to invest once
and then scale globally. We are also looking at optimizing storage
space within the Group to increase efficiency and not step on each
other’s feet.
Another important target is to understand and reduce global
spending on IT within the Group while increasing value creation
through consolidation, shared systems and common platforms. In
this process we will make good use of Bergen’s center of excellence
for IT in Moldova. We are also aiming to strengthen cybersecurity,
compliance and data governance Group-wide, as well as accelerate
innovation, particularly in AI, automation and data monetization.
What have you achieved in the area of Group AI solutions?
We have deployed AI assistants for operational decision-making
and exception handling. We have also automated functions in
compliance, inventory analysis, routing and reporting. And finally,
we have built foundations for AI-driven forecasting and labor
planning. For the future, we are looking to introduce AI technology
for fully autonomous workflows for repetitive decision loops. We
also have the goal to implement the predicting of network routing
based on cost, carbon impact and service level, generative
AI-powered commercial onboarding, customer service and
knowledge retrieval, as well as AI copilots embedded into CloudX
for client self-service.
“By working more closely together
and sharing best practices, the
subsidiaries can nd and realize
synergies.”
Elanders Annual and Sustainability Report 2025
015
2025
in brief
The recovery in demand noted during the second half of 2024
slowed as market volatility increased in 2025, affecting demand
across several of the Group’s customer segments and markets. The
development was strongly influenced by the new U.S. trade tariffs,
which triggered renewed trade negotiations and intensified global
uncertainty. In response, the Group initiated extensive cost- and
efficiency programs and implemented management changes in
several subsidiaries. These structural measures had a rapid impact,
improving margins already from the third quarter. In the fourth
quarter, results also improved versus previous year, both in absolute
terms and in margins. During the second half of the year, the Group
also benefited from its increased focus on new sales, as well as from
the further development of existing customer relationships. At the
same time, demand strengthened in several customer segments and
markets.
The Group maintained a clear focus on generating cash flow,
and cash conversion improved during the year compared with the
previous year. The stronger Swedish krona contributed to lower net
debt, strengthening the financial position. Despite this, net income
continued to be affected by high interest expenses, a consequence
of the current debt combined with current interest rates levels.
The Group’s sustainability efforts have developed well during
the year, and its climate targets were validated and approved by the
Science Based Targets initiative (SBTi). This is an important
milestone in the company’s long-term work to reduce its climate
impact and develop a more sustainable business.
The year was characterized by weakened demand and increased market
uncertainty, driven by the new U.S. trade tariffs. The Group responded with
extensive structural measures and a stronger focus on new sales, which quickly
generated results with improved margins from the third quarter and in the
fourth quarter the result surpassed the previous year. At the same time, the
Group’s sustainability work took important steps forward as its climate targets
were validated and approved by the Science Based Targets initiative (SBTi).
016 The year in summaryThis is Elanders
Three year overview
2025 2024 2023
Net sales, MSEK 12,201 14,143 13,867
EBITDA, MSEK 1,817 2,197 1,967
EBITDA exl. IFRS 16, MSEK 660 1,019 929
EBITA, MSEK 570 893 820
EBITA adjusted, MSEK 776 879 927
Result before tax, MSEK –4 278 398
Result after tax, MSEK –48 183 258
Earnings per share, SEK
1)
–1.52 4.99 7.02
Cash flow from operating activities per share, SEK 33.12 40.04 50.39
Equity per share, SEK 98.49 115.33 108.50
Dividend per share, SEK 2.10
2)
4.15
,
4.15
,
EBITA-margin, % 4.7 6.3 5.9
EBITA-margin adjusted, % 6.4 6.2 6.7
Return on total assets, % 3.6 5.1 6.5
Return on equity, % –1.5 4.5 6.5
Return on capital employed, % 4.0 6.1 6.4
Net debt/EBITDA ratio RTM, times 4.4 4.1 4.2
Net debt/EBITDA ratio RTM excl. IFRS 16, times 5.7 4.0 3.9
Debt/equity ratio, times 2.3 2.2 2.1
Equity ratio, % 23.0 24.0 24.7
Average number of outstanding shares, thousands 35,358 35,358 35,358
1)
There is no dilution.
2)
Proposed by the board.
For Reconciliation of alternative performance measures and Financial definitions, see pages 184–188.
Elanders Annual and Sustainability Report 2025
017
Elanders has a particular focus on advanced logistics solutions with
a strong element of value-added services. The Group works closely
with its customers to develop their business, strengthen their
competitiveness and make their supply chain more sustainable.
Optimal management of the supply chain makes an operation both
more cost-efficient and sustainable through lower resource
consumption in production, warehousing and transportation.
Elanders strives for a balanced customer portfolio, both
geographically and across industries, in order to reduce exposure to
fluctuations in individual markets as well as general economic cycles.
The Group aims to be a strategic business partner that contributes
to the customer’s long-term development.
Business concept
Elanders wants to be a global and strategic partner to the customers
in their business-critical processes. The goal for Elanders is to be a
leader in global end-to-end solutions in supply chain management
and to be the best at meeting customers’ demands on efficiency and
delivery, with sustainability in focus. Elanders helps customers with
their business-critical processes, locally and globally, through
integrated and customized solutions for managing all or parts of
their supply chains. At the same time, the customers’ climate
footprint is reduced through optimization of both material and
product flows.
Financial and sustainability targets
Elanders continuously develops its offering to customers with the
aim of achieving its long-term financial targets and consistently
deliver an increase in value and higher return to its shareholders
year after year. A sustainable business model and new and
continually improved services, combined with innovative technology,
creates a good platform for continued growth and development as
well as greater value for shareholders.
The Group’s greenhouse gas emission reduction target means
that the Group shall reach net-zero emissions across the entire value
chain by the year 2050, in line with the Paris agreement. This target
is integrated into Elanders’ strategy for sustainable development
and constitutes an important part of the company’s efforts to reduce
climate impact and future-proof its operations.
Growing organically and through acquisitions
Elanders develops together with its customers. Global business
often emerges through the solid customer relationships created
when local needs are met with efficient and customized solutions,
which are then scaled up and implemented globally. As the Group
expands and develops new technological solutions, its capacity to
meet customers’ needs in new geographic markets increases,
thereby deepening the customer relationship.
In addition to further developing the existing business, Elanders
also aims to continue acquiring new operations with the potential to
drive cross-selling, broaden the customer base and strengthen the
current offer. An important acquisition criterion is gaining access to
new, or further developing existing, geographic markets or customer
segments. The objective is for acquisitions to always broaden or
complement Elanders’ offer and, if possible, provide further niche
expertise. This strategy supports Elanders’ long-term ambition of
sustainable growth and increased competitiveness in the global
market.
Elanders’ overarching goal is to be a leader in global solutions within
supply chain management in a connected and sustainable world.
An optimized
supply chain
to rely on
018 Business concept, goals and strategiesThis is Elanders
0
1
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3
4
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Mål 3-5%
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20252024202320222021
0
1
2
3
4
5
6
7
8
Mål 3-5%
Omsättningstillväxt
20252024202320222021
–15
–10
–5
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Sustainability targets
Long-term financial targets
EBITA margin, %
> 7 percent
Net debt/EBITDA
The ratio should be under < 2,5
Net sales growth, %
At least 3–5 percent annually over a business cycle
Scope 1 + 2
%
Scope 3
%
Near-term targets
Elanders commits to reduce absolute
scope 1 and 2 GHG emissions 50 percent
by 2030 from a 2021 base year
1)
.
Elanders also commits to reduce absolute
scope 3 GHG emissions 25 percent by
2030 from a 2022 base year
1)
.
Long-term targets
Elanders commits to reduce absolute scope 1, 2 GHG emissions 90 percent by
2050 from 2021 base year
1)
. Elanders further commits to reduce absolute scope
3 GHG emissions 90 percent by 2050 from 2022 base year
1)
.
Overall net-zero target
Elanders commits to reach net-zero greenhouse gas emissions across the value chain by 2050.
%
)
The target boundaries include land related
emissions and removals from bioenergy feedstocks.
Goal not achieved Goal Goal not achieved Goal Goal achieved Goal not achieved Goal
Elanders Annual and Sustainability Report 2025
019
Elanders is a global logistics company offering a comprehensive range of
integrated solutions within supply chain management. The company supports
its customers throughout a product’s entire life cycle, from the production of
components to recycling once the product has reached the end of its useful
life. The Group also strives to act as a strategic business partner in supporting
its customers’ climate transition.
customer reduce environmental impact while simultaneously
identifying cost savings throughout the logistics chain.
All steps of the life cycle
On behalf of its customers, Elanders manages and optimizes flows of
raw materials, components, finished products, payments and
infor mation through every step of a product’s life cycle. The service
offer includes everything from order management, procurement and
purchasing components to customs management, warehousing,
pro duction logistics, manufacturing, configuration, quality control, and
delivery. The Group also provides solutions for payment flows,
syn chronizing of purchasing and warehousing with demand, after-sales
services and the handling of returned or end-of-life products for
recycling or resale. Within the Group, scalable circular business models
are available that can be adapted to different customer segments.
Through close collaboration with the customer, Elanders can actively
support the integration of circular solutions into their business model.
Elanders’ business model and global presence also create
opportunities to reduce carbon footprints while improving
profitability. Through its broad service portfolio and geographical
reach, Elanders can offer customized logistics solutions close to the
customer’s business and the end customer. This reduces emissions,
especially in transportation, while optimizing costs. Furthermore, as
a strategic partner, Elanders can identify emissions across the value
chain and offer alternative solutions focusing on areas with the
greatest environmental impact and most critical business needs.
Value-added services
Value-added services are tailored based on specific customer needs
and requirements. These services include, for example, installation,
testing, repair, unloading and transshipment, as well as repackaging
of products. In e-commerce, Elanders offers an end to end solution
where logistics services are combined with the operation of the
customer’s online store, which may also include content production
and management, customer service, and financial services.
Elanders’ customers operate across a wide range of industries and
are divided into six customer segments: Automotive, Electronics,
Fashion, Health Care, Industrial and Other. On behalf of its
customers, the Group’s business is mainly operated through the two
business areas Supply Chain Solutions and Print & Packaging
Solutions. Within Supply Chain Solutions, operations are carried out
through several subsidiaries focused on offering efficient and
flexible logistics solutions. Print & Packaging Solutions meets
customer needs for printed materials and packaging, offering
services ranging from design to production. Whether customers turn
to Elanders for individual services or customized end-to-end
solutions, the Group contributes to strengthening their productivity,
profitability and sustainability.
Elanders strives to be a long-term and strategic business partner
that grows together with its customers, not least when it comes to
finding sustainable logistics solutions that are energy-efficient,
reliable and secure. The more integrated Elanders becomes in a
customer’s value chain, the greater the opportunities to assist the
Integrated
sustainable
solutions within
supply chain
management
020 This is Elanders Our business model
Our business model
Distribution & Outbound Services
— Pick and Pack
— Consolidation and Transit
— Global and Local Deliveries
— JIS (Just-in-Sequence)
— E-commerce
Production & Assembly
— Cross Docking
— Quality Control
— Assembly and Testing
— Production
Recipients
— Consumers
— Retail
— E-commerce
— Factories
— Hospitals
Customer segments
— Electronics
— Fashion
— Other
— Automotive
— Industrial
— Health Care
Life Cycle Management
— Service and
installation
— Reverse Logistics
— Redistribution
— Warranty Handling
— Spare Parts
— Repair and
Refurbishment
— Renewed
Tech
Procurement & Inbound Services
— Sourcing and Procurement
— Customs Services
— Freight Solutions
— Warehouse and Inventory
Management
The Group also provides global end to end printing solutions where
both production and delivery are carried out with high efficiency and
flexibility. The service offering covers everything from the
production of printed materials and packaging to related services
such as kitting and packing for just in time or sequenced deliveries.
The largest growth within print services is taking place in online
print, where Elanders operates its own efficient ordering platforms
and produces printed materials for several well established
companies. Additionally, the company sees growing opportunities
within the publishing segment, where demand for flexible and
digitally integrated solutions continues to increase.
Sustainability a business opportunity
Elanders considers sustainability both as a responsibility and as a
strategic business opportunity to create improved future profitabili-
ty and value for the Group, its customers, and society at large.
Sustainability is therefore an integrated part of operations and
business strategy. The goal is to minimize the Group’s negative
environmental impact while developing new business models that
promote, for example, more circular material and resource flows. At
the same time, Elanders aims to contribute to a sustainable social
development by being a responsible and attractive employer.
Elanders has committed to supporting the transition toward
net-zero emissions in its own operations and value chain, with
science-based targets designed to help limit global warming to
below 1.5 degrees (see further section Environment on page 70).
When Elanders, as a service provider, takes action to achieve its
climate goals, this also benefits customers’ transition efforts by
reducing emissions within their value chain.
021
The business area accounts for more than four fifths of the Group. It
is within this area that Elanders predicts big growth potential going
forward. The market as a whole is expanding, outsourcing and
e-commerce is increasing, and demand is driven by a globally
growing middle class. New regulations and changing behavior
patterns will probably have a major impact on future logistic flows,
which puts high demands on the players who want to operate in the
market. This favors a player like Elanders.
Summary of developments during 2025
Within Supply Chain Solutions demand stabilized during the second
half of the year, with growth towards the end of the period in
customer segments Industrial, Electronics, and Fashion in North
America. Demand in Asia also strengthened, and the Group’s new
facility in Thailand has exceeded expectations. However, negative
organic growth persisted within the Automotive customer segment,
which faces significant structural challenges. The adjusted EBITA
margin improved significantly during both the third and fourth quarters.
Elanders’ two business areas — Supply Chain Solutions
Through its largest business area Supply Chain Solutions, Elanders is one
of the leading companies in the world in global solutions for supply chain
management. The range of services includes, among other things, taking
responsibility for and optimizing customers’ material and product flows,
everything from sourcing and procurement combined with warehousing to
after-sales services. The company’s proprietary warehouse management
system CloudX, that includes AI functionality, offers clients value-creating
services and the expansion of storage capacity within Elanders’ global
network without any further costly IT integrations.
Supply
Chain
Solutions
“The strong nish shows
that our strategic
initiatives are delivering
results and that the
business area is well
positioned for continued
protable growth.”
022 Our business areasThis is Elanders
Supply Chain Solutions
— Net sales MSEK 9,737
Share of net sales in percent
Share of EBITA in percent
Elanders Annual and Sustainability Report 2025
023
Print & Packaging Solutions
— Net sales MSEK 2,585
Share of net sales in percent
Share of EBITA in percent
024 Our business areasThis is Elanders
In general, the market for the business area is characterized by
changes in demand and successive consolidation. Thanks to
Elanders’ financial strength, this creates opportunities for the Group
to gain market shares. There is an ongoing shift from traditional
offset print with large editions towards digital print and more
recipient-adapted products. Online print, that is a strategically
prioritized area for the Group, continues to show organic growth.
Summary of developments during 2025
Within Print & Packaging Solutions, demand stabilized in the fourth
quarter following several quarters of negative organic growth. At the
end of the year, a strategically important agreement was signed with
Thalia. The agreement marks a significant strategic shift towards
publishing production, which is a growing market. This strategic
direction, combined with organic growth in the area of online print, is
an important factor in offsetting the decline in traditional printed
materials. The adjusted EBITA margin increased during the second
half of the year compared with the same period previous year.
Elanders’ two business areas — Print & Packaging Solutions
With innovative force and global presence, Elanders, through the business
area Print & Packaging Solutions, offers cost-effective solutions that can
handle customers’ local and global needs for printed material and packaging.
In many cases, this is combined with advanced online order platforms, value-
added services and just-in-time deliveries.
Print &
Packaging
Solutions
“The fouh quaer’s
stabilization and the
agreement with Thalia,
shows that the business
area is entering a new
phase of renewal and
protable growth.”
Elanders Annual and Sustainability Report 2025
025
Elanders’ customer segments
Elanders divides its customers into six segments according to the industry they
work in: Automotive, Electronics, Fashion, Health Care, Industrial and Other.
The Group strives to maintain a balanced spread between the segments and
a good customer mix within each segment. This diversification makes the
Group more resilient to business cycle fluctuations, swings in demand and
global crises.
Electronics, %
The consumption of electronics is increasing,
both in business and among private consumers.
This includes everything from computers,
surveillance systems, televisions and data
centers. At the same time, requirements for
resource efficiency and sustainability are
increasing, placing higher demands on manu-
facturers and suppliers to offer environmentally
adapted and circular solutions.
Growth prospects Business cycle sensitivity
Fashion, %
E-commerce continues to play a significant role in
the fashion industry, where many customers seek
a partner capable of taking comprehensive
responsibility and becoming part of both their
e-commerce and overall business. As e-commerce
grows, the need for efficient returns handling,
recycling, and reuse also increases – areas that
are central to creating a sustainable and circular
supply chain.
Growth prospects Business cycle sensitivity
Other, %
The customer segment Other includes customers
within online print, publishing, and fast-moving
consumer goods (FMCG). Online print continues
to see rising volumes, especially in individually
customized printed matter ordered online.
Publishing customers increasingly demand
flexible and digitally integrated solutions, while
FMCG customers often require flexibility and
rapid adaptability from their logistics partners.
Growth prospects Business cycle sensitivity
Percentage distribution
of Elanders’ sales
026026
Automotive, %
The ongoing transition toward electrification,
autonomous vehicles and climate neutrality brings
significant challenges for the Automotive industry.
Brand owners want to focus on their core
business and therefore place high demands on
their supply chain in terms of quality, reliability
and sustainability.
Growth prospects Business cycle sensitivity
Industrial, %
Industrial manufacturers require low manu-
facturing costs, high product quality, short lead
times and high delivery precision. Logistics plays
a crucial role throughout the entire value chain,
from production aftermarket services, and is a
key factor in achieving these requirements. A
reliable and well-optimized supply chain in all the
way to the end customer increases efficiency in
the manufacturing process.
Growth prospects Business cycle sensitivity
Health Care, %
Customers within Health Care operate in a highly
regulated industry experiencing strong growth,
driven by an aging global population, an increase
in lifestyle diseases, and rapid technological
development. Quality requirements for processes
and management are often extremely high,
creating significant opportunities for suppliers
capable of delivering quality-assured and reliable
solutions.
Growth prospects Business cycle sensitivity
027
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-in-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove delivery
Pick & Pack
Configuration
& Testing
Local and global
distribution & Customs
management
Within the Electronics customer segment, Elanders is a well-estab-
lished service provider with decades of experience delivering
integrated solutions to major global technology companies.
Customers seek end-to-end solutions to achieve efficient handling
of large volumes of products and equipment that often need to be
adapted to various geographical markets and types of users. The
management of spare parts, repairs and handling of discarded
equipment are also increasingly handed over to a partner in today’s
outsourcing market.
Elanders offers to be the customers’ single point of contact for
a wide range of services during the entire life cycle of the electronic
product. The Group provides services starting off from the
procurement of components, carrying out quality controls and
just-in-time/sequence deliveries for manufacturing. When the
products are finished, Elanders handles warehousing and distribu-
tion according to the customers’ wishes. A range of value-added
services such as assembly of components, flashing software, country
adaptation and consolidating orders are also offered. Furthermore,
clients can get assistance with customs clearance, financial services
and cross-border tax management.
In addition to efficient outbound logistics, Elanders provides
aftermarket services such as spare parts handling, repairs, software
and battery updates. When a product reaches end of life, Life Cycle
Management services enable circular handling: equipment is
collected, data wiped, and either refurbished for resale or recycled,
prioritizing resource efficiency and sustainability.
From
component
procurement
to retrieval of
the nished
product
Electronics — Services throughout the life cycle
Electronics is one of Elanders’ largest and most dynamic customer segments,
serving several leading global electronics and IT companies. The Group
provides a wide range of services from the moment products are manu-
factured and prepared for the market, to when end of life products are given
a second life through refurbishment or recycling.
Elanders in the customers value chain
028 Our customer segments — ElectronicsThis is Elanders
Electronics at a glance
Percent of Elanders’
total sales
Countries receive
deliveries from
Elanders
Million laptops are
handled every year
>
029
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-in-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove delivery
Pick & Pack
Configuration
& Testing
Local and global
distribution & Customs
management
Fashion — Pace and variation
Today, Fashion is one of Elanders’ largest customer segments. The Group
offers global supply chain management services tailored to the needs of all
types of customers. From start-ups and smaller brands all the way up to well-
established names found in most consumers’ homes and wardrobes.
Suitable
solutions for
all customers
Elanders in the customers value chain
The Fashion customer segment includes a wide range of products
such as clothing, accessories, perfumes, and other lifestyle items. A
common characteristic for the fashion industry is the fast pace, with
several new collections launched in a year. To meet these demands,
companies need a logistics partner who can keep up with the pace,
manage highly fluctuating volumes, and ensure that the right
products are available in stores and ready for online purchase at the
right time. The end customer’s experience, especially regarding
service and delivery speed, is crucial to a brand’s success.
Today, Elanders offers different concepts for different types of
clients within the world of fashion, catering to their various needs.
Small to medium-sized businesses are offered highly standardized
third-party logistics concepts that can easily be integrated in their
own systems, which enables them to quickly access different
markets, wherever they are located in the world. At the same time,
the Group also offers more complex concepts for established brands
requiring greater customization and flexibility from their logistics
partner to achieve desired scalability and flexibility.
By partnering with Elanders, fashion companies can focus on their
core business, design, production, and sales, while Elanders handles
logistics through a single point of contact and integration. Elanders
is a reliable partner combining high quality and efficient processes
with attentiveness to customer needs and a broad range of value
added services.
030 This is Elanders Our customer segments — Fashion
Fashion at a glance
Percent of Elanders’
total sales
Thousand m
2
in total
floor area at facilities
within the Group
Number of sites
globally
≈
031
Other at a glance
Percent of Elanders’
total sales
Million photo books
per year
Million glass bottles
handled per year
032 This is Elanders Our customer segments — Other
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-in-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove delivery
Pick & Pack
Configuration
& Testing
Local and global
distribution & Customs
management
Operations
with potential
for growth
Other — Includes important but smaller sectors
The customer segment Other is an important part of the Group’s diversified
business model. The largest share of revenue comes from online print, where
digital printing services are experiencing rapid growth. Publishing clients are
seeking flexible, cost-effective solutions, and third-party logistics for FMCG
has strong potential to grow.
Elanders in the customers value chain
Elanders is a global provider of print and packaging, with its own
production sites in several countries as well as an extensive network
of partners. Although traditional commercial offset print continues
to be characterized by steadily declining volumes, digital printing is
still showing growth. This development is driven by increasing
digitalization, changing consumption patterns, and the rising
importance of social media.
Elanders is one of the biggest digital print providers in the
European market that does not belong to an e-commerce brand. The
Group works both as a print provider to major brands and sells
directly to companies and consumers through its own channels and
branded web shops. Thanks to economies of scale, advanced
automation, and optimized workflows, Elanders offers high-quality,
reliable, and scalable print services – strengthening competitiveness
and creating conditions for further growth.
Since the acquisition of Kammac in 2023, another important
part of the customer segment Other is FMCG, including the
beverage industry. Here, the Group provides third-party logistics
services with great range, including warehousing of both finished
products and brewing materials, e-commerce fulfillment and
transport solutions. Using the latest technology, and with many
years of experience, the Group is a valuable logistics partner to its
clients.
Elanders Annual and Sustainability Report 2025
033
Automotive at a glance
Percent of Elanders’
total sales
Thousand m
2
in total
floor area at facilities
within the Group
Million outgoing
deliveries every
year from Elanders’
warehouses
034 This is Elanders Our customer segments — Automotive
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-in-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove delivery
Pick & Pack
Configuration
& Testing
Local and global
distribution & Customs
management
Automotive — Flexibility for change
In the Automotive segment, Elanders is an established logistics partner
to several leading car manufacturers in Sweden, Germany, and the UK.
The Group supports customers with services before, during and after their
line production, so that they can focus on what they do best: building and
selling cars.
Bespoke
solutions
to optimize
production
Elanders in the customers value chain
For the Automotive industry, Elanders provides services across
almost the entire supply chain. Within Automotive today, logistics
providers must be flexible and able to respond quickly to changes as
the market transitions from traditional combustion engines to
electrification, climate neutrality, and autonomous vehicles. The
ability to handle changes and support different product types
throughout the supply chain is critical.
The Group’s key strength is the ability to develop and customize
solutions in close collaboration with the clients. As a reliable logistics
partner, Elanders organizes an efficient flow of the components
needed when the clients are manufacturing their cars. Elanders
performs services and handles the supply of components in all stages,
from the first idea for a new car model to pre-assembly, serial
production and the return of empty packaging after use. Combining
global capacity with local presence allows Elanders to meet the
sector’s high demands on quality, delivery precision, and sustainability.
Elanders furthermore offers to act as the control tower for the
client’s transports. This entails managing orders to freight forward-
ers all over Europe, as well as operating the cross-dock center where
all components are handled before being delivered to the produc-
tion line. The status for incoming components is checked to foresee
and act on any delays, orders are split into smaller consignments and
components delivered to the factories in sequence and just-in-time.
At the other end of the production line, packaging used for inbound
deliveries is cleaned and reused, contributing to circularity and cost
efficiency.
Elanders Annual and Sustainability Report 2025
035
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-in-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove delivery
Pick & Pack
Configuration
& Testing
Local and global
distribution & Customs
management
In order to stay competitive, industrial manufacturers today need
control and efficiency throughout the entire value chain. Manufac-
turing costs must be optimized, lead times short and product quality
and delivery precision maintained at high levels. Logistics is a key
factor for success along the supply chain all the way to the
aftermarket.
Elanders offers logistics solutions tailored for all types of
industrial clients and makes sure that finished products, as well as
components and production-related materials, are delivered to the
right place at the right time. The Group not only manages distribu-
tion and transport logistics throughout the supply chain. Clients can
also receive the flexibility they desire with customized solutions
adapted to their specific operations.
The Group also offers industrial logistics solutions combined
with value-added services that streamline clients’ production and
assembly processes. This include, among other things, kitting, light
manufacturing, voltage testing of batteries and other functional test-
ing, as well as cleaning of reusable plastic boxes or other charge
carriers. Additionally, Elanders can take on selected assembly steps,
such as the assembly of modules that can then be delivered
just-in-time into the client’s production. Depending on the
customer’s needs, fully assembled products can also be delivered
and installed directly at the end customer.
Customized
solutions at
the right cost
Industrial — Responsiveness creates success
Elanders has a strong position in the Industrial customer segment and handles
everything from smaller products to large-scale, logistically complex con-
structions and solutions. With great responsiveness to customer needs,
the Group ensures the high delivery precision and service quality required.
Elanders in the customers value chain
036 This is Elanders Our customer segments — Industrial
Industrial at a glance
Percent of Elanders’
total sales
Thousand m
2
in total
floor area at facilities
within the Group
Million outgoing
deliveries every
year from Elanders’
warehouses
037
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-in-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove delivery
Pick & Pack
Configuration
& Testing
Local and global
distribution & Customs
management
The Health Care customer segment has strong growth potential
driven by scientific and technological development, a globally aging
population and prolonged life expectancy. The industry is regulated
by strict standards related to sterile handling of equipment,
components, consumables and input materials for medical products.
For a logistics partner, this entails considerable investments, high
standards, quality-assured processes and frequent audits of
required certifications. Competence and trust are built up over time
between supplier and customer, as this type of equipment, products
and materials allows no margin for error.
The Group has solid experience as a partner to medical
technology companies and today, Elanders are experts within
medical logistics with a global reach. The Group delivers solutions at
the highest level of quality without compromise and with continuous
improvements. The clients are efficiently supported throughout the
product life cycle, starting from the procurement of materials,
through manufacturing and assembly, as well as distribution, and on
to aftermarket services and end-of-life handling of equipment.
Elanders manages complete logistics chains and ensure that end
customers are provided with the equipment, spare parts and
consumables, at the right time. The Group handles all aspects of
logistics and transport, as well as providing and coordinating
value-added services for advance medical equipment. This includes
demo pool services, installation services, taking back worn-out
equipment, as well as temperature-controlled storage in different
climate zones down to –80 degrees Celsius.
Competent
help
throughout
the life cycle
Health Care — Customized all the way
In the customer segment Health Care, Elanders’ principal focus is on medical
technology. The Group has established itself as a reliable partner offering
customized solutions throughout the entire product life cycle, starting from
the procurement of input materials all the way until the end-of-life handling
of the equipment.
Elanders in the customers value chain
038 Our customer segments — Health Care This is Elanders
Health Care at a glance
Percent of Elanders’
total sales
Thousand customer
orders handled per
day
Certifications within
Elanders
ISO , ISO ,
ISO , ISO ,
ISO , GDP,
WDA (H), WDA (V),
API, BRC, GDPMDS,
AEO-F and
AEO – Security
039
Elanders’
largest
operations
Through several subsidiaries in the Group’s larger business area,
Supply Chain Solutions, Elanders is supplying its wide range of
integrated supply chain management solutions and services.
Through the smaller business area, Print & Packaging Solutions, the
Group also offers cost-effective solutions that can meet all customer
needs for printed materials and packaging.
Together, the Group companies serve six customer segments:
Automotive, Electronics, Fashion, Health Care, Industrial and Other.
Elanders’ operations cover four continents. The most important
markets are China, Germany, Singapore, Sweden, the UK and the
USA. On the following pages, the Group’s largest operations are
presented separately.
Elanders Group
040040
Supply Chain Solutions
Share of net sales in percent
LGI, Mentor Media, Bergen Logistics, Kammac and
Bishopsgate
Print & Packaging Solutions
Share of net sales in percent
Elanders Print & Packaging
1
Elanders Annual and Sustainability Report 2025
041041
products just-in-time or just-in-sequence. We provide value-added
services across many areas, end-to-end in their supply chain.
Adapting more of a 4PL (fourth-party logistics) approach, we can
also manage other logistics providers for them.
What are the key strengths of LGI?
We are industry experts with a track record of serving long-lasting
clients that are among the world leaders within their industries. To
maintain our long relationships, we are our clients’ partner rather
than just a supplier. We always make sure to keep our services in
sync with their evolving needs and can cover all of Europe and
beyond, either through our own entities or supported by our
partners. Through the Elanders Group we also have a global service
offer, and we pair it with absolute focus on our customers’ success
as our no 1 priority.
Do you have an example of the value-added solutions LGI offers?
In the last few years, LGI has developed technical logistics solutions
for advanced medical and IT equipment where we take an
all-inclusive responsibility. Our services include customization
before transporting equipment to the point of use, setting it up and
installing it so that it is ready for use. We also take back old
equipment and packaging material. In the same area, we offer
demo-pool management. Here, our proprietary software is
integrated in the sales process of clients, providing efficient schedul-
ing, and we deal with all necessary steps to get the demo equipment
ready to use at the potential buyer’s premises and back to the demo
pool once the testing period is over.
Beyond achieving a global reach, how is LGI benefiting from
being part of Elanders?
We share best practices across Group companies as well as across
countries and continents. Spending almost two years in the US,
I learned a lot that I now hope to make use of in my new role. The
financial strength of the Group also allows LGI to be more agile and
faster when it comes to decisions on investments. Another benefit is
that we can offer services and solutions together with our sister
companies. This reduces the number of interfaces and complexity
for the client.
What are your focus areas for the future?
Continued profitable growth with a maintained balanced industry
portfolio to make sure that we remain resilient and relevant in each
of the customer segments we serve. We will also investigate
opportunities to add new industries like defense and climate and
energy. Furthermore, we will improve how we use data for the
benefit of LGI and our clients. We also need smart automation
LGI has more than 50 sites across Europe and the USA and can
service customers via its entire global network, through both sister
companies within the Elanders Group and trusted external partners.
The company is a logistics-focused service provider specialized in
industry-specific supply chain solutions with high added value
tailored to a diverse client base representing all of Elanders’
customer segments. LGI’s offer includes customized solutions for
contract logistics, transportation and forwarding, as well as a wide
portfolio of value-added services along the clients’ entire supply
chain.
LGI was founded three decades ago in Germany and has, over
the years, acquired several supply chain management companies
and further expanded its operations. The company was acquired by
Elanders in 2016.
You started as CEO in June 2025. What is your background?
I am a logistics and supply chain enthusiast and have worked in this
industry during my entire career. I have a long history with LGI,
initially joining the company in 2015 as Key Account Manager. After
several other roles I moved on to our sister company Bergen
Logistics, first as General Manager Europe and then as COO based
in the US. It is exciting to now be back at LGI as CEO, and I believe it
says a lot about the great opportunities offered within the Elanders
Group.
Why should customers choose LGI as a partner?
We are highly specialized and a trusted partner for clients in the
industries that we serve – Automotive, Industrial, Electronics, Health
care and Fashion. We are small enough to be a truly flexible partner
and large enough to be relevant for global industry leaders and with
a strong base in our extensive experience, we are always looking to
add real value to clients. They are the focus of everything we do.
Through deep integration into our clients’ supply chain, we can for
example efficiently supply their factories with components and
Flexibility and
a strong focus
on the client
Supply Chain Solutions — LGI
Headquartered in Germany, LGI is a global leading logistics service provider
offering a range of integrated solutions within supply chain management, from
contract logistics to transport and forwarding services, regional or inter-
national, multichannel or omnichannel.
Interview — Florian Beck — President, LGI
042 This is Elanders Our largest operations — LGI
LGI
Net sales, MSEK Number of employees
Geographical presence
Austria, Czech Republic, Germany,
Hungary, Netherlands, Poland,
the UK and the USA
Customer segments
Automotive, Electronics, Fashion,
Health Care, Industrial and Other
≈
,
≈
,
Florian Beck — President, LGI, emphasizes how industry expertise and
flexibility help drive customer success.
strategies that let us be flexible, which is critical for a third-party
logistics provider. For example, we are investigating, and trying out,
automated guided vehicles and robots in our operations.
Are there other important initiatives going on?
Since I started as CEO, we have focused on retaining our clients
while emphasizing capacity management and reducing overcapacity
wherever possible. We also quickly executed an internal reorganiza-
tion project to achieve more integrated leadership. My number one
goal looking ahead is to successfully combine LGI’s existing core
competences with the entrepreneurial spirit, speed of execution
and data-driven decision-making that I experienced while working
with Bergen Logistics in the USA.
How have you integrated sustainability into your business
model?
A priority for us is both to decarbonize the energy supply to our
logistics sites and to increase their energy efficiency. Our fleet of
trucks is another priority, with electric trucks being used for some
of our services, helping both us and our clients reduce emissions.
Using center-of-gravity analysis, we can help clients optimize
transportation and make their entire supply chains more sustaina-
ble. Through the Elanders Group, we can furthermore offer
services that give electronics products a second life, under the
Reuseit label.
LGI is a logistics-focused service provider specialized in industry-specific supply chain solutions with high added value tailored to a diverse client base
representing all of Elanders’ customer segments.
Elanders Annual and Sustainability Report 2025
043
total cost of ownership while improving customer experience.
Operating at the intersection of supply chain, manufacturing support
and e-commerce fulfillment, we offer flexible, scalable and
technology-enabled solutions. Our regional presence allows us to
serve clients close to their markets, ensuring speed, resilience and
compliance in today’s rapidly changing trade environment.
What are the key strengths of Mentor Media?
Our strengths lie in global reach, local execution and end-to-end
integration. We combine decades of operational experience with a
customer-centric culture focused on value creation, sustainability
and partnership. With facilities on three continents, we respond
quickly to evolving customer needs. Our digital visibility and process
controls enhance analytics and automation, making Mentor Media a
strategic bridge between manufacturing and market delivery.
How is Mentor Media benefiting from being part of Elanders?
Being part of Elanders provides a strong global backbone,
financially, technologically and strategically. The Group platform
allows us to extend our portfolio beyond fulfillment into packaging,
print and broader supply chain solutions. The Elanders ecosystem
offers powerful synergies including cross-selling, shared digital tools
for transparency and sustainability and a global customer base that
values integrated 4PL (fourth-party logistics) capabilities. These
strengths position Mentor Media as the Asia-Pacific engine of the
Group.
What segments are you planning to focus on ahead?
While Electronics remains our core, we are expanding into the health
care, lifestyle and FMCG, segments where our fulfillment and
value-added packaging capabilities provide differentiation. We also
see strong potential in e-commerce and omnichannel fulfillment,
supported by our flexible warehouse model and regional distribution
network. In parallel, we are investing in digital control towers,
predictive analytics and sustainable packaging to enhance visibility,
speed and environmental performance.
How have you integrated sustainability into your business
model?
Sustainability is built into how we operate. We support clients in
reducing Scope 3 emissions while contributing to Elanders Group’s
decarbonizing goals. Our priorities include carbon-optimized
logistics through near-shore manufacturing and regional fulfillment,
as well as eco-efficient packaging using recyclable or biodegradable
materials. We also focus on energy efficiency through solar power
adoption and smart facility management. These efforts reduce
emissions while improving operational efficiency.
Mentor Media is an innovative global supply chain provider with a
strong presence across Asia, the Americas and Europe. With deep
experience in manufacturing, the company partners with many of
the world’s leading brands in consumer electronics, communications,
computing, medical technology, software and retail. Its high
value-added services help customers develop products, strengthen
their brands and scale efficiently. Through strategic alliances with
global logistics partners, Mentor Media offers end-to-end supply
chain solutions delivering directly to channels and end-users.
Mentor Media was founded about 40 years ago in Singapore
and acquired by Elanders in 2014. Since then, it has grown into a
global player across multiple customer segments.
You started as CEO in November 2025. What is your background?
I have worked for over 20 years in supply chain services, logistics
and the manufacturing industry, focusing on operational excellence
and transforming traditional models into integrated end-to-end solu-
tions. Before joining Elanders, I held senior leadership roles
managing multi-country operations and developing fourth-party
logistics-driven value chains for global customers. At Mentor Media,
I see significant potential to strengthen our position by combining
supply chain agility, fulfillment capabilities and digital innovation
across the Asia-Pacific region.
Why should customers choose Mentor Media as a partner?
Customers choose us because we deliver more than logistics, we
deliver strategic enablement. We are known for execution,
reliability, engineering expertise and tailoring solutions that reduce
Turning
complexity
into
advantage
Supply Chain Solutions — Mentor Media
Headquartered in Singapore, Mentor Media is a leading provider of supply
chain management solutions that are sustainable for customers, stakeholders
and society at large. The company’s extensive services are customized to
meet diverse client requirements.
Interview — Simon Sim — President, Mentor Media
044 This is Elanders Our largest operations — Mentor Media
Mentor Media
Net sales, MSEK Number of employees
Geographical presence
Brazil, China, Czech Republic, India,
Mexico, Singapore, Taiwan, Thailand,
the USA and Vietnam
Customer segments
Electronics, Fashion, Health Care
and Other
≈
,
≈
,
Simon Sim — President, Mentor Media, emphasizes the importance of
com bining supply chain agility, fulfillment capabilities and digital innovation.
Mentor Media recently opened a site in Thailand. What other
plans do you have regarding Asia?
Our Thailand site has been highly successful, providing customers
with supply chain diversification, cost-efficiency and trade
resilience. As supply chains evolve and volumes shift from China to
the rest of Southeast Asia, we are strengthening our presence in
Vietnam and Malaysia. At the same time, China remains essential.
We continue to invest there, focusing on automation, value-added
configuration and domestic e-commerce, thus ensuring that China
remains a cornerstone of our regional strategy.
Are there other important initiatives going on?
We continue to drive transformation through several strategic
initiatives. One is network optimization for faster delivery with
lower carbon footprint. Another is digital transformation supported
by smart analytics and IoT. A third concerns customer innovation
labs focused on packaging, automation and sustainability. And a
fourth is people development to build the next generation of supply
chain professionals. These efforts help turn global complexity into
advantage — delivering smarter, greener and more resilient supply
chain solutions.
With deep experience in manufacturing, Mentor Media partners with many of the world’s leading brands in consumer electronics, communications, computing,
medical technology, software and retail.
Elanders Annual and Sustainability Report 2025
045
What are the key strengths of Bergen Logistics?
We deliver a high-touch customer experience, rapid onboarding,
retail compliance, seamless omnichannel execution and support for
global expansion across e-commerce, wholesale, retail and
marketplace channels. We are experts in providing bespoke
solutions and value-added services like customized branded
packaging, packing directive and kitting. With bonded free trade
zones across the globe, we can also assist with tariff mitigation.
Other key strengths are our technological expertise, solution design
and continuous innovation. We are always developing and improving
CloudX and our operations. Just over the last two years, our
operational efficiency has improved by some 30 percent. We are
also leveraging AI, data warehousing and data science to create
even more value for customers.
How is Bergen Logistics benefiting from being part of Elanders?
It has enabled a global network where we can enter new markets
while leveraging the capacities, knowledge and skills across the
Group’s subsidiaries. The Bergen concept and CloudX have been
established in a number of locations around the world, and we can
quickly put our software in place, train local teams and set up
end-to-end third-party logistics solutions anywhere in a very short
time frame. Being part of Elanders is also letting us expand CloudX
to support other customer segments than Fashion. Working with our
sister companies we are building additional capabilities and
processes into the software.
What are the main benefits of CloudX and your global network
solution?
Small and medium-sized clients lacking the resources and time to do
multiple integrations to enter new markets can benefit greatly from
our unified platform. It allows rapid and easy single integration with
all major shop systems used by brands, as well as marketplaces, ERP
systems and retailers. Onboarding is fast, enabling the rapid set-up
of standardized omnichannel fulfillment solutions globally with the
same high-quality customer experience everywhere. We can
customize solutions fast since the system is proprietary. All client
data across different platforms also feed into our central data
warehouse, giving clients visibility and the ability to, for example,
extract data for their own AI or process improvement initiatives. And
clients furthermore are offered the choice to run CloudX as a
stand-alone system or in conjunction with our global network.
What has been your focus in 2025 and what awaits ahead?
We have continued the expansion of our global network, implement-
ing CloudX within the Fashion customer segment. Five more
locations have been added, bringing the total to 19 facilities.
Bergen Logistics focuses on smaller and mid-sized brands within
fashion and other consumer-oriented industries. Well-established in
the USA and Canada, the company has leveraged its CloudX
platform and the capabilities of other subsidiaries in the Elanders
Group to build a global network serving fashion and lifestyle clients
and others who need agile and efficient omnichannel solutions.
Driving their success through innovative technological solutions and
efficient processes that are continuously improved and updated to
meet new needs, Bergen Logistics wants to be a natural partner to
growth companies looking for a simple way to establish themselves
and grow in new markets.
Bergen Logistics was founded some 30 years ago in the USA
and was acquired by Elanders in 2021. Since then, the WMS platform
CloudX has been implemented in several other Elanders subsidiar-
ies.
Why should customers choose Bergen Logistics as a partner?
We are an end-to-end fulfillment specialist tailored to the needs of
fashion, lifestyle and premium consumer brands. Working as a
partner to our clients rather than as a traditional supplier, we help
them resolve any challenge along the supply chain. Through our
proprietary, state-of-the-art CloudX WMS we offer clients global
reach on a single platform and with one single integration. Clients
also achieve strategic flexibility since CloudX can be used inde-
pendently in their own operations. This lets them retain the same
platform, data and integrations even if they make new choices and,
for example, switch to handling logistics in-house in one or all
markets.
Global
reach
on a single
plaorm
Supply Chain Solutions — Bergen Logistics
Headquartered on the American east coast, Bergen Logistics is a leading
contract logistics company and omnichannel expert capable of managing
a great number of clients in an efficient and profitable way thanks to its
proprietary technological WMS platform CloudX.
Interview — Charles Ickes — Group COO and President,
Bergen Logistics
046 This is Elanders Our largest operations — Bergen Logistics
Bergen Logistics
Net sales, MSEK Number of employees
Geographical presence
Canada, Moldova, Netherlands and
the USA
Customer segments
Fashion and Other
≈
,
≈
Charles Ickes — Group COO and President, Bergen Logistics, explains how
technology and a global network drive Bergen Logistics forward.
Looking ahead, we will continue onboarding more brands and
expanding the number of locations. We have also taken CloudX to
market as a stand-alone product and we are, furthermore, making
progress in our efforts to add new capabilities and expand CloudX
to other customer segments than Fashion. Turning to AI, we have
put a lot of work into creating a data warehouse that is AI enabled.
We released an internal AI tool in a beta version in 2025 and are
aiming to have it implemented in our operations by the end of 2026.
How have you integrated sustainability into your business
model?
We have a lot of energy initiatives like installing solar panels and
LED lights, which, by and large, have become standard in the
logistics industry by now. We are also working to optimize packaging
to reduce waste and weight. Perhaps more importantly, thanks to
our global network we can also optimize shipment solutions to help
our customers lower their emissions by enabling last mile shipping
closer to the consumers. In China, we have started consolidating
shipments from different manufacturers to a single facility so that
we can build and fill containers being shipped to specific markets.
This maximizes the use of container capacity and reduces the
carbon footprint.
Bergen Logistics deliver a high-touch customer experience, rapid onboarding, retail compliance, seamless omnichannel execution and support for global
expansion across e-commerce, wholesale, retail and marketplace channels.
Elanders Annual and Sustainability Report 2025
047
Bishopsgate is the UK market’s leading two-man final mile delivery
specialist. The company expertly handles warehousing, transporta-
tion, installation and configuration of any product that deserves
better than standard logistics. Services are customized and provided
by Bishopsgate’s network within a strong and clear closed transport
delivery system. Value-added services include pre-delivery
inspection, bespoke testing, repair and service, replacing decals and
other non-standard improvements.
What are the key strengths of Kammac and Bishopsgate,
respectively?
As a lean and agile organization, a key strength for Kammac is the
ability to take quick action to fulfill the needs of customers. Kammac
can rapidly scale services or provide specific value-added services.
The company has a strong focus on warehousing and fulfillment.
Operations are driven by compliance and improvement. This
currently includes the implementation of the CloudX WMS platform
developed by our sister company Bergen Logistics. Kammac is
rightly proud of a significant number of accreditations of compli-
ance, including sector specific as well as organizationally focused
licenses and approvals.
Bishopsgate’s services are provided with great care, focusing on
detail and a long-term collaborative approach toward customers. It
is done through a network of wholly owned vehicles and employed
drivers and specialist handlers based at each of eight modern
warehouse operations. Software systems give customers full
visibility of every stage of a product’s journey, from its arrival at a
warehouse to value-added improvements at the workshop facilities
and on to the final delivery, placement and installation of the
product into the care of end users.
Which synergies can you see with the combined strength of the
companies?
Kammac, as a contract logistics company with a lot of experience in
highly transactional warehousing, and Bishopsgate, as a technical
logistics specialist, have complementary skillsets and experiences.
We are establishing collaboration so that customer queries can be
passed on to the sister company in cases when it is more suitable to
the customer’s needs. We are also working to take advantage of,
and learn from, each other’s best practices. One example is how
Bishopsgate’s smaller compliance team was merged with the more
mature team at Kammac, allowing to provide a more consistent
solution to customers across both businesses. Another area for
collaboration is purchasing, an example being joint procurement of
vehicles and software.
How are you benefiting from being part of Elanders?
The two companies can now offer global supply chain solutions to
Kammac’s unique concept offers customers, for example operating in
the food and beverages or health care industries, maximum storage
flexibility through a network of ten sites around the UK. Several
facilities offer services such as bonded warehouses and tempera-
ture-controlled environments. Kammac also has a license to handle
medical products such as pharmaceuticals and their components.
The company’s integrated service offerings suit businesses of all
sizes and can flexibly be scaled up or down in complete logistics
outsourcing and third-party logistics partnerships.
Bishopsgate is a leading UK player within special transporta-
tion, installation and configuration of advanced technical equipment
such as medical devices, office printers, safes and cash handling,
parcel lockers and computer hardware. The company’s customized
final mile delivery services are based on a wholly owned network of
warehouse operations across the UK and Ireland. A high level of
digitalization allows customers to track the entire process all the
way from receipt to delivery and installation.
Kammac was founded over 40 years ago and was acquired by
Elanders in 2023. Bishopsgate was founded almost 35 years ago and
was acquired by Elanders in 2024.
Why should customers choose Kammac and Bishopsgate as
partners?
With warehousing and fulfillment as the principal focus, Kammac is
an experienced third-party logistics service provider. Supported by
its transport division, Kammac provides an end-to-end solution that
allows customers to scale efficiently, removing their logistics
headache and letting them concentrate on their core competence.
Kammac responds rapidly to customers’ needs by identifying and
providing cost-efficient solutions that ensure flexibility, control and,
above all, quality and safety.
Comple-
me ntary skill
sets and
experiences
Supply Chain Solutions — Kammac and Bishopsgate
Kammac is a flexible and reliable UK provider of contract logistics and supply
chain management services to a wide range of companies. The business
model is lean and based on agility to meet urgent customer requirements.
Bishopsgate is a market-leading specialist logistics, delivery and installation
company operating everywhere across the UK and Ireland.
Interview — Tim Bloch — President, Supply Chain Solutions
(Kammac & Bishopsgate)
048 Our largest operations
— Kammac and Bishopsgate
This is Elanders
Kammac
Net sales, MSEK Number of employees
Geographical presence
The UK
Customer segments
Health Care and Other
≈
≈
2
Tim Bloch — President, Supply Chain Solutions (Kammac & Bishopsgate),
explains how the companies collaborate to offer customers flexible
warehouse logistics and specialized technical deliveries.
businesses looking to expand abroad or searching for alternative
suppliers. We can also help, for example, US companies wanting to
expand throughout Europe through Tenso of which Bishopsgate is a
founding shareholder. Furthermore, we can leverage expertise from
sister companies like LGI, Bergen and Mentor Media, adding to best
practices and creating new opportunities.
What are your focus areas for the future?
A change in leadership at Kammac has brought a focus in building a
strong workplace culture and long-lasting customer relationships.
We are now aiming to reap the benefits of this. The company has
become more forward-looking and focused on new business,
particularly from customers that require a degree of added value or
fulfillment. With continued focus on health care, beverages, retail
and FMCG, Kammac aims for higher-margin quality over low-margin
or insignificant volumes. Its excellent compliance-driven accredita-
tions provide comfort for larger, “blue-chip” organizations.
Bishopsgate’s new business typically starts with deliveries and
then expands up the logistics chain to receiving and warehousing
goods once trust has been established. Bishopsgate’s focus will
remain on the sectors Technical, Medical, Vending & Refrigeration,
Safes & UPS and Business-to-Consumer, although always remaining
open-minded to new opportunities.
How have you integrated sustainability into your business
model?
ISO 14001 certifications drive both businesses to improve their
sustainability performance in general, and carbon footprint in
particular. This is something that Elanders Group has set clear
targets for and that our customers also demand of us, driven by their
own sustainability targets. An example of our efforts is that
Bishopsgate has four electric vehicles. Both companies are also
looking at possible future additional electrification of trucks.
Bishopsgate
Net sales, MSEK Number of employees
Geographical presence
The UK and Ireland
Customer segments
Electronics, Health Care and Other
≈
≈
Bishopsgate’s customized final mile delivery services are based on a wholly owned network of warehouse operations across the UK and Ireland.
Elanders Annual and Sustainability Report 2025
049
and offerings in the printing industry. Our technological edge has
made us one of the European market leaders in manuals for the
automotive industry as well as in mass customization. Now we are
leveraging this experience for our growing number of customers in
the segments of publishing and packaging.
What are the benefits of being one of very few global print
companies?
The fact that Elanders Print & Packaging has locations in numerous
countries and on different continents enables our international
customers to sell globally and produce locally, offering them
significant added value. It greatly reduces delivery times, costs and,
for some customers, bureaucracy due to customs regulations, while
significantly supporting the customers’ sustainability efforts. The
ability to produce locally with us also offers customers significant
potential for cost optimization.
How do you succeed in a challenging print market?
The market has been highly dynamic for years, with significant
decline in mass production. However, numerous printing segments
show growth driven by a shift towards new technologies and smaller
print runs. We recognized this market development early on and have
positioned ourselves ideally for it. In the future, we plan to focus even
more on high-growth market segments with high margin profiles. We
are also placing further emphasis on advancing our IT infrastructure
with the aim to adopt processes that make us even faster and more
appealing to customers. For us, offset printing is a complement to our
extensive expertise in digital printing, rather than vice versa.
What significant developments were there in 2025?
We secured existing agreements with key customers for the coming
years while also taking significant steps within our growth area of
publishing. Book printing is the largest revenue segment in the
European digital printing market today and it offers the highest
growth potential. Through a strategically very significant long-term
cooperation agreement with Thalia, the leading bookseller in the
DACH region, we will operate a print-on-demand printing center for
books, introducing innovative approaches to production and
distribution. In addition, we also established our first business
relationship with AI companies in the publishing sector, adding
potential future business opportunities.
What are your focus areas for the future?
We will build further on our strong market position and expertise in
the online print, photo book and mass customization markets, while
also consolidating our number one position in Europe within
manuals for the automotive industry. Our defined growth areas of
As one of few print companies with a global presence, Elanders Print
& Packaging offers cost-efficient solutions that can handle
customers’ local and global needs for printed material and
packaging, often in combination with value-added services and
just-in-time or sequence deliveries worldwide. Advanced, user-
friendly and ordering platforms online streamline the process from
order to delivery. Customers profit from the company’s flexibility,
quality, reliability and innovative force.
Elanders Print & Packaging was founded more than 100 years
ago in Sweden. After a series of strategic acquisitions through the
years, the company now operates in several European countries and
in the USA.
Why should customers choose Elanders Print & Packaging as a
partner?
For us, high customer satisfaction is fundamental. When we
surveyed our customers, they told us that they chose Elanders for
our exceptionally high reliability, quality and flexibility, as well as for
our financial strength and the security that comes with it. We can
offer the best solution at a perfect price-performance ratio and act
as our customers’ highly trusted, long-term partner. We also
continuously develop our production sites in terms of technology to
always offer innovative and highly efficient solutions.
What are the key strengths of Elanders Print & Packaging?
As a transformative business that has evolved and reinvented itself
in the dynamic market over the past few years, we can transform
and optimize our customers’ processes together with them. We have
the best concepts for the selected segments that we focus on, based
on our extensive and unique experience in developing new models
In the ideal
position for
a new print
market
Print & Packaging Solutions — Elanders Print & Packaging
With more than 100 years of experience from the graphic industry, Elanders
Print & Packaging offers concentrated, cost-efficient and innovative solutions
making use of the efficiency and flexibility offered by the latest digital
technology to fulfill its customers’ requirements locally as well as globally.
Interview — Sven Burkhard — President,
Elanders Print & Packaging
050 Our largest operations
— Elanders Print & Packaging
This is Elanders
Elanders Print & Packaging
Net sales, MSEK Number of employees
Geographical presence
Germany, Hungary, Italy, Poland,
Sweden, the UK and the USA
Customer segments
Automotive, Electronics, Fashion,
Health Care, Industrial and Other
≈
,
≈
,
Sven Burkhard — President, Elanders Print & Packaging, on the importance
of high reliability, quality and flexibility.
publishing and packaging will contribute significantly to our sales
growth. In addition, we will define further industries as future target
markets for customized solutions. We also aim to benefit from
customer relationships within the Elanders Group. By creating
numerous synergy potentials from Elanders’ broad customer base,
we want to develop even further into a comprehensive solutions
provider over the next few years.
How have you integrated sustainability into your business
model?
Our highest priority is to reduce our carbon footprint even though
we plan to grow. We place great importance on sustainability when
modernizing our existing locations and setting up new sites, like the
one planned for the Thalia cooperation. The new production hall is
planned for fulfilling the Efficiency House 40 standard and the green
building DGNB Gold certification. We also support our customers in
achieving their sustainability goals when using print products, from
jointly selecting the right paper – including recycled and other
sustainably sourced options (for example FSC or PEFC) – all the way
to ensuring the shortest possible delivery routes to markets.
Ulrich Schätzl and Sven Burkhard, Elanders Print & Packaging – Through a strategically very significant long-term cooperation agreement with Thalia, the leading
bookseller in the DACH region, Elanders will operate a print-on-demand printing center for books, introducing innovative approaches to production and
distribution.
Elanders Annual and Sustainability Report 2025
051
052
Board of Directors’ report
Sustainability report
— General information
— Environment
— Social
— Governance
098 — List of material disclosure requirements
Risks and uncertainty factors
Corporate governance report
Board of
Directors’
repo
Elanders Annual and Sustainability Report 2025
053
Elanders AB (publ) is the parent company of the Elanders Group and
the company’s B shares are listed on NASDAQ OMX Stockholm, Mid
Cap. Elanders AB (publ) is a subsidiary to Carl Bennet AB, corporate
identity no 556379–0715, registered in Mölndal. Carl Bennet AB
prepares consolidated financial statements that include Elanders
Group.
Our business
almost 7,000 employees and operates in around 20 countries on four
continents. The most important markets are China, Germany,
into six segments according to their respective business; Automo-
tive, Electronics, Fashion, Health Care, Industrial and Other.
Our offer
Elanders offers integrated and customized solutions for handling all
or part of the customers’ supply chain. The Group can take complete
responsibility for complex and global deliveries that may include
purchasing, storage, configuration, production and distribution. The
offer also includes order management solutions, payment flows and
after market services on behalf of the customers.
The services are provided by business-minded employees
who, with their expertise and aided by intelligent IT solutions,
contribute to developing the customers’ offers. These offers are
often totally dependent on efficient product, component and
service flows as well as traceability and information. In addition to
the offer to the B2B market, the Group also sells reused and
refurbished IT-related products via its own brand Reuseit and
photo products via the brands fotokasten and myphotobook
directly to consumers.
Net sales and result
Net sales amounted to MSEK 12,201 (14,143), which corresponded
to an organic net sales reduction of three percent compared to the
same period last year, excluding acquisitions and discontinued
operations, and using unchanged exchange rates. The organic sales
development was primarily driven by a slowdown in demand during
the first half of the year due to increased market uncertainty,
affecting several of the Group’s customer segments and geographic
markets. In the second half of the year, signs of stabilization and
recovery were noted, particularly in the fourth quarter within
selected segments and markets. Sales were also negatively
impacted by price pressure in Air & Sea freight forwarding as a result
of market overcapacity. The Automotive customer segment, which
continues to face significant structural challenges, declined
organically during the year, although the rate of decline eased
toward the end of the period. In contrast, Electronics recorded
organic growth throughout the year, mainly driven by strong
development in Asia. The Americas also reported organic growth in
the second half of the year.
The strategic structural measures initiated during the first half
of the year, in response to the slowdown in demand, and affecting
parts of both business areas in Europe, are progressing according to
plan. In addition, the measures taken to reduce overcapacity, as well
as further structural measures implemented by the newly appointed
CEO of LGI, had a positive impact. Clear effects on results were
already visible in the fourth quarter as a consequence of these
measures.
Adjusted EBITA, i.e. the operating result adjusted for amortiza-
tion of assets identified in conjunction with acquisitions and one-off
items, was MSEK 776 (879) which corresponded to an adjusted
EBITA margin of 6.4 (6.2) percent. Including one-off items, EBITA
decreased from MSEK 893 to MSEK 570. One-off items amounted to
MSEK –206 (14) and are mainly attributable to structural measures
carried out within both business areas, as well as organizational
changes within Mentor Media and LGI. Last year’s one-off items
mainly related to revaluation of the additional consideration for the
acquisition of Kammac, that did not develop as expected, as well as
structural measures within Supply Chain Solutions.
The Group continues to focus on generating cash flow and cash
conversion increased to 92 (90) percent for the year. The net debt
has decreased primarily due to a stronger Swedish krona. Despite
this, persistently high interest expenses continue to weigh on the
bottom line, as a consequence of the current debt in combination
with continued high interest rates.
The Board of Directors and the President and Chief Executive Officer of
Elanders AB (publ), corporate identity no 556008–1621, herewith present
their annual report and the con solidated financial statements for 2025.
Board of
Directors’
repo
054 Board of Directors’ report — 2025Board of Directors’ report
growth in online print, is an important part of mitigating the decline
in traditional print products.
The consolidations and structural measures implemented in the
first quarter had a positive impact on the result and contributed to
an improved EBITA margin in the second half of the year compared
with the previous year.
Adjusted EBITA, i.e. the operating result adjusted for
amortization of assets identified in conjunction with acquisitions
and one-off items, decreased by MSEK 39 to MSEK 156 (195)
compared to last year. The adjusted EBITA margin decreased from
6.9 to 6.0 percent. Included in the result for the year was also a
one-off item of MSEK –57 (–9) which referred to severance pay
provisions and other restructuring costs. The measures are a
response to a weaker market. Last year’s one-off items were mainly
attributable to costs for structural measures in the UK.
The current market situation within print is characterized by
uncertainty, which creates challenges for future development. At the
same time, opportunities for growth remain, especially within the
areas of online print and publishing-related production, where
demand for flexible and digitally integrated solutions is increasing.
For Elanders, as one of the largest players within print, the weak
market conditions offer opportunities for the consolidation of
production in the markets that are important for the Group.
Significant events during the year
— Structural measures Supply Chain Solutions
As a response to a slow start to the year, the Group decided to
implement cost-saving measures within the Supply Chain Solutions
business area. These measures are part of efforts to strengthen long-
term profitability and adapt the operations to current market
conditions. The measures primarily affect Elanders’ subsidiary LGI
and mainly referred to severance pay provisions. Structural measures
of MSEK 113 impacted the result in the year and are expected to
result in annual cost savings of approximately MSEK 130.
— Structural measures Print & Packaging Solutions
During the first quarter, it was decided that the offset operation in
Hungary will be discontinued and that the volumes will be moved to
Poland. The Group is also consolidating two of its UK entities to one
entity. In addition, structural measures were implemented in
Germany and Sweden. These measures are a response to a weaker
market and incurred one-off costs of MSEK 57, which referred to
severance pay provisions and other restructuring costs. The
measures are expected to result in annual cost savings of approxi-
mately MSEK 102.
— Change in Group Management
During the year, Florian Beck replaced Bernd Schwenger as CEO of
Elanders’ subsidiary LGI and as a member of Elanders’ Group
Management. Florian Beck comes from the role of COO of Bergen
Logistics and has been part of the Group for ten years, of which nine
years at LGI. He has a solid background in contract logistics and
business development and has previously held several senior
positions within the Group.
Charles Ickes has assumed the role of Group COO to strengthen
the strategic coordination and operational integration of Elanders’
global supply chain network. In parallel, he will remain in his current
position as CEO of Elanders’ subsidiary Bergen Logistics.
Kok Khoon Lim has stepped down from his role as CEO of
Elanders’ subsidiary Mentor Media, as well as from his position on
Elanders’ Group Management team. His successor, Simon Sim, has
more than 20 years of experience in contract logistics and has held
— Supply Chain Solutions
Net sales decreased by MSEK 1,738 to 9,737 (11,475) in the
business area compared to last year. Excluding exchange rate
fluctuations, discontinued operations and acquisitions, net sales
declined organically by three percent. In spite of Elanders’ wide
customer base and geographic spread, the business area Supply
Chain Solutions started the year with negative organic growth that
continued in the second and third quarters but then recovered in the
fourth quarter. The Group´s largest customer segment, Electronics,
recorded growth throughout the year, despite a challenging market,
partly offsetting declines in other segments. The customer segment
Automotive continues to be affected by the current economic
environment as well as ongoing structural challenges. Fashion has
also had a more challenging year with negative growth. This is
mainly driven by the developments in North America, where the
Fashion market in the first six months of the year was very
negatively impacted by the new US import tariffs. In contrast, the
European market has remained stable during the year. The customer
segment Industrial showed weak development for most of the year,
though improved demand and growth were noted toward the end of
the year. Within the important Health Care segment, the Group
continued to achieve significant success in 2025, driven by growth in
technical logistics.
The strategic structural measures that were implemented at the
end of the last year and during the first half of the year, along with
measures taken to reduce overcapacity and further structural
measures implemented in the third quarter have started to have a
positive impact. Already in the fourth quarter, the Group noted clear
effects due to these measures. Overcapacity has declined in
Germany, and a higher utilization rate is expected during 2026.
Adjusted EBITA, i.e. the operating result adjusted for amortiza-
tion of assets identified in conjunction with acquisitions and one-off
items, decreased by MSEK 71 to MSEK 651 (722) compared to last
year. At the same time, the adjusted EBITA margin increased from
6.3 to 6.7 percent. Included in the result for the year were also
one-off items of MSEK –150 (46) that mainly referred to Elanders’
subsidiary LGI and mainly referred to severance pay provisions.
These measures are part of efforts to strengthen long-term
profitability and adapt the operations to current market conditions.
Last year’s one-off item referred to revaluation of the additional
consideration for Kammac Ltd, structural measures in China,
Germany, the UK and the USA, as well as acquisition costs.
The rollout of the Group’s proprietary WMS CloudX is
progressing according to plan, and by the end of 2025 the system
was in use across several of the Group’s sites globally. This has
enabled the Group to obtain new global customers as well as the
expansion of several existing local customer relationships into global
partnerships.
— Print & Packaging Solutions
Net sales decreased by MSEK 218 to 2,585 (2,803) in the business
area compared to last year. Excluding exchange rate fluctuations,
discontinued operations and acquisitions, net sales declined
organically by four percent. During 2025, the negative trend from the
previous year continued, with weakened demand resulting in
negative organic growth. The decline was driven primarily by the
Automotive customer segment, while traditional printed products
such as catalogues and marketing material were also negatively
affected. A positive development during the year was the signing of
a strategically important agreement with Thalia, the largest book
retailer in the German-speaking markets in Europe. This agreement
marks a significant strategic shift toward book production, a market
experiencing growth. This strategic direction, combined with organic
Elanders Annual and Sustainability Report 2025
055
senior positions at several of Asia’s leading logistics companies.
Over the past seven years, Simon has served as the CEO of a subsid-
iary of one of Singapore’s largest logistics firms, where he has
played a key role in developing a new omnichannel platform
spanning multiple markets in Asia.
— Global developments
The global uncertainty, marked by geopolitical shifts and trade
conflicts, persists. Elanders continuously monitors the situation and
could adapt and adjust its operations when external conditions
require it.
— Validation of climate targets
During the year, Elanders climate targets have been validated and
approved by the Science Based Targets initiative (SBTi). The climate
targets are deemed to be aligned with the latest climate science and
in line with the Paris Agreement’s goals to limit global warming to a
maximum of 1.5 degrees. According to these targets, Elanders
commits to reducing greenhouse gas emissions in its own operations
(scope 1 and 2) by 50 percent by 2030, compared to the base year
2021. For the value chain (scope 3), emissions will be reduced by 25
percent by 2030, compared to the base year 2022. The long-term
target is to reach net zero emissions across all scopes by 2050.
Investments and depreciation
Net investments for the year amounted to MSEK 147 (1,251), of
which purchase prices for acquisitions were MSEK 18 (1,083).
Depreciation, amortization and write-downs amounted to
MSEK 1,346 (1,411).
Financial position, cash flow and financing
Excluding purchase prices for acquisitions, the operating cash flow
amounted to MSEK 1,667 (1,978). Including acquisitions, the
operating cash flow for the period increased to MSEK 1,648 (894).
Net debt decreased by MSEK 1,123 to MSEK 7,989 compared
with MSEK 9,112 at the beginning of the year. The reduction was
mainly due to currency exchange rate effects, which reduced net
debt by MSEK 782, as well as amortizations and revaluations of the
Group’s leasing liabilities totaling MSEK 444. Working capital
contributed to an increase of MSEK 56. On a rolling twelve-month
basis, the net debt/EBITDA ratio was 4.4, compared with 4.0 at the
beginning of the year.
Excluding effects from IFRS 16, net debt decreased by MSEK
257 to MSEK 3,774 compared to MSEK 4,031 at the beginning of the
year. Exchange rate fluctuations reduced the net debt by MSEK 360
while working capital increased net debt by MSEK 66 during the
period. Excluding IFRS 16 effects, the net debt/EBITDA ratio was
4.4 on a rolling twelve-month basis, excluding one-off items and
adjusted for proforma results for acquisitions, in comparison to 4.0
at the beginning of the year.
During the year, the Group extended its credit agreement on
two occasions. The first extension took place in the first quarter, and
a second extension occurred in the third quarter. The Group has now
secured financing for its operations, and the facility matures in the
third quarter of 2028. The agreement represents an important step
toward increased financial stability and long-term growth.
The Group’s credit agreements contain a financial covenant that
must be met in order to secure the financing. This covenant is the net
debt/EBITDA ratio that is calculated excluding IFRS 16 effects but
adjusted for proforma results in acquisitions and excluding one-off
items. This financial covenant was met as of the balance sheet date.
Research and development
The Group continuously develops different offers that are usually
produced in connection with specific customer projects. Continuous
development of order platforms takes place in the Group’s
e-commerce business where costs for most of the work are
recognized as they occur.
Key intangible resources
Elanders’ competitiveness and ability to create long term value are
built on several key intangible resources. The business model is
based on delivering a broad range of integrated services within
supply chain management through the business areas Supply Chain
Solutions and Print & Packaging Solutions. A central resource is the
global operational expertise and know how that has been developed
through many years of experience.
In addition, the Group’s strong brand, established customer
relationships, and the specialist competence of its employees
– approximately 7,000 globally – constitute important intangible
resources that strengthen Elanders’ market position and growth.
Together, these resources enable high quality, flexibility, and
innovation in the Group’s deliveries and are crucial for long term
development.
Elanders ensures the protection and development of its
intangible assets through continuous investments in security,
structured processes, and ongoing competence development.
Personnel
The average number of employees during the year was 6,864
(7,324), whereof 165 (164) in Sweden. At the end of the year the
Group had 6,708 (7,175) employees, whereof 163 (170) in Sweden.
Further information concerning the number of employees, as
well as salaries, remuneration, and terms of employment is
presented in note 5 of the consolidated financial statements.
Parent company
The parent company has provided intragroup services. The average
number of employees during the year was 11 (13) and at the end of
the year the number of employees was 11 (12).
Other information concerning the number of employees,
salaries, remuneration, and conditions of employment is presented
in note 5 of the consolidated financial statements.
Information concerning company shares
On 31 December 2025, there were 1,814,813 registered Class A
shares and 33,542,938 registered Class B shares; in total 35,357,751
shares. The Class B shares are listed under the symbol ELAN B on
NASDAQ OMX Stockholm, Mid Cap. Each Class A share represents
ten votes, and each Class B share represents one vote. Shareholders
may vote for all the shares they own or represent. All shares receive
the same dividend. The Annual General Meeting has not given the
Board any authority to purchase shares or issue shares. There are no
bonus programs with dilution effects.
— Transferability
There are no restrictions in Class B shares transferability according
to the articles of association or current legislation. The articles of
association do contain a pre-emption clause concerning the
company’s Class A shares.
056 Board of Directors’ report — 2025Board of Directors’ report
general meeting, may irrespective of these guidelines, resolve on,
among other things, share-related or share price-related remuneration.
For the CEO and the CFO, variable cash remuneration may
amount to, at most, 70 respectively 50 percent of the basic wage.
For other executives, variable cash remuneration may amount to, at
most, 40 percent of the basic wage. Additional variable cash
remuneration, however not more than 100 percent of the basic
wage, may exceptionally be awarded after resolution by the Board
of Directors, for the purpose of recruiting or retaining executives in
light of local market conditions.
For the CEO, pension benefits, including health insurance
(Sw. sjukförsäkring), shall be premium defined. Variable cash
remuneration shall not qualify for pension benefits. The pension
premiums for premium defined pension shall amount to, at most,
35 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 collective
agreement provisions. Variable cash remuneration shall qualify for
pension benefits to the extent required by mandatory collective
agreement provisions appliable to the executive. The pension
premiums for premium defined pension shall amount to, at most,
35 percent of the fixed annual cash salary.
Other benefits may include, for example, company cars and
industrial health services (Sw. företagshälsovård). Such benefits may,
in total, amount to a minor proportion of the total remuneration.
— Termination of employment
The notice period may not exceed 18 months if notice of termina-
tion of employment is made by the company. Fixed cash salary
during the period of notice and severance pay may together not
exceed an amount equivalent to the cash salary for 18 months as
regards the CEO and 12 months for other executives. 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
The variable cash remuneration shall be linked to predetermined
and measurable criteria, which can be financial or non-financial.
They may also be individualized, quantitative or qualitative
objectives. The criteria shall be designed to contribute to the
company’s business strategy and long-term interests, including its
sustainability by, for example, being clearly linked to the business
strategy or promote the executive’s long-term development. To
which extent the criteria for awarding variable cash remuneration
has been satisfied shall be evaluated when the measurement period
has ended (normally calendar year). The remuneration committee is
responsible for the evaluation so far it concerns variable cash
remuneration to the CEO. For variable cash remuneration to other
executives, the CEO is responsible for the evaluation. 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 to these
remuneration guidelines, salary and employment conditions for all
employees of the company have been taken into account by
including information on the employees’ total income, the compo-
nents of the remuneration as well as increase and growth rate over
time. This information has then formed a basis for the remuneration
committee’s and the Board of Directors’ evaluation of whether these
guidelines and the limitations set out herein are reasonable.
The company knows of no other agreements between shareholders
that limit the transferability of the shares.
— Shareholdings
The only direct or indirect shareholding exceeding a tenth of the
votes in the company per 31 December 2025 was Carl Bennet AB
with 66 (66) percent. No shares are owned by personnel through
pension foundations or similar.
— Contracts with clauses regarding ownership changes
The company has certain customer contracts and bank agreements
that can be terminated if there is a change in ownership.
There are no contracts between the company and Board
members or employees that prescribe remuneration if they
terminate their contract, are made redundant without reasonable
grounds or if their employment or assignment ceases to exist
because of a public purchase offer.
Guidelines for remuneration to senior officers
The company’s current guidelines for remuneration to senior officers
was adopted at the Annual General Meeting on April 21, 2022. The
Board proposes that the Annual General Meeting 2026 adopt
guidelines that for all intents and purposes are the same as for 2022.
The new guidelines are as follows:
Senior officers are persons who, together with the CEO, constitute
Group Management. The guidelines are valid for employment
contracts signed after the Annual General Meeting has adopted the
guidelines as well as those cases in which changes are made in
existing agreements after the decision by the Annual General
Meeting.
— The guidelines’ promotion of the company’s business strategy,
long-term interests and sustainability
Elanders shall be a global and strategic partner to the customers in
their business-critical processes. By offering integrated and
customized solutions for handling all or part of the customers’
supply chain, the business-critical processes may be optimized. The
overriding goal is to be a leader in global and sustainable overall
solutions within supply chain management and to best serve the
customers’ requirements on efficiency and delivery, prioritizing
sustainability. The strategy is to act within niche areas in each
marketing area where the Group may achieve a market-leading posi-
tion. In order to fulfill the long-term financial goals, and to achieve
value growth and increase shareholder return over time, Elanders
continually develops its offer to the customers. With new and
improved services, total integrated solutions, and implementation of
innovative technology, a good platform for continuous growth and
development, as well as greater value for shareholders is created.
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 company is able to
recruit and retain qualified personnel. To this end, it is necessary
that the company offers competitive total remuneration, enabled by
these guidelines. Variable cash remuneration covered by these
guidelines shall aim at promoting the company’s business strategy
and long-term interests, including its sustainability.
— Types of remuneration
The remuneration shall be on market terms and may consist of the
following components: fixed cash salary (basic wage), variable cash
remuneration, pension benefits, and other benefits. Additionally, the
Elanders Annual and Sustainability Report 2025
057
— The decision-making process to determine, review and
implement the guidelines
The Board of Directors has established a remuneration committee.
The committee’s tasks include preparing the Board of Directors’
decision to propose guidelines for executive remuneration. The
Board of Directors shall prepare a proposal for new guidelines at
least every fourth year and submit it to the annual general meeting.
The guidelines shall be in force until new guidelines are adopted by
the general meeting. The remuneration committee shall also monitor
and evaluate programs for variable remuneration to the executive
management, the application of the guidelines for executive
remuneration, as well as the current remuneration structures and
compensation levels in the company. The members of the
remuneration committee are independent of the company and its
executive management. The CEO and other members of the
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 derogate from
the guidelines, in whole or in part, if in a specific case there is a
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 remuneration-related matters. This includes
any resolutions to derogate from the guidelines. In 2025, the Board
of Directors approved that variable remuneration to an executive
resident abroad could exceed the stipulated 40 percent of the basic
wage. The reason is that the Board of Directors has deemed such
derogation to be necessary in order to offer the executive
competitive total remuneration in light of local market conditions. In
addition, the Board of Directors has also decided to grant a
severance pay exceeding 12 months to a senior executive. This
decision has been made in consideration of the departing execu-
tive’s significant contributions to the company.
Outlook for the future
The market outlook remains challenging but with a broad and stable
customer base and geographical spread, Elanders continues to have
great opportunities for continued expansion both in the short and
long term. Elanders’ market position and global presence are well
aligned with today’s market environment. The year’s developments
once again demonstrate the Group’s ability to act swiftly and
effectively when external conditions change, a capability that has
been crucial during the turbulent recent years.
Events after the balance sheet date
Besides what have been described in this report, no other major
events have taken place between the balance sheet date and the
date this report was signed.
Appropriation of profits
The Board of Directors and Chief Executive Officer propose that the
profit and other unreserved funds of SEK 1,253,799,230 in the
parent company at the disposition of the Annual General Meeting
should be dealt with accordingly:
— SEK 2.10 per share is distributed to the shareholders
SEK 74,251,277
— the remaining balance is to be carried forward
SEK 1,179,547,953
The Board of Directors believes that the proposed dividends are
justifiable in relation to the demands that the business’ nature,
scope, and risks make on group equity and the Group’s consolida-
tion needs, liquidity, and its position in general.
058 Board of Directors’ report — 2025Board of Directors’ report
Sustainability
repo–2025
General information
Scope of the Sustainability Report
Elanders’ Sustainability Report is published annually and is an inte -
grated part of the Annual Report. The reporting period corresponds
to the financial year January 1 to December 31, 2025. The report
comprises the companies that Elanders, during the year, has had
direct or indirect control over, which corresponds to the scope of the
financial reporting. Acquired companies are normally included in the
Sustainability Report from the date when Elanders gains control.
This report describes Elanders’ strategic sustainability efforts and
the progress that has been achieved during the year. The report
covers Elanders’ entire value chain, including its own operations as
well as up- and downstream in the company’s value chain. Elanders
has excluded a limited amount of information related to either
intellectual property, know-how, or the results of innovation, and
does not disclose information concerning future developments or
matters subjected to ongoing negotiations.
The contents of this report have been defined based on the
EU’s Corporate Sustainability Reporting Directive (CSRD), and
the associated disclosure requirements within the European
Sustainability Reporting Standards (ESRS) that have been issued
by the European Financial Reporting Advisory Group (EFRAG).
Elanders’ Sustainability Report is also prepared in accordance with
the Swedish Annual Accounts Act, Chapter 6, section 11, and the
EU Taxonomy for sustainable activities. As the EU has not yet
approved the digital taxonomies for ESRS and Article 8, the
sustainability report has not been tagged in the format prescribed
in Chapter 6, Section 14 of the Swedish Annual Accounts Act.
The Sustainability Report is structured according to the
chapters "General Information," "Environment," "Social," and
"Governance" and are in line with ESRS. In addition, several
subcategories have been identified in connection with the double
materiality analysis. These specify and define the sustainability
topics that are material for Elanders. The materiality analysis forms
the basis of the Group’s sustainability strategy and is reassessed
annually to ensure that the latest sustainability developments are
integrated into the company’s strategy.
In the reporting of the Group’s emissions (scope 1-3), Elanders
follows the definitions stated in the international calculation
standard “Greenhouse Gas Protocol” (the GHG Protocol) and by
Science Based Target initiative (SBTi). For further information on
the accounting principles, estimations and assessments concerning
data and emissions, please refer to the corresponding notes and
disclosures at the end of each sub-chapter.
The company’s auditors Ernst & Young AB (EY) has performed a
limited review of the Sustainability Report, which is in accordance
with CSRD. Unless otherwise stated in the individual chapters of the
Sustainability Report, no other external review has been performed
of Elanders’ sustainability data or other sustainability information
for 2025.
Changes in information and reporting
The latest Annual Report was published on March 24, 2025 and for
the financial year 2025 the new directive on sustainability reporting
(CSRD) and the accompanying mandatory European standards
(ESRS) have been applied. This entails more detailed requirements
for the preparation, structure and disclosure of sustainability related
information. CSRD requires reporting based on the principle of double
materiality. This entails assessing materiality from an impact per-
spective and a risk and opportunity perspective. The assessment
takes the entire company’s value chain into consideration. During
2024 and 2025, Elanders has therefore carried out several measures
and improvements regarding sustainability reporting in order to report
in compliance with CSRD and ESRS. These changes have resulted in
additional data points compared to the previous year’s reports
Elanders’ climate targets have been validated and approved by
the Science Based Target initiative (SBTi) during 2025. In connection
with the validation process, minor adjustments were made to the
Group’s climate emissions, which are applied from the financial year
2025 and onwards. Land-related emissions from purchased paper
and emissions arising from the use and end-of-life treatment of
refurbished IT products within the company’s Life Cycle Manage-
ment business concept have been added. Together, these new
emission sources accounted for less than 0.2 percent of the Group’s
total climate emissions during the financial year 2024, and do not
warrant any restatement to the comparative figures.
Besides this, there have been no changes in calculation methods.
Data reported earlier has not been recalculated or adjusted.
Feedback
As part of the continuous development and improvement of Elanders’
Sustainability Report, readers are invited to provide feedback. Com -
ments and suggestions can be sent to: [email protected].
059
Elanders Annual and Sustainability Report 2025
Key ratios
Scope 1 and 2 emissions
36 thousand tonnes CO
2
e (2024: 40)
Percentage of female supervisors
27% (2024: 29%)
Scope 3 emissions
185 thousand tonnes CO
2
e (2024: 203)
,
Average number of employees
6,864 people (2024: 7,324)
Share of renewable electricity
66% (2024: 62%)
Emissions avoided
within Life Cycle Management
74 thousand tonnes CO
2
e (2024: 44)
List of disclosure requirement
ESRS — General disclosures Page
BP- General basis for preparation of sustainability statement
BP- Disclosures in relation to specific circumstances , , –
GOV- The role of administrative, management and supervisory bodies –, –
GOV- Information provided to and sustainability matters addressed by the undertaking’s administrative, management and
supervisory bodies
–, –
GOV- Integration of sustainability-related performance in incentive schemes
GOV- Statement on due diligence
GOV- Risk management and internal controls over sustainability reporting –
SBM- Strategy, business model and value chain –, –
SBM- Interests and views of stakeholders
SBM- Material impacts, risks and opportunities and their interaction with strategy and business model –
IRO- Description of processes to identify and assess material impacts, risks and opportunities –, –
IRO- Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement , , , , –
Disclosure requirement Data points Chapter Page
ESRS SBM- a i- a ii Our business model –
ESRS SBM- a iii Secure employment –
ESRS SBM- f- g Our business model –
ESRS SBM- a- b Our business model –
ESRS GOV- a- e Corporate governance report –
ESRS GOV- a- d Corporate governance report –
ESRS GOV- Corporate governance report –
ESRS GOV- a- b Corporate governance report –
ESRS GOV- a- e Corporate governance report –
ESRS IRO c iii- f Corporate governance report –
ESRS S- a Note Group – Personnel
060 Sustainability report — 2025Board of Directors’ report
— Business model and strategy
Elanders is a global logistics company that supports customers with
a wide range of services within supply chain management, corres -
ponding to the ESRS sector groups Road Transport and Other
Transport. The services cover all stages in a product’s life cycle, from
the production of its components to the point when it has definitively
served its purpose and is ready for recycling. Elanders’ customers
come from a broad range of industries and have been divided into
six customer segments: Automotive, Electronics, Fashion, Health
Care, Industrial and Other. The Group’s operations are mainly
conducted in the two business areas Supply Chain Solutions and
Print & Packaging Solutions.
Elanders aims to be a strategic business partner in the climate
transition and to grow together with its customers, especially when
it comes to finding sustainable logistics solutions that are energy-
efficient, reliable, and secure. The more integrated Elanders is in the
customer’s business model, the greater the opportunity to help the
customer reduce their negative impact on the environment while
finding cost savings in the logistics chain. A more detailed descrip-
tion of Elanders’ business model, customer segments, and the
Group’s offering of sustainable solutions can be found in the chapter
“Our Business Model” on pages 20–21.
The overall goal for Elanders is to be a leader in global solutions
within supply chain management in an interconnected and sustain -
able world. Elanders closely monitors the development of increasing
external demands and works actively to meet these requirements in
an efficient and responsibly manner. As a global logistics provider,
the Group has a clear responsibility to actively engage and take
ownership of social, ethical and environmental matters. In the long
term, a sustainable strategy also creates greater shareholder value
and added value for all company stakeholders, including customers,
investors and society at large.
The Group’s business model has a clear focus on sustainability
and interacts with the Group’s sustainability strategy, which is based
on the double materiality assessment. This business model can
Sustainability has gradually become a central part of the Group’s strategy and is
today a priority for both Elanders and its stakeholders.
061
Sustainability strategy
Environment Social Governance
Sustainability
priorities
Reduced emissions
We are committed to reducing our
emissions throughout our entire oper-
ations and value chain.
Life Cycle Management
We aim to grow our business in the
Life Cycle Management business
concept, where we have scalable
circular business models that can
be expanded to different customer
segments and markets.
Safe conditions
We strive to create attractive and
safe working environments for our
employees. Healthy and motivated
employees contribute to the Group’s
development and success at all levels.
To be able to live up to today’s expec-
tations from employees and society, a
strong focus is required on areas such
as leadership, opportunities for influ-
ence, work environment, sustainability
and corporate culture.
Human rights in the value chain
Elanders is committed to respecting
human rights in line with the UN
Guiding Principles on Business and
Human Rights (UNGP) and the UN
Declaration of Human Rights as well as
the ILO Declaration on Fundamental
Principles and Rights at Work.
Ethical business practices
We conduct business with ethical
business practices, integrity and
transparency in focus. We have zero
tolerance for all types of fraud and
bribery. Elanders’ values and way
of conducting business are clearly
regulated in the company’s Code of
Conduct.
Sustainable sourcing
We ensure that our suppliers meet
and understand our requirements
and sustainability goals. This is done,
among other things, through Elanders’
Code of Conduct for suppliers.
Material topics — Climate change
— Resource use and circular
economy
— Secure employment
— Health and safety
— Gender equality and equal pay for
work of equal value
— Training and skills development
— Corporate culture
— Protection of whistleblowers
— Corruption and bribery
Ambitions Operations aligned with the 1.5
degree target according to the Paris
Agreement.
2030
Scope 1 and scope 2 emissions will be
reduced by 50 percent.
Scope 3 emissions will be reduced by
25 percent.
2050
The Group will have achieved net zero
emissions over the entire value chain.
An accident-free and healthy Elanders. All employees comply with Elanders
Code of Conduct.
therefore be adapted to the sustainability risks and opportunities
that have been identified.
Elanders’ sustainability strategy along with accompanying
prioritized issues, material topics and ambitions are illustrated in
the table above .
During 2025, work continued with developing the management
of the company’s identified prioritized areas. The sustainability
targets and ambitions are mainly Group-wide and defines the
strategic direction. These targets and ambitions, are then broken
down to business area and entity levels to be able to more clearly
link them to transition plans and concrete follow-up. Translating the
targets to concrete, measurable key indicators and measures is also
a prerequisite for including sustainability targets in senior officers’
variable remuneration, which is an ambition for the Group. However,
for 2025 sustainability was not a parameter for variable remunera-
tion within Elanders.
Elanders has during 2025 prepared the Group for the Corporate
Sustainability Due Diligence Directive (CSDDD) which requires large
corporations to identify, prevent, mitigate and report negative social
and environmental impacts in their value chain. Parts of the Group
have already implemented policies and procedures, in accordance
with local regulations. For example, the operations in Germany apply
a similar due diligence legislation, “LkSG”, which came into effect on
January 1, 2023. When EU adopted the so-called Omnibus Package
in the latter part of 2025, the threshold for which companies are
covered by the CSDDD was raised. The change introduced by
Omnibus means that, based on its current size, Elanders will not be
directly subject by the CSDDD.
Governance regarding sustainability matters
Governance regarding sustainability matters is embedded in
Elanders’ Board of Directors and Group Management. Ownership
and responsibility to drive measures within the prioritized areas are
integrated in Elanders’ organization in order to ensure adjustments
to the entity’s various local rules, conditions and resources.
062 Sustainability report — 2025Board of Directors’ report
Committees in the Board of Directors
(sustainability relevant)
Audit Committee
Group Management
— designs and monitors the implementation
of the strategy
Group Finance
People &Culture
Corporate Sustainability
IT Environment & Climate
Suppo functions within the Group
— support the implementation and monitoring of the strategy
Groupwide Councils
— cascades and validates the implementation of the strategy
Board of Directors
— approves the overall strategy
Sustainability — Corporate governance
At each regular Board meeting, as well as meetings of the Audit
Committee, sustainability is a standing item on the agenda,
presented either by the CFO, the Compliance Officer or the Head of
Sustainability. All members of the Board have experience working
with one or more areas of sustainability, encompassing environmen-
tal, social and governance matters. For more information on cor -
porate governance and the roles and responsibilities of the Board
and Group Management regarding sustainability matters, please see
the Corporate Governance Report on pages 107–111.
In 2025, the Board addressed all material topics, risks and
oppor tunities related to sustainability by reviewing and updating
the double materiality assessment. Both the Board and Group
Management are committed to ensuring that the company’s
strategic direction and processes are aligned with the identified
risks, impacts and opportunities.
To ensure that a sustainability perspective permeates govern-
ance and competence development in all subsidiaries, and that they
take action within prioritized areas, Elanders, in addition to the
Group Management, has three Group-wide councils that usually
meet on a quarterly basis. The councils covers social sustainability
(People & Culture Council), environment and climate (Environment &
Climate Council), as well as an IT Council. These councils include
relevant representatives from subsidiaries, such as sustainability
managers, HR managers and heads of finance. There are also
representatives from the Group’s functions for sustainability and
Risk & Compliance. The Group’s representatives within the councils
are responsible for further reporting to Group Management, which
in turn reports to the Board of Directors.
Aspects connected to compliance are integrated in the Group’s
central governance framework. Expectations regarding all employees’
compliance are described in Elanders’ Code of Conduct, which is
available on the company’s website. Training in the Code of Conduct
is mandatory for all employees who have an email address with any
of the Group’s companies and must be completed every second year.
In addition, the subsidiaries conduct specific training within
prioritized sustainability areas, such as health and safety.
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Elanders Annual and Sustainability Report 2025
Shareholders and investors
— Board meetings
— Financial reports
— Annual General Meeting
— Investor meetings
— Analyst conferences
— Website
— Press releases
Suppliers
— Ongoing supplier dialogues
— Procurement and purchase
negotiations
— Supplier visits
— Industry organizations
Customers
— Ongoing customer dialogues
— Customer surveys
— Customer visits
— Participation in customer
events and conferences
— Website and social media
Society
— Partnerships, sponsoring and
volunteer work
— Development projects
— Industry organizations
— Local partnerships
— Participation in networks
— Internships and student
papers
Elanders’ five stakeholder groups
and the main channels of communication
for each group
Employees
— Employee surveys / performance
appraisals
— Group-wide People & Culture Council
— Internal trainings and manager
meetings
— Intranet and other internal
communication channels
— Whistleblower function
— Dialogue with trade unions
Elanders has a whistleblower function for the Group’s stakeholders
to report suspected violations of laws and regulations within the
Group’s operations or in its value chain. This could for example
include, IT security, data privacy, environmental offences, corrup-
tion, human rights violation, discrimination or financial fraud. The
person reporting is guaranteed anonymity and complete confidenti-
ality.
Stakeholder analysis
The Group maintains continuous dialogues with mainly five stake -
holder groups: shareholders and investors, suppliers, employees,
customers and society. These groups are assessed to be the ones
that have the most material impact on, or are the most likely to be
affected by, the company’s operation.
Elanders seeks to have continuous dialogues with stakeholders
in order to better understand their expectations and needs, which
have a substantial impact on the Group’s strategic work and
sustainable direction. Stakeholder dialogues are a central part of
Elanders’ risk analysis process and double materiality assessment.
They have influenced both the identification of the Group’s material
sustainability topics and the other areas of priority for sustainable
development.
The efforts to involve stakeholders and establish continuous
dialogues are carried out by the respective Group function, such as,
for example, HR, Risk & Compliance, Procurement, Sales and
Business Development. The results of these dialogues are then
regularly communicated to both Group Management and the Board
of Directors.
Besides these dialogues, discussions with the Board of Directors
and Group Management have also impacted the content of the
Sustainability Report. External factors have been taken into account
as well, such as political developments, upcoming regulations for
sustainability reporting and sector-specific trends.
064 Sustainability report — 2025Board of Directors’ report
— Double materiality assessment
Introduction
In order to identify and define Elanders’ most material sustainability
topics, a double materiality assessment (DMA) has been carried
out. Double materiality means assessing which sustainability issues
have an impact on or are affected by Elanders’ operations, i.e. the
company’s material impacts, risks and opportunities (IRO) related to
sustainability. The double materiality assessment is fundamental for
Elanders to comply with legal requirements concerning sustainability
reporting, and to provide a comprehensive and accurate representa-
tion of the company’s material impacts, risks and opportunities. This
is of strategic importance and has a major impact on the company’s
strategy and future direction.
Elanders carried out a double materiality assessment for the
first time in 2024 using as a starting point the standards that have
been defined within ESRS and the complementary guidance from
EFRAG. The results are reviewed annually to reflect changes within
the organization or in the external environment that may affect the
Group’s material areas. During 2025, no changes were identified
regarding the evaluation process or the assessment of material
impacts, risk and opportunities.
Methodology and assumptions
The methodology in the double materiality assessment has been
performed in accordance with the requirements included in ESRS
and the complementary guidance from EFRAG. The Group’s
interpretations, assumptions and delimitations are described below.
Delimitations
The assessment is based on both Elanders’ own operations and the
value chain. For Elanders’ own operations, all subsidiaries have been
included, regardless of their geography or size. Two primary supply
chains have been analyzed which reflects Elanders’ two business
065
Elanders
Environment and people
Magnitude, Likelihood
Impact materiality
— inside-out
Scale, Scope, Irremediability, Likelihood
Financial materiality
— outside-in
Double materiality assessment
Assessment of
impacts, risks and
opportunities
Review with
stakeholders,
management and
auditors
Documentation
and reporting
Preparation
and planning
Mapping of
value chains
areas Supply Chain Solutions and Print & Packaging Solutions. The
supply chain assessment covers both upstream and downstream
activities, focusing on activities that can be attributed to Elanders’
core operations.
Assessments
The ESRS’s definitions of impact materiality (impact) and financial
materiality (risks and opportunities) have been applied. A topic is
assessed as material from an impact perspective if Elanders, directly
through its own operations or through its value chain, has an impact
on the environment and people. It is evaluated according to the
following aspects: scale, scope and irremediability, while also taking
risks and opportunities into consideration. Financial materiality is
assessed based on the scope for the potential impact of topics on
the company’s financial earnings (EBIT) and evaluated based on
magnitude and likelihood of occurrence.
The assessment of Elanders’ impact on the environment and
people has taken into consideration both actual and potential
impact, as well as negative and positive impact. Impact materiality
has been assessed based on the degree of severity. For the positive
actual impact, the scale and scope were considered. For the negative
impact, irremediability was also taken into consideration, and for
potential impact, likelihood of occurrence was taken into account.
For defining time horizons, the same definitions have been
applied as those used in the Group’s financial reports and business
strategic risk analyses, where short term corresponds to 1–3 years,
medium term to 3–5 years and long term means more than 5 years
into the future. Elanders’ time horizons differ somewhat from those
in the ESRS, where short term corresponds to ≤1-year, medium term
to 2–5 years, and long term to more than 5 years into the future,
calculated from the end of the reporting period.
Process
Identifying, assessing and prioritizing the Group’s material
sustainability topics, was carried out in five comprehensive steps.
As a first step, a work plan was established and a central
working team was formed consisting of the CEO, the CFO and
representatives from Group Finance, Group Sustainability and Risk &
Compliance.
In order to make a framework for identifying impacts, risks and
opportunities, a mapping of Elanders’ business context was made
which includes the company’s value chains, business activities and
relations, primary stakeholder groups, but also external context,
such as the regulatory requirements and industry specific trends.
A first mapping of potential and actual impacts, risks and oppor-
tunities was done on the basis of a top-down process. This was
based on the ESRS pre-defined impact areas (ESRS 1, Appendix A,
AR 16). As a first step, impact (impact materiality) was assessed,
followed in the next step by risks and opportunities (financial
materiality). The assessment was also supplemented by earlier risk
assessments, company data and other internal documents, as well as
scientific publications.
At the time of conducting the double materiality assessment,
Elanders did not have a specific due-diligence process in place to
inform the analysis (see the EU’s CSDDD). The need for such a group
wide process is now being evaluated.
Stakeholders were consulted in a later stage of the process with
the purpose to validate and anchoring the result. The outcome of
the assessment and the stakeholder dialogues was presented and
discussed with management, the Board of Directors and external
auditors before the final assessment was confirmed.
066 Sustainability report — 2025Board of Directors’ report
1
2
3
4
5
6
7
8
9 11
10
DMA — Result
Minimal Financial materiality Significant
Very low Impact materiality Very high
Material impacts, risks and opportunities
# Sustainability matters
Impact
materiality
Upstream
value chain
Own
operations
Downstream
value chain
Potential risk/
opportunity
Environment
1 Climate change mitigation
2 Energy
3 Resource inflows, including resource use
4 Resource outflows related to products
and services
Social
5 Secure employment
6 Health and safety
7 Gender equality and equal pay for
work of equal value
8 Training and skills development
Governance
9 Corporate culture
10 Protection of whistleblowers
11 Corruption and bribery
Results
Through the double materiality assessment, Elanders has identified
its material impacts, risks and opportunities. The outcome is divided
by ESRS topic level and shows that Elanders’ material sustainability
topics are found in the categories E1, E5, S1 and G1, divided into
eleven material topics. The table and the visualization below show
where Elanders’ material impacts and risks are found across the
entire value chain. The red line illustrates the limit for materiality.
The results show that Elanders’ main impacts are found in its own
ongoing operations but also affect both the up- and downstream
value chain in the environmental impact and risk areas that have been
identified. These are mainly due to the Group’s dependence on
non-renewable energy for transportation and emissions in relation to
the production of paper. Decreasing the dependence on fossil fuels in
both Elanders’ own fleet of trucks and in freight forwarding services
supplied by others and adjusting the choice of energy and materials
within the printing operations are important risk areas because they
constitute the largest sources of greenhouse gas emissions within the
Group. For this reason, they have a high strategic priority.
Within the category E5, the company has identified an oppor -
tunity for positive impact in the form of the business concept Life
Cycle Management which contributes to more circular flows of
material and avoids greenhouse gas emissions by, for instance,
refurbishing end-of-life IT equipment (laptops, mobile phones,
monitors and servers). This extends the useful life of the products
and reduces the customers’ environmental footprint which contri-
butes to a more circular economy.
Elanders has also identified mainly positive, but also negative,
impact in connection to Social and Governance topics. The global
growth of the Group means that Elanders continues to create new jobs.
Currently the Group has almost 7,000 employees, spread out among
some 20 countries on four continents. Subsidiaries are governed by the
laws and regulations in their respective countries. At the same time, the
Group has a responsibility to ensure a culture marked by respect for
both fellow human beings and the natural environment. These prin-
ciples are stipulated in Elanders’ Code of Conduct.
The identified risks and opportunities have a direct or indirect
impact on the company’s financial position, performance and cash
flow. The financial opportunities for the coming financial year are
primarily linked to the Life Cycle Management business area, which
sold 33 percent more refurbished units during 2025 compared to
the previous year. Financial sustainability risks are continuously
monitored and are not expected to require significant adjustments
to reported values in the following financial year. No adjustments
have been made as of December 31, 2025.
Further descriptions of and information on how Elanders
manages the effects of these risks and opportunities can be found
under each topic-specific section, “Environment”, “Social” and
“Governance” respectively, which can be found on pages 70–96 and
“Essential risks and uncertainty factors” on pages 104–106.
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Elanders Annual and Sustainability Report 2025
Own operationUpstream
Logistics
Printing house
Raw material
Forest
Transport
Transport
Transport
Transport
Production
Paper mill
Transport
— Print & Packaging Solutions
Elanders’ value chains
— Supply Chain Solutions
068 Sustainability report — 2025Board of Directors’ report
DownstreamOwn operation
Logistics
Consumer
Consumer
Recycle
Transport
Logistics
Store
Production
Reuse
Recycle
Printed products
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Elanders Annual and Sustainability Report 2025
Environment
Based on ESRS and the double materiality assessment, Elanders has
identified four material topics connected to Environment. Three of
these concern risks while one topic concerns an opportunity and an
actual positive impact. See the summary of the identified topics.
Individual disclosure requirements and associated data points
in the ESRS standards have been included in Elanders’ materiality
assessment. The disclosure requirements included in the report are
those that can be applied to the company’s operations and provide
stakeholders with essential information about the company’s impact
on the environment and people. The “Environment” section has
been divided into three parts; Climate change, Resource Use and
Circular Economy (E1 and E5), as well as the EU taxonomy. The
corresponding quantitative disclosures are found in the sections
“Performance, targets and metrics” in each subchapter.
— Climate change
Material impact
Elanders’ largest negative climate impact is through greenhouse gas
emissions throughout the entire value chain (scope 1, 2 and 3).
Reduced dependence on fossil fuel in its own truck fleet, as well as
adjustments in energy and material choices, are two key issues since
these represents the main sources of greenhouse gas emissions
within the Group’s operations. In addition, Elanders needs to expand
its collaboration with customers and suppliers to reduce emissions in
the freight forwarding services, primarily in the upstream value
chain. The Group’s ability to adapt and adjust its business to
changes in climate and market is assessed as relatively strong, but
requires a long-term approach, continuous development and risk
adaptation. For further information, see the Group’s resilience analy-
sis as well as the work on climate targets and action plans under
Policies and Actions.
As a supplier of end-to-end solutions within the business area Supply Chain
Solutions, Elanders is dependent on energy to run its logistics facilities and
transport its customers’ products through the value chain. In Print & Packaging
Solutions, the largest environmental impact in the value chain is connected to
paper manufacturing. In order to handle the company’s impact as well as related
risks and opportunities, Elanders has set clear principles and targets to reduce its
climate impact.
070
List of disclosure requirement
E — Climate change Page
SBM- Material impacts, risks and opportunities and their interaction with strategy and business model –
E- Transition plan for climate change mitigation –
E- Policies related to climate change mitigation and adaptation –
E- Actions and resources in relation to climate change policies –
E- Targets related to climate change mitigation and adaptation –
E- Energy consumption and mix –
E- Gross scope ,, and Total GHG emissions –
E — Resource use and circular economy Page
SBM- Material impacts, risks and opportunities and their interaction with strategy and business model
E - Policies related to resource use and circular economy
E- Actions and resources in relation to resource use and circular economy
E- Targets related to resource use and circular economy –
E- Resource inflows –
E- Resource outflows –
Material topics
Material impact, risk and opportunity Upstream
Own
operations Downstream
E — Climate change
Climate change mitigation Negative actual impact
Energy Negative actual impact
E — Resource use and circular economy
Resources inflows, including resource use Negative actual impact
Resource outflows related to products and services Actual positive impact
In the company’s double materiality assessment, two material topics
were identified related to climate change (ESRS E1), the first of
which concerns Energy. Elanders is dependent on energy throughout
the entire value chain. In the upstream value chain, energy demand
is primarily attributable to production- and transport-related
activities linked to purchased products, capital goods and freight.
Within its own operations, the company relies on non-renewable
energy, mainly through fossil fuels for its vehicle fleet and natural
gas for its buildings. The company also depends on energy con-
sumption in the form of electricity and heating, sourced from both
renewable and non-renewable energy. Any changes in external
conditions may affect the availability or source of energy, or lead to
price increases, which could have a negative financial impact.
The second topic concerns Climate change mitigation. Elanders’
operations are currently dependent on fossil fuels, where transpor-
tation, both in the company’s own operations and especially freight
forwarding services in the upstream value chain, accounts for the
vast majority of the Group’s total greenhouse gas emissions.
Elanders dependency on fossil fuels results in a negative environ-
mental impact in the form of direct greenhouse gas emissions, as
well as potential financial risks. Expectations and demands from the
surrounding world for sustainable alternatives are increasing, and it
is therefore a high priority for Elanders to be able to offer such
solutions in the future in order to remain an attractive business
partner. he company anticipates that investments will be required to
enable a full transition. The company also sees potential financial
risks in the form of expanded regulation and regulatory require-
ments, such as, for example, emissions taxation which can lead to
increased costs. For 2025, climate is deemed not to have any
material impact on the financial position nor financial performance.
The Group applies the same climate-related assumptions in the
sustainability reporting as in the preparation of the financial
statements.
In 2025, Elanders conducted a climate resilience analysis to
assess how the company’s assets, business operations, and
upstream value chain may be affected under different future climate
071
Elanders Annual and Sustainability Report 2025
scenarios. The analysis was performed as a desktop study and is
based on the geographical regions in which Elanders operates.
The climate resilience analysis considers the likelihood, duration,
and extent of damage arising under a warmer climate and takes into
account short-, medium-, and long-term time horizons, as defined in
the chapter General Information. In assessing resilience, Elanders has
taken into consideration the effect of both implemented and potential
measures aimed at reducing the Group’s greenhouse gas emissions.
The three future scenarios used in the analysis are referred to
as Shared Socioeconomic Pathways and are based on reports from
the Intergovernmental Panel on Climate Change (IPCC). These
scenarios combine plausible developmental trajectories for factors
such as population, economic growth, technology, and lifestyle with
emissions pathways through the year 2100, and encompass global
temperature increases of:
1. ≤1,5 degrees Celsius,
2. 2–3 degrees Celsius, and
3. >3 degrees Celsius.
Inherent uncertainties exist, meaning that the average temperature
within each scenario is not exact but represented as a range.
Across the three future scenarios, certain business related
opportunities may arise for Elanders; however, three main types of
climate related risks are expected to materialize for the company
and its operations:
— Acute physical risks: storms, heavy rainfall and flooding,
heatwaves, droughts, wildfires, landslides, etc.
— Chronic physical risks: higher average temperatures, sea-level
rise, ecosystem degradation, etc.
— Transition risks: legislation and policy, technology, market
developments, and shifts in customer and consumer behavior.
Physical risks: In scenarios 2 and 3, which involve higher fossil
emissions and higher average global temperatures, access to raw
materials, for example paper may become critical, and certain
transport routes may be hindered or rendered impossible due
to extreme weather events and rising sea levels. The Group’s
properties and other workplaces may also be exposed to disrup-
tions caused by more severe extreme weather.
Transition risks: In scenario 1, where climate change remains
limited, the identified transition risks are primarily associated with
increased costs for investments in low-emission solutions, as well as
regulatory and/or contractual requirements that may put pressure
on Elanders’ operations. In scenarios 2 and 3, transition risks are
linked to the significant impacts on people and the environment
that arise, resulting in increased instability in society and markets.
In these scenarios, unpredictability increases, as do the costs
associated with the climate transition for both Elanders and society.
Under more substantial climate change, there is also a heightened
risk of rapid and more drastic measures from legislators and market
actors, which may affect energy prices and carbon taxation.
When reviewing Elanders’ assets, it becomes clear that particularly
vehicles and buildings may risk becoming undesirable or more
expensive to insure under scenarios 2 and 3, due to a higher
frequency of extreme weather events, rapidly shifting market
preferences, or more stringent regulatory requirements. Elanders’
freight forwarding services by road, air, or sea constitute significant
sources of emissions where substantial reduction efforts will be
required. In all scenarios, this service may be subject to stricter
regulatory requirements aimed at lowering climate emissions, which
represents a transition risk.
Opportunities: Investments aimed at phasing out fossil energy and
fossil-based materials, as well as adapting to a changing climate, are
necessary in all scenarios. At the same time, such investments may
create new business opportunities or help sustain existing business
models. In scenario 1, with a transition towards low emissions and
limited global warming, Elanders would benefit from operating in a
more stable market combined with increased demand for climate-
efficient solutions.
Conclusions: Both the level of risk, the need for resilient systems,
and the costs of climate adaptation increase in line with rising
temperatures across the scenarios. Physical risks also intensify after
2060 in scenarios 2 and 3. The material assets most exposed to
climate-related risks are vehicles and buildings. Elanders’ freight
forwarding services by truck, air, or sea constitute major emission
sources where significant reduction measures will be required. With
increasing average temperatures, contingency plans for extreme
weather and resilience assessments among suppliers may be
examples of actions that can reduce physical risks for the Group.
All three climate scenarios entail, although at different paces, a
transition to fossil-free energy sources, the mapping and digitaliza-
tion of emissions, and circular and fossil-free material flows.
The conclusions from the resilience analysis will, where relevant,
be incorporated into the upcoming assessment of the double
materiality assessment, as well as into the development of Elanders’
forthcoming action plans aimed at achieving the Group’s climate
targets.
Policies and actions
Climate-related responsibility is incorporated into Elanders’ Code of
Conduct. It establishes fundamental guidelines for how the company
shall be operated in an ethically, socially and environmentally
sustainable manner. The Code of Conduct covers all of Elanders’
identified material topics. Read more about Elanders’ Code of
Conduct in the “Governance” section on pages 93–96. The Code of
Conduct is also available on Elanders’ website.
Reducing the Group’s negative climate impact is a strategic
priority, both to mitigate business and sustainability-related risks
and to maintain and enable new revenue streams.
During the year, the Group and its subsidiaries initiated the
development of transition plans to reduce their climate emissions in
line with the Group’s climate targets, as well as to quantify expected
reductions in the primary emission sources. As part of this work,
Elanders introduced climate impact as an evaluation parameter in
the Group’s investment decisions in 2025. The work to establish
transition plans, which includes descriptions of strategies, resource
and investment needs, and operating expenditures for implementa-
tion, is expected to be completed during 2026. This represents an
important step in achieving the Group’s long-term climate targets
and strengthening the company’s sustainability strategy. Certain
measures may also have a positive impact on the Group’s reporting
of taxonomy-aligned activities, see the chapter on the EU Taxonomy.
Elanders works continuously to reduce both energy consump-
tion and costs, for example, optimizing customers’ transports,
training programs for more efficient driving as well as investment in
a more sustainable vehicle fleet. The Group’s proprietary platform
CloudX, enables Elanders’ customers to use several logistics points
located closer to the customer or end customer. As a result,
transport distances, particularly for returns but also for deliveries,
072 Sustainability report — 2025Board of Directors’ report
Scope 1 and 2 Scope 3
Base year
Base year emissions ≈, tonnes CO
e ≈, tonnes CO
e
Type of target Absolute target Absolute target
Target by % reduction % reduction
Target by Net-zero emissions Net-zero emissions
Activities and greenhouse gases
included in targets
The targets comprise all activities and
include both owned and leased vehicles
and facilities. Scope refers to market-
based calculation. All relevant green-
house gases are included
The target covers all activities.
All relevant greenhouse gases are included.
Validation of targets Elanders has committed to set science-based emissions reduction targets.
The targets have been validated and approved by the SBTi in .
are reduced. resulting in emissions savings through optimized and
shortened transport routes.
The transportation sector is undergoing a major transition
towards fossil-free fuels. Development is progressing both within
electrical motors and in fossil-free fuels for traditional combustion
engines, and Elanders is actively working to stay informed through
ongoing dialogues with customers and suppliers. The Group is
looking at the opportunities of transitioning to electric or fossil-free
road transportation as an important step to reduce emissions and
achieving the company’s own climate targets. At the same time, it is
recognized that a shift to electrical vehicles entails new challenges,
such as larger investments needs, an increased reliance on electricity
and potential emissions, and partly new risks within the production
chain. During the year, Elanders introduced two electric trucks for
transport on behalf of a customer in Germany.
Elanders is continuously working to reduce energy consump -
tion and improve energy efficiency. During the year, the Group has
continued to invest in energy-efficient lighting and e-savers.
Elanders aims to increase the share of renewable electricity each
year, which includes electricity generated from hydropower, wind
power, solar energy and bioenergy. There is a challenge in that
renewable energy is not available in all markets where the Group is
operating, and Elanders is actively working to constantly find new
solutions for sustainable alternatives.
Performance, targets and metrics
Summary of Elanders’ climate targets
In the second quarter, Elanders’ Board of Directors updated the
Group’s climate targets for greenhouse gas emissions. These climate
targets were subsequently validated and approved by the Science
Based Targets initiative (SBTi) during 2025. The Group’s climate
targets are thus deemed to be aligned with the latest climate science
and with the Paris Agreement’s goal to limit global warming to a
maximum of 1.5 degrees Celsius. Through this commitment, Elanders
undertakes to achieve net zero greenhouse gas emissions in its own
operations and value chain by 2050.
— Overall target: Elanders commits to achieving net zero
greenhouse gas emissions across the entire value chain by 2050.
— Short-term targets: Elanders commits to reducing absolute
emissions within scope 1 and scope 2 by 50 percent by 2030,
from a 2021 base year
)
. Elanders further commits to reducing
absolute scope 3 emissions by 25 percent by 2030, from 2022 as
a base year
)
.
— Long-term targets: Elanders commits to reducing absolute
emissions in scope 1 and scope 2 by 90 percent by 2050, from a
2021 base year
)
. Elanders further commits to reducing absolute
scope 3 emissions by 90 percent by 2050, from 2022 as a base
year
)
.
1)
The target includes land related emissions and removals from bioenergy raw materials.
The calculation of the Group’s emissions follows the definitions
stated in the international calculation standard “Greenhouse Gas
Protocol” (the GHG Protocol).
Direct and indirect greenhouse gas emissions – scope 1 and 2
In 2025, Elanders’ climate footprint in scope 1 and scope 2 (market-
based calculation) was just over 36 thousand tonnes CO
2
e. This
represents a reduction of nine percent compared with the previous
year, which is mainly explained by decreased fuel consumption within
the Group’s own transport services, reduced energy use in facilities,
and an increased share of renewable energy of purchased electricity
during the year. Compared to the base year 2021, Elanders’ total
emissions in scope 1 and 2 have decreased by more than 15 thousand
tonnes of CO
2
e, which means a reduction of nearly 30 percent.
— Transportation
Elanders’ direct greenhouse gas emissions are primarily generated
from transportation by its own vehicles in the business area Supply
Chain Solutions. The Group has a truck fleet that by the end of 2025
consisted of approximately 300 trucks. In addition, there are about
380 other company vehicles, most of them cars and vans.
Elanders reports emissions for vehicles divided into the truck
fleet and other company vehicles.
— Facilities
In addition to transportation, a smaller share of the direct and
indirect emissions is generated in facilities where Elanders operates.
These refer primarily to combustion of natural gas for heating.
The indirect energy-related emissions mainly come from purchased
electricity used in running machines and equipment, lighting, as well
as heating and cooling of facilities.
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Elanders Annual and Sustainability Report 2025
Total emissions scope 3 (tonnes CO
2
e)
— compared to base year
0
50,000
100,000
150,000
200,000
250,000
A
184,949
229,448
Base year 2025
Total emissions scope 3 (tonnes CO
2
e)
0
50,000
100,000
150,000
200,000
250,000
D
C
B
A
184,949202,759
Freight forwarding services
Purchased products and capital goods
Employee travel
Other categories
20252024
Total emissions scopes 1 and 2 (tonnes CO
2
e)
— compared to base year
0
50,000
100,000
150,000
200,000
250,000
B
A
36,36451,639
Base year
2025
Scope 1
Scope 2 (market based)
Total emissions scopes 1 and 2 (tonnes CO
2
e)
0
50,000
100,000
150,000
200,000
250,000
B
A
36,36439,796
2024
2025
Scope 1
Scope 2 (market based)
Greenhouse gas emissions in the value chain – scope 3
Value chain emissions, scope 3, constitute the predominant share of
the Group’s total greenhouse gas emissions. In 2025, Elanders’
climate footprint in scope 3 was just under 185 thousand tonnes
CO
2
e. This represents an reduction of approximately 9 percent
compared with the previous year, mainly explained by lower activity
within freight forwarding services. Compared to the base year 2022,
Elanders total emissions in scope 3 decreased with 44 thousand
tonnes of CO
2
e, which means a reduction of about 20 percent.
— Freight forwarding services
The greatest impact is from the air and road freight that Elanders
purchases on behalf of customers for transportation of their
products. Customers decide on the volume and how it will be
forwarded. Collecting data from freight suppliers gives Elanders a
better understanding of its value chain emissions but also enables
the company to help customers better manage the climate impact in
their own value chain.
— Purchased products and material as well as capital goods
Elanders primarily consumes paper-based products such as printing
paper, boxes and packaging material used for packing and distri -
bution. Emissions arise in production and in the transportation of
raw materials and can vary greatly depending on where the paper
pulp comes from and what transport mode and energy sources are
used. Other products are wooden pallets, printing plates and various
kinds of packing materials.
Elanders’ scope 3 also includes value chain emissions for capital
074 Sustainability report — 2025Board of Directors’ report
Summary of Elanders’ main emission sources
% of total
emissions Description of main emission sources
Scope 1 12 Burning fossil fuels, mainly diesel used in the Group’s own truck fleet and natural gas to heat buildings.
Greater portion of renewable fuel and shift to fossil-free transportation is key to reducing emissions.
Scope 2 4 Production of purchased electricity used in Group units, mainly for running machines and equipment
as well as lighting. Elanders can affect this by improving energy efficiency, buying certified electricity
or increasing self-generated renewable electricity by, for example, installing more solar panel systems.
Scope 3
Freight
forwarding
services
47 Road, sea and air shipping by a third party to transport Elanders’ customers’ products. The freight is
purchased on behalf of the customer and Elanders can influence by making the emissions visible and
providing alternative shipping.
Purchased
products and
capital goods
27 Largely production of purchased paper used in printing operations. Other material procurement
categories are printing plates used in offset print and packaging made of paper and plastic. Production
of purchased racking systems, machines, vehicles and other equipment is another significant emission
source.
Employee travel 5 Air travel and commuting by car make up a relatively small part of total emissions but since Elanders
has a more direct opportunity to influence this category, it is reported separately.
Other categories 5 The manufacture of fossil fuels consumed by the fleet of trucks and production of purchased
electricity are the largest among other emission sources. These are out of Elanders’ direct control
and can primarily be influenced through choices of fuel and energy sources. Smaller emission sources
are freight between Elanders’ suppliers, the Group’s own facilities and customers along with waste
management downstream in Elanders’ value chains.
Total all scopes
(2025)
100
For further details on Elanders’ emission sources, data sources, calculation methods and assumptions and estimates see adherent notes and quantitative
information on the following pages.
≈221,000
tCO
2
e
goods. This comprises everything from production equipment,
ware house racks, conveyor belts and forklifts to office furniture and
building constructions. Emissions can vary greatly over the years
depending on which investments are made.
— Employee travel
Every week, almost 7,000 employees at Elanders commute to their
workplaces around the world. The most common mean of transpor-
tation is travelling by car since many of the Group’s logistics and
production facilities are located on the outskirts of cities. When
employees travel to visit customers or other operations they
sometimes travel by air. Elanders also includes indirect emissions
from hotel stays.
— Other emissions
There are a number of additional emission sources found in the
value chain where the impact is farther away from Elanders’ core
operations. It is mainly upstream emissions from purchased fuel and
energy. In addition, waste-related emissions and transportation of
bought and sold products are included.
There are many challenges in making data accessible and
calculating value chain emissions. This is a gradual process
continuously requiring new dialogues with suppliers and customers.
The data quality and description of the actual impact are expected
to improve further over time. Elanders intends to increase the use of
supplier-specific data, prioritizing the largest emission categories.
075
Elanders Annual and Sustainability Report 2025
Accounting principles
Calculations and reporting of greenhouse gas emissions are based on the
definitions in the global standard Greenhouse Gas Protocol (GHG Protocol)
and supported by its guidelines. Elanders reports emissions from activities
of which the Group has financial control.
The GHG Protocol divides greenhouse gas emissions into scopes 1, 2
and 3. For Elanders, they refer to the following:
Scope 1
Scope 1 emissions cover direct emissions from assets owned or controlled
by Elanders. This category includes emissions from the combustion of fuels
in boilers and emissions from vehicle fleets.
Scope 2
Scope 2 includes indirect greenhouse gas emissions from purchased electric-
ity, heating, cooling and steam. It mainly refers to electricity purchased from
electricity companies. Since the electricity is produced off-site, it is consid-
ered to give rise to indirect emissions.
Scope 3
Scope 3 includes other indirect emissions that occur in Elanders’ value chain.
Elanders reports emissions for ten of the fifteen upstream and downstream
categories. Remaining categories have been excluded as they are not appli-
cable to Elanders’ operations. Upstream emissions are linked to procured
goods and services. Downstream emissions are linked to the disposal of
sold goods and services.
The emission calculations cover the gases carbon dioxide (CO
2
),
methane (CH
4
), nitrous dioxide (N
2
O), HFC gases, PFC gases and sulphur
hexafluoride (SF
6
), which are reported as carbon dioxide equivalents (CO
2
e).
Reported numbers are based on activity and consumption data from the last
available annual account. No deductions are made for avoided emissions,
carbon offsets or carbon credits. Applied emission factors are specified
under each scope and are based on latest available published information.
Elanders has tracked greenhouse gas emissions since the base year
2021 (scope 1 and 2) and base year 2022 (scope 3). The Group policy states
that in the event of major acquisitions or divestments, or signficant changes
in calculation method or applied accounting principles, the base year shall
be reviewed for restatement. Signficantly is defined as five percent change
(+/-) in base year data for scope 1 and 2 combined, and for scope 3.
Estimations and assessments
Scope 1
— Facilities
Direct emissions within facilities are based on reported consumption data
for natural gas and fuel oil. The smaller share of emissions derived from
refrigerant leakage in cooling and heating systems are included in the total
emissions for facilities. These are calculated based on volumes of refilled
refrigerants. All emissions are calculated with factors from British Defra
(Department for Environment, Food & Rural Affairs).
— Company vehicles
Direct emissions from company vehicles mainly include trucks, vans and
passenger cars used for transports and travels for commercial purposes. The
calculation method is based on actual fuel consumption data and primarily
supplier-specific emission factors or factors from Defra. Estimations with av-
erage fuel consumption per distance have been made when data is missing.
Scope 2
— Electricity
Electricity includes indirect emissions from purchased electricity. For Euro-
pean countries, emission factors for residual mix from the AIB (Association
of Issuing Bodies) are used and corresponding from the IEA (International
Energy Agency) for other countries. The reporting of renewable electricity
from the power grid is based on own assessments of approved contract
instruments. These are electricity contracts and certificates considered to
certify the origin and share of renewable energy for consumed electricity.
— District heating/cooling
District heating/cooling includes indirect emissions from purchased ener-
gy. For district heating, calculations are based on emission factors from
Swedenergy for Sweden, IEA factors for other European countries and AIB
factors for other countries. For other heating that Elanders does not control,
natural gas is assumed with corresponding emission factor from Defra.
Scope 3
— Purchased products and materials (category 1)
The largest purchasing category is paper within the printing operations.
In the absence of supplier-specific data, secondary data mainly from Defra
is applied, based on average emissions for the entire life cycle (cradle-to-
gate) per material category. The category other mainly includes printing inks.
— Capital goods (category 2)
Capital goods purchased or acquired under finance leases are included. In
the absence of supplier-specific data at the product level, secondary data
are used based on material composition. Data refer to average emissions of
the entire life cycle (cradle-to-gate) and factor is retrieved from Defra. Con-
versions and estimations of existing data are made locally in the companies.
— Freight forwarding services (reported as part of category 4)
Included are transports (mainly air, sea and road transport) carried out by
third party carriers to ship Elanders customers’ products. A significant part
of emissions, 32 percent, are calculated with EcoTransIT World. For the
remaining part, data availability varies and therefore several calculation
methods are used. As a principle, the tonne-kilometre method is applied
in line with the GLEC Framework (Global Logistics Emissions Council). All
emissions refer to WTW (well-to-wheel).
— Employee travels (category 6 and 7)
Business travel includes air travel only as well as hotel nights. Commuting
includes travel by car and public transport. Emissions are calculated using
average emissions data from Defra based on WTW.
Other categories (category 3, 4, 5, 9, 11 and 12)
Other categories mainly include fuel and energy-related emissions not
included in scope 1 and 2. Emission data is retrieved from Defra. Emissions
from upstream and downstream transports of purchased and sold products
are calculated using a distance-based method based on estimated average
distance. Factor is retrieved from EcoTransIT World based on WTW.
Remaining activities relate to the waste management of purchased and sold
products. Calculations are based on assumptions about waste method and
average factors from Defra.
076 Sustainability report — 2025Board of Directors’ report
Greenhouse gas emissions from own operations and value chain (scope 1, 2 and 3)
1)
Retrospective Milestones and target years
GHG Emissions, tonnes CO
2
equivalent Base year
2)
2025 2024
%
2025/
2024 2030 2050
Annual %
target/
base year
Scope 1 — GHG emissions
GHG emissions from operations scope 1 37,906 26,817 29,678 –10% 18,953 <3,791 –3.1%
Percentage of Scope 1 GHG emissions from regulated emissions
trading schemes n/a n/a n/a
Scope 2 — Energy indirect GHG emissions
Scope 2 location based 23,309 20,075 21,156 –5% n/a n/a
Scope 2 market based 13,733 9,547 10,118 –6% 6,867 <1,373 –3.1%
Scope 3 — Total indirect GHG emissions 229,448 184,949 202,759 –9% 172,086 <22,945 –3.2%
Scope 3.1 Purchased goods and services 48,025 56,733 45,823 24%
Scope 3.2 Capital goods 12,359 2,901 3,340 –13%
Scope 3.3 Fuel and energy related activities
(not included in Scope 1 or 2) 14,696 8,880 13,698 –35%
Scope 3.4 Upstream transportation and distribution 140,564 104,462 125,855 –17%
Scope 3.5 Waste generated in operations 1,240 458 927 –51%
Scope 3.6 Business travel 513 1,218 1,508 –19%
Scope 3.7 Employee commuting 10,444 9,094 10,330 –12%
Scope 3.9 Downstream transportation 940 706 747 –5%
Scope 3.11 Use of sold products 381
Sopce 3.12 End-of-life-treatment of sold products 667 116 530 –78%
Total GHG emissions
Total GHG emissions (location based) 231,840 253,592 –9%
Total GHG emissions (market based) 221,312 242,555 –9% 197,906 >28,109 n/a
1)
Elanders’ biogenic emissions of carbon dioxide from combustion or biological degradation of biomass that are not included in Scope 1, 2, 3 greenhouse gas emissions amounted to 959 tonnes of CO
2
e in 2025.
2)
The base year applied is 2021 for Scope 1 and Scope 2 emissions, and 2022 for Scope 3 emissions.
Greenhouse gas emissions from own operations and value chain
by operating segment
Tonnes CO
2
equivalent 2025 2024
Supply Chain Solutions 166,385 195,365
Print & Packaging Solutions 54,833 47,098
Group functions 94 92
Total — scope 1, 2 and 3 221,312 242,555
077
Elanders Annual and Sustainability Report 2025
Accounting principles
Elanders reports total energy consumption for owned and leased premises,
the company’s own truck fleet, and other company vehicles. Energy data has
primarily been gathered from invoices and supplier specifications in each
subsidiary within the Group. When primary data has not been available,
energy consumption has been estimated based on historical key figures for
energy per square meter of facility area or fuel consumption per kilometer.
When calculating energy intensity from sectors with high climate impact, the
same net sales figure has been used as in the financial reporting on page
114.
Estimations and assessment
For energy consumption in facilities, general conversion factors from
supplier data are used. To calculate Elanders’ share of energy from nuclear
sources, the company has compiled data on purchased electricity across all
countries where Elanders operates and applied the average nuclear energy
share of each country’s energy mix in the calculation.
Energy consumption and mix
2025 2024
1. Fuel consumption from coal and coal products (MWh) n/a n/a
2. Fuel consumption from crude oil and petroleum products (MWh) 75,048 95,090
3. Fuel consumption from natural gas (MWh) 35,007 34,435
4. Fuel consumption from other fossil sources (MWh) n/a n/a
5. Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 21,116 26,311
6. Total fossil energy consumption (MWh) (calculated as the sum of lines 1–5) 131,170 155,836
7. Share of fossil sources in total energy consumption (%) 77% 81%
8. Consumption from nuclear sources (MWh) 2,661 n/a
9. Share of consumption from nuclear sources in total energy consumption (%) 2% n/a
10. Fuel consumption for renewable sources, including biomass (also comprising industrial and muncipal waste of biologic origin,
biogas, renewable hydrogen, etc.) (MWh) 144 629
11. Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 35,829 36,111
12. Consumption of self-generated non-fuel renewable energy (MWh) 462 311
13. Total renewable energy consumption (MWh) (calculated as the sum of lines 10–12) 36,435 37,051
14. Share of renewable sources in total energy consumption (%) 21% 19%
15. Total energy consumption (MWh) (calculated as the sum of lines 6, 8 and 13) 170,267 192,887
Energy intensity — truck fleet
2025 2024
Average carbon dioxide emissions per
100 kilometers, tonnes 0.079 0.075
GHG intensity per net revenue
2025 2024
Total GHG emissions (location-based) per net
revenue (tonnes CO
2
e/MSEK) 19 18
Total GHG emissions (market-based) per net
revenue (tonnes CO
2
e/MSEK) 18 17
Net revenue used in the calculation above refers to Elanders’ total net sales for
the year of MSEK 12,201 (14,143).
Energy use
Energy consumption within Elanders’ operations takes place in
owned and leased facilities, as well as for the company’s own
vehicles. The energy sources consist of gas, electricity, district
heating and district cooling, as well as fossil and renewable fuels. In
2025, the share of renewable electricity purchased increased by
3 percent compared with the previous year. The amount of self-
generated renewable electricity increased by approximately
49 percent in 2025 compared with the previous year.
The Group’s total energy consumption, as well as the distribution
between energy sources, is presented in MWh in the table below:
078 Sustainability report — 2025Board of Directors’ report
Energy intensity per net revenue
2025 2024
Energy intensity from activites in sectors with a high
climate impact, per net revenue 14 14
Net revenue used in the calculation above refers to Elanders’ total net sales for
the year of MSEK 12,201 (14,143).
All revenue-generating activities within Elanders are attributable to
sectors with high climate impact
)
: Printing (18.12), Repair of
electrical equipment (33.14), Freight rail (49.12), Freight road (49.23),
Freight water (50.12), Freight air (51.20), and Warehousing (52.10).
Consequently, 100 percent of the Group’s revenue, as well as
100 percent of the Group’s energy consumption, derives from activi-
ties within sectors with high climate impact. Elanders’ energy inten-
sity from these high-impact sectors is illustrated in the table below.
1)
According to NACE and the EU Commission’s Delegated Regulation 2022/1288.
— Resource use and circular
economy
Material impact
In addition to energy use and greenhouse gas emissions, the Group’s
operations also have an environmental impact linked to the use of
natural resources. Within the topic category Resource use and
circular economy, Elanders has identified two material topics. The
first concerns a negative impact on the environment and a financial
risk linked to resource inflows, mainly in the form of paper for
printing operations. The second material impact is positive and,
furthermore, a financial opportunity pertaining to resource outflows
through Elanders’ business concept Life Cycle Management.
The largest use of material within the Group is found in the
business area Print & Packaging Solutions, where paper is used for
printed products. Examples of items are packaging, manuals and
other printed items produced according to customers’ specifica-
tions. The Group purchases both recycled and virgin paper. Within
the Group, certifications for sustainable choices of material are
offered, such as FSC® (Forest Stewardship Council), the Nordic
Swan Ecolabel, the EU Ecolabel, PEFC (Program for Endorsement
of Forest Certification) and CGP (Certified Graphic Production).
No material financial risks or opportunities were identified in
the double materiality assessment connected to resource inflows or
the use of paper. More information on impacts, risks and opportuni-
ties can be found on page 67.
When it comes to resource outflows, Elanders has identified
a positive impact on the environment and a financial opportunity
through the business concept Life Cycle Management. The concept
involves extending product lifespans by refurbishing decommis-
sioned IT equipment such as laptops, mobile phones, monitors,
and servers. Life Cycle Management contributes to more circular
material flows and thereby reduced greenhouse gas emissions. This
helps customers to lower their environmental impact and contribute
to a more circular economy. A major part of the environmental
impact of these products comes from their manufacturing, which
means that there are significant advantages in prolonging their
useful life before they are finally recycled or sent to landfills.
Policies and actions
Elanders’ Code of Conduct regulates material efficiency and
responsible waste management. This entails more circular and
sustainable resource flows. Read more on Elanders’ Code of
Conduct in the “Governance” section on pages 93–96. There are
no directions or regulations concerning the extraction or origin of
materials in the Code of Conduct or other policies, instead, environ-
mental impact is assessed at Group level. An evaluation is underway
to determine whether responsible resource management should be
included in future climate and environmental policies.
Within the business area Print & Packaging Solutions, Elanders
has continued its transition from traditional offset printing to more
digital printing which is part of an ongoing modernization. There are
many advantages with digital printing, among them greater material
efficiency and reduced energy consumption in the production of
printed matters.
To achieve the climate targets for 2030 and 2050, Elanders
will focus on increasing the share of environmentally certified and
recycled paper. This requires closer dialogues with the Group’s
customers, since they ultimately decide on material choices. Further
increasing the understanding of both the impact of the Group’s own
operations and that of its upstream value chain is an important step
in Elanders’ preparations for the EU Deforestation Regulation
(EUDR) that is expected to enter into force no earlier than
December 2026.
The Group is currently participating in a multi-year development
project aimed at optimizing packaging sizes to reduce material
consumption, waste, and transportation needs. Reducing waste and
increasing recycling rates are important components of Elanders’
climate efforts to reach the 2030 and 2050 targets.
Elanders is also working on a number of initiatives related to
resource outflows and circularity within the business concept Life
Cycle Management. The Group aims to expand the operation, which
currently are mainly concentrating on used mobile phones and IT
equipment into additional customer segments and product
categories, as the circular business model is scalable. The Group is
also working to develop this business model in order to offer
existing customers support with repairs and returns. For further
information, see the section Outcomes, targets and metrics.
In parallel, there are ongoing small-scale projects to circulate
and reuse material within Elanders’ own operations. For example,
used pallets are refurbished and converted to be used for new uses,
such as furniture.
Performance, targets and metrics
Elanders’ products and operations involve the use of biological
materials, which primarily consist of paper, cardboard, and wood in
the form of wooden pallets used in the Group’s warehouse facilities.
In 2025, the proportion of biological materials used in Elanders’
operations that had a sustainable origin amounted to a total of
40 percent. The share of environmentally certified paper was
47 percent, while recycled paper accounted for 24 percent of all
paper purchased. Purchased products and materials are included in
the Group’s reporting of greenhouse gas emissions under scope 3,
see further details on pages 76–77.
Paper and cardboard make up the single largest category of
waste within the Group and constitute 69 (69) percent of Elanders’
total amount of waste during 2025. Waste management differs a lot
between Elanders’ operations due to differing waste systems in
different countries. Within the Group there are local recycling
practices in place to ensure that as much waste as possible goes to
079
Elanders Annual and Sustainability Report 2025
Purchased biological material
2025 2024
Total purchased biological materials, tonne
1)
44,029 48,172
Share biological material from sustainable sources, %
2)
40 43
1)
Purchased paper refers primarily to paper for the printing operations and single-use wooden pallets.
2)
Certifications refer to the following; FSC, PEFC, EU Ecolabel, German Blue Angel or Nordic Swan Ecolabel.
Purchased recycled paper
2025 2024
Total purchased recycled paper, tonnes 9,161 5,842
Share of recycled paper, % 24 14
0
50
100
150
200
250
300
20232022
0
50
100
150
200
250
300
20252024
0
50
100
150
200
250
300
20232022
Progress Life Cycle Management
Number of thousands of handled units
Avoided emissions in thousand tonnes CO
2
e
1)
1)
The avoided emissions in CO
2
equivalents have been calculated in accordance with the principles set out in the
report “Analys av återbrukade IT-produkter” (Eng: “Analysis of recycled IT products”), produced by the research
institute RISE in collaboration with Elanders.
— EU Taxonomy
The EU Taxonomy is a classification system that defines what quali-
fies as environmentally sustainable economic activity. The purpose
of the taxonomy is to direct capital flows toward activities that
contribute to the EU’s climate and environmental objectives and to
increase transparency regarding companies’ sustainability work.
The taxonomy regulation ((EU) 2020/852) is a central part of the
EU’s sustainability framework and complements the requirements in
the Corporate Sustainability Reporting Directive (CSRD). In accor-
dance with the taxonomy regulation, economic activities that are
environmentally sustainable must be identified based on established
technical screening criteria. For a given economic activity to be
classified as environmentally sustainable, three criteria must be met:
1. the activity must make a substantial contribution to at least one
of the EU’s climate or environmental objectives,
2. the activity must not cause significant harm to any other of the
objectives, and
3. the activity must comply with minimum safeguards relating to
labor rights conventions and human rights.
The minimum safeguards in the EU Taxonomy are intended to
ensure that activities considered environmentally sustainable also
take into account human rights, anti-corruption, taxation, and fair
competition. The majority of the minimum safeguards are covered
by international legislation applicable to Elanders. The aspects not
directly covered by legislation are considered fulfilled through
Elanders’ Code of Conduct, which is based on the principles of the
UN Global Compact. Elanders continuously evaluates its work
relating to the minimum safeguards.
In the annual report, companies must disclose what share of
revenue, capital expenditures, and operating expenses that are
covered by the taxonomy’s technical screening criteria (taxonomy-
eligible). The reporting must also show what share of economic
activities meets the screening criteria and is therefore considered
environmentally sustainable (taxonomy-aligned).
Which of Elanders’ economic activities are covered by
the EU Taxonomy?
Elanders has analyzed the Group’s economic activities and invest-
ments and mapped them against the taxonomy regulation and its
delegated acts. An economic activity covered by the EU Taxonomy
is the road transport operations provided by Elanders, CCM 6.6
– Freight transport services by road, carried out within its own
opera-
tions. This service is provided within the business area Supply Chain
Solutions. The road transport are carried out using either owned or
leased trucks. The truck fleet consists of approximately 300 trucks.
Elanders continuously monitor technological developments in the
transport sector and evaluates opportunities to transition away
from fossil-fuel vehicles in its fleet. The type of truck used for road
transport is decided in dialogue with the customer, while Elanders
simultaneously works to optimize customers’ transport operations
through energy-efficient and cost-effective transport solutions.
In addition to the mentioned road freight transport activity, the
economic activity CCM 7.7 – Acquisition and ownership of buildings
is also a part of Elanders’ operations. Elanders’ revenue, capital
expenditures, and operating expenses related to environmentally
sustainable road freight transport are presented in the tables.
Regarding acquisition and ownership of buildings, no revenue or
material operating expenses arise in Elanders’ operations, meaning
recycling or being reused, and to minimize the waste that goes to
landfill.
Elanders has no individual targets regarding material consump-
tion or resource efficiency; instead, these areas are prioritized
within the framework of the Group’s overarching climate targets.
To improve the ability to report outcomes and key figures relating
to resource use within the Group, continuous efforts are being made
to enhance data quality, including improved quality controls.
In Life Cycle Management, just over 253,000 (189,000) units were
refurbished and sold in 2025 within the operations in Sweden and
Germany. In total, this has been calculated to avoided emissions of
a total of approximately 74 thousand tonnes of CO
2
e, which means
an increase of approximately 30 thousand tonnes of CO
2
e compared
to the previous year.
The average expected lifespan of refurbished products from
Life Cycle Management is currently estimated at four years, which
is considered to be in line with industry standards. The refurbished
products are 100 percent recyclable and repairable, and the
packaging used for these products is also 100 percent recyclable.
080 Sustainability report — 2025Board of Directors’ report
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety
upgrades, using best available technologies.
NO
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as
their safety upgrades.
NO
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels.
NO
Accounting principles
In accordance with the taxonomy regulation, companies are required to dis-
close the extent to which the company’s economic activities are sustainable
through three key financial ratios: turnover, capital expenditure and oper-
ating expenses. In the context of accounting in line with the EU Taxonomy,
turnover, capital expenditure and operating expenses are defined as per
below. The definition of capital expenditure and operating expenses differs
here compared to the regular financial reporting.
Turnover
The presentation of total sales includes the Group’s total external net sales
for 2025 as reported in the income statement on page 114. See note 3 for
accounting principles for the Group’s revenue. Sales related to the economic
activity included in the taxonomy regulation refer to revenues from road
transportation within the business area Supply Chain Solutions.
Capital expenditure
Total capital expenditure refers to investments recorded during the year as
“Acquisition of intangible and tangible fixed assets” as well as additions to
right-of-use assets. This also includes corresponding assets from acqui-
sitions, except for goodwill, customer relationships and trademarks with
indefinite useful life. See note 12 Intangible Assets, note 13 Tangible
Assets and note 14 Right-of-use assets. Capital expenditures related to
the Elanders’ economic activities covered by the taxonomy refer to the
acquisition of trucks as well as new right-of-use assets related to trucks and
buildings.
Operating expenses
The accounting of operating expenses within the framework of the EU
taxonomy includes the Group’s direct costs related to research and develop-
ment, building renovations, short-term leases and maintenance and repairs,
as well as other expenditures required for the efficient day-to-day operation
of tangible fixed asset. Operating expenses related to the economic activity
road transportation refers to operating expenses related to trucks, such as
maintenance and repair costs.
The outcome of the assessment of Elanders’ economic activities for
2025 in accordance with the EU taxonomy regulation is presented in the
tables. Elanders’ activity regarding road transportation is conducted within
only one business area, therefore no double counting should occur.
that only capital expenditures related to buildings are reported.
Elanders continuously monitors updates in the development of the
Taxonomy Regulation and will likely be covered to a greater extent
going forward as more of the EU’s environmental objectives, and
thereby a broader range of activities and products are included.
Elanders is not subject to the disclosure requirements set out in
Articles 8.6 and 8.7 of the Taxonomy Regulation regarding nuclear
energy or fossil gas related activities.
081
Elanders Annual and Sustainability Report 2025
Taxonomy reporting table 2025 — Turnover
Substantial contribution criteria Do No Significant Harm criteria
Economic activities
Code
Turnover (MSEK)
Proportion of turnover 2025
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy aligned (A.1.)
or -eligible (A.2.) turnover, year 2024
Category enabling activity
Category transitional activity
A. TAXONOMY-ELIGIBLE
ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Turnover of environmentally sustain-
able activities (A.1) — 0%
Of which enabling activities
Of which transitional activities
A.2 Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities)
Freight transport services by road CCM 6.6 398 3% 4%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 398 3% 4%
A. Turnover of Taxonomy-eligible
activities (A.1+A.2) 398 3% 4%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomynon-eligible
activities 11,803 97%
TOTAL 12,201 100%
082 Sustainability report — 2025Board of Directors’ report
Taxonomy reporting table 2025 — Capital expenditure
Substantial contribution criteria Do No Significant Harm criteria
Economic activities
Code
Capital expenditure (MSEK)
Proportion of capital expenditure 2025
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy aligned (A.1.)
or -eligible (A.2.) CapEx 2024
Category enabling activity
Category transitional activity
A. TAXONOMY-ELIGIBLE
ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Capital expenditure of
environmentally sustainable
activities (A.1) — 0%
Of which enabling activities
Of which transitional activities
A.2 Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities)
Freight transport services by road CCM 6.6 27 7% 2%
Acquisition and ownership of
buildings CCM 7.7 116 30% —
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 143 37% 2%
A. CapEx of Taxonomy-eligible
activities (A.1+A.2) 143 37% 2%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Capital expenditure of
Taxonomynon-eligible activities 243 63%
TOTAL 386 100%
083
Elanders Annual and Sustainability Report 2025
Taxonomy reporting table 2025 — Operating expenses
Substantial contribution criteria Do No Significant Harm criteria
Economic activities
Code
Operating expenses (MSEK)
Proportion of operating expenses 2025
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy aligned (A.1.)
or -eligible (A.2.) OpEx 2024
Category enabling activity
Category transitional activity
A. TAXONOMY-ELIGIBLE
ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Operating expenses of
environmentally sustainable
activities (A.1) — 0%
Of which enabling activities
Of which transitional activities
A.2 Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities)
Freight transport services by road CCM 6.6 41 9% 9%
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 41 9% 9%
A. OpEx of Taxonomy-eligible
activities (A.1+A.2) 41 9% 9%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Operating expenses of
Taxonomynon-eligible activities 425 91%
TOTAL 466 100%
084 Sustainability report — 2025Board of Directors’ report
Social
The section has been divided into four parts, Secure employments,
Health and safety, Gender equality and equal pay for work of equal
value and Training and skills development, one part for each of the
topics that were considered material in connection to Elanders’
double materiality assessment, all of them attributable to the ESRS
topic category S1.
The disclosure requirements and related data points have
been included in Elanders’ materiality assessment. The disclosure
requirements included in this report are those applicable to the
Group’s operations and those that provide Elanders’ stakeholders
with material information regarding the company’s impact on the
environment and on people.
Although Elanders’ double materiality analysis did not identify
any significant impact, risk, or opportunity related to human rights,
Elanders continuously works to assess and manage potential risks of
violations of human rights. The company estimates the current risk
of violations within its own operations as low, given the industries
that its subsidiaries are operating within and where the Group’s
operations are located. The majority of the company’s employees
are directly employed through Elanders. Established staffing
agencies are used for other employees to ensure good working
conditions. Elanders has committed to respecting human rights, in
line with the UN Guiding Principles on Business and Human Rights
(UNGPs), the UN Declaration on Human Rights and the ILO’s
declaration on fundamental principles and rights in working life. This
is clearly stated in the Group’s Code of Conduct, which also includes
a strict prohibition against all forms of forced labor, human traffick-
ing and child labor. For Elanders, children’s right to education and
protection against economic exploitation is a fundamental principle.
Based on the outcome of the double materiality assessment, as
well as the review conducted during 2025, further analysis of the
identified material topics is currently ongoing. At present, Elanders
has not adopted any specific targets related to the material social
topics; however, the Group is continuously working to develop
Elanders wants to create attractive and safe work environments for all
employees within the Group. To manage the Group’s impact, Elanders has
established a Code of Conduct and policies to prevent and manage risks in the
work environment, as well as in the value chain, with regard to human rights.
085
Material topics
Material impact, risk and opportunity Upstream
Own
operations Downstream
S — Own workforce
Secure employment Actual positive impact
Health and safety Negative potential impact
Gender equality and equal pay for work of equal value Negative potential impact
Training and skills development Actual positive impact
List of disclosure requirement
S — Own workforce Page
SBM- Material impacts, risks and opportunities and their interaction with strategy and business model , , ,
S- Policies related to own workforce –, –,
S- Processes for engaging with own workforce and workers’ representatives about impacts –
S- Processes to remediate negative impacts and channels for own workforce to raise concerns –
S- Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material
opportunities related to own workforce, and effectiveness of those actions
, –,
S- Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
–
S- Characteristics of the undertaking’s employees
S- Characteristics of non-employees in the undertaking’s own workforce
S- Social protection –
S- Training and skills development metrics
S- Health and safety metrics
S- Remuneration metrics (pay gap and total remuneration) –
governance structures and monitoring processes to strengthen
its efforts in these areas. During 2025, Elanders has, among other
initiatives, increased the reporting frequency related to health and
safety, with outcomes being presented to the Board of Directors
on a quarterly basis.
The resources allocated to the social sustainability areas are not
measured separately but are integrated into the companies’ overall
investments and operating expenses. Examples of such resources
include safety equipment, human resources systems and personnel
responsible for occupational health and safety.
— Secure employments
Material impact
Currently the Group has almost 7,000 employees, spread out among
some 20 countries on four continents. In addition to Elanders’ own
employees, the Group also hires seasonal workers who are
employed by employment agencies. Around 87 (86) percent of the
total employees are employed directly through Elanders.
The subsidiaries are to a great extent governed by the laws and
regulations in their respective countries. Elanders ensures that the
company’s employees are part of a safe and fair work environment,
with transparent and lawful terms and conditions of employment.
Responsible, secure contracts and terms of employment are
considered to have a positive impact on the employee.
No material financial risks or opportunities were identified in
the double materiality assessment.
Policies and actions
Elanders has the responsibility to, throughout the whole Group,
ensure a culture marked by respect for both fellow human beings
and the surroundings. These fundamental principles are established
in Elanders’ Code of Conduct and are valid not only for the
company’s own employees, but also for its Board of Directors,
suppliers and other parties acting on behalf of Elanders. The Code
of Conduct sets the principles for actions taken within the
framework of Elanders’ operations and value chain. In many of the
countries where Elanders operate, workers are furthermore covered
by labor legislation or collective agreements. The principles support
the OECD guidelines for multinational companies and the UN Global
Compact. Read more about Elanders’ Code of Conduct in the
“Governance” section on pages 93–96.
Elanders has a continuous and constructive dialogue with
employee representatives. A key example is the European Works
Council (EWC), a council that consists of employee representatives
from every country in Europe that Elanders operates in. The repre-
086 Sustainability report — 2025Board of Directors’ report
Accounting principles
Employees refer to those who are directly employed by Elanders. Employees who are not directly employed by the Group are referred to as non-employees.
These refer mainly to seasonal workers from employment agencies. Full-time equivalents (FTE) are defined as the number of employees converted to full-
time positions.
Estimations and assessments
For the reporting of gender division among employees, assessments have been made by those responsible at each company, taking into account privacy
reasons.
sentatives convene in person once per year, with the participation
of Elanders’ Group Chief Executive Officer. These meetings are
intended to promote employees’ rights to information and consul-
tation in joint European matters. Elanders also has three employee
representatives on the Board of Directors, where one of the repre-
sentatives is a deputy member.
Elanders has a Group-wide council, the People & Culture Council,
working with social sustainability issues. The council consists of
representatives from the HR functions of the subsidiaries as well as
individuals from the Group staff, and meets quarterly. The purpose
of the council is to ensure the implementation of management’s
strategy within the material social sustainability areas, as well as to
share experiences among the companies, learn from one another,
and increase understanding of the differences between local pro-
cesses, laws, and regulations. For further information on processes
and governance, see page 62, “General Information/Governance
Related to Sustainability Issues. For issues concerning social sustain-
ability, there are significant geographical differences, and Elanders
works to identify opportunities for improvement and, where neces-
sary, to introduce higher requirements than those stipulated by local
legislation. This is done in order to continuously improve conditions
for the Group’s employees and to ensure safe working conditions
and employment, even in countries where statutory protection is
limited.
Performance, targets and metrics
The number of employees at year-end amounted to 7,252 (7,637),
The number of full-time equivalents (FTE) amounted to 6,708
(7,175) at year-end. In addition, the company had 963 (1,143 )
non-employees (FTE), who were instead employed by employment
agencies. This means that around 87 (86) percent of the total num-
ber of employees were employed directly by Elanders. The average
number of employees (FTE) during the year was 6,864 (7,324).
During the year, the company’s employee turnover amounted to
21 (21) percent, which reflects both internal and external factors
that influenced employees’ decisions to stay or leave the company.
The strategic restructuring measures implemented during the year
have had a direct impact on this development. Elanders works
continuously to improve the working environment, promote skills
development, and strengthen employee well-being in order to
create a long-term and sustainable workforce.
Number of employees at year end
2025 2024
Female 2,740 2,874
Male 4,512 4,763
Other/not reported gender — —
Total 7,252 7,637
Employee turnover
2025 2024
Number of employees 1,432 1,545
Number, % 21 21
The calculation of employee turnover includes terminated positions as a result of
restructuring but excludes temporary employees.
087
Elanders Annual and Sustainability Report 2025
Number of employees at year end
Female Men Total
2025 2024 2025 2024 2025 2024
Germany 1,052 1,093 2,235 2,328 3,287 3,380
USA 565 590 373 368 938 933
United Kingdom 110 129 725 702 835 812
Singapore 180 184 248 253 428 433
China 229 243 78 80 307 309
Czech Republic 126 135 126 151 252 277
Poland 90 80 148 195 238 285
Netherlands 58 61 165 157 223 215
Sweden 74 55 135 131 209 205
Austria 73 71 31 78 104 151
India 10 13 86 84 96 94
Mexico 42 34 47 35 89 77
Hungary 28 113 57 152 85 180
Brazil 34 30 28 28 62 62
Thailand 40 11 15 6 55 46
Other countries 29 32 15 15 44 47
Total 2,740 2,874 4,512 4,763 7,252 7,637
Age distribution employees (FTE) at year end
Female Male
Other/not
reported gender Total
2025 2024 2025 2024 2025 2024 2025 2024
<30 years 420 480 628 620 — — 1,048 1,10 0
30–49 years 1,357 1,445 2,215 2,475 — — 3,572 3,920
>50 years 672 712 1,416 1,443 — — 2,088 2,155
Total 2,449 2,637 4,259 4,538 — — 6,708 7,175
Number of employees (FTE) at year end
Permanent
contract 2025
Temporary
contract 2025
Not-guaranteed-
hours 2025
1)
Total
Female 2,169 280 — 2,449
Male 3,794 465 — 4,259
Other/not reported gender — — — —
Total 5,963 745 — 6,708
1)
Data with regards to not-guaranteed-hours not available for 2025.
088 Sustainability report — 2025Board of Directors’ report
Accounting principles
Elanders reports work-related injuries that occur as a result of exposure
to hazards and risks at work, all own employees in the Group have been
included. The reporting of fatalities also includes non-employees.
Estimations and assessments
Injuries are defined as an incident that have resulted in any of the
following; one or more days away from work, restricted work or transfer
to another job, medical treatment beyond first aid, loss of conscious-
ness or significant injury or ill health diagnosed by a physician or other
licensed healthcare professional. The accident rate has been calculated
based on number of accidents per 1,000,000 hours worked. The total
number of hours worked is based on the average number of employees
in the Group, which has been multiplied by normal working hours in the
country where Elanders has most employees.
Number of accidents
2025 2024
Fatalities — —
Injuries 131 128
Number of workdays lost 1,313 868
Total number of hours worked, in thousands 12,630 13,476
Frequences
Fatal injury frequency rate — —
Accident rate 10.4 9.5
The share of people in own workforce covered by the Group’s health and mana-
gement system is 100 (100) percent.
— Health and safety
Material impact
Elanders operates in industries that are characterized by both heavy
machinery and physically demanding work. This means that there is
a daily risk of accidents that may result in injuries of varying severity.
In 2025, Elanders recorded 131 (128) reported work-related injuries
involving its own employees. Most of the injuries occur among pro-
duction employees and primarily consist of minor cuts or fall-related
injuries. Effectively managing these risks and ensuring a safe working
environment is of the utmost importance to Elanders. Providing safe
working conditions and a healthy work environment is Elanders’ top
priority, primarily to safeguard individual employees’ safety and
well-being, but also to remain an attractive employer and business
partner.
Policies and actions
Elanders has a “zero vision” concerning workplace accidents and
works continuously to minimize the risk of injuries, with a particular
focus on preventing serious injuries. Elanders’ work environment
policy is integrated in the Group Code of Conduct. It includes guide-
lines for identifying, managing and preventing potential health and
safety risks. The goal is to promote a good work environment and
reduce the risk for work-related injuries and illness. Management for
each company is responsible for ensuring compliance with the Code
of Conduct through further guidelines and policies that suit their
specific operations. Read more on Elanders’ Code of Conduct in
the “Governance” section on pages 93–96.
Elanders’ subsidiaries are responsible for establishing health
and safety strategies and work environment management systems in
accordance with local legislation and accepted standards. Ongoing
efforts are carried out across operations to minimize sickness
absence and workplace accidents, including:
— Continuous safety assessments of the Group’s facilities and
processes.
— Procedures for incident reporting and investigation.
— Regular health and safety training throughout the Group.
Performance, targets and metrics
The most important work-related risks with the potential to cause
injuries are mainly ergonomical and connected to physical work. The
most common types of injuries are cuts, fractures, muscle injuries
and fall injuries. In 2025, Elanders noted an accident rate of 10.4
(9.5). No workplace accidents resulted in fatalities during the year.
089
Elanders Annual and Sustainability Report 2025
Share of women, %
2025 2024
Share of women, all employees 37 37
Share of women, Board of Directors 44 44
Share of women, Group Management 14 14
Share of women, management positions 27 29
Management position refers to shift manger, group manager, site manager or
more senior position.
— Gender equality and equal pay for
work of equal value
Material impact
In recent years, the Group has grown both organically and through
acquisitions, resulting in a new composition and significantly broad-
er geographical presence. This makes it even more important to
adhere to the company’s fundamental principle that long-lasting
competitiveness can only be achieved if the workplace is character-
ized by diversity, equal opportunities and inclusion. Elanders has
zero tolerance for all forms of harassment or discrimination and
strives to foster a working environment in which all employees feel
included and valued.
Elanders operates in historically male-dominated industries that
remain so today. This entails challenges when it comes to being part
of creating change and equal opportunities. A low level of diversity
and inclusion can have negative impacts on the Group’s employees
as well as on the Group’s reputation and success.
No material financial risks or opportunities were identified in
the double materiality assessment.
Policies and actions
Elanders considers it a strength and an advantage when it comes to
creativity and innovation that the company’s employees have back-
grounds in different cultures, values and experiences with differing
perspectives on matters and situations. Elanders values diversity,
gender equality and equal opportunities for all and has zero toler-
ance for discrimination. These principles are stipulated in Elanders’
Code of Conduct that regulates the Group’s commitments and princi-
ples for human rights, anti-discrimination and other fundamental
rights enjoyed by the company’s employees. Read more about
Elanders’ Code of Conduct in the “Governance” section on pages
93–96.
Elanders maintains an active dialogue with its employees to
ensure that their perspectives are considered, and to communicate
decisions and activities aimed at addressing actual and potential
impacts on working conditions, health, safety, and inclusion. This
engagement encompasses the entire workforce and places parti-
cular emphasis on employees who may be especially vulnerable to
impacts or at risk of marginalization.
Operational responsibility for employee engagement rests with
the Group’s local HR functions and is further coordinated through
the People & Culture Council. Dialogue takes place both directly with
employees and through employee representatives, for example via
the European Works Council (EWC), as well as through the Group’s
Board of Directors, where three employee representatives are
represented. This ensures that employee perspectives are also
considered at the highest level of governance.
Ongoing evaluation of employee engagement is conducted
through the EWC, the People & Culture Council, and the Group’s
whistleblowing function, contributing to transparency and account-
ability. These processes enable Elanders to integrate employee
perspectives into its sustainability strategy and to continuously
improve working conditions across the Group.
To ensure effective remediation, the Group has also established
clear processes for addressing potential violations of human rights.
This includes providing support and remediation to affected
individuals and communities, thereby fostering accountability and
trust. Stakeholder engagement is a cornerstone of the Group’s
approach. Elanders actively seeks input from a broad range of
stakeholders, including employees, customers, and local communi-
ties, to better understand their concerns and perspectives.
Elanders also offers a whistleblower function where employees,
among other things, can report any experience of some form of dis-
crimination or unfair treatment. The function is described in full in
the “Governance” section on pages 93–96.
Performance, targets and metrics
At the end of the year, the Group had 6,708 (7,175) employees (FTE),
of which 37 (37) percent were women. The Group’s share of women
in management positions was 27 (29) percent.
Concerning diversity at all levels within the Elanders Group,
diversity is assessed in a broad sense, including gender, education,
work experience, ethnicity, age, disability, sexual orientation, or
other legally protected characteristics. The overall ambition of the
company is to have diversified management teams at all levels, using
the company’s strategy, challenges and opportunities as a starting
point. Elanders continuously assesses the need to establish specific
objectives and follow up mechanisms to strengthen its diversity and
inclusion initiatives. More information on the distribution within the
Board of Directors and Group Management is found in the Corporate
governance report on pages 107–111.
For 2025, Elanders reports remuneration indicators for the first
time, including gender pay differences between male and female
employees and the annual total remuneration ratio.
The gender pay gap for 2025, based on base salary for employees,
amounted to 16 percent. The calculation of the gender pay gap is
based on a comparison of total remuneration, including all com-
ponents such as fixed and variable compensation as well as benefits.
This comparison covers all remuneration amounts regardless of
employee category, position, subsidiary, or country.
Elanders strives to ensure equal pay for equal work and is con-
tinuously working on this matter. The gender pay gap is primarily
attributable to the underrepresentation of women in senior roles.
The remuneration ratio of the highest-paid individual compared
to the median annual total remuneration for all employees amounted
to 59 for 2025.
090 Sustainability report — 2025Board of Directors’ report
Remuneration ratio
Accounting principles
Elanders reports the annual total remuneration ratio for the highest-paid
individual in the company in relation to the median total remuneration
of all employees. Annual remuneration includes fixed and variable
remuneration as well as benefits. The remuneration for all employees
as of December 31, 2025 has been calculated on a full-time equivalent
(FTE) annual basis. For part-time employees and for those who were
employed for only part of the current year, the remunaration has been
adjusted to correspond to a full-year, full-time position. In compiling the
salary data, Elanders has collected remuneration information from all
subsidiaries based on the legal group structure.
Estimations and assessment
Elanders has assessed the median remuneration in the Group based
on the remuneration within the subsidiary that represents the median
remuneration level among all subsidiaries.
Metrics related to remuneration
2025
Gender pay gap, % 16
Annual Total Remuneration ratio 59
Gender pay gap
Accounting principles
Elanders reports the percentage pay gap between the number of
female and male employed by Elanders, including both full-time and
part-time employees. The gender pay gap reported represents the dif-
ference between the average pay levels of female and male employees,
expressed as a percentage of the male employees’ average pay level. It
is calculated by deducting the gross hourly wage of female employees
from the average gross hourly wage of male employees and dividing
this figure by the average gross hourly wage of male employees. The
calculation is based on the individuals’ average hourly pay during 2025,
including fixed compensation and any variable remuneration. The sala-
ries used in the calculation are not adjusted for currency, job level, age,
purchasing power in different countries, or other circumstances that
may influence pay levels.
Estimations and assessment
The number of hours worked by employees has been calculated in one
of the following ways:
— For monthly salaried employees without overtime compensationt
the number of hours specified in the employment contract has been
applied.
— For monthly salaried employees with overtime compensation the
actual hours worked has been applied.
— For hourly employees, the actual hours worked has been applied.
091
Elanders Annual and Sustainability Report 2025
Accounting principles
The reporting covers training offered to employees in the Group
and includes both external and internal training. The reporting excludes
on-site supervision. Average training hours are calculated per employee
corresponding to FTE. For a breakdown of the number of employees
(FTE), please see section "Secure employment" on page 86.
Estimations and assessments
Estimations and assessments have been made by those responsible at
each company. In cases where exact number of training hours has not
been available, reasonable estimations have been made.
Training hours
Average hours/FTE 2025 2024
All employees 11 11
Women 10 10
Men 11 12
— Training and skills development
Material impact
Elanders is to a large extent a service company for which employee
training and skills development are key to the company’s success.
Elanders aims to offer an attractive work environment in order to
attract and retain qualified and motivated employees supporting,
and working in line with, the company’s long-term ambitions. By
providing relevant training and development opportunities that help
Group employees to realize their potential and their ambitions, the
company is assessed to have a positive impact on its employees.
No material financial risks or opportunities were identified in
the double materiality assessment.
Policies and actions
Offering good and gender-equal working conditions as well as
opportunities for personal development is of the utmost importance
to be an attractive employer. Moreover, it is an important aspect in
ensuring that Elanders has the workforce necessary for achieving
the Group’s business ambitions. Elanders works actively to create
conditions for employees to receive training and development
opportunities.
Elanders does not have a separate Group policy regarding
education and skills development but considers that skills develop-
ment is most effectively managed locally through regular dialogues
between employees and managers, in order to closely understand
different individual perspectives and needs.
Performance, targets and metrics
The average number of training hours for an Elanders employee
during the year was 11 (11) hours. The number of training hours is
considered to be in line with the company’s expectations.
— Processes to address negative
impacts and employee-related
matters
Approach to providing or contributing to remediation
Elanders has established processes for addressing situations in
which the Group has caused or contributed to a material negative
impact on employees. This includes the investigation of incidents,
dialogue with affected parties, and the implementation of corrective
actions. The effectiveness of these actions is assessed through
follow-up activities, documented action plans, and feedback from
affected employees. The process is described in full in the section
“Governance” on pages 93–96.
Monitoring of actions and initiatives
The Group monitors its sustainability efforts through clearly defined
key performance indicators and regular reviews related to its own
workforce. The internal control function conducts ongoing reviews
to ensure compliance with the Group’s policies. Reporting is carried
out on a quarterly basis to Group management and is a standing
item on the agenda of the Audit Committee.
Currently, Elanders monitors the following areas:
— Gender equality – the ambition is to increase the share of women
in senior positions and in Group management.
— Corruption and bribery – the ambition is that no lawsuits,
convictions, or other sanctions related to violations of laws on
corruption and bribery shall occur.
— Accident frequency – the ambition is that no accidents or
fatalities shall occur.
— Whistleblowing cases – the ambition is to ensure effective
handling, transparency, and continued protection of whistle-
blowers.
— Completion rate for mandatory training – the ambition is that at
least 98 percent of relevant employees complete the required
training.
Furthermore, the Group is investigating the need to develop specific
targets linked to material social topics. In the coming years, Elanders
will continue to develop its governance framework to further
strengthen the Group’s work in these areas.
092 Sustainability report — 2025Board of Directors’ report
Governance
Elanders continues to create new jobs in line with the Group’s global
expansion. Currently the Group has almost 7,000 employees, spread
out among some 20 countries on four continents. The subsidiaries
are largely governed by the laws and regulations of each respective
country. Elanders has an overall responsibility to, throughout the
whole Group, promote a culture marked by respect for both fellow
human beings and the surroundings. These principles are defined in
Elanders’ Code of Conduct, which serves as the foundation for
ethical and responsible behavior across the entire organization.
The section is divided into four parts. Three of these, Corporate
culture, Protection of whistleblowers and Corruption and bribery,
are connected to each of the three topics that have been assessed
material in relation to Elanders’ double materiality assessment and
are all pertaining to the ESRS topic category G1. The last part
summarizes the remaining corporate policies and guidelines and
describes Elanders’ positions on data ethics, responsible tax
payment and the Group’s commitment to society.
Sustainability permeates Elanders’ entire operations and is an integrated
part of the company’s strategies and governance. Compliance with local laws
and regulations, as well as the application of ethical business practices, are
fundamental to conducting sustainable business and maintaining good relations
with the company’s stakeholders.
093
List of disclosure requirement
ESRS — General disclosures Page
SBM- Material impacts, risks and opportunities and their interaction with strategy and business model –
G- Business conduct policies and corporate culture
G- Prevention and detection of corruption and bribery
G- Incidents of corruption or bribery
Material topics
Material impact, risk and opportunity Upstream
Own
operations Downstream
G — Business conduct
Corporate culture Negative potential impact
Protection of whistleblowers Actual positive impact
Corruption and bribery Negative potential impact
— Corporate culture
Material impact
The work culture in a company is crucial both for employees’ well-
being and satisfaction, and for running the business in a sustainable
and ethical manner. A strong corporate culture is a prerequisite for
building a good reputation and confidence with different types of
stakeholders. Healthy and motivated employees contribute to the
development and success of the Group at all levels. It also creates
the conditions needed for retaining the right competences and
attracting qualified employees. Lacking a strong corporate culture
would potentially have negative consequences, mainly for those
working in the organization, but also for Elanders’ business and
success at large.
No material financial risks or opportunities were identified in
the double materiality assessment.
Policies and actions
Elanders’ corporate culture is founded on the company’s Code of
Conduct that defines fundamental guidelines and values for how the
company should operate in an ethically, socially and environmentally
sustainable way. The Code of Conduct addresses all Elanders’
identified material topics and clarifies the principles for action
within the framework of the Group’s operations and value chain.
It applies to all employees, the Board of Directors and other
individuals who act on behalf of Elanders. The principles support
the OECD guidelines for multinational companies and the UN Global
Compact. The Code of Conduct is available on Elanders’ website.
The CEO has the overall responsibility for the Code of Conduct.
It is reviewed regularly and approved by the Board. Responsibility
for communication and compliance with the Code of Conduct lies
with the management of each subsidiary. They are also responsible
for formulating further guidelines and policies adapted to their
specific operations, if necessary. In cases where national laws or
regulations are stricter than Elanders’ in matters included in the
Code of Conduct, they always take precedence and must be
complied with.
All employees sign the Code of Conduct upon employment.
Elanders continuously monitors that the company’s employees are
familiar with the Code of Conduct via the Group’s internal control
function. This is done through regular training every other year in
order to update their knowledge and ensure that the company’s
employees are familiar with and understand the Code of Conduct.
Elanders has a Group-wide program of web-based courses that are
mandatory for all employees having an e-mail address at one of the
Group’s companies. The Code of Conduct is available in most of the
Group languages.
Elanders also has a Code of Conduct for suppliers. The Group’s
significant material purchases are made in the Print & Packaging
Solutions business area through the purchase of paper for the
printing operations. In the Supply Chain Solutions business area,
the Group mainly provides services to its customers, but in some
cases the companies use subcontractors according to the customers’
choice. Elanders is affected by a growing number of regulations on
responsible management of risks in supply chains. Elanders’ Code
of Conduct for Suppliers defines the basic requirements and the
responsibility that suppliers should take towards their stakeholders
and for their environmental impact and respect for human rights.
Currently, each subsidiary is responsible for identifying risks and
making sure the Code of Conduct is complied with also in the value
chain. The subsidiaries themselves are responsible for ensuring that
all significant suppliers sign the Code of Conduct.
Performance, targets and metrics
Central monitoring takes place every other year to ensure that
the Code of Conduct has been communicated to the company’s
employees. The Group requires that all employees that have an
e-mail address with Elanders or any of the subsidiaries should
complete the training. At the last assessment in 2025, 99 percent
of all concerned employees completed the Code of Conduct
training, compared to 99 percent in 2023.
094 Sustainability report — 2025Board of Directors’ report
— Protection of whistleblowers
Material impact
In accordance with the EU Whistleblower Protection Directive,
Elanders has set up a system and process for the reporting of abuses
through a whistleblowing system. The whistleblower channel can be
used by both the company’s employees and other stakeholders and
aims to ensure the early detection and management of behaviors or
activities that could otherwise cause significant harm. Reports cover
anything from suspicions of irregularities and corruption to harass -
ment and other types of violations. Protecting whistleblowers from
potential reprisals is of high priority, and the process is designed to
ensure the integrity and safety of all those involved. A well-function-
ing whistleblower system is assessed to have a positive impact on
the company’s employees and concerned stakeholders.
No material financial risks or opportunities were identified in
the double materiality assessment.
Policies and actions
A functioning whistleblower system in place is important to detect
misconduct, but also to prevent and fight corruption and irregulari-
ties. Elanders’ Code of Conduct includes instructions for reporting
deviations or irregularities designed in accordance with the EU
Whistleblower Protection Directive. These rules apply to the entire
Group regardless of jurisdiction. In case an employee should uncover
behaviors or events violating the Code of Conduct, laws and regu-
lations or binding requirements, the employee has the option to
report this directly to their manager or anonymously through the
Group’s whistleblower system. The system enables whistleblowers
to choose if the matter should be reported to the local HR function
or directly to the parent company. Great consideration is given to
the confidentiality of the whistleblower’s identity when the person
in charge of the inquiry is appointed, in order to avoid conflicts of
interest between investigators and senior officers.
Depending on which country the employee is working in, there
is also the possibility to raise issues and problems through work
environment organizations, local workers’ councils or trade unions.
Material whistleblower matters are reported continuously to the
CEO and are a standing item on the agenda at the Audit Committee’s
meetings.
The whistleblower system is web-based and available in all
Group languages. The system is accessible on Elanders’ websites
and in the Code of Conduct.
All reported matters are investigated in an objective manner
and treated with the utmost confidentiality. Whistleblowers acting
in good faith do not risk any type of reprisal. This is valid regardless
of the outcome of the inquiry.
Performance, targets and metrics
In 2025, Elanders received 26 reports through the whistleblowing
channel. One case was considered material and related to mis-
conduct. The case was investigated in accordance with the com-
pany’s established whistleblowing process. Apart from this, no
material incidents related to fraud, corruption, bribery, or money
laundering were reported through the Group’s whistleblowing
system during the year.
— Corruption and bribery
Material impact
Responsible business practices are material for creating secure
working conditions for those working within the operations, but also
for maintaining good relations with customers, suppliers and other
stakeholders. Elanders assesses that the overall corruption risks
within the Group are relatively low, considering the nature of its
operations. On the other hand, the company is aware of the fact that
the Group in part has operations in countries with a high Corruption
Perceptions Index, although the majority of operations are located
in low-risk countries.
The biggest identified risk for corruption is assessed to be
pertaining to inappropriate types or levels of gifts presented to
subsidiary employees from potential or actual suppliers or cus-
tomers, with the purpose of receiving future business advantages.
The functions considered to have the highest risk are roles with
direct customer or supplier contact, as well as senior positions.
This type of behavior can potentially have a negative impact on
the stakeholders involved as well as on Elanders’ overall reputation
and success.
No material financial risks or opportunities were identified in
the double materiality assessment.
Policies and actions
Elanders’ reputation and ethical behavior are fundamental to all
the company’s stakeholders. To manage the company’s impact and
related risks, Elanders has Group-wide corporate rules in the form of
the company’s Code of Conduct and an Anti-Corruption Policy.
The Group’s anti-corruption policy is in line with the UN
Convention against Corruption and establishes zero tolerance for
all types of fraud, bribery, money laundering and other types of
irregularities and actions that create improper advantages.
Employees may not accept, be promised, request or obtain any kind
of advantages in connection with their professional position.
The CEO has the overall responsibility for the Anti-Corruption
Policy. It is revised and updated regularly in line with relevant
legislation. Management for each subsidiary is responsible for
communicating the policy and for its compliance. Elanders con-
tinuously monitors that the company’s employees are familiar with
both the company’s Code of Conduct and its Anti-Corruption Policy.
This is done through regular training every other year in order to
update their knowledge and ensure that the company’s employees
are familiar with and understand the Group’s policies. Elanders has a
group-wide program of web-based courses that are mandatory for
all employees having an e-mail address with Elanders or one of its
subsidiaries.
Besides group-wide policies, the Group also has a well-func-
tioning framework for internal control and an internal control func-
tion with the purpose to prevent risks for corruption and irregulari-
ties. Material incidents are reported regularly to the Board of
Directors, and they are a standard agenda item at the Audit
Committee’s meetings.
Performance, targets and metrics
The same process is in place for the Anti-Corruption Policy as for the
Code of Conduct, with central monitoring through training taking
place every other year to ensure that all employees having an e-mail
address with Elanders or one of its subsidiaries are familiar with and
understand the policy. The Group requires that all employees
095
Elanders Annual and Sustainability Report 2025
complete the training, which include those functions assessed as
having a higher risk exposure to corruption. At the last assessment in
2025, 99 percent of the concerned employees completed the
Anti-Corruption Policy training, compared to 99 percent in 2023.
There have been no cases where Elanders has been sued,
sentenced or subject to other reprisals pertaining to violations of
laws on corruption and bribes.
— Other Group policies and
guidelines
Data ethics
Elanders’ approach to data ethics takes into consideration the indi-
vidual’s right to integrity regarding data, ethical use of artificial
intelligence and careful handling of confidential information. Clear
guidelines are required regarding handling data in connection with
more comprehensive use of technology and corresponding amounts
of data. For Elanders it is extremely important to handle the data of
all stakeholders in such a way that their trust remains intact.
The EU’s General Data Protection Regulation (GDPR) is intended
to protect individuals’ basic rights and their particular right to pro-
tect their personal data. Elanders has educational procedures in
place to ensure that employees are knowledgeable about, and act in
accordance with, the stipulations of GDPR and other relevant data
protection regulations. At the last assessment in 2025, a total of 99
percent of all employees with an e-mail address with Elanders or any
of its subsidiaries had completed the course, compared to 99 per-
cent in 2023. The course is held every other year, the next assess-
ment will take place in2027.
Elanders has binding corporate rules (“BCR”) approved by the
Swedish Authority for Privacy Protection (IMY). These rules regulate
how Elanders handles personal data to ensure that data protection
regulations are followed when transferring personal data to Group
companies outside the EU/EES.
Responsible taxpayer
Elanders operates in some twenty countries through more than 80
legal entities and the business in the Group is structured according
to commercial and financial needs. Taxes are paid where value is
created, within the framework of legislation and according to rele-
vant guidelines from authorities. The Group aims to be tax efficient
which includes avoiding double taxation, interest expenses and tax
fees.
All operations in the Group are subject to normal company tax
regulations and income tax is paid in the country where the opera-
tions are conducted, and in accordance with applicable tax rates.
Elanders acts responsibly and with integrity in all tax matters, en-
suring compliance in all jurisdiction. The Group works closely with tax
authorities to ensure that all relevant information is fully disclosed
and that the correct amount of tax is paid, while also considering its
obligations towards the Group’s shareholders. The EU’s list of non-
cooperative jurisdictions for tax purposes for 2025 is comprised of
ten countries. Elanders does not operate in any of these countries.
Elanders’ total tax expense in 2025 was MSEK 44 compared to
MSEK 95 in the previous year. Elanders’ total tax expense in 2025
was MSEK 44 compared to MSEK 95 in the previous year. See note 9
Taxes, for further information.
Society
Elanders takes a wider responsibility outside of the company and
in different ways supports the communities it operates in. There is
a long tradition of partnership and local initiatives in this area.
Partnerships
Elanders collaborates with credible and transparent organizations
that in various ways contribute to more sustainable communities
where they operate. Some of Elanders’ prioritized areas:
— Education for youths and children
— Innovation and research
— Health
— Life Cycle Management
In addition to partnerships on a Group level, many of Elanders’
subsidiaries are in different ways engaged in local initiatives for
greater social sustainability. Every year, the Group also supports
a number of humanitarian programs and donates to charitable
organizations.
The 17 Global Sustainable Development Goals (SDGs) are a set of
goals launched by the United Nations in September 2015. They aim
to achieve the changes necessary to ensure that development and
human well-being continue to increase within the limits of the planet.
For this, the companies’ commitment and measures are vital. Elanders
supports all of the UN’s 17 global goals for environmental, social and
economic sustainable development. By making use of its core busi-
ness and identifying its own goals and sub-goals, guided by the SDGs,
Elanders can have a positive impact on several of the goals.
Elanders also supports the UN Global Compact and its ten principles
for human rights, labor, environment, and anti-corruption. The prin-
ciples are integrated into the Group’s operations to promote sustain-
ability and responsible business practices.
096 Sustainability report — 2025Board of Directors’ report
Elanders is one of twelve organizations that contribute to the prize
sum of one million Swedish kronor for the WIN WIN Gothenburg
Sustainability Award. A youth award, the WIN WIN Youth Award,
was also established in 2018. The awards will highlight pioneering
efforts on alternate themes for a more sustainable world.
The theme for 2025 was "Trailblazing Leadership." The winner
of the main prize was Uyunkar Domingo Peas, leader of a tribe of
indigenous people in Ecuador and chair of the Amazon Sacred
Headwaters Alliance. The youth award was awarded to Juan Pierre
from Mauritius for his leadership in climate and policy development.
WIN WIN Gothenburg Sustainability Award
of
Together with around ten other large Swedish companies, Elanders
is in partnership with the Indian educational organization Pratham
Education Foundation. Pratham works to improve the quality of
education in India through targeted programs that take into
consideration the gaps in the Indian educational system. Its methods
have been developed together with award-winning scientists.
Until the end of 2025, the partner project has reached nearly
34,650 children in 315 villages across the northeastern states of
Assam and Maharashtra.
Pratham Sweden
,
Elanders is in partnership with Universeum, Sweden’s national
science center and a powerful arena for academics and popular
education in science, technology and sustainable development.
Universeum is one of the six most visited attractions in Sweden,
with 550,000 visitors annually.
Universeum
Elanders is a partner of nattvandring.nu, an organization that works
to increase safety in local communities by mobilizing, organizing,
and training local night-patrol groups across Sweden, and supports
municipalities that invest in night patrols. In 2025, 325 groups from
the organization conducted night patrols across Sweden.
Nattvandring.nu
Elanders was one of 12 sponsors who contributed to the prize fund for
the WIN WIN Gothenburg Sustainability Award 2025.
Number of children in 315 villages across the northeastern states of Assam and
Maharashtra who have been reached through the partnership project in 2025.
Number of thousands of annual visitors.
Number of groups from the organization that conducted night patrols across
Sweden in 2025.
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Elanders Annual and Sustainability Report 2025
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Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS 2 GOV-1 Board’s
gender diversity paragraph
21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU)
2020/181612, Annex II Material 107–111
ESRS 2 GOV-1 Percentage
of board members who are
independent paragraph
21 (e)
Delegated Regulation
(EU) 2020/1816, Annex
II Material 107–111
ESRS 2 GOV-4 Statement on
due diligence paragraph 30
Indicator number 10
Table #3 of Annex 1 Material 107–111
ESRS 2 SBM-1 Involvement
in activities related to fossil
fuel activities paragraph
40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/245313Ta
ble 1: Qualitative
information on Environ-
mental risk and Table 2:
Qualitative information
on Social risk
Delegated Regulation
(EU) 2020/1816, Annex
II
Not
material
ESRS 2 SBM-1 Involve-
ment in activities related
to chemical production
paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II
Not
material
ESRS 2 SBM-1 Involvement
in activities related to
controversial weapons para-
graph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/181814,
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Not
material
ESRS 2 SBM-1 Involvement
in activities related to culti-
vation and production of
tobacco paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818, Article
12(1) Delegated Regula-
tion (EU) 2020/1816,
Annex II
Not
material
ESRS E1-1 Transition plan to
reach climate neutrality by
2050 paragraph 14
Regula-
tion (EU)
2021/1119,
Article 2(1) Material 72–73
ESRS E1-1 Undertakings
excluded from Paris-aligned
Benchmarks paragraph 16
(g)
Article 449a Regula-
tion (EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/2453
Template 1: Banking
book - Climate Change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
Delegated Regula-
tion (EU) 2020/1818,
Article12.1 (d) to (g), and
Article 12.2
Not
material
List of material disclosure requirements
098 Sustainability report — 2025Board of Directors’ report
ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS E1-4 GHG emission
reduction targets paragraph
34
Indicator number 4
Table #2 of Annex 1
Article 449a Regula-
tion (EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/2453
Template 3: Banking
book – Climate change
transition risk: align-
ment metrics
Delegated Regulation
(EU) 2020/1818, Article
6 Material 72–73
ESRS E1-5 Energy consump-
tion from fossil sources
disaggregated by sources
(only high climate impact
sectors) paragraph 38
Indicator number 5
Table #1 and Indicator
n. 5 Table #2 of Annex 1 Material 70–79
ESRS E1-5 Energy consump-
tion and mix paragraph 37
Indicator number 5
Table #1 of Annex 1 Material 70–79
ESRS E1-6 Gross Scope 1, 2,
3 and Total GHG emissions
paragraph 44
Indicators number 1 and
2 Table #1 of Annex 1
Article 449a; Regula-
tion (EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/2453
Template 1: Banking
book – Climate change
transition risk: Credit
quality of exposures by
sector, emissions and
residual maturity
Delegated Regulation
(EU) 2020/1818, Article
5(1), 6 and 8(1) Material 70–79
ESRS E1-6 Gross GHG emis-
sions intensity
paragraphs 53 to 55
Indicators number 3
Table #1 of Annex
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/2453
Template 3: Banking
book – Climate change
transition risk: align-
ment metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1) Material 70–79
ESRS E1-7 GHG removals
and carbon credits para-
graph 56
Regula-
tion (EU)
2021/1119,
Article 2(1)
Not
material
ESRS E1-9 Exposure of
the benchmark portfolio to
climate-related physical
risks paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex
II Delegated Regula-
tion (EU) 2020/1816,
Annex II
Not
material
ESRS E1-9 Disaggregation
of monetary amounts by
acute and chronic physical
risk paragraph 66 (a) ESRS
E1-9 Location of significant
assets at material physical
risk paragraph 66 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/2453
paragraphs 46 and 47;
Template 5: Banking
book – Climate change
physical risk: Exposures
subject to physical risk.
Not
material
099
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ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS E1-9 Breakdown of
the carrying value of its real
estate assets by energy-
efficiency classes paragraph
67 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation
(EU) 2022/2453 para-
graph 34;Template 2:
Banking book -Climate
change transition risk:
Loans collateralised by
immovable property -
Energy efficiency of the
collateral
Not
material
ESRS E1-9 Degree of
exposure of the portfolio to
climate- related opportuni-
ties paragraph 69
Delegated Regulation
(EU) 2020/1818, Annex
II
Not
material
ESRS E2-4 Amount of each
pollutant listed in Annex II
of the EPRTR Regulation
(European Pollutant Release
and Transfer Register)
emitted to air, water and
soil, para graph 28
“Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1”
Not
material
ESRS E3-1 Water and
marine resources paragraph
9
Indicator number 7
Table #2 of Annex 1
Not
material
ESRS E3-1 Dedicated policy
paragraph 13
Indicator number 8
Table 2 of Annex 1
Not
material
ESRS E3-1 Sustainable
oceans and seas paragraph
14
Indicator number 12
Table #2 of Annex 1
Not
material
ESRS E3-4 Total water
recycled and reused para-
graph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
Not
material
ESRS E3-4 Total water
consumption in m3 per net
revenue on own operations
paragraph 29
Indicator number 6.1
Table #2 of Annex 1
Not
material
ESRS 2- IRO 1 – E4 para-
graph 16 (a) i
Indicator number 7
Table #1 of Annex 1
Not
material
ESRS 2- IRO 1 – E4 para-
graph 16 (b)
Indicator number 10
Table #2 of Annex 1
Not
material
ESRS 2- IRO 1 – E4 para-
graph 16 (c)
Indicator number 14
Table #2 of Annex 1
Not
material
ESRS E4-2 Sustainable land
/ agriculture practices or
policies paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
Not
material
ESRS E4-2 Sustainable
oceans / seas practices or
policies paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
Not
material
ESRS E4-2 Policies to
address deforestation para-
graph 24 (d)
Indicator number 15
Table #2 of Annex 1
Not
material
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Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS E5-5 Non-recycled
waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Not
material
ESRS E5-5 Hazardous waste
and radioactive waste para-
graph 39
Indicator number 9
Table #1 of Annex 1
Not
material
ESRS 2- SBM3 - S1 Risk of
incidents of forced labour
paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
Not
material
ESRS 2- SBM3 - S1 Risk of
incidents of child labour
paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
Not
material
ESRS S1-1 Human rights
policy commitments para-
graph 20
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex I
Not
material
ESRS S1-1 Due diligence
policies on issues addressed
by the fundamental Inter -
national Labor
Organisation Conventions
1 to 8, paragraph 21
Delegated Regulation
(EU) 2020/1816, Annex
II
Not
material
ESRS S1-1 processes and
measures for preventing
trafficking in human beings
paragraph 22
Indicator number 11
Table #3 of Annex I
Not
material
ESRS S1-1 workplace
accident prevention
policy or management
system paragraph 23
Indicator number 1
Table #3 of Annex I Material 89
ESRS S1-3 grievance/
complaints handling mecha-
nisms paragraph 32 (c)
Indicator number 5
Table #3 of Annex I Material 89–91
ESRS S1-14 Number of
fatalities and number
and rate of work-related
accidents paragraph 88 (b)
and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Material 89
ESRS S1-14 Number of days
lost to injuries, accidents,
fatalities or illness paragraph
88 (e)
Indicator number 3
Table #3 of Annex I Material 89
ESRS S1-16 Unadjusted
gender pay gap paragraph
97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Material 90
ESRS S1-16 Excessive CEO
pay ratio paragraph 97 (b)
Indicator number 8
Table #3 of Annex I Material 90
ESRS S1-17 Incidents of
discrimination paragraph
103 (a)
Indicator number 7
Table #3 of Annex I
Not
material
ESRS S1-17 Nonrespect
of UNGPs on Business and
Human Rights and OECD
paragraph 104 (a)
Indicator number 10
Table #1 and Indicator n.
14 Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818 Art
12 (1)
Not
material
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Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
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EU Climate
Law
reference
Material
/ Not
material
Page
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ESRS 2- SBM3 – S2 Signifi-
cant risk of child labour or
forced labour in the value
chain paragraph 11 (b)
Indicators number 12
and n. 13 Table #3 of
Annex I
Not
material
ESRS S2-1 Human rights
policy commitments para-
graph 17
Indicator number 9
Table #3 and Indicator n.
11 Table #1 of Annex 1
Not
material
ESRS S2-1 Policies related
to value chain workers
paragraph 18
Indicator number 11 and
n. 4 Table #3 of Annex 1
Not
material
ESRS S2-1 Nonrespect of
UNGPs on Business and
Human Rights principles and
OECD guidelines paragraph
19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art
12 (1)
Not
material
ESRS S2-1 Due diligence
policies on issues addressed
by the fundamental Inter-
national Labor Organisa-
tion Conventions 1 to 8,
paragraph 19
Delegated Regulation
(EU) 2020/1816, Annex
II
Not
material
ESRS S2-4 Human rights
issues and incidents
connected to its upstream
and downstream value chain
paragraph 36
Indicator number 14
Table #3 of Annex 1
Not
material
ESRS S3-1 Human rights
policy commitments para-
graph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Not
material
ESRS S3-1 nonrespect of
UNGPs on Business and
Human Rights, ILO princi-
ples or and OECD guidelines
paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art
12 (1)
Not
material
ESRS S3-4 Human rights
issues and incidents para-
graph 36
Indicator number 14
Table #3 of Annex 1
Not
material
ESRS S4-1 Policies related
to consumers and endusers
paragraph 16
Indicator number 9
Table #3 and Indicator
number 11 Table #1 of
Annex 1
Not
material
ESRS S4-1 Non-respect of
UNGPs on Business and
Human Rights and OECD
guidelines paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II Delegated Regulation
(EU) 2020/1818, Art
12 (1)
Not
material
ESRS S4-4 Human rights
issues and incidents para-
graph 35
Indicator number 14
Table #3 of Annex 1
Not
material
ESRS G1-1 United Nations
Convention against Corrup-
tion paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1 Material 95
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Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
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EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS G1-1 Protection
of whistleblowers
paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1 Material 95
ESRS G1-4 Fines for viola-
tion of anti-corruption and
anti-bribery laws paragraph
24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex
II) Material 95
ESRS G1-4 Standards of
anti- corruption and anti-
bribery paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1 Material 95
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Elanders Annual and Sustainability Report 2025
Elanders divides risks into business risks (customer concentration,
operational risk, risks in operating expenses, contracts and disputes
and employees), financial risks (currency, interest, financing/
liquidity and credit risk) as well as circumstantial risks (business
cycle sensitivity, wars and conflicts, pandemics and increased
demands in a changing world). For more information regarding the
financial risks, please see note 23 in the consolidated financial
statements.
Business risk
Elanders encounters risks in operations daily, and normally these are
within the Group’s control. Group Management’s close collaboration
with the different group operations is a key factor in controlling
these risks.
Circumstantial risk
The external factors that have and may have the greatest impact on
Elanders operations are the global economy, war and conflicts,
pandemics and the increasing demands in a changing world. Since
these factors are outside of Elanders’ control the Group continuous-
ly work to adjust operations to meet the new conditions.
Essential
risks and
unceainty
factors
Elanders operates in many different customer segments and geo-
graphical areas. A general economic downturn on a global scale or in
one of the world’s leading economies can reduce the demand for the
Group’s offers and services.
104 Risks and uncertainty factorsBoard of Directors’ report
Business risk
Essential risks and uncertainty factors
Customer concentration
The Group’s major customers are primarily active in the
manufacturing industry and agreements with these
customers normally run over two or three years.
Elanders’ ten largest customers represented 38 (41)
percent of the total net sales in 2025. Elanders has one
customer whose sales exceed 10 percent of the Group’s
net sales. In 2025, sales to the Group’s largest customer
amounted to 12 (15) percent while sales to the next
largest customer amounted to 8 (9) percent of the total
net sales. Sales to these customers are made to several
of their divisions, on several continents and is based on
multiple stand-alone agreements.
Operational risk
Elanders is dependent on IT-systems for production,
logistics and sales. Disruptions or cyberattacks on the
systems can mean disturbances and have a negative
impact on the Group’s reputation, profitability and
financial position. Otherwise, the risk that the Group will
suffer a major stop in production is relatively small.
There are no considerable interdependencies neither
between the units within the respective business area
nor between the business areas. There are only a few
cases where there are no alternative suppliers of critical
input goods.
Risks in operating expenses
Elanders’ main operating costs are cost for goods for
resale and other production material MSEK 1,848
(2,670), personnel costs MSEK 4,158 (4,369) and freight
costs MSEK 1,714 (2,164). These accounted for 66 (68)
percent of total operating costs in 2025.
Contracts and disputes
In business, daily operations can give rise to disputes.
Employees
Elanders needs access to competent and committed
employees. Competition in the labor market is fierce,
and there are high demands on the companies’ ability to
attract, develop and retain competence as well as to
ensure the availability of good leaders in order to
achieve the Group’s operational and strategic goals. To
live up to today’s expectations from employees requires
a strong focus on areas such as leadership, opportuni-
ties for influence, work environment, sustainability,
human rights and company culture.
What Elanders does
Customer concentration
Elanders’ strategy is not only to be a supplier to the
larger customers but to be a strategic partner who builds
the basis for long-term business relations. Elanders has
worked together with several of the Group’s largest
customers for many years.
Operational risk
Elanders works to identify and prevent risks that can
lead to disturbances in production. The work involves
regular controls of the production sites where identified
areas of improvement are addressed with action plans.
The Group has business interruption insurance that
covers the loss of margins for up to twelve months.
Elanders also works continuously to ensure processes
for monitoring and control regarding IT security in order
to respond to increased threats to cyber security.
Risks in operating expenses
Elanders sees no direct risk that these costs will increase
in the near future to such a degree that it would have a
significant effect on group results. Elanders also has the
possibility to within some agreements pass on increased
costs to the customer.
Contracts and disputes
Elanders is not aware of any dispute that could have a
significant effect on the Group’s financial position. The
Group’s insurance program contains global liability
insurance that covers general liability, product liability,
crime fidelity, business interruption and limited
protection against environmental damage. The Group
also has liability insurance for members of the Board
and senior officers.
Employees
Elanders works to be an attractive employer. The Group
strives to offer a modern, stimulating and safe working
environment. This is done through good leadership
characterized by transparency and respect for each
other. Elanders also strives to be at the forefront
regarding issues relating to environmental and social
sustainability, as an important factor to attract the new
generation of employees.
Elanders Annual and Sustainability Report 2025
105
Circumstantial risk
Essential risks and uncertainty factors
Business cycle sensitivity
The most tangible business cycle sensitivity is in Group
operations that supply customers in the manufacturing
industry, particularly in automotive and consumer
electronics. Sales to customers in foods, cosmetics,
medical devices, pharmaceuticals and the public sector
as well as to consumers are less affected by the general
economic situation.
Wars and conflicts
Wars, conflicts and other geopolitical unrest can have a
large effect on the world around us. When it occurs in
areas the Group or its customers and suppliers operate
in, it also has a direct impact on Elanders’ operations.
There are several ongoing wars and conflicts, and
there is considerable uncertainty in the world around us.
It is difficult to predict the exact impact going forward.
Increased scope of new or existing conflicts could have
a significant impact on the Group’s operations.
Pandemics
Global outbreaks of pandemics, such as the COVID-19
pandemic, can bring widespread disruptions locally as
well as globally. If COVID-19 were to surge again or if a
new pandemic occur, there is a risk that the Group’s
operations will be negatively affected as demand for the
Group’s services and products may decrease. Possible
crisis measures and infection control restrictions
implemented in different countries could also affect the
Group’s operations.
Increased demands in a changing world
Climate change carries a range of risks. The public
expects to see an accelerations of climate transition as
well as adaptations to minimize negative effects. The
need for drastically reduced emissions and transparency
of companies’ negative impact on the environment is
driving new regulations in regions where Elanders
operates. Customers may demand new types of logistics
solutions. Increased demands to quickly adapt to new
technologies create increased needs for investments
and financial resources to carry out shifts and phase out
old technology.
What Elanders does
Business cycle sensitivity
The Group work consciously to reduce the negative
influence of business cycles by increasing sales to
customers in less sensitive trades and customer groups
as well as by increasing the geographic spread of sales.
The expansions in supply chain management rarely
involve significant investments in fixed assets and lease
agreements are signed to match the customer contracts.
A large part of the running costs in new projects are
variable and can be adjusted in case of volume changes.
Wars and conflicts
The political unrest in general also affects the Group in
the long term in how and where Elanders choose to do
business. The Group currently has no operations in
conflict-affected areas.
It cannot be ruled out that Elanders may be
exposed to trade sanctions, such as tariffs, because of
the geopolitical situation. Elanders actively follows the
global development and the ongoing debate on
escalating trade conflicts, and is working with measures
for possible scenarios that may arise.
Pandemics
In the event of a pandemic, Elanders’ main priority is to
protect the employees and their surroundings to the
highest extent possible against the spread of infection.
Measures will be taken to ensure that guidelines and
recommendations of national authorities are followed.
To soften any effects of lower demand, a close dialogue
with customers and other partners is of utmost
importance. To a certain extent Elanders can adapt
operations to changes in demand through furloughs,
fewer temps and by implementing cost savings.
Increased demands in a changing world
Elanders is part of the development and maintains a
continuous dialogue with customers and other
stakeholders. Possibilities to fully switch to fossil-free
energy and incorporate new technology solutions are
continuously evaluated.
Generated positive cash flows going forward create
the conditions needed for investment in new technolo-
gy. Should additional funding be required, discussion will
be held with shareholders or other external financiers.
106 Risks and uncertainty factorsBoard of Directors’ report
The role of corporate governance in Elanders is to create a good
foundation for active and responsible ownership, a suitable distri-
bution of responsibility between the different company bodies as well
as good communication with all of the company’s interested parties.
Swedish Code of Corporate Governance
Elanders follows the Swedish Code of Corporate Governance
(“the Code”) and this Corporate Governance Report has been
prepared in accordance with the Code and the Swedish Annual
Accounts Act. Elanders have also provided information on the
company’s website in line with the Code requirements. The Code
is available at the website of the Swedish Corporate Governance
Board, www.corporategovernanceboard.se.
Corporate governance in Elanders — a brief overview
Corporate governance in Elanders is based on legal requirements
(primarily the Companies Act), accounting regulations, the articles of
association, NASDAQ OMX Stockholm’s issuer rules, internal
regulations, policies, and the Code.
The Elanders Group’s corporate governance, management and
control are shared by the shareholders at the Annual General
Meeting, the Board of Directors, and the Chief Executive Officer in
accordance with the Companies Act, the articles of association as
well as the Group Management. Shareholders appoint the
company’s nomination committee, Board and external auditors at
the Annual General Meeting.
Shareholders
On 31 December 2025, there were 5,225 (4,939) known share-
holders. The foreign ownership in Elanders was 8 (7) percent of the
shares and 6 (5) percent of the votes.
The only direct or indirect shareholding exceeding a tenth of the
votes in the company per 31 December 2025 was Carl Bennet AB
with 66 (66) percent. No shares are owned by personnel through
pension foundations or the like.
Annual General Meeting
Shareholders execute their influence at the Annual General Meeting,
the company’s highest decision-making body. All shareholders in the
share register that have declared their intention to participate in the
Annual General Meeting within the stated time limit have the right to
participate in the Meeting. Shareholders that cannot participate in
person can elect a representative. At the Annual General Meeting a
Class A share represents ten votes and a Class B share represents
one vote. Class A shares and Class B shares have the same right to a
share of company assets and profit. At the Annual General Meeting
each person with voting rights is entitled to vote for their entire
holding or represented holding without restrictions. Elanders’ Class
A shares are included in pre-emption as stated in the articles of
association.
The Annual General Meeting decides on changes in the
articles of association, chooses a Chairman, the Board and
This Corporate governance report, a part of the Board of Directors’ report in
the Annual Report, describes Elanders’ corporate governance, which comprise
the management and the administration of the company operations as well as
internal control over both financial and sustainability reporting.
Corporate
governance
repo
Corporate governance
Group Management
Chief Executive Officer
Annual General
Meeting
Remuneration
committee
Audit committeeBoard of Directors
External auditors
Nomination
committee
Shareholders
Elanders Annual and Sustainability Report 2025
107
The Board of Directors and its work in 2025
The Board is elected by the Annual General Meeting and proposed
by the nomination committee. The Board is ultimately responsible
for the management of the company, monitoring the work of the
Chief Executive Officer, and continuously following developments in
operations as well as the reliability of the company’s internal control.
The Board also decides on significant changes in the organization,
investments and divestitures, sustainability, adopts strategies and
goals, and approves the budget and annual accounts. The Board is
ultimately responsible for ensuring that the Group has adequate
systems for internal control, that the accounts are prepared, and
that they are reliable when published. The Group and its manage-
ment have several methods to control the risks connected to
operations. The Board supports Group Management by continually
monitoring and identifying business risks in a structured manner as
well as steering the work in the Group in how it handles the most
significant risks. The Board shall also identify how sustainability
affect the company’s impacts, risks and business opportunities. At
each Board meeting, the Chief Executive Officer, Chief Financial
Officer or the Group’s sustainability Manager reports on the
governance, outcome and effectiveness of the sustainability work.
In conclusion this constitutes the Board’s responsibility for
corporate governance, which is regulated in the Board’s work plan.
Elanders Board members are evaluated and appointed based
on the company’s business, development phase and other relevant
circumstances. The diversity of education, knowledge, and
experience as well as age and gender represented in the Board is
also taken into account. When considering the election and
re-election of Board members these factors have been used to make
the Board as diverse and efficient as possible.
In accordance with Elanders’ articles of association the Board of
Directors should consist of at least three and no more than ten
members with a maximum of two deputies. During the year the
Board consisted of nine members without deputies: Dan Frohm
(Chairman), Carl Bennet (Vice Chairman), Ulrika Dellby, Eva
Elmstedt, Erik Gabrielson, Anna Hallberg, Anne Lenerius, Magnus
Nilsson and Johan Trouvé. In addition, employees were represented
by Martin Schubach and Irene Planting with Johan Lidbrink as
deputy. All the members of the Board elected by the Annual General
Meeting have an independent relationship to the company except
Magnus Nilsson. Ulrika Dellby, Eva Elmstedt, Anna Hallberg, Anne
Lenerius and Johan Trouvé are independent in relationship to the
company’s largest owner. Carl Bennet is dependent with regards to
the shareholder Carl Bennet AB where he is Chairman of the Board
external auditors, adopts the annual accounts, decides on
dividends, if any, and any other disposition of the result as well as
discharges the Board from liability. Furthermore, the Annual
General Meeting decides on guidelines for salaries and other
remuneration for leading senior officers, any new share issue, and
the manner in which the nomination committee is to be elected.
Any shareholder with a matter they would like the Annual General
Meeting to deal with should present their proposal to the
Chairman of the Board or present any nomination proposal to the
nomination committee. Minutes from Elanders’ Annual General
Meetings can be downloaded from www.elanders.com under
Corporate Governance.
Annual General Meeting 2026
The next Annual General Meeting for shareholders in Elanders will
be held on Thursday April 23, 2026. More information will be
published in connection with the notice convening of the Annual
General Meeting and will also be published on www.elanders.com.
Nomination committee
The nomination committee prepares proposals for the Annual
General Meeting concerning the election of, and remuneration to,
the Chairman of the Board, Board members, committee members,
and external auditors, the latter having been proposed by the audit
committee. The nomination committee meets as needed and at least
once a year. The nomination committee met twice last year and
discussed the work of the Board, the independence of Board
members, Board members’ evaluation of the work of the Board, the
work of the committees, the audit and the composition of the
nomination committee. This year the committee has consisted of
Carl Bennet, Chairman (Carl Bennet AB), Dan Frohm (Chairman of
the Board), Anders Oscarsson (Svolder AB), Jannis Kitsakis (Fjärde
AP-fonden) and Viktor Henriksson (Carnegie Funds). The sharehold-
er with the largest number of votes has been elected as the
chairman of the nomination committee since he ought to have a
decisive influence on the composition of the nomination committee,
because he has a majority of the votes at the Annual General
Meeting. No remuneration has been paid to the nomination
committee. The members’ contact information is found on page 195
in the Annual Report and on www.elanders.com under Corporate
Governance.
Annual General Meeting 2025
The Annual General Meeting on April 23 2025
decided:
— to adopt the Annual Report for 2024,
— to distribute a dividend of SEK 4.15 per share
for the financial year of 2024,
— to discharge the members of the Board of
Directors and the Chief Executive Officer
from liability for 2024,
— to grant according to a proposal in the
summons the Board and committee
remuneration for a total of SEK 4,693,800
to be divided within the Board,
— to appoint the following Board Members:
Carl Bennet (re-elected), Ulrika Dellby
(re-elected), Eva Elmstedt (re-elected),
Dan Frohm (re-elected), Erik Gabrielson
(re-elected), Anna Hallberg (re-elected),
Anne Lenerius (re-elected), Magnus
Nilsson (CEO) (re-elected), Johan Trouvé
(re-elected)
— to appoint Dan Frohm Chairman of the Board,
— to elect Ernst & Young AB as company auditors
until the Annual General Meeting 2026,
— that the Nomination Committee prior to
the next Annual General Meeting shall
be formed and fulfill tasks in accordance
with the proposal in the notice, and
— to approve the remuneration report
submitted by the Board regarding
remuneration to leading senior officers.
108 Corporate governance reportBoard of Directors’ report
and owner. Dan Frohm and Erik Gabrielson are also dependent in
relation to Carl Bennet AB where Dan Frohm and Erik Gabrielson are
members of the Board.
The Board consists of 44 percent women and 56 percent men.
The age of the company’s board members varies between 44 and 74
years. The members have different educational backgrounds in
everything from finance, sustainability, economics and law to
graphic technology and computer science. The company’s board
members also have professional experience from a variety of
industries. A description of the members of the Board of Directors
and their respective backgrounds and competencies can be found in
the section "Board of Directors" on pages 190–193.
The Board has produced and adopted a work plan that
regulates the division of responsibility between the Board, its
Chairman and the Chief Executive Officer. It also includes a general
meeting plan and instructions on financial and sustainability reports
as well as the other matters that must be put before the Board. The
work plan is revised once a year or as needed.
The Board has seven ordinary meetings per year; four of them
in conjunction with the year-end report and quarterly reports, one
meeting dedicated to strategic matters, one meeting to adopt the
coming year’s budget and one constitutional meeting following the
Annual General Meeting. In addition, the Board is called to further
meetings as needed. The Group’s external auditors participate in the
meeting that deals with the report for the first nine months of the
year as well as the meeting regarding the year-end report to inform
the Board in its entirety about the result of their audit.
The Board followed the meeting plan for the year. The Board
also met on two occasion relating to other topics.
At the constitutional meeting of the Board, the work plan and
instructions for the Chief Executive Officer are reviewed and the
customary decisions concerning authorized signatories are taken. In
addition, the work plans for the remuneration and audit committees
are adopted and their members appointed. At the constitutional
meeting of the Board after the Annual General Meeting 2025, Carl
Bennet was made Vice Chairman. The Board in its entirety was
authorized to sign for the company or one of the Chairman of the
Board and the Chief Executive Officer, respectively. At the meeting
concerning the year-end report, the Board met the auditors without
the presence of the Chief Executive Officer or any other member
from Group Management.
The Board travels as often as possible to visit and hold its
meetings in one of the Group’s subsidiaries. The Board members’
remuneration and presence are presented in detail in the table
below.
Further information about the Board and the members can be
found on pages 190–193.
The Chairman of the Board
The Chairman leads and organizes the Board and is responsible for
making sure the Board meets its responsibilities and that the
members receive the information necessary to ensure the work
done by the Board is of high quality and performed according to
legal stipulations and the contract with the stock exchange. The
Chairman of the Board must also make sure that during the year an
evaluation of the Board’s work is carried out and that the nomina-
tion committee is informed of the results. The evaluation is carried
out annually in the form of a questionnaire and encompasses the
Board’s composition, remuneration, materials, administration, work
methods, meeting content, reports from the committees, and
education. In addition, the Chairman of the Board represents the
Members of the Board, remuneration, attendance, etc.
Member
Board,
attendance
(number of
meetings)
Remu neration
Committee,
attendance
(number of
meetings)
Audit
Committee,
attendance
(number of
meetings)
Total
atten dance, %
Rem uneration
Board +
Committee
work,
SEK ’000s
Share -
holding
1)
Independent
2)
Members chosen by the AGM
Dan Frohm, Chairman 9 (9) 1 (1) Not member 100 882 + 92 38,771 B No, owner
Carl Bennet, Vice Chairman 9 (9) 1 (1) Not member 100 441 + 46
1,814,813 A
15,903,596 B No, owner
Ulrika Dellby 8 (9) Not member 3 (4) 89 441 + 90 10,000 B Yes
Eva Elmstedt 9 (9) Not member 4 (4) 100 441 + 180 15,000 B Yes
Erik Gabrielson 9 (9) 1 (1) Not member 100 441 + 46 — No, owner
Anna Hallberg 9 (9) Not member 4 (4) 100 441 + 90 9,000 B Yes
Anne Lenerius 8 (9) Not member 3 (4) 89 441 + 90 6,892 B Yes
Magnus Nilsson, CEO 9 (9) Not member Not member 100 Employee 129,577 B No, company
Johan Trouvé 9 (9) Not member 4 (4) 100 441 + 90 2,000 B Yes
Employee representatives
Irene Planting 9 (9) Not member Not member 100 Employee 94 B No, company
Martin Schubach 8 (9) Not member Not member 78 Employee 1,000 B No, company
Johan Lidbrink 7 (9) Not member Not member 89 Employee — No, company
Total 96 4,694
1)
Shareholding as of December 31, 2025. The number of shares is only stated for the people who were in the Board of Directors at this time.
2)
The percentage of independent board members in relation to the company amounts to 89 percent.
Elanders Annual and Sustainability Report 2025
109
operations. All the managing directors in the Group’s subsidiaries
receive written instructions. These instructions contain guidelines
the managing director must observe in the running of operations.
Group Management
The President and Chief Executive Officer lead the work performed
by Group Management and make decisions in consultation with
members of Group Management. Group Management is responsible
for day-to-day financial and commercial management and follow-up
in the Group. It also strives to continually achieve synergies, identify
acquisitions and structural opportunities as well as to adapt group
operations to market demands and short and long-term develop-
ments. Group Management makes sure that the competence and
capacity of the Group is coordinated and adjusted to be as useful
and profitable as possible in the short and long term. Group
Management meets on a quarterly basis, often in conjunction with a
visit to a unit within the Group. At the end of December 2025,
Elanders’ Group Management consists of:
— Magnus Nilsson, President and Group CEO
— Åsa Vilsson, Group CFO
— Florian Beck, responsible for Supply Chain Solutions (LGI)
— Charles Ickes, Group COO and responsible for Supply Chain
Solutions (Bergen Logistics)
— Simon Sim, responsible for Supply Chain Solutions (Mentor
Media)
— Tim Bloch, responsible for Supply Chain Solutions (Kammac &
Bishopsgate)
— Sven Burkhard, responsible for Print & Packaging Solutions
The Group Management consists of 14 percent women and 86
percent men. The age of the members varies between 40 and 61
years. They have a large geographical spread and represent all of
the Group’s business areas and customer segments. A description of
the members of Group Management and their respective back-
grounds can be found in the section “Group Management” on the
pages 194–195.
The Board’s report on internal control over financial reporting
The purpose of internal control over financial reporting is to ensure
that it is reliable and that the financial reports follow generally
accepted accounting principles and otherwise follow applicable laws
and regulations concerning listed companies. According to the
Swedish Companies Act and the Code of Corporate Governance the
Board is ultimately responsible for an effective, functioning internal
control in the Group. Internal control is based on the framework for
internal control published by COSO (Committee of Sponsoring
Organizations of the Treadway Commission) and which comprises
the control environment, risk assessment, control activities,
information, communication as well as follow-up. The Chief Executive
Officer is responsible for an organization and processes that ensure
the quality of financial reports to the Board and the market.
— Control environment
The control environment at Elanders is characterized by the
proximity between Group Management and the operating units. All
members in Group Management, except the Chief Executive Officer
and the Chief Financial Officer, are also MDs in one or more of the
larger operative units in the Group. The framework for internal
control over financial reporting in Elanders consists of routines and
distribution of responsibility that are clearly communicated in
company in ownership matters and communicates viewpoints from
the owners to the Board. The Chairman of the Board is elected by
the Annual General Meeting. Dan Frohm has been a board member
of Elanders AB since 2017 and was elected Chairman of the Board at
the Annual General Meeting in 2022.
Remuneration committee
The remuneration committee is composed of Board members with
the highest competence in this field. It deals with matters concern-
ing remuneration to the Chief Executive Officer and officers that
report directly to him. Decisions concerning remuneration to other
employees in manage ment positions in the Group are made by each
individual’s closest superior in consultation with their closest
superior, also known as the “grandfather principle”. During the year,
the remuneration committee held one meeting during which they
adopted their work plan and prepared a proposal for remuneration.
The remuneration committee consists of Dan Frohm, Chairman, Carl
Bennet and Erik Gabrielson. The guidelines for remuneration to
senior officers adopted at the Annual General Meeting 2022 can be
found in note 5 in the consolidated financial statements and on the
company’s website, www.elanders.com under Corporate Govern-
ance. The guidelines for remuneration to senior officers can also be
found on pages 57–58 in this Annual Report. The company has not
issued, and will not issue, any share-based payment obligation, or
any similar incitement programs.
Audit committee
The audit committee is appointed from within the Board based on
members’ experience of, and expertise in financial reporting,
sustainability reporting, accounting, and internal control. The
committee follows a work plan adopted by the Board. Its primary
task is monitoring internal control, procedures for financial reporting
sustainability reporting, compliance with related laws and
regulations as well as the external audit in the Group. The committee
also evaluates the external auditors’ qualifications and independ-
ence. The audit committee reports their observations on a regular
basis to the Board and provides, as needed, external auditor
candidates to the nomination committee.
The committee meets at least four times a year and as needed.
The external auditors normally participate in committee meetings.
The committee met four times in 2025. The auditors reported on the
audit of the nine-month report, and the year-end report, the
company’s situation with the Code of Corporate Governance and
internal control were discussed. The members of the audit
committee were Eva Elmstedt, Chairman, Ulrika Dellby, Anna
Hallberg, Anne Lenerius and Johan Trouvé.
Chief Executive Officer
The Chief Executive Officer is the President of the Group, a member
of the Board, and leads the Group’s operations. The Chief Executive
Officer’s work is steered by the Companies Act, other laws and regu-
lations, current laws for listed companies including the Code, the
articles of association, and the framework established by the Board
in, among other things, the CEO instruction. The Chief Executive
Officer is authorized to sign for Elanders AB, as well as sign for all
significant subsidiaries. The Chief Executive Officer is responsible
for providing the Board with continual reports on group results and
financial position, sustainability as well as the information the Board
needs to make qualified decisions. The Chief Executive Officer also
keeps the Chairman of the Board apprised of developments in
110 Corporate governance reportBoard of Directors’ report
internal policies and different kinds of manuals. The Board has
adopted a work plan that regulates the Board’s responsibility and
the manner in which work is done in committees. The Board also has
an audit committee that is responsible for ensuring that established
principles in financial reporting, sustainability reporting and internal
control are complied with and developed. It also maintains regular
contact with the external auditors. In order to maintain an effective
control environment and good internal control the Board has
delegated the practical responsibility to the Chief Executive Officer
and established a CEO instruction which defines the division of
responsibility between the Board and the Chief Executive Officer.
Elanders has an internal control function which reports to the CEO
and the CFO. The internal control function performs audits of the
entities within the Group. The procedures and processes in the
entities are evaluated and testing performed regarding the entities’
internal controls.
— Risk assessment
The Board of Directors is responsible for identifying and managing
material risks and risks of error in the financial and sustainability
reporting. This includes identifying areas in financial reporting
where the risk of making a crucial mistake is higher as well as
developing control systems to prevent and discover these faults.
This is primarily done by identifying situations in operations and
events in the outside world that could affect both the company’s
impact, risks and business opportunities.
— Control procedures
The aim of the control procedures is to ensure that financial
reporting and the sustainability report are correct and complete and
that it is based on the Group’s requirements for internal control over
financial reporting. Control procedures consist of general and
detailed controls and can be both preventive and detective. For
instance, the Board continuously follows developments in the
operations through monthly reports containing detailed financial and
sustainability information as well as the Chief Executive Officer’s
comments on operations and result and financial position. Repre-
sentatives from Group Finance or Group Internal Control regularly
visit the entities within the Group and evaluate internal control and
financial reporting. The MD in each subsidiary is responsible for
making sure group governance regulations are implemented and
followed and that any deviations are reported. Companies in the
Elanders Group also make an annual self-assessment of how internal
control functions in relation to the Group’s goals.
Data is collected, for Elanders’ sustainability report, on a regular
basis during the financial year. The experience is that reporting large
amounts of data primarily entails a risk of incorrect data being
reported. Therefore, quality assurance of data is carried out by the
Group’s finance and sustainability resources, before outcomes are
reported internally and externally. Preventive management of
reporting errors is done through dialogue within the Group’s Sustain-
ability Council, as well as through regular updates of the Group’s
written reporting instructions to the subsidiaries. In addition to the
internal control of sustainability reporting, a general review is also
carried out by the Group’s auditors. The risks, processes and
outcomes of sustainability reporting are regularly reported to the
Board of Directors and its committees. As sustainability reporting
develops, risk assessment for misstatements will also be developed.
— Information and communication
In order to make Elanders employees aware of the Group’s policies
and manuals, the information is communicated yearly, and when
changes are made, to all affected employees within the Group. To
ensure that information communicated externally is correct and
complete, the Board has adopted an Information Policy that dictates
what should be communicated, by whom and how the information
should be released.
— Follow-up
The Board follow-up of the internal control over financial reporting
is first and foremost handled by the audit committee. The observa-
tions and potential areas of improvement in internal control that
have been identified in the external audit are processed by the audit
committee together with the external auditors and the Chief
Financial Officer. The results from the audits performed by Group
Internal Control and the annual self-assessment of internal control in
the entities within the Group is reported to the audit committee and
the external auditors.
External audit
The Annual General Meeting 2025 chose the accounting firm Ernst &
Young AB as the company’s auditor until the next Annual General
Meeting. The Auditor in charge is the authorized public accountant
Andreas Mast. Once a year, the auditors meet the Board in its
entirety without the Chief Executive Officer or any other member of
Group Management present, normally at the meeting that deals with
the year-end report. The auditors also participate in the Board
meeting dealing with the report for the first nine months of the year.
Elanders Annual and Sustainability Report 2025
111
Financial reports of the Group
— Income statements
— Statements of comprehensive income
— Statements of cash flow
— Statements of financial position
— Statements of changes in equity
Notes to the financial reports of the Group Note
— Accounting principles
— Segment reporting
— Disaggregation of revenue
— Other operating income and other operating
expenses
— Personnel
— Fees to the auditors
— Costs classified by nature
— Financial income and expenses
— Taxes
— Earnings per share
— Supplementary information to cash flow
statements
— Intangible assets and goodwill
— Tangible assets
— Right-of-use assets
— Financial assets
— Inventory
— Accounts receivable
— Prepaid expenses and accrued income
— Cash and cash equivalents
— Share capital
— Financial liabilities
— Net debt
— Financial risk management
— Provisions for post-employment benefits
— Other provisions
— Accrued expenses and deferred income
— Pledged assets and contingent liabilities
— Transactions with related parties
— Acquired and divested operations
— Events after the balance sheet date
Financial reports of the parent company
— Income statements
— Statements of comprehensive income
— Cash flow statements
— Balance sheets
— Statements of changes in equity
Notes to the financial reports of
the parent company Note
— Accounting principles
— Fees to the auditors
— Other operating income and other operating
expenses
— Personnel
— Result from financial items
— Taxes
— Transactions with related parties
— Proposed appropriation of profits
— Shares in subsidiaries
— Intangible assets
— Tangible fixed assets
— Provisions for post-empolyment benefits
— Accrued expenses and deferred income
— Liabilities to credit institutions
— Pledged assets and contingent liabilities
— Supplementary information to the statements
of cash flow
112
Group
Parent company
Proposed appropriation of profits
Financial
repos and
notes
A detailed table of contents for the Group’s and the parent
company’s financial reports and notes can be found on the page
on the left.
Elanders Annual and Sustainability Report 2025
113
114 Financial reports and notes Group
| Statements of comprehensive income | ||
MSEK | 2025 | 2024 |
Result for the year | – | |
| Items that will not be reclassified to the income statement | ||
Actuarial gains/losses on defined benefit pensions plans | – | |
Tax effect on actuarial gains/losses on defined benefit pensions plans | – | |
| Items that will be reclassified to the income statement | ||
Translation differences | – | |
Change in fair value of the hedge of the net investment abroad | – | |
Tax effect on the change in fair value of the hedge of net investments abroad | – | |
Other comprehensive income | – | |
Total comprehensive income for the year | – | |
Total comprehensive income attributable to — parent company shareholders | – | |
— non-controlling interests |
Income statements
MSEK | Note | 2025 | 2024 |
Net sales | 2, 3 | ||
Cost of products and services sold | – | – | |
Gross profit | |||
Selling expenses | – | – | |
Administrative expenses | – | – | |
Other operating income | 4 | ||
Other operating expenses | 4 | – | – |
Operating result | 5, 6, 7, 28 | ||
Financial income | 8 | ||
Financial expenses | 8 | – | – |
Result before tax | – | ||
Taxes | 9 | – | – |
Result for the year | – | ||
Result for the year attributable to — parent company shareholders | – | ||
— non-controlling interests | |||
Earning per share, SEK 1) | 10 | – |
1)
There have been no dilution effects.
115Elanders Annual and Sustainability Report 2025
Statements of cash flow
MSEK Note | 2025 | 2024 | |
| Operating activities | |||
Result before tax | – | ||
Adjustments for items not included in cash flow | 11 | ||
Paid taxes | 9 | – | – |
Cash flow from operating activities before changes in working capital | |||
| Cash flow from changes in working capital | |||
Increase (–)/decrease (+) in inventory | – | – | |
Increase (–)/decrease (+) in operating receivables | – | – | |
Increase (+)/decrease (–) in operating payables | |||
Cash flow from operating activities | |||
| Investing activities | |||
Investments in intangible and tangible assets | 12, 13 | – | – |
Divestment of tangible assets | 13 | ||
Acquired operations | 29 | – | – |
Change in long-term receivables | – | – | |
Cash flow from investing activities | – | – | |
| Financing activities | |||
Amortization of borrowing debts | 21, 22 | – | – |
Amortization of lease liabilities | 21, 22 | – | – |
New loans | 21, 22 | ||
Other changes in interest-bearing liabilities | 11, 21, 22 | ||
Dividend to shareholders | – | – | |
Cash flow from financing activities | – | – | |
Cash flow for the year | – | – | |
Cash and cash equivalents at the beginning of the year | |||
Translation difference in cash and cash equivalents | – | ||
Cash and cash equivalents at year-end | 19 |
116 Financial reports and notes Group
Statements of financial position
MSEK | Note | 2025 | 2024 |
| Assets | |||
| Fixed assets | |||
Intangible assets | 12 | ||
Tangible assets | 13, 27 | ||
Right-of-use assets | 14 | ||
Deferred tax assets | 9 | ||
Other financial assets | 15 | ||
Total fixed assets | |||
| Current assets | |||
Inventory | 16 | ||
Accounts receivable | 15, 17 | ||
Current tax receivables | 9 | ||
Other receivables | 15 | ||
Prepaid expenses and accrued income | 18 | ||
Cash and cash equivalents | 15, 19, 22 | ||
Total current assets | |||
Total assets |
117Elanders Annual and Sustainability Report 2025
| Statements of financial position (cont.) | |||
MSEK | Note | 2025 | 2024 |
| Equity and liabilities | |||
| Equity | |||
Share capital | |||
Other contributed capital | |||
Other reserves | |||
Retained earnings | |||
Equity attributable to parent company shareholders | 20 | ||
Equity attributable to non-controlling interests | |||
Total Equity | |||
| Liabilities | |||
| Long-term liabilities | |||
Lease liabilities | 21 | ||
Other interest-bearing liabilities | 21, 22, 27 | ||
Provisions for post-employment benefits | 22, 24 | ||
Other provisions | 25 | ||
Deferred tax liabilities | 9 | ||
Total long-term liabilities | |||
| Short-term liabilities | |||
Lease liabilities | 21 | ||
Other interest-bearing liabilities | 21, 22, 27 | ||
Accounts payable | 21 | ||
Current tax liabilities | 9 | ||
Other liabilities | |||
Accrued expenses and deferred income | 26 | ||
Other provisions | 25 | ||
Total short-term liabilities | |||
Total equity and liabilities |
118 Financial reports and notes Group
| Statements of changes in equity | |||||||
| Equity attributable to parent company shareholders | Equity | ||||||
| Other | of non- | ||||||
| Share | contributed | Other | Retained | controlling | Total | ||
MSEK | capital | capital | reserves 1) | earnings | Total | interest | equity |
Opening balance as of 1 Jan. 2024 | |||||||
Result for the year | |||||||
Other comprehensive income | – | ||||||
Total comprehensive income for the year | |||||||
| Change in fair value of put and call option to acquire | |||||||
non-controlling interest | |||||||
Dividend to parent company shareholders | – | – | – | – | |||
Closing balance as of 31 Dec. 2024 | |||||||
Result for the year | – | – | – | ||||
Other comprehensive income | – | – | – | ||||
Total comprehensive income for the year | – | – | – | – | |||
| Change in fair value of put and call option to acquire | |||||||
non-controlling interest | – | – | – | ||||
Dividend to parent company shareholders | – | – | – | – | |||
Closing balance as of 31 Dec. 2025 |
1)
Other reserves pertain hedges of net investments and translation differences.
119Elanders Annual and Sustainability Report 2025
limited company registered in Sweden .
istered in Mölndal . Elanders is listed on NASDAQ OMX Stockholm,
Mid Cap. The company’s primary business and its subsidiaries are
described in the Board of Directors’ Report in this Annual Report.
120 Financial reports and notes Group
| Reporting by segment | ||||
| Supply Chain | Print & Packaging | |||
| Solutions | Solutions | |||
MSEK | 2025 | 2024 | 2025 | 2024 |
Net sales | 9,737 | 11,475 | 2,585 | 2,803 |
Operating expenses | –9,329 | –10,808 | –2,491 | –2,625 |
Operating result | 408 | 667 | 94 | 179 |
Net financial items | — | — | — | — |
Result before tax | 408 | 667 | 94 | 179 |
Investments | 272 | 453 | 114 | 141 |
Depreciation and amortization | –1,177 | –1,226 | –168 | –184 |
Goodwill | 3,268 | 3,629 | 1,374 | 1,458 |
Trademarks with indefinite useful life | 729 | 816 | — | — |
NOTE 1 — Accounting principles (cont.)
Important estimations and assessments | Note | |
Valuation of tax loss carry forwards | 9 | Taxes |
Impairment test of goodwill and other intangible assets | 12 | Intangible assets |
Measurement of lease liabilities and right-of-use assets | 14 | Right-of-use assets |
Assessments made when calculating fair value | 15 | Financial assets |
Assessments made when calculating fair value | 21 | Financial liabilities |
Assumptions made in determining the existence and amount of provisions | 25 | Other provisions |
Assessments made when acquiring subsidiaries | 29 | Acquired and divested operations |
121Elanders Annual and Sustainability Report 2025
NOTE 2 — Segment reporting (cont.)
Group functions | Eliminations | Group | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Net sales | 49 | 50 | –170 | –186 | 12,201 | 14,143 |
Operating expenses | –80 | –110 | 170 | 186 | –11,730 | –13,357 |
–31 | –60 | — | — | 471 | 786 | |
| Operating result | ||||||
Net financial items | –475 | –507 | — | — | –475 | –507 |
Result before tax | –506 | –568 | — | — | –4 | 278 |
Investments | — | 1 | — | — | 386 | 594 |
Depreciation and amortization | –1 | –2 | — | — | –1,346 | –1,411 |
Goodwill | — | — | — | — | 4,642 | 5,088 |
Trademarks with indefinite useful life | — | — | — | — | 729 | 816 |
| Sales by geographic area | ||
MSEK | 2025 | 2024 |
Germany | 4,776 | 5,527 |
USA | 1,868 | 2,136 |
United Kingdom | 1,393 | 1,511 |
Singapore | 852 | 1,476 |
Sweden | 549 | 575 |
Netherlands | 450 | 496 |
China | 450 | 475 |
Austria | 213 | 224 |
Poland | 208 | 222 |
Switzerland | 277 | 298 |
Other countries | 1,165 | 1,202 |
Total | 12,201 | 14,143 |
| Fixed assets by geographic area | ||
MSEK | 2025 | 2024 |
Germany | 2,646 | 2,996 |
United Kingdom | 957 | 1,288 |
USA | 890 | 1,266 |
Netherlands | 173 | 159 |
Czech Republic | 86 | 79 |
Austria | 70 | 91 |
Poland | 57 | 43 |
Sweden | 51 | 73 |
Thailand | 31 | 25 |
Hungary | 31 | 66 |
Other countries | 118 | 209 |
Total | 5,110 | 6,294 |
122 Financial reports and notes Group
| Supply Chain | Print & Packaging | |||||
| Solutions | Solutions | Total | ||||
| Supply Chain | Print & Packaging | |||||
| Solutions | Solutions | Total | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Customer segments | ||||||
Automotive | 1,383 | 1,992 | 470 | 532 | 1,853 | 2,524 |
Electronics | 3,105 | 3,647 | 50 | 57 | 3,155 | 3,704 |
Fashion | 2,907 | 3,263 | 42 | 50 | 2,949 | 3,313 |
Health Care | 513 | 581 | 50 | 56 | 562 | 637 |
Industrial | 977 | 1,036 | 584 | 625 | 1,561 | 1,661 |
Other | 777 | 878 | 1,344 | 1,425 | 2,121 | 2,303 |
Net sales | 9,662 | 11,396 | 2,539 | 2,746 | 12,201 | 14,143 |
| Main revenue streams | ||||||
Sourcing and procurement services | 1,281 | 1,873 | — | — | 1,281 | 1,873 |
Freight and transportation services | 2,421 | 3,192 | — | — | 2,421 | 3,192 |
Other contract logistics services | 5,600 | 5,925 | 230 | 227 | 5,830 | 6,152 |
Other work/services | 360 | 406 | 2,309 | 2,519 | 2,669 | 2,926 |
Net sales | 9,662 | 11,396 | 2,539 | 2,746 | 12,201 | 14,143 |
123Elanders Annual and Sustainability Report 2025
NOTE 3 — Disaggregation of revenue (cont.)
| S | ||||||
| Other operating income | ||
MSEK | 2025 | 2024 |
Result from investments in associated companies | 0 | 0 |
Exchange rate gains | 15 | 14 |
Gains from sales of fixed assets | 18 | 20 |
Insurance compensations | 6 | 8 |
Revaluation of additional consideration | — | 186 |
Other | 47 | 77 |
Total | 86 | 305 |
| Other operating expenses | ||
MSEK | 2025 | 2024 |
Exchange rate losses | –13 | –12 |
Losses from sales of fixed assets | –5 | –5 |
Other | –17 | –40 |
Total | –35 | –57 |
124 Financial reports and notes Group
| Average number of employees | ||||||
Women | Men | Total | ||||
Number (FTE) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Parent company | ||||||
Sweden | 6 | 7 | 5 | 6 | 11 | 13 |
| Subsidiaries | ||||||
Germany | 853 | 887 | 2,085 | 2,168 | 2,938 | 3,055 |
USA | 573 | 717 | 339 | 426 | 912 | 1,143 |
United Kingdom | 109 | 124 | 682 | 705 | 791 | 828 |
Singapore | 183 | 184 | 248 | 254 | 431 | 439 |
China | 235 | 249 | 78 | 78 | 313 | 327 |
Czech Republic | 118 | 118 | 128 | 150 | 246 | 268 |
Poland | 88 | 78 | 154 | 179 | 242 | 257 |
Netherlands | 50 | 52 | 139 | 132 | 189 | 184 |
Hungary | 60 | 112 | 101 | 158 | 161 | 270 |
Sweden | 44 | 39 | 110 | 113 | 154 | 151 |
Austria | 72 | 58 | 61 | 64 | 133 | 122 |
India | 12 | 13 | 83 | 86 | 95 | 99 |
Mexico | 36 | 31 | 43 | 25 | 79 | 55 |
Brazil | 31 | 24 | 28 | 26 | 59 | 49 |
Thailand | 25 | 2 | 10 | 1 | 35 | 3 |
Moldova | 5 | 1 | 24 | 11 | 29 | 12 |
Italy | 16 | 18 | 9 | 7 | 25 | 25 |
Canada | 8 | 9 | 5 | 3 | 13 | 12 |
Taiwan | 4 | 4 | 1 | 1 | 5 | 5 |
Romania | 2 | 3 | 1 | 2 | 3 | 5 |
Total | 2,530 | 2,730 | 4,334 | 4,594 | 6,864 | 7,324 |
| Salaries and other remuneration | ||||||
| Board and CEO | ||||||
| Basic wage | ||||||
incl. other benefits | Variable remuneration | Other employees | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Parent company | 17 | 17 | — | — | 13 | 31 |
Subsidiaries | 54 | 59 | 15 | 12 | 3,227 | 3,436 |
Total | 71 | 76 | 15 | 12 | 3,241 | 3,467 |
| Salaries and | Social security | |||||
| remuneration | contribution | Pension contributions | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Parent company | 30 | 48 | 12 | 18 | 8 | 10 |
Subsidiaries | 3,296 | 3,507 | 554 | 564 | 50 | 52 |
Total | 3,327 | 3,555 | 566 | 582 | 58 | 62 |
125Elanders Annual and Sustainability Report 2025
| Gender distribution in management at the balance sheet date | ||||||
Women | Men | Total | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Board members | 4 | 4 | 5 | 5 | 9 | 9 |
Group Management | 1 | 1 | 6 | 6 | 7 | 7 |
Management positions | 233 | 271 | 630 | 655 | 863 | 926 |
| Remuneration to the board, chief executive officer and other senior officers 2025 | |||||
| Basic wage/Board | Variable | Other | Pension | ||
| SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 974 | — | — | — | 974 |
Board members (7 persons) | 3,719 | — | — | — | 3,719 |
Chief Executive Officer | 12,286 | — | 109 | 4,286 | 16,681 |
Other senior officers (6 persons) | 38,650 | 12,214 | 830 | 1,337 | 53,032 |
Total | 55,629 | 12,214 | 939 | 5,623 | 74,406 |
| Remuneration to the board, chief executive officer and other senior officers 2024 | |||||
| Basic wage/Board | Variable | Other | Pension | ||
| SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 937 | — | — | — | 937 |
Board members (7 persons) | 3,576 | — | — | — | 3,576 |
Chief Executive Officer | 12,035 | — | 144 | 4,122 | 16,301 |
Other senior officers (6 persons) | 35,678 | 9,883 | 910 | 1,529 | 48,000 |
Total | 52,226 | 9,883 | 1,053 | 5,651 | 68,813 |
126 Financial reports and notes Group
NOTE 5 — Personnel (cont.)
127Elanders Annual and Sustainability Report 2025
MSEK | 2025 | 2024 |
| EY | ||
Audit assignment | 8 | — |
Audit-related services | — | — |
Tax advisory services | — | — |
Other services | — | — |
| PwC | ||
Audit assignment | — | 8 |
Audit-related services | — | — |
Tax advisory services | — | 0 |
Other services | — | 0 |
Other Audit assignment | 3 | 2 |
Audit-related services | 1 | 0 |
Tax advisory services | 0 | 1 |
Other services | 0 | 0 |
Total | 12 | 11 |
| Financial income | ||
MSEK | 2025 | 2024 |
Interest income | 15 | 21 |
Exchange rate gains | 72 | 42 |
Other | 1 | 1 |
Total | 88 | 64 |
| Financial expenses | ||
MSEK | 2025 | 2024 |
Interest expenses leasing liabilities | –190 | –177 |
Interest expenses other liabilities | –275 | –327 |
Exchange rate losses | –82 | –53 |
Other | –15 | –15 |
Total | –563 | –571 |
MSEK | 2025 | 2024 |
| Costs for goods for resale and other production | ||
material | 1,848 | 2,670 |
Personnel costs | 4,158 | 4,369 |
Freight costs | 1,714 | 2,164 |
Other production costs | 2,235 | 2,490 |
Costs for depreciation and write-downs | 1,346 | 1,411 |
Cost for advertising and other selling expenses | 57 | 63 |
| Other costs | 424 | 438 |
Total | 11,781 | 13,605 |
128 Financial reports and notes Group
| Recorded tax | ||
MSEK | 2025 | 2024 |
Current tax on the result for the year | –123 | –170 |
Withholding tax on dividends and other taxes | –10 | –9 |
Correction of previous years’ current tax expense | 2 | –5 |
Deferred tax | 87 | 88 |
Recorded tax | –44 | –95 |
| Reconciliation of recorded tax | ||
MSEK | 2025 | 2024 |
Result before taxes | –4 | 278 |
Tax according to Swedish tax rate of 20.6 (20.6)% | 1 | –57 |
| Tax effect of: | ||
— differences in tax rates for foreign subsidiaries | 1 | 17 |
— non-deductible costs | –29 | –37 |
— revaluation of deferred taxes | 2 | –12 |
— correction of tax attributable to previous years | –2 | –5 |
— tax on dividends and other taxes | –15 | –5 |
— other | –2 | 5 |
Recorded tax | –44 | –95 |
| Deferred tax assets and liabilities by nature | ||
MSEK | 2025 | 2024 |
Tax loss carryforwards | 241 | 235 |
Fixed assets | –158 | –218 |
Other items | 178 | 206 |
262 | 222 | |
| Less: | ||
Tax losses carried forward not valued | –11 | –16 |
Closing balance, net | 251 | 206 |
| Allocation of deferred tax assets and liabilities in the statement | ||
| of financial position | ||
MSEK | 2025 | 2024 |
Deferred tax assets | 482 | 490 |
Deferred tax liabilities | –231 | –284 |
Closing balance, net | 251 | 206 |
129Elanders Annual and Sustainability Report 2025
NOTE 9 — Taxes (cont.)
| Change in deferred tax | ||
MSEK | 2025 | 2024 |
Opening balance, net | 206 | 94 |
Acquisition of operations | — | –4 |
Recorded deferred tax on the result for the year | 87 | 88 |
Tax items charged directly against other comprehensive income | –35 | 18 |
Translation differences | –7 | 9 |
Closing balance, net | 251 | 206 |
| Due date structure — deferred tax assets relating to tax loss | ||
| carryforwards | ||
MSEK | 2025 | 2024 |
Due within one year | 1 | 1 |
Due within 2–5 years | 3 | 6 |
Due after 5 years | 0 | 3 |
No due date | 226 | 208 |
Closing balance | 230 | 219 |
NOTE 10 — Earnings per share
2025 | 2024 | |
| Result for the year attributable to parent company | ||
shareholders, MSEK | –54 | 176 |
Average number of outstanding shares, in thousands | 35,358 | 35,358 |
Earnings per share, SEK | –1.52 | 4.99 |
130 Financial reports and notes Group
| Adjustment for items not included in cash flow | ||
MSEK | 2025 | 2024 |
Depreciation, amortization and write-downs of intangible and tangible assets | 1,346 | 1,411 |
Changes in provisions | –2 | 16 |
Result from disposal of tangible assets | –14 | –16 |
Unrealized exchange rate gains and losses | 44 | –26 |
Other changes | 7 | –171 |
Total | 1,380 | 1,215 |
| Paid and received interest | ||
MSEK | 2025 | 2024 |
Paid interest | –465 | –499 |
Received interest | 15 | 21 |
Total | –449 | –478 |
| Change in liabilities from financing activities 2025 | |||||||||
| Non-cash movements | |||||||||
| Cash | Cash | ||||||||
| flow from | flow from | ||||||||
| Opening | financing | investing | Acquired | Change in | New | Translation | Closing | ||
| MSEK | balance | activities | activities | operations | fair value | leases | differences | balance | |
Interest-bearing liabilities to credit institutions | 4,960 | 89 | — | — | — | — | –504 | 4,545 | |
Lease liabilities | 5,110 | –991 | — | — | — | 550 | –425 | 4,244 | |
Other financial liabilities | 107 | –9 | –18 | — | 4 | — | –10 | 75 | |
Total | 10,177 | –911 | –18 | — | 4 | 550 | –939 | 8,864 | |
| Change in liabilities from financing activities 2024 | Non-cash movements | ||||||||
| Cash | Cash | ||||||||
| flow from | flow from | ||||||||
| Opening | financing | investing | Acquired | Change in | New | Translation | Closing | ||
| MSEK | balance | activities | activities | operations | fair value | leases | differences | balance | |
Interest-bearing liabilities to credit institutions | 3,725 | 971 | — | — | — | — | 264 | 4,960 | |
Lease liabilities | 4,546 | –1,014 | — | 302 | — | 1,012 | 264 | 5,110 | |
Other financial liabilities | 955 | –8 | –564 | 9 | –335 | — | 50 | 107 | |
Total | 9,226 | –51 | –564 | 311 | –335 | 1,012 | 578 | 10,177 | |
In Other financial liabilities includes contingent considerations and mandatory put/call options. When these are paid out, they are reported as cash flow from
investing activities.
131Elanders Annual and Sustainability Report 2025
| Estimated useful life | |
Software | 3–5 years |
Customer relationships | 5–10 years |
Trademarks with defined useful life | 5–10 years |
Leasehold rights | 5 years |
Contract assets | Length of contract |
132 Financial reports and notes Group
NOTE 12 — Intangible assets and goodwill (cont.)
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Opening acquisition value | 5,089 | 4,453 | 816 | 769 | 1,457 | 1,406 | 7,362 | 6,628 |
Investments | — | — | — | — | 23 | 19 | 23 | 19 |
Acquired and divested operations | — | 372 | — | — | — | –37 | — | 334 |
Disposals | — | — | — | — | –17 | –23 | –17 | –23 |
Reclassification | — | — | — | — | 4 | 13 | 4 | 13 |
Translation difference | –446 | 264 | –87 | 48 | –136 | 79 | –669 | 391 |
Closing acquisition value | 4,643 | 5,089 | 729 | 816 | 1,331 | 1,457 | 6,703 | 7,362 |
Opening accumulated amortization and write-downs | –1 | –1 | — | — | –959 | –814 | –960 | –815 |
Acquired and divested operations | — | — | — | — | — | — | — | — |
Amortization for the year | — | — | — | — | –118 | –125 | –118 | –125 |
Disposals | — | — | — | — | 17 | 20 | 17 | 20 |
Reclassification | — | — | — | — | — | — | — | — |
Translation difference | — | — | — | — | 82 | –40 | 82 | –40 |
Closing accumulated amortization and write-downs | –1 | –1 | — | — | –977 | –959 | –978 | –960 |
Net residual value | 4,642 | 5,088 | 729 | 816 | 354 | 498 | 5,725 | 6,402 |
| Amortization specified by function in the income statement | ||
MSEK | 2025 | 2024 |
Cost of products and services sold | –73 | –75 |
Selling expenses | –42 | –45 |
Administrative expenses | –3 | –5 |
Total | –118 | –125 |
| Intangible assets with indefinite useful life divided by cash generating unit | ||||||
Goodwill | Trademarks | Total | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Supply Chain Solutions | 3,268 | 3,629 | 729 | 816 | 3,997 | 4,446 |
Print & Packaging Solutions | 1,374 | 1,458 | — | — | 1,374 | 1,458 |
Total | 4,642 | 5,088 | 729 | 816 | 5,371 | 5,904 |
133Elanders Annual and Sustainability Report 2025
| Estimated useful life | |
Buildings | 25–30 years |
Building inventories | 5–15 years |
Land improvements | 20 years |
Printing presses, offset | 7–10 years |
Printing presses, digital | 3–5 years |
Other mechanical equipment | 7–10 years |
Computer equipment and systems | 3–5 years |
Vehicles | 5 years |
Other equipment | 5–10 years |
| Equipment, tools, | ||||||
Buildings and land 1) | Plant and machinery | fixtures and fittings | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Opening acquisition value | 658 | 591 | 1,239 | 1,121 | 1,376 | 1,190 |
Investments | 2 | 12 | 19 | 32 | 67 | 91 |
Acquired and divested operations | — | 5 | — | 26 | — | 39 |
Disposals | –7 | –1 | –154 | 5 | –77 | –41 |
Reclassification | 2 | 19 | 16 | –8 | 12 | 24 |
Translation difference | –61 | 31 | –106 | 64 | –136 | 73 |
Closing acquisition value | 594 | 658 | 1,013 | 1,239 | 1,242 | 1,376 |
Opening accumulated depreciation and write-downs | –401 | –338 | –982 | –863 | –955 | –832 |
Acquired and divested operations | — | — | — | — | — | — |
Depreciation for the year | –28 | –33 | –69 | –77 | –106 | –109 |
Disposals | 7 | 1 | 151 | –8 | 65 | 35 |
Reclassification | 0 | –15 | 22 | 15 | 1 | 0 |
Translation difference | 36 | –17 | 84 | –50 | 96 | –50 |
Closing accumulated depreciation and write-downs | –386 | –401 | –794 | –982 | –899 | –955 |
Net residual value | 208 | 256 | 219 | 257 | 343 | 421 |
1)
134 Financial reports and notes Group
NOTE 13 — Tangible assets (cont.)
| F | ||||
| Depreciation specified by function in the income statement | ||
MSEK | 2025 | 2024 |
Cost of products and services sold | –174 | –188 |
Selling expenses | –4 | –4 |
Administrative expenses | –25 | –25 |
Total | –203 | –218 |
135Elanders Annual and Sustainability Report 2025
| Equipment, tools, | ||||||||
Buildings and land | Plant and machinery | fixtures and fittings | Total | |||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Opening acquisition value | 7,918 | 6,546 | 338 | 297 | 183 | 208 | 8,439 | 7,051 |
New leasing contracts | 116 | 279 | 33 | 77 | 75 | 44 | 224 | 399 |
Acquired and divested operations | — | 273 | — | — | — | — | — | 273 |
End of lease contracts | –414 | –156 | –59 | –50 | –46 | –75 | –520 | –282 |
Remeasurement | 330 | 615 | –14 | 2 | 10 | –2 | 325 | 615 |
Translation difference | –676 | 361 | –21 | 13 | –13 | 8 | –710 | 382 |
| Closing acquisition value | 7,274 | 7,918 | 277 | 338 | 208 | 183 | 7,759 | 8,439 |
Opening accumulated depreciation and write-downs | –3,358 | –2,432 | –153 | –141 | –82 | –93 | –3,593 | –2,666 |
Depreciation for the year | –922 | –955 | –50 | –55 | –53 | –59 | –1,025 | –1,068 |
End of lease contracts | 416 | 156 | 59 | 49 | 46 | 73 | 521 | 278 |
Translation difference | 301 | –127 | 10 | –6 | 5 | –3 | 316 | –137 |
Closing accumulated depreciations and write-downs | –3,563 | –3,358 | –134 | –153 | –83 | –82 | –3,780 | –3,593 |
Net residual value | 3,711 | 4,561 | 143 | 186 | 125 | 100 | 3,978 | 4,847 |
136 Financial reports and notes Group
NOTE 14 — Right-of-use assets (cont.)
| Depreciation specified by function in the income statement | ||
MSEK | 2025 | 2024 |
Cost of products and services sold | –975 | –1,017 |
Selling expenses | –18 | –19 |
Administrative expenses | –32 | –32 |
Total | –1,025 | –1,068 |
| Expenses recognized in the income statement | ||
MSEK | 2025 | 2024 |
Depreciation right-of-use assets | –1,025 | –1,068 |
Interest expenses lease liability | –190 | –177 |
| Expenses related to short-term leases and leases | ||
with low value | –246 | –299 |
Expenses related to variable leasing fees that is not included in the lease liability | –52 | –67 |
Total | –1,514 | –1,610 |
The total cash flow for leasing contracts amounted to MSEK 1,480 (1,556).
137Elanders Annual and Sustainability Report 2025
NOTE 15 — Financial assets (cont.)
| Financial assets per category 2025 | ||||
| Assets valued to | ||||
| Assets valued to | fair value through | |||
| MSEK | amortized cost | profit and loss | Total | Whereof short-term |
Accounts receivable | 2,300 | — | 2,300 | 2,300 |
Cash and cash equivalents | 936 | — | 936 | 936 |
Other securities | 55 | — | 55 | — |
Investments in associates | 6 | — | 6 | — |
Hedging derivatives | — | 0 | 0 | 0 |
Other receivables | 145 | — | 145 | 85 |
Closing balance | 3,443 | 0 | 3,443 | 3,322 |
| Financial assets per category 2024 | ||||
| Assets valued to | ||||
| Assets valued to | fair value through | |||
| MSEK | amortized cost | profit and loss | Total | Whereof short-term |
Accounts receivable | 2,194 | — | 2,194 | 2,194 |
Cash and cash equivalents | 1,138 | — | 1,138 | 1,138 |
Other securities | 58 | — | 58 | — |
Investments in associates | 7 | — | 7 | — |
Hedging derivatives | — | 0 | 0 | 0 |
Other receivables | 98 | — | 98 | 84 |
Closing balance | 3,496 | 0 | 3,496 | 3,417 |
| Change in carrying amount of investments in associated | ||
| companies | ||
MSEK | 2025 | 2024 |
Opening acquisition value | 7 | — |
Investments | — | 7 |
Result from investments in associated companies | 0 | — |
Translation difference | –1 | — |
Closing balance | 6 | 7 |
138 Financial reports and notes Group
MSEK | 2025 | 2024 |
Raw materials and consumables | 165 | 198 |
Work in process | 27 | 37 |
Finished goods | 217 | 144 |
Closing balance | 409 | 378 |
| Accounts receivable — aging report | ||
MSEK | 2025 | 2024 |
Not overdue | 1,996 | 1,852 |
1–30 days overdue | 230 | 266 |
31–60 days overdue | 52 | 53 |
61–90 days overdue | 18 | 24 |
91–120 days overdue | 9 | 17 |
More than 120 days overdue | 17 | 12 |
Provisions doubtful accounts | –21 | –30 |
Total | 2,300 | 2,194 |
| Change in provision for doubtful receivables | ||
MSEK | 2025 | 2024 |
Opening balance | –30 | –26 |
Reversal of provision from previous year | 7 | 6 |
Utilized provisions for confirmed losses | 5 | 18 |
Provisions during the year | –12 | –25 |
Translation difference | 8 | –2 |
Closing balance | –21 | –30 |
139Elanders Annual and Sustainability Report 2025
MSEK | 2025 | 2024 |
Cash and bank | 936 | 1,138 |
Closing balance | 936 | 1,138 |
MSEK | 2025 | 2024 |
Services performed, not invoiced | 154 | 214 |
Prepaid insurance expenses | 10 | 13 |
Prepaid IT expenses | 38 | 36 |
Prepaid leasing expenses | 58 | 32 |
Other prepaid expenses | 64 | 45 |
Other accrued income | 42 | 46 |
Closing balance | 367 | 387 |
Number of registered shares in the parent company | 2025 | 2024 | |
Issued as of 1 Jan. | 35,357,751 | 35,357,751 | |
Issued as of 31 Dec. | 35,357,751 | 35,357,751 | |
2025 | Number of shares | Number of votes | Share capital, SEK |
A shares | 1,814,813 | 18,148,130 | 18,148,130 |
B shares | 33,542,938 | 33,542,938 | 335,429,380 |
Total | 35,357,751 | 51,691,068 | 353,577,510 |
140 Financial reports and notes Group
141Elanders Annual and Sustainability Report 2025
NOTE 21 — Financial liabilities (cont.)
| Long-term financial liabilities | ||||
2025 | 2024 | |||
MSEK | Carrying amount | Fair Value | Carrying amount | Fair Value |
| Other interest bearing liabilities | ||||
— Bank loan (GBP) | 1,187 | 1,103 | 1,448 | 1,321 |
— Bank loan (EUR) | 1,082 | 1,042 | 1,149 | 1,085 |
— Bank loan (USD) | 635 | 588 | 891 | 816 |
— Revolver credit facility | 1,422 | 1,422 | 1,283 | 1,283 |
— Mandatory put/call options | 65 | 65 | 69 | 69 |
— Other interest bearing liabilities | 1 | 1 | 2 | 2 |
Lease liabilities | 3,330 | 3,330 | 4,037 | 4,037 |
Closing balance | 7,722 | 7,552 | 8,879 | 8,613 |
| Short-term financial liabilities | ||||
2025 | 2024 | |||
MSEK | Carrying amount | Fair Value | Carrying amount | Fair Value |
| Other interest bearing liabilities | ||||
— Bank loan (USD) | 110 | 108 | 132 | 129 |
— Bank loan (GBP) | 99 | 96 | 55 | 53 |
— Contingent considerations | 2 | 2 | 3 | 3 |
— Mandatory put/call options | — | — | 18 | 18 |
— Other interest bearing liabilities | 15 | 15 | 17 | 17 |
Lease liabilities | 914 | 914 | 1,073 | 1,073 |
Accounts payable | 1,217 | 1,217 | 790 | 790 |
Other financial liablities | 126 | 126 | 282 | 282 |
Closing balance | 2,485 | 2,479 | 2,370 | 2,364 |
142 Financial reports and notes Group
NOTE 21 — Financial liabilities (cont.)
MSEK | Jan.–Mar. 2026 | Apr.–Dec. 2026 | 2027–2030 | 2031 and later |
Bank loans | 112 | 331 | 4,636 | — |
Contingent consideration | — | 2 | — | — |
Mandatory put/call options | — | — | 65 | — |
Other interest bearing liabilities | 15 | — | 1 | — |
Lease liabilities | 294 | 756 | 2,747 | 1,029 |
Accounts payable | 1,217 | — | — | — |
Other financial liablities | 126 | — | — | — |
Total | 1,764 | 1,090 | 7,448 | 1,029 |
| Contingent considerations and mandatory put/call options | ||||
Contingent considerations | Mandatory put/call options | |||
MSEK | 2025 | 2024 | 2025 | 2024 |
Opening balance | 3 | 432 | 87 | 499 |
Acquisitions for the year | — | — | — | 94 |
| Changes in value recognized in the income | — | –185 | — | — |
| statement | ||||
Changes in value recognized in equity | — | — | 4 | –21 |
Other changes | — | –210 | — | — |
Payments | — | –60 | –18 | –501 |
Translation differences | –1 | 26 | –8 | 16 |
Closing balance | 2 | 3 | 65 | 87 |
143Elanders Annual and Sustainability Report 2025
| Interest-bearing | Other | ||||
| provisions for | interest- | ||||
| Cash and cash | Lease | post-employ- | bearing | ||
| MSEK | equivalents | liabilities | ment benefits | liabilities | Total |
Net debt as of Jan 1, 2025 | –1,138 | 5,110 | 72 | 5,067 | 9,112 |
Acquired and divested operations | — | — | — | — | — |
Changes with effect on cash-flow | 41 | –991 | 0 | 63 | –888 |
Changes with no effect on cash-flow | — | 550 | –7 | 4 | 547 |
Translation difference | 161 | –425 | –3 | –514 | –782 |
Net debt as of Dec 31, 2025 | –936 | 4,244 | 61 | 4,620 | 7,989 |
| Interest-bearing | Other | ||||
| provisions for | interest- | ||||
| Cash and cash | Lease | post-employ- | bearing | ||
| MSEK | equivalents | liabilities | ment benefits | liabilities | Total |
Net debt as of Jan 1, 2024 | –1,107 | 4,546 | 71 | 4,680 | 8,191 |
Acquired and divested operations | — | 302 | — | 9 | 311 |
Changes with effect on cash-flow | 42 | –1,014 | –6 | 399 | –578 |
Changes with no effect on cash-flow | — | 1,012 | 5 | –335 | 682 |
Translation difference | –73 | 264 | 2 | 314 | 506 |
Net debt as of Dec 31, 2024 | –1,138 | 5,110 | 72 | 5,067 | 9,112 |
144 Financial reports and notes Group
NOTE 23 — Financial risk management (cont.)
| Estimated effect from changes | ||
| in exchange rates by 10% | ||
MSEK | Net sales | Operating result |
EUR | +/– 698 | +/– 19 |
USD | +/– 337 | +/– 25 |
GBP | +/– 123 | +/– 3 |
EUR, USD & GBP | +/– 1,158 | +/– 47 |
| Nominal | Average | |
| amount | hedging | |
| MSEK | rate | |
EUR/SEK | 38 | 10.80 |
GBP/SEK | 193 | 12.39 |
USD/SEK | 5 | 9.20 |
EUR/PLN | 21 | 4.28 |
USD/PLN | 1 | 3.66 |
PLN/SEK | 8 | 2.56 |
| Non- | ||
| Floating | interest- | |
| MSEK | interest | bearing |
Other securities | — | 61 |
Long-term receivables | — | 60 |
Current receivables | — | 2,386 |
Cash and bank | 936 | — |
Long-term liabilities | –7,783 | –48 |
Current liabilities | –1,141 | –1,343 |
Total | –7,989 | 1,116 |
145Elanders Annual and Sustainability Report 2025
NOTE 23 — Financial risk management (cont.)
Operational risks
In addition to the financial risks above Elanders is exposed to risks
tied to daily operations. Handling operational risks is part of the
day-to-day work in the subsidiaries and in Group Management.
In terms of responsibility all group operations are represented in
Group Management which meets and communicates on a regular
basis. For a further description of Elanders’ operational risks, see
page 104.
Sensitivity analysis
The table below presents how group results after tax would have
been affected by a change of one percentage in the variables
connected to Elanders various operational risks. Each variable has
been treated individually under the condition that the others remain
constant. It is assumed that a change in net sales will affect the
value added on the margin which there after will presumably fall
straight through the income statement. A change in personnel costs
is multiplied with total personnel costs. A change in material costs
is multiplied with the total costs of materials and is not assumed to
be recoverable from the customer. The analysis does not pretend to
be exact. It is merely indicative and aims to show the most relevant,
measurable factors in this connection. The figures are presented in
MSEK.
— Net sales +/– 57
— Personnel cost +/– 29
— Cost of material +/– 13
146 Financial reports and notes Group
NOTE 24 — Provisions for post-employment benefits (cont.)
Defined benefit pension plans
The fair value of the plan assets in the Elanders’ defined benefit
pension plans amounted to MSEK 25 (26) as of 31 December 2025
and the present value of the pension obligations amounted to
MSEK 86 (98). The defined contribution plans are mainly attributa-
ble to the operations in Germany.
The actuarial measurement of pension obligations and costs for
defined benefit plans are based on the following actuarial signifi-
cant assumptions:
Percent | 2025 | 2024 |
Discount rate, % | 3.93 | 3.35 |
Expected return on plan assets, % | 3.93 | 3.35 |
| Provisions for post-employment obligations | |||
| Funded | Unfunded | ||
| MSEK | plans | plans | Total |
| Present value of post- employment | |||
obligations | 71 | 15 | 86 |
The fair value of plan assets | –25 | — | –25 |
Provision for post-employment obliga- tions according to the balance sheet | 46 | 15 | 61 |
The provision for post-employment benefit in the balance sheet includes pensi-
on secured through endowment insurance amounting to MSEK 48 (—). Defined
benefit pension obligations of the Group are secured through capital insurance
policies. The pension obligation is recognised as a provision, while the capital
insurance policies are recognised as non-current financial assets measured
at cost. For the 2024 figures, these amounts are shown net of corresponding
assets and liabilities.
| Change in current value of the post-employment obligations | ||
MSEK | 2025 | 2024 |
Opening balance | 98 | 94 |
Interest expense | 3 | 4 |
Actuarial gains(–)/losses(+), net | –5 | 2 |
Current year service cost | 0 | 0 |
Pensions paid out | –5 | –5 |
Translation difference | –5 | 3 |
Closing balance | 86 | 98 |
| Change in plan assets fair value | ||
MSEK | 2025 | 2024 |
Opening balance | 26 | 23 |
Return on plan assets | 1 | 1 |
Disbursement | 0 | 0 |
Actuarial gains(–)/losses(+), net | 0 | 1 |
Translation difference | –2 | 1 |
Closing balance | 25 | 26 |
| Net expense recognized in the income statement | ||
| regarding defined benefit plans | ||
MSEK | 2025 | 2024 |
Current year service cost | 0 | 0 |
Interest expense | 3 | 4 |
Return on plan assets | –6 | –1 |
Total | –3 | 3 |
Defined contribution pension plans
The defined contribution pension costs for the current period are
included in the income statement and amount to MSEK 60 (62).
The obligations for retirement and sick pensions for white-collar
workers for several of the Swedish companies have been safe-
guarded through an insurance in Alecta. The payments for pension
insurances to Alecta totaled MSEK 4 (3) in 2025. For 2026, no sig-
nificant changes are expected regarding the total costs for pension
insurance from Alecta.
147Elanders Annual and Sustainability Report 2025
| Provision for | |||||
| Restructuring | damages to | Restoration | |||
| MSEK | costs | goods etc. | costs | Other | Total |
Opening balance as of 1 Jan. 2025 | 97 | 38 | 119 | 44 | 298 |
Acquired operations | — | — | — | — | — |
Provided for during the year | 148 | 17 | 30 | 48 | 243 |
Utilized during the year | –156 | –15 | –11 | –28 | –210 |
Reversal of unutilized amounts | –6 | –10 | –13 | –2 | –31 |
Translation difference | –6 | –2 | –9 | –5 | –22 |
Closing balance as of 31 Dec. 2025 | 78 | 29 | 115 | 57 | 278 |
| Of which: | |||||
Current | 78 | 29 | 55 | 48 | 209 |
Non-current | — | — | 60 | 9 | 69 |
| Provision for | |||||
| Restructuring | damages to | Restoration | |||
| MSEK | costs | goods etc. | costs | Other | Total |
Opening balance as of 1 Jan. 2024 | 7 | 38 | 169 | 36 | 250 |
Acquired operations | — | — | 13 | — | 13 |
Provided for during the year | 123 | 25 | 27 | 40 | 216 |
Utilized during the year | –35 | –17 | –21 | –33 | –105 |
Reversal of unutilized amounts | — | –11 | –78 | –2 | –91 |
Translation difference | 2 | 1 | 9 | 3 | 15 |
Closing balance as of 31 Dec. 2024 | 97 | 38 | 119 | 44 | 298 |
| Of which: | |||||
Current | 97 | 38 | 50 | 33 | 218 |
Non-current | — | — | 69 | 11 | 80 |
148 Financial reports and notes Group
MSEK | 2025 | 2024 |
Holiday pay liability | 72 | 71 |
Social security contributions | 56 | 55 |
Accrued salaries and remuneration | 160 | 191 |
Accrued expenses for services and goods received | 345 | 416 |
Other accrued expenses | 147 | 138 |
Deferred income | 15 | 2 |
Closing balance | 794 | 873 |
| Pledged assets | ||
MSEK | 2025 | 2024 |
Floating charges | 119 | 119 |
Other pledged assets | — | — |
Total | 119 | 119 |
| Whereof pledged to: | ||
— credit institutions | 119 | 119 |
| Contingent liabilities | ||
MSEK | 2025 | 2024 |
Contingent liabilities | 0 | 0 |
Total | 0 | 0 |
NOTE 28 — Transactions with related parties
The transactions between subsidiaries have taken place with
normal business terms and at market prices. During the year
intra-group sales of products and services amounted to MSEK
4,250 (5,436). There are no outstanding balances or doubtful debts
as of 31 December 2025.
Sales of products and services
During 2025 and 2024 there have not been any sales of products
and services to related parties in addition to intra-group sales.
Purchase of products and services
Erik Gabrielson, who is member of the Board, is partner in Vinge
Law Firm. During the year, Vinge has provided the Group with on-
going legal counsel. The total transactions during the year amount-
ed to less than MSEK 1.
The Group leases a property in a subsidiary, where the proper-
ty is wholly owned by a person who has significant influence in the
subsidiary in question.
No board member or senior officer has or has had direct or
indirect participation in any business transactions between them-
selves and the Group that were of unusual nature.
Remuneration to Board members and management is reported
in note 5.
All transactions have been on normal business terms and at
market prices.
149Elanders Annual and Sustainability Report 2025
Acquisitions and divestments during the year
Elanders has not made any acquisitions or divestments of opera-
tions during 2025.
Reuseit
In October 2020 and March 2021, respectively, Elanders acquired
70 percent of the Renewed tech companies Azalea IT as well as
Reuseit Sweden AB and Reuseit Finance AB. The acquisitions
included a mandatory option to purchase the remaining shares in
2024 and 2025. During the first half of 2025, the remaining shares
were acquired and the acquisition was completed. The shares were
acquired for MSEK 18, which corresponded to the recognized liabil-
ity for the put/call option.
Acquisitions during 2024
In February 2024, Elanders acquired almost 90 percent of the
shares in the English company Bishopsgate Newco Ltd (“Bishops-
gate”). The purchase price for the shares amounted to approxi-
mately MGBP 40 on a cash- and debt-free basis, and was charged
to cash flow during the first quarter of 2024. In addition to this,
there is also a mandatory put/call option that gives Elanders the
right to buy the remaining shares based on the company’s future
result development. The purchase price allocation is now final, and
no changes have been made to the initial one.
150 Financial reports and notes Parent company
Statements of comprehensive income
MSEK 2025 2024
Result for the year 196 40
Other comprehensive income — —
Total comprehensive income for the year 196 40
Income statements
MSEK Note 2025 2024
Net sales 49 50
Selling expenses –14 –14
Administrative expenses 2 –79 –101
Other operating income 3 12 7
Other operating expenses 3 — –2
Operating result 4, 7 –32 –60
Result from shares in subsidiaries 131 193
Interest income 252 299
Other financial income 576 214
Interest expenses –274 –326
Other financial expenses –431 –318
Result before tax 5 221 2
Taxes 6 –25 38
Result for the year 196 40
151Elanders Annual and Sustainability Report 2025
Cash flow statements
MSEK Note 2025 2024
Operating activities
Result before tax 221 2
Adjustments for items not included in cash flow from operating activities 16 –574 –143
Paid taxes 0 0
Cash flow from operating activities before changes in working capital –353 –141
Cash flow from changes in working capital
Increase (–)/decrease (+) in operating receivables –13 12
Increase (+)/decrease (–) in operating liabilities –6 7
Cash flow from operating activities –373 –123
Investing activities
Acquisition of tangible assets and intangible assets 10, 11 — –1
Acquisition of subsidiaries 9 –18 –575
Received dividends from subsidiaries 16 131 193
Lending to and from subsidiaries 229 –408
Cash flow from investing activities 342 –791
Financing activities
Amortization of loans 14 –178 –141
New loans 14 — 560
Other changes in interest-bearing liabilities 14 258 542
Dividend to parent company shareholders –147 –147
Cash flow from financing activities –66 814
Cash flow for the year –97 –99
Cash and cash equivalents at the beginning of the year 229 328
Cash and cash equivalents at year-end 132 229
152 Financial reports and notes Parent company
Balance sheets
MSEK Note 2025 2024
Assets
Fixed assets
Intangible assets 10 — —
Tangible fixed assets 11 0 0
Shares in subsidiaries 9 2,842 2,842
Receivables from group companies 7 3,670 4,124
Deferred tax assets 6 126 151
Other financial assets 12 48 0
Total fixed assets 6,686 7,118
Current assets
Receivables from group companies 7 267 160
Other receivables 1 1
Prepaid expenses and accrued income 31 17
Cash and bank balances 132 229
Total current assets 431 407
Total assets 7,117 7,525
153Elanders Annual and Sustainability Report 2025
Balance sheets (cont.)
MSEK Note 2025 2024
Equity, provisions and liabilities
Equity
Share capital 354 354
Statutory reserve 332 332
Restricted equity 686 686
Unrestricted equity 8 1,254 1,204
Total Equity 1,940 1,890
Provisions
Provisions for post-employment benefits 12 48 —
Other provisions 1 4
Total provisions 49 4
Liabilities
Long-term liabilities
Liabilities to credit institutions 14, 15 4,326 4,771
Other liabilities 0 0
Total long-term liabilities 4,326 4,772
Current liabilities
Liabilities to credit institutions 14, 15 210 187
Accounts payable 4 4
Liabilities to group companies 7 549 592
Other liabilities 2 21
Accrued expenses and deferred income 13 36 40
Other provisions 2 14
Total current liabilities 802 859
Equity, provisions and liabilities 7,117 7,525
154 Financial reports and notes Parent company
Statements of changes in equity
MSEK
Share
capital
Statutory
reserve
Unrestricted
equity Total
Opening balance as of 1 Jan. 2024 354 332 1,312 1,998
Dividend — — –147 –147
Result for the year — — 40 40
Other comprehensive income — — — —
Closing balance as of 31 Dec. 2024 354 332 1,204 1,890
Dividend — — –147 –147
Result for the year — — 196 196
Other comprehensive income — — — —
Closing balance as of 31 Dec. 2025 354 332 1,254 1,940
155Elanders Annual and Sustainability Report 2025
NOTE 1 — Accounting principles
A presentation of Elanders’ accounting principles can be found in
note 1 to Elanders’ consolidated financial statements. The parent
company has prepared its annual accounts according to the Annual
Accounts Act and the Swedish Sustainability and Financial Report-
ing Board Recommendation RFR 2 Accounting for legal entities
and where applicable statements made by the Swedish Sustain-
ability and Financial Reporting Board. RFR 2 requires the parent
company to, in the annual accounts for the legal entity, use all the
EU approved IFRSs and interpretations as far as possible within
the framework of the Annual Accounts Act and the Security Law,
taking into consideration the connection between accounting and
taxation. The parent company generally follows the same previously
described principles as the Group. Differences between group and
parent company accounting principles are presented below.
Pensions
The parent company’s provisions for pensions are secured by the
Pension Obligations Vesting Act (Tryggandelagen). The main differ-
ence between the rules of the Pension Obligations Vesting Act and
IAS 19 Employee Benefits in respect of pensions is that Swedish
practice disregards future increases in salaries and pensions when
calculating the present value of the pension obligation. Both
defined contribution and defined benefit plans exist in the Parent
Company.
Financial guarantee contract
The parent company’s financial guarantee contracts consist primar-
ily of guarantees on behalf of subsidiaries. A financial guarantee
contract is a contract in which the company has a commitment to
reimburse the holder of a debt instrument for loss it incurs because
a specified debtor fails to make payment when due according to the
contract terms. The parent company applies RFR 2 p. 71 to account
for financial guarantees, which is a relief compared to the rules in
IAS 39 connected to reporting and taxation. The parent company
recognizes financial guarantee contracts as a provision on the bal-
ance sheet when the company has a commitment.
Group and shareholder contributions
Group and shareholder contributions are recognized according
to the alternative rule in the Swedish Sustainability and Financial
Reporting Board Recommendation RFR 2. This means that received
and paid group contributions are reported as appropriations. Share-
holder contributions are activated in shares and participations, as
long as write-downs are not required.
Financial instruments and hedge accounting
In view of the connection between accounting and taxation, the
rules on financial instruments and hedge accounting are not applied
by the parent company as a legal entity.
In the parent company, financial assets are recorded at acqui-
sition value less any impairment and financial current assets at the
lower value of acquisition value or net realizable value.
Lease agreements
IFRS 16 Leases are not applied in the parent company as exemp-
tion is allowed for application in legal entities. This means that the
leasing fees are expensed on a straight-line basis in the income
statement.
Standards, amendments and interpretations of existing
standards that have taken effect in 2025
No new standards, amendments or interpretations that have had
significant effect on the company’s financial reports have come into
effect during 2025.
156 Financial reports and notes Parent company
NOTE 4 — Personnel
Please see note 5 to the consolidated financial statements for
personnel related information.
NOTE 5 — Result from financial items
| Result from shares in subsidiaries | ||
MSEK | 2025 | 2024 |
Dividends from subsidiaries | 131 | 193 |
Total | 131 | 193 |
| Interest income | ||
MSEK | 2025 | 2024 |
Interest income, external | 7 | 14 |
Interest income, subsidiaries | 245 | 286 |
Total | 252 | 299 |
| Other financial income | ||
MSEK | 2025 | 2024 |
Exchange rate gains | 576 | 214 |
Total | 576 | 214 |
| Interest expenses | ||
MSEK | 2025 | 2024 |
Interest expenses, external | –258 | –302 |
Interest expenses, subsidiaries | –16 | –25 |
Total | –274 | –326 |
| Other financial expenses | ||
MSEK | 2025 | 2024 |
Exchange rate losses | –416 | –304 |
Other financial expenses | –15 | –14 |
Total | –431 | –318 |
NOTE 2 — Fees to the auditors
MSEK | 2025 | 2024 |
| EY | ||
Audit assignment | 4 | — |
Audit-related services | — | — |
Tax advisory services | — | — |
Other services | — | — |
| PwC | ||
Audit assignment | — | 4 |
Audit-related services | — | — |
Tax advisory services | — | — |
Other services | 0 | 0 |
Total | 4 4 |
No fees were paid to other auditing firms.
Audit assignment is defined as the statutory audit, i.e. the work necessary to
produce the auditor’s report as well as so called audit consultation given in
connection with the audit.
NOT 3 — Other operating income
and other operating expenses
| Other operating income | ||
MSEK | 2025 | 2024 |
Exchange rate gains | 2 | 0 |
Other | 10 | 7 |
Total | 12 | 7 |
| Other operating expenses | ||
MSEK | 2025 | 2024 |
Capital losses on disposal of fixed assets | — | –2 |
Total | — | –2 |
157Elanders Annual and Sustainability Report 2025
NOTE 6 — Taxes
Accounting principles
Tax pooling in the Group is carried out through group contributions
paid and received. When accounting for group contributions, the parent
company applies the alternative rule according to RFR 2 and recognize
the net of group contributions paid and received as appropriations. The
parent company recognizes most of the Group’s Swedish taxes. In the
table below, the expected tax expense is calculated based on profit
before tax multiplied with the current tax rate.
For estimations and assessments regarding valuation of tax loss
carry forwards, please refer to note 9 for the Group.
| Tax on the result for the year | ||
MSEK | 2025 | 2024 |
Deferred tax | –25 | 38 |
Total | –25 | 38 |
| Reconciliation of recorded tax | ||
MSEK | 2025 | 2024 |
Result before taxes | 221 | 2 |
Tax according to Swedish tax rate of 20.6 (20.6)% | –46 | 0 |
| Tax effect of: | ||
— non-taxable dividends from subsidiaries | 27 | 40 |
— non-tax deductable interest | –6 | — |
— other non tax-deductable costs | 0 | –1 |
Total | –25 | 38 |
| Deferred tax receivables | ||
MSEK | 2025 | 2024 |
Tax loss carry forwards | 112 | 135 |
Other | 14 | 16 |
Total | 126 | 151 |
NOTE 7 — Transactions with related parties
Sales of products and services
The parent company reimburse its subsidiaries for services mainly
relating to marketing, IT, auditing, insurance, etc. Besides this there
have been no sales of products or services to related parties.
Purchase of products and servicesr
During the year, the parent company purchased services from
subsidiaries for MSEK 2 (3). Erik Gabrielson, who is member of the
Board, is partner in Vinge Law Firm. During the year, Vinge has pro-
vided the Group with ongoing legal counsel. The total transactions
during the year amounted to less than MSEK 1. No Board member
or senior officer has or has had direct or in direct participation in
any business transactions, between them selves or the company that
are or were of an unusual nature concerning the terms. Remunera-
tion to Board members and Group Management is reported in note
5 to the consolidated financial statements.
Receivables | Payables | |||
MSEK | 2025 | 2024 | 2025 | 2024 |
Companies within the group | 3,937 | 4,284 | 549 | 592 |
— whereof short-term | 267 | 160 | 549 | 592 |
Business transactions between the parent company and related parties all arise
in the normal course of business and are conducted on the basis of arm’s length
principles.
158 Financial reports and notes Parent company
MSEK | 2025 | 2024 |
Opening balance | 2,842 | 2,278 |
Investments | — | 565 |
Revaluation of additional consideration | 0 | –1 |
Closing balance | 2,842 | 2,842 |
NOTE 8 — Proposed appropriation of profits
Profit and other non-restricted equity at the disposition of the Annual
General Meeting:
MSEK | 2025 | 2024 |
Retained earnings | 1,058 | 1,165 |
Net result for the year | 196 | 40 |
Total | 1,254 | 1,204 |
The Board of Directors and the Chief Executive Officer propose that the profit
and other non-restricted equity will be dealt with accordingly:
MSEK | 2025 | 2024 | |
SEK 2.10 | (4.15) per share is distributed | ||
to the shareholders | 74 | 147 | |
Remaining balance to be carried forward | 1,180 | 1,058 | |
Total | 1,254 | 1,204 |
159Elanders Annual and Sustainability Report 2025
NOTE 9 — Shares in subsidiaries (cont.)
| Specification of shares in subsidiaries | |||||
| Per- | Book value | ||||
| Number | centage | of holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
Elanders do Brasil Representações Ltda | 08.789.936/0001-55 | São Paulo, Brazil | 3,105,550 | 100 | 12 |
Mentor Gerenciamento de Supply Chain (Brasil) Ltda | 08.849.405/0001-00 | São Paulo, Brazil | 7,241,126 | 100 | 9 |
Elanders Holding GmbH | HRB105591 | Herrenberg, Germany | 25,000 | 100 | 381 |
LGI Logistics Group International GmbH | HRB243806 | Herrenberg, Germany | — | 100 | — |
Helix Software + Support GmbH | HRB226056 | Herrenberg, Germany | — | 100 | — |
ITG GmbH Internationale Spedition und Logistik | HRB66157 | München, Germany | — | 100 | — |
ITG Air & Sea GmbH | HRB250422 | Oberding (Schwaig), Germany | — | 75 | — |
ITG International Transports Inc. | 43240627 | Boston, USA | — | 100 | — |
ITG Austria GmbH | FN 560496i | Reichersberg, Austria | — | 100 | — |
ITG Fulfillment GmbH | HRB33746 | Oberhausen, Germany | — | 100 | — |
LGI Netherlands BV | 34083373 | Amsterdam, Netherlands | — | 100 | — |
Eijgenhuijsen Exploitatie BV | 08040501 | Ruurlo, Netherlands | — | 100 | — |
Eijgenhuijsen Precisievervoer BV | 08064979 | Ruurlo, Netherlands | — | 100 | — |
LGI Austria GmbH | FN 349601 w | Laxenburg, Austria | — | 100 | — |
LGI Hungária Logisztikai Kft. | 13-09-140503 | Páty, Hungary | — | 100 | — |
LGI Logistics Group International Ltd | 07251732 | Milton Keynes, UK | — | 100 | — |
Bonds Worldwide Holdings Ltd | GB 4608847 | Birmingham, UK | — | 100 | — |
Bonds Technical Couriers Ltd | GB 3036141 | Birmingham, UK | — | 100 | — |
Bonds Worldwide Express Ltd | GB 1938935 | Birmingham, UK | — | 100 | — |
LGI Polska Sp. z o.o. | KRS 0000246814 | Wroclaw, Poland | — | 100 | — |
LGI Romania s.r.l. | J02/1032/2019 | Arad, Romania | — | 100 | — |
LGI Czechia s.r.o. | CZ25204581 | Zákupy, Czech Republic | — | 100 | — |
LGI Deutschland GmbH | HRB354685 | Herrenberg, Germany | — | 100 | — |
LGI FreightLog GmbH | HRB761526 | Freiberg am Neckar, Germany | — | 100 | — |
LGI Logistics Solution GmbH | HRB32410 | Hünxe, Germany | — | 100 | — |
LGI reuseIT GmbH | HRB781610 | Herrenberg, Germany | — | 100 | — |
LGI TechLog GmbH | HRB513968 | Erfurt, Germany | — | 100 | — |
Logistik Lernzentrum GmbH | HRB246072 | Böblingen, Germany | — | 100 | — |
MotoristicSolutions GmbH | HRB781648 | Herrenberg, Germany | — | 100 — |
160 Financial reports and notes Parent company
NOTE 9 — Shares in subsidiaries (cont.)
Specification of shares in subsidiaries (cont.)
| Per- | Book value | ||||
| Number | centage | of holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
Elanders Holding UK Limited | 15224840 | Cheshire, UK | 99 | 100 | 359 |
Bishopsgate Holdco Ltd | GB15087903 | Swindon, UK | — | 88 | — |
Bishopsgate Newco Ltd | GB15087826 | Swindon, UK | — | 100 | — |
Kammac Ltd | 2255591 | Skelmersdale, UK | — | 100 | — |
Elanders Holding USA Inc. | 87-2849643 | Delaware, USA | 10,000 | 100 | 851 |
Bergen Shippers Corp | 0400327871 | New Jersey, USA | — | 100 | — |
Bergen Logistics Canada, Inc. | 002489278 | Brampton, Canada | — | 100 | — |
Bergen Ventures BV | 860650704 | Veghel, Netherlands | — | 100 | — |
Bergen Logistics BV | 860652397 | Veghel, Netherlands | — | 100 | — |
Rey 11 LLC | 0400422543 | New Jersey, USA | — | 100 | — |
CloudX Systems LLC | 0450769787 | New Jersey, USA | — | 100 | — |
Rex 11 SRL | 1016600023931 | Chișinău, Moldova | — | 100 | — |
Elanders Hungary Kft | 20-09-065122 | Zalalövő, Hungary | 1 | 100 | 146 |
Elanders Infologistics AB | 556121-8891 | Mölndal, Sweden | 314,330 | 100 | 287 |
Elanders Sverige AB | 556262-1689 | Borås, Sweden | — | 100 | — |
Elanders Italy S.r.l. | 05686620963 | Ponzano Veneto, Italy | 1 | 100 | 3 |
Elanders Ltd | GB 3788582 | Newcastle, UK | 2,300,000 | 100 | 31 |
Spreckley Ltd | 4179929 | Newcastle, UK | — | 100 | — |
Elanders Polska Sp. z o.o. | KRS 0000101815 | Płońsk, Poland | 144,280 | 100 | 90 |
161Elanders Annual and Sustainability Report 2025
NOTE 9 — Shares in subsidiaries (cont.)
Specification of shares in subsidiaries (cont.)
| Per- | Book value | ||||
| Number | centage | of holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
Elanders Waiblingen GmbH | HRB722349 | Waiblingen, Germany | 1 | 100 | 109 |
Elanders International AB | 556058-0622 | Mölndal, Sweden | — | 100 | — |
Mentor Media Ltd | 199302450H | Singapore | — | 100 | — |
Asiapack Limited | 626139 | Hong Kong, China | — | 100 | — |
Asiapack (Shenzhen) Co., Ltd | 91440300734155669E | Shenzhen, China | — | 100 | — |
Chengdu Mentor Media Co., Ltd | 91510100597273959A | Chengdu, China | — | 100 | — |
Mentor Internet Solution Pte Ltd | 199508226M | Singapore | — | 100 | — |
Mentor Media CBZ (Chongqing) Co., Ltd | 915000005814642169 | Chongqing, China | — | 100 | — |
Mentor Media (Chongqing) Co., Ltd | 915000006939331951 | Chongqing, China | — | 100 | — |
Mentor Media (Chongqing) Co., Ltd – Wuhan Branch | 91420100MA4KYTDK3K | Wuhan, China | — | — | — |
Mentor Media (Kunshan) Co., Ltd | 913205837584821700 | Kunshan, China | — | 100 | — |
Mentor Media Juárez S.A. de C.V. | MMJ0810145N1 | Juárez, Mexico | — | 100 | — |
Mentor Media Ltd, Taiwan Branch | 70777068 | Taoyuan, Taiwan | — | — | — |
Mentor Media (Shenzhen) Co., Ltd | 91440300726187433D | Shenzhen, China | — | 100 | — |
Mentor Supply Chain (Shenzhen) Co., Ltd Chongqing branch | 91500107MAE58P1995 | Chongqing, China | — | — | — |
Mentor Supply Chain (Shenzhen) Co., Ltd Shanghai branch | 91310115MAE7X5BU8C | Shanghai, China | — | — | — |
Mentor Supply Chain (Shenzhen) Co., Ltd Xiamen branch | 91350200MAE5E0T40H | Xiamen, China | — | — | — |
Mentor Media (Shenzhen) Logistics Ltd | 91440300793899377C | Shenzhen, China | — | 100 | — |
Mentor Media (USA) Supply Chain Management Inc | C3095841 | San Bernardino, USA | — | 100 | — |
Mentor Media (Xiamen) Co., Ltd | 91350200612051108M | Xiamen, China | — | 100 | — |
Mentor Printing and Logistics Pvt. Ltd | U72900TN2006PTC061596 | Chennai, India | — | 100 | — |
Mentor Shanghai Trading Co., Ltd | 91310000329537946A | Shanghai, China | — | 100 | — |
Mentor Supply Chain (Chongqing-CBZ) Co., Ltd | 91500106MA5YR1XH62 | Chongqing, China | — | 100 | — |
Mentor Supply Chain (Malaysia) Sdn. Bhd. | 64775T | Johor, Malaysia | — | 100 | — |
Mentor Supply Chain Mexico S.A. de C.V. | MSC191028QH1 | Juárez, Mexico | — | 100 | — |
Mentor Supply Chain (Netherlands) BV | 858777265 | Rotterdam, Netherlands | — | 100 | — |
Mentor Media Czech s.r.o. | CZ27742270 | Brno, Czech Republic | — | 100 | — |
Mentor Supply Chain (USA) Inc. | 202212131646372 | Warsaw, USA | — | 100 | — |
Mentor Supply Chain Thailand Ltd | 0105566154947 | Bangkok, Thailand | — | 100 | — |
Mentor Supply Chain Vietnam Ltd | 0110081611 | Hanoi, Vietnam | — | 100 | — |
Shanghai Mentor Media Co., Ltd | 91310115703003515D | Shanghai, China | — | 100 | — |
Midland Information Resources Company | 42-1468885 | Davenport, USA | 10,000 | 100 | 223 |
ElandersUSA, LLC | 58-1448183 | Atlanta, USA | — | 100 | — |
162 Financial reports and notes Parent company
NOTE 9 — Shares in subsidiaries (cont.)
Specification of shares in subsidiaries (cont.)
| Per- | Book value | ||||
| Number | centage | of holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
myphotobook GmbH | HRB268975 | Kaufering, Germany | 3 | 100 | 222 |
Elanders Kaisheim GmbH | HRB18350 | Kaisheim, Germany | — | 100 | — |
Elanders Donauwörth GmbH | HRB28117 | Donauwörth, Germany | — | 100 | — |
Reuseit AB | 559342-0507 | Mölndal, Sweden | 50,000 | 100 | 119 |
Reuseit Finance AB | 559210-6602 | Växjö, Sweden | — | 100 | — |
Reuseit Sweden AB | 559210-6404 | Växjö, Sweden | — | 100 | — |
Total | 2,842 |
NOTE 10 — Intangible assets
Accounting principles
The parent company amortizes goodwill according to plan, which is not permitted for the Group. Goodwill is amortized on a straight-line basis over
a twenty-year period since it relates to acquisitions of a strategic nature. Other intangible assets refer to software and is amortized over 3–5 years.
| Other | ||||||
| Goodwill | intangible assets | Total | ||||
MSEK | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Opening acquisition value | 2 | 2 | 1 | 7 | 3 | 9 |
Acquisitions | — | — | — | 1 | — | 1 |
Disposals | — | — | — | –7 | — | –7 |
Closing acquisition value | 2 | 2 | 1 | 1 | 3 | 3 |
Opening accumulated amortization and write-downs | –2 | –2 | –1 | –4 | –3 | –6 |
Amortization of the year | — | — | — | –1 | — | –1 |
Disposals | — | — | — | 4 | — | 4 |
Closing accumulated amortization and write-downs | –2 | –2 | –1 | –1 | –3 | –3 |
Net residual value | — | — | — | — | — | — |
| Amortization specified per function in the income statement | ||
MSEK | 2025 | 2024 |
Selling expenses | — | –1 |
Administrative expenses | — | 0 |
Total | — | –1 |
163Elanders Annual and Sustainability Report 2025
NOTE 11 — Tangible fixed assets
Accounting principles
The parent company’s tangible fixed assets refer to office equipments
and is depreciated over a straight-line basis over 3–5 years.
| Equipment, tools, | ||
| fixtures and fittings | ||
MSEK | 2025 | 2024 |
Opening acquisition value | 1 | 1 |
Disposals | — | 0 |
Closing acquisition value | 1 | 1 |
Opening accumulated depreciation | –1 | –1 |
Depreciation for the year | 0 | 0 |
Disposals | — | 0 |
Closing accumulated depreciation | –1 | –1 |
Net residual value | 0 | 0 |
Depreciation has been charged entirely to administrative expenses.
There has been no financial leasing.
NOTE 13 — Accrued expenses
and deferred income
MSEK | 2025 | 2024 |
Salaries and holiday pay | 7 | 7 |
Social security contributions | 18 | 17 |
Interest | 1 | 2 |
Other accrued expenses and deferred income | 10 | 14 |
Closing balance | 36 | 40 |
NOTE 14 — Liabilities to credit institutions
All liabilities to credit institutions are borrowing debts. Loans from
Elanders’ main banks follows the terms in the credit agreement and
maturity is in July 2028. Elanders AB has loans in GBP, USD, EUR
and SEK.
See note 23 to the consolidated financial statements for in-
formation regarding financial covenants and financial risk manage-
ment.
| Changes in interest-bearing liabilities | ||
MSEK | 2025 | 2024 |
Opening balance | 4,958 | 3,724 |
New loans | — | 560 |
Amortization of loans | –178 | –141 |
Other changes in interest-bearing liabilities | 258 | 552 |
Translation difference | –503 | 263 |
Closing balance | 4,536 | 4,958 |
Bank overdraft facilities
Utilized amounts and available credit in group bank overdraft
facilities are given below.
MSEK | 2025 | 2024 |
Bank overdraft facilities, utilized amount | — | –9 |
Bank overdraft facilities, granted amount | 232 | 242 |
Not utilized overdraft | 232 | 233 |
NOTE 12 — Provisions for post-empolyment
benefits
Accounting principles
Defined benefit pension obligations of the parent company are secured
through capital insurance policies. The pension obligation is recognised
as a provision, while the capital insurance policies are recognised as
non-current financial assets measured at cost. For the 2024 figures,
these amounts are shown net of corresponding assets and liabilities.
MSEK | 2025 | 2024 |
| Capital insurance policy securing a direct pension | ||
commitment | 48 | — |
Total | 48 | — |
164 Financial reports and notes Parent company
NOTE 15 — Pledged assets and contingent liabilities
Accounting principles
The parent company’s financial guarantee contracts consist primarily
of guarantees on behalf of subsidiaries. A financial guarantee contract is a
contract in which the company has a commitment to reimburse the holder of
a debt instrument for loss it incurs because a specified debtor fails to make
payment when due according to the contract terms. The parent company
applies RFR 2 p. 71 to account for financial guarantees, which is a relief
compared to the rules in IAS 39 connected to reporting and taxation. The
parent company recognizes financial guarantee contracts as a provision on
the balance sheet when the company has a commitment.
Exemption rules for subsidiaries
The parent company has issued a guarantee under Section 479(C) of the
UK Companies Act 2006 for the year ended 31 December 2025 in respect
of the subsidiaries Elanders Ltd and Spreckley Ltd registered in the United
Kingdom, listed in note 9. The parent company guarantees all outstanding
liabilities to which the subsidiary companies are subject to on 31 December
2024, until they are satisfied in full and the guarantee is enforceable against
the company by any person to whom the subsidiary companies are liable
in respect of those liabilities. The subsidiaries have taken advantage of the
exemption from audit by virtue of Section 479(A) of the UK Companies
Act 2006. In accordance with Section 401 of the UK Companies Act 2006,
Elanders Holding UK Limited applies the exemption from preparing consoli-
dated financial statements as they are included in the consolidated financial
statements of Elanders AB.
The parent company has issued a guarantee to the subsidiaries Elanders
Kaishem GmbH, Elanders Donauwörth GmbH, Elanders Waiblingen GmbH
and Elanders Holding GmbH, all registered in Germany. The parent company
guarantees for all obligations of Elanders Kaishem GmbH, Elanders
Donauwörth GmbH, Elanders Waiblingen GmbH and Elanders Holding
GmbH existing as of 31 December 2025 until the end of the following
financial year. As a consequence of this, Elanders Kaishem GmbH, Elanders
Donauwörth GmbH, Elanders Waiblingen GmbH and Elanders Holding
GmbH including its German subsidiaries LGI Logistics Group International
GmbH, LGI Deutschland GmbH, LGI FreightLOG GmbH, LGI TechLog
GmbH, Helix Software + Support GmbH, Logistik Lernzentrum GmbH, LGI
Logistics Solution GmbH, ITG GmbH Internationale Spedition und Logistik,
ITG Fulfillment GmbH and ITG Air & Sea GmbH, LGI reuseIT GmbH,
MotoristicSolutions GmbH, listed in note 9, apply the exemption rules set
out in sec. 264 (3) German Commercial Code (HGB). Those rules exempt
from legal audit and publishing and allows preparation reliefs of the financial
statements. Furthermore, according to sec. 291 (1) and (2) German
Commercial Code (HGB) Elanders Holding GmbH, LGI Logistics Group
International GmbH, ITG GmbH Internationale Spedition und Logistik, ITG
Air & Sea GmbH and Elanders Waiblingen GmbH are exempted from the
preparation of consolidated financial statements and the management
commentary as they are included in the consolidated financial statements of
Elanders AB.
| Pledged assets | ||
MSEK | 2025 | 2024 |
Floating charges | 3 | 3 |
Other pledged assets | — | — |
Total | 3 | 3 |
| Given to: | ||
Credit institutions | 3 | 3 |
Total | 3 3 |
Other pledged assets primarily refer to collateral in the form of shares in
subsidiaries.
| Contingent liabilities | ||
MSEK | 2025 | 2024 |
Surety and contingent liabilities given for subsidiaries | 288 | 146 |
Total | 288 | 146 |
165Elanders Annual and Sustainability Report 2025
NOTE 16 — Supplementary information to the statements of cash flow
Cash and cash equivalents
Cash and cash equivalents consist primarily of cash and bank
balances. Short-term investments are classified as cash and cash
equivalents when:
— the risk for changes in their fair value is insignificant.
— they are easily converted.
— they mature in less than three months from the date they were
acquired.
| Adjustment for items not included in cash flow from | ||
| operating activities | ||
MSEK | 2025 | 2024 |
Depreciation, amortization and write-downs of intan- gible and tangible assets | 0 | 3 |
Dividends from subsidiaries | –131 | –193 |
Unrealized exchange rate gains/losses | –429 | 31 |
Other items | –14 | 16 |
Total | –579 | –143 |
| Paid and received interest | ||
MSEK | 2025 | 2024 |
Paid interest | –273 | –325 |
Received interest | 158 | 272 |
Total | –115 | –53 |
| Dividends received from subsidiaries | ||
MSEK | 2025 | 2024 |
Elanders Donauwörth GmbH | — | 46 |
Elanders Hungary Kft | — | 9 |
Elanders Polska Sp. z o.o. | — | 9 |
Elanders Waiblingen GmbH | 121 | 127 |
Mentor Gerenciamento de Supply Chain Brasil Ltda | 4 | — |
Reuseit AB | 5 | 3 |
Total | 131 | 193 |
The Board of Directors and Chief Executive Officer hereby certify
that the Annual Report has been prepared in accordance with good
accounting practice in Sweden and that the consolidated financial
statements have been prepared in accordance with International
Financial Reporting Standards (IFRSs), referred to in the European
Parliament’s and Council’s directive 1606/2002 of 19 July 2002
regarding the application of International Financial Reporting
Standards, and that they give a true and fair view of the parent
company’s and Group’s financial position and result, and that the
Board of Directors’ Report provides a true and fair view of the
development of the parent company’s and Group’s operations,
financial position and result and describes significant risks and
uncertainties that the parent company and the companies within the
Group face. The Board and the Chief Executive Officer also certify
that the consolidated accounts and the Annual Report have been
prepared in accordance with the European standards for sustainabil-
ity reporting (ESRS) and the specifications adopted with the support
of the EU taxonomy regulation.
The Board of Directors and Chief Executive Officer propose
that the profit and other unreserved funds of SEK 1,253,799,230 in
the parent company at the disposition of the Annual General
Meeting should be dealt with accordingly:
— SEK 2.10 per share, a total of SEK 74,251,277 , is distributed to the
— the remaining balance of SEK 1,179,547,953 is to be carried forward.
The Board of Directors believes that the proposed dividends are
justifiable in relation to the demands that the business’ nature,
scope and risks make on Group equity and on the Group’s
consolidation needs, liquidity and its position in general.
This Annual Report will be presented at the Annual General Meeting
23 April 2026 for adoption. The Annual Report was authorized for
issue on 20 March 2026.
Proposed
appropriation
of prots
Mölndal, 20 March, 2026
Our auditor’s report regarding the annual accounts and consolidated accounts was issued on 20 March 2026.
Our assurance report regarding the statutory sustainability report was issued on 20 March 2026.
Ernst & Young AB
Dan Frohm
Chairman of the Board
Carl Bennet
Vice Chairman of the Board
Ulrika Dellby Eva Elmstedt
Erik Gabrielson Anna Hallberg Anne Lenerius Johan Trouvé
Andreas Mast
Authorized Public Accountant
Irene Planting Magnus Nilsson
Chief Executive Officer
Martin Schubach
166 Proposed appropriation of profitsFinancial reports and notes
167
168
Auditor’s report
Auditor’s limited assurance report on
Elanders AB (publ)’s sustainability statement
Auditor’s
repos
Elanders Annual and Sustainability Report 2025
169
Report on the annual accounts and
consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts of
Elanders AB (publ) except for the corporate governance statement
on pages 107–111 and Sustainability report on pages 59–103 for the
year 2025. The annual accounts and consolidated accounts of the
company are included on pages 114–166 in this document.
In our opinion, the annual accounts have been prepared in
accordance with the Annual Accounts Act and present fairly, in all
material respects, the financial position of the parent company as of
31 December 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 respects,
the financial position of the group as of December 31 2025 and their
financial performance and cash flow for the year then ended in
accordance with IFRS Accounting Standards, as adopted by the EU,
and the Annual Accounts Act. Our opinions do not cover the
corporate governance statement on pages 107–111 and Sustainabil-
ity report on pages 59–103. 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 submitted 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 International Standards
on Auditing (ISA) and generally accepted auditing standards in
Sweden. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities section. We are
independent 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 requirements. 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 companies within the EU.
We believe that the audit evidence we have obtained 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 significance 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 matters. 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 procedures, including
the procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying financial
statements.
This is a translation from the Swedish original.
To the general meeting of the shareholders of Elanders AB (publ),
corporate identity number 556008-1621.
Auditor’s
repo
170 Auditor’s reports Auditor’s report
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 1–51 and
177–204 including the Sustainability report on pages 59–103. The
other information also includes the Renumeration report on which
we obtained before 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 consolidated 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 information otherwise
appears to be materially misstated.
If we, based on the work performed concerning this informa-
tion, conclude that there is a material misstatement 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 Accounting Standards as adopted by the EU.
The Board of Directors and the Managing Director are also responsi-
ble 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 accounting is however not
applied if the Board of 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 responsibility
Our objectives are to obtain reasonable assurance about whether the
annual accounts and consolidated accounts as a whole are free from
material misstatement, 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 guarantee 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 exercise
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
detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, 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 appropri-
ate 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 estimates and related disclosures
made by the Board of Directors and the Managing Director.
Impairment test of goodwill and other intangible assets
with indefinite useful lives
Description
Goodwill and other intangible assets with an indefinite useful life amount to
4,642 million SEK, corresponding to 31% of the Group’s total assets. As
described in Note 13, the company performs an annual impairment test for
goodwill and other intangible assets with an indefinite useful life in
accordance with IAS 36. The test is based on discounted future cash flows
for the cash-generating units in which goodwill and other intangible assets
with indefinite useful lives are recognized. Management’s estimate of future
cash flows is made based on market, growth and margin based on the
asset’s existing structure without considering future acquisitions.
The test is based on complex valuation models, significant assumptions and
judgments with inherent uncertainty. Changes in assumptions can have a
significant impact on the recoverable amount. In addition, the value of good-
will and other intangible assets with indefinite useful lives amounts to
significant amounts. Considering the above, we believe that the valuation of
goodwill and other intangible assets with indefinite useful lives constitutes a
key audit matter.
How our audit addressed this key audit matter
In our audit, we have performed substantive procedures over the impair-
ment test. We have evaluated the assumptions used by management and
compared them to comparable companies. We have also obtained and
reviewed opinions from internal specialists to evaluate the models and
assumptions applied.
We have evaluated management’s forecasting accuracy by comparing prior
forecasts with actual outcomes and assessed their historical ability to
achieve budgeted results.
We have tested management’s sensitivity analysis of the underlying
assumptions in the impairment test to determine whether a reasonably
possible change would result in an impairment need. We have assessed
whether management has provided the required disclosures in the Annual
Report.
Elanders Annual and Sustainability Report 2025
171
— 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 conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclo-
sures in the annual accounts and consolidated accounts or, if such
disclosures are inadequate, to modify our opinion about the
annual accounts and consolidated accounts. Our conclusions 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 content 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 financial information of
the entities or business units within the group as a basis for
forming an opinion on the consolidated accounts. We are
responsible for the direction, supervision and review of the audit
work performed for purposes 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 communicate with them all relationships and
other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate
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.
— Other disclosures
The audit of the annual report for the year 2024 has been carried
out by another auditor who issued an audit report dated March 21,
2025, with unmodified opinions.
Report on other legal and
regulatory requirements
Report on the audit of the administration and the proposed
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 Elanders AB (publ) for the year
2025 and the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders 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 responsibilities under those
standards are further described in the Auditor’s Responsibilities
section. We are independent of the parent company and the group
in accordance with professional ethics for accountants in Sweden
and have otherwise fulfilled our ethical responsibilities in accord-
ance with these requirements.
We believe that the audit evidence we have obtained 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 appropria-
tions 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, consolidation requirements,
liquidity and position in general.
The Board of Directors is responsible for the company’s
organization and the administration of the company’s affairs. This
includes among other things continuous 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’ guidelines 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 responsibility
Our objective concerning the audit of the administration, and
thereby our opinion about discharge from liability, is to obtain audit
evidence to assess with a reasonable degree of assurance whether
any member of the Board of Directors or the Managing Director in
any material respect:
— as undertaken any action or been guilty of any omission 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 appropriations
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 accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance 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 skepticism throughout the audit. The examination of the
172 Auditor’s reports Auditor’s report
administration and the proposed appropriations of the company’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 examination on such actions, areas and relationships that
are material for the operations and where deviations and violations
would have particular importance for the company’s situation. We
examine and test decisions undertaken, support for decisions, actions
taken and other circumstances that are relevant to our opinion
concerning 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 the Board of Directors’ reasoned statement and a
selection of supporting evidence in order to be able to assess whether
the proposal is in accordance with the Companies Act.
The auditor’s examination of the ESEF 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 prepared 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 Elanders 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 recommendation is described in more detail
in the Auditors’ responsibility section. We are independent of
Elanders AB (publ) in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical
responsibilities in accordance with these requirements.
We believe that the evidence we have obtained is sufficient 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 prepared 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 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
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 Statements, or other
Assurance or Related Services Engagements which requires the firm
to design, implement and operate a system of quality management,
including policies and procedures regarding compliance with
professional ethical requirements, professional standards and
applicable legal and regulatory requirements.
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 assessment, 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 effective-
ness of those internal controls. The examination also includes an
evaluation of the appropriateness and reasonableness of assump-
tions 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 assessment of
whether the consolidated statement of financial performance,
financial position, changes in equity, cash flow and disclosures in the
Esef report have been marked with iXBRL in accordance with what
follows from the Esef regulation.
The auditor’s examination of the corporate governance
statement
The Board of Directors is responsible for that the corporate
governance statement on pages 107–111 has been prepared in
accordance with the Annual Accounts Act.
Our examination of the corporate governance statement is
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 prepared.
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 the same law are consistent with
the other parts of the annual accounts and consolidated accounts
and are in accordance with the Annual Accounts Act.
Ernst & Young AB, with Andreas Mast as principal auditor since
2025, was appointed auditor of Elanders AB (publ) by the general
meeting of shareholders on April 23, 2025.
Mölndal, March 20, 2026
Ernst & Young AB
Andreas Mast
Authorized Public Accountant
Elanders Annual and Sustainability Report 2025
173
This is the translation of the auditor’s limited assurance report in Swedish.
To the General Meeting of the shareholders of Elanders AB (publ), corporate
identity number 556008-1621.
Conclusion
We have conducted a limited assurance engagement of the
sustainability statement prepared by Elanders AB (publ) (the
company) for the financial year 2025. The sustainability statement is
included on pages 59–103 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 statement; 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 engagement in accord-
ance with FAR’s recommendation RevR 19 – Revisorns översiktliga
granskning av den lagstadgade 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 1–58 and 104–201. 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 informa-
tion, conclude that there is a material misstatement 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 of compara-
tive figures in the sustainability statement for 2025 has been
performed.
Responsibilities of the Board of directors and Managing Director
The Board of Directors and the Managing Director are responsible
for the preparation of sustainability statement in accordance with
Chapter 6, Sections 12–12f of the Swedish Annual Accounts Act, and
for such internal control as the Board of Directors and the Managing
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 sustainabil-
ity statement is prepared in accordance with Chapter 6, Sections
Auditor’s
limited assur-
ance repo on
Elanders AB
(publ)’s
sustainability
statement
174 Auditor’s reports Auditor’s limited assurance report on
Elanders AB (publ)’s sustainability statement
Our review procedures regarding the process the company have
undertaken to identify sustainability information to report included,
but were not limited to the following:
— Obtaining an understanding of the process by:
— Conducting inquiries to understand the sources of the informa-
tion 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 proce-
dures regarding the process implemented by the company aligns
with the description of the process in pages 65–67 in the
sustainability statement.
Our review procedures regarding the taxonomy disclosures included
but was not limited to the following review procedures:
— 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 by:
— Conducting inquiries to relevant personnel and analytical review
procedures on the taxonomy disclosures
— Conducting inquiries to understand the sources of the informa-
tion used in the taxonomy disclosures
— Evaluating whether the presentation of the taxonomy disclosures
is consistent with the requirements of the EU Taxonomy
Regulation
Inherent limitations
In reporting forward-looking information in accordance with ESRS,
the board and management of Elanders AB (publ) must prepare
forward-looking information based on specified assumptions about
events that may occur in the future and possible future activities of
Elanders AB (publ). Actual outcomes are likely to differ as expected
events often do not occur as anticipated.
Mölndal, 20 March, 2026
Ernst & Young AB
Andreas Mast Malin Ekman Lorentzon
Authorized Public Accountant Authorized Public Accountant
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 recommendation 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 performed. 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 performed.
Our firm applies ISQM 1 (International Standard on Quality
Management), which requires the firm to design, implement, and
manage a quality management system including guidelines or
procedures regarding compliance with ethical requirements,
standards of professional practice, and applicable laws and
regulations.
We are independent of Elanders AB (publ) in accordance with
professional ethics for accountants in Sweden and have otherwise
fulfilled our ethical responsibilities according to these requirements.
A limited assurance engagement involves performing procedures
to obtain evidence to support the sustainability information. The
auditor selects the procedures 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 statement, in order to design procedures that are appro-
priate 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, performing
analytical review, and conducting other limited review procedures.
Our review procedures regarding the sustainability statement
included, but were not limited to the following:
— Through inquiries, obtaining a general understanding of the
internal control environment, reporting processes, and informa-
tion systems relevant to the preparation of the information in the
sustainability statement.
— Evaluating whether information identified as material through the
process the company has undertaken to identify the content of
the sustainability statement 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 based on a sample of
selected disclosures in the sustainability statements;
— Obtain, through inquiries and analytical review procedures,
support for the methods used for preparing material estimates
and forward-looking information and on how these methods
were applied;
Elanders Annual and Sustainability Report 2025
175
176
Other
information
Five years in summary
Share information and ownership structure
Reconciliation of alternative performance measures
Financial definitions
Specific terms
Board of Directors
Group Management, auditors and nomination
committee
Contact Elanders
Annual General Meeting and financial calendar
Elanders Annual and Sustainability Report 2025
177
Five years in summary
Income statements — Summary
MSEK 2025 2024 2023 2022 2021
Net sales 12,201 14,143 13,867 14,974 11,733
Operating expenses –11,730 –13,357 –13,143 –14,125 –11,153
Operating result (EBIT) 471 786 724 849 580
Financial items –475 –507 –326 –183 –98
Result before tax –4 278 398 666 482
Result for the year –48 183 258 487 331
EBITDA 1,817 2,197 1,967 1,940 1,468
EBITDA excl. IFRS 16 660 1,019 929 1,068 770
EBITA 570 893 820 940 641
EBITA adjusted 776 879 927 966 658
Cash flow — Summary
MSEK 2025 2024 2023 2022 2021
Cash flow from operating activities 1,171 1,416 1,782 1,106 1,063
Paid taxes –150 –222 –242 –196 –128
Net investments –147 –1,251 –1,012 –274 –1,394
Operating cash flow 1,648 894 1,338 1,210 –105
Cash conversion, % 91.7 90.0 110.3 64.6 79.2
Free cash flow 1,043 1,249 1,604 877 935
Change in net debt –1,123 921 915 2,027 2,395
Balance sheets — Summary
MSEK 2025 2024 2023 2022 2021
Goodwill 4,642 5,088 4,452 3,655 3,305
Other fixed assets 6,444 7,680 7,099 6,690 4,936
Inventory 409 378 349 619 400
Accounts receivable 2,300 2,194 2,038 2,139 1,822
Other current assets 523 589 586 567 438
Cash and cash equivalents 936 1,138 1,107 904 898
Equity 3,508 4,102 3,864 3,870 3,304
Interest-bearing liabilities 8,924 10,250 9,297 8,180 6,147
Non-interest-bearing liabilities 2,820 2,715 2,468 2,524 2,349
Total assets 15,252 17,067 15,630 14,574 11,800
178 Five years in summaryOther information
Key ratios
2025 2024 2023 2022 2021
EBITA-margin, % 4.7 6.3 5.9 6.3 5.5
EBITA-margin adjusted, % 6.4 6.2 6.7 6.5 5.6
Operating margin, % 3.9 5.6 5.2 5.7 4.9
Profit margin, % 0.0 2.0 2.9 4.4 4.1
Equity ratio, % 23.0 24.0 24.7 26.6 28.0
Risk capital ratio, % 24.5 25.7 26.6 28.2 30.0
Interest coverage ratio, times 1.0 1.6 2.2 4.5 6.3
Debt/equity ratio, times 2.3 2.2 2.1 1.9 1.6
Return on equity, % –1.5 4.5 6.5 13.0 10.4
Return on capital employed, % 4.0 6.1 6.4 8.3 8.5
Return on total assets, % 3.6 5.1 6.5 11.6 6.3
Average number of employees (FTE) 6,864 7,324 7,203 7,248 6,288
Number of employees at the end of the year (FTE) 6,708 7,175 7,474 7,245 7,019
Net debt/EBITDA ratio RTM, times 4.4 4.1 4.2 3.7 3.6
Net debt/EBITDA ratio RTM excl. IFRS 16, times 5.7 4.0 3.9 2.8 3.3
Enterprise Value, MSEK 10,418 12,241 11,613 12,580 11,401
Risk capital, MSEK 3,739 4,387 4,161 4,107 3,537
Capital employed, MSEK 11,496 13,214 12,055 11,147 8,553
Net debt, MSEK 7,989 9,112 8,191 7,276 5,249
Net debt excl. IFRS 16, MSEK 3,774 4,031 3,655 3,022 2,539
For Reconciliation of alternative performance measures and Financial definitions, see pages 184–188.
Elanders Annual and Sustainability Report 2025
179
EBITA
Equity (2021–2024), MSEK
Equity (2025), MSEK
ROE, %
Capital employed (2021–2024), MSEK
Capital employed (2025), MSEK
ROCE, %
Net debt (2021–2024), MSEK
Net debt (2025), MSEK
Net debt/EBITDA RTM, times
Equity (2021–2024), MSEK
Equity (2025), MSEK
Equity ratio, %
Net sales (2021–2024), MSEK
Net sales (2025), MSEK
EBITA margin adjusted, %
Cash flow from operating activities
(2021–2024), MSEK
Cash flow from operating activities
(2025), MSEK
Net debt Cash flow
Return on equity Return on capital employed Equity ratio
0
4,000
8,000
12,000
16,000
Nettooms„ttning, Mkr
20252024202320222021
4
5
6
7
8
EBITA-marginal
0
2,000
4,000
6,000
8,000
10,000
Nettooms„ttning, Mkr
20252024202320222021
1
2
3
4
5
RörelseresultatMkr
0
300
600
900
1,200
1,500
1,800
Nettooms„ttning, Mkr
20252024202320222021
0
1,000
2,000
3,000
4,000
5,000
Eget kapital, Mkr
20252024202320222021
–3
0
3
6
9
12
15
Avkastning
0
1,000
2,000
3,000
4,000
5,000
Nettooms„ttning, Mkr
20252024202320222021
15
25
35
RörelseresultatMkr
0
3,000
6,000
9,000
12,000
15,000
Eget kapital, Mkr
20252024202320222021
2
4
6
8
10
Avkastning
% times
% % %
“When global trade weakened,
structural measures were imple-
mented that strengthened margins
and results. The company enters
next year with a lower cost base
and capacity for continued growth.”
180 Five years in summaryOther information
Swedish institutions and Investment companies
Swedish companies
Swedish private individuals
Foreign owners
Source: Modular Finance AB/Euroclear Sweden AB.
.
.
.
.
Shareholder categories 31 December 2025
Percent of share capital Percent of votes
.
.
.
.
Share information and ownership
structure
Demand weakened during the first half of the
year due to increased market uncertainty, which
led the company to implement extensive structural
meas ures. Although earnings and margins im-
proved in the second half, the full effects of the
cost efficiency program have not yet been realized
and are expected to materialize fully in 2026. The
decline in net sales, mainly attributable to the first
half of the year, combined with the implemented
structural measures and high financial costs, had a
negative impact on earnings per share. This
con tributed to the company’s B-share performing
weaker than Stockholm OMX PI during the year.
History
Elanders’ B shares were first listed on the Stockholm Stock Exchange
on 9 January 1989. On 31 December 2025 the company had
33,542,938 (33,542,938) B shares listed on NASDAQ OMX
Stockholm, Mid Cap, under the ELAN B symbol.
Development during the year
The market value of B shares fell by 29 (9) percent during 2025,
while the Stockholm Stock Exchange index OMX Stockholm PI
increased by 15 (6) percent during the same period. During 2025,
a total of 4,774,175 (4,465,438) shares were traded, which is
equivalent to an average turnover rate of approximately 0.14 (0.13)
times.
The lowest share price during 2025 was SEK 50.50 on 6 May,
and the highest was SEK 91.30 on 28 January. The final share price
in 2025 was SEK 68.00 (87.80), which means that Elanders’ market
capitalization at year-end amounted to MSEK 2,404 (3,104).
Share capital, class of shares and liquidity guarantee
At the end of 2025, there were a total of 35,357,751 (35,357,751)
issued shares in the company, of which 1,814,813 (1,814,813) were
Class A shares and 33,542,938 (33,542,938) were Class B shares.
Each Class A share is worth ten votes and each Class B share one.
The shares’ quota value is SEK 10 and all shares are entitled to the
same dividend. See the tables on the following pages for share
capital and voting disposition. The Class B share is covered by a
liquidity guarantee and Carnegie Investment Bank is the guarantor.
Share allocation
According to Modular Finance AB/Euroclear Sweden AB, Elanders
had 5,225(4,939) shareholders at year-end. The share of foreign
shareholders amounted to 8 (7) percent of the capital. Swedish
private individuals and institutions owned 13(11) percent and
28 (30) percent respectively of the capital. At the end of the year
Carl Bennet AB controlled 66 (66) percent of the votes and 50 (50)
percent of the capital and was the only owner who controlled more
than 10 percent of the votes.
Dividend policy
Regarding the proposed dividend in years to come, the Board of
Directors has taken into account the Group’s development potential,
its financial position and the adopted financial goals relating to
debt/equity ratio, equity ratio and profitability. The objective is
to have dividends follow the long-term profit trend and, on the
average, represent approximately 30–50 percent of profit after tax.
Other information
Elanders’ financial information can be found at the Group website
www.elanders.com, under the section Investors.
Questions can also be asked to Elanders directly via e-mail at
[email protected]. Annual Reports, Quarterly Reports and other
information can be requested from Group headquarters at
telephone number +46 31 750 07 50, the website or through the
above e-mail address.
During the year, Carneige and Nordea have continuously
monitored the Group’s development and published analyses of
Elanders.
Elanders Annual and Sustainability Report 2025
181
OMX Stockholm PI
ELAN B
Number of traded shares
Source: Modular Finance AB
Development of the Elanders share
Data per share
2025 2024 2023 2022 2021
Net result, SEK –1.52 4.99 7.02 13.29 9.12
Net result adjusted, SEK 2.75 3.85 9.60 13.63 9.12
Share price at year-end, SEK 68.00 87.80 96.00 150.00 174.00
P/E ratio, times –44.74 12.51 13.7 11.3 19.1
Adjusted P/E ratio, times 24.73 22.81 10.0 11.0 19.1
P/S ratio, times 0.2 0.2 0.2 0.4 0.5
Dividend, SEK
1)
2.10 4.15 4.15 4.15 3.60
Dividend yield, % 3.3 4.1 3.4 2.9 2.2
Share price/equity, times 0.7 0.9 1.1 1.3 1.7
Equity, SEK 98.49 115.33 108.50 108.46 92.67
Risk capital, SEK 105.75 124.06 117.68 116.15 100.05
EBITDA, SEK 51.39 62.14 55.64 54.88 41.52
EBITDA excl. IFRS 16, SEK 18.66 28.81 26.28 30.20 21.78
Operating cash flow, SEK 46.62 25.29 37.84 34.23 –3.00
Cash flow from operating activities, SEK 33.12 40.04 50.39 31.27 30.10
Average number of outstanding shares, in thousands 35,358 35,358 35,358 35,358 35,358
Turnover rate, times 0.14 0.13 0.16 0.16 0.20
1)
Proposed by the Board for 2025.
For Reconciliation of alternative performance measures and Financial definitions, see pages 184–188.
0
300
600
9000
1200
1,500
50
100
150
200
20252024202320222021
SEK 1,000s/month
182 Share information and ownership structureOther information
Share capital development
Number of
A shares
Number of
B shares
Accumulated
number of
shares
Accumulated
share capital,
SEK
At Stock Exchange introduction in 1989 200,000 1,380,000 1,580,000 15,800,000
1991 Directed share issue to acquire Fabritius A/S in Norway — 252,000 1,832,000 18,320,000
1993 Bonus issue 1:1 200,000 1,632,000 3,664,000 36,640,000
1997 Directed share issue to acquire the Graphic Systems Group — 650,000 4,314,000 43,140,000
1997 Directed share issue to acquire Skandinaviska Lithorex — 250,000 4,564,000 45,640,000
1997 Directed share issue to acquire Gummessons — 350,000 4,914,000 49,140,000
1997 New share issue 1:4 in connection with the acquisition of the Minab Group 100,000 1,128,500 6,142,500 61,425,000
1998 Directed share issue to acquire the Skogs Group — 1,287,500 7,430,000 74,300,000
2000 Directed share issue to acquire the shares in KåPe Group — 450,000 7,880,000 78,800,000
2000 Directed share issue to acquire the shares in Novum Group — 490,000 8,370,000 83,700,000
2007 New share issue 1:6 in connection with the acquisition of Sommer Corporate Media 83,333 1,311,666 9,764,999 97,649,990
2010 New share issue 1:1 583,333 9,181,666 19,529,998 195,299,980
2012 Directed share issue to acquire d|o|m and fotokasten — 3,200,000 22,729,998 227,299,980
2014 New share issue 1:6 in connection with the acquisition of Mentor Media 194,444 3,593,872 26,518,314 265,183,140
2016 New share issue 1:3 in connection with the acquisition of LGI 453,703 8,385,734 35,357,751 353,577,510
Outstanding shares and share capital on 31 December 2025 1,814,813 33,542,938 35,357,751 353,577,510
Major shareholders 31 December 2025
Number of
A shares
Number of
B shares
Percent
of votes
Percent of
share capital
Carl Bennet AB 1,814,813 15,903,596 65.9 50.1
Svolder AB — 4,280,000 8.3 12.1
Fourth Swedish National Pension Fund — 3,040,367 5.9 8.6
Carnegie Funds — 1,692,002 3.3 4.8
Protector Forsikring ASA — 1,061,739 2.1 3.0
Avanza Pension — 471,840 0.9 1.3
Dimensional Fund Advisors — 278,607 0.5 0.8
Provobis Holding — 250,000 0.5 0.7
SEB Funds — 191,583 0.4 0.5
Handelsbanken Funds — 186,291 0.4 0.5
Other shareholders — 6,186,913 11.9 17.5
Total 1,814,813 33,542,938 100.0 100.0
Source: Modular Finance AB/Euroclear Sweden AB.
Shareholder statistics 31 December 2025
Number of shares
Number of
shareholders
Number of
A shares
Number of
B shares
Percent of
share capital
Percent
of votes
1–500 4,060 — 488,475 1.4 0.9
501–5,000 1,011 — 1,472,568 4.2 2.8
5,001–50,000 130 — 1,940,692 5.5 3.8
50,001–500,000 19 — 3,078,825 8.7 6.0
500,001– 5 1,814,813 25,977,704 78.6 85.4
Anonymous ownership N/A — 584,674 1.7 1.1
Total 5,225 1,814,813 33,542,938 100.0 100.0
Source: Modular Finance AB/Euroclear Sweden AB.
Elanders Annual and Sustainability Report 2025
183
Reconciliation of alternative performance measures
MSEK 2025 2024 2023 2022 2021
Average total assets 15,663 16,888 14,853 13,661 9,741
Average cash and cash equivalents –1,047 –1,234 –997 –847 –815
Average non-interest-bearing liabilities –2,853 –2,681 –2,491 –2,599 –2,127
Average capital employed 11,763 12,973 11,365 10,215 6,799
Operating result 471 786 724 849 580
Return on capital employed % 4.0 6.1 6.4 8.3 8.5
Interest-bearing long-term liabilities 7,783 8,952 7,676 7,229 5,326
Interest-bearing short-term liabilities 1,141 1,298 1,621 951 821
Cash and cash equivalents –936 –1,138 –1,107 –904 –898
Net debt 7,989 9,112 8,191 7,276 5,249
Interest-bearing long-term liabilities excl. IFRS 16 4,474 4,929 4,070 3,747 3,279
Interest-bearing short-term liabilities excl. IFRS 16 236 240 691 179 158
Cash and cash equivalents –936 –1,138 –1,107 –904 –898
Net debt excl. IFRS 16 3,774 4,031 3,655 3,022 2,539
Operating result 471 786 724 849 580
Depreciation and write-downs 1,346 1,411 1,243 1,091 888
EBITDA 1,817 2,197 1,967 1,940 1,468
Operating result excl. IFRS 16 337 675 628 775 536
Depreciation and write-downs excl. IFRS 16 323 343 301 293 234
EBITDA excl. IFRS 16 660 1,019 929 1,068 770
Net debt/EBITDA RTM ratio, times 4.4 4.1 4.2 3.7 3.6
Net debt/EBITDA RTM ratio excl. IFRS 16, times 5.7 4.0 3.9 2.8 3.3
Operating result 471 786 724 849 580
Amortization of assets identified in conjunction with acquisitions 99 108 96 90 61
EBITA 570 893 820 940 641
Adjustments for one-off items 206 –14 107 26 17
EBITA adjusted 776 879 927 966 658
Net sales 12,201 14,143 13,867 14,974 11,733
EBITA-margin, % 4.7 6.3 5.9 6.3 5.5
EBITA-margin adjusted, % 6.4 6.2 6.7 6.5 5.6
184 Reconciliation of alternative performance
measures
Other information
MSEK 2025 2024 2023 2022 2021
Share price at year-end, SEK 68.00 87.80 96.00 150.00 174.00
Number of shares as per balance sheet date, in thousands 35,358 35,358 35,358 35,358 35,358
Net debt 7,989 9,112 8,191 7,276 5,249
Equity attributable to non-controlling interests 25 25 28 36 27
Enterprise value, MSEK 10,418 12,241 11,613 12,616 11,428
Total assets 15,252 17,067 15,630 14,574 11,800
Cash and cash equivalents –936 –1,138 –1,107 –904 –898
Non-interest-bearing liabilities –2,820 –2,715 –2,469 –2,524 –2,349
Capital employed, MSEK 11,496 13,214 12,054 11,146 8,553
Average share price 64.10 100.10 121.87 143.27 161.86
Dividend per share, SEK
1)
2.1 4.15 4.15 4.15 3.60
Dividend yield % 3.3 4.1 3.4 2.9 2.2
Equity attributable to parent company shareholders 3,482 4,078 3,836 3,835 3,276
Equity per share, SEK 98.49 115.33 108.50 108.46 92.67
Cash flow from operating activities 1,171 1,416 1,782 1,106 1,063
Net financial items 475 507 326 183 98
Paid tax 150 222 242 196 128
Net investments –147 –1,251 –1,012 –274 –1,394
Operating cash flow 1,648 894 1,338 1,210 –105
Adjustment for acquired and divested operations 18 1,083 832 44 1,267
Operating cash flow excl. Acquisitions 1,667 1,978 2,170 1,254 1,162
Cash Conversion, % 91.7 90.0 110.3 64.6 79.2
Cash flow from operating activities 1,171 1,416 1,782 1,106 1,063
Net investments in intangible and tangible assets –128 –167 –178 –229 –128
Free cash flow 1,043 1,249 1,604 877 935
Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358
Operating cash flow per share, SEK 46.61 25.29 37.84 34.23 –3.00
Free cash flow per share, SEK 29.49 35.32 45.36 24.80 26.44
Volume on the stock market, in thousands 4,774 4,465 4,819 5,529 6,584
Turnover rate 0.14 0.13 0.14 0.16 0.20
1)
Proposed by the board for the year 2024.
Elanders Annual and Sustainability Report 2025
185
Financial definitions
Profit and yield measures Definition Purpose
EBIT Earnings before interest and taxes;
operating result.
EBIT is used to analyze the profitability
generated by operating activities.
EBITA Earnings before interest, taxes and amor-
tization; operating result (EBIT) plus amor-
tization of assets identified in conjunction
with acquisitions.
The key figure is used to assess the
Group’s operational profitability before
accounting for financing costs, taxes
and amortizations of assets identified in
conjunction with acquisitions.
EBITA adjusted Earnings before interest, taxes and amor-
tization; operating result (EBIT) plus amor-
tization of assets identified in conjunction
with acquisitions adjusted for one-off
items.
EBITA adjusted reflects the profitability
of the underlying business and enables
comparisons between different reporting
periods.
EBITDA Earnings before interest, taxes, depreci-
ation and amortization; operating result
(EBIT) plus depreciation, amortization
and write-downs of intangible assets and
tangible fixed assets.
EBITDA is used to evaluate the profita-
bility generated by the operating activities
without taking into account financing
costs, taxes or depreciation and amorti-
zation.
EBITDA excl. IFRS 16 RTM adjusted EBITDA excl. IFRS 16 RTM adjusted is
calculated as the company’s reported
EBITDA during the last twelve-month
period (RTM) excluding IFRS 16 effects,
one-off items and adjusted for proforma
results for acquisitions.
The key figure is used to calculate the
ratio of net debt to adjusted EBITDA RTM,
which is to be reported in accordance with
the Group’s credit agreement.
Operating margin Operating result (EBIT) in relation to net
sales.
The key figure is used to measure the
Group’s profitability in its core operations.
Return on capital employed (ROCE) Operating result (EBIT) in relation to
average capital employed.
The key ratio measures how effectively
the group utilizes its capital to generate
profit.
Return on equity (ROE) Result for the year in relation to average
equity.
Return on equity is a measure of the
Group’s profitability and indicates the
return on the capital invested by the
owners.
Return on total assets (ROA) Operating result (EBIT) plus financial
income in relation to average total assets.
Return on total assets measures the
Group’s ability to generate profitability in
relation to the capital available.
186 Financial definitionsOther information
Capital measures Definition Purpose
Cash conversion Operating cash flow, excluding consider-
ations paid for acquisitions, in relation to
EBITDA.
This ratio reflects the Group’s ability to
generate cash flow in relation to EBITDA.
Capital employed Total assets less cash and cash equivalents
and non-interest bearing liabilities.
The key figure is used to describe the total
amount of capital used in the group to
generate revenue.
Debt/equity ratio Net debt in relation to reported equity,
including non-controlling interests.
The debt-to-equity ratio indicates the
extent to which the company’s operations
are financed through debt compared to
equity.
Equity ratio Equity, including non-controlling interests,
in relation to total assets.
The ratio provides a view of the propor-
tion of total assets that have been
financed by equity. The key ratio measures
the Group’s financial stability and its long-
term solvency.
Free cash flow Cash flow from operating activities and
investing activities, excluding acquisitions
and divestment of operations.
The key figure shows the Group’s ability
to generate cash flows that can be utilized
for future growth, debt repayment or
distributed to shareholders.
Free cash flow margin Free cash flow in relation to net sales. The result provides an indication of how
effectively the Group converts revenue
into cash flow.
Interest coverage ratio Operating result (EBIT) plus interest
income divided by interest costs.
The key figure is used to assess the
Group’s ability to meet its interest
expenses on borrowed funds and helps
investors and analysts evaluate the
company’s financial stability and level of
risk.
Net debt Interest bearing liabilities less cash and
cash equivalents.
The key ratio provides an indication of the
company’s solvency.
Elanders Annual and Sustainability Report 2025
187
Share-related measures Definition Purpose
Average number of shares Weighted average number of shares
outstanding during the period.
Average number of shares is used to
calculate earnings per share and other
financial ratios, giving investors a better
understanding of the Group’s value and
performance.
Earnings per share Result for the period attributable to parent
company shareholders divided by the
average number of shares.
The key figure makes it possible to
compare different groups during a
reporting period as well as to make
comparisons between different reporting
period for the same group.
Other metrics Definition Purpose
Average number of employees (FTE) The number of employees converted to
full-time equivalents (FTE) at the end of
each month divided by number of months.
—
One-off items Signifiacant income/one-off items in
operating profit.
Significant income/expenses affecting
comparability between accounting
periods. These items include, but are
not limited to, revaluations of additional
considerations, restructuring costs,
acquisition-related costs and disputes.
Operating cash flow Cash flow from operating activities and
investing activities, adjusted for paid taxes
and financial items.
Indicates the cash flow from the Group’s
core business.
RTM Rolling twelve months. RTM makes it possible to continuously
compare full-year outcomes and to iden-
tify changes and trends at an earlier stage.
188 Financial definitionsOther information
Specific terms
After sales
Provision of services, support and spare
parts after making an initial sale. This occurs
for example in the provision of products
which requires regular upgrades.
Business-to-business (B2B)
Sale of goods and services between
businesses, such as between a manufacturer
and a wholesaler, or between a wholesaler
and a retailer.
Business-to-consumer (B2C)
Sale of goods and services between a
company and consumers.
Cleanroom
A cleanroom is an environment, typically
used in manufacturing or scientific research,
that has a low level of environmental
pollutants such as dust, airborne microbes,
aerosol particles and chemical vapors. More
accurately, a cleanroom has a controlled
level of contamination that is specified by
the number of particles per cubic meter at a
specified particle size.
Contract Logistics
Contract logistics is a business model within
the framework of supply chain management,
which is based on a long-term cooperation
between a manufacturer or a dealer of
goods and a logistics service provider. The
model is normally regulated by a service
contract, comprises a considerable business
volume and is individually formed.
Digital print
The transfer of information to paper via a
digital file that is then printed out with the
help of a high-speed printer. This technique
is a prerequisite for print-on-demand and
makes quick deliveries in small editions
possible. Offset technique is still more
efficient for larger editions.
E-commerce
Online sales, also known as electronic
commerce or internet commerce, refers to
the buying and selling of goods or services
using the internet, and the transfer of
money and data to execute these transac-
tions.
End-to-end solution
An end-to-end solution refers to a
comprehensive solution, where all the
middle layers or steps are eliminated to
optimize performance and efficiency in a
process.
FMCG
Fast-Moving Consumer Goods. Refers to
products that sell quickly and have a short
life cycle and include everyday goods such
as food, beverages, and personal care items.
FTE
Number of full-time equivalent employees
(FTE) is defined as the number of
employees converted into full-time
positions.
Fulfillment
This term used to describe a number of
steps in the process between production
and distribution. They can include assembly,
con figu ration, bar-coding, packaging for end
customers.
Just-in-time (JIT)
Delivery precision – delivery exactly when
the need arises. The concept also entails
that customers do not need to store their
products.
Life Cycle Management
Services that are carried out during the
whole or parts of a product’s life cycle, from
when the product is manu factured to it is
recycled. Examples of services are delivery,
installation, training, maintenance, wiping of
data, upgrade of software, refurbishment
and reselling or recycling. The service aims
to maximize the product’s life and optimize
logistics flow in order to reduce the
environmental impact.
Offset print
A printing method in which ink and water
are spread out on a printing plate that is
then pressed against a rubber blanket. This
absorbs the ink and transfers it to the paper.
The expression offset comes from the fact
that the printing plate never touches the
paper.
Omni-channel
An integrated way of thinking about
people’s relationships with organizations.
Rather than working in parallel, communica-
tion channels are designed to cooperate and
build a coherent, evolving, cross-channel
experience. The approach includes channels
such as physical locations, FAQ web pages,
social media, mobile applications and
telephone communication. Companies that
use omni-channels give their customers the
ability to be in contact with them through
multiple avenues at the same time. When
talking about omni-channel in connection
with sales, it is usually commerce via both
stores and e-commerce that is referred to.
Online print
A service where printed matter can easily be
ordered via a web-based interface and the
user can create their own unique design.
Typical products are business cards, cata -
logues, books, photo products, newsletters,
calendars and brochures.
Outsourcing
Companies or organizations choose to let an
external party handle an activity or a
process. This activity or process is then said
to be outsourced.
Packaging
A product manufactured to protect, handle,
deliver and present an item.
Supply chain
The movement and storage of goods and or
information from point of origin to end-users.
Supply chain manage ment can be defined as
the design, planning, execution, control and
monitoring of activities with the objective of
creating net value, building a competitive
infrastructure, leveraging worldwide
logistics, synchronizing supply with demand
and measuring performance globally.
Warehouse Management System (WMS)
A warehouse management system
developed to automate and streamline
every stage of the warehouse process. This
system helps to increase transparency and
optimise various warehouse management
tasks in a structured manner, including stock
control, inventory management, order
picking, as well as goods receipt and
dispatch.
Elanders Annual and Sustainability Report 2025
189
Board of Directors
Dan Frohm
Chairman of the Board
Carl Bennet
Deputy Chairman of the Board
Ulrika Dellby
Member of the Board
Born
Education M.Sc. in Industrial Engineering
and Management
B.Sc in Business Administration,
ec.Dr.h.c., med.Dr.h.c., tech.Dr.h.c.
Master’s degree in business
administration
Elected in
Appointments on the Elanders
Board
Chairman of the remuneration
committee
Chairman of the nomination
committee and member of the
remuneration committee
Member of the audit
committee
Other appointments — Deputy Chairman of the board of
Carl Bennet AB and Lifco AB
— Member of the board of Arjo AB,
Getinge AB and Swedish-
American Chamber of Commerce,
Inc.
— Chairman and CEO of
Carl Bennet AB
— Chairman of the board of Lifco AB
— Deputy Chairman of the board of
Arjo AB and Getinge AB
— Member of the board of
L E Lundberg företagen AB
— Member of the board of Arjo AB,
Getinge AB, Kungliga Dramatiska
Teatern AB, Lifco AB, Linc AB and
Werksta Nordic AB
Previous appointments — Management consultant at
Applied Value LLC (New York
office)
— President and CEO of Getinge AB
— Member of the board of
Holmen AB
— Par tner B oston Co nsulti ng G roup
and Fagerberg & Dellby (private
equity)
— Chairman of the board of
Fasadgruppen Group AB
Shareholding , Class B shares
(own and related parties)
Through companies:
,, Class A shares and
,, Class B shares
, Class B shares
(own and related parties)
190 Board of DirectorsOther information
Erik Gabrielson
Member of the Board
Anna Hallberg
Member of the Board
Eva Elmstedt
Member of the Board
Anne Lenerius
Member of the Board
Master of Laws Academic education in law and
business administration
Bachelor’s degree in Economics and
Computer Science, Stockholm School
of Economics and Indiana University
of Pennsylvania, USA
Business Administration
Member of the remuneration
committee
Member of the audit committee Chairman of the audit committee Member of the audit committee
— Lawyer and partner of the law
firm Vinge
— Chairman of the board of Eldan
Recycling A/S
— Member of the board of
BuildData Group AB,
Carl Bennet AB and Lifco AB
— Member of the board of Lifco AB,
Stena Metall AB and the
Korsvägen Foundation
(Universeum)
— Chairma n of the board of Nordlo,
Omegapoint AB and Serline
— Member of the board of AddLife
AB and Arjo AB
— Member of the branch board
Handelsbanken Älvsborg
— — Minister for Foreign Trade and
Nordic Affairs
— Deputy CEO of Almi
Företagspartner
— A number of senior positions
within SEB
— Bu si n e s s Are a M a n a ge r fo r Gl obal
Services and member of the
management team for Nokia
Networks and Nokia Siemens
Networks
— Leading roles within Ericsson,
the operator 3 and Semcon
— Chairman of the board of Proact
and Semcon
— Member of the board of Addtech,
Fagerhult Group AB, Knowit,
Smart Eye AB and Thule
— Chief Financial Officer of
Carl Bennet AB
— Group Controller at Ernström
Holding AB
— Finance Manager at JMS/Q
Systemhydraulik AB
— Chairman of the board of
Entercircle Konfektion AB
— , Class B shares
(own and related parties)
16,500 Class B shares
(own and related parties)
, Class B shares
(own and related parties)
Elanders Annual and Sustainability Report 2025
191
Magnus Nilsson
Member of the Board
President and Group CEO
Johan Trouvé
Member of the Board
Born
Education Education in Graphic Technology,
Design, Business Administration
and Marketing
Master’s degree in engineering
Elected in . Employed in Elanders since
Appointments on the Elanders
Board
— Member of the audit committee
Other appointments — — CEO of the West Swedish
Chamber of Commerce
— Member of the board of Elof
Hansson AB, Thomas Concrete AB
and UNICEF Sweden
Previous appointments — — Regional manager for
Schenker AB
Shareholding 129,577 Class B shares
(own and related parties)
, Class B shares
(own and related parties)
192 Board of DirectorsOther information
Irene Planting
Employee representative
Martin Schubach
Employee representative
Johan Lidbrink
Deputy employee representative
Born
Education Elementary school and
Medborgarskolan – decoration,
advertising and interior design
Upper secondary education Upper secondary education
Elected in
Work Transport operator at Elanders
Sverige AB
Data and automation at Elanders
Sverige AB
Warehouse worker at Elanders
Sverige AB
Shareholding 94 Class B shares
(own and related parties)
1,000 Class B shares
(own and related parties)
—
Elanders Annual and Sustainability Report 2025
193
Group Management
Magnus Nilsson
President and Group CEO
Åsa Vilsson
Group CFO
Florian Beck
Supply Chain Solutions
(LGI), President
Born
Employed since 1999
Education and experience — Education in Graphic Technology,
Design, Business Administration
and Marketing
— A ctive with in t he graph ic i ndu str y
since 1987
— Head of production Elanders in
Hungary 2002
— MD Elanders Berlings Skogs
20 03–200 5 a nd Eland ers in China
2005–2009
— Master of Science in Business
Administration
— Auditor during 2007–2013
— Authorized Public Accountant
2011
— Education in Business
Administration and Supply Chain
Management
— More tha n 15 yea rs of e xpe ri enc e
in contrac t logistics and business
devel o p m e nt a n d h a s he l d va r i o u s
sen ior p ositio ns with in th e G rou p
in Europe and North America
Shareholding 129,577 Class B shares
(own and related parties)
, Class B shares
(own and related parties)
—
194 Group Management, auditors
and nomination committee
Other information
Ernst & Young Aktiebolag with the authorized public accountant:
Andreas Mast
Born 1979
— Company Auditor in Charge since 2025
Other appointments
— Investment AB Latour, Nederman Holding AB and Alimak Group AB
Carl Bennet
Chairman of the nomination
committee and contact, represents
Carl Bennet AB
Dan Frohm Chairman of the Board
Anders Oscarsson Svolder AB
Jannis Kitsakis Fourth Swedish
National Pension Fund
Viktor Henriksson Carnegie Funds
Nomination committee questions
can be submitted by e-mail or
post mail to:
valberedning@elanders.com
Elanders AB
Att: Nomination committee
Flöjelbergsgatan 1 C
431 37 Mölndal, Sweden
Auditors The nomination committee
Charles Ickes
Group COO
Supply Chain Solutions
(Bergen Logistics), President
Simon Sim
Supply Chain Solutions
(Mentor Media), President
Tim Bloch
Supply Chain Solutions
(Kammac & Bishopsgate), President
Sven Burkhard
Print & Packaging Solutions,
President
2021 2025
— Has been with the company for
t h e las t fi ve year s , mai nl y wor ki n g
a s the Ch ief Op er atio ns Of f ice r in
North America
— P revi ous ly Chie f Lo gist ic s O ff icer
for Rent the Runway in the USA
— Bachelor’s degree in
Communication (Public Relations),
Ma ster o f B usi ness in Ma rketi ng,
and Professional Doctorate in
Digital Commerce
— Mor e tha n 20 year s of expe ri en ce
in contract logistics and has held
senior positions at several of
Asi a ’s le adi ng l o g i s ti cs com p ani e s,
including the past 7 years as
ma nagi ng di rec tor at YSG P te Ltd
in Singapore
— CEO of Bishopsgate Newco Ltd,
a company within the Elanders
Group, and has a long and solid
experience in contract and
third-party logistics
— Has le d the team at Bis hops gate
since 2007, through 18 years of
solid growth and development
— Edu c at ion in Gr a p h i c Tec h n ology,
Design a nd Busin ess Administra-
tion
— Previously employed at, among
other places, the German
company Flyeralarm
— Mo re t h a n 15 years ’ ex p e r i e n ce i n
printing technologies,E-commerce,
Product Management and
Business Development
10,000 Class B shares
(own and related parties)
— — 12,000 Class B shares
(own and related parties)
Auditors and nomination committee
Elanders Annual and Sustainability Report 2025
195
Head office
Elanders AB
www.elanders.com
Tel: +46 31 750 00 00
President & CEO: Magnus Nilsson
Supply Chain Solutions
— Bergen Logistics
bergenlogistics.com
President: Charles Ickes
Bergen Logistics Corporate HQ
5903 West Side Avenue, North Bergen, NJ 07047, USA
Tel: +1 201 854 1512
USA
Bergen Logistics
5903 West Side Avenue, North Bergen, NJ 07047, USA
Tel: +1 201 854 1512
Bergen Logistics
299 Thomas E. Dunn Memorial Hwy., Rutherford,
NJ 07070, USA
Tel: +1 201 624 2170
Bergen Logistics
16012 Arthur Street, Cerritos, CA 90703, USA
Tel: +1 323 490 1075
Bergen Logistics
7575 Cobb International Blvd, Kennesaw, GA 30152,
USA
Bergen Logistics
1055 Hanover Street, Wilkes Barre, PA 18706, USA
CANADA
Canada INC
3925 Steeles Ave East, Unit 3 Brampton, Ontario,
L6T 5W5 Canada
Tel: +1 905 792 8585
NETHERLANDS
Bergen Logistics B.V.
De Amert 445, 5462 GH Veghel, Netherlands
Tel: +31 857 602 726
MOLDOVA
REX 11 S.R.L.
mun. Chiinău, sec. Botanica, str. Dacia, 23, et. 6,
2043 Moldova
Tel: +1 201 854 1512
— LGI
lgigroup.com
President: Florian Beck
LGI Logistics Group International GmbH
Corporate HQ
Konrad-Zuse-Str. 10, 71034 Böblingen, Germany
Tel: +49 7031 2009 0
GERMANY
— AREA STUTTGART-KARLSRUHE
Böblingen
c/o LGI Deutschland GmbH
Hewlett-Packard-Straße 2, 71034 Böblingen, Germany
Tel: +49 7031 3060 402, Fax: +49 7031 3060 420
c/o LGI Deutschland GmbH
Schickardstraße 27, 71034 Böblingen, Germany
Tel: +49 7031 3060 208
c/o LGI Deutschland GmbH
Hans-Klemm-Straße 27, 71034 Böblingen, Germany
Tel: +49 7031 3060 400, Fax: +49 7031 3060 465
Ehningen
c/o LGI Deutschland GmbH
Mercedesstraße 10, 71139 Ehningen, Germany
Tel: +49 7031 3060 400, Fax: +49 7031 3060 465
Esslingen
c/o LGI Deutschland GmbH
Fritz-Müller-Straße 116, 73730 Esslingen, Germany
Tel: +49 711 45984 173, Fax: +49 7114 5984 140
Gomaringen
c/o LGI Deutschland GmbH
Siemensstraße 4, 72810 Gomaringen, Germany
Tel: +49 7072 9151 100
Großbottwar
c/o LGI Deutschland GmbH
Schleifwiesenstraße 25-27, 71723 Großbottwar,
Germany
Tel: +49 7114 5984 130
Herrenberg
c/o LGI Deutschland GmbH
Heisenbergstraße 2, 71083 Herrenberg, Germany
Tel: +49 7032 2291 0, Fax: +49 7032 2291 111
Heilbronn
c/o LGI Deutschland GmbH
c/o AUDI AG
Alexander Baumann Straße 45, Building K40
74078 Heilbronn, Germany
Tel: +49 1727 3493 81
Horb am Neckar
c/o LGI Deutschland GmbH
Manfred-Volz-Straße 10, P3 Park Horb a.N.,
72160 Horb, Germany
Tel: +49 1514 3109 829
Neckarsulm
c/o LGI Deutschland GmbH
c/o Audi AG
NSU-Straße 1, Werk Neckarsulm, Gebäude V10,
74172 Neckarsulm, Germany
Tel: +49 1624 0149 94
Nufringen
c/o LGI Deutschland GmbH
Im Hübschtanz 1, 71154 Nufringen, Germany
Tel: +49 7032 2291 0
Ostfildern (Kemnat)
c/o LGI Deutschland GmbH
Zeppelinstraße 32, 73760 Ostfildern, Germany
Tel: +49 703 2229 14 70
Reutlingen
c/o LGI Deutschland GmbH
Heubergstraße 6, 72766 Reutlingen, Germany
Tel: +49 7121 9456 485
Sindelfingen
c/o LGI Deutschland GmbH
c/o Daimler AG
Building 46/48, 71063 Sindelfingen, Germany
Tel: +49 1728 3072 45
Stuttgart
c/o LGI Deutschland GmbH
c/o Daimler AG
Am Mittelkai 40, 70329 Stuttgart, Germany
Tel: +49 1522 1867 079
Stuttgart Airport
c/o ITG Air & Sea GmbH
c/o ITG Air & Sea GmbH
Gottlieb-Manz-Straße 12, 70794 Filderstadt-
Bernhausen, Germany
Tel: +49 7117 9730 90, Fax: +49 7117 9730 915
Waghäusel
c/o LGI Deutschland GmbH
Spedition und Kontraktlogistik
Karlsruher Straße 61, 68753 Waghäusel, Germany
Tel: +49 1727 3493 81
Winnenden
c/o LGI Deutschland GmbH
Max-Eyth-Straße 14, 71364 Winnenden, Germany
Tel: +49 7114 5984 130
— AREA HAMBURG-BREMEN
Bremen
c/o ITG Air & Sea GmbH
Martinistraße 33, 28195 Bremen, Germany
Tel: +49 4211 7569 0, Fax: +49 4211 7569 19
Hamburg
c/o ITG Air & Sea GmbH
Weg beim Jäger 218-222, 22335 Hamburg, Germany
Tel: +49 4050 062 0, Fax: +49 4059 803 3
c/o LGI Deutschland GmbH
Troplowitzstr. 10, 22529 Hamburg, Germany
Tel: 49 4033 3966 127, Fax: +49 4033 3966 290
Contact Elanders
196 Contact ElandersOther information
Hamburg-Altenwerder
c/o LGI Deutschland GmbH
Altenwerder Hauptstraße 17-23, 21129 Hamburg,
Germany
Tel: +49 4033 3966 160, Fax: +49 4033 3966 190
— AREA FRANKFURT-HEIDELBERG
Ketsch
c/o LGI Deutschland GmbH
Vorpommernstraße 2, 68775 Ketsch, Germany
Tel: +49 6202 2899 011 3
Mörfelden-Walldorf (Frankfurt Airport)
c/o ITG Air & Sea GmbH
Hessenring 13, 64546 Mörfelden-Walldorf, Germany
Tel: +49 6105 9685 20, Fax: +49 6105 9685 280
Wiesloch
c/o LGI Deutschland GmbH
c/o Heidelberger Druckmaschinen AG
Gutenbergring Halle 5, 69168 Wiesloch, Germany
Tel: +49 6222 82 2136, Fax: +49 6222 8265 812
— AREA MUNICH
Manching
c/o LGI Deutschland GmbH
Königsaue 2, 85077 Manching, Germany
Tel: +49 8459 3334 150, Fax: +49 8459 3334 190
Nürnberg
c/o ITG Air & Sea GmbH
Andernacher Straße 53, 90411 Nürnberg, Germany
Tel: +49 9113 5018 70, Fax: +49 9113 5018 719
Schwaig (Munich Airport)
c/o ITG GmbH Internationale Spedition + Logistik
Eichenstraße 2, 85445 Schwaig (Oberding), Germany
Tel: +49 8122 5670, Fax: +49 8122 5671 001
c/o ITG Air & Sea GmbH
Eichenstraße 2, 85445 Schwaig (Oberding), Germany
Tel: +49 8122 5671 300, Fax: +49 8122 5671 301
— AREA BERLIN-DRESDEN
Neustadt in Sachsen
c/o LGI Deutschland GmbH
Kirschallee 6, 01844 Langburkersdorf, Germany
Tel: +49 3596 5866 10, Fax: +49 3596 5866 99
Werder
c/o LGI Deutschland GmbH
Am Magna Park 10, 14542 Werder (Havel), Germany
Tel: +49 3327 5749 120, Fax: +49 3327 5749 190
— AREA DÜSSELDORF
Düsseldorf Airport
c/o ITG Air & Sea GmbH
Ungelsheimer Weg 6, 40472 Düsseldorf, Germany
Tel: +49 211 566 236 0, Fax: +49 211 566 236 30
Herten
c/o LGI Deutschland GmbH
Friedrich-Bergius-Straße 1-3, 45699 Herten, Germany
Tel: +49 2366 5011 110, Fax: +49 2366 5011 190
Hünxe
c/o LGI Logistics Solution GmbH
Werner-Heisenberg-Straße 1, 46569 Hünxe, Germany
Tel: +49 2811 6400 103, Fax: +49 2811 6400 109
Oberhausen
c/o ITG Fulfillment GmbH
Im Lekkerland 4, 46147 Oberhausen, Germany
Tel: +49 2089 4146 0
— AREA ERFURT
Erfurt
c/o LGI TechLog GmbH
Joseph-Meyer-Straße 3, 99095 Erfurt, Germany
Tel: +49 36204 722 201
c/o LGI TechLog GmbH
Erfurter Landstraße 59a, 99095 Erfurt, Germany
Tel: +49 3620 4722 201, Fax: +49 3620 4722 100
AUSTRIA
Reichersberg
ITG Austria GmbH
Kammer 35, 4981 Reichersberg, Austria
Tel: +43 7751 501510
CZECH REPUBLIC
Prague
LGI Czechia s. r. o.
Poděbradská 601, 25090 Jirny, Czech Republic
Tel: +420 281 049 080, Fax: +420 281 049 099
LGI Czechia s. r. o.
F.V.Veselého 2635/15, 19300 Horní Počernice,
Czech Republic
Tel: +420 702 204 318
Zákupy
LGI Czechia s. r. o.
Nadrazni 295, 47123 Zákupy, Czech Republic
Tel: +420 487 828 018, Fax: +420 487 828 016
Mladá Boleslav
LGI Czechia s. r. o.
Plazy 129, 29301 Mladá Boleslav, Czech Republic
HUNGARY
Budapest
LGI Hungária Logisztikai Kft.
M1 Üzleti Park B/6 épület, H 2071 Páty, Hungary
Tel: +36 23 312 978
NETHERLANDS
Amsterdam
LGI Netherlands B.V.
Kaapstadweg 34A, 1047 HG Amsterdam, Netherlands
Tel: +31 20 8515 740, Fax: +31 20 8515 701
Dordrecht
LGI Netherlands B.V.
Burgemeester Noorlandstraat 150, 3316 LV Dordrecht,
Netherlands
Tel: +31 78 7900 800
Nieuw-Vennep
LGI Netherlands B.V.
Lireweg 5 F, 2153 PH Nieuw-Vennep, Netherlands
Tel: +31 20 8515 700, Fax: +31 20 8515 701
Den Bosch
LGI Technical Logistics
c/o Eijgenhuijsen BV Precisievervoer
Aziëlaan 22A, 5232 BA Den Bosch, Netherlands
Tel: +31 735 033 498
Drachten
LGI Technical Logistics
c/o Eijgenhuijsen BV Precisievervoer
Galvanilaan 7, 9207 HG Drachten, Netherlands
Tel: +31 5734 5318 0
Ruurlo
LGI Technical Logistics
c/o Eijgenhuijsen BV Precisievervoer
Spoorstraat 15, 7261 AE Ruurlo, Netherlands
Tel: +31 573 45 31 80
POLAND
Wrocław
LGI Polska Sp. z. o. o.
ul. Magazynowa 2, Bielany Wroclawskie,
55-040 Kobierzyce, Poland
Tel: +48 664 050 752
UNITED KINGDOM
Milton Keynes
LGI Logistics Group International UK
6 Deans Road, Old Wolverton,
MK12 5NA Milton Keynes, England
Tel: +44 19 08318 748
Birmingham
LGI Technical Logistics
c/o Bonds Worldwide Express Ltd
Unit 6, The Gateway Estate,
B26 3QD Birmingham, England
Tel: +44 12 17822 233
USA
Atlanta
ITG International Transports, Inc.
100 World Drive, Suite 210,
GA 30269 Peachtree City, USA
Tel: +1 470 531 4500, Fax: +1 470 285 1411
Boston
ITG International Transports, Inc.
6 Kimball Lane, Suite 230, MA 01940 Lynnfield, USA
Tel: +1 617 455 60 20, Fax: +1 617 455 60 15
— Mentor Media
www.mentormedia.com
President: Simon Sim
Mentor Media Ltd Corporate HQ
47 Jalan Buroh, #08-02, Singapore 619491
Tel: +65-6631 3333, Fax: +65-6896 3826
SINGAPORE
Mentor Media Ltd Fulfillment Plant
24 Penjuru Road, #09-02 Singapore 609128
KWE Jurong Hub
3A, 3B, 4A, 4B, 7 Bulim Street, Singapore 64817
Mentor Internet Solution Pte Ltd
47 Jalan Buroh, #08-02, Singapore 619491
Elanders Annual and Sustainability Report 2025
197
BRAZIL
Mentor Gerenciamento de Supply Chain (Brazil)
Ltda
Rod SP 073, 1.800 – KM 37 1 Galpao Modulos 01,
02 E 03 – Bloco 300 – Distrito Industrial Do Lageado
– Salto – SP Brazil
Tel: +55 11 3195 3400
CHINA
Chengdu Mentor Media Co., Ltd
No. 1 Factory Building, Level 3, #301, No.11, Sec.1,
ZongBao Avenue, High-tech Comprehensive Bonded
Zone Shuangliu Park, Chengdu City, 610213, China
Tel: +86-28 6708 2288, Fax: +86-28 6708 2285
Mentor Supply Chain (Shenzhen) Co., Ltd
Chongqing branch
#303-02, 304-01, HP PC factory, No.22, Xi Yuan Yi Lu,
Xiyong Street, Gaoxin District, Chongqing 401332
China
Tel: +86-23 8625 9788, Fax: +86-23 6566 0985
Mentor Media CBZ (Chongqing) Co., Ltd
No. 6-2 Zongbao Road, Shapingba District,
Chongqing City, 401331, China
Tel: +86-23 6562 0388, Fax: +86-23 6566 0985
Mentor Supply Chain (Chong Qing-CBZ) Co., Ltd
The ground floor, No. 6-2, Zongbao Road, Shapingba
District, Chongqing City, 401331, China
Tel: +86-23 6562 0388, Fax: +86-23 6566 0985
Mentor Media (Kunshan) Co., Ltd
No.48, Factory Building, Central Avenue, Kunshan Free
Trade Zone, Kunshan City, Jiangsu Province 215301,
China
Tel: +86-512 5772 0005
Mentor Media (Shenzhen) Co., Ltd
Unit 301, 3rd Floor, Xingda Logistics Building, No. 3,
Lanhua Road, Fubao Community, Fubao Str, Futian
District, Shenzhen, 518038 China
Tel: +86-755 8348 0418
Mentor Media (Shenzhen) Logistics Ltd
Unit 3C, 3rd Floor warehouse, Xingda Logistics
Building, No. 3, Lanhua Road, Fubao Community,
Fubao Street, Futian District, Shenzhen, 518038 China
Tel: +86-755 8348 0418
Mentor Supply Chain (Shenzhen) Co., Ltd
Xiamen branch
No. 56 HuLi Dadao, 3rd Floor, Unit S1 & S2, HuLi
District, Xiamen, Fujian, 361006, China
Tel: +86-592 570 3399, Fax: +86-592 570 3377
Mentor Supply Chain (Shenzhen) Co., Ltd
Shanghai branch
2nd Floor, Building 14, No. 166, Mindong Road,
Pudong New Area, Shanghai, China 201206
Tel: +86-21 5834 1893/5834 2368/5834 1699
Mentor Shanghai Trading Co., Ltd
Level 2, Unit 2, No.388 Huigang Road, China
(Shanghai) Pilot Free Trade Zone (Yangshan), Shanghai,
201308, China
Tel: +86-21 6106 0899
Asiapack Ltd
2/F, Dorset House, Taikoo Place, 979 King’s Road,
Quarry Bay, Hong Kong
asiapack.com
Tel: +852 2735 1163
Asiapack (Shenzhen) Co., Ltd.
Room 01 to 03, 6/F & Room 03, 7/F, Plant 1,
Building 6, Shen Fu Bao Science and Technology
Eco-Park, No. 18 Jinxiu West Road, Laokeng
Community, Longtian Street, Pingshan District,
Shenzhen, China 518118
asiapack.com
Tel: +86 755 8966 6950
CZECH REPUBLIC
Mentor Media Czech s.r.o.
Vlastimila Pecha 1302/2, Brno, 627 00, Czech Republic
Tel: +420 515 577 401
INDIA
Mentor Printing and Logistics Pvt. Ltd
Registered Office and Print & Packaging Operations
– DTA Unit (Domestic Tariff Area)
B-50, SIPCOT Industrial Park, Irunkkattukottai
– 602 117, Sriperumbudur Taluk, Tamilnadu, India
Tel: +91 44 7110 3600, Fax: +91 44 7110 3902
Mentor Printing and Logistics Pvt. Ltd
SCM Operations – DTA Unit. (Domestic Tariff Area)
B-51, SIPCOT Industrial Park, Irunkkattukottai
– 602 117, Sriperumbudur Taluk, Tamilnadu, India
Tel: +91 44 7110 3600, Fax: +91 44 7110 3902
Mentor Printing and Logistics Pvt. Ltd
SCM Operations – SEZ Unit – (Special Economic Zone)
Plot No. DV-2, SIPCOT HI-TECH SEZ, Sriperumbudur,
Kancheepuram (Dist.) – 602 106, Tamilnadu, India
Tel: +91 44 6714 4218, Fax: +91 44 6714 4246
MEXICO
Mentor Media Juárez S.A. de C.V.
Libre Comercio No. 2164, Parque Industrial Américas,
Cd. Juárez, Chih. C.P. 32575, Mexico
Tel: +52 656 257 1603
Mentor Media Juárez S.A. de C.V.
SCM Operations – Monterrey
Avenida Miguel Alemán 2455, Parque Industrial via 54,
66627 Cd Apodaca, N.L., Mexico
Mentor Supply Chain Mexico S.A. de C.V
Libre Comercio No. 2164, Parque Industrial Américas
Cd. Juárez, Chih. C.P. 32575, Mexico
TAIWAN
Mentor Media Taiwan Branch
Rm. 2, 7F., No.146,Wenxing Rd., Guishan Dist,
Taoyuan City, 333611, Taiwan
Tel: +886-3-3279389#401, Fax: +886-3279382
THAILAND
Mentor Supply Chain (Thailand) Co. Ltd
551/6-8 WHA Logistics Park 1 Building, Mu 2, Khao
Khansong Sub-district, Si Racha District, Chon Buri
Province 20110 Thailand
USA
Mentor Media (USA) Supply Chain Management, Inc.
865 South Washington Ave, San Bernardino, CA,
92408, USA
Tel: +1 909 930 0800, Fax: +1 909 930 0807
Mentor Supply Chain USA Inc.
1395 Polk Drive, Warsaw, Indiana, 46582, USA
Tel: +1 574 376 2953, Fax: +1 574 376 2963
VIETNAM
Mentor Supply Chain Vietnam Ltd
Pacific Place Building, 10 Floor 83B Ly Thuong Kiet
Street, Tran Hung Dao ward, Hoan Kiem District
100000, Hanoi, Vietnam
— Kammac Ltd.
www.kammac.com
President: Tim Bloch
Kammac Skelmersdale Head Office
M58 Distribution Centre, Gillibrands Rd, Skelmersdale,
WN8 9TA, England
Tel: +44 1695 727272
UNITED KINGDOM
Kammac Skelmersdale M58 365
M58 Distribution Centre, Gillibrands Rd, Skelmersdale,
WN8 9TA, England
Kammac Knowsley Jupiter 143
143 Deacon Park, Hornhouse Lane, Knowsley,
Merseyside, L33 7YQ, England
Kammac Runcorn 152
Aston Lane North, Preston Brook, Runcorn,
WA7 3GE, England
Kammac Manchester 208
21 Commerce Way, Trafford Park, Manchester,
M17 1HW, England
Kammac Worksop 68
Unit 1, Highgrounds Industrial Estate, Worksop,
Nottinghamshire, S80 3AT, England
Kammac Preston 90
366 Four Oaks Road, Walton Summit, Preston,
Lancashire, PR5 8AP, England
Kammac Warrington 379
379 Dallam Lane, Warrington, WA2 7NT, England
Kammac Widnes 258
258, Unit 2, Gorsey Lane, Widnes, WA8 0RN, England
Kammac Burton 101
Quintus Park, Unit 5, Port way, Branston, Burton on
Trent, DE14 3PD, England
Kammac North Shields 48
Unit L6, High Flatworth, North Shields, NE29 7UT,
England
198 Contact ElandersOther information
— Bishopsgate Specialist Logistics &
Installation
bishopsgate.co.uk
President: Tim Bloch
Bishopsgate Specialist Logistics & Installation, HQ
Unit 1 Interface, Technology Drive, Royal Wootton
Bassett, Swindon, SN4 8SY, England
Tel: +44 1793 859 010
UNITED KINGDOM
Bishopsgate Specialist Logistics & Installation
Units 6&7 Thornhill Industrial Estate, South Marston
Swindon SN3 4TA, England
Bishopsgate Specialist Logistics & Installation
Premier Park, Unit A, London NW10 7NZ, England
Tel: +44 2037 256 200
Bishopsgate Specialist Logistics & Installation
Unit E1B Birch Coppice Business Park, Dordon,
Tamworth B78 1SG, England
Tel: +44 1827 908 290
Bishopsgate Specialist Logistics & Installation
Bridge St, Golborne, Warrington WA3 3PX, England
Tel: +44 1616 676 180
Bishopsgate Specialist Logistics & Installation
Unit 1 Belgrave Street, Bellshill Industrial Estate,
Bellshill, ML4 3NP, Scotland
Tel: +44 1417 732 266
— Reuseit AB
www.reuseit.se
MD: Daniel Steneby
SWEDEN
Reuseit Sweden AB
Illervägen 13, 352 45 Växjö, Sweden
Tel: +46 470 70 35 00
Reuseit Sweden AB
Första Långgatan 30, 413 27 Gothenburg, Sweden
Tel: +46 313 13 32 59
Azalea Global IT AB
www.azaleait.se
Första Långgatan 30, 413 27 Gothenburg, Sweden
Tel: +46 313 13 32 59
GERMANY
Reuseit Germany GmbH
Hewlett-Packard-Straße 1, 71083 Herrenberg,
Germany
Tel: +49 7032 2291 605
Print & Packaging Solutions
President: Sven Burkhard
GERMANY
Elanders Waiblingen GmbH
Anton-Schmidt-Straße 15, 71332 Waiblingen, Germany
elanders-print.com
Tel: +49 7151 95630
Elanders Donauwörth GmbH
Am Stillflecken 4, 86609 Donauwörth, Germany
elanders-print.com
Tel: +49 9067 06340
Elanders Kaisheim GmbH
Gewerbepark 5, 86687 Kaisheim, Germany
elanders-print.com
Tel: +49 9099 96950
myphotobook GmbH
Viktor-Frankl-Straße 22, 86916 Kaufering, Germany
www.myphotobook.de
kundenservice@myphotobook.de
Tel: +49 30 61 65 08 00 2
fotokasten – a brand of myphotobook GmbH
www.fotokasten.de
Tel: +49 306 165 080 01
HUNGARY
Elanders Hungary Kft
Zalalövő
Újmajor u. 2, 8999 Zalalövő, Hungary
elanders-print.com
Tel: +36 92 57 25 00, Fax: +36 92 57 10 78
Elanders Hungary Kft
Jászberény
5100 Jászberény, Fémnyomó u. 1., Hungary
elanders-print.com
Tel: +36 92 57 25 00, Fax: +36 92 57 10 78
ITALY
Elanders Italy S.r.l.
Via Delle Industrie 8, 31050 Ponzano Veneto (TV), Italy
elanders-print.com/italy
Tel: +39 (0) 422 44 22 53, Fax: +39 (0) 422 44 22 53
POLAND
Elanders Polska Sp. z o.o.
Płońsk
Ul. Mazowiecka 2, 09-100 Płońsk, Poland
www.elanders.com/pol, www.elanders.pl
Tel: +48 23 662 23 16
Elanders Polska Sp. z o.o.
Wrocław
Wrocławska str. 33D/D, 55-095 Długołęka, Poland
www.elanders.com/pol, www.elanders.pl
SWEDEN
Elanders Sverige AB
Viared
Box 22035, 501 14 Borås, Sweden
www.elanders.se
info.sw[email protected]
Tel: +46 31 750 00 00
Elanders Sverige AB
Vällingby
Box 518, 162 15 Vällingby, Sweden
www.elanders.se
info.sw[email protected]
Tel: +46 31 750 00 00
UNITED KINGDOM
Elanders Ltd
Newcastle upon Tyne
Merlin Way, New York Business Park, North Tyneside,
NE27 0QG, England
elanders-print.com/gb/
Tel: +44 1912 80 04 00, Fax: +44 1912 80 04 01
Elanders Ltd
Birmingham
Stirchley Trading Estate, Hazelwell Rd, Birmingham,
B30 2PF, England
elanders-print.com/gb/
USA
Midland Information Resources Company
5440 Corporate Park Drive, Davenport, IA 52807, USA
www.elandersamericas.com
Tel: +1 563 359 3696, Fax: +1 563 823 7651
ElandersUSA, LLC
4525 Acworth Industrial Drive, Acworth,
Georgia 30101, USA
www.elandersamericas.com
Tel: +1 770 917 70 00, Fax: +1 770 917 70 20
Elanders Annual and Sustainability Report 2025
199
Annual General Meeting and financial calendar
Shareholders in Elanders AB (publ) are welcomed to the
company’s Annual General Meeting Thursday 23 April 2026.
Q Q
April
Quarterly Report January – March 2026 and
Annual General Meeting 2026
Address: Södra Porten Konferenscenter
Flöjelbergsgatan 1C, Mölndal, Sweden
More information about the meeting and how
the shareholders who wish to participate can
register will be published in connection with
the notice convening the meeting and will also
be published on www.elanders.com
July
Quarterly Report
January – June 2026
6
200 Other information Annual General Meeting and financial calendar
Q
July
Quarterly Report
January – June 2026
Q Q
October
Quarterly Report
January – September 2026
January
Year-end Report 2026
7
Elanders Annual and Sustainability Report 2025
201
FSC® labeled Annual and Sustainability Report
For the Annual and Sustainability Report , we have used
the percent recycled paper Circleoffset Premium White
with a basis weight of g/m
for the inlay. The paper’s very
high whiteness makes it suitable even for the most demanding
printed matter. It has high environmental performance and is
certified according to FSC® Recycled, EU Ecolabel and Der Blau
Engel. For the cover we have used the paper Colorplan
Sapphire with a basis weight of g/m
.
Distribution policy
Elanders’ Annual and Sustainability Report is distributed to those share-
holders who have actively ordered a printed version, certain customers and
other interested parties. It is possible to download the Annual and
Sustainability Report both in Swedish and English from Elanders’ website.
Those interested can via the website read Elanders’ Annual Reports from the
last ten years.
Translation
Björn Raunio and Elanders. This document is essentially a translation of the
Swedish language version. In the event of any discrepancies between this
translation and the original Swedish document, the latter shall be deemed
correct.
PRODUCTION FACTS
ART DIRECTION AND DESIGN NARVA
COMMUNICATIONS.
PRODUCTION ELANDERS AB IN
COLLABORATION WITH NARVA
COMMUNICATIONS.
PAPER COVER COLORPLAN SAPPHIRE
350 G.
PAPER INLAY CIRCLEOFFSET
PREMIUM WHITE 120 G.
PRINT ELANDERS KAISHEIM GMBH,
GERMANY, A MEMBER OF ELANDERS
GROUP.
PHOTO PAGE/PAGES
ADOBE STOCK: 29, 31–32, 34, 37, 39,
45. BERGEN LOGISTICS: 15, 17, 23,
40–41, 47. BISHOPSGATE: 49.
ELANDERS: 7, 24, 34, 41, 50, 53, 61, 70,
85, 113, 167, 195. KAMMAC: 49, 65, 93,
195. LGI: 9, 17, 29, 31–32, 37, 39, 43,
169, 177, 194. MENTOR MEDIA: 45, 195.
MIKAEL GÖTHAGE: 11–12, 14, 190–195.
NATTVANDRING.NU: 97. PRATHAM: 97.
Elanders Annual and Sustainability Repo 2025