ICEBUG 2024/25 IMPACT REPORT

IMPACT

REPORT 2024/25 ICEBUG GROUP - FISCAL YEAR

20240301-20250228

Table of con tents

01

Our Framework

Owners’ directives Icebug Group 2024 Guiding principles and policies Icebug’s sustainability targets

02

The global goals

Impact summary figures & facts

Production volume Carbon footprint Shoe footprint CAPRO

Inbound transport emissions

03

Presenting product data – Follow the footprints

Climate strategy in five pillars

Pillar 1 - Reduce Icebug’s own emissions Pillar 2 – Reduce value chain emissions Pillar 3 – Products and Solutions Pillar 4 – Finance and Investment

04

Pillar 5 – Policy and Advocacy

Social impact

Inner development Goals IDG

Engaging staff and business partners Fairwear and workers’ conditions at our factories

05

Responsible Business Conduct Policy

Financial impact

Financial Impact

Compensation and financial support

06

Value Distribution

Methods

Sustainability management Sustainability Key Indicators Sustainable design, sourcing and production Calculating the product footprints

07

Green House Gas emissions (GHG) Reporting

Networks and partners

On impact With seven out of nine planetary boundaries already being breached and over a billion people living with mental health conditions, it’s clear that we need to realign priorities and act in a way to make our world more friendly both to nature and people.

We’re running a business, and I do believe that business can and should play a very important role in this. Alongside a lot of severe problems, the current economic system has brought us tremendous innovation and material wealth. It was conceived at a time when we were a small humanity on a huge planet. We urgently need to up-date capitalism’s operative system – not pricing in externalities is clearly not working – so that it’s incentivizing optimization of resources use for providing human well-being and has clear constraints for exploiting people and planet.

What has all of this to do with a company making shoes?

We can all choose to contribute more than our part and strive to be the change we want to see in the World.

Mitigating harm alone doesn’t define a company’s contribution to the world.

If it did, the best would be that it ceases to exist. A company’s business targets are the best clues to whether it’s serious about creating positive impact: When achieved, does the world get better?

Icebug’s purpose, rooted in its owner directives and by-laws, prioritizes nature and society over profit. Our mission is to get more people outdoors more, using less, driving societal change toward thriving lives on a planet in balance. To get more people outdoors more is indeed also our business target.

That doesn’t mean that we have a carte blanche for negative impact.

Icebug’s Impact report does track our emissions and the progress and challenges towards low carbon production, avoiding deforestation, eliminating harmful chemicals, and respecting human rights.

While critical, these actions are not the essential work that we do. But measuring the positive side is difficult to do with the same degree of accountability and metrics are still under development, so the bulk of this impact report is on our negative impact.

To give the eco-systems a chance to rebalance for long term equilibrium, we support the principle of Half Earth – letting 50% of nature be unexploited. Honoring the Montreal-Kunming bio-diversity treaty and protecting 30% of nature from exploitation until 2030 is a very good step along the way.

New in this report is that we have done a reporting according to the new EU VSME standard that was released during the summer of 2025. You will find the VSME report in an appendix. We did this partly to show that reporting in this way is not overwhelming for an SME to do, and having this data in order is not an obstacle for being a well-performing company.

On a societal level, we also need to make schools, work and the digital World places that increases well-being and fosters human growth and development towards our full potential.

On the overall level, our emissions have been lowered, and we still stay within our carbon budget. However, most of the carbon footprint decrease per functional unit has been due to better data, not actual lower emissions, and most of the total decrease in CO2e emissions is due to total production being smaller.

Due to the lower sales, we have a negative carbon productivity index (CAPRO) this year, but this is necessary to look at on a slightly longer period and going five years back we still average substantially over the 7% needed to qualify as “green growth”

Though measuring this has challenges and is still under development, it doesn’t mean that we shouldn’t prioritize what we think is most important: Striving to help building a World were 10 billion people can live flourishing lives.

On the product side, the main metric we’re working towards is measuring environmental footprint and resource use per use. Updating our methodology has been pending the EU regulation for counting and reporting product environmental footprint. We start working according to those guidelines for 2025 figures. It will be really interesting to be able to compare with others and see what footwear is actually future proof in having a good enough value/resource use ratio.

Lastly, it’s not only about what we do, but also how we do it.

Further, we’re setting up ways to gather data on "number of uses per year" for our products, combining sales, meeting real customer needs, and durability.

Increasing product use benefits Icebug and the world: More outdoor activity enhances physical and mental health while reducing consumption. Our hypothesis builds on the work that was kicked off at COP 28 with the UNFCCC Mission Innovation framework: adding flourishing life years while decreasing resource use and emissions globally. During 2024 we worked to deepen understanding of how Icebug fosters sustainable lifestyles and drives meaningful change, and during 2025 Icebug cooperated with the initiative – now under the name Flourishing Lives 4 All – that has issued a groundbreaking report about outdoor and sports as a leading climate solution provider.

Findings from the work indicate that potential positive contribution from the sector outnumbers the negative impact by more than 250 to 1, through smaller, smarter wardrobes and inspiring and enabling flourishing low consumption lifestyles.

We set ourselves the standard of being radically transparent, but it’s difficult to know what you as readers are interested in finding out. If there is something you’re missing – don’t hesitate to reach out and ask us!

Taking full responsibility for resource use, minimizing negative impact and making the company a place to work that’s healthy and stimulates people’s development. You will find our best account about that in this report.

Jonsered, Sweden 22nd of December 2025

David Ekelund

co-founder and co-CEO ICEBUG

01

Our Framework In this chapter we present the directives, principles and goals that decide what we do. In short, these are as follows:

Owners’ Directives Guiding Principles and Policies Icebug’s Impact Targets UN Global Goals Exercised through the board and top management, it is the owners that have the ultimate power and responsibility for why a company

exists and what it should do. Transparency regarding what the owners prioritize is essential, as it sets the fundament of the framework that the company operates within. Therefore, we start by sharing the Owners’ directives for Icebug. Switching to the external perspective, we have the global goals for sustainable development.

OWNERS’ DIRECTIVES ICEBUG GROUP OWNERS’ DIRECTIVES – MAY 2022

Stakeholders While most private companies put the shareholders’ interest solidly first – Icebug choose to highlight Nature, Society, Customers, Employees, Suppliers and People involved in the supply chain. Of course, the shareholders have an important stake, but since Icebug’s business has great impact on so many other groups, all those interests are balanced. With a clear priority: Nature and Society are Icebug’s most important stakeholders.

The vision for Icebug is to be a changemaker for a society where people can thrive on a planet in balance.

This is our North Star. It is a moral obligation to guide us in our daily work and our view of what the World needs.

To make best use of Icebug, in the context that we are in with an ongoing climate emergency affecting us all, we instruct the company to work towards systems change. A new paradigm where growth and profit are not prioritized above everything else. Towards a system where business is a driving force to improve the livelihoods of many and is not fueled by exploiting people or exceeding planetary boundaries.

This is not about us being perfect. We won’t always know what is right – but when we know what the right thing to do is, we won’t do the opposite. That would be unethical.

We believe in building a society where people can thrive, and we are willing to do more than our part to get the planet in balance. We believe that this is our responsibility, and we are going to use our business to do it.

Financials Icebug does not have a growth target. But since we make products that meet a legitimate need and add value to people’s lives, we will most likely continue to grow anyway. We are not opposed to growth per se - but responsible growth cannot drive consumption.

Also, it is essential that our products have a smaller negative footprint per use than the alternatives.

Our profit target is 10-15% earnings before tax, with the dividend guideline at 10% of the earnings after tax when our cash reserve situation allows. The profit target and the dividend guideline are set to secure financial longevity.

We believe that capitalism can be a strong positive force. However, businesses should be properly reigned in and given fair rules of play that stay within what’s good for people and nature. While those boundaries are still largely absent in the World, we choose to set these boundaries for ourselves.

The change is also a change towards a culture where we consume less but have a greater quality of life by connection and experience. We are creating a culture where we value resources and take responsibility for our footprint.

The value derived is also distributed through 1% for the planet and a profit-sharing program with employees.”

Commitment: To do the right thing – even when it hurts Icebug

They have a prominent place on the wall in the Icebug office, as a reminder of what we serve and an opportunity to realign. As the main guiding document, the Owner’s Directives would be sufficient, but we also break it down into other guiding principles and policies to make it easier to translate to everyday work.

We strive for value creation in three dimensions: For the customer, for Icebug, and for the World. Most of the time, these dimensions are easy to combine. But not always. When there’s a conflict between putting what’s best for Icebug short term over what’s best for the world long term – we go with the world.

The spirit of the Owners’ directives has guided Icebug for a long time. During the certification process to become a B corp, we needed to make it more manifest. The Owner’s directives were documented, incorporated in the bylaws and published in May 2022.

OUR FRAMEWORK

Guiding Principles and Policies

• Protecting biodiversity when sourcing materials and raw materials, striving for a regenerative effect on the systems level.

• Reducing climate emissions to prevent global warming.

Part of striving to be a changemaker is looking to make the maximum positive impact. Sometimes that means being first, sometimes it creates more impact to be a follower and be a part of adaptation and scaling.

• Not adding chemicals where it’s not necessary.

We have five dimensions that help us turn our vision into practical work.

• Sourcing responsibly with regards to the welfare of people and animals.

• Empowering people to get out more.

• Sharing what we learn, being transparent, and making it easier for others to scale better solutions.

• Inspiring more sustainable lifestyles.

• Scaling climate and bio-diversity action.

• Disrupt the destructive industry.

• Develop and spread good work that works on developing people.

• Getting rid of our dependency of oil and other fossil materials.

This work can’t be done without the help of suppliers and other partners.

Environmental impact has many dimensions, by addressing that complexity and making it actionable through simple principles and key indicators we reduce the risk of sub-optimizing – for example by focusing too narrowly on one parameter, such as CO2 emissions, moving the problems to other parts of the ecological or social system

Icebug’s main business is making footwear. There is no such thing as environmentally friendly production. It always consumes resources. Still, people need good shoes to be able to get outdoors, and people benefit from getting outdoors. To be a company making products and taking responsibility, there is a sustainability hierarchy to follow:

The Sustainability Key Indicators show the direction and measure the sustainability performance of our products.

6. Making products that people need.

As a member of the Fair Wear Foundation since 2021, Icebug commits to Fair Wear’s code of labor practices and aligns with the OECD Human right due diligence process (HRDD). We get third-party support in following up on the social conditions in the value chain.

7. Making those products to be used for as long as possible (comfort, fit for use/versatility, durability, style/longevity).

8. Minimize resource use and negative footprint in production.

9. Strive for positive impact from production and end-of-life solutions.

We have defined a few guiding environmental principles that help us with points 3 and 4 of the product hierarchy: • Our products shall be durable and easy to take care of.

• When interacting with our customers, we inspire and inform (including event participants) to make better choices. Not buying new if you already have a relevant product for the use. Taking care of what you have and repairing to extend the lifetime.

• We always search for the best environmental material and process and strive to minimize environmental impact in all parts of the product value chain, with continuous improvement.

• We map the environmental impact in our value chain to make the right priorities, and according to what we know, we focus on energy, hazardous chemicals and resource management.

Responsible business conduct policy

The Responsible Business Conduct policy covers all the Fair Wear Code of labor aspects, business relations, environment including climate targets, bribery and corruption, disclosure, and consumer interests, responsible sourcing and exit policies. The Responsible Business Conduct policy summarizes what we at Icebug expect from all our staff and representatives, working in the core processes of our daily operations, as well as what we expect from our partners in the value chain, such as sourcing partners, suppliers, their sub-contractors, distributors. We also expect our logistic partners and retailers to follow the same principles of responsible business practices.

The Responsible Business Conduct Policy is available here.

OUR FRAMEWORK

Icebug’s Impact Targets

We strive for change on the systems level and align with Mission Innovation-NCI’s vision of a World where 10 billion people can live flourishing lives on a regenerative planet. That aligns with Icebug’s North Star of being a changemaker for a society where people can thrive on a planet in balance.

This is difficult to measure and report – we will not be able to account for exactly what our share of impact is, as collaboration between different actors and sectors will be key – but we can’t let measurability dictate what’s most important.

Icebug’s main contribution will be finding different ways to empower more people to get out more, as we know that physical activity, connecting with nature and doing it together with others is very beneficial.

When we have positive impact metrics to show, the plan is to start sharing in real time in our website and not wait until to next impact report to communicate. A very helpful support in this work is Flourishing Lives 4 All (which is the new name of Mission Innovation).

Icebug’s most important targets are to contribute to: 1. Addition of globally sustainable flourishing life years, through improved health, well-being, and human development 2. Avoided greenhouse gas emissions, land use and added man-made materials.

3. Protection and restoration of nature and biodiversity.

Directly linked to these directional impact targets is our prioritized product related target: Minimizing resource use and CO2 emissions per use.

It’s through this priority lens that the multitude of more specific and broken-down climate and resource use targets and KPIs should be understood.

For example, we have a target of completely phasing out virgin oil from the materials of our products. But we won’t sub-optimize to reach the target of virgin oil phase out if it means that durability will be affected in such a way that emissions per use over the lifetime of the product increases.

Prioritizing emissions per use also means that we are taking on a responsibility for finding customers that will actually put our shoes to use.

If we can show in a credible way that we solve a relevant human need and manage to do that with a significantly lower carbon footprint than the standard solution (significantly lower than 50% less, preferably closer to 90% less), we would qualify for a climate solutions status within the Race to Zero/Exponential Roadmap Initiative framework. We believe that this is within reach.

The reasons why we still report on so many other targets are two: Firstly, that they are relevant – though necessary to put in context –and secondly to make our reporting comparable to that of other companies.

To further increase comparability and transparency, we are for this report also adding reporting according to Voluntary reporting standard for SMEs (VSME) which has been developed by EUFRAG for the European Commission for those companies that fall outside of the Corporate Sustainaibility Reporting Directive (CSRD). Though voluntary for the sake of increased comparability and transparency we would encourage and expect all other SMEs to report according to the VSME as well. It’s really not that much work.

• Reduce emissions from Icebug’s value chain by at least 50% by 2030 from the base year 2015 and then keep reducing emissions according to the carbon law to stay below a 1.5°C temperature increase.

Reaching net-zero by 2050 at the latest, but we are aiming for net-zero by 2040. Up-date 2024-25: We are still within our carbon budget. It’s important to note here that the carbon budget according to the carbon law implies a gradual emission reduction each year. The carbon law applies to the whole World, applying it to organizations or companies without context can be misleading, as it doesn’t take into account who can actually be a solution provider.

• Get below 6.4 kg CO2e per functional unit (pair of footwear) at latest by 2030. Up-date 2024-25: Icebug is on 54% of our 2030 target – 27% CO2e decrease per functional unit compared to 2015 base year.

• 100% of electricity use in Tier 1 factories from renewable electricity by 2025. Up-date 2024-25: As of December 2025, all Icebug electricity used for Icebug production in Tier 1 factories was 100% renewable, from own rooftop solar panels or EKOenergy certified I-RECS (International-Renewable Energy Certificates).

• Using an internal price of carbon 100$/ton CO2e and earmarking this this amount to invest in projects that have positive climate and/or biodiversity impact. Up-date 2024-25: Up until 2024-25, we have maintained the price at $100/ton. We will evaluate if this should be increased. Investments done so far have been in energy efficiency and solar electricity production.

• Get rid of newly extracted fossil materials in products by 2030.

Starting fiscal year 2026-27 we will show an indicator of share fossil material in our products.

• Keep climate compensating more than 100% of remaining emissions after reduction measures. Up-date 2024-25: We have this target last, as we prefer to do activities in our own supply chain. We do however still think that this is a valid thing to do – help others, not instead of but in addition to decarbonizing your own business. We have been climate compensating >100% of CO2e since 2019, when we also did a compensation of all estimated historical emissions.

OUR FRAMEWORK

Climate targets

Social targets

At Icebug, we have aligned our climate emission reduction targets with the science-based targets and the 1.5°C Business Playbook. Icebug commits to:

• 100 % of workers in the Tier 1 factories shall be paid wages (Icebug’s share) that are on/above Anker living wage ref. latest during fiscal year 2026/27.

• Reduce emissions from Icebug’s value chain by at least 50% by 2030 from the base year 2015 and then keep reducing emissions according to the carbon law to stay below a 1.5°C temperature increase. Reaching net-zero by 2050 at the latest, but we are aiming for net-zero by 2040.

Up-date 2024-25: We are still within our carbon budget. It’s important to note here that the carbon budget according to the carbon law implies a gradual emission reduction each year.

The carbon law applies to the whole World, applying it to organizations or companies without context can be misleading, as it doesn’t take into account who can actually be a solution provider.

• Get below 6.4 kg CO2e per functional unit (pair of footwear) at latest by 2030.

Up-date 2024-25: Icebug is on 54% of our 2030 target – 27% CO2e decrease per functional unit compared to 2015 base year.

• 100% of electricity use in Tier 1 factories from renewable electricity by 2025.

Up-date 2024-25: As of December 2025, all Icebug electricity used for Icebug production in Tier 1 factories was 100% renewable, from own rooftop solar panels or EKOenergy certified I-RECS (International-Renewable Energy Certificates).

• Using an internal price of carbon 100$/ton CO2e and earmarking this this amount to invest in projects that have positive climate and/or biodiversity impact.

Up-date 2024-25: Up until 2024-25, we have maintained the price at $100/ton. We will evaluate if this should be increased. Investments done so far have been in energy efficiency and solar electricity production.

• Get rid of newly extracted fossil materials in products by 2030.

Starting fiscal year 2026-27 we will show an indicator of share fossil material in our products.

• Keep climate compensating more than 100% of remaining emissions after reduction measures.

Up-date 2024-25: We have this target last, as we prefer to do activities in our own supply chain. We do however still think that this is a valid thing to do – help others, not instead of but in addition to decarbonizing your own business. We have been climate compensating >100% of CO2e since 2019, when we also did a compensation of all estimated historical emissions.

(For latest status, see Icebug’s Social Report)

Other sustainability targets (ecological) • Not causing deforestation by the Icebug supply chain by 2025. This is done by securing high traceability of natural rubber and leather, raw materials with risk of driving global deforestation.

Following up on this has become vastly more difficult with the continuous delays of implementing the European Union Deforestation Regulation.

Icebug has two materials of main concern, natural rubber and leather. For natural rubber we are mitigating by only purchasing FSC-certified material, for leather there is presently no traceability scheme available for our production (we worked with SPOOR, but that was abandoned due to lack of interest from other brands)

Areas to set targets on • CO2e footprint per functional unit per use, tied to product lifetime and an extended warranty. This target will be set once we defined the industry standard lifetime.

Will be set and reported on latest in the 2026-27 impact report.

• Timetable for investing in new renewable energy that covers Icebug’s total energy use (measured in renewable energy credits).

The investments have started, but some work remain to specify what we mean and set the time table. Target in 2025-26 impact report.

OUR FRAMEWORK

UN Global goals

In 2015, all United Nations Member States agreed upon The 2030 Agenda for Sustainable Development. At its heart are the 17 Sustainable Development Goals (SDGs), widely used worldwide by companies, organizations, and countries to communicate sustainability work and progress.

SDG 12 Responsible consumption and production.

Icebug’s sustainability work is contributing to several of the goals:

In action: Giving our customers the choice of more sustainable shoes rather than the standard shoes. Encouraging people to only buy what you need, repair, and care for the products. Utilize natural resources responsibly and consume only what the planet can regenerate. Learn how to use and produce in sustainable ways that will reverse the harm that we have inflicted on the planet.

SDG 3 Good Health and wellbeing.

SDG 13 Climate action.

In action: Promote healthy lifestyles by empowering and inspiring outdoor activities all year-round. Reduce slipping-related accidents and injuries.

Using Icebug as forerunner in making the workplace a place that increases health and wellbeing and supports inner development.

In action: Reducing greenhouse gas emissions at least in line with the science-based targets (cut at least 50% of emissions by 2030 at the latest and then continue emission reductions according to the carbon law, reaching net-zero by 2050 at the latest, to have a chance to stay within 1,5 degrees). Compensate all remaining unavoidable emissions with a surplus.

Promoting low impact high experience lifestyles, close to home outdoor activities.

SDG 6 Clean water and sanitation.

In action: Using dyeing and leather tanning techniques with less water consumption and less chemicals, using materials with environmental certifications such as Bluesign®.

SDG 8 Decent work and economic growth.

In action: Close and long-term collaboration with our assembly factories, following up on workers’ social conditions, ensuring that our products are made in fair and safe conditions. Developing an operative system and culture at Icebug where people grow by learning new things and extending this beyond Icebug.

SDG 9 Industry, innovation, and infrastructure.

In action: Replacing standard materials with innovative, more sustainable materials and processes, creating new ways of collaboration, and sharing between industries, and measuring sustainability impact to find improvement possibilities.

SDG 14 Life below water.

In action: Replacing some of the fossil foams with algae harvested from lakes and other waterways where there is a surplus of algae, thereby cleaning the water and helping to restore a healthy ecosystem. Using ocean bound recycled plastics where workable.

SDG 15 Life on land.

In action: Searching for (climate efficient) bio-based materials with the lowest possible negative impact – or ideally a regenerative effect – on the ecosystems, for instance, organic textile fibers from sustainable farming or forestry, sustainable animal breading for leather and wool.

SDG 17 Partnerships for the goals.

In action: Share all sustainability wins we make with others that want to use them. Actively seek cooperation and participation in networks. For example, scaling up the solar roof top project and help other brands to copy our model is a natural part of this way of thinking.

OUR FRAMEWORK

12.9kg

CO2e/pair

2015

6.4kg

CO2e/pair

2030

Climate Target 2030

54% 2025

Reaching net zero KG CO2e / Pair

14 12 10 8 6 4 2 0

12.9 10.6

2015

2022

11.21

2023

9.4

2024

6.4

2030

02

Impact summary figures & facts Production volume Carbon footprint Shoe footprint Inbound transport emissions Presenting product data – Follow the footprints

IMPACT SUMMARY

Production volume

Carbon footprint

Total yearly production volume (pair of shoes)

Total yearly carbon footprint (ton CO2e)

482950 5456

347024

3992 268283

215230

2643

213702

2020

2021

2022

2023

2024

Carbon footprint

2534 tonnes CO2e

Total footprint of scope 1-3 for 2024/25

2638

2020

2021

2022

2023

2534

2024

Production volume

As you can see, production volumes and carbon footprint are correlated. With a larger production comes a larger footprint - but we want these to decouple as soon as possible - and we are continuously taking steps in that direction.

As we continue to grow in volume it is important to keep challenging every source of emission.

To help factories switch from fossil energy to renewable sources is one of the most impactful things we can do to keep our footprint as small as possible.

However, production will always come with a footprint and another big focus is to make shoes that are durable and last for a very long time.

IMPACT SUMMARY

Shoe footprint

Category average

Avg. carbon footprint (Kg CO2e) per pair of shoes

Avg. carbon footprint per pair of shoes (Kg CO2e)

11.3

11

11.21

10.6

Fall / Winter 24 9.42

8,52

10,98

9,33

8,98

Running

Lifestyle

Walking

Hiking

Spring / Summer 24

2020

2021

2022

2023

7,65

7,38

8,15

8,92

Running

Lifestyle

Walking

Hiking

2024

Sustainability key indicators Avg. weight % of material per pair of shoes

25

26

24

25

23 20

16

15

2021

2022

% RECYCLED MATERIALS

22

21

14

14

2023

2024

% LOW IMPACT PROCESSED MATERIALS

We are reducing our carbon footprint step by step. In some years, our average footprint remains in line with previous years, or may even increase due to changes in materials, improved data, and similar factors. In other years, it decreases more rapidly—for example, when we gain access to clean electricity.

% BIO BASES MATERIALS

In addition, the heavier the boot, the larger the footprint. This is why winter boots tend to have a significantly higher footprint than lightweight sneakers: they need to be sturdy enough to withstand harsh conditions. That said, we continue to introduce innovative materials, always with durability in mind.

IMPACT SUMMARY

CAPRO

CAPRO (carbon productivity) is our indicator for green growth. It measures how much value we create (defined as EBITA + salary costs) relative to our greenhouse gas emissions and how this ratio develops over time. By following CAPRO, we can see whether we are increasing value creation while reducing emissions—an essential sign that our business is moving in the right direction From 2019 to 2024, our CAPRO increased from 9.75 to 18.29, which corresponds to about 13.4% compound annual growth—meaning we now create almost twice as much value per tonne of emissions as in 2019. The creators of CAPRO define green growth when you have an annual growth exceeding 7% per year.

Year to year, CAPRO improved strongly in 2020 (+59%), dipped in 2021 (-15%), rose again in 2022 (+25%) and 2023 (+31%), and then declined in 2024 (-15%).

The 2024 decline happened even as emissions fell slightly (2,638 → 2,534 tCO2e), because value creation fell more (57,076 → 46,345 kSEK), lowering the value created per tonne.

Overall, the trend is positive: over the last six years we’ve improved our ability to generate value with lower carbon impact, while the latest year highlights the importance of strengthening profitability and efficiency alongside continued emissions reductions

2024

2023

2022

2021

2020

Change in CAPRO

-15%

31%

25%

-15%

59%

CAPRO

18.29

21.64

16.54

13.20

15.45

9.75

Value Creation kSEK

46 345

57 076

90 205

52 692

40 842

35,399

Emissions TCO2e (scope 1-3)

2 534

2 638

5 455

3 992

2 643

3,632

13.4% Average Annual Growth Rate in CAPRO

2019

IMPACT SUMMARY

Inbound transport emission KG CO2e emission per pair of shoes

2020

0.61

X20

2021

0.70

X20

2022

0.76

X20

2023

0.72

X20

2024

0.59

X20

KG CO2e Graph in the background show potential emissions if we flew inbound.

0.76 0.72

0.7 0.61

2020

0.59

2021

No to inbound airfreight Icebug has made a planetary decision not to use inbound air freight. As the illustration shows – our emissions linked to shipping would multiply by at least 20 times by using air freight. In many cases, this would mean more than doubling a pair of shoes’ total footprint.

2022

2023

2024

IMPACT SUMMARY

Sustainability timeline Subtext

2001

2015

2016

2017

The start

Getting structured

First sustainability report

Major material up-grade

Making people safe to get out in

Finally passed the 100MSEK turn

Most used textiles, nylon rip-stop

fully in the business model.

option, recycled and solution dye.

slippery conditions.

over, Icebug was big enough to kick-off of integrating sustainability

upper and fleece lining, changed from standard to more sustainable

Average Footprint 12,9kg C02e per pair of shoes, only standard materials.

2019

2018

Climate positive

Pledge to become climate positive by 2020

World’s first climate positive outdoor footwear brand (according to the UNFCCC), Introduction of algeas in midsole compound.

2020

2021

New membership

Follow the Footprints™

1% for the Planet, Certified climate neutral.

Full product footprint and supply chain transparency.

2025

2024

2022

Installation of solar panels at several Tier 1 factories in process or done.

PFC free

New membership

All styles are PFC free including membranes.

B corps certification.

Natural rubber All styles FSC® certified.

IMPACT SUMMARY

Presenting product data – Follow the footprints

With Follow the Footprints™, starting in spring 2021, Icebug has shared the climate footprints and other sustainability indicators (% recycled materials and % bio-based materials) for all our shoes and insoles. We publish the key sustainability indicators for all footwear models and tell you where our shoes and materials have been made. To our best knowledge, this makes us the most transparent outdoor shoe company in the world. Through Follow the Footprints™, we make it possible to easily follow and check that we walk the talk. Just scan a QR code or click on a link and find out everything from the climate footprint to the factory for the shoes you are considering buying.

03

Climate strategy in five pillars Pillar 1 - Reduce Icebug’s own emissions Pillar 2 – Reduce value chain emissions Pillar 3 – Products and Solutions Pillar 4 – Finance and Investment Pillar 5 – Policy and Advocacy

CLIMATE STRATEGY IN FIVE PILLARS

The five-pillar model (the Exponential Framework in the Exponential Business Playbook) is a company-wide structure for turning climate ambition into execution by organising targets, decisions, and initiatives into five coordinated workstreams. It works as a portfolio: the company reduces emissions directly in operations and across the value chain, while also accelerating system change by scaling solutions, redirecting finance, and shaping the policy and narrative conditions that enable faster transformation.

The five pillars: Pillar 1: Operations: Reduce Scope 1–2 emissions through energy, facilities, and operational choices.

Pillar 2: Value chain: Reduce Scope 3 by engaging suppliers, materials, logistics, and product design.

Pillar 3: Climate & nature solutions: Grow products/services that help cut emissions and strengthen nature outcomes.

Pillar 4: Finance & investment: Align capital allocation and investment with transition priorities.

Pillar 5: Policy & narrative: Support credible advocacy and communication that enables the transition at scale.

Pillar 1 – Reduce Operation Emissions

Operational emissions are a small part of our footprint - but they are the part we fully control. Cutting them is about credibility, culture, and proving that we live by the standards we expect from others.

Offices and stores Our offices and stores run on renewable electricity, and we continue to push for cleaner choices where we don't fully control the energy mix. At HQ, nuclear remains part of the landlord's electricity mix, which we continue to challenge. We have installed new metering to improve tracking and decision-making. Energy-efficiency work is ongoing, and a rooftop solar feasibility study is underway at HQ. We have certificates for renewables for our own stores and the other offices.

Vehicles Icebug has nine cars: six are fully electric, one runs on biogas, and two are older low-use cars (leased for 6+ years and kept because replacing them "on schedule" would be a worse use of resources). We keep cars as long as possible and choose actual need over the market norm of replacing vehicles every three years. Any new cars that are needed will be fully electric.

Business Travel & Commuting Business air travel is strictly limited, and train is the default whenever possible because avoiding avoidable emissions must come before any other measure. We encourage low-emission commuting through biking and public transport. We offer bicycle leasing (tjänstecykel) and employees pay for car parking to avoid nudging the wrong behaviour. We also use "mandatory outdoor hours" as a practical way to support health and wellbeing while reinforcing a low-carbon lifestyle culture.

Other Emissions In our offices we prioritize reuse and second-hand equipment, and we run waste management and recycling programs at HQ. To make climate impact visible in everyday decisions, we apply an internal carbon price of €100/t CO2 - not as a policy statement, but as a mechanism that pushes choices in the right direction.

Pillar 2 – Reduce supply chain emissions

99% of our footprint sits in our supply chain. This is where decarbonisation will need to happen to matter.

Supplier Energy Inspired by our Solar Rooftop Scaling (SOLROS) initiative, Tier 1 factories in Vietnam are installing rooftop solar systems. For Tier 1 we have 3 out of 4 factories installing solar during 2025 as a direct result of this initiative. This is important because the Vietnamese grid electricity is fossil heavy and close to 50% comes from coal. Replacing grid electricity with solar has material climate effect. Our fourth Tier 1 supplier also installed solar energy in the factory where we produced in 2024, but since then the production of Icebug shoes has moved to another of their production sites in Vietnam. It remains a priority for us to support them in going solar at all their Vietnam production sites, the dialogue is ongoing with a 2026 timeline.

We engage both Tier-1 and Tier-2 suppliers to transition to renewable energy, and we're working to procure renewable energy for factories through Ekoenergy I-RECs. This procurement will cover all tier 1 electricity use for 2025 (market based).

CLIMATE STRATEGY IN FIVE PILLARS

Supplier Material & Products We've expanded the use of FSC®-certified natural rubber across our collection - the world's first FSC®-certified full footwear collection. During 2024-25 we’ve sourced SPOOR traceable nubuck leather with supplier-specific emissions data, so we know exactly what we're building with. Recycled textiles and bio-based foams and fibres are woven in where they make sense from a lifecycle and performance perspective, not just for marketing. We maintain strict policies against conventional dyeing (wet treatment), even though this gives higher minimum quantities which means that we need to limit the offering of colour choice.

Supplier Professional Services Our partnership with Fair Wear Foundation is ongoing, covering audits, wage transparency, and capacity building, because fair work conditions and climate action go hand in hand.

Transportation 100% of inbound products arrive by sea freight; no air freight inbound, even when there are delays and at the expense of sales. We use Hapag-Lloyd Ship Green 100 for selected TEUs, avoiding emissions through biofuel insetting. A total of 22 TEUs were covered by this – with an expected effect of 19,91 CO2e. This has not been deducted from our calculated footprint as the “book and claim” methodology used by Hapag-Lloyd does not fully comply with the GHG protocol standards as we interpret them.

B2C shipments via Postnord, which is our main carrier uses 72% renewable fuels and is certified by Svanenmärkt.

Forest, Land & Agriculture The expansion of FSC® natural rubber sourcing contributes to biodiversity protection. Broader supply chain biodiversity commitments are integrated into material choices and supplier requirements.

Supplier Engagement We engage with suppliers around setting climate targets and halving emissions by 2030. We are prepared to change suppliers if climate action is lacking.

Pillar 3 – Products and Solutions

We design our products and business model to maximize positive impact and reduce per-use emissions. The real measure of climate leadership isn't how little harm you do — it's whether people live better lives as a result, and whether your business helps them do it with less.

At Icebug, concern for environmental footprint is integrated into how we do business, and nature is identified as our first stakeholder. The responsibility for our transition plan sits at the highest level, with owners and board, reflecting that our purpose goes beyond profit maximization and includes operating within planetary boundaries and preventing exploitation of people.

Product Tech Innovation We're using bio-based foams (algae-based), recycled materials in uppers and soles, and some bio-based textiles. We eliminate high-impact processes such as conventional dyeing, and we keep the focus on longevity, because that's where real emissions are avoided – not in material swaps that compromise durability.

Business Model Innovation & Value Chain Transformation Our sales process is designed to avoid triggering over-consumption - strict guidelines means not manufacturing artificial urgency or fake scarcity – abstaining from the sales tactics that most e-commerce has completely imbedded. We plan production to minimize overstock, and we never destroy overstock. Wasting resources is unacceptable value destruction. We apply an internal carbon price of €100/t CO2e to all business cases to make sure climate trade-offs are visible early. Seasonal product KPIs track CO2e/style, % recycled, % bio-based, and % low-impact processed.

We filed our transition plan with the UN, aligned with Carbon Law (halve by 2030, net zero by 2040), because committing publicly is how you stay honest.

Customer Engagement Campaigns like Anti-Black Friday and Welcome to a Life in Luxury reshape perceptions of value and luxury - suggesting that thriving lives are built on connection and experience, not consumption. We use our channels and creative work to promote close-to-home outdoor activity, increasing the desirability of low-footprint, high-experience lifestyles. We organize outdoor running, hiking, and socializing events that show this isn't hardship - it's a better way to live. Offering replacement studs and subsidized repairs extend product life in practice, not just theory, and transparency helps customers make informed choices.

CLIMATE STRATEGY IN FIVE PILLARS

Pillar 4 – Finance and Investment

Pillar 5 – Policy and Advocacy

Carbon Removals Beyond Our Value Chain

Policy Influence & Direct Advocacy

We use financial resources to accelerate climate and nature solutions beyond our own value chain. While cutting our own emissions remains the priority, capital also plays a critical role in scaling the infrastructure, protection, and innovation needed for a just and rapid transition.

Icebug has not yet invested in carbon removal projects. While we continue to purchase climate compensation equivalent to more than 100 percent of our remaining emissions through the UN Carbon Offset Platform, we remain cautious about the additional climate impact of many offset mechanisms.

This compensation is treated as a transitional measure while we prioritize absolute emissions reductions and the development of more credible removal pathways.

Nature Protection and Restoration We direct financial support toward the protection of ecosystems that are critical for climate stability and biodiversity. This includes funding for old-growth forest protection through Naturarvet, the European Outdoor Conservation Association, and Naturskyddsföreningen, supporting conservation where irreversible loss would otherwise occur.

Technology and Infrastructure Icebug initiated the Solar Rooftop Scaling program (SOLROS) to accelerate the adoption of renewable energy in manufacturing regions. The program has since been taken over by the European Outdoor Group, with the ambition of it contributing to broader transformation – open to the outdoor industry and beyond.

Financial Assets and Capital Allocation Through participation in the Greening Cash initiative with Exponential Roadmap, we engage our bank and peers on aligning financial assets with climate goals. We actively share this initiative with other companies to help shift financial norms.

We contribute systematically through our membership in 1% for the Planet, channelling funding towards vetted environmental initiatives.

In 2023, we made our first impact investment, investing 4 MSEK in Rison, a company focused on energy efficiency through an innovative zero CAPEX solution lowering the threshold for building owners to invest in energy reducing measures.

Climate change will not be solved by better consumer choices alone. The rules of the game — policy, incentives, and cultural norms — incentivize activities and shape what becomes possible at scale. As a brand with a public voice and industry credibility, we use our influence to push for systemic change beyond our own value chain.

We engage in direct advocacy where policy decisions have a decisive impact on emissions and biodiversity.

We actively campaign against inbound air freight, calling out one of the most carbon-intensive practices in our industry. We publicly advocate for a €100/ton CO2e carbon price, because pricing pollution is essential to shift markets at the speed science demands.

Forest protection is a core focus. In both 2024 and 2025, we ran national public campaigns in Sweden — across outdoor media and print – urging the government to take responsibility for forest policy and honour the international biodiversity commitments it has signed, including those made at COP15. We also support policy advocacy at the EU level through Protect Our Winters’ work in Brussels.

Industry Collaboration & Norm-Setting We work within and beyond our sector to raise the baseline for what responsible business looks like.

Icebug is an active member of Exponential Roadmap Initiative, SME Climate Hub, and Race to Zero, aligning our transition plan with science-based timelines. We support the Ecocide Law Alliance and the Fossil Fuel Non-Proliferation Treaty to push for legal accountability where voluntary action falls short.

Within the outdoor industry, we play an active role in the European Outdoor Group and Scandinavian Outdoor Group’s decarbonization programs, openly sharing learnings and data. We collaborate with peers to scale the adoption of FSC®-certified natural rubber, because system change only happens when solutions move beyond early adopters.

CLIMATE STRATEGY IN FIVE PILLARS

Cultural narrative shift We campaign to reframe luxury as intact forests and nature experiences, because consumption patterns follow narrative, and the narrative of "more = better" is killing the world we live in.

We participate in Flourishing Lives 4 All (formerly Mission Innovation), demonstrating that outdoor activity delivers a 250:1 lifestyle impact ratio, showing that thriving lives and low emissions go together, not in opposition.

We share transparent data publicly to shift industry norms and counter greenwashing, because if we're willing to show our math and our struggles, it makes it harder for others to hide behind marketing.

We campaign to spread the workplace as a springboard to outdoor activity and increased physical wellbeing, sharing our positive experience with mandatory wellness hours — because policy doesn't change alone; culture has to shift as well.

We use our channels to promote participation in elections combined with guides on how to influence climate policy, as we believe individual consumption choices matter less than voting and advocacy.

04

Social impact Inner development Goals IDG Engaging staff and business partners Fairwear and workers’ conditions at our factories Responsible Business Conduct Policy There is no sharp line between ecological, social and economic sustainability impacts. Rather they are often interconnected in

complex ways. Nevertheless, we try to separate them in this report, presenting them in the order above, and hope it makes sense to the readers.

SOCIAL IMPACT

The Impact of a Deliberately Developmental Culture In 2015, the Sustainable Development Goals outlined a global roadmap for a sustainable world by 2030. Reaching these goals requires more than new technologies and policies – it also requires people with the inner and practical capabilities to handle complexity, work across differences, and drive meaningful change together. Icebug’s contribution to this lies both in the way we run our business – from products and footprint to advocacy – and in how we grow the people who work here.

At Icebug, we aspire to be a Deliberately Developmental Organization (DDO) – a workplace where business results and people’s development are built into the way we work, not treated as separate tracks. The idea behind our growth culture is that there is a mutual commitment beyond the mere transaction of exchanging time for money: Icebug cares about employees, their well being, and their development – and in return, employees care about Icebug’s well being and development. This two way commitment is an important part of how we create positive impact for the people who work at Icebug.

As a deepening of this ambition, we became early adopters of the Inner Development Goals (IDG) framework and joined a multi year program exploring how inner capabilities can be developed in everyday work. Between 2022 and 2024, all employees took part in a structured journey with regular reflection meetings and individual practice. The work focused on capacities such as being more present and grounded, thinking in new ways, acting with courage and compassion, collaborating across functions, and turning insight into action.

The impact was clear: employee surveys and in depth interviews showed that most colleagues experienced tangible personal growth, stronger collaboration, and greater readiness to handle complexity and change. Many described Icebug as a smarter, braver, and more effective organization as a result of this work. To spread this impact beyond Icebug, we invited an external writer to document the journey. The resulting book captures our key insights, concrete practices, and pitfalls, and is now published and used as inspiration by other organizations that want to integrate inner development into their work.

Today, our focus is less on a separate “IDG project” and more on how deliberate development shapes our ongoing impact. We continue to run cross functional reflection groups every second week, where colleagues meet for shared reflection and learning. These groups strengthen trust and psychological safety and give people space to talk openly about challenges, edges, and growth. This, in turn, improves the quality of decisions we make – for our colleagues, our customers, and the planet.

We have also expanded the support around each person’s edge. It is no longer only in the cross functional reflection groups that people share and work with their edge; we have added the home team as an additional layer of support. This means that each person’s development focus is visible in more

than one setting, and that they receive encouragement, challenge, and accountability from several directions – not just from a manager. Combined with the practice of linking every individual edge to the team’s edge, this makes personal growth a direct driver of how we, together, move Icebug forward.

Our approach is grounded in Self Determination Theory (SDT): we design practices that strengthen autonomy, competence, and relatedness, so that development is both sustainable and meaningful. The result is a more resilient, motivated, and engaged workforce, better equipped to contribute to Icebug’s mission and to society.

The most important growth for the company is the growth of our capabilities – the sum of employees’ abilities and our ability to work together. Every 100 days, each team sets goals that align with our strategy and, at the same time, identifies a growing edge connected to those goals. From there, every team member defines a personal edge that links to the team’s focus. In this way, deliberate development is not an add on, but a core engine for impact: it shapes how we innovate, how we collaborate, and how we deliver on our broader responsibility as a company.

Health and well-being are the core of Icebug’s business and are naturally highly prioritized. Health is addressed both by reducing injuries due to slip-and-fall accidents and by inspiring people to get moving outdoors. Since 2020, we have had “compulsory” train-for-your-brain activities 3 days a week, where we close the office for one hour to go out and get fresh air and physical activity.

Icebug did not identify specific issues or challenges in the overall business activity regarding ethics, human rights (partly included in working conditions), corruption, equality, or diversity. However, we recognize that in general, these are areas of concern, so we need to stay vigilant.

SOCIAL IMPACT

Engaging staff and business partners

Engaging staff and suppliers is always essential. The specific actions to reduce negative impact and increase positive impact are decided and prioritized in the value flow teams. Icebug does not have a separate sustainability team. All teams have impact as part of their mission and a fully integrated part in the daily work. Teams are supported by the Impact Team up (CEO, CFO and Communications Lead) when it comes to priorities and calculating impact etc.

Since the majority of the negative impact is from the manufacturing of the products (80-90% of CO2 emissions typically happen for a footwear company like Icebug before the products leave the factory) the Development & Production team has a very big responsibility in reducing the product footprint, working with materials, processes and energy.

Other Icebug team actions include: • Supply chain and inventory management (STIM): Minimize number of returns, selecting lowest footprint transport solutions.

• Customer relations and retail staff (CR): Nudge customers to be active outdoors, not buying products they don’t need and take care of products they have to prolong the life time.

• Sales team: Have replaced diesel/petrol to electric vehicles, training retailers to share Icebug’s sustainability work.

• Growth Engine (GE): Transparent sustainability communication with no greenwashing. Designing the sales process to avoid triggering over consumption, influencing customers to buy only what they need. Promoting low footprint high quality experience lifestyles.

• Preorder: Balancing orders CO/new to minimize waste and sales, reducing overproduction.

• Finance: Forerunner in working with greening cash together with the Exponential Roadmap Initiative.

We have already found that the project Outdoor as a solution provider has mobilized broad parts of Icebug to develop visions and ideas about the future, work to be continued.

Our sourcing partner in Taiwan, Vanbestco, takes a big responsibility for sourcing new materials and production processes and is closely linked to the Development & Production Team. That team is co-responsible for the input of sustainability data in TrustTrace and our new PLM system regarding materials, styles, and other data that is the basis for calculating footprints.

Exchanging ideas and expertise raises the level for Icebug, Vanbestco, and the suppliers concerned.

We strive to regularly increase the knowledge level also for our suppliers and are developing a future-proof value chain together. Some examples of activities that Icebug has initiated that we believe will both raise the competence level and give a competitive edge to the suppliers’ offers: • The rooftop solar project: a collaborative project for solar power installations.

• Fair Wear Foundation social audits.

• FSC® CoC (Chain of custody) certification for traceability of forest based materials.

• SPOOR traceable leather.

• Asking Tier 1 in supply chain and HQ suppliers to set climate targets.

• Remove the use of PFC water repellant treatment All these are described in more detail in other parts of this report. Being a forerunner in calculating and publishing footprints, Icebug also requires many specific data points from the material suppliers and sometimes pushes them to do sustainability certifications.

Workers’ Conditions at Factories

Our latest Brand Performance Check for 2023-24 placed Icebug in Fair Wear’s Leader category—the highest performance tier. That recognition matters to us - not because of the label, but because it shows that the way we work can make a real difference. It means we have strong systems for transparency, risk assessment, and responsible purchasing. We got a benchmark score of 70 points, met 100% of the foundational criteria, disclosed all our production locations, and followed up on 86% of outstanding audit findings.

See the Brand Performance Check for 2023-24 here.

Our latest Social Report can be found on Icebug website here, Or directly on Fair Wear website here.

SOCIAL IMPACT

Code of labor practices We commit to the Fair Wear Code of labor practices covering eight aspects that are measured in the Fair Wear audits of the assembly factories:

Employment is freely chosen There shall be no use of forced, including bonded or prison, labour. (ILO Conventions 29 and 105).

Freedom of association and the right to collective bargaining The right of all workers to form and join trade unions and bargain collectively shall be recognised (ILO Conventions 87 and 98). Icebug shall, in those situations in which the right to freedom of association and collective bargaining are restricted under law, facilitate parallel means of independent and free association and bargaining for all workers. Workers' representatives shall not be the subject of discrimination and shall have access to all workplaces necessary to carry out their representation functions (ILO Convention 135 and Recommendation 143).

There is no discrimination in employment Recruitment, wage policy, admittance to training programs, employee promotion policy, policies of employment termination, retirement, and any other aspect of the employment relationship shall be based on the principle of equal opportunities, regardless of race, color, sex, sexual orientation, gender identification, age, religion, political affiliation, union membership, nationality, social origin, deficiencies or handicaps (ILO Conventions 100 and 111).

No exploitation of child labor There shall be no use of child labor. The age for admission to employment shall not be less than the age of completion of compulsory schooling and, in any case, not less than 15 years (ILO Convention 138). “There shall be no forms of slavery or practices similar to slavery, such as the sale and trafficking of children, debt bondage and serfdom and forced or compulsory labor. [...] Children [in the age of 15-18] shall not perform work which, by its nature or the circumstances in which it is carried out, is likely to harm their health, safety or morals." (ILO Convention 182)

Payment of a living wage Wages and benefits paid for a standard working week shall meet at least legal or industry minimum standards and always be sufficient to meet basic needs of workers and their families and to provide some discretionary income (ILO Conventions 26 and 131). Deductions from wages for disciplinary measures shall not be permitted nor shall any deductions from wages not provided for by national law be permitted. Deductions shall never constitute

an amount that will lead the employee to receive less than the minimum wage. Employees shall be adequately and clearly informed about the specifications of their wages including wage rates and pay period.

Reasonable working hours Hours of work shall comply with applicable laws and industry standards. In any event, workers shall not on a regular basis be required to work in excess of 48 hours per week and shall be provided with at least one day off for every seven-day period. Overtime shall be voluntary, shall not exceed 12 hours per week, shall not be demanded on a regular basis and shall always be compensated at a premium rate (ILO Convention 1).

Safe and healthy working conditions A safe and hygienic working environment shall be provided, and best occupational health and safety practice shall be promoted, bearing in mind the prevailing knowledge of the industry and of any specific hazards.

Appropriate attention shall be paid to occupational hazards specific to this branch of the industry and assure that a safe and hygienic work environment is provided for. Effective regulations shall be implemented to prevent accidents and minimize health risks as much as possible (following ILO Convention 155). Physical abuse, threats of physical abuse, unusual punishments or discipline, sexual and other harassment, and intimidation by the employer is strictly prohibited.

Legally-binding employment relationship Obligations to employees under labor or social security laws and regulations arising from the regular employment relationship shall not be avoided through the use of labor-only contracting arrangements, or through apprenticeship schemes where there is no real intent to impart skills or provide regular employment. Younger workers shall be given the opportunity to participate in education and training programmes.

SOCIAL IMPACT

Responsible Business Conduct Policy Icebug’s Responsible Business Conduct policy covers all the Code of labor aspects above, and also industrial relations, environment including climate targets, bribery and corruption, disclosure, and consumer interests.

The policy describes Icebug’s commitment and also the process to secure that we live up to the policy: by Human rights due diligence (HRDD) risk assessment, priorities, good sourcing practices, how we prevent and stop harm and track and validate progress made in the implementation and prevention actions. The basis for Icebug’s sourcing strategy is long-term cooperation with suppliers where mutual trust is created through a practice of treating each other as equal partners – Icebug doesn’t have supplier contracts with penalties. We then collaborate to raise the sustainability level of the supply chain.

During last year we have updated the Responsible Business Conduct Policy (RBC Policy), and presented it in meetings with the assembly factories.

Read more here

Icebug works with three assembly factories in Vietnam.

Building long-term partnerships has proven a great way to improve our products and to strengthen both social and environmental sustainability.

05

Financial impact Financial Impact Compensation and financial support Zooming in on the donations for this year

FINANCIAL IMPACT

Financial

We are aware of the impact of finance in solving our global challenges and continuously try to develop in this area in different ways – ranging from how we invest pensions to lobbying banks to stop fossil investments. We continue to find this area quite difficult and are having trouble assessing what gives real impact. The EU Sustainable Finance Disclosure Regulation (SFDR) showed promise, and we initially thought a fund living up to article 9, meaning the financial product has sustainable investment as its objective, could be a good measure. After looking closer at which companies still qualify to be included in those funds, we understand that much more needs to be done, but it’s a start.

Danske Bank has been our main bank for the last few years. We have had a constructive dialogue about their climate commitment for most of that time.

We see encouraging things from them, for instance setting Science Based Targets, and promised to withhold from investing in new fossil fuel extraction.

In a recent study done by major European newspapers (September 2023) it was found that Danske Bank was the only bank in the study (400 banks) to do so.

As employers we have the possibility to encourage employees to invest their pension funds in responsible ways. We have partnered with Säkra in Sweden where employees can choose from funds that are classified as at least article 8 in SFDR and have also signed PRI (Principles for Responsible Investments). This means that they have a low carbon footprint and a couple of exclusion criteria are in place. The default fund offered to employees is an article 9 fund, with criteria such as exclusion of fossil fuel companies. In the US, employees are offered retirement savings programs through Calvert Investments, that focus on sustainable investing. In Norway, Storebrand handle pension solutions with sustainability criteria.

Taxes – fair share We believe contributing to the common good is an integral part of taking corporate responsibility and that transparency regarding tax is essential to show that taxes are paid where the business is made, rather than where taxes are the lowest.

This is the second year where the below is published – and the system support for accounting for this is still a work in progress – but to the best of our knowledge, the figures represent a true and fair view of our tax situation.

Icebug AB is wholly owned by GtoG AB. Both of these companies are registered in Sweden and pay taxes here. The main activities take place in Sweden and these companies are audited by PwC Sweden. Icebug GmbH is registered in Germany, Icebug Norway Sales AS is registered in Norway and Icebug Inc are registered in the US. These companies have accounting/taxes handled by external companies. All these companies pay taxes in their respective countries based on a transfer pricing agreement that allocate value creation per company in relation to group performance.

This is agreed upon in a yearly process and has been constructed with support from the transfer pricing group from PwC in Gothenburg. Current profit levels are: Icebug GmbH: 3%, Icebug Norway Sales AS: 1% and Icebug Inc: 3%. Icebug Inc is incorporated in the transfer pricing agreement from 1st of March 2021 – before that they had results as a standalone company.

Total corporate tax for 2024/25 was 3 499 kSEK. Social fees were 7 015 kSEK. We first and foremost solve a basic human need, many of our products remain very similar year on year – so called carry over – which means that the value of our inventory is not affected by fashion trends.

We believe that no company can be truly sustainable without also being profitable, which helps to ensure that we can take a long-term view of the business, re-invest profits, and not fall into the hands of short-term profit seeking investors. Growth is not something that is a goal at Icebug, but if it happens it is a by-product of fulfilling a need on the market.

FINANCIAL IMPACT

Compensation and financial support Icebug aims at being a positive force for people and planet. Sometimes we influence through our own actions, but sometimes we support other organizations’ work through financial means.

1% for the planet 1% for the Planet was born in 2002, initiated by Yvon Chouinard, the founder of Patagonia, and Craig Mathews, the founder of Blue Ribbon Flies. They recognized the responsibility businesses have for their environmental impact and pledged to donate 1% of their annual sales, not just profits, to environmental organizations, catalysing a global movement.

We are members of the 1% for the planet since January 2020. Our membership means that we commit to donating a minimum of 1% of our sales to environmental non-profits that are vetted and certified by 1% for the planet. Our total donations through 1% for the planet are now more than 15 MSEK. Icebug’s heart and soul is in the forest. Unfortunately, the real, old forests are rapidly disappearing. When we cut down the trees, we also lose biodiversity which will have consequences for humanity and life on the planet. With this in mind, we are happy to donate money to organizations that work to preserve the forests that remain.

The process of choosing projects has mainly been handled by the core sustainability team, consisting of the CEO, Communications Lead and CFO. We have tried to build up a solid foundation of impact criteria for choosing causes, but it is generally too difficult to compare.

Our largest donations for 2020/21 were: Climate advocacy through Protect our Winters (426 kSEK), protecting forest through Naturarvet (378 kSEK) and and co-financing a pilot project to install solar roof top to replace fossil based electricity off the grid at factories in Vietnam through The Sustainable Trade Initiative (291 kSEK).

Donations for 2021/22 went to among others: Naturarvet (514 kSEK), Hej Främling (375 kSEK) and Build Up Nepal (190 kSEK).

For 2022/23 the largest recipients have been Naturarvet (1 564 kSEK), Protect our Winters (535 kSEK) and Hej Främling (375 kSEK).

For 2023/24 our largest donations went to Hej Främling 1 250 kSEK, Exponential Roadmap Initiative (507 kSEK), Protect our Winters (290 kSEK) and Build Up Nepal (266 kSEK) For 2024/25 we gave 285 kSEK to Naturarvet, 250 kSEK to Skydda Skogen, 219 kSEK to CPAWS Canada and 240 kSEK to Exponential Roadmap Initiative just to mention a few.

Our business page at 1% for the planet can be found here. Search for Icebug.

Our first certifying year ended on the last of February of 2021 and this meant a donation of a total of 1 743 534 SEK. The second full year of membership meant a donation of 2 290 619 SEK. During our third year of membership we have donated a total of 3 716 873 SEK. Our fourth year of membership resulted in gifts of 2 840 716 SEK.

2 715 598 SEK Total 1% for the Planet contribution 2024/25

FINANCIAL IMPACT

1% for the planet contributions 2024-2025

Contributions by category

Naturarvet (285000)

Social and climate (1144995)

B Lab (276810)

Nature conservation (1137633)

Skydda skogen (250000)

Climate advocacy (393679)

Hej Främling (240000)

Supply chain disruption (39289)

Exponential Roadmap Initiative (222085) C-Paws (219622) US in kind donation shoes (175671) Inner Development (141718) Onepercent

(133255)

Solvatten (125400) Tuki Nepal/Build up nepal (125000) Naturvernforbundet (107550) Naturskyddsföreningen (100000) Luonnonperintösäätiö (81550) European Outdoor Group (60396) EOCA (57366) LWG (39289) FSC

(36545)

Forest ads (35000) Protect our Winters (3339)

FINANCIAL IMPACT

Net sales Subtext

348591

282773

267699

229824

165461

2020/21

Net Sales (kSEK)

Earnings (kSEK) before tax (EBT) EBT %

Total Assets (kSEK) Equity ratio

2021/22

2022/23

2023/24

2024/25

2020/21

2021/22

2022/23

2023/24

2024/25

165 461

229 824

348 591

282 773

267 699

16 596

22 830

51 845

21 148

13 234

10.0%

9.9%

14,9%

7,5%

4,9%

96 579

158 683

169 348

168 378

182 268

52%

43%

62%

71%

70%

FINANCIAL IMPACT

Value Distribution Where the money goes and why it matters.

At Icebug, every financial decision is an allocation of capital, and every allocation reflects our values. This means that every employee influencing a financial decision also shape the company’s long-term value creation. Money is not just numbers; it is a tool for building resilience, rewarding people, and amplifying positive impact We have created a Value Distribution Manifesto that turns this into practice through seven principles: reinvesting at least 90% of profit into Icebug, prioritising value over cost, avoiding value leakage, sharing results with employees, contributing beyond our own walls, including at least 1% of sales to verified environmental and social initiatives, choosing the long term over short�term gains, and being transparent about how value is created and shared.

The manifesto has been implemented through company�wide meetings, workshops and an e-learning module that all employees are expected to complete.

By tracking and reporting this value distribution each year, we make it clear how Icebug uses financial resources to support long�term resilience for people, planet, and the business.

Amount shown in K SEK

30626

15059 13430 11122 7855

9197

9152

4070

2730

3244

1966

1040

Staff

Freights

Facebook/Google

Other marketing

Warehouse

Consultants

Duty and taxes

Planet gifts

Facilities/rent

Payment platforms

Dividends

Profit sharing

Payments for products would dwarf the other categories, therefore it is excluded in this graph.

758 Other

06

Methods Sustainability management Sustainability Key Indicators Sustainable design, sourcing and production Calculating the product footprints Green House Gas emissions (GHG) Reporting

METHODS

Sustainability management At Icebug, we are not very formal or fans of heavy documentation. We try to integrate good routines into the everyday actions and DNA of the teams.

However, we believe it’s very important to be able to motivate our decisions and show how we get our sustainability data, so that our documentation is focused on data and key decisions rather than work process descriptions.

Continue reading to learn more.

Our Approach We are successively building an agile sustainability management system that meets the needs of Icebug and our stakeholders and that is integrated into our working processes. The way Icebug handles this is to combine parts from different established systems: Mapping significant sustainability aspects gives a basis for goals and priorities in the whole area of sustainability. Initially Icebug used the Global Reporting Initiative (GRI) standards for mapping of significant sustainability aspects as the basis for the sustainability management at Icebug. The most important aspects lie in the shoe production part of the value chain. We will gradually shift the mapping from GRI methodology to the EU legislation and as an appendix to this report we are reporting according to the VSME framework for the first time.

We believe that the total data required and the data flows that Icebug have set up between systems create a robust and well-structured data platform as a base for efficient sustainability management.

Mapping significant aspects In 2019, Icebug mapped the sustainable aspects of our total activity, following the significant aspects analysis, which is the basis for GRI reporting. The 2019 mapping was partly based upon the Global Reporting Initiative (GRI) Standard 101 Foundation concerning the reporting principles (report content: 1.1 stakeholder inclusiveness, 1.2 sustainability context and 1.3 materiality).

The first mapping was purely qualitative with an indirect estimate of the stakeholders’ priorities.

Since then, there has been no major reports or external findings that would change the basic knowledge about the sustainability impact of footwear.

However biodiversity has become higher on our agenda, both in it’s own force and realizing the close connection between biodiversity and climate.

The IPCC, 2023: Climate Change 2023 Synthesis Report for the 6th Assessment report (Intergovernmental Panel on Climate Change) clearly underlines (again) the alarming urgency of climate action, which was already a high priority to Icebug.

However there are many new EU regulations to take into concern. Some that will clearly influence Icebug are:

We follow the basic principles in the Green House Gas (GHG) Protocol for calculating and reporting on climate impact.

• The Corporate Sustainability Reporting Directive (CSRD) with belonging standards (ESRS) requiring double materiality risk assessments.

The Fairwear foundation requires a risk based Human rights Due Diligence (HRDD) approach, and the social risks are evaluated on country level, industry/product level and factory level. Through Icebug’s membership in the Fair Wear Foundation, the social conditions are measured and followed up both in factory audits and brand performance checks of Icebug’s efforts to align with Fair Wear’s code of labor practices. In Fairwears platform we save detailed information about the social conditions of our factories.

• The EU deforestation regulation (EUDR), requiring producers to prove that their materials are not causing deforestation, will apply on Icebugs leather and natural rubber sourcing.

Since 2022 Icebug is B corps certified. The B corps criteria cover the entire sustainability field (ecological, social, and financial impact), that is also the scope of the sustainability work at Icebug.

The US-based B corps certification, covers a wide sustainability scope, including business models, and provides an active network. We believe that B corps certification in combination with Fairwear Foundation membership is a good framework to manage the totalities of Icebug’s sustainability activities.

Since Fall/Winter 2024 Icebug’s whole collection is also FSC Chain of custody certified, requiring a high level of traceability through order documents and invoices. Both FSC and Follow the footprint concept including footprint calculations require a granular level of product Data and integration of product system and business system.

• The EU “Green Claims” Directive also supports us in striving for honest and fact based sustainability communication.

In 2023 and 2024 Icebug did an HRDD risk assessment of the working conditions to get a clear picture of the most important social issues to address (see Fair Wear report).

METHODS

So, the prioritized sustainability aspects for Icebug are as follows Health and wellbeing are the highest prioritized aspect, followed by energy/climate, biodiversity, hazardous chemicals, working conditions, transparency and sharing, waste, and circularity/circular economy. These aspects, plus water/sanitation (Bluesign, DriTan, etc.) and ecosystems have been prioritized in Icebug’s work to improve the sustainability of shoe production and sourcing new materials since 2015.

We don’t have much data about how our actions influence biodiversity (except that we are following actively on the coming 16 PEF indicators from EU regulation metod coming). However, we do know it’s a good thing to protect biodiversity – for our safety through not exceeding planetary boundaries, but also because nature has value in itself. Icebug protects old Nordic forests and strives to do responsible sourcing of bio-based materials.

Benchmarking, ecological impact of footwear Together the apparel and footwear industries are estimated to generate 5-10% of global pollution impacts. Footwear alone represents approximately 1-2% of the total impact. According to Quantis, footwear accounts for 1.4% of global climate impact or 700 million metric tons of CO2 equivalents. (Ref. Quantis: Measuring Fashion – Environmental Impact of the Global Apparel and Footwear Industries Study, 2018).

The phases in the lifecycle with the highest impact were identified as follows: • Production of input materials, particularly leather and synthetic materials.

• Manufacturing of finished product.

• Distribution, use, and end-of-life phases are of minor importance.

(Ref. Background report for the EU Ecolabel of footwear (2013) and the Quantis report above). Overall, the Manufacturing, as well as the Raw material extraction stages, are the biggest drivers across all impact categories.

Transport accounts for only 2.5% of footwear’s global impact, and packaging production and disposal appear to be negligible, regardless of the selected indicator.

This is also the result we got in Icebug’s footprint analysis. In 2021, we mapped the material flows of the value chain by putting all product data from producers and material suppliers into the TrusTrace platform. By September 2021, we had covered all styles and materials – and could, for the first time, make a more accurate calculation of the total impacts of Icebug shoes and get an average carbon footprint for a whole year, measured in kg CO2e per Icebug pair. Once we had the footprints for all existing summer and winter styles, we could also calculate an average baseline for the year 2015: 12.9 kg CO2e per pair of shoes. This is our basis for the target to halve carbon emissions til 2030.

Sustainability Key Indicators

The Icebug sustainability key indicators must be robust to cover all potential development turns and remain the same for a long period of time (at least until 2030, see climate goals). We have used the indicators during 4 years now. They are regularly adjusted with new technology and processes that become eligible for the different indicator categories. Feedback is welcome and brands are also free to copy the indicators.

1.

Global warming potential, carbon footprint: kg CO2 equivalents per pair of shoes – from Icebug carbon footprint calculation described below.

2.

Recycled material, weight -% of shoe - from Bill of material, BOM, plus GRS certificates.

3.

Biobased material, weight -% of shoe – from BOM list plus supplier certificates.

Internally we are also following 2 extra indicators util the PEF impact metod from EU will be available: 4.

Sustainably sourced materials, weight -% of shoe - from BOM list plus supplier certificates.

5.

Low impact processing of materials, weight -% of shoe – from BOM list plus certificates.

The % calculations are weight-based. Sometimes a material choice exposes conflicts between indicators – e.g., a biobased plastic can cause more climate emissions than the fossil one. It is important to bring those conflicts to the surface so that we can make choices based upon a holistic view of the sustainability consequences. If we do not cover the bigger picture, there is a big risk that we sub optimize with too narrow of a focus.

Initially, we only used three indicators in the marketing concept “Follow the Footprint” with QR codes to make it easier to understand, and the indicators 4-5 were “backend”.

METHODS

However, the sustainability indicators do not cover all sustainability aspects.

For instance, hazardous chemicals are handled with restrictions lists (RSL) and regular test programs using Rise the Swedish research institute as our expert partner, in addition to sourcing low impact materials (indicator 5).

Social aspects are only covered to some extent by certified sourcing like FSC and LWG and we are considering how to add social aspects to the indicator set on a product level. Below a description of each indicator:

includes low-impact coloring methods like Solution dye, digital print or no colouring even if those haven’t any formal certification. Today, the following processes or certificates qualify for Low impact processed material:

1. Global Warming Potential, kg CO2 equivalents per pair of shoes

• Bluesign certified textiles.

A given indicator, that connects to Icebug’s climate targets. Unit: kg CO2 equivalents per pair of shoes, size M10 – from carbon footprint analysis (see Method below). To calculate this indicator in a fairly accurate way we are depending upon reliable data for the materials climate impact from cradle (sourcing of raw material) to gate (the assembly of shoes). Sometimes from the specific supplier (preferred) and more often from generic data.

• Low impact coloring such as Solution dye/Dope dye, Digital print and No dyeing.

2. Recycled material - weight-% of shoe This indicator covers postconsumer recycled material, industrial waste recycling and waste recovered from cleaning nature (Bloom algae and Ocean waste). Today Icebug uses recycled polyester in many materials, recycled wool, recycled nylon and recycled rubber. We always ask for recycling source certificates like GRS or similar to validate the sourcing.

3. Bio-based material - weight-% of shoe Reflects Icebug’s quest to reduce the use of fossil materials and replace them with renewable bio-based materials. Today we use the biobased materials wool, algae, corn based foam and natural rubber. However, bio-based materials do not always lead to less climate impact, sometimes it’s even the opposite. A big part of the environmental impact of bio-based materials lays in the sourcing of the material (growing fiber or breeding animals). As a result, the bio-based materials demand more research of the specific value chain compared with e.g. fossil plastic where there is much available generic data.

4. Sustainable sourcing certified materials, weight -% of shoe Shows the weight-% of all materials that have one or several types of sustainability certifications for sustainable sourcing of raw materials. It is relevant with organic sourcing (cotton, hemp, other cultivation), Forest Stewardship Council (FSC) for tree, cellulose and rubber, Responsible Wool Standard (RWS) or ZQ, Bonsucro (cultivation of sugar cane for bio plastic), Truterra for Corn farming and SPOOR for leather sourcing. These labels will be increasingly important as we use more bio-based materials.

5. Low impact processing of materials, weight -% of shoe Shows the weight-% of all materials that have one or several types of sustainability certifications for reduced environmental impact in manufacturing processes and/or reduced chemical use. This indicator also

• Leather Working Group (LWG) Gold Standard, applies to all our leather • DriTan leather tanning, Eccos method saving water, energy and chemicals.

• Others can be added provided they are well documented, confirmed low impact.

The 4 and 5 indicator weight-% is based upon the presence of one or more certificates for a specific material. Only one is counted in the %. GRS certificates are not included here as they are confirming the recycling indicator. However, certificates that prove responsible sourcing of biomaterials are included as they add sustainable value to the biomaterials (that could be sourced with high or low degree of sustainability). As the upper textiles are of relatively low weight, the weight percentage of the whole shoe may seem low if there are no certificates on sole material.

Sustainable design, sourcing, and production

The Development & Production Team of Icebug works with sustainability considerations as an integrated part of the entire design and development process, from beginning to end, striving to minimize negative impact while securing performance and durability.

Timeless design The design work at Icebug is focused on longevity, both physical and aesthetic durability. We believe in timeless design that you don´t feel you need or want to change over the seasons. The design language is clean yet accessible. Everything is there for a reason: making better shoes for people that want to get outdoors every day.

Keep it simple Can something be removed that has no function? Can the number of materials and components be reduced? Many shoes on the market today have an abundance of materials, often fossil plastic or foam added for aesthetic reasons without bringing any function. We summarize our visual design strategy as “Inclusive minimalism”: inviting and attractive with an air of Scandinavian minimalism and connection to active outdoor lifestyle.

METHODS

Circular design solutions Circular is a wide concept (including prolonged lifetime by material choice or repairing, reuse/upgrading/reselling, making recyclable products, using recycled materials, take-back systems, etc.) that is too often used without a clear definition. Circular solutions must be carefully evaluated so that they contribute in a positive way to the overall impact by considering transport, product lifetime, energy use for processing, and the borders of the circular system. To make take-back systems efficient, it’s essential to collaborate between brands and the public sector, rather than each brand taking back and recycling only their own products.

Icebug uses a large share of recycled materials from other industries and our supply chain, that will nearly always result in lower resource consumption and climate footprint than virgin materials. We strive to use traceable industrial waste or polluting materials such as ocean waste to higher extent than PET bottles that are more efficient to reuse/recycle within the food industry.

We also focus on making long-lasting products and enable us to care for and repair worn parts without ending the life of the whole shoe.

We would not call ourselves a circular brand in the sense of having a circular business model and/ or take-back system to handle our products. As most shoes (still) have many small parts of different materials, they are difficult to separate and collect to recycle the material again in efficient loops. An important question about circular solutions is: will the negative impact from extra transport and handling be lower than the positive impact of recycling or upcycling the material? If not, the total impact might even be worse.

Sustainable materials A big part of a shoe’s sustainability impact lies in the impact of the materials used. We are striving to use only the most sustainable materials in our shoes.

In this work, Icebug’s guiding principles are implemented into practical actions that can also be measured to see the development: • Protecting biodiversity both when sourcing and financially funding projects, striving for regenerative practices.

• Reducing the climate emissions to prevent global warming.

• Getting rid of our dependency on oil and other fossil materials.

• Only doing responsible sourcing, with a focus on caring about nature, animals, and people.

• Sharing what we learn, being transparent, and making it easier for others to scale up better solutions.

For the sourcing of new materials, we have defined a set of material evaluation criteria that we visualize in a material web to get an overview of the total impact. The five sustainability key indicators plus functional and commercial aspects are evaluated. We are currently looking at how to define and measure durability in the best way.

Material evaluation Our method to evaluate and decide whether the material is mature to put into production: Gate 1: Basic information such as features and sustainability information regarding at least the key sustainability indicators, certificates, price, and minimum quantities.

Gate 2: Lab test results provided by suppliers or by Icebug’s sourcing team in Asia.

Gate 3: Field tests of material in existing style and/or field test in a new style.

Gate 4: With all the facts gathered, a decision is made if and how to bring the material and the concerned style/s into production and to the market.

And, of course, we have chemical requirements that apply to all our materials and products.

In the price evaluation we have added internal pricing of CO2e at US$ 100/per ton in the product calculation, thus building a proper price of carbon into our margin calculations and driving financial decisions toward lower carbon options.

For all materials and especially for bio-based materials it’s important to make sure the raw materials are produced in a way that protects the biodiversity (no deforestation or damaging of land), with decent animal welfare and with good social conditions for the workers. This can often be secured by using well trusted sustainability certifications for responsible farming or animal breeding.

METHODS

Production strategy

Our method

The most important aspect of our factory strategy is creating a strong partnership. We believe in the mutual organic benefit between partners to create a sustainable business. A key factor for a strong relationship is time. It takes time to build an understanding of the process, product, business and trust.

We have evaluated different calculation methods and the reliability of the underlying data set for material impact and methods.

During the past years, Icebug has made efforts to increase traceability and minimize our footprint. Traceability is a huge area; there is always another level to go deeper into the supply chain. We have recently implemented a new PLM system Resourced. This means that every single component and every gram of materials are in the systems with detailed raw material specifications, and in many cases, the origins of the raw materials. These are positive steps, but challenges remain. Energy and pricing are two challenging topics that we are actively working on. The renewable energy project shows that our shoe production factories can make a really good business case for the switch to green energy. Saving up to 67% of climate emissions and saving money at the same time. We’re happy to be able to support our partners with this competitive advantage to provide a future-proof supply chain.

• Is fairly reliable (there will always be uncertainties).

RISE – The Swedish Chemicals Group

• If possible, has automized calculation algorithms – ongoing work.

Helps us with screenings of Icebug’s products to prioritize chemical tests and make test schedules. Together with RISE experts, we screen our shoe collection twice a year (spring/summer and fall/winter). Test shoes are picked from the production line, and external test institutes perform the chemical testing of our shoes before they are approved for shipping to our warehouse.

With connection to Rise experts, we have also been early on banning the use of PFC water repellency treatment first since 2022 and finally also on all materials. Since 2024, all products are made without PFC (for Gore tex, made with tee PE membrane)

Calculating the product footprints

The carbon footprint, or climate impact, is just one part of a lifecycle based analysis, which normally covers the whole range of ecological impacts.

However, it’s a high-priority goal for Icebug to reduce the climate impact and the results of our climate calculations will influence many decisions.

Here’s how we calculate our impact and what we do with the results.

We have developed a simplified method to calculate climate impact that:

• Is based on lifecycle-based material impact values, cradle to gate.

• Gives climate data in the unit kg CO2 equivalents (CO2e) per functional unit.

• Is simplified, based upon LCA ISO standard principles.

• Is efficient and pragmatic (it does not provide further value to do in depth LCAs for all styles).

• When specific data is missing, we choose conservative values from generic data (avoiding “greenwashing”).

• Is well documented – to show our customers, see the link on the website.

• Is user friendly.

The calculation method is simplified in the sense that we only measure climate impact and that we use a footwear-based calculation formula with some predefined values from the footwear sector that can be repeated for several styles.

However, there are still high demands in the material data quality that should be based on reliable LCA data and should be as close as possible to the specific material we are using, preferably from Icebug’s suppliers. Icebug’s tool combines supplier data with generic data from the Wordly (former Higg) MSI database. If there is no supplier data, the generic data (conservative value) will be chosen, and there is a possibility to overrule the data choice manually. The TrusTrace tool combined with our PLM tool also enables an efficient flow of data from material sourcing to product sales presentations with ecological footprints. The method document is available upon request.

METHODS

Benchmarking methods

Sustainability data quality

Icebug did an internal review of this method in relation to the ISO 14 040 Standard Environmental benchmarking – life cycle assessment – principles and framework and a benchmark of other carbon footprint methods on the market. The method was 3rd party approved by Climate Neutral.org (Now Change Climate).

The quality of the sustainability data available from material suppliers varies a lot. Some have 3rd party verified LCA, and others are not familiar with impact calculations at all. Therefore, what impact values to use must be decided from case to case. For some materials, the generic (general) values are considered most reliable, and for some materials, the supplier can provide the more precise value. There is now a rapid development regarding the quality and availability of sustainability data.

Thoughts of next version – comply with EU Digital product passport Icebugs Follow the footprint method in itself is pretty unchanged since the introduction in 2021, and it’s indeed open and available to use. The focus from our side is on enhancing high and consistent data quality as input to the method, concerning energy data from factories, materials climate data and something as (seemingly) simple as getting the correct BOM lists with weight of all parts. The latter has been a challenge that our suppliers were not used to. It requires new working processes to secure that we get these data at the right moment in the product development and the sales process of a new product.

Regarding open source we are fully in favor of as much transparency as possible. We believe it’s important that climate data becomes available, and with transparent background analysis. Third party verified data in standardized format is key to be able to get more granular and correct footprint results. Today much of the input data is if poor quality and thus there are big uncertainties in the results as well. It’s important that brands are transparent with the uncertainties and what estimates are made.

When Icebug started calculating and publishing the footprints in 2019-2020 we could not find any good tools on the market that filled our need for simplicity, with a cost that made it possible to do calculation for all styles as was our goal. Since then, many tools have popped up, many of them compliant with the new EU PEF (product environmental footprint) and thus covering 16 impact categories whereas our method focus on the carbon footprint. This will be a focus to investigate implementation during the coming 2 years 82025-2026).

Since the start our aim was to (when time is right) transfer to a more standardized tool that allows us to easier compare the results with other brands. Now we are at that turning point and are evaluating what tool to use.

So, our recommendation for companies that did not yet start to calculate footprints will be to use a PEF compliant method and together give input and develop the PEF tools to become optimized for both brands and consumers.

We found several material sustainability databases with generic data • With total or partly open-source access to impact data: Kering and Wordly (Higg) MSI. • That we access via membership networks: SSEI Swedish shoe environmental initiative.

• Commercial: Simapro with Ecoinvent, GaBi, Wordly (Higg) MSI (Icebug API is connected to the TrusTrace and PLM platform giving full access to synchronized data).

Most of the material bases can present a climate impact value per material, often in the unit kg CO2 equivalents per kg material. Material values are often based upon life cycle assessments from “cradle to gate,” meaning all the processes from the sourcing of raw material to the shoe assembly production unit. The state the material is when delivered from the material supplier.

We acknowledge that data sets need significant additional improvement, but in the meantime, it’s better to work with what is best available. Ultimately, as per the brand promise number is “built to last”, we also are aiming in the future to be able to provide an impact per use.

For the energy used in production we use the real data from the production site, how much electricity, oil and gas they use per year. When burning fossil fuels, there is an exact correlation between the type of fuel, the volume and emissions caused. For electricity we use established emission factors for the grid in the specific country or region.

The transport of products from factory to warehouse (inbound) and from the warehouse to the customers (outbound) is calculated from real data, based on the transport suppliers invoices. See details in GHG reporting chapter.

METHODS

Functional units A challenge with reduction targets and impact calculations is how to reduce sustainability impact while growing as a company. As Scope 3 (products) is the majority of Icebug’s total impact, the impact will necessarily grow with volume. It’s a challenge to communicate the impact baseline and the sustainability improvements in a correct way.

In all Lifecycle Assessments, LCA, one must define a functional unit that frames the scope of the analysis and makes it possible to measure improvement at the product level. At Icebug, we use the functional unit “one pair of shoes, men’s size 10” (our sample size, however, is a bit heavier than the average of shoes sold, thus representing a conservative approach) to measure the overall impacts including climate emissions. We are looking for better data regarding the use of our products aiming to relate the functional unit to user behavior, for instance kg CO2e per usage.

Provided the Icebug customers only buy what they need, one Icebug shoe will replace a standard shoe on the shelf. In this case, each shoe that we sell has the potential to lower the climate impact by the difference between Icebug’s impact and the standard shoe impact. This way of thinking can only be applied if there is no overconsumption and as long as Icebug has a lower impact over replacement shoes. We hope other brands will catch up on reporting and on lowering emissions and challenge us on this.

Setting the baseline With the footprints of 2021 styles, we estimated the average footprint for the baseline year 2015, when Icebug kick-started the sustainability work. Both 2015 and 2021 had over 300 000 pairs in production.

For the other sustainability indicators (all weight based) the baseline for 2015 is: • 0 % recycled materials.

• 5 % bio-based materials, use of leather.

• 0 % low-impact processed materials (reducing energy, water and chemicals).

• 0 % sustainability certified sourcing of fibers/raw materials.

Green House Gas emissions (GHG) Reporting

We have used the guideline from the GHG Protocol Corporate Standard to set up the inventory of our GHG (Greenhouse Gas Emissions). We have attempted to follow the standards when possible and taken extra consideration of when the term “shall” has been used. We intend to continue this practice for coming sustainability reports and GHG inventories. The most complex part of our emissions is the production of our shoes. We have created a simplified LCA (Life Cycle Assessment) for each model produced and published the methodology. See further below. Accounting for all emissions generated by the business is a complex task and we strive to continuously refine our methods and tools.

The GHG Protocol states that reporting shall be based on the following principles:

Key assumptions for setting the 2015 baseline:

• Relevance: This can be obtained by making sure the GHG inventory appropriately reflects our emissions and can be used to make decisions.

• Estimated that all shoes in 2015 had only standard materials and built the footprint calculation with only standard materials.

• Completeness: Accounting and reporting on GHG emission sources are made on all activities within the communicated boundaries.

• Many shoes in 2015 are still carry over styles in the collection today. For the rest, we matched the 2015 style with the most similar style of today.

• Consistency: Chosen methodologies are consistent over time, allowing for year-to-year comparisons. Changes are documented.

• We adjusted energy and transport data for the 2015 situation, with part of production in Indonesia.

• Transparency: Methods and data are clearly shown, and assumptions are disclosed.

Then we calculated the footprint for each 2015 style as we do today. The result is an estimated average footprint of 12.9 kg CO2e.

• Accuracy: The calculations of emissions are done to the best of our knowledge; uncertainties are reduced as far as practicable.

Organizational boundary Emissions calculations are made based on the financial control approach, as defined in the GHG Protocol. This means all emissions generated by the Icebug companies located in Sweden, Norway, Germany and the United States are included.

METHODS

Operational boundary

Base year

We have chosen to include all the emissions that we have identified in scope 1-3. After making an analysis looking at the believed size of emissions, risk exposure, stakeholder interest, and key improvement areas; the production of our shoes was found to be the most important category. This is the main activity of the company and the largest emitter. In the attached figure, all the identified categories can be found. The below categories come from the GHG protocol.

We have chosen our fiscal year (March 2021 to February 2022) as our base for GHG climate calculation. We collect data continuously throughout the year but report once a year. The base year for reduction targets is set to 2015/2016 as Icebug started our structured, companywide sustainability work, together with Peak innovation in 2015. From that year on we have regularly improved the materials and processes in our shoes to be more sustainable.

Data Collection

Limitations

Activity data has been collected from invoices, suppliers, partners, and internal statistics. Data for commuting and business travel has been collected from employees using surveys. Purchased electricity was calculated using figures from supplier invoices. Other office related data was calculated on spend basis (using the Normative tool from SME Climate Hub).

Transportation of products to warehouses (downstream transportation) was calculated using actual shipping information and transportation from warehouse to consumers (upstream transportation) was calculated using average distances based on the customer base.

Calculation Factors and Tools For staff flights, we used the online calculator from the UN specialized agency ICAO (www.icao.int) and a RFI (Radiative Forcing Index) of 1,9. Travel by car, office emissions and waste has been calculated using a calculator from Naturvårdsverket and IVL. This tool is compliant with the GHG protocol.

Travel by train was calculated using statistics from SJ (Statens Järnvägar).

Transportation of goods was calculated using data from our logistics partner Adnavem. Inbound transports were calculated with the tool from EcoTransIT (WtW figure), who follow ISO14067 and EN16258. Outbound transports to wholesale were calculated using actual data from suppliers. Outbound transports to Webshop customers were calculated using actual data from PostNord, UPS, and Bring (WtW figure). Emissions calculations from the production of our insoles (which account for 1% of sales) were made using the Higg Index Product module.

Carbon Footprint Calculation For 2021 (SS21 + FW21) and onward we have individual Carbon Footprint Calculations for all models that we take to the market. Icebug publishes a methodology document showing details on how calculations have been made, which is accessible on our website.

Our GHG inventory is based on the best data available at the time of publication. We wish to be transparent about its limitations. We have not specified emissions per GHG separately yet, we aim to do that in the future.

Some of our calculation tools have built-in emission factors, and these have not been specified separately yet. We do not have separate data for biologically sequestered carbon.

GHG Scopes, Categories

tCO2e

1 Direct emissions

3,0

2 Indirect emissions

10,6

3.1 Purchased Goods

2 098,8

3.2 Capital Purchase

0,0

3.3 Upstream energy

0.0

3.4 Upstream transportation

139,9

3.5 Waste generation

0,0

3.6 Business travel

21,5

3.7 Employee commuting

12,8

3.9 Downstream transportation

60,6

3.15 Financed emissions

187,0

Total

2 534,3

07

Networks and partners Icebug has been fortunate to be able to work with many industryleading partners when it comes to sustainability. It’s also been great to see our value chain partners becoming active contributors to

sustainability, creating possibilities for us and other partners to improve and develop better products and production conditions with a reduced impact on the environment and people.

Collaboration is crucial, and joint efforts have a much bigger effect than trying to solve the problems individually.

NETWORKS AND PARTNERS

1% for the Planet

Fossil Free Sweden

On January 1st 2020, Icebug became a member of 1% for the Planet. That means that we commit to donating 1% of our total sales, regardless if we’re making a profit or not, to non-profit environmental organizations. Icebug was the first outdoor shoe company to join 1% for the Planet. We will steer our involvement in 1% for the Planet towards climate change mitigation – organizations that work towards decreasing greenhouse gas emissions and keeping regenerative ecosystems intact. The latter will also have a positive effect on biodiversity, which is another critical aspect of the planetary boundaries.

Fossil Free Sweden was initiated by the Swedish government ahead of the COP21 climate change conference in Paris in 2015 as the United Nations launched an Action Agenda to show how enterprises, cities, municipalities, and organizations contribute to climate efforts. Based on the decision by the parliament to make Sweden climate neutral by 2045, the Fossil Free Sweden initiative has encouraged business sectors to draw up their own roadmaps as to how they will be fossil free while also increasing their competitiveness.

B Lab

FSC® is an NGO that was established as forest certification more than 25 years ago. They promote the responsible management of the world’s forests, bringing together experts from the environmental, economic, and social spheres. The true value of forests is recognized and fully incorporated into society worldwide. FSC® is a leading catalyst and defining force for improved forest management and market transformation, shifting the global forest trend toward sustainable use, conservation, restoration, and respect for all.

FSC® has set standards for forest management that are used in the certification of suppliers, materials, and products.

Icebug is a certified B Corp – this means that we meet extremely tough sustainability standards, but also that we are part of a global movement of companies using business as a force for good.

Build up Nepal Icebug supports Build up Nepal via 1 % for the Planet. Build up Nepal was started in 2015 in response to the housing-poverty crises after the 2015 earthquake in Nepal. It was founded based on the realization that the only way to build safe, eco-friendly homes and create jobs on the scale required in poor villages is by empowering local people to build themselves. To date, the organization has trained 290 communities and enterprises to build 6000+ houses, creating 2900 jobs and saving 44,800 tons of CO2 emissions.

Exponential Roadmap Initiative / 1.5°C Business Playbook The Playbook is a spinoff project of the Exponential Roadmap, highlighting the 36 solutions that can scale exponentially to halve greenhouse gas emissions worldwide by 2030. Based on the experience we now have, if we were to start gearing up our climate work today, we would start with this Playbook.

Fair Wear Foundation The Fair Wear Foundation is a Netherlands-based international NGO that supports brands in improving the labor conditions in the supply chain. Fair Wear Foundation focuses on garment production and footwear, specifically sewing, cutting, and trimming processes – the most labor-intensive parts of the supply chain. They work with 140+ member brands, who are committed to finding a fairer way to make clothes, and Fair Wear Foundation engages directly with factories, trade unions, NGOs, and governments to find solutions to labor issues and social challenges.

Forest Stewardship Council

Inclusive Business Sweden Inclusive Business Sweden is a Gothenburg-based NGO specializing in businesses that meet development needs and end poverty. They are experts in identifying social risk factors and designing business models that benefit low-income groups. This would typically be the smallholder farmers in biobased value chains. Inclusive Business Sweden supported the FSC® natural rubber sourcing project.

Naturarvet Inclusive Business Sweden is a Gothenburg-based NGO specializing in businesses that meet development needs and end poverty. They are experts in identifying social risk factors and designing business models that benefit low-income groups. This would typically be the smallholder farmers in biobased value chains. Inclusive Business Sweden supported the FSC® natural rubber sourcing project.

Naturskyddsföreningen (Swedish Society for Nature Conservation) SSNC is supported by Icebug through 1 % for the Planet. The Swedish Society for Nature Conservation (SSNC) is a non-profit environmental organization with the power to bring about change. They spread knowledge, chart environmental threats, propose solutions, and influence politicians and authorities, both nationally and internationally. One prioritized area that Icebug supports is protecting old-growth forests to increase biodiversity.

NETWORKS AND PARTNERS

Protect our Winters Protect our Winters (POW) was founded in 2007 by pro snowboarder Jeremy Jones who saw that more and more resorts he’d always counted on for good riding were closed due to lack of snow. POW is there to fill the gap between the impacts that climate change was already having on our great escapes and organized action to address it. POW quickly brought on other concerned pro athletes, individuals, resorts, brand partners, and passionate outdoor enthusiasts. Icebug supports POW through 1 % for the Planet.

Resourced During 2024, we implemented fully a new PLM system to have full data coverage of products (including Bill of materials and weight) and material components data. By end of the year 2024 we also were able to move all the impact calculations in the system.

RISE Since 2016, Icebug has been a member of the Swedish Chemicals Group, which is managed by the research institute RISE. We joined the group to get support in minimizing the use of harmful chemicals and to ensure that our suppliers don’t use any banned chemicals. We get regular updates about new regulations and the discovery of new harmful chemicals. The chemicals group supports the communication of relevant chemical requirements to subcontractors and regularly updates a Restricted Substances List (RSL), which is based upon the European REACH legislation, as well as other risk assessments of materials and chemicals (as for exemple the PFC have been on the RSL since earlier than the EU, US regulation). There are about 140 member companies divided into two subgroups, the textile industry and the electronics industry. Icebug is a member of the “Chemicals Group Textiles,” primarily including companies in the textile, fashion, footwear, furniture, and retail sectors. The Chemicals Group is linked to a network of experts such as universities, chemicals, and environmental protection agencies.

Mission Innovation-NCI Mission Innovation-NCI was launched at the third Mission Innovation Ministerial meeting in 2018 to develop a Framework for Assessing Avoided Emissions to support investors and funders to identify those system solutions and technologies that have significant ability or potential to contribute to reduced greenhouse gas emissions in society, so called, avoided emissions.

Together with leading international partners, ranging from IPCC and UNFCCC to IEA, OECD and ICLEI, NCI has been a global leader in the work with avoided emissions and an expanded climate and innovation agenda.

NCI focuses on companies and other stakeholders that can deliver solutions that enables a future where 11 billion people can live flourishing lives, and has developed a set of tools to help companies accelerate the shift towards a dynamic solution agenda.

The Scandinavian Outdoor Group The Scandinavian Outdoor Group (SOG) has a sustainability subgroup that meets a few times a year in an active network. The Group shares information on the latest updates and insights within sustainability. SOG has signed up to support the European Outdoor Group (EOG) Sustainability Charter. The charter sets out an understanding of good corporate citizenship and responsibility and articulates the stages and aspirations of a journey towards best practice. Icebug signed the Sustainability charter in early 2018.

The European Outdoor Group The European Outdoor Group is an industry association that represents the outdoor sector across Europe. The collective vision is to do global, profitable business in a way that gives back more than we take – from nature and people.

Swedish Shoe Environmental Initiative Since 2020, Icebug has been a member of the Swedish Shoe Environmental Initiative. SSEI is an initiative developed by major actors in the Swedish Shoe Industry, which started in June 2012. SSEI is a network currently consisting of companies/organizations from the Swedish Shoe Industry. The first objective of SSEI was to develop a tool/index that will help single companies to reduce the environmental and social impacts of the production of shoes. The second objective is to increase the knowl - edge about the environmental impacts from a life-cycle perspective for footwear at the participating companies/organizations.

SATRA Since 2020, Icebug has been a member of SATRA - an independent research and testing organization that is considered a leading technical authority on footwear and leather. This membership gives us access to footwear expertise and standardized test methods. The key aspect of working with SATRA, from a sustainability point of view, is to develop reliable standards of significantly higher durability and ensure that Icebug products meet those standards.

APPENDIX

Appendix 1 VSME reporting This year, Icebug is voluntarily reporting selected sustainability information in line with the VSME Standard (Voluntary Sustainability Reporting Standard for non-listed SMEs), developed by EFRAG on behalf of the European Commission. VSME is designed to help small and medium-sized enterprises provide clear, comparable Environmental, Social and Governance (ESG) information in a proportionate way.

We use VSME to structure our key metrics and disclosures and to respond consistently to sustainability information requests from customers, business partners, and financial stakeholders. As this is our first year reporting under VSME, some datapoints are presented using currently available information, and we highlight areas where methods or data collection are still under development.

In this appendix, we provide an index of the VSME datapoints we report for the 2024–2025 period. Unless otherwise stated, figures are reported for the Icebug Group on a consolidated basis, and we apply the “if applicable” principle—meaning disclosures are provided when relevant to our operations and value chain.

What is VSME? VSME is a voluntary European sustainability reporting standard designed to help small and medium-sized enterprises (SMEs) provide comparable Environmental, Social, and Governance (ESG) information. Unlike mandatory frameworks such as CSRD/ESRS, VSME is intentionally proportionate and less complex, making it accessible for non-listed companies while maintaining credibility with stakeholders.

The standard serves three main purposes: • Respond to customer and stakeholder requests for standardized sustainability data.

• Enable access to finance by providing transparent ESG information to banks and investors.

• Strengthen internal sustainability efforts by structuring and monitoring environmental and social performance.

Standard Structure VSME comprises two modules, both of which Icebug reports according to: • Basic Module (B1–B11): Core disclosures covering general information, business strategy, governance, and key ESG metrics. This is the foundation layer.

• Comprehensive Module (C1–C9): Voluntary additional disclosures providing deeper insights into climate transition planning, human rights due diligence, and climate risk assessment.

Icebug applies the "if applicable" principle: disclosures are provided when material to the company's operations. Where data is not yet available or not applicable, this is clearly indicated.

Reporting Scope and Key Figures (2024–2025) Aspect

Detail

Reporting period

2024–2025 (12 months)

Reporting Entity

Icebug Group (consolidated): GtoG AB (parent), Icebug AB (operations), and subsidiaries in Norway, USA, and Germany

Module Selected

Basic Module + Comprehensive Module

Total Assets

182.3 MSEK

Revenue

267.7 MSEK (2024–2025); 282.8 MSEK (2023–2024)

Employees

45 FTE

Environmental Performance Climate & Greenhouse Gas Emissions Total GHG Emissions: • 2024–2025: 2,534 tCO2e • 2023–2024: 2,638 tCO2e • 2022–2023: 5,455 tCO2e

APPENDIX

GHG Intensity: 9.44 tCO2e per MSEK turnover

Social Performance

Climate Transition Target: 6.4 kg CO2e per pair of shoes by 2030 (vs 12.9 kg in 2015 baseline)

Workforce

Key Climate Actions:

• Total employees: 45 FTE (average) • Gender: 27 female, 18 male

• Internal carbon pricing (USD 100/tCO2e) • Solar panel installation at partner factories (Icebug Solar Rooftop Scaling Program)

• Countries: Sweden (36), Germany (4), USA (4), Norway (1) • Contract type: 42 permanent, 3 temporary (average)

• Phasing out fossil-based materials

Health & Safety

• UN Climate Transition Plan in place

• Work-related accidents: 0

Energy Consumption

• Fatalities: 0

Site

Renewable

Non-renewable

Total

• Salaries: All staff paid above national minimum wage

Icebug HQ

69%

31% (nuclear)

41 MWh

Stores (Stockholm, Gothenburg)

100%

0%

15 MWh

Employee Wellbeing

Supply Chain (Vietnam, tier 1)

Non complete data

Non complete data 821 MWh

*Reflects total factory production; Icebug-specific allocation in development Resource Use & Circular Economy Material Composition of Shoes (2024–2025) • Recycled materials: 25% by weight • Biobased materials: 14% by weight • Sustainably sourced materials: 8% by weight • Low-impact materials: 22% by weight

• Friskvård program: 3 hours obligatory physical activity per week during work hours • Training & development: Quarterly full-day kickoffs, bi-weekly group reflections, individual focus sessions • Collective bargaining: 0% (individual contracts + strong wellbeing policies) • Publication: Inner Growth as a Team Sport (Icebug's book on internal development) Human Rights Due Diligence Own Workforce: Code of Conduct covers child labour, forced labour, human trafficking, non-discrimination, accident prevention, and employee wellbeing.

Confirmed incidents: None (0)

• Supply chain: 1,341 tons total waste; 21.5 tons recycled/reused

Value Chain: No confirmed incidents reported. Outstanding issue: Labour accident investigation procedures in Vietnam factories require alignment with legal requirements and full worker representative participation. Status: Prioritized for remediation in 2025–2026.

• Strategy: Durability as core principle; improving supplier waste tracking

Supply Chain Labour Standards (Fair Wear Foundation)

Waste Management

Water & Biodiversity • HQ location: Jonsered, near Säveån river (Natura 2000 protected site) • Supply chain (Vietnam factories): 182,893 m³ total water withdrawal; 57,818 m³ consumption • Status: Factories operate in areas without high water stress

Icebug is ranked in Fair Wear's highest category - leader. This category is for member companies who are doing exceptionally well, and are operating at an advanced level. Leaders show best practices in complex areas such as living wages and freedom of association.

• Annual independent audits of shoe assembly factories in Vietnam • Yearly self-assessments by suppliers (from 2023)

APPENDIX

Fair Wear 8 Code of Labour Practices: Employment freely chosen, freedom of association, no discrimination, no child labour, living wages, reasonable hours, safe/healthy conditions, legally binding employment.

Governance

Data Quality & Ongoing Development Icebug has identified the following areas under development: • Supply chain specific data: Water, waste, and energy metrics are reported at factory level (including production for other customers).

Icebug-specific allocation methodologies in development.

Ethics & Compliance • Corruption convictions: 0 • Fines: 0 SEK

• Waste & recycling: Full quantification of Icebug's internal waste streams (currently low volume, office-based).

• Revenues from excluded activities (weapons, tobacco, fossil fuels, agrochemicals): 0%

• Living wage progress: Targets for 2026 and 2027 on track; continued supplier engagement needed.

• Labour accident investigation: Vietnam factory procedures require legal alignment and full worker representation.

Board Gender Diversity • Female: 0% | Male: 100% • Note: Small owner-led board; diversification under consideration as company scales Key Sustainability Targets

Commitment Icebug will expand data collection and close these gaps in future reporting periods.

Reporting Methodology

Category

Target

Timeline

Climate

50% GHG reduction from value chain (vs 2020)

2030

Climate

6.4 kg CO2e per pair of shoes (vs 12.9 kg in 2015)

2030

Climate

100+% climate compensation of remaining emissions

Ongoing

Circular Economy

Scale recycled/biobased content

Ongoing

Living Wage

100% shoe assembly workers at Anker living wage

2026

Living Wage

100% accessory suppliers' workers at Anker living wage

2027

Fair Wear

100% of factories audited every 3 years

From 2021 onwards

Biodiversity

Science-Based Targets for Nature (SBTN) adoption

Planned

This summary presents data according to the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME), developed by the European Financial Reporting Advisory Group (EFRAG). The reporting applies the "if applicable" principle.

Reporting Date: January 2026 Reporting Period: 1 March 2024 – 28 February 2025

IMPACT

REPORT 2024/25 ICEBUG GROUP - FISCAL YEAR

20240301-20250228