ICEBUG 2025/26 IMPACT REPORT by Icebug

IMPACT REPORT

2025/26

ICEBUG GROUP - FISCAL YEAR

20250301-20260228

Table of con tents

Our Framework Owners’ Directives

Guiding Principles and Policies Icebug’s Impact Targets

UN Global Goals

Impact summary figures & facts Production volume Carbon footprint Shoe footprint CAPRO Inbound transport emissions

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

Pillar 5 – Policy and Advocacy

Social impact Supply chain

Where we are

Icebug as an employer

Financial impact Financial Impact

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

Icebug Value Distribution Manifesto

Methods

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

Green House Gas emissions (GHG) Reporting

Networks and partners

Jonsered,Sweden

October

15 2026 th

This was a strange Summer. On the one side it was perhaps easier than ever for me to check out from work during my vacation – a clear, shared direction, good systems in place and capable people in charge. On the other hand, it was really difficult to check out from the World. It feels like we’re in a period when there is much more than usual at stake; the wars and geopolitical turmoil with continued attacks on a rules based order, the AI race, the climate and biodiversity crisis. The current development doesn’t give much reason to be optimistic. We’re still continuing the path of more extraction, and most curves keep pointing the wrong way, while we know by now that the continuation of business as usual won’t be business as usual. Our choice is between getting the economy within planetary boundaries or trying to run the same economy on a differently working planet. What this means is unknown, but we will have left the safe zone for humanity. The most credible road map to a future with good life that resembles the good life that we know, is by cutting greenhouse gas emissions by half to 2030 (which means a speed up, since we didn’t bend the emissions curve yet) and capturing enough CO2 to return to max 1,5 degrees warming compared to pre-industrial temperatures. To stay on the safe side with biodiversity, we should also let half Earth be nature, or at a very least reach 30% by 2030, in line with the Montreal-Kunming accord. This change of the economy might sound radical, but trying to live in a 2,5 or 3 degrees hotter World is most likely much more radical. We have all the technical solutions in place to make at least the first 50% emission reduction, in many cases we would even cut costs at the same time. What we need is to increase the speed and scale. Perhaps the Laghum idea can be really helpful here. The market economy is efficient in growing the economy and has been creating innovation and wellbeing, but it has also created a planetary crisis. Capitalism needs an updated brief to produce future aligned outcomes. The current brief of “Produce as much as possible at the lowest possible cost” was correct in the 18th century when we were a small society on a vast planet and nature was in abundance, but that is not the case anymore. The suggestion for a new brief is “produce as much human welfare as possible, with the lowest possible resource use”. We would up-date the brief from changing the tax base from work to resource use, charged at the point of consumption. This is the brief that can create inner momentum in the system, but the economy and business also needs guard rails in terms of not exploiting nature nor people. That’s why an ecocide law for nature and the EU green deal remain important.

For the AI development, there are a couple of questions that we need asking ourselves as a society: - Should the productivity gains be used for further concentration of capital or distribution of time? (Because making more stuff won’t be possible since we’re already breaching planetary boundaries) - Should AI be used for strengthening people’s cognitive capacity and emotional stability, or to exploit human weakness and bias? (To get us to consume more and spend more time away from other people.) As with getting the economy within planetary boundaries, these are big questions that no person, company or nation can solve alone. These are questions that we need to solve together, at a time when international collaboration is at a low point. Though not particularly optimistic, I’m still full of hope. The future is not decided. How tech develops is not a law of nature. The most serious problems that we now face are man-made, so we can also solve them. We have agency to influence and shape the future. If we know these things about the World, can we just forget about it and follow the standard playbook of maximizing sales and profit when we get to work? It might sound like a rhetorical question, but I think it’s lot. The real situation is that many people play along with the current system. Breaking with business as usual is hard. But it also makes life integrated and simple. Getting back to work and trying to do something to address all the big picture issues while running a well-working business was a relief from anxiety, the unresolved action. A question that has grown on me during the year, and that I now think of as relating to all activities that we do, is “how do we make the World more human friendly?”. In the Icebug context, we’re seeing big productivity gains from AI. How do we connect this to the larger question of who those productivity gains should serve? Simple. We have committed to our employees – and publicly in the “Fairness and belonging” section at Icebug.com - not to make anybody redundant because we can now be more productive by using AI. What we think is right for the World applied to ourselves. Once we reach the profitability level that we think is reasonable (10-15%), we will let people work less, instead of striving to increase profit further. The whole question of getting within planetary boundaries can also, clearly, be seen as getting into the safe zone for humans to be able to thrive. At Icebug we want to be a co-creator of the economy of the future, and show that you can be a contributor to people thriving and getting the planet in balance while doing good business. Our simple formula to contribute to the good life is movement, nature and doing it together with others. Close to home outdoor activities are rich in experience but can be done with a very small footprint. It’s pretty much scalable to all people who find it fulfilling to do, within planetary boundaries.

It’s with the objective of empowering people to get out more that we make our products. Or from another perspective: When using our products, people’s wellbeing should benefit. The next step is then to take responsibility for the resource use of making our products. That’s a lot of work on the material side – where we are still lacking workable alternatives to full replaced oil based materials for midsole and outsole – where there often are difficult trade offs to take into consideration, but our biggest push in reducing emissions per pair during the last years has been through getting more renewable energy at the factories. That’s both onsite rooftop solar where we have set up a program to share this to other factories in Vietnam (no investment needed and lowered electricity cost – reach out for more information) and getting renewable electricity from the grid through I-RECs. This has decreased per pair emissions by around 8%, and it will be more during 2026 when we are extending this from Tier-1 further back in the supply chain. There’s also a lot of things we do in practice, that will always be easy to measure and which come naturally into a report format: - Guardrails for marketing, not manufacturing false sense of urgency or scarcity, to avoid triggering overconsumption. - Avoiding over-production and a total ban on destroying any stock. - A strict avoidance on inbound air freight and steering towards over 90% of webshop orders serviced without air freight. - Striving the workplace a place that increases wellbeing and development. Examples are the three mandatory weekly hours of training and time allocated for reflection and inner development. Icebug is small, but what we do count. Particularly when it comes to climate, this is the nature of the problem. Greenhouse gas emissions accumulate in the atmosphere and what we contribute is added to – or deducted from – what’s there already. The higher the accumulation, the higher the temperate increase. 1,5 degrees is not a hit or miss target, every extra tenth of a degree extra or less of warming matters, and it matters more than the linear connection because of tipping points in the planetary systems. What everybody does count. There have been few times – if ever before – through history when so many people get to influence the future of all of mankind. This is a responsibility, but it’s also a unique possibility to be a hero.

But even if what we do at Icebug does count, it’s far from enough. To get to the safe zone we need to increase speed and scale in applying existing solutions. What we need is already there. Keeping what we do inside our walls and scaling what we do is not fast enough. There’s no company or country that can solve this alone. Our principle is to share all our learnings and wins in the field of sustainable transformation, so that others can avoid mistakes and faster build on, duplicate and scale that which works. This is our theory of change. That’s also why this impact report is not strictly following the year that it’s reporting on but also talking about some things that have been doing since and are planning to do now. If we do something for the common good we also share the benefits.

Jonsered, Sweden 15th of October 2026

David Ekelund

co-founder and co-CEO ICEBUG

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. 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.

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

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

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.

1. 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.

2. Making those products to be used for as long as possible (comfort, fit for use/versatility, durability, style/longevity). 3. Minimize resource use and negative footprint in production. 4. 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. After the reporting period, in September 2026, we published a public Speak Up complaints procedure (24 September) and updated the policy with an explicit commitment to the UN Guiding Principles on Business and Human Rights (30 September). 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 also report according to the Voluntary reporting standard for SMEs (VSME), which has been developed by EFRAG for the European Commission for those companies that fall outside of the Corporate Sustainability Reporting Directive (CSRD). This is the second year we do so, and this year in line with the updated standard (see Appendix). 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. • 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 2025-26: Emissions per pair continued to fall, but total emissions rose to 3,489 tCO2e (2,534 in 2024-25) because we an increase in produced shoes (see Pillar 2). • Get below 6.4 kg CO2e per functional unit (pair of footwear) at latest by 2030. Up-date 2025-26: Icebug is on 71% of our 2030 target – 36% CO2e decrease per functional unit compared to 2015 base year (8.31 kg per pair, compared with 12.9 kg in 2015). • 100% of electricity use in Tier 1 factories from renewable electricity by 2025. Up-date 2025-26: In FY25-26 all electricity used for Icebug production in Tier 1 final assembly was 100% renewable on a market basis, from own rooftop solar panels or EKOenergy-labelled I-RECs and EACs (International Renewable Energy Certificates and Energy Attribute Certificates). During 2026 we are extending certificate-backed renewable electricity further back in the supply chain. • 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 2025-26: The price was maintained at EUR 100/ton in FY25-26. 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 2025-26: 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. In FY25-26 we again compensated more than 100% of our remaining emissions through the UN Carbon Offset Platform. The contributions are reported separately and are not deducted from our footprint (see Pillar 4).

OUR FRAMEWORK

Climate 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: • 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 2025-26: Emissions per pair continued to fall, but total emissions rose to 3,489 tCO2e (2,534 in 2024-25) because we had an increase in produced shoes (see Pillar 2). 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.

Up-date 2025-26: 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. In FY25-26 we again compensated more than 100% of our remaining emissions through the UN Carbon Offset Platform. The contributions are reported separately and are not deducted from our footprint (see Pillar 4).

Social targets • 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. • All shoe assembly factories audited by the Fair Wear Foundation every third year (since 2021).

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

• All shoe assembly factories and accessory suppliers complete yearly self-assessments of social labour conditions (since 2023).

Up-date 2025-26: Icebug is on 71% of our 2030 target – 36% CO2e decrease per functional unit compared to 2015 base year (8.31 kg per pair, compared with 12.9 kg in 2015).

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

• 100% of electricity use in Tier 1 factories from renewable electricity by 2025. Up-date 2025-26: In FY25-26 all electricity used for Icebug production in Tier 1 final assembly was 100% renewable on a market basis, from own rooftop solar panels or EKOenergy-labelled I-RECs and EACs (International Renewable Energy Certificates and Energy Attribute Certificates). During 2026 we are extending certificate-backed renewable electricity further back in the supply chain. • Using an internal price of carbon 100€/ton CO2e and earmarking this this amount for gifts through 1% for the planet as well as investing in companies/projects that have positive climate and/or biodiversity impact. Up-date 2025-26: The price was maintained at EUR 100/ton in FY25-26. 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.

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 and Tier 1 is covered (see above), but some work remain to specify what we mean and set the time table. Target in 2026-27 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 breeding 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

71% 2025/26

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

8.31

2025

6.4

2030

Year = start of fiscal year, so 2025 is 1 March 2025 to 28 February 2026.

Impact summary figures & facts Production volume Carbon footprint Shoe footprint CAPRO 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 380355 347024

3992 3489 213702

2021

2022

2023

236300

2024

2638

2025

Carbon footprint

3489 tonnes CO2e

Total footprint of scope 1-3 for 2025/26

2021

2022

2023

2534

2024

2025

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. In 2025/26 production volume rose by 61% to 380 355 pairs, while total emissions rose by 38% to 3 489 tonnes. Emissions grew more slowly than volume, which is the direction we want, but in absolute terms they went up. 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)

11.21

10.6

Fall / Winter 25 9.42 8.31

7,84

9,71

8,45

8,73

Running

Lifestyle

Walking

Hiking

Spring / Summer 25

2021

2022

2023

2024

6,5

6,19

6,98

8,69

Running

Lifestyle

Walking

Hiking

2025

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

2021

2022

% RECYCLED MATERIALS

2023

2024

% LOW IMPACT PROCESSED MATERIALS

In 2025/26 the average footprint of a pair of shoes was 8.31 kg CO2e, down 12% from 9.42 kg the year before and 36% below our 2015 baseline of 12.9 kg. 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.

2025

% 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. The share of recycled and low impact processed materials was close to last year’s level, and the share of bio-based materials rose slightly.

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

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 (-6%) and 2025 (-20%). Overall, the trend since 2019 is positive: we have 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.

From 2019 to 2025, our CAPRO increased from 9.75 to 16.25, which corresponds to about 8.9% compound annual growth—meaning we now create about 1.7 times 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.

2025

2024

2023

2022

2021

2020

Change in CAPRO

-20%

-6%

31%

25%

-15%

59%

CAPRO

16.25

20.26

21.64

16.54

13.20

15.45

9.75

Value Creation kSEK

56 697

51 345

57 076

90 205

52 692

40 842

35,399

Emissions TCO2e (scope 1-3)

3 489

2 534

2 638

5 455

3 992

2 643

3,632

We have adjusted the 2024 figure because of a previous calculation error. In last year’s report 2024 was shown as CAPRO 18.29 and value creation 46 345 kSEK.

8.9% Average Annual Growth Rate in CAPRO (2019 to 2025)

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

2025

0.62

X20

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

0.76 0.7

0.72

0.61

2020

0.59 2021

2022

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.

2023

2024

0.62

2025

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 algae 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.

We financed a solar installation on the roof of one of our factories in Vietnam (1,020 panels, 632.4 kWp) through Trine, and from this year renewable electricity certificates cover all electricity in final assembly

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.

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

Pillar 1: Cut operational emissions

Operational emissions are a small part of our footprint: Scope 1 and 2 together amount to “only” 8.0 tCO2e for the period, down from 13.6 in FY24-25. They are nonetheless the emissions we can influence most directly, since they depend far less on other parties.

Offices and stores Wherever we control the purchase, we make sure the electricity is renewable. At our HQ, the landlord’s mix included nuclear until 31 December 2025. Since then we have obtained renewable certificates for all HQ electricity use and installed new metering. The HQ is heated by district heating, and we are pushing the landlord to pursue Bra Miljöval accreditation.

Vehicles Icebug has nine cars: six electric, one biogas and two older, low-use cars that we have deliberately kept rather than replace on a schedule. Any new car we purchase will be electric.

Travel and commuting Business travel amounted to 61.3 tCO2e, compared with 21.5 last year, and commuting to 16.4 tCO2e, compared with 12.8. Both figures are based on flight, rail and survey data. In addition, we booked 400 hotel nights, roughly 7.3 tCO2e, which are not yet included. The increase in travel emissions has two main drivers. We have made the US and Canada a clearer strategic focus and have therefore been more present in those markets. We have also spent more time at our production facilities, for three purposes: Fair Wear work, energy work and quality work. Commuting emissions rose largely because train services to Jonsered were stopped or heavily reduced, which led to more travel by car. We made our voice heard with the decision makers, and at least some express buses were introduced. As for policy, train is the default for business travel. We also offer bicycle leasing, staff pay for car parking, and we use mandatory outdoor hours to support a low-carbon lifestyle culture.

Other We prioritize reuse and second-hand office equipment, and we run waste and recycling at HQ. We also apply an internal carbon price of EUR 100 per tonne to business cases.

Pillar 2: Decarbonize the value chain

Scope 3 represents 99.8% of our footprint, and purchased goods alone account for 2,727 tCO2e, or 78% of the total. Purchases in FY25-26 were higher than sales, and part of the increase is a deliberate result of how we plan production. We spread orders more evenly through the year to reduce overtime in the factories and to keep workers employed all year round. This is part of our Fair Wear work, where Icebug is in the Leader category (highest). Because most of our range is carried over from season to season, the resulting stock is not overstock but carryover product that we expect to sell in later seasons. We do not destroy any unsold products. We book the product footprint when the goods are produced and express it per pair produced. Emissions therefore land in the year we buy rather than the year we sell, and the total can swing from year to year depending on how stock moves. A year with a stock build shows a higher total and weaker carbon productivity, while a later year with a stock draw-down shows the opposite. The per-pair figure of 8.31 kg is not affected by this timing, which is why we show it alongside the absolute total. Emissions for stock sold in a later year are not counted again.

Supplier Energy Our final assembly runs on 100% renewable electricity on a market basis. This is achieved through EKOenergy-labelled certificates (I-REC/EAC) for three Vietnamese factories, combined with rooftop solar, including one installation that we co-financed through Trine. Redemption statements are on file.

Materials By weight, our materials break down as follows: recycled 24.4%, bio-based 14.7%, low-impact processed 20.4% and sustainably sourced 7.9%. We use FSC-certified natural rubber across the collection, and we were the first full brand to certify an entire shoe collection. We also maintain a policy against conventional wet dyeing and choose methods that use fewer resources.

CLIMATE STRATEGY IN FIVE PILLARS

Transport All of our inbound freight goes by sea, and we use no air freight for inbound shipments. Emissions from upstream transport were 269.9 tCO2e, or 0.62 kg per pair. Downstream transport is now built on carrier-specific data (UPS, FedEx, PostNord, Posti, Bring, DHL and North American road freight) instead of the blended per-pair estimate we used before. It came to 281.5 tCO2e, of which UPS accounts for about 210 tCO2e. The increase from 60.6 tCO2e last year is due to a large growth in the US business, where the regulatory landscape (tariffs and logistics) made it difficult to ship most products from our local warehouses, so that we had to fly a share of sales from Sweden. Going forward, we are focused on meeting most of the demand from US customers from our US warehouse. For FY26-27, we have increased purchases to our US warehouse by 305% compared with FY25-26. Insetting (biofuel). For our SS25 and FW25 shipments, we purchased biofuel-based emissions avoidance from two carriers. Hapag-Lloyd Ship Green 100 covered 12 TEUs (Q1 2025 declaration, issued via our forwarder Adnavem) and avoided 10.88 tCO2e well-to-wake. CMA CGM covered 58 TEUs in Q2 2025 (declaration ICEBUG AB_Q22025_ENV04_1) and avoided 57.34 tCO2e well-to-wake, 83% below standard fuel. Together this amounts to 70 TEUs and 68.2 tCO2e, up from 22 TEUs and 19.9 tCO2e last year. The avoided emissions are allocated by the carriers and supported by third-party review of their processes: ISAE 3000 limited assurance for Hapag-Lloyd and independent review of the ACT framework for CMA CGM. We report them separately and have not deducted them from category 3.4 (269.9 tCO2e), because book and claim allocation does not, as we interpret it, fully meet the GHG Protocol.

Suppliers and workers The Fair Wear Foundation partnership continues, and we keep spreading purchasing more evenly through the year to reduce overtime. We ask our suppliers to set climate targets and to halve their emissions by 2030, and we are prepared to change supplier if climate action is lacking. Product use and end of life. Durable design and repair are described under Pillar 3. Here they matter because extending product life lowers lifecycle emissions per use.

Pillar 3: Build and scale solutions

Responsibility for the transition plan sits with the owners and the board, and nature is named as our first stakeholder in the Owners’ Directives. We design our products and business model to cut emissions per use.

Climate solutions Follow the Footprints, in place since 2021, shows the footprint of every shoe through a QR code and in the webshop. Our current focus is on energy and material inputs, where we balance low resource use with performance and high durability. To this end, we are using algae-based foams, recycled uppers and lower-impact textiles. Our ambition is to become a climate solutions company. As a next step, we will by FY26-27 assess our products against the Exponential Roadmap Initiative’s Climate Solutions Framework and strengthen our evidence on durability and longevity, repair, and lifecycle emissions per use compared with alternatives.

Business model We use no artificial urgency or fake scarcity in our sales. We plan production to limit overstock, and we never destroy what is left over. The Owners Directive and Value Distribution Manifesto commits us to reinvest at least 90% of profit, share results with employees and give at least 1% of sales beyond our own walls. Seasonal product KPIs track CO2e per style, as well as the shares of recycled, bio-based and low-impact material.

Durability and repair We design for durability and care, and we offer replacement studs and subsidized repairs to extend the life of every pair. We do not run a take-back system, and we assess circular solutions case by case.

Customer engagement We advocate for more sustainable lifestyles through campaigns such as Anti-Black Friday and Welcome to a Life in Luxury, as well as outdoor events close to home.

CLIMATE STRATEGY IN FIVE PILLARS

Pillar 4: Mobilize finance and investment

This pillar covers how we use finance and investment to speed up climate action, both within our value chain, for example by co-financing solar at our suppliers, and beyond it. These contributions are reported separately and are not netted against our footprint. 1% for the Planet. In FY25-26 we contributed SEK 3,102,190, or 1.00% of our net sales of 308,961 kSEK, across 22 organizations. By category, this was split as follows: nature conservation 1,236,718, social and people 743,593, climate and sports advocacy 658,435, climate action 264,112, and standards and certifications 199,332 SEK. Our largest recipients included Hej Främling, Conservation Lands Foundation and the Exponential Roadmap Initiative. Our cumulative giving since 2020, up to the end of February 2026, is SEK 16,465,987. The giving through 1% for the Planet is verified by a third party (BSI Group).

Technology and infrastructure Icebug started the Solar Rooftop Scaling programme (SOLROS), which is now run by the European Outdoor Group. We financed 50% of a rooftop solar installation at a Tier-1 factory through Trine, a total of 155.1 kEUR, which is expected to be fully repaid in 15 years. From 2023 and onward we have also invested 4 MSEK in Rison Capital, which finances climate solutions without upfront payment.

Financial assets We take part in the Greening Cash initiative with the Exponential Roadmap Initiative, and we engage our bank on climate alignment. The share of cash and financing that is climate-aligned is not yet tracked (new in v5.1). Financed emissions of 124.9 tCO2e, calculated with an indicative factor, are included in our footprint as category 3.15.

Climate contributions Through the UN Carbon Offset Platform, we make climate contributions corresponding to more than 100% of our remaining emissions. These contributions support carbon markets, but they are not deducted from our footprint, are not a net-zero claim and are kept apart from our reduction targets.

Carbon removals. We have not yet invested in carbon removals. Our support for old-growth forest protection through Naturarvet and others protects existing carbon stocks and biodiversity, but it is not carbon removal, and we neither quantify nor claim a climate effect from it. The same applies to figures reported by our partners, such as Build Up Nepal’s estimate of CO2 saved through house building, which are not included in our footprint.

CLIMATE STRATEGY IN FIVE PILLARS

Pillar 5: Shape policy and narrative

We use our public voice to push for system change. We advocate against inbound air freight and for a carbon price of at least EUR 100 per tonne, we have run national forest campaigns in Sweden, and we support Protect Our Winters’ work in Brussels. Our Responsible Advocacy Policy is published on our website. We are active in the Exponential Roadmap Initiative, SME Climate Hub and Race to Zero. We support the Ecocide Law Alliance and the Fossil Fuel Non-Proliferation Treaty, and we take part in the decarbonisation programmes of the European Outdoor Group and the Scandinavian Outdoor Group. We share our data openly, including where it moves in the wrong direction, to counter greenwashing. We also take part in Flourishing Lives 4 All, whose lifestyle-impact ratio (above 250 to 1) is an exploratory metric and not part of our footprint accounting.

Campaigns Close Adventures In May 2026, Icebug ran a public campaign encouraging people to holiday in Sweden instead of travelling abroad, in line with our vision of driving change by influencing behaviour. Tourist flows from southern Europe to Sweden are increasing, a “coolcation” trend linked to climate change, while millions of Swedes travel in the opposite direction. With so much to discover at home, exploring our own country can be both rewarding and lower-impact. To draw attention to this, we ran a competition together with Naturturismföretagen (the Swedish Nature Tourism Companies), giving away 13 experiences across Sweden. 5,000 people took part, and the campaign received media coverage. In a follow-up survey, 877 participants responded, and the key findings were: • 22% skipped an international trip and chose Sweden instead • 65% were inspired to explore new destinations in Sweden • 51% actively searched for more information about Swedish experiences

Halkvarning In winter 2025, Icebug launched Halkvarning.se, a new weather service that gives pedestrians and cyclists information on road conditions and ice risk. It is the first and only service of its kind in Sweden, whereas drivers already have many. Halkvarning was used by more than 50,000 people, of whom 77% were women and 80% were over 65. Because men are more likely to travel by car, providing reliable information to this group is also a matter of equality.

Let the Forest Live In September 2025, Icebug ran the campaign “Let the Forest Live”. It was based on research published in Earth’s Future, in which Anders Ahlström (Lund University) documents the speed and scale at which old-growth boreal forests in the Nordic region are being logged. The paper is titled “Widespread unquantified conversion of old boreal forests to plantations”. Our headline was: “Sweden’s unprotected natural forests are being clear-cut faster than the Amazon.” The campaign ran mainly as out-of-home (OOH) advertising in the Stockholm Metro and sparked debate on Swedish forestry policy.

CLIMATE STRATEGY IN FIVE PILLARS

Social impact Supply chain Where we are Icebug as an employer 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

Supply chain

Workers’ Conditions at Factories Our Brand Performance Check for 2026 meant that Icebug remains 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 77 points (compared to 70 previous year). This year we have revised internal processes so that all Icebug representatives who are in contact with our supply chain have FairWear responsibilities. This means that we engage more frequently in this work at the factories.

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

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:

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.

Employment is freely chosen

Reasonable working hours

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

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).

Our latest Social Report and Brand Performance Check can be found on Icebug website here, or directly on Fair Wear website here.

Code of labor practices

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).

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.

SOCIAL IMPACT

Where we are

Senior walks in Jonsered We want to have a positive impact on society – both where we produce, and where we have our customers. In Jonsered, Sweden where our headquarter is located, we like to be open and welcoming to the local society. One example of this is our walks for senior citizens. These are done in collaboration with Hej Främling and Partille Kommun (the municipality). Each Wednesday, during one of our scheduled wellness hours at 11 o’clock, we welcome locals to join us for an hour long (or so) walk in nature. This has become quite popular and gives a lot of meaning both to us and the participants. During the year, we had approximately 500 visits (some recurring).

Icebug Xperience - West Coast Trail Outdoor life should be open to everyone, and our own event is one way we put that into practice. Icebug Xperience West Coast Trail takes participants along 77 kilometres of trails, rocks, forests and coastal landscapes in Bohuslän over three days. Participants walk, jog or run at their own pace. It is about looking after yourself, one another and the place we visit, not about being the fastest. At Icebug we call this our Good Life Formula: getting outside, moving and sharing experiences with others makes life better. The event is where we bring that to life, but the ambition reaches beyond one weekend. We want to inspire people to bring the formula into their everyday lives, in small, repeatable ways. This year 793 people registered, from 18 countries. 62% were women, and the oldest participant was over 80 and the youngest 12. Many came to meet others as much as for the race, which is the point of the event: nature, movement and community together. The event also became a platform for something larger. While it was running, climate demonstrations were taking place in Gothenburg. We highlighted them to participants, asked people to use our signs, and encouraged them to post on social media in support of climate action.

Big and small initiatives While we sometimes act on an international scale, support large projects or visit Brussels to advocate for nature – we also contribute to some very local initiatives. One example is ”Städa Partille” (Clean up Partille) where we sponsor local sport teams and youths that go out in nature to clear it from garbage. This year 8 teams from 6 associations took part. 157 participants gathered 64 bags/700 kilo of rubbish that was sorted and taken care of. Icebug is one of several facilitators of this.

Taking action – fast when it is needed In August 2026, a devastating flood following a mountain collapse took place in Nepal. A large number of people lost their lives and even more lost their homes. Since we have been supporting Build up Nepal for many years, we already had connections with an NGO at the site. When they reached out for help, it was natural for Icebug to act swiftly. The same day as they contacted us we decided to immediately send 300.000 SEK to aid them in their immediate struggles. To have a owners’ directive that makes things like this a priority, a partnership with 1% for the Planet in place and an effective way to take decisions truly helps us do good when it is needed the most.

SOCIAL IMPACT

Icebug as an employer

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. Icebug is 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. It is also about developing our shared inner: how we relate to one another, make sense of challenges together, and act as one organization, not only about each person growing on their own. As a deepening of this, we were early adopters of the Inner Development Goals (IDG) framework. Between 2022 and 2024, all employees took part in a structured journey with regular reflection meetings and individual practice, focused on being present, thinking in new ways, acting with courage and compassion, and collaborating across functions. To share what we learned, we invited an external writer to document the journey. The resulting book, Inner Growth as a team sport, is now published and used as inspiration by other organizations. Today, deliberate development is part of how we work every day, not a separate project. We run cross functional reflection groups every second week, where colleagues meet for shared reflection and learning. These groups strengthen trust and psychological safety, and they develop our shared inner as a team: how we listen, think and decide together. 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 impact of this culture is that people are given the opportunity to come closer to their full potential, and that we grow our capabilities together – the sum of everyone’s abilities and our ability to work together. The result is a more resilient, motivated and engaged workforce, better equipped to contribute to Icebug’s mission and to society.

Three hours of scheduled well-being each week Health and well-being are the core of Icebug’s business and are naturally highly prioritized. 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. According to our surveys, and experience, this scheme is very popular and has helped the team members to handle stress, fit exercise into their weekly routine and feel productive in the afternoon as well. Last but not least, we can conclude that this initiative creates a unique sense of togetherness. It makes onboarding easy and people that do sports together, enjoy nature and exercise seem to get to know each other rapidly and on a deeper level.

Measuring how we flourish at work At Icebug, we follow up health, wellbeing and development systematically, through several channels that complement each other. Every month, the whole team receives a short, anonymous survey: five questions on the Flourishing at Work Index (meaning and purpose, engagement and energy, growth and development, belonging and support, and acting in line with our values) plus the eNPS question, “How likely are you to recommend Icebug as a place to work?” Twice a year, our larger Culture & engagement survey adds more breadth. We also hold two one-to-one conversations with our employees each year, creating space for deeper, more qualitative dialogue about work environment, health and development, and for hearing what the numbers can’t tell us. All surveys are voluntary and anonymous. The monthly rhythm gives us a continuous signal instead of a snapshot. It is part of our systematic work environment efforts and of our purpose: to contribute to a society where people can thrive, with more flourishing life years. Making sure people flourish at work is where that starts for us, and we share the results with the whole team every month. So far, the Flourishing at Work Index has held between 4.5 and 4.7 on a 1–5 scale. Our eNPS averages +78, and it has been above +50, which is generally considered excellent, in every measurement. This is part of how we track signals from our work environment and how the culture is experienced, so that we can continue with what’s working well, but also identify risks, assess, take action and learn.

Financial impact Financial Impact Compensation and financial support Zooming in on the donations for this year Icebug Value Distribution Manifesto

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.

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 third 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 Danske Bank has been our main bank for the last few years. We have had a by Grant Thornton Sweden. Icebug GmbH is registered in Germany, Icebug constructive dialogue about their climate commitment for most of that time. Norway Sales AS is registered in Norway and Icebug USA SPC are registered We see encouraging things from them, for instance setting Science Based in the US. These companies have accounting/taxes handled by external Targets, and promised to withhold from investing in new fossil fuel extraction. companies. All these companies pay taxes in their respective countries We continue to have dialogue with them regarding these issues. based on a transfer pricing agreement that allocate value creation per company in relation to group performance. This is agreed upon in a yearly As employers we have the possibility to encourage employees to invest their process and has been constructed with support from the transfer pricing pension funds in responsible ways. We have partnered with Säkra in Sweden group from PwC in Gothenburg. Current profit levels are: Icebug GmbH: 3%, where employees can choose from funds that are classified as at least Icebug Norway Sales AS: 1% and Icebug USA SPC: 3%. Icebug USA SPC is article 8 in SFDR and have also signed PRI (Principles for Responsible incorporated in the transfer pricing agreement from 1st of March 2021 – Investments). This means that they have a lower carbon footprint and a before that they had results as a standalone company. Icebug GmbH will be couple of exclusion criteria are in place. The default fund offered to dissolved starting 1st of March 2026 and for one year forward, we will then employees is an article 9 fund, with criteria such as exclusion of fossil fuel operate in Germany through Icebug AB. companies. In the US, employees are offered retirement savings programs through Calvert Investments, that focus on sustainable investing. In Norway, Total corporate tax for 2025/26 was 3 792 kSEK (2024/25: 3 499 kSEK). Storebrand handle pension solutions with sustainability criteria. Social fees were 8 919 kSEK (2024/25: 8 207 kSEK). During the year we deepened our impact investments. We increased our investment in Rison Capital, a Swedish company that mobilises capital for energy efficiency and renewable energy production. We also financed the installation of solar panels on the roof of one of our factories in Vietnam through the investment platform Trine.

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 16,4 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. 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. In 2024/25 the total was 2 715 598 SEK, and in 2025/26 it was 3 102 190 SEK. The 1% for the planet gifts are now third party validated (BSI Group)

How we choose projects 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. For 2025/26 some of our largest donations went to Hej Främling (350 kSEK), Conservation Lands Foundation (302 kSEK), Exponential Roadmap Initiative (264 kSEK) and Skydda Skogen (250 kSEK). Our business page at 1% for the planet can be found here. Search for Icebug.

3 102 190 SEK Total 1% for the Planet contribution 2025/26

FINANCIAL IMPACT

1% for the planet contributions 2025-2026 (SEK)

Contributions by category

Hej främling (350000) Bonnier ADS in DI/DN Forest (278400)

Nature conservation (1236718)

Content with Purpose (270445)

Social and people (743593)

Exponential Roadmap Initiative Association (264113)

Climate and sports advocacy (658435)

WWF Sweden (251464)

Climate action (264112)

Skydda Skogen (250000) CPAWS (219777) B Lab (132096) Tuki Nepal (126456) Onepercent (118996) Protect our Winters (POW) (109590) Naturarvet (105406) Solvatten (100008) Naturvernforbundet (78867) European Outdoor Group (56456) Soles4Souls (35033) FSC (23880) EOCA (15000) Städa Sverige (14500)

Standards and certifications (199332)

FINANCIAL IMPACT

Net sales 348591 308961 282773

267699

229824

2021/22

Net Sales (kSEK)

Earnings (kSEK) before tax (EBT) EBT %

Total Assets (kSEK) Equity ratio

2022/23

2023/24

2024/25

2025/26

2021/22

2022/23

2023/24

2024/25

2025/26

229 824

348 591

282 773

267 699

308 961

22 830

51 845

21 148

13 234

14 855

9,9%

14,9%

7,5%

4,9%

4,8%

158 683

169 348

168 378

182 268

185 978

43%

62%

71%

70%

73%

FINANCIAL IMPACT

Icebug Value Distribution Manifesto

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 shapes our long-term value creation. Money is not just numbers; it is a tool for building resilience, rewarding people, and amplifying positive impact. This manifesto sets out how we manage and distribute Icebug’s financial resources.

How we work with it inside Icebug The seven principles are not a report we write once a year. During the year they have been part of how Icebug is run. We have held several company-wide sessions where the CFO has gone through the manifesto and shared examples of how it is used. All employees are expected to complete an e-learning module on value distribution (financial stewardship at Icebug), and management has used the principles as a directive when prioritizing spend. Value distribution was also one of the processes we highlighted in the internal 100-day planning processes (fall 2026, after the reporting period).

The work to make this manifesto a part of “muscle memory” is ongoing. We continuously hear stories of how it has helped employees make decisions. One such example is when the marketing team (Growth Engine) were making a movie for the North American market. They were first going to buy music from a global music platform but thought more broadly and hired a local pianist instead, citing that it matters how we use company resources. As an added bonus, it was no more expensive.

About the numbers This is exploratory. We do not claim that one number can capture a principle. Instead, we share a few indicators and stories, several of which speak to more than one principle at the same time. This is the first time we report value distribution this way. Some figures are estimates, and we expect the indicators to change as we learn. The seven principles follow in our own words. Under each principle we have added a short explanation, and the indicators we looked at this year, with FY24/25 in brackets.

WHERE THE MONEY WENT

The figures, FY25/26 SEK million. FY24/25 in the right column. Revenue was SEK 309.1 million (268.3 million).

Producers and product suppliers (excluding customs duty) Other suppliers and partners

Employees: salaries, social fees, pensions (including profit sharing) Income tax

Customs duty 1% initiatives

Owners and lenders: dividend and interest Kept in Icebug after dividend Total

FY25/26

FY24/25

170.9

155.5

60.3

55.1

41.2

37.9

3.8

3.5

4.7

2.4

3.1

2.7

1.3

1.5

9.9

8.7

295.2

267.4

The remaining SEK 13.8 million of revenue (FY24/25: 0.9 million) is mainly a large currency loss (due to the closing-rate effect and unfavorable USD movements over the year). Figures are rounded and some are estimates.

FINANCIAL IMPACT

Reinvest for Resilience

Eliminate Leakage

We reinvest at least 90% of profit into Icebug, a vote of confidence from the owners and a demonstration of having skin in the game for the long term. This ensures the company can grow, innovate, and stay financially healthy. This also means we can continue to stay independent and take decisions that follow our vision.

We distinguish between necessary operating costs that enable value creation and avoidable leakages that drain it. We are disciplined about avoiding unnecessary costs such as transaction fees, overpayments to large tech platforms, unchallenged supplier agreements, or inefficient processes. Every amount lost to leakage is an amount not reinvested in our mission.

Most companies start by deciding how much to pay out to the owners. We start from the other end: almost all profit stays in the company, and the owners’ payout has a ceiling. What we looked at

Leakage is money that leaves the company without creating value. It is not the same as operating costs that make the business work. Platform advertising creates value for the company, but we want to make sure that a good share of marketing spend goes on other channels as we are concerned about Big Tech influence.

• Dividend SEK 1.2 million (1.04 million).

What we looked at

• The dividend is 10.0% (9.9%) of profit before profit sharing and one-off adjustments, so the owners’ payout stays within the 10% ceiling on that basis.

• Platform advertising (Meta and Google) SEK 16.1 million (14.9 million). Higher than last year – but webshop sales rose faster than platform advertising costs.

• Profit kept in Icebug after dividend SEK 9.9 million (8.7 million).

• Payment, card and merchant fees SEK 4.0 million (3.0 million). Large increase driven by surge in webshop sales in North America (where card payments are several times more expensive).

• This principle is set in the Owners directive, which is published on our website and in the company description with the Swedish Companies Registration Office.

Value over Cost We don’t use budgets. We judge spending by the value it creates - for suppliers, users, customers, employees, nature and society - not only by its price tag or if we have space in a budget. We do not use our strength to gain unfair advantage. Cost savings are good when they remove waste; they destroy value when they undermine quality, relationships, or long-term competitiveness. A budget treats spending as permission: if there is room, you may spend. We ask a different question at the moment of spending: what value does this create? A cost inside a budget can still destroy value, and a cost outside one can be worth paying. What we looked at • No single number. As a member of Fair Wear, we weigh many more factors in every purchase decision. This also applies to “fringe” purchases, such as a buff, which has a minuscule share of sales. The membership steers us to making sure environmental and social factors are considered and secured. This purchase was 10 times more expensive than before, but with clearly better quality, social and environmental performance.

Our ad spend manager spends a lot of time guarding against paying more than the value delivered. During the year we paid closer attention to price discipline, for example by changing how much we are willing to bid on searches for the Icebug name.

FINANCIAL IMPACT

Share Value with People Our employees directly share in our success. Salaries paid to them are part of the value distributed. In addition to that 7.5% of after-tax profit is distributed to employees yearly. Employees are not seen merely as a cost. They share the value they help create in two ways: salaries and benefits are part of the value distributed, and a fixed share of profit is paid out each year. Every employee receives the exact same amount, regardless of position (full amount if you worked full time the whole fiscal year and pro-rated for deviations from that). What we looked at • Salaries, social fees and pensions SEK 41.2 million (37.9 million). • Profit sharing SEK 0.90 million (0.76 million), about 7.5% of profit before profit sharing.

Beyond Our Walls We pay taxes where we operate. We dedicate at least 1% of sales to verified environmental and social initiatives, tracked and reported annually - a non-negotiable part of our value distribution. Paying tax where we operate without any advanced tax schemes, and giving at least 1% of sales, are commitments that come before profit is divided, not after. Our profit target is 10% of sales. Each part of the value distribution follows its own rule. The planet receives one percent of total sales through our giving. The people at Icebug receive an equal amount each through profit sharing, 7.5% of after-tax profit on top of salary. The owners receive a dividend that stays within a ceiling of 10% of profit. The difference is what each rule is based on. Profit sharing and dividend follow profit, so they shrink when profit shrinks. Our agreement with 1% for the Planet is based on sales, so it does not. It is one percent of total sales, whether or not Icebug is profitable. In years when we make less than 10% profit, which has been most years so far, the planet therefore receives a larger share of profit than the other two. The fixed commitment is also a deliberate design. It means we cannot be tempted to delay or reduce our giving in a weak year. What we looked at • 1% initiatives SEK 3.10 million (2.72 million), 1.0% of net sales (1.0%), verified by 1% for the Planet and audited by BSI Group. • Income tax SEK 3.8 million (3.5 million).

Think Long-Term We evaluate financial choices over their full life cycle. If short-term profit conflicts with long-term legitimacy, resilience, or sustainability, we choose the long-term. We have been around for 25 years, we are not looking at the next quarter, instead the next 25 years. When a decision gives short-term profit but weakens trust, resilience or sustainability, the long term wins. Continuously having this long-term mindset is a clear break with business as usual, and something we believe is a competitive advantage. Long-term, that is. What we looked at • More than 99% (99%) of products sold come from partners we have worked with for five years or more. For a long time we have worked on getting solar panels onto the roofs of the factories where we produce, everything from paying for a pre-study to setting up a solar rooftop scaling program (SOLROS). When the opportunity came to invest directly, through Trine, in the solar installation at one of our factories (1,020 panels, 632.4 kWp), we contributed half of the loan (our share EUR 155k of a total EUR 305k). It will be 15 years until the last repayment is complete, so this is a clear example of putting our money where our mouth is.

Open and Honest We will track and openly report how profits and sales are distributed, so stakeholders understand how Icebug creates and shares value. This will be reported yearly in our Impact Report. We report openly how money is distributed, including where we fall short, so that others can judge whether we live by the principles. What we looked at • This chapter. The financial figures come from the audited group report of GtoG AB (our parent company). We consistently report “more” than what is required. Two examples are Follow the Footprint, where we report how our shoes are made and their climate impact, and the VSME (EU’s Voluntary standard for SME’s) report at the end of this Impact Report. On top of this, we have third-party validation through B Corp, Fair Wear and 1% for the Planet. An example of moving in the wrong direction and being open about it is mentioned in principle 3.

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 report according to the VSME standard for the second year, now using EFRAG's digital template (version 1.3.0, Basic and Comprehensive modules). VSME reporting is voluntary for Icebug. We report what we have data for and describe the rest in words. We follow the basic principles in the Green House Gas (GHG) Protocol for calculating and reporting on climate impact. This report is structured on the five pillars of the Exponential Business Playbook v5.1. 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. 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 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, Exponential Roadmap partnership and 1% for the planet membership is a good framework to manage the totalities of Icebug's sustainability activities. The SS/FW25 collection is also FSC Chain of custody certified, requiring a high level of traceability through order documents and invoices.

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.

Reporting period and developments after year end This report covers the fiscal year 1 March 2025 to 28 February 2026, and all figures refer to that period. Our work does not stop at year end, so the report also describes decisions and developments after 28 February 2026 where they matter for the picture. Icebug chose to recertify for the new standard from BCorp in order to comply with the new ECGT directive. Icebug received recertification under the new 2.2 standard in october 2026.

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. We are monitoring this continuously and have external advisors supporting us. In 2023 and 2024 and 2026 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). 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). 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.

METHODS

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. 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 5 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.

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

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

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

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

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 (see Partners, RISE chemicals group). n the price evaluation we have added internal pricing of CO2e at EUR 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 use the PLM system Resourced to keep track our master data concerning production. On top of that, we recently implemented the environmental data and carbon accounting software CarbonFact. 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 (ref. page Solar) 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 (see Networks and Partners) 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)

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

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

• 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. Product footprints are calculated per style in CarbonFact, connected to our PLM system Resourced. The tool combines supplier data with generic data. 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 connection to our PLM system 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. We continue to investigate how to implement PEF-compliant calculations. 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. We have now taken that step: footprints are calculated in CarbonFact, connected to our PLM system Resourced. Our recommendation for companies that did not yet start to calculate footprints is to use a PEF compliant method and together give input and develop the PEF tools to become optimized for both brands and consumers.

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. For FY25/26, electricity at our Tier-1 final assembly is covered by EKOenergy-labelled I-REC and EAC certificates. In the footprint, certificate-covered electricity is modelled with a lifecycle emission factor for renewable electricity, 0.031 kg CO2e per kWh, the weighted average for the generation mix of the certificates (hydro 51 percent, solar 33 percent and wind 15 percent, with lifecycle factors of 0.024, 0.041 and 0.035 kg CO2e per kWh), not with zero and not with the Vietnamese grid average. The effect is a lower average footprint of about 0.75 kg CO2e per pair (about 9.05 kg without certificates and 8.31 kg with) and about 285 tonnes lower emissions in category 3.1. We keep both calculations so that the effect is visible. 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.

METHODS

Functional units

Setting the baseline

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.

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.

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.

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

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.

Per pair produced and stock timing Our headline metric is kg CO2e per pair produced during the fiscal year: the footprint of the products produced divided by the number of pairs produced. In FY25/26 this was 8.31 kg (3,162 tonnes over 380,355 pairs), compared with 9.42 kg in FY24/25. We count at production because that is when materials and manufacturing emissions arise. This means that the footprint of a year follows the production plan. Icebug plans production to give the factories stable workloads, less overtime and continuous employment through the year, and works with a carryover strategy, so a large part of the stock is carried from one year to the next. Production in FY25/26 rose 61 percent, from 236,300 to 380,355 pairs, partly because we strive to keep factories fully utilised and more remained in stock at year end. When production or stock levels change between years, total footprint and footprint per pair can move for reasons unrelated to design or materials. We therefore read the figures over several years rather than year by year. Carbon productivity (CAPRO) is value creation (EBITDA + personnel costs) per tonne CO2e. For FY25/26 it was about SEK 15,900 per tonne (SEK 55.6 million over 3,489 tonnes). The decline is partly an effect of the stock build described above.

Key assumptions for setting the 2015 baseline:

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

METHODS

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: • Relevance: This can be obtained by making sure the GHG inventory appropriately reflects our emissions and can be used to make decisions. • Completeness: Accounting and reporting on GHG emission sources are made on all activities within the communicated boundaries. • Consistency: Chosen methodologies are consistent over time, allowing for year-to-year comparisons. Changes are documented. • Transparency: Methods and data are clearly shown, and assumptions are disclosed. • 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. Icebug GmbH (Germany) entered liquidation on 1 March 2026, one day after year end. Its Munich office closed in December 2025 and the company is included for the full fiscal year.

Operational boundary 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 categories come from the GHG Protocol. We include Scope 1 and 2 and these Scope 3 categories: 3.1 purchased goods and services, 3.4 upstream transportation and distribution, 3.6 business travel, 3.7 employee commuting, 3.9 downstream transportation

and distribution and 3.15 investments. Categories 3.2 capital goods, 3.3 fuel and energy related activities and 3.5 waste generated in operations are reported as zero. Categories 3.8 and 3.10 to 3.14 are not applicable or not material. We have not treated use of sold products (3.11) and end of life (3.12) as material, and we keep that position.

Data Collection Activity data has been collected from invoices, suppliers, carriers, partners, and internal statistics. Data for commuting and business travel has been collected from employees using surveys, together with train data from SJ. Electricity at our own sites comes from supplier data: HQ from the supplier's meter-point export, the Gothenburg and Stockholm stores from GodEl and Bellingham from Puget Sound Energy interval data. District heating at HQ is allocated from the property total using Icebug's 4.2 percent contractual share, with calendar year 2025 as proxy. Electricity for the Munich office in the closing year is estimated from the previous year. Office-related Scope 1 and other office related data was calculated on spend basis (using the Normative tool from SME Climate Hub). Transportation of products from factories to warehouses (upstream transportation) was calculated using actual shipping information, and transportation from warehouse to customers (downstream transportation) was calculated using actual data from the carriers.

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 and to Webshop customers were calculated using actual data from the carriers: UPS, FedEx, PostNord, DHL and Bring, and North American road freight (WtW figure). Emissions calculations from the production of our insoles (which account for 1% of sales) were made using the Higg Index Product module.

Insetting, carbon removals and contributions beyond our value chain For SS25 and FW25 we purchased book-and-claim biofuel for ocean freight from Hapag-Lloyd (12 TEU) and CMA CGM (58 TEU). The claimed reductions are reported separately and are not deducted from category 3.4. We do not count carbon removals or forest protection (for example our support to Naturarvet) in the inventory, and we do not quantify them. Contributions beyond our own value chain are reported separately from direct reductions and are never netted against our inventory.

METHODS

Carbon Footprint Calculation

GHG Scopes, Categories

tCO2e

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. See more about the method here: Icebug Carbon Footprint Method

1 Direct emissions

2 Indirect emissions

7,0

3.1 Purchased Goods

2 727,0

Base year

3.2 Capital Purchase

0,0

3.3 Upstream energy

0.0

3.4 Upstream transportation

269,9

3.5 Waste generation

0,0

3.6 Business travel

61,3

3.7 Employee commuting

16,4

3.9 Downstream transportation

281,5

3.15 Financed emissions

124,9

Total

3 489,0

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.

Limitations 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. Category 3.15 is an indicative estimate. Category 3.6 excludes hotel nights and category 3.7 excludes home working. Location-based Scope 2 uses average grid factors from different years and sources. Category 3.1 depends on the certificates described above and on generic factors for renewable electricity.

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

Fair Wear Foundation

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.

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.

B Lab 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.

CarbonFact Icebug has teamed up with Carbonfact since October 2025. This an automated carbon accounting and product life cycle assessment (LCA) platform built exclusively for the footwear and textile industry. It helps apparel and footwear brands automatically measure, report, and reduce their environmental footprint by calculating emissions from individual products up to entire corporate supply chains.

Exponential Roadmap Initiative / 1.5°C Business Playbook Icebug is a member of the Exponential Roadmap Initiative (ERI), a science-based collaboration helping companies halve emissions and scale climate and nature solutions. We use ERI’s Exponential Business Playbook (v5.1) to guide action across five pillars: operations, value chains, climate and nature solutions, finance and investment, and policy and narrative. This framework helps us reduce our footprint and accelerate change beyond our own value chain.

Fossil Free Sweden 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.

Forest Stewardship Council 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.

Naturarvet Icebug allocates an important part of our 1 % for the Planet support to Naturarvet/Natural Heritage, where we have purchased an old Swedish forest. This was done to protect the old forests from deforestation or modern use and thereby protect the biodiversity that very old forests provide.

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.

developed a set of tools to help companies accelerate the shift towards a dynamic solution agenda. The work that Icebug does with Mission Innovation-NCI is looking at how to amplify the positive impact, through effecting wardrobes to be smarter and smaller, and empowering and inspiring high quality and low resource use lifestyles with more outdoor activities.

The Scandinavian Outdoor Group

During 2024, we implemented Resourced – a Swedish cloud-based PLM platform designed to streamline product development from concept to delivery and give us full data coverage of products (including Bill of materials and weight) and material components data.

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.

RISE

The European Outdoor Group

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.

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.

Resourced

Mission Innovation Net-Zero Compatible Innovations Initiative 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

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 appendix presents Icebug’s sustainability disclosures for the financial year 1 March 2025 to 28 February 2026, structured according to the Voluntary Sustainability Reporting Standard for SMEs (VSME) published by EFRAG. It follows the VSME Digital Template version 1.3.0 and covers both the Basic and the Comprehensive module. Reporting under VSME is voluntary for Icebug. We have chosen to report because a common, recognised format makes our figures easier to compare, review and reuse for customers, lenders and other stakeholders. The report is prepared on a consolidated basis for the Icebug Group, with GtoG AB as the parent company. GtoG AB is a holding company. All operating activities are carried out by Icebug AB and its subsidiaries. Monetary values are stated in SEK. Employee figures are expressed as full-time equivalents, calculated as an average over the reporting period. Last year’s report used headcount for part of the workforce disclosures, so some workforce figures are not directly comparable with the previous year.

The reporting boundary is Icebug’s own operations: the headquarters in Jonsered, our stores in Gothenburg and Stockholm, and our offices in Bellingham and, until its closure, Munich. Production is carried out by partner factories in Vietnam. Emissions from this supply chain are included in our greenhouse gas reporting under Scope 3. Other supplier data, such as water, waste and land use at factory level, falls outside the VSME boundary and is not reported here. Where this report refers to developments after 28 February 2026, they are marked as subsequent events. Greenhouse gas emissions are calculated in line with the GHG Protocol Corporate Standard. Some Scope 3 categories rely on estimates and are marked as preliminary where final data was not available at the time of publication. Scope 2 is reported on a location-based basis, as the template requires, with the market-based figure shown as supplementary information. The figures in this appendix are identical to those in the Impact Report. Datapoints for which we do not yet have reliable data are left blank rather than estimated.

Ref

Template sheet

Datapoint

Answer

XBRL

General Information

Name of the reporting entity

GtoG AB (consolidated Icebug Group)

XBRL

General Information

Identifier of the reporting entity

GtoG AB: 556912-8175 (Swedish organisation number). Icebug AB: 556545-2611

XBRL

General Information

Currency; reporting period

SEK; 2025-03-01 to 2026-02-28

General Information

Basis for preparation (24a)

Basic and Comprehensive module

General Information

Omitted disclosures classified or sensitive (24b)

None

General Information

Basis for reporting (24c)

Consolidated: GtoG AB and subsidiaries

General Information

Subsidiaries (list)

• Icebug AB (Sweden, 556545-2611) • Icebug Norway Sales AS (Norway, 812571672) • Icebug USA SPC (United States) • Icebug GmbH i.L. (Germany, in liquidation from 1 March 2026)

General Information

Legal form (24e i) and NACE (24e ii)

Aktiebolag (Swedish limited company); NACE C15.20 Manufacture of footwear

General Information

Balance sheet total (24e iii)

185 978 kSEK (FY24-25: 182 268 kSEK)

General Information

Turnover (24e iii)

308 961 kSEK (FY24-25: 267 699 kSEK)

General Information

Number of employees (24e iv)

49 FTE, average for the year (FY24-25: 45 FTE)

General Information

Countries of operation

Sweden (HQ Jonsered, stores Gothenburg and Stockholm), Norway, USA (Bellingham). Germany until closure (Munich office, entity in liquidation from 1 March 2026). Production partners in Vietnam.

APPENDIX

Ref

Template sheet

Datapoint

Answer

General Information

Geolocation of sites

Icebug headquarters Fabriksstråket 35, 433 76 Jonsered, Sweden (57,7478° N, 12,1750° E) Stores Södra Larmgatan 9, 411 16 Göteborg, Sweden (57,7030° N, 11,9653° E) Norrlandsgatan 10, 111 43 Stockholm, Sweden (59,3339° N, 18,0715° E) Other rented spaces Icebug USA HQ: 1317 Dupont Street, Bellingham, WA 98225, USA (48,7562° N, 122,4866° W) Icebug GmbH: MOC, Raum A132, Lilienthalallee 40, 80939 München, Germany (48,1983° N, 11,6094° E). Closed since January 2026. Production sites None owned or leased. Production is carried out by partner factories in Vietnam.

General Information

Certifications and labels

Certifications and labels B Corp – certified by B Lab under the new V2.2 standard in October 2026. Holistic sustainability standard, reassessed every three years. Fair Wear Foundation – Leader status 2026. Annual independent assessment of labour conditions in the supply chain. Memberships and commitments Exponential Roadmap Initiative – member network aligning companies with the 1,5°C pathway. 1% for the Planet – commitment to donate 1% of annual sales to environmental causes. Audited by a third party (BSI Group). • SME Climate Hub – reporting and commitment platform for SMEs to halve emissions by 2030. • Fossil Fuel Non-Proliferation Treaty – signatory advocating a phase-out of fossil fuels. UN Climate Transition Plan / Race to Zero – participant in the UNFCCC initiative for net-zero alignment.

General Information

Vision and business purpose

Icebug's vision is to be a changemaker for a society where people can thrive on a planet in balance. Five purposes turn the vision into practical work: • Inspiring more sustainable lifestyles • Empowering people to get out more • Scaling climate action • Disrupting the destructive industry • Developing and spreading good work that develops people

General Information

Significant products, markets, business relationships

Icebug designs, develops and sells outdoor footwear with a focus on traction and durability (trail running, hiking, walking and lifestyle).

General Information

Strategy elements related to sustainability

• Climate and energy: Internal carbon price (EUR 100 per tonne CO2e, the “Climate Premium”) funds climate action. Member of the Exponential Roadmap Initiative, using its 1,5°C Business Playbook to align with the Carbon Law. • Circular economy: Durability is a guiding design principle to extend product lifetimes and reduce resource use. • Chemicals: Full REACH compliance and a Restricted Substances List stricter than legal minimums. 100% free from intentionally added PFAS. • Materials: Phasing out fossil-based materials while scaling bio-based and recycled inputs. • Social responsibility: Fair labour conditions through Fair Wear membership and audits, living wage pilot projects, and a comprehensive wellness programme for employees. • Governance: Stakeholder-centred governance embedded in the owner directive - which explicitly names society and nature as prioritized stakeholders over the shareholders - and the B Corp framework. • Transparency and learning: Sharing knowledge and best practice openly so that others can scale sustainable solutions.

APPENDIX

Ref

Template sheet

Datapoint

Answer

B2/C2

General Information

Practices

Climate and energy • No air freight • 100% renewable electricity at all own sites from 1 January 2026 (HQ, the last remaining site, is now covered by renewable Guarantees of Origin) • Tier-1 final assembly and midsole electricity covered by EKOenergy I-REC/EAC certificates • Biofuel insetting purchased from Hapag-Lloyd (12 TEU) and CMA CGM (58 TEU), reported separately and not deducted from emissions • Solar panels installed at factories in Vietnam through the Solar Rooftop Scaling Program • Internal carbon price of EUR 100 per tonne CO2e Materials and chemicals • Mapping and phasing out fossil-based materials • Collaboration with RISE on chemical risk assessments and material innovation, to ensure compliance with EU regulations and top-level industry standards • Increasing the share of recycled and bio-based materials in our products • FSC-certified packaging Product and circularity • Durability is a prioritised focus area and a key component in product design Workforce and wellbeing • Extensive “friskvård” (wellness) strategy, with 3 hours of mandatory physical activity per week during working hours • Member of the Fair Wear Foundation

B2/C2

General Information

Policies and guiding principles

Guiding principles • Protecting biodiversity both when sourcing and when funding projects, striving for regenerative practices • Reducing climate emissions to prevent global warming • Ending our dependency on oil and other fossil materials • Sourcing responsibly only, with a focus on caring for nature, animals and people • Sharing what we learn, being transparent and making it easier for others to scale up better solutions Environmental policy • Our products shall be durable, easy to take care of and repair. • We inspire our customers to make better environmental choices. • We always search for the best environmental materials and processes, and strive to minimise the environmental impact of the product value chain. • We connect with suppliers and other partners that help us fulfil Icebug's sustainability targets. • We strive for continuous improvement.

B2/C2

General Information

Future initiatives

• Integrating EU regulations – continuous compliance with upcoming EU directives and regulations, and advocacy on planned regulations • Science Based Targets for Nature (SBTN) – planned framework to measure and manage Icebug's biodiversity impact • Sustainability playbooks – roll-out across teams to standardise and embed sustainability practices • Impact measurement, CO2e per use – developing a metric that connects carbon footprint with product durability and usage • Timetable to phase out the use of fossil materials • Timetable for investing in renewable energy covering Icebug's total energy use (Tier 1 in place) • Living wage pilot with suppliers – planned initiative together with the Fair Wear Foundation • Fair Wear risk assessment – ongoing • B Corp certification under B Lab Standards V2.2 – achieved October 2026 • UNFCCC Net-Zero Recognition Framework – part of the pilot from autumn 2026

APPENDIX

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B2/C2

General Information

Targets

Environmental • Reduce value chain emissions by 50% by 2030, compared with 2015 • Net zero by 2050 at the latest (aiming for 2040) • Below 6,4 kg CO2e per pair of footwear by 2030 • No newly extracted fossil material in products by 2030 • 100% renewable electricity in the value chain • Continued internal carbon price of Euro 100 per tonne CO2e (increasing over time according to scientific recommendations), with revenues invested in projects with positive climate impact • Achieve Climate Solutions Provider status (from Exponential Roadmap Initiative) Social • All shoe assembly factories audited by the Fair Wear Foundation every third year (since 2021) • All shoe assembly factories and accessory suppliers complete yearly self-assessments of social labour conditions (since 2023) • 100% of workers in shoe assembly factories paid wages (Icebug's share) at or above the Anker living wage reference by 2026 at the latest • 100% of workers at accessory suppliers paid wages (Icebug's share) at or above the Anker living wage reference by 2026/27 at the latest • Fairness and belonging framework continuously followed up and progress shared

Environmental Disclosures

Total energy consumption (MWh)

Total own operations: 150,2 MWh Icebug HQ, Jonsered • Electricity: 42,5 MWh (FY24-25: 40,7 MWh), of which 74,7% renewable and 25,3% nuclear • District heating: 87,0 MWh (not measured in earlier years) • Fuels: 0 MWh Icebug stores, Stockholm and Gothenburg • Electricity: 13,9 MWh, 100% renewable • Fuels: 0 MWh Other offices • Bellingham (USA): 2,5 MWh electricity, 100% renewable • Munich (Germany): 4,2 MWh electricity, 100% renewable

Environmental Disclosures

Energy breakdown: electricity

Purchased electricity: 63.2 MWh • Renewable: 52.5 MWh • Non-renewable: 10.7 MWh (nuclear share of HQ electricity) Bellingham and Munich: 100% renewable (2.5 and 4.2 MWh). Stores in Gothenburg and Stockholm: 100% renewable (6.2 and 7.7 MWh, Godel, Bra Miljöval). HQ (42.5 MWh in total) was supplied with a fossil-free mix, including nuclear, until 31 December 2025, and with renewable electricity covered by Guarantees of Origin from 1 January 2026 (8.9 MWh). The remainder is treated as the Swedish grid mix, of which 68% is renewable (2025), and the nuclear share is counted as non-renewable.

Environmental Disclosures

Energy breakdown: district heating

District heating: 87,0 MWh (HQ) Based on Icebug's 4,2% contractual share of the property total, with calendar year 2025 as proxy. Standard product from Partille Energi.

Environmental Disclosures

Gross Scope 1 (tCO2e)

1,0 tCO2e

Environmental Disclosures

Gross Scope 2 (tCO2e)

Market-based: 7,0 tCO2e (all sites) • District heating: 4,8 tCO2e • Electricity: 2,2 tCO2e Location-based • Swedish sites: 8,1 tCO2e • Bellingham (USA) and Munich (Germany), 6,7 MWh: 2,2 tCO2e

APPENDIX

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Environmental Disclosures

Scope 3, by category (tCO2e)

Total Scope 3: 3 481,0 tCO2e • 3.1 Purchased goods and services: 2 727,0 (EAC adjusted) • 3.2 Capital goods: 0 • 3.3 Fuel- and energy-related activities: 0 • 3.4 Upstream transport: 269,9 • 3.5 Waste: 0 • 3.6 Business travel: 61,3 • 3.7 Employee commuting: 16,4 • 3.9 Downstream transport: 281,5 • 3.15 Investments (financed emissions): 124,9 Other categories not reported. 3 489,0 tCO2e (FY24-25: 2 534 tCO2e) 11,3 tCO2e per MSEK turnover (FY24-25: 9,5) Scope 1 and 2 only: 0,03 tCO2e per MSEK 2030: 6,4 kg CO2e per pair of footwear. Currently at 8,3 kg CO2e per pair. 2015: 12,9 kg CO2e per pair of footwear Scope 3 represents 99,8% of the total footprint, so the target is in practice focused on supply chain and material-related emissions.

Environmental Disclosures

Main actions

• Map which areas have to most impact, and prioritize accordingly. (Below is our current priority list.) • Design the sales and marketing processes to support customers making considered buying decisions - don't use marketing tactics that trigger over consumption. • Avoid over production and - unless the product would be dangerous to use or non-compliant to local regulation - no destruction of over stock. • Map energy use in supply chain. • Work with suppliers and support them in energy efficiency program and the switch to renewable energy. • Stay up to date with the latest material and process innovations, with the target of decreasing the product environmental footprint per use. • Be early in adapting lower impact materials and processes, once they are ready to take to the market (comparable performance and durability, customer acceptable price increase). • Scale proven materials to the entire range. • Map waste streams in supply chain. • Investigate what Icebug can do in limiting waste created through material choice, construction and process. • Work with suppliers and support them towards zero waste, through recycling production waste. • Actively steer towards lower impact transportation. Zero inbound airfreight, compare sea freight impact, low proportion of webshop outbound airfreight through servicing customers from the closest warehouse. • Measure and evaluate the impact of the measures • Restart the cycle for continuous improvement

Environmental Disclosures

Climate transition plan

UN Climate Transition Plan in place, owned by the Board.

Environmental Disclosures

Climate risks

Physical risks • Increased flooding, heatwaves and extreme weather in supply regions (Vietnam) may disrupt production. • Shifting snow and rain patterns could reduce demand for some products while increasing demand for others. Transition risks • Regulatory changes from the EU increase compliance requirements. This is also a strategic opportunity for Icebug. • Market shift away from fossil-based materials, with a risk of stranded products if Icebug fails to adapt fast enough. • Rising carbon prices and logistics costs linked to transport emissions.

APPENDIX

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Environmental Disclosures

Pollution of air, water, soil

• Icebug's own operations: no significant emissions. • Supply chain: chemical risks are managed through a REACH-based Restricted Substances List, an additional stricter Restricted Substances List (RSL) and supplier audits.

Environmental Disclosures

Sites in or near biodiversity sensitive areas

Icebug's HQ in Jonsered is situated in a developed industrial area, but lies close to the Säveån river, which is designated as a Natura 2000 protected site. While the HQ itself has no direct impact on this nature area, Icebug recognises its proximity to a biodiversity-sensitive area and strives to minimise potential indirect negative effects.

Environmental Disclosures

Land use

• HQ Jonsered: 825 m² • Stockholm store: 75 m² • Gothenburg store: 35 m² • Bellingham: about 50 m² Sealed area equals total area. Nature-oriented area: 0 m².

Environmental Disclosures

Water withdrawal (m3)

778 m³ in total, allocated (no sub-meter) • HQ: 722 m³ (4,2% share of the property's 17 180 m³) • No available figure for Stores in Gothenburg/Stockholm (very small) • Bellingham: 57 m³ (2,6% share)

Environmental Disclosures

Water in high stress areas

0 m³. Own offices only, with no process water. Neither site is classified as a high water stress area.

Environmental Disclosures

Water consumption

From Icebug: N/A

Environmental Disclosures

Circular economy principles

• Durability: our footwear is designed for long lifetimes, making durability a key principle in product strategy. Our most important metric is CO2e per use, meaning we strive to make products that are used a lot. Measurement is ongoing through the shoe birthday flow and the Climate Solutions framework of the Exponential Roadmap Initiative. • Monitoring: we track circularity indicators, including the share of recycled, bio-based, low-impact and sustainably sourced materials by weight in shoes. We track usage through the shoe birthday flow. • Consumer engagement: we run campaigns against overconsumption, encouraging mindful purchasing and extended product use.

Environmental Disclosures

Recycled, bio-based, Share of material weight, FY25-26 (FY24-25) sustainably sourced, • Recycled: 24,4% (24,5%) low-impact materials (weight %) • Bio-based: 14,7% (14,2%) • Sustainably sourced: 7,9% (7,9%) • Low-impact processed: 20,4% (21,5%)

Environmental Disclosures

Waste generated and diverted

Non-hazardous waste: 1,537 t (Icebug's 4,2% share of the property's waste, PreZero) • Recycled: 0,329 t • Energy recovery: 1,208 t • Landfill: 0 t Hazardous waste: none in FY25-26.

APPENDIX

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Annual mass-flow of materials

Answer Material (Level 3)

Share of total (%)

Mass (kg)

Cumulative %

Cardboard

37,3 %

183 977

37,3 %

Polyester fibers – recycled

10,4 %

51 146

47,6 %

EVA

9,4 %

46 473

57,1 %

Polyester fibers

5,7 %

28 140

62,8 %

SBR, synthetic rubber

5,2 %

25 719

68,0 %

Polyurethane – thermoplastic

4,6 %

22 650

72,6 %

TSR, natural rubber

4,5 %

22 111

77,0 %

Silicon

3,7 %

18 153

80,7 %

Metal

1,9 %

9 134

82,6 %

Polyurethane

1,7 %

8 633

84,3 %

Bovine leather – bio-based

1,7 %

8 179

86,0 %

Polyethylene, plastic

1,4 %

6 750

87,3 %

Polyamide fibers

1,4 %

6 723

88,7 %

Paper

1,3 %

6 419

90,0 %

Other

1,2 %

6 096

91,2 %

Polyurethane – recycled

1,1 %

5 623

92,4 %

EVA – bio-based

1,0 %

4 772

93,3 %

Zinc oxide

0,8 %

3 904

94,1 %

Synthetic rubber – recycled

0,8 %

3 824

94,9 %

Clay

0,5 %

2 570

95,4 %

Sheep wool

0,5 %

2 382

95,9 %

Others

4,1 %

20 176

100,0 %

Social Disclosures

Employees by contract type

Employees counted in FTE. Total permanent: 46,5, Temporary: 2,5

Social Disclosures

Employees by gender

Total: 49 (average FTE for the year) • Women: 29 (59%) • Men: 20

Social Disclosures

Employees by country

• Sweden: 39 (of which 21 women) • Norway: 2 (2 women) • Germany: 4 (2 women) • USA: 4 (4 women) Total: 49 (of which 29 women)

Social Disclosures

Turnover rate (if 50 or more employees)

Not required (below 50 employees).

Social Disclosures

Female to male ratio at management level; self-employed without staff

• Top management team: 2 women, 5 men • Operative management team: 3 women, 9 men

B10

Social Disclosures

Work-related accidents and fatalities

None

B10

Social Disclosures

Pay at or above minimum wage; gender pay gap; collective bargaining

• All employees are paid above the minimum wage. • Gender pay gap: not required below 150 employees. • Collective bargaining coverage: 0%

APPENDIX

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B10

Social Disclosures

Training hours per employee

Icebug is a Deliberately Developmental Organization (DDO), where personal development is woven into everyday work instead of being handled as a separate track. Everyone at Icebug has an identified growing edge that they practise in relation to their work, with support from their team and from the cross-functional reflection groups. Every 100 days, the whole company comes together to align on direction and purpose, and each team plans the coming period and commits to the direction. Between these points, development continues through cross-functional reflection groups that meet every second week (1 hour), and through flipped-classroom learning sessions one to two times per quarter, where colleagues prepare in advance and use the shared time for discussion and practice. Total training hours is 25 hours per employee and year, same for women and men. Unchanged from previous year

Social Disclosures

Human rights policy and complaints mechanism

Icebug has a code of conduct policy. Governance is anchored in the B Corp certification, Local labour laws and internal policies. Developments after the reporting period • Responsible Business Conduct Policy updated 30 September 2026, with an explicit commitment to the UN Guiding Principles on Business and Human Rights • Public Speak Up complaints procedure published 24 September 2026 • Fairness and belonging framework and procedure set, with continuous follow-up.

Social Disclosures

Severe human rights incidents

• Child labour: no • Forced labour: no • Human trafficking: no • Discrimination: no • Other: no

B11

Governance Disclosures

Convictions and fines for corruption or bribery

No convictions and no fines for corruption or bribery.

Governance Disclosures

Revenues from excluded activities; EU benchmark exclusion

• Revenues from excluded activities: 0 • Not excluded from EU reference benchmarks

Governance Disclosures

Gender diversity ratio in the governance body

Board of 6 members: 3 women and 3 men (50% women) as of June 2026. Before that 3 men (0% women).

IMPACT REPORT

2025/26

ICEBUG GROUP - FISCAL YEAR

20250301-20260228