Wibax Annual and Sustainability report 2022

ANNUAL AND SUSTAINABILITY REPORT

GOOD CHEMISTRY IS OUR BUSINESS

BUSINESS CONCEPT

Our business concept is to sell, purchase, process and distribute products to Europe's primary industries.

STRATEGY

Our knowledge and resources are particularly focused on liquid chemical products and bio oils. Import takes place directly from the producer for own production of products tailored to customer needs, and to tank terminals in central locations, with dedicated logistics solutions to reach the end customer. The company's strategy is also to implement and optimise the product with the end customer.

TABLE OF CONTENTS

TERMINAL OFFICE TRUCKS TERMINAL OFFICE TRUCKS SWEDEN NORWAY DENMARK FINLAND ESTONIA NORWAY DENMARK FINLAND Turku Vaasa Porsgrunn Helsingborg Stockholm Örnsköldsvik Esboo Uddevalla Malmö Norrköping Gävle Härnösand Skutskär Skellefteå Piteå Kunda Hamina Kotka Rauma Kaskinen Pietarsaari Kokkola Oulu Kemi Valkeakoski

WIBAX IN BRIEF

TANKERS

REVENUE 2022

Wibax is Sweden's only chemical distributor with its own vehicle fleet.

> 800,000 m 3

women

277 Average number of permanent employees in 2022

> 397,000 t CO2

The fossil CO2 reduction achieved by Wibax customers in 2020 as a result of them switching from fossil heating to heating with bio oil

chemicals handled > 3,000,000 t

65 TRUCKS

CEO STATEMENT

The year has been marked, among other things, by the ongoing conflict in Ukraine and above all by a price trend that we have not seen before for our products. Our business model has proven to work very well even in this situation, maintaining a high reliability of delivery, appreciated by our customers and a strong development both in terms of turnover and profits. We saw that a turnaround in the price trend was underway already at the end of 2022 and put measures in place early on to reduce the effect of a potentially sharp drop in prices. They have proven to be effective and, thanks to our quick action, we have mitigated the impact of a volatile environment.

We acquired the haulage operations JJ Kuljetus OY and N-Logistics OY in April 2022 and with that we also added logistics to the service we offer in Finland. With the acquisition, operations are now complete and can cover the entire

supply chain, a strategy that has been very successful for Wibax over the years. We shared values with the acquired companies, and they have successfully been integrated into our organisation.

In 2022, a major reorganisation was carried out to enable continued, efficient growth in both the short and long term. Wibax Group is still the parent group whose primary task is to strategically work for the future, coordinate the countries and provide group-wide functions. Under Wibax Group are the national groups Wibax Sweden and Wibax Finland, each country has specific staff functions as well as sales, storage and logistics within the respective groups.

We are now strong and well prepared for our continued expansion and with the plans we have, the future looks very exciting.

Jonas Wiklund

SUSTAINABILITY REPORT

Control over the supply chain from producer to end customer – with the customer in focus!

Wibax' successful business strategy is to control the supply chain from producer to end customer; from transport and storage to production, sales and customer care. Together with our customers, we are constantly developing new solutions with a focus that provides more efficient processes for the customer, better overall economy and lower environmental impact.

KEY EVENTS IN THE YEAR

INVESTMENT IN CHARGING INFRASTRUCTURE

To prepare for the electrification of the Wibax vehicle fleet, a charging post has been installed in Skelleftehamn. The project has been partially financed by the Swedish Environmental Protection Agency through Klimatklivet.

CONVERSION OF BOILER IN RAUMA

A heating boiler in Rauma has been converted from fossil fuel to operate using renewable energy.

SAFETY DAYS

Wibax conducted safety days in the spring for employees in Finland, with the aim of boosting company safety culture.

LOGISTICS COMPANY ACQUIRED IN FINLAND

In the spring, Finnish logistics company JJ Kuljetus OY and associated N-Logistics OY were acquired by the Wibax group. Now the entire concept of sales, storage and transport is available in Finland.

ORGANISATIONAL CHANGE

The Wibax Group began a major organisational change that came into effect at the turn of the year 2022/2023.

BUNDING SKELLEFTEHAMN

A large bunding project covering an area of approx 40,000 m2 was completed in Skelleftehamn.

RISK INVENTORIES AT UNLOADING SITES

The work of inventorying risks at customers' unloading and loading sites was intensified during the year. The purpose of the inventories is to ensure safety in the working environment for our employees.

EXPANDED STORAGE IN HAMINA

Wibax' terminal portfolio in Hamina, Finland, was expanded with another strategically important terminal located in the centre of Wibax' current terminal coverage area. The investment means a total storage capacity of approx. 73,000 cubic metres of liquid products in Hamina.

PARTNER IN ELREGION NORRLAND

Wibax is a partner in the regional cooperation project Elregion Norrland. The project intends to support the electrification of heavy transport in the Skellefteå region. Other partners are Skellefteå Kraft, Scania, Boliden and Northvolt.

64 TONNE ELECTRIC TRUCK IN FULL OPERATION

The Wibax ADR approved electric truck from Scania was put into full operation in 2022. During the year, the electric truck has been in service with two shifts per day on weekdays. The truck is based at Wibax Piteå, providing deliveries to customers in the surrounding area.

ENTREPRENEUR OF THE YEAR IN NORRBOTTEN

Wibax' owners were named Entrepreneur of the Year at the Piteå Business Awards as well as at the regional final where they also won Entrepreneur of the Year in Norrbotten.

SECOND PLACE BUSINESS OF THE YEAR SWEDEN

Wibax reached an honourable second place in the "Entrepreneur of the Year Sweden 2022" competition organised by the Swedish Federation of Business Owners.

SWEDEN'S BEST MANAGED COMPANIES

Wibax won the award Sweden's Best Managed Companies, awarded by Deloitte in collaboration with Nasdaq. The award is given to companies demonstrating exceptional leadership and a strong commitment to creating profitable growth. New this year is a consistent focus on sustainability.

WIBAX NEIGHBOURHOOD PARTY SKELLEFTEHAMN

Wibax celebrated the Swedish National Day by inviting the local population to a neighbourhood party at the Wibax depot in Skelleftehamn. Visitors were treated to food, live music, guided tours and chemistry experiments.

DONATION OF AMBULANCE TO UKRAINE

In cooperation with Garage 104, Wibax donated an ambulance to the victims of the war in Ukraine. Garage 104 works with event healthcare and drove the ambulance filled with supplies to Ukraine.

WALK AND TALK

In 2022, Wibax started using the "Walk and Talk" concept, aiming to create dialogue between supervisors and employees regarding the work environment. This is a step in our work to develop our safety culture.

ENERGY SURVEY

With the help of certified energy surveyors, the Wibax group initiated an energy survey during the year.

THE SUSTAINABILITY REPORT

This sustainability report aims to describe the Wibax Group's sustainability information and our work with Good Chemistry, from governance to practical implementation. The report is updated annually and includes all companies within the Wibax group. This report

covers the period 2022-01-01 – 2022-12-31. Acquisitions that took place during the reporting year are included in the sustainability report and are represented in the data unless otherwise stated.

OUR SUSTAINABILITY STATISTICS

Wibax' sustainability strategy is sustainable business with a strong focus on sustainability in all parts. To foster good economic development in harmony with environmental and social development. This is what sustainability and sustainable business means to us.

Wibax will be guided in sustainability efforts by our motto and core values; forward thinking, participation, sustainability and quality in all stages, as well as customer focus, which we summarise in the concept of Good Chemistry.

In order to sustainably achieve business goals and remain competitive, we must work cost-effectively, have an up-to-date product portfolio and an active customer focus. We must be an attractive employer with a strong safety mindset and our customers must be able to trust that Wibax products and services are based on a sustainable supply chain.

AGENDA 2030

The UN has established an agenda for a sustainable society – Agenda 2030 for sustainable development. The agenda means that all 193 member states of the UN are committed to achieving a socially, environmentally and economically sustainable world by 2030.

We must work for optimised resource utilisation and conscious choices in areas such as product development, purchasing and operations. Wibax' goal is to provide customers with the best solution environmentally, a high level of safety, service and good overall economy. Wibax' sustainability strategy can be divided into three sustainability aspects; economic, social and environmental sustainability.

Wibax strives for everything we do to be characterised by Good Chemistry, both for the company and for the surrounding community.

Wibax' operations and sustainability work have been connected to 10 of the goals in Agenda 2030, based on the SDG Compass. The goals that have been identified are those where we see that we have an impact and can contribute to their fulfillment.

OUR SUSTAINABILITY PROCESS

Wibax works with management by using objectives to ensure continuous development and improvement work at all levels within the business. For us, sustainability is not a separate activity but something that should permeate all parts of our business.

Wibax' objective management model is based on our values, which must be a core part of both our daily operational work and our strategic objective management work. The objective management cistern is supported by six focus areas, all of which are viewed as being equally important.

Each focus area in turn has one or more strategic goals which state what we are to achieve, these in turn result in a number of key activities that direct us on how we are to achieve the goals.

In order to create participation and forward thinking, it is of great importance that the entire group is involved in the goal management work. Then each employee understands how they can participate and influence.

SUSTAINABILITY GOALS

Wibax supports the Fossil-Free Sweden declaration. Our long-term strategic sustainability goals in 2022 are to: In normal operation, heating of facilities including cisterns must be renewable by 2025.

From 2030, 100 percent of the company's vehicle fleet must be electric – and also 100 percent powered by self-produced electricity.

FOR STAKEHOLDERS

MATERIALITY ANALYSIS

Our current materiality analysis is based on several different parameters: a stakeholder survey, analysis of external impacts and a self-assessment. Our continuous stakeholder dialogue via customer interviews, daily meetings at chemical deliveries, supplier evaluations and stakeholder surveys also gives us a picture of our stakeholders' expectations and demands on us as a supplier.

A stakeholder survey was sent out in autumn 2020 to Wibax' customers, our employees and also some suppliers. The current materiality analysis is partly based on this stakeholder survey. The survey focused on Wibax' sustainability work and we asked our stakeholders to specify what they saw as the top priority sustainability aspects for Wibax to focus on.

The survey contained aspects within the goals from Agenda 2030 identified as relevant to Wibax' operations, as well as a short presentation of how the sustainability aspect is linked to Wibax' operations.

Additional external factors are taken into account, such as laws and requirements, global and state sustainability goals and international guidelines on environmental considerations, human rights, working conditions and business ethics.

Based on stakeholders' expectations and demands on us as well as our analyses of external impacts, we have conducted a self-assessment where we identified those aspects we find that we are best able to influence, presented below. The results of the materiality analysis contribute to Wibax' future progress.

LESSER GREATER

Sustainable supply chain Energy efficiency

Safe chemical handling

Secure transport

Staff well-being

Reduced transport emissions

Efficient use of resources

Sustainable waste management Stricter requirements for ships

Minimising emissions to water

Sustainable economic growth

Inclusive & equal company

Developing the fossil-free market

Objective management resulted in Wibax setting the following strategic objectives at group level in 2022, which are linked to the materiality analysis. The group sets more internal goals at group level, and goals are also set at department and company levels.

SUSTAINABILITY ASPECT INDICATORS IN 2022

Staff well-being

Staff turnover and employees employees

Reduced transport emissions

Share of fossil-free transport (own cars)

CERTIFICATIONS AND AUDITS

ISO CERTIFICATIONS

The Wibax Group group is certified in a combined certificate for the quality management system ISO 9001 and the environmental management system ISO 14001. The haulage company in Finland which was acquired in 2022, is not included. The Finnish haulage company is planned to be included in the upcoming audit. These management systems help Wibax to organise, streamline and assure the quality of operations.

SUSTAINABILITY STATEMENT

Wibax Sales AB and Wibax Logistics AB hold a sustainability statement from the Swedish Energy Agency. A sustainability statement is needed for biofuels to receive benefits such as tax reductions and electricity certificates, and to be counted as zero-emission items in emissions trading.

ISCC

Wibax Sales AB and Wibax Sales Oy are certified as Trader with Storage with waste/residual material according to the International Sustainability and Carbon Certification (ISCC) to enable sales of ISCC-certified bio oils to customers. Wibax Sales AB is also certified as a Logistics Centre. This certifies that the companies and certified products meet the requirements of RED II and ISCC EU. The ISCC certification is an international and transparent certification that clearly demonstrates compliance with environmental, social and traceability requirements placed on bio oils.

FAIR TRANSPORT

Wibax Logistics AB's Fair Transport certification means that we meet certain quality criteria and that our compliance is continuously followed up via independent third-party review. The certification ensures that our transports are carried out responsibly, safely and sustainably.

ACHILLES

Achilles is an international platform that enables the creation of industry standards for collection and validation of supplier information within different networks. Wibax is part of the Achilles networks JQS, for the oil and gas industry, and Utilities NCE for the energy industry.

TAP WATER CERTIFIED

Wibax' HQ in Piteå is tap water certified, a national sustainability label. Tap water is better for the environment than packaged water, it is also always locally produced and the distribution is very energy efficient.

ECOVADIS

Wibax is connected to the platform Ecovadis which is a third-party sustainability assessment. The Ecovadis results are based on a comprehensive questionnaire with documentation, where answers and evidence are reviewed and assessed by Ecovadis. The assessment is divided into the areas of environment, laws and human rights, ethics, and sustainable purchasing.

The 2022 assessment resulted in a Gold ranking, where Wibax Group's results were in the 97th percentile.

RESPONSIBLE CARE

Wibax is connected to Responsible Care, a voluntary initiative of the global chemical industry which, in addition to compliance with laws and regulations, commits chemical companies to;

• Continuously improve knowledge of the environment, health, safety and performance of our technologies, processes and products during their life cycles to avoid harm to people and the environment.

• Use resources efficiently and minimise waste.

• Report openly on achievements and shortcomings.

• Listen, engage and work with people to understand and address their problems and expectations.

• Collaborate with governments and organisations in development and implementation of effective regulations and standards, and to meet or go beyond them.

• Provide assistance and advice to promote the responsible handling of chemicals by all who handle and use them along the product chain.

Using Responsible Care's Self-Assessment Tool, Wibax received the score 3.29 compared to the benchmark of 2.52 (Europe).

ENVIRONMENTAL ANALYSIS AND RISK MANAGEMENT

Wibax external analysis aims to collect and analyse events in the company's external environment and decide how these should be handled. At Wibax, annual SWOT analyses are carried out to identify strengths, weaknesses, opportunities and threats that must be taken into account. Based on these analyses, a number of risks have been identified that are significant to our business. The risks are taken into account in our objective management work, thereby ensuring that we continuously work with the risks identified.

Below are the main risks that we have identified for our business ahead of 2022, as well as risks that have been identified during the year in our continuous monitoring of the environment.

STRATEGIC RISKS RISK MANAGEMENT

RISKS RELATED TO ENVIRONMENTAL PERMITS

Wibax conducts operations subject to permits under the Environmental Code at all operative locations. Insufficient permits and long processing times affect the flexibility of storage and handling. Violations of applicable environmental laws can lead to criminal penalties and coercive measures.

Compliance with environmental requirements is of great importance in Wibax' operations. Without environmental permits, current operations cannot be continued.

Wibax tries to work with foresight and long-term planning so that the permits meet the needs of the operations, both in terms of scope and flexibility, and has dedicated resources to work with permit issues.

Strong economic fluctuations and changing customer requirements can increase the risk of reduced sales volumes.

Through close and long-term customer relationships, technical collaboration, a flexible product portfolio and an extensive logistics system, Wibax is set to withstand any economic fluctuations.

Furthermore, Wibax strives to offer customers high quality in terms of products and delivery security, with the goal of being strongly competitive.

POLITICAL RISKS

The introduction of mileage tax would have a significant impact on our business.

Changes in tax legislation regarding sustainable choices can partly affect the economic opportunities to drive vehicles on renewable fuels, and partly affect opportunities for the sale of bio oils.

Business risks can arise as a result of political decisions or changes in the legislation and regulations of the various countries Wibax does business with.

The Ukraine war has led to the EU and others introducing sanctions that companies must comply with. Also issues related to antagonistic threats and situations like cyber attacks, have become more relevant.

VALUE CHAIN RISKS FOR PURCHASING

That we trade with suppliers who violate the criteria we set for our suppliers via our Code of Conduct, as it is difficult to ensure compliance despite the existing process of supplier control.

Our terminals are strategically located close to the customer to reduce the need for road transport.

Wibax actively monitors the business environment to manage political risks and cooperates with both national and international trade associations to manage such risk risks.

When the war in Ukraine started, a crisis group was initiated to actively deal with issues that arose. This has resulted in, among other things, that Wibax now regularly checks all collaboration partners against sanction lists and that we have looked more closely at the issue of increased IT security.

Wibax conducts supplier assessments based on, among other things, the Wibax Code of Conduct. Supplier audits are carried out on significant suppliers.

OPERATING RISKS RISK MANAGEMENT

RISK OF ACCIDENTS AND ILL HEALTH

Wibax employees and contractors are sometimes exposed to risk situations that may involve a risk of accidents and/or ill health.

Wibax works actively with work environment issues and there are clear routines for when and how risk assessments are to be performed.

Through training, all employees learn about products, materials and equipment that are relevant to their work, which reduces the risks of accidents.

An information sheet is sent out quarterly to inform about, among other things, deviation trends and more serious accidents.

RISK OF ENVIRONMENTAL IMPACT DUE TO RELEASE OF CHEMICALS

Emissions to air and water through accidents can negatively affect the land and environment where the emissions occur, and consequently public trust in Wibax and thus the opportunities to continue operations.

With well-trained drivers and the right equipment, the risks of traffic accidents and potential emissions of chemicals as a result are minimised.

To prevent unwanted emissions at depots, the majority of the cistern parks have bunding installed, and there are plans to add bunding to more terminals.

The terminals are continuously assessed for risks and identified possible emission points are addressed.

RISK OF INSUFFICIENT SKILLS SUPPLY

Being able to retain existing employees, and to recruit new ones with the right skills is a very important prerequisite for Wibax' continued development.

Wibax aims to be the most attractive employer in the industry.

To achieve this, we work with, among other things, skills supply, improving cooperation and communication between departments. We conduct employee surveys regularly, and work based on the results.

RISK OF DEFICIENCIES IN THE SUPPLY CHAIN

Deficiencies in the supply chain could affect our ability to supply our customers with the product promised, which can harm us financially and affect our brand.

RISK OF INSUFFICIENT TECHNICAL DEVELOPMENT

One of Wibax' strategic goals is to aim for a leading position in the transition to fossil-free heavy transport, with the goal that by 2030, 100 percent of the company's vehicle fleet will be electric – and also 100 percent powered by selfproduced electricity. Risks here include the technology not developing at a fast enough pace in this field, meaning that there are no suitable solutions or fossil-free fuels on the market.

We work with more suppliers of the same product so as not to run out of supply.

Wibax actively monitors both fuel supply options as well as technological development to find suitable alternatives to reduce our fossil footprint.

Wibax has frequent dialogue with vehicle manufacturers and in 2022 the company's first electric truck, a Scania BEV, was brought into operation.

FINANCIAL SUSTAINABILITY

For us at Wibax, financial sustainability means being constantly flexible to the customer's needs and being able to adapt quickly in an ever-changing world. When we focus on value-generating customer solutions based on the customer's needs and requirements, we can actively work to adapt our business for the development of an up-to-date and sustainable product portfolio and logistics system. This is reflected in our financial sustainability strategy.

FINANCIAL SUSTAINABILITY STRATEGY

Wibax must reach set growth targets and be a competitive option in the market. The growth targets are achieved through continued development of the product portfolio while the group is customerfocused and has a particular focus on cost efficiency and valuecreating customer solutions.

PRODUCT PORTFOLIO DEVELOPMENT

Part of the development of our product portfolio is new self-produced products by the company Wibax Production AB in Piteå. In 2022, an extensive reconstruction and expansion of the production hall has been carried out to make room for the production of two new products, which will start to be sold in 2023.

Over the course of 2022 we have added five new products to our product portfolio. The new products include both trading and selfproduced products.

CHEMICALS PRODUCED BY US

One significant, recent addition is the WiCLEAN series, comprising our own liquid cleaning chemicals specially designed for various applications in the paper and pulp industry and other processing industries. The WiCLEAN range consists of liquid alkaline, acidic and degreasing cleaning chemicals that remove unwanted build-up in everything from heat exchangers, trucks and boilers to dryer wires. Wibax also offers an overall solution where Wibax personnel visit the customer with chemicals and equipment and perform the entire cleaning operation.

Letting us take responsibility for the entire process with our specialist knowledge and proprietary chemicals is both more resourceefficient and cost-effective than doing it yourself. In addition, it is better for both the work environment and environmental work that we handle the cleaning in a controlled manner and take care of any residual products, explains Markus Holmlund.

In that way, paper and pulp mills can focus on their core business, with Wibax providing expertise, production and development of effective and sustainable cleaning chemicals and implementation of cleaning and maintenance work.

CUSTOMER SATISFACTION

At Wibax, the customer is the focus and we believe it is important to be responsive and flexible to the customer's needs. We therefore hold frequent dialogues with our customers to reveal specific requirements and preferences, to deliver what they expect.

With this as a background, our strategic goal is that 98% of surveyed customers should consider themselves to have received what they expected or more from Wibax as a supplier.

This is followed-up through frequent customer surveys in the form of phone interviews where the customer grades Wibax on matters such as interaction, safety, product quality and from a sustainability perspective.

PAPER & PULP

OTHER

98 %

DEPENDABLE SUPPLIER

In 2022, 120 interviews were conducted with customers in both Sweden and Finland, where customers rated Wibax as a company on these various matters. Wibax continues to achieve our satisfaction target, where 98% of customers have received what they expect or more. of customers have received what they expect from Wibax or more. CHEMICAL

STORAGE ENERGY – BIO OIL ROAD

STEEL

More efficient processes

Better total economy

Lowest possible environmental impact

ENVIRONMENTAL SUSTAINABILITY – GOOD CHEMISTRY

Chemistry is everywhere and the life we live today is dependent on chemical processes. We believe that we have a great responsibility to reduce our impact on the environment and work for efficient resource use to help ensure that life as we know it can continue for generations to come.

Through, among other things, process optimisation, smart logistics solutions with environmentally efficient transport solutions and storage, more environmentally friendly products, conversions of combustion plants from fossil oil to bio oil and sale of bio oil for combustion, we actively contribute to reducing our and our

98 %

Of the vehicle fleet monitors driving behaviour

88 %

Share of vehicles with alcohol interlock/key cabinet*

customers' fossil footprint. We also adapt our product and service range to market needs .

ENVIRONMENTAL SUSTAINABILITY STRATEGY

Wibax will conduct active environmental work where everything we do must be permeated by Good Chemistry. We will contribute to reduced greenhouse gas emissions through our own streamlining and choice of technology, but also through sales of carbonneutral products. Environmental sustainability is achieved by pursuing an optimised use of resources and making conscious choices.

27,200

Number of transports conducted by Wibax

95 %

Share of the vehicle fleet that is Euro 6 rated

ENVIRONMENT-CENTRED LOGISTICS

Wibax has 19 marine terminals and depots strategically located along the Swedish and Finnish coasts, one of which is in Estonia. Through short road transport to customers and good planning, combinations of different modes of transport, storage and return flows, we create efficient logistics flows with a low environmental impact.

The goal of Wibax transports and logistics flows is for the transports to be financially sustainable and carried out to the highest possible quality with a low environmental impact. Efficient resource use is one of the ways to reach the goal of reducing our fossil footprint and of minimising our energy use. When it comes to logistics and transport, we continuously analyse and evaluate our resources in the form of personnel, fuel, vehicles and technical equipment so that they provide the greatest possible environmental benefit.

ECONOMIC DRIVING REDUCES ENVIRONMENTAL IMPACT

Wibax Logistics annually transports almost 1 million tonnes of chemical products on the roads in the Nordic region. It is therefore of great importance for Wibax to maintain an economical driving style and reduce the environmental impact of our land transports. Fuel consumption accounts for approximately half of the Group's energy consumption measured in kWh.

Wibax works to reduce our fuel consumption by regularly coaching our drivers through a system for resource-efficient driving. Wibax drivers reach a high level of efficiency compared to other drivers in Europe.

Resource-efficient driving means reduced fuel consumption, reduced tire wear, fewer repairs and maintenance, which results in lower environmental impact. Also, Wibax Logistics AB has a tyre service agreement with Michelin which means that our fuel consumption and thus our total CO2 load decreases. The tyres are used optimally so that they last longer, roll more easily and provide a good grip for safe transport. Pattern-cut tyres give an average of 25% more miles and mean just over 25% reduced rolling resistance.

TRAINING HOURS /DRIVER

HOURS

DRIVERS PERMANENTLY EMPLOYED TRUCKS

SWEDEN NORWAY

DENMARK

FINLAND

ESTONIA

NORWAY

DENMARK

FINLAND Turku

Vaasa

Porsgrunn

Helsingborg

Stockholm

Örnsköldsvik

Esboo

Uddevalla

Malmö

Norrköping

Gävle

Härnösand Skutskär

Skellefteå

Piteå

Kunda

Hamina Kotka Rauma

Kaskinen

Pietarsaari

Kokkola

Oulu

Kemi

Valkeakoski

Wibax logistics must have maximum quality, and minimum environmental impact.

WIBAX ON THE ROAD TO A GREEN VEHICLE FLEET

In Wibax' operations, transport constitutes a large part of the company's climate impact, and in order to reduce this impact and achieve the set climate goals, the electrification of heavy trucks is an important piece of the puzzle. In 2022, Wibax' first ADR-approved 64-tonne electric truck was put into operation. The electric truck has been in service over two shifts during weekdays in Piteå, Sweden, for most of the year. The truck is the first electric 64-tonne truck to enter traffic. The truck is part of REEL, Regional Electrified Logistics. An initiative led by CLOSER and carried out with support from the Vehicle Strategic Research and Innovation (FFI) programme to promote the transition to an electrified freight transport system in the Swedish market.

UNLOADING, LOADING AND CHARGING

The electrification of Wibax' vehicle fleet is a "perfect fit" as the transports we carry out involve very large volumes and fairly fixed distances between terminals and industries. It takes about 45 minutes to load a truck with liquid chemicals, the same time it takes to unload, and then the driver can charge the truck at the same time.

This means that time is not lost for charging and the vehicle fleet remains efficient – we do not lose productivity.

The concept involves a different kind of charging infrastructure and a close collaboration with our customers to install chargers and optimise the logistics chain. For installations at customer locations, the conditions can be different and it is important to carry out risk analyses and learn from various conditions.

In 2022, a charging station was installed at Wibax' terminal in Skelleftehamn for future electric transport from the terminal. The charging post was partially funded by the Swedish Environmental Protection Agency through the Klimat-klivet initiative.

PARTNERS OF ELREGION NORRLAND

Elregion Norrland has contributed to the establishment of the first public charging point for heavy logistics, in Skelleftehamn. Behind the investment is Skellefteå Kraft in collaboration with Wibax and the companies Scania, Northvolt, Boliden and Skellefteå municipality. Elregion Norrland intends to support the electrification of heavy transport in the Skellefteå region. The goal is for a significant portion of transport to be electrified before 2025, with the first vehicles entering service before the end of 2022.

OTHER DEVELOPMENT OF THE VEHICLE FLEET

In 2022, the Wibax vehicle fleet was expanded with the acquisition of the Finnish logistics company. Thanks to this, Wibax' total vehicle fleet increased with 12 new trucks and 15 drivers based in Finland. Wibax works to have a vehicle fleet with a high load weight. Higher total weight and thus load weight gives lower CO 2 emissions per tonne transported. Higher load weight also means fewer transports and thus greater community benefits.

We are actively working to implement rail transport in our logistics range and already offer a large number of container transports by rail. In 2022, we transported approx. 5,500 tonnes of product by rail.

FOSSIL-FREE LAND TRANSPORT WITH WIBAX

To succeed in climate change, we must work together to reduce our emissions and reduce our dependence on fossil fuels. Wibax works purposefully to reduce our dependence on fossil fuels and strives to be a leader in the transition to fossil-free heavy road transport. As part of Wibax' work to reduce dependence on fossil fuels, Wibax offers fossil-free land transport by using HVO, to customers who want to reduce their fossil footprint.

Transported 1 million tonnes Driven 7,200,000 km

Maximum combined gross weight of Wibax trucks

70.1 tonnes

Average gross weight of Wibax trucks

WIBAX LOGISTICS AB & OY

FOSSIL-FREE HEATING FOR CISTERN STORAGE

Wibax stocks a variety of products at our terminals, where some products require heating, stirring and other energy-consuming equipment for various reasons. In 2022, Wibax terminals accounted for approx. 44% of the Wibax Group's energy consumption measured in kWh, meaning that the terminals are major energy consumers.

The cisterns used for products that require heating are insulated to minimise heat loss. Since the summer of 2021, all terminals in Sweden with heating requirements are heated during normal operation using bio oil or renewable electricity. In Rauma, Finland, a heating boiler was converted from fossil oil to electricity in 2022. There are also plans for remaining conversions in Finland and Estonia, as the terminals still have heating systems based on, among other things, fossil oil.

In addition to the group storing the company's own chemicals, we also rent out storage capacity and can thus offer customers fossil-free heating when stored in cisterns in several locations around Sweden and Finland.

BIO OIL

Wibax' sales company is tasked with selling bio oil for technical applications and combustion, which gives customers CO2-neutral emissions.

Part of the sales work for bio oils is to motivate customers, who currently heat their installations with fossil fuel oil, to convert the installations to bio oil.

Wibax also has the expertise to plan and carry out the conversions. In this way, the customer can have a single partner for conversion, purchase of bio oil, storage and transport.

These conversions to new, modern equipment and fuel-efficient burners give customers a reduced operating cost, increase production capacity and thus result in a more environmentally friendly process.

CONVERSION AND HEATING

Fossil-free heating of plants and cisterns

ENERGY SUPPLY

With Good Chemistry in mind, we have set as a strategic environmental goal that, during normal operation, we will have renewable heating for our facilities, including cisterns, by 2025. To achieve this, we work actively to convert facilities to renewable energy resources. In 2022, an energy survey of the group began with the help of certified energy surveyors. Detailed energy surveys were carried out at the head office and at three terminals.

Since 2019, Wibax has had 100% renewable electricity for the entire Swedish group. This results in a high proportion of green/renewable energy for Wibax in Sweden. In 2022, 91% of the energy used in Sweden for offices, terminals and production was renewable. Since 2021, the Wibax Group in Finland has had 100% renewable electricity. After the acquisition of the Finnish terminals, both total energy use and the share of fossil energy have increased. A heater in Rauma was converted from fossil oil to electricity in 2022.

CARBON IMPACT

The greenhouse gas inventory of the Wibax Group's operations in 2022 has been carried out according to the Greenhouse Gas protocol. The purpose of the inventory is to, based on an established working method, inventory and map the climate impact of the business. The inventory can be found on Wibax' website.

The emission inventory is defined based on the operations' control over the emitting activities and includes emissions for all Wibax companies from the first of Janu-ary to the end of December. The emission sources included in the 2022 inventory are grouped here based on: Wibax' outbound transports to customers divided by internal and external carriers (based on fuel consumption and information from external carriers), head office Piteå (property emissions, production consumption, electricity, heat), terminals in Sweden and terminals in Finland + Estonia (electricity, district heating and combustion of fossil oil for heating) , as well as business travel by car (official vehicles and personal travel by car).

The mapping shows, like previous greenhouse gas inventories, that the largest part of the operations' emissions comes from Wibax transport of products from terminals to customers. The terminals in Finland also account for a large part of the group's climate impact, as the majority of consumption consists of fossil oil.

With renewable electricity contracts and conversions to bio oil heating at the terminals in Sweden, the emissions from these operations remain relatively low in Sweden.

Wibax' calculation methodology for transport emissions is based entirely on emission and reduction information from fuel suppliers and is divided between the Swedish and Finnish logistics companies. The emissions per transported tonne for Logistics AB increased slightly for 2022 as our main fuel supplier lowered its reduction in fuel during Q4 (when they achieved the reduction obligation for the year).

This resulted in an average reduction share of Wibax' fuel mix for transport of 28.68%. The follow-up of Wibax Logistics Oy applies to the whole year 2022.

ENERGY DISTRIBUTION MWh WIBAX GROUP TERMINALS, OFFICES AND PRODUCTION (Fuel is excluded)

OF ENERGY

Wibax transport SVE

Wibax transport FIN External carriers Service

performance vehicles Terminals Sweden Terminals Finland

TRANSPORT EMISSIONS kg of CO2 /tonne transported

2020 - acquisition of 9 terminals in Finland

SHARE

USE PER GROUP (kWh)

EMISSIONS TO GROUND, AIR AND WATER

In 2022, 44 deviations and incidents related to chemical spills, overflows or leaks linked to Wibax' operations were reported. No lasting environmental damage was deemed to have occurred during these events.

The extent of chemical spills, overflows and leaks has varied but in most cases involved only a minor local release inside mechanical barriers such as unloading or loading areas and inside bunding.

10 traffic incidents with a risk of environmental impact have occurred during the year where cleanup of or around the roadway was necessary. In these cases, releases have occurred outside technical barriers. Cleanup took place immediately after discovery and resulted in no continued environmental impact after the traffic incidents.

Root cause investigation, action plans and follow-up of the effect of action are carried out for all deviations, accidents and incidents, in order to reduce, to whatever extent possible, the risk of a similar event occurring.

EMISSIONS TO AIR

The odour problem discovered in 2021 at the Wibax terminal in Skelleftehamn, Sweden, linked to the storage of bitumen, was remedied in 2022 with the help of pressure/vacuum valves and carbon filters. The measures mean that during normal operation there is no longer any smell from the storage.

WATER USE AND DISCHARGE

The main water use within the company takes place within various production processes where water is an integral component. For some processes, water is also used as a coolant in exothermic reactions, and water is also used in washing and cleaning tankers and reused packaging. Other water consumption is linked to staff spaces at our offices and terminals.

No direct emissions to water recipients have been reported during the year. Water that is used in, for example, the Wibax production plant and the washing of vehicles in Piteå is monitored and treated internally to ensure that given limit values are maintained and then goes to the municipal treatment plant.

SOCIAL SUSTAINABILITY

Wibax' work with social sustainability focuses on always working for an equal and fair society with equality for all, in contexts both large and small.

We also look at our surrounding communities and how we can contribute to making society better for those closest to us. Not least, employees have a central role in Wibax' sustainability work, as healthy, committed and motivated staff are what make the company successful.

Our aim is for Wibax to be an attractive employer where employees feel involved, significant, motivated and safe, as well as a professional partner characterised by good quality at all levels.

WIBAX SOCIAL SUSTAINABILITY STRATEGY

Wibax must be an attractive employer. By actively working with sustainability, we contribute to a better society and become a more attractive supplier and employer. Through control of the supply chain, we will ensure quality and security of supply without negative impact on human rights.

RESPONSIBLE BUSINESS

Wibax' code of conduct is part of our responsibility for sustainable development and one of our tools to ensure responsible business at Wibax and within our supply chain. The code has been approved by Wibax Group management, and is primarily based on the basic principles of the UN's Global Compact, which include issues of human rights, labour law, environment and anti-corruption, as well as being based on the UN's goals for sustainable development.

The target group for the code of conduct is Wibax Group employees, our suppliers, subcontractors and customers. Our code of conduct is available to all our employees and is also included in the induction program for new hires. The code is also available in its entirety on Wibax' website.

Wibax wants to build relationships with business partners that are mutually beneficial and based on shared values and how we act in these areas.

ANTI-CORRUPTION AND BRIBERY

Within Wibax, no one may receive or offer customers, potential customers, authorities or other business partners any form of compensation or reward that is contrary to laws and good business practice. Contacts with business partners must be characterised by impartiality and adhere to good business ethics. We also require our business partners to have zero tolerance for corruption via our code of conduct.

SUSTAINABLE PURCHASES

Wibax works actively to ensure that our purchases are ethically sound and that the suppliers we hire comply with laws, conventions and good business practice. To be a potential Wibax supplier, the supplier must follow and endorse our code of conduct or have a code of conduct that is deemed to be of the same scope as, or more extensive than, Wibax' code of conduct.

Furthermore, these requirements shall, within the limits of our suppliers' influence, also apply to subcontractors and subcontracted suppliers.

As a distributor, efficient purchases with good longterm supplier relationships are of the utmost importance. We have a large global purchasing network for our chemical products and raw materials with around a hundred suppliers located in more than 10 different countries, where the majority of suppliers are from the EU.

SUPPLIER ASSESSMENTS AND AUDITS

Before contracts are signed with new suppliers, an assessment is made of the supplier based on, among other things, a self-declaration where the supplier must answer questions about how they meet Wibax' code of conduct and their environmental goals. The supplier assessment must then be repeated every two years and then also include, for example, the number of supplier deviations. For larger suppliers, regular site visits are also made to the supplier when possible.

Wibax suppliers have a major impact on our business and our ability to manufacture and sell chemicals of the right quality. There are different ways to control the suppliers, e.g. through agreements/ contracts, specifications and requirements for certification according to accepted standards. However, a certification is no guarantee that the supplier lives up to our specific requirements and expectations. That is why Wibax works with supplier audits.

An audit programme is in place, with the objective that all major suppliers for our trading products and raw materials are to be audited within a 5-year period.

The audits aim to ensure that Wibax' suppliers meet the requirements we have set in our code of conduct. Our code of conduct can be summarised as follows, these points are also focus areas during the audits:

1. Knowledge, quality, safety and the environment must characterise Wibax' operations. Wibax' code of conduct is part of our responsibility for sustainable development. The target group is our own company as well as our suppliers and customers.

2. Wibax and our business partners ensure that employees and others staying in our and suppliers' premises have a safe and healthy working environment.

3. We expect all our business partners and suppliers that we engage to follow our code of conduct and stand behind the UN Global Compact's 10 basic principles. In addition, these requirements shall, within the limits of our suppliers' influence, also apply to subcontractors and subcontracted suppliers. via control of the supply chain.

In practice, this means that the supplier describes their production process, how they work with environmental issues and follow-up of the environmental impact from the business, how they manage risks and deviations, and how they manage their own procurement and control of the supply chain. The audits result in a basic report that describes what Wibax has noted as well as any deviations or areas for development.

In 2022, eight supplier audits and 2 follow-ups were carried out. Wibax has its own external audit team, but also uses third-party auditors when necessary.

SUPPLIER ASSESSMENT

Compliance with the Wibax Code of Conduct

Self-declaration

Environmental goals

Supplier deviations

Supplier risks based on risk countries

Economic assessment

Supplier assessments conducted in 2022 8

Supplier audits conducted in 2022

SPONSORING

Through sponsorship, Wibax wants to contribute positively to society. We see sponsorship as a collaboration that will benefit both parties. All of our sponsorships should be characterised by by Good Chemistry, we strive for an even gender distribution and for collaborations that benefit children and young people regardless of their financial or cultural background.

Wibax continues to sponsor the floorball team Wibax Piteå IBK which bears our name. In 2022, we have also sponsored Piteå Elit, PIF Dam, Young Achievement Norrbotten and the Childhood Cancer Fund. In addition to these, a number of children and youth teams in various sports have also been granted Wibax sponsorship. We have also had sponsorship collaborations with some events such as the Swedish Championships Week, Piteå Summer Games and Race of Champions.

SUPPORT FOR THE VICTIMS OF THE WAR IN UKRAINE

In cooperation with Garage 104, Wibax donated an ambulance to help the victims of the war in Ukraine. Garage 104 works with event healthcare and at the beginning of the year they drove an ambulance filled with supplies to Ukraine.

WIBAX AS A FUTURE EMPLOYER

Wibax has participated in various recruitment fairs such as LARV (Luleå labour market week), which is the largest annual event at Luleå University of Technology. We also had a visit from a local upper secondary school to talk about Wibax' sustainability work during the school's sustainability week.

Wibax participated together with local Piteå and Skellefteå businesses at PS. Miss You, a homecoming event with the aim of presenting the opportunities available in work, housing, school and leisure. Invited to the event at Skansen in Stockholm were people who had moved away, and friends of Norrland curious about what's happening up north. The participation and interest was a record high. During the Strömbacka School Sustainability Week 2022, we visited students on the Vehicle and Transport programme and showcased Wibax' sustainability work.

EMPLOYEES

ATTRACTIVE EMPLOYER

Wibax' values are the force we need to develop a shared, strong and lasting culture that both supports the business and motivates our employees. Wibax wants to be a workplace where everyone feels a sense of belonging, appreciation and pride and where all employees are part of teams working towards a common goal. Every employee must have equal conditions, rights and development opportunities, and Wibax must make the most of the skills of all employees, thereby

EMPLOYEES AND HEALTH

All permanent employees in Sweden are offered a free health examination. The purpose of the health examination is to help employees maintain good health and to receive support to improve it if necessary. The examination is carried out by a third party who is bound by confidentiality and the health examination covers both physical and mental health. Employees who work partially or fully during the night are offered a medi-

increasing efficiency and productivity. A security for Wibax employees is that we follow the collective agreements applicable to the industry and that the business is conducted in accordance with current legislation.

A sustainable business is built by committed employees who act responsibly to live up to expectations and needs of those around us, an important basis for sustainable and value-creating business.

cal screening examination rather than a basic health examination, this applies to all of Wibax' permanent employees. Permanent employees in Sweden are given the option to take out private healthcare insurance that offers quick contact with the healthcare providers and a care guarantee of 14 days. Finland has a different arrangement where private healthcare and occupational healthcare are linked.

WELLNESS

To promote good health and well-being in the workplace, Wibax has an active wellness programme where we offer wellness grants and carry out joint wellness activities with a focus on habits and lifestyle.

In 2022, the wellness programme consisted of activities where the employees had the opportunity to try different forms of exercise and activities such as; online wake-up training, massage breaks, health pay where employees who did not exercise regularly received compensation for getting started with training, group training, mushroom picking course, digital lecture series on the theme of sustainability, health bingo and the Wibax classic with four different stages consisting of 90 km cross-country skiing, 300 km cycling, 30 km running and 3 km swimming. The wellness programme is a blend of activities on site at the head office in Piteå and location-independent challenges.

A wellness allowance is offered to all employees, the structure of wellness allowance is different between Sweden and Finland. In 2022, there were 82 employees in Sweden and 13 in Finland who used the wellness allowance.

PARENTAL LEAVE

All employees at Wibax have the right to parental leave according to national regulations. How the parental leave is distributed is up to each employee. Wibax monitors the use of parental leave.

EMPLOYEE DEVELOPMENT

All permanent employees in the Wibax Group are offered an annual employee meeting. The employee meeting is a means for both employees and managers to focus on development. For Wibax, it is an important instrument to steer performance towards the company's overall goals and for the employee to receive personal feedback and the opportunity to influence. The employee meeting is an opportunity not only for Wibax' managers to increase their knowledge of their employees and their work situation, efforts and ideas, but also to create a mutual understanding of the employee's skills, capacity and development needs.

EMPLOYEE SURVEY

In order to continue to develop and improve as an organisation and employer, the views of our employees are very important to us. Every two years we conduct an employee survey to get our employees' experiences of team-efficiency, leadership, commitment and organisational and social work environment. The result from the latest survey from 2021 looks like this (on the right) for engagement where Wibax has a large proportion of satisfied and committed employees.

EQUAL TREATMENT

Wibax must be free from discrimination, harassment or reprisals that have any connection with any of the discrimination grounds gender, transgender identity or expression, ethnic background, religion or other belief, disability, sexual orientation and age.

Annually, a survey, analysis, action plan and followup of equal treatment is carried out in collaboration with trade union parties and other employee representatives.

The annual salary survey for equal pay helps Wibax ensure that no one is discriminated against based on gender. Any wage differences are analysed within groups consisting of both women and men.

No one should feel discriminated against either as a job seeker or as an employee in connection with recruitment or promotion. Wibax must encourage everyone to apply for our vacant positions and they must be appointed in an objective manner. This is ensured through the use of recruitment groups, reference groups, structured interviews and a work psychology test in order to create a basis for decisions that is not based on one individual's perception.

ENERGY

Women Men

Share of employees who have a right to parental leave 100% 100% Total parental leave among Wibax employees in hours 151 813 4 599

11% UNFOCUSED Employees who love to do things but do not know what to do.

27% COMMITTED Employees who love their job and do it very well.

44% SATISFIED Employees who know what to do and do it.

10% BORED Employees who do not know what to do and do not care.

8% PASSENGERS Employees who know what to do but do not care enough to do it.

CLARITY

DISTRIBUTION BY GENDER

Drivers Managers Group mgmt

Board of Directors Wibax group

DISTRIBTION BY AGE

WORK ENVIRONMENT AND SAFETY CULTURE

Wibax has systematic work environment initiatives in place within the group, with a work environment policy and safety policy. Wibax personnel must always use the protective equipment recommended and provided by Wibax in specified work steps and in specific locations within our operations. Wibax follows up on safety aspects and continously performs risk assessments for new and existing roles.

In 2022, Wibax had safety days for all employees in Finland with the aim of increasing Wibax employee risk awareness and foster a sense of cooperation to create a safe working environment, both for ourselves and our employees (safety days in Sweden were held in 2021). During the safety days, employees gathered for lectures about safety in general, what risks exist within our business and a lecture on how the brain works. The safety days also consisted of several smaller workshops where employees gathered in smaller groups to discuss different risk scenarios and other activities to increase risk awareness.

TRAINING IN HEALTH AND SAFETY

Wibax employees are trained in health and safety with training content adapted to the risks and work of their position. Our drivers must have valid ADR and YKB training, which is carried out continuously. Production staff and traffic controllers also have ADR training (ADR 1.3). Employees with lower-risk jobs, such as office clerks, undergo training in, among other things, health and safety in new employment, as part of our induction training.

168 hours YKB training hours

456 hours ADR training hours

WALK AND TALK

In 2022, Wibax started using the "Walk and Talk" concept. The purpose of these short talks is to create dialogue between supervisors and employees regarding the employee's work environment, and is a step in our work to develop our safety culture.

RISK INVENTORIES AT UNLOADING SITES

The work of inventorying risks at customers' unloading and loading sites was intensified during the year. The purpose of the inventories is to ensure a safe working environment for our employees.

RISK OBSERVATIONS

Systematic work environment initiatives require capturing observations of risk in the business, in order to prevent the risk of accidents in the long term.

In 2022, we expanded the goal regarding work environment-related risk observations to 250, with the idea that all employees should report a work environmentrelated risk observation. The target was not reached, but about 160 were reported, a large increase compared to the previous year when 103 work environmentrelated risk observations were registered.

RISK

OBSERVATIONS:

work environment-related

LTIFR (LOST TIME INJURY FREQUENCY RATE)

The LTIFR is calculated based on the ratio between the number of accidents that have led to absence of at least one day, where a medical examination was required, during the accounting period and the total working time. The ratio is calculated relative to one million working hours.

For the Wibax group, the LTIFR is 2.6 for 2022, based on one (1) accident.

THE LTI TREND OVER THE LAST 8 YEARS

2021

2022

WIBAX AB

556262-9674

The Board of Directors and Chief Executive Officer hereby present the annual report and consolidated report for the financial year 2022-01-01--2022-12-31.

MANAGEMENT REPORT WIBAX GROUP

THE NATURE AND FOCUS OF THE BUSINESS

The Wibax Group's core business is the sale, import, production and distribution of bio oils and chemicals with a particular focus on liquid products in bulk. The Group continues on the path taken to strengthen its market positions with existing operations.

OWNERSHIP

The Wibax Group is wholly owned by Bo Wiklund, Jonas Wiklund, Andreas Wiklund and David Wiklund.

WIBAX GROUP AB

The parent company Wibax AB was registered in 1986 but changed its name to Wibax Group AB in 2021. The head office is located on company owned property in Piteå, housing offices, production premises, warehouses, workshops and washing halls. The parent company provides group-wide functions such as purchasing, finance, HR, product and business development, quality, safety and environmental support.

WIBAX AS

Wibax AS is the Norwegian sales company and is owned by Wibax Group AB. The company is responsible for all sales of chemicals, bio oils and salts in the Norwegian market.

WIBAX SWEDEN AB

In 2022, the company changed its name from Wibax Industrial AB to Wibax Sweden AB and the previous operations were moved to the sister companies Wibax Sales AB and Wibax Production AB. Since 2022, Wibax Sweden AB has become the parent company of the Swedish group and is owned by Wibax Group AB. The company provides nationwide functions such as finance, property management, HR, quality, safety and environmental support.

The Swedish group includes the following companies:

Wibax Sales AB

Wibax Logistics AB

Wibax Production AB

Wibax Performance Chemicals AB

Wibax Recycling AB

WIBAX SALES AB

In 2022, the company changed its name from Wibax Chemicals AB to Wibax Sales AB and also merged with the sister company Wibax Biofuels AB. Wibax Sales AB is responsible for all sales of chemicals, bio oils and salts. The company also focuses more specifically on specialty chemistry, where our own products enable us

to offer our customers a wide range of specialty and functional chemicals. We also offer technical expertise for implementation and optimisation in bio oil plant conversions.

WIBAX LOGISTICS AB

Wibax Logistics AB's primary task is to cover the group's land transport needs in Sweden, but it also provides some external logistics services. The transport company sets a very high standard and quality for its vehicles, and also for the experienced and competent staff. Wibax Logistics AB is also responsible for the operation and maintenance of the group's terminals in Sweden. With strategically placed terminals as well as a comprehensive tanker fleet, we can offer our customers cost-effective logistics solutions from production to the end customer and the best level of service.

WIBAX PRODUCTION AB

The quality-certified production facilities are located in Piteå and include know-how, machinery, production halls and warehouses. We both manufacture and prepare chemicals tailored to customer needs. A strength of Wibax' production is our ability to manufacture and tailor products to customer requirements, with high quality, cost efficiency and great flexibility and a high degree of purity. Wibax' strategy is to process chemicals in such a way that we improve the added value of our products. This is one of our contributions to Good Chemistry.

We also carry out service and maintenance tasks, repairs and cleaning in a variety of areas in industrial environments.

WIBAX FINLAND OY

Wibax Finland Oy is the parent company of the Finnish group and is owned by Wibax Group AB. The Finnish group provides country-wide functions such as finance, HR, quality, safety and environmental support.

The Finnish group includes the companies:

Wibax Sales Oy

Wibax Logistics Oy

Wibax Tank AS (Estonia)

WIBAX SALES OY

Wibax Sales Oy is responsible for all sales of chemicals, bio oils and salts. The company also focuses more specifically on specialty chemistry, where our own products enable us to offer our customers a wide range of specialty and functional chemicals.

WIBAX LOGISTICS OY

During the year, the company changed its name from Wibax Tank Oy to Wibax Logistics Oy. The company's primary mission is to cover the group's land transport needs in Finland, but it also performs some external logistics services. The transport company sets a very high standard and quality for its vehicles, and also for the experienced and competent staff. Wibax Logistics Oy is also responsible for operation and maintenance of the group's terminals in Finland. With strategically placed terminals as well as a comprehensive fleet of tankers and our own railway wagons, we can offer our customers cost-effective logistics solutions to the end customer and the best level of service.

WIBAX TANK AS

Wibax Tank AS is an Estonian company owned by the company Wibax Logistics Oy. The company offers storage and handling of chemicals and other liquid products in Estonia.

THE GROUP'S OPERATIONS

As a result of the changing global economy, price increases on some of our major products have set the tone for 2022. With our business model, the vertical integration contributes to us being able to effectively handle increased turnover without having to increase overhead costs to the same extent. We expect a price reduction in 2023, and in 2021 we initiated strategic work to manage the expected reduction in price. Thanks to the business model we have and the fact that we ourselves control the entire supply chain in the form of purchasing, sales, storage and transport, we can quickly handle fluctuations in the market and remain a dependable supplier to our customers.

In early 2022, Wibax acquired the transport companies JJ Kuljetus Oy and N-Logistics Oy in Finland. Thus, the entire Wibax concept of sales, storage and transport is now represented in Finland, an important part of our strategy and business model. The integration of the logistics division in our Finnish group has worked well and we look forward to continued growth in the Finnish market.

The Wibax Group is in strong development and remains focused on further growth. In order to create conditions and structure for future development, in both the short and long term, organisational changes were made in 2022. Wibax Group AB continues to be the parent company where group-wide functions are provided. Under Wibax Group AB there are Wibax Sweden AB and Wibax Finland Oy as national groups, each country has country-specific staff functions as well as sales, storage and logistics within their respective groups. During the year, we also appointed national managers for Wibax Sweden and Wibax Finland.

In 2022 we received a number of awards, including an honourable second place in Entrepreneur of the Year Sweden and the Best Managed Company award.

INVESTMENTS

In 2022, Wibax acquired the transport companies JJ Kuljetus Oy and N-Logistics Oy in Finland. The entire

Wibax concept of sales, storage and transport is now available in Finland, an important part of our strategy. Another strategic cornerstone is to develop our own production. In 2022, decisions were made to invest in two new production lines at our premises in Piteå, both of which will be put into operation during Q1 2023. During the year, we completed a major bunding project at our terminal in Skellefteå. Now almost the entire terminal has bunding in compliance with official regulations. This increases our storage safety and thus the quality and reliability of the entire terminal.

EXPECTED FUTURE DEVELOPMENT

The strong price increases that affected many of our major products in 2022 are expected to turn into a decline in 2023. In 2022, we initiatied strategic efforts to manage this, and we feel well prepared. Our unique business model where we manage the entire supply chain with sales, storage and transport allows us to adapt and quickly adjust in a volatile market.

BUSINESS DEVELOPMENT

In 2022 the effects of the pandemic subsided in Europe and we looked forward to normalised global logistics flows. Russia's invasion of Ukraine resulted in large scale tragedy and subsequent sanctions against Russia caused major disruptions in the established supply chains on which the basic industries in the Nordics and Europe depend. Wibax' strong logistics network, with 19 terminals in Sweden, Finland, Estonia and its own fleet of trucks make us a strong strategic partner for new establishments and for customers with high demands on delivery security.The growth and profitability targets defined in Wibax' strategic growth plan for 2025 will already have been exceeded in 2022. A combination of soaring energy costs and major economic fluctuations resulted in steep price increases for many of our basic products. In addition, local presence and control over logistics chains have been absolutely crucial for high delivery reliability, which has meant increased interest from the market in Wibax products, storage and transport services.

The 2023 revision of Wibax' strategic growth plan has new, more aggressive growth and profitability goals, where we have collaborated throughout the group to decide to achieve these goals, with a constant focus on our customers' future needs.

By next year's revision of the growth plan, both the time horizon and objectives will change further, and together we will create a sustainable future by 2030.

QUALITY, SAFETY AND ENVIRONMENT

Permit matters and communication with authorities has been an important and significant part of our work in 2022 for several of Wibax' facilities, just as in previous years. During the year, we have worked actively to develop our safety work, and we have, among other things, initiated risk inventories of our external unloading sites and started holding specific work environment-related talks - so-called Walk and Talks. We also gathered the entire Finnish organisation for "Safety Days" where we had lectures and group exercises. We have carried out the annual external and internal audits for ISO 9001, ISO 14001 and ISCC and our safety manager has held ADR and YKB refresher courses. Furthermore, we have carried out a greenhouse gas inventory according to the GHG Protocol and overseen the performance of an energy survey.

OPERATING PERMITS

Wibax conducts production and storage of chemicals that require permits. The production unit in Piteå is a level A facility and has a permit for the manufacture and storage of chemicals. Our depots in Skellefteå, Örnsköldsvik, Härnösand, Gävle, Skutskär, Norrköping, Uddevalla and Malmö are level B facilities where we have permission to handle and store chemicals. At our depot at Haraholmen, Piteå, there are two different Clevel operations, requiring notification.

In Finland, Wibax has storage in Kemi, Oulu, Karleby, Jakobstad, Kaskö, Rauma, Turku, Kotka and Fredrikshamn with permission from the Regional Administration and from TUKES (with the exception of Turku, where only unclassified chemicals are handled). In Kaskö, Rauma and Turku there are also permits from the Swedish Food Agency for the storage of feed ingredients. Kunda in Estonia has an operating permit under Estonian legislation.

Six of the facilities are Seveso operations, where we currently have storage in accordance with Seveso's lower level of requirements in Piteå and Uddevalla. In Skelleftehamn, Kaskö, Rauma and Fredrikshamn we have permits under Seveso's higher level of requirements. Our permits are of the utmost importance in enabling us to conduct our business.

WIBAX SALES AB

2022 has been marked by the war in Ukraine and its impact on the market. As a result of, among other things, high energy prices in Europe, many commodity

prices skyrocketed. In periods it has also been difficult to acquire certain products. Thanks to our logistics network with our terminals in Sweden and Finland, we have been able to deliver to both existing customers and new customers struggling to source products.

Wibax' delivery security has been highly appreciated by our customers. We have also helped customers with other products where delivery problems have arisen, partly with our storage capacity and partly through our broad global network of suppliers.

The high energy prices have also meant that the demand for bio oils has been significantly higher than the supply and with prices at historic record levels. Despite these challenges we have managed to grow our volumes. Demand from the customer market continues to increase and we are therefore working with a strategic plan for continued growth in bio oils.

In the year, we have had a strong demand for technical equipment, as well as for rental of temporary storage spaces. The reorganisation carried out during the year has meant that Wibax Sales AB has a department specialising in technical equipment and solutions.

WIBAX LOGISTICS AB

2022 has been a year of continued growth and development within the logistics company. One key element is the investment in further development of our vehicle fleet and terminals, aiming to creat a sustainable foundation for the group's continued growth.

Among the vehicle investments, the commissioning of the first all-electric tanker truck with a total weight of 64 tonnes is particularly notable. The electric truck is part of Wibax' electrification work. Alongside the construction of our own charging infrastructure, it marks the start of our work to reach the goal of 100 percent of our own transports being electric by 2030. Electrification is both environmentally and financially sustainable and a key part of Wibax' further development.

Transport operations in 2022 were impacted by large cost increases, especially for fuel, which increased sharply. These challenges have been managed well and development has been positive in 2022. Our position as one of Sweden's most comprehensive bulk suppliers has been further strengthened through continued investments in our terminals for storage of liquid products. The terminals are an important strategic investment and a foundation for achieving the group's growth targets. Among the investments, we want to highlight the work to complete the bunding of the terminal in Skelleftehamn and expanded storage capacity at the terminal in Norrköping. The bunding of our cisterns is an important safety component and contributes another barrier in the handling of products. Our strength lies in offering a combination of transport and storage of liquid products, using our own resources exclusively. A business model that we have developed over the years and which contributes to our strong

position in the market. This makes Wibax Logistics a unique company in the industry with distinctive breadth, skills, flexibility and high delivery security. Strengths that, combined with the group's flows and return flows from customers yield sustainable logistics solutions.

WIBAX

PRODUCTION AB

In 2022, we worked intensively on two investment projects, both to create opportunities to manufacture new products. Commissioning will take place during the first quarter of 2023 and the investments are an important part of our strategic plan.

In order to further focus on health, safety and deliveries, we have introduced a working method during the year where we check up on the situation with all staff on a daily basis. We focus on constant improvement. As part of the company's growth, we have strengthened the organisation for service and maintenance. The goal is to have a stable production facility that is predictable and allows us to always deliver on time.

WIBAX SALES OY

Wibax Sales Oy mainly works towards the pulp and paper industry, other focus areas are within the mining, chemical and metal industries as well as energy production and road maintenance. Sales have continued to develop favourably and high market prices for key products have contributed to increased turnover. In order to be able to offer creative total solutions to the market and benefit from the group's expertise in storage and logistics, the collaboration with Wibax Logistics Oy has been further developed.

WIBAX LOGISTICS OY

In the Finnish market, Wibax Logistics Oy offers storage, handling and transport of chemicals and other liquid products, via strategically located terminals

along the Finnish coast, as well as a logistics organisation with highly reputable transport operations. Wibax Tank AS in Estonia, which offers storage and handling of chemicals at the terminal in Kunda, is part of Wibax Logistics Oy.

In 2022, the group acquired the transport companies JJ Kuljetus Oy and N-Logistics Oy and these were later in the year merged with Wibax Logistics Oy. A new CEO was appointed to manage the business and drive future development. Wibax has a strong position in the market and invests in sustainable growth. The uncertain global situation has affected some of our customers, but we have managed to handle the challenges with a very limited impact on our business. We have continued to strengthen the business by maintaining and investing in the facilities that are part of our network. For example, in Rauma we have installed electric heating for some tanks, and the transport side has been expanded with new, more efficient trucks. These trucks now service routes in south-eastern Finland where we have strengthened our presence. Among many other investments, we continue to prioritise change initiatives that improve the sustainability of our business and create added value for our customers.

WIBAX AS

In 2022, Wibax has taken market shares in the Norwegian market and our customers have appreciated our delivery security in the uncertain times that partially impacted 2022 Wibax sees several interesting industries in Norway where we hope to become an interesting cooperation partner.

FINANCIAL OVERVIEW

Profit/loss after financial items

Equity ratio

Return on capital employed

WIBAX LOGISTICS AB Operating income – Operating profit

2010–2022

WIBAX LOGISTICS OY Operating income – Operating profit

2020–2022

FINANCIAL OVERVIEW

PROPOSED ALLOCATION OF RESULTS

The following earnings are available for the Annual General Meeting to appropriate:

The Board and the CEO propose that the available earnings be appropriated as follows:

Regarding the Company’s results and financial position in general, please refer to the following financial statements with supplementary information and notes to the financial statements.

MULTI-YEAR COMPARISON PARENT COMPANY, K SEK

INCOME STATEMENT

THE GROUP PARENT COMPANY

BALANCE SHEET

THE GROUP PARENT COMPANY

THE GROUP PARENT COMPANY

CASH FLOW ANALYSIS

THE GROUP PARENT COMPANY

NOTES

NOTE 1 ACCOUNTING PRINCIPLES

Amount in kSEK unless otherwise stated.

General accounting principles

The annual report has been prepared in accordance with the Annual Accounts Act and the general guidelines from the Swedish Accounting Standards Board 2012:1 (K3).

The parent company is the holder of the Group's cash pool account, the subsidiaries' share of cash pool accounts is recognised as cash/bank balance and overdraft facility.

Classification

Fixed assets, long-term liabilities and provisions essentially only consist of amounts that are expected to be recovered or paid after more than twelve months from the balance sheet date.

Current assets and current liabilities essentially consist only of amounts that are expected to be recovered or paid within twelve months from the balance sheet date.

Valuation principles etc.

Assets, provisions and liabilities have been valued at their acquisition value unless otherwise stated below.

Definition of key figures

Return on capital employed

Profit after financial items plus interest costs as a percentage of total assets.

Equity ratio

Total equity + (100% - current corporation tax rate on untaxed reserves)) / Total assets.

Leasing

The Accounting Board's general advice on accounting for leasing agreements is applied. In the group, assets that are leased through a financial leasing agreement are reported as tangible fixed assets, while future lease payments are reported as a liability. At the first reporting occasion, the asset

and liability are recognised at the sum of future minimum lease payments.

In the parent company, all leasing agreements, both financial and operational, are reported as operational leasing agreements.

Intangible and tangible fixed assets

Tangible fixed assets are recognised at acquisition value less accumulated depreciation and any write-downs. Component depreciation is applied to buildings. Land is not depreciated. Straight-line depreciation is done on the depreciable amount (acquisition value less calculated residual value) over the asset's useful life as follows:

Intangible 4-5 years

Land and buildings 20-70 years

Machinery and other technical facilities 5-50 years

Equipment, tools, fixtures and fittings

3-7 years

The difference between depreciation according to plan and recorded depreciation is recognised as balance sheet appropriations.

Financial instruments

Financial instruments are valued on the basis of their acquisition value. The instrument is recognised in the balance sheet when the company becomes a party to the contractual terms for the instrument. Financial assets are removed from the balance sheet when the right to receive cash flows from the instrument has expired or been transferred and the company has substantially transferred all the risks and rewards associated with ownership. Financial liabilities are removed from the balance sheet when the obligations have been settled or otherwise ceased.

Inventory

The inventory is stated at the lowest acquisition value according to the first in- first out- principle (FIFO) or fair value respectively. Thus, obsolenscence risk has been taken into consideration.

Receivables

Receivables are stated at the lower of nominal value and the amount by which they are expected to be received.

Receivables and liabilities in foreign currency

Receivables and liabilities in foreign currency have been translated at the exchange rate on the balance sheet date.

Cash and cash equivalents

Cash and cash equivalents comprise cash and bank balance.

Consolidated financial statements

Subsidiary companies are companies in which the parent company directly or indirectly holds more than 50% of the votes, or otherwise has a controlling influence over its operative and financial management. Accounting for subsidiaries is normally based on the acquisition accounting method. The acquisition method means that an acquisition of a subsidiary is regarded as a transaction whereby the parent company indirectly acquires the subsidiary's assets and takes over its liabilities. From the moment of acquisition, the acquired company’s revenues and costs, identifiable assets and debts, as well as any goodwill or negative goodwill, are included in the consolidated accounts.

Rental income

Rental income from the investment properties is recorded linearly in accordance with the terms and conditions of current lease agreements.

Income

Revenue has been recognised at the fair value of amounts received or receivable and is recognised if the Company is likely to benefit from the financial advantages and the income can be reliably estimated. Remuneration in the form of interest, royalty or dividend is recognised as revenue when it is probable that the company will enjoy the financial benefits that are associated with the transaction and when the income can be reliably estimated. Interest is recognised as income according to the so-called effective interest method. Royalty is allocated in accordance with the financial significance of the agreement in question. Dividend is recognised as revenue when the company’s right to payment is ensured.

Income taxes

Total tax consists of current tax and deferred tax. Taxes are reported in the income statement, except when the underlying transaction is reported directly against equity, in which case the associated tax effects are reported in equity.

Current tax

Current tax refers to income tax for the current financial year as well as the part of the previous financial year's income tax which has not yet been reported. Current tax is calculated based on the tax rate that applies as of the balance sheet date.

Deferred tax

Deferred tax is income tax that relates to future financial years as a result of past events. It is recognised using the balance sheet method. According to this method, deferred tax liabilities and deferred tax receivables are reported on

temporary differences that arise between the book and tax values of assets and liabilities as well as for other tax deductions or deficits.

Deferred tax assets are netted against deferred tax liabilities only if they can be paid with a net amount. Deferred tax is calculated on the basis of the applicable tax rate at the balance sheet date. Effects of changes in applicable tax rates are recognised in the income statement in the period in which the change is legislated.

Deferred tax receivable is reported as a financial fixed asset and deferred tax liability as a provision.

Deferred tax claims regarding loss deductions or other future tax deductions are reported to the extent that it is likely that the deductions can be offset against future tax surpluses.

Due to the relationship between accounting and taxation, the deferred tax liability attributable to untaxed reserves is not separately accounted for.

Provisions

Obligations to third parties which are attributable to the financial year, and which on balance sheet date are probable in their existence but uncertain with regard to amount or date, have been reported as provisions.

Cash flow analysis

The cash flow analysis is made according to the indirect method. The reported cash flow includes only transactions that entailed receipts or payments.

As liquid funds, the company classifies, in addition to cash, available balances with banks and other credit institutions as well as short-term investments that are listed on a market place and have a shorter maturity than three months from the time of acquisition.

Remuneration to employees

Remuneration to employees refers to all types of payments made by the company to its employees. The company's benefits include, among other things, salaries, paid holidays, paid absence, bonuses and benefits after termination of employment (pensions). This remuneration is recognised as it is earned. Remuneration to employees after termination of employment refers to defined-contribution or definedbenefit pension plans. Plans where fixed fees are paid and there is no obligation, neither legal nor constructive, to pay any amount over and above these fees are classified as defined-contribution plans. Other plans are classified as defined-benefit pension plans. The company makes no other long-term payments to employees.

Estimates and assessments

The establishment of an annual report and application of accounting principles, are often based on management's assessments, estimates and assumptions that are considered reasonable at the time the assessment is made. Estimates and assessments are based on experience and various other factors, which under current circumstances seem reasonable. The results of these are used to assess the reported values of assets and liabilities, which are not otherwise clearly evident from other sources. The actual outcome may differ from these estimates and assessments. Estimates and assumptions are reviewed regularly.

No significant sources of uncertainty in estimates and assumptions at the balance sheet date are deemed to pose a significant risk of a significant adjustment of reported values for assets and liabilities during the next financial year.

NOTE 6 EMPLOYEES AND PERSONNEL COSTS

1) Personnel costs have been reduced with government support received 0 (0).

2) Of the parent company's pension costs, 552 (previous year 546) relate to the company's board and CEO, with respect to 2 (2) individuals.

3) Of the group's pension costs, 920 (prev. year 778) relate to the company's board and CEO with respect to 3 (3) individuals.

There are no material conditions regarding severance pay or similar to board members or other persons on the management teams of the respective companies.

NOTE

NOTE 12 APPROPRIATIONS

NOTE 15 GOODWILL

NOTE

In 2022, the parent company received grants of 310 (516) kSEK in climate investment support.

NOTE 20 OTHER LONG-TERM SECURITIES HOLDINGS

NOTE 21 SHARES IN GROUP COMPANIES

Specification of the parent company's holdings of shares in group companies

Referring to the holding share of the capital, which also correlates with the share of votes for the total number of shares.

NOTE 22 PREPAID COSTS AND ACCRUED INCOME

The parent company is the holder of the Group's cash pool account, the subsidiaries' share of cash pool accounts is recognised as cash/bank and overdraft facilities.

NOTE

The share capital consists of 12,000 shares with

NOTE 28 CREDIT GRANTED

Overdraft facilities

Overdraft facilities for the group amount to SEK 150 million (SEK 150 million) and for the parent company to SEK 150 million (SEK 150 million).

NOTE 29 OTHER LIABILITIES TO CREDIT INSTITUTIONS

NOTE 31 PROPOSED APPROPRIATION OF THE COMPANY'S PROFIT OR LOSS

The Board and CEO propose that the available earnings, 85,974 (KSEK), be appropriated as follows:

NOTE 33 CONTINGENT LIABILITIES

NOTE 34 NUMBER OF SHARES

NOTE 35 CASH FLOW ANALYSIS – ADJUSTMENT FOR ITEMS NOT INCLUDED IN THE CASH FLOW

Our audit report has been submitted on 2023-04-20

Ernst & Young AB

Rolf Back, Board member

Lars-Erik Aaro, Board member

Bo Wikund, Board member

Anders Snell Chairman of the Board

Magnus Holmgren

Chartered Accountant

Jonas Wiklund CEO

Stina Blombäck, Board member

David Wiklund , Board member

Andreas Wiklund , Board member

AUDIT REPORT

To the Annual General Meeting of WIBAX GROUP AB Org No. 556262-9674

REPORT ON THE ANNUAL ACCOUNTS AND THE CONSOLIDATED ACCOUNTS Statements

We have performed an audit of the annual accounts and consolidated accounts for Wibax Group AB for the financial year 2022. In our opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view in all material respects of the parent company's and the group's financial position as of 31 December and of their financial results and cash flows for the year according to the Annual Accounts Act. The management report is consistent with the other parts of the annual accounts and consolidated accounts.

We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the Group.

Basis for opinions

We have conducted our audit in accordance with International Standards on Auditing (ISA) and accepted auditing standards in Sweden. Our responsibilities under these standards are further described in the Auditor’s responsibilities section. We are independent of the parent company and the Group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Information not pertaining to the annual accounts and the consolidated accounts

The Board of Directors and the CEO are responsible for this information. This information consists of the Sustainability Report and can be found on pages 5-15 of the annual report.

Our statement regarding the annual and consolidated accounts does not consider this information and we make no statements regarding the validity of this additional information.

During our audit of the annual and consolidated accounts, we are required to read the information identified above and consider whether it is, in any material respect, inconsistent with the annual accounts. When reviewing this information, we also take into account other information that we have obtained during our audit process and assess whether this additional information appears to contain any material error.

If we, based on the review that we have performed pertaining to this information, come to the conclusion that this additional information contains any material error, we are obligated to report it. We have nothing to report on this matter.

Responsibilities of the Board of Directors and the CEO

It is the responsibility of The Board of Directors and the Chief Executive Officer to prepare the annual accounts and consolidated accounts and to ensure that they give a fair presentation in accordance with the Annual Accounts Act. The Board of Directors and the Chief Executive Officer are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts and consolidated accounts, the Board of Directors and the Chief Executive Officer are responsible for the assessment of the company’s and the Group’s ability to continue as a going concern. They disclose, as applicable, matters related to the going concern and using the going concern basis of accounting. However, the going concern basis of accounting is not applied if the Board of Directors and the CEO intend to liquidate the company, to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA and generally accepted auditing standards in Sweden will always detect a material misstatement if one exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. Additionally, we:

• Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate under the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Chief Executive Officer.

• Draw a conclusion regarding the appropriateness of the Board of Directors’ and the Chief Executive Officer’s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, whether there is any material uncertainty factor relating to such events or conditions that may lead to significant doubt about the company's and the group's ability to continue operations. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or

conditions may cause a company and a group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated accounts. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our opinions. We are responsible for the management, supervision and execution of the group audit. We are solely responsible for our statements.

We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified.

REPORTS ON OTHER STATUTORY AND REGULATORY REQUIREMENTS

Statements

In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Chief Executive Officer of Wibax Group AB for the financial year 2022 and the proposed appropriations of the company’s profit or loss.

We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year.

Basis for opinions

We have carried out the audit in accordance with generally accepted auditing standards in Sweden. Our responsibility according to these is described in more detail in the Auditor's responsibilities section. We are independent of the parent company and the Group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Responsibilities of the Board of Directors and the CEO

The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the Group’s type of operations, size and risks place on the size of the parent company’s and the Group’s equity, consolidation requirements, liquidity and position in general.

The Board of Directors is responsible for the company’s organisation and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the Group’s financial situation and ensuring that the company’s organisation is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner.

The Chief Executive Officer shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfil the company’s accounting in accordance with law and handle the management of assets in a reassuring manner.

Auditor's responsibilities

Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Chief Executive Officer in any material respect:

• has undertaken any action or been guilty of any omission which can give rise to liability to the company, or

• in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.

Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with a reasonable degree of assurance whether the proposal is in accordance with the Companies Act.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act.

As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgement and maintain professional scepticism throughout the audit. Examination of the administration and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgement with a starting point in risk and materiality. This means that we focus the review on such measures, areas and conditions that are material to the business and where deviations and violations would have particular significance for the company's situation. We review and examine decisions made, the basis for decisions, actions taken and other circumstances that are relevant to our opinion concerning discharge from liability. As a basis for our opinion concerning the Board of Directors’ proposed appropriations of the company’s profit or loss, we examined whether the proposal is in accordance with the Companies Act.

Auditor's opinion on the Statutory Sustainability Report

The board is responsible for the sustainability report on pages 5–15 and for ensuring its preparation in accordance with the Annual Accounts Act.

We have conducted our review in accordance with the FAR recommendation RevR 12 Auditor’s Opinion on the Statutory Sustainability Report. This means that our review of the sustainability report is different from and substantially smaller in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that this review provides sufficient basis for our opinion.

A sustainability report has been prepared.

Piteå 2023-04-20

Ernst & Young AB

Magnus Holmgren Chartered accountant

BOARD OF DIRECTORS WIBAX GROUP

ANDERS SNELL

Chairman of the Board since 2011.

Master of Science in Chemistry at KTH

Senior business consultant

Other board roles:

Board member ÅF, Executive member of the ÅForsk Foundation

Previous employment:

Senior Vice President BillerudKorsnäs, Senior Vice President Assi Domän, CEO Grycksbo Finpappersbruk, CEO Norrsundet Bruks AB.

STINA BLOMBÄCK

Board member since 2015.

Master of Science in Chemistry at KTH. CEO, Senior Consultant for Brännbacken Projekt AB. Other board roles include Luleå Energi AB and Part Construction AB.

Previous employment:

Sustainability and Energy Director BillerudKorsnäs AB, CEO Billerud Karlsborg AB.

ROLF BACK

Board member since 1995.

Doctor of Economics from the Stockholm School of Economics. Has held a number of CEO positions in companies of various sizes and in various industries, including a number of board assignments. Has been head of research at GI-IHR, Stockholm University and professor at Luleå University of Technology.

Member of the Royal. Academy of Engineering Sciences (IVA) and the Norrbotten Academy.

LARS-ERIC AARO

Board member since 2016.

Mining engineer (M.Sc.) from Luleå University

Previous employment:

Sales Director for the ÅF Group and a member of Group Management, Group President and CEO of LKAB, senior positions within Secoroc, Boliden and AssiDomän. Member of the Academy of Engineering Sciences (IVA) and holder of an honorary doctorate at LTU.

BO WIKLUND Board member Engineer Founder and partner in the WIBAX Group.

JONAS WIKLUND Board member and partner in The WIBAX Group.

DAVID WIKLUND Board member and partner in The WIBAX Group.

ANDREAS WIKLUND Board member and partner in The WIBAX Group.

THE MANAGEMENT TEAM

JONAS WIKLUND CEO Wibax Group AB

DAVID WIKLUND CEO Wibax Sales AB

ANDREAS WIKLUND Chief of House Property Wibax Sweden AB

TORE JOHNSON CEO Wibax Sweden AB

MARKUS HOLMLUND CEO Wibax Production AB

KRISTOFFER ÖVERHEM CFO, Wibax Group AB

MAGNUS SUNDSTRÖM CEO Wibax Logistics AB

TERO VÄYRYNEN CEO Wibax Finland OY

ANNICA PETTERSSON Chief of HR, WIBAX GROUP AB

ANNA BERGVALL Chief of QSE, WIBAX GROUP AB

FREDRIK NYBERG CCO Wibax Group AB