Wibax Annual and Sustainability report 2024

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.

Wibax is a whollyowned family business

REVENUE 2024

3,517 MSEK

Average number of permanent employees 2024

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

Wibax' total storage capacity in the cistern parks > 800,000 m 3

337 1 week

chemicals handled

CEO STATEMENT

2024 has been marked by an ongoing recession that refuses to let go. In the wake of this, we have faced a challenge in meeting our budget regarding turnover due to both lower production by our customers and lower prices on several of our products. Despite the challenging situation in the world around us and in our local area, we have experienced a year of growth, albeit modest, in terms of both turnover and volume. We are having another strong year in terms of profit, which is particularly gratifying and proves that our business model is sustainable over time, almost regardless of the economic climate.

The production company is steadily increasing its capacity and has continued to do so even in 2024. We have managed to grow our sales, which is pleasing, and have added more customers to the portfolio during the year. Our work continues, and the market is responding positively.

Finland has experienced strong growth in recent years and 2024 was no exception. We are surpassing one billion SEK in turnover thanks to strong growth in volumes. We have established ourselves as a competitive and reliable option in the Finnish market with a strong response from our customers. The ambition is to continue our growth journey, for which there is great potential.

In summary, Wibax has a business model that we are proud of, and it continues to deliver good results year after year, including in 2024.

Jonas Wiklund

DEVELOPMENT/KNO

Controlling the supply chain from producer to end customer, with the customer in focus!

Wibax' business is to sell, purchase, process, and distribute liquid products to primary industries in the Nordic region. The business consists of sales, import, production, development, service and maintenance, storage and distribution primarily of bulk liquid products and bio oils.

Wibax' logistics companies manages the group's total logistics needs and offers logistics solutions for external customers. With terminals in strategic locations throughout the Nordics and a comprehensive fleet of tankers, we can offer our customers cost-effective total solutions and electric heavy land transport.

PRODUC TION

PRODUC TS

CU STOMER

WLEDGE

Key events in the year

TWO MORE ADR-APPROVED ELECTRIC TRUCKS

The first two series-produced electric ADR-approved trucks from Scania's factory for electric trucks were delivered to Wibax in December 2024. The trucks are located in Härnösand and Skutskär and are a welcome addition to the previously acquired electric truck.

COMPANY FOR SELF-SUFFICIENCY IN ELECTRICITY

A CEO has taken office for the newly established company Wibax Energy AB, which is tasked with providing charging infrastructure as well as producing and supplying the group with sustainable electricity from its own renewable energy source.

INVESTMENT IN CHARGING INFRASTRUCTURE

To prepare for the electrification of Wibax' vehicle fleet, two additional charging stations have been installed in Sweden, the first is located at one of Wibax' customers. The projects were co-funded by the Swedish EPA through the Klimatklivet initiative. In Finland, a charging station has been installed in Hamina.

CONVERSION OF HEATING BOILERS IN FINLAND

The heating boilers at the terminals in Kemi, Rauma, and Hamina are now powered by renewable electricity rather than fossil fuels.

SAFETY DAYS

In the spring, Wibax conducted safety days for all employees, with the aim of strengthening our safety culture. The days consisted of lectures and group work.

SWEDEN'S BEST MANAGED COMPANIES 3RD YEAR IN A ROW

For the third consecutive year, Wibax has received the Sweden’s Best Managed Companies award, which is presented by Deloitte in collaboration with Nasdaq. The award is given to companies demonstrating exceptional leadership and a strong commitment to creating profitable growth.

EXPANSION OF THE PITEÅ HEADQUARTERS

Wibax believes that development occurs best in the interaction between people and that it is important for colleagues to meet regularly. Wibax' strategic growth plan until 2030 indicates continued significant growth in both products and services, and to manage this growth, many new employees will be needed. Therefore, an expansion of the headquarters was initiated in the summer of 2024 with 60 new office spaces.

NEW STORAGE HALL FOR WIBAX PRODUCTION

Wibax Production has invested in a new storage hall in Piteå, the hall means increased storage capacity and improved internal logistics flow as well as an im-

proved working environment.

MORE WOMEN CHOOSE WIBAX

34% of the newly hired drivers in Sweden in 2024 are women. This means that 26% of Wibax' driver workforce in Sweden are women.

TRANSPORT OPERATIONS TO MALMÖ AND HAMINA

Wibax continues to strengthen its position as a leading supplier of chemicals and bio oils by expanding our transport operations to Malmö and Hamina. With storage terminals already established in the regions, we are now introducing our own tanker truck transport there, meaning that the organisation is growing with more employees and tankers.

WORKING OUT FOR CHARITY

During the year, a wellness initiative was carried out for all employees where workout time was turned into charity. 716 workout sessions were registered, resulting in a total of 20,000 SEK being donated to the Swedish Childhood Cancer Fund and the Finnish Cancer Foundation

BUSINESS MEDAL

The CEO and founder of the Wibax Group received the 'Medal for Meritorious Service in Swedish Industry' from the Royal Patriotic Society. The citation reads: "For having created and developed a sustainable chemical company with an integrated logistics chain."

REVISION OF THE CODE OF CONDUCT

Wibax' code of conduct has been updated with clarifications regarding, for example, general obligations and expectations on Wibax' suppliers to actively work to reduce carbon dioxide emissions.

NEW OFFICE IN STOCKHOLM

Since the turn of the year, Wibax has a new office in Stockholm where some of our Stockholm-based employees work. The office also provides premises for meetings with customers and suppliers.

PARTNER TO THE SAMHÄLLSVINSTEN COMMUNITY PROJECT

Samhällsvinsten is a local initiative by Piteå IF to address challenges in society and to create a better Piteå. During the year, several evening activities for young people have been organised, and the previously closed café at the local high school has reopened.

Wibax' sustainability work

THE SUSTAINABILITY REPORT

This sustainability report aims to describe the Wibax Group's sustainability disclosures and our work with Good Chemistry, from governance to practical implementation. The report is updated annually and includes all companies within the Wibax group. Preparation for the application of the new reporting requirements according to the Corporate Sustainability Reporting Directive (CSRD) is underway, which includes, among other things, double materiality analysis, management of the analysis results, gap analysis, and preparations to be able to report numerical data points according to the new requirements.

OUR SUSTAINABILITY STATISTICS

Wibax' sustainability strategy is sustainable business with a strong focus on sustainability in all parts. For Wibax, sustainability and sustainable business means achieving strong economic growth in harmony with environmental and social development.

In our sustainability work, we will be guided by the company's guiding principles and values: forwardthinking, participation, sustainability, and quality at every step, as well as customer focus, which we summarise in the concept of Good Chemistry.

To sustainably achieve business objectives and be a competitive option in the market, we must work costeffectively, maintain an up-to-date product portfolio, and have an active customer focus. We must be an attractive employer with a strong safety mindset and our customers must trust that Wibax products and services are based on a sustainable supply chain.

This year's report is a step towards reporting in accordance with new requirements, where focus lies on the three main areas and aspects deemed most essential for Wibax – Climate & Environment, Responsible Business, and Social Responsibility. This report covers the period 2024-01-01–2024-12-31.

We must work for optimised resource utilisation and conscious choices in areas such as product development, purchasing and operations. Wibax' goal is to be able to provide customers with the best solution with regard to environmental choice, high security, 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 imbued with good chemistry, for the sake of the company and the world around us.

OUR OPERATIONS AND AGENDA 2030

The UN has established an agenda for a sustainable society - Agenda 2030 for sustainable development. Wibax' operations and sustainability work have been connected to 10 of the goals in Agenda 2030, based on the SDG Compass.

These are the areas where we as a business see that we, in various ways and to varying extents, influence and have the opportunity to contribute to their fulfilment.

MATERIALITY ANALYSIS

To ensure action on the most critical sustainability issues for Wibax and our stakeholders, a double materiality analysis (DMA) has been conducted. The analysis was conducted based on CSRD according to two perspectives – the company's impact on society/stakeholders and/or the environment, and how society/stakeholders and the environment affect us as a company.

The new methodology for DMA, which we began using in 2023, is intended to help us understand our impact as a business, taking into account business relationships and geographical location, as well as development over time. The methodology has been reviewed in 2024 and the analysis has been updated.

Wibax' DMA begins with an initial review of potential significant aspects based on CSRD, where all aspects are screened down to the sub-sub-topic level, as well as an assessment of whether additional aspects not listed need to be added. An initial relevance as-

FINANCIALLY MATERIAL

Business ethics – Supplier relations management

Energy – Energy production

Climate Limitation – Scope 3, Customer relations for reduced climate impact

NON-ESSENTIAL AREAS

Climate & environ-

ment E1-E5

Climate adaptation

Pollution

Water & marine resources

Biodiversity & ecosystem

Resource use & circular economy

Responsible business G1 Political decisions, change, legislation Corruption/bribery Management of supplier relations and payments Protection of whistleblowers Political engagement and lobbying

Social responsibility

S1-S4

Other work-related rights – internal Workers in the value chain

Affected communities Consumers and end users

GOAL MANAGEMENT PROCESS

Wibax' goal management process is a tool to ensure continuous development and ongoing improvement efforts at all levels within the organisation. For us, sustainability is not a separate activity but something that should permeate all parts of our business. Wibax' goal management model is based on our core values, which should permeate our daily operational work as well as our strategic goal management efforts.

Wibax sets goals in focus areas based on input from the board, owners, the group management's SWOT analysis, and the materiality analysis. Wibax has no variable remuneration linked to sustainability goals.

sessment is made for each aspect, and the relevant aspects are evaluated based on several criteria and from both perspectives. The assessment is based on internal and external inputs such as stakeholder dialogues (employees, customers, suppliers, management, board, industry organisations) and environmental analysis.

Results of this year's DMA showed that the most material issues for the Wibax group concern climate limitation, energy use and production, values, internal working conditions and supplier relations. These are found in the table below. The analysis has been ratified by Wibax management and presented to the board. Non-essential sub — sub topics have been grouped by area. Sustainability issues deemed non-essential are also managed within the group, and we also have methods, procedures, follow-up, and targets in many of these areas.

DOUBLY ESSENTIAL

Climate limitation – Scope 1 & 2

Energy – Energy consumption

Business ethics – corporate Culture

Own employees – Employment conditions

Own employees – Equal treatment and opportunity for all

MATERIAL TO INFLUENCE

Climate limitation – Scope 3, Supply chain

For 2024, six focus areas were chosen: brand, economic efficiency, growth, environmental sustainability, employees, and safety. In turn, each focus area has one or more strategic goals that indicate what we must achieve. Strategic goals with a clear connection to the materiality analysis are listed on the next page.

The strategic goals, in turn, result in a number of key activities that indicate the direction for how to achieve them. To foster participation and forward thinking, it is very important that the entire group is involved in the objective management work. Then each employee understands how they can participate and influence.

STRATEGIC GOALS FOR

MATERIAL SUSTAINABILITY ISSUES

Reduce our Scope 1 and 2 emissions by at least 42 per cent by 2030 compared to the base year 2021.

Percentage decrease of annual total emissions Scope 1 and 2 measured in tonnes CO2 eq compared with the outcome 2021

Climate limitation Scope 1 and 2

Climate limitation Scope 3

Energy consumption

Energy production

Business ethics – Corporate culture

Business ethics - Management of supplier relations

In normal operation, heating of facilities including cisterns must be renewable by 2025.

From the year 2030, 100 per cent of the company's vehicle fleet will be electric.

Wibax will measure emissions in Scope 3 and work to reduce emissions/distributed product.

Goals adopted for 2025

The company's vehicle fleet will be powered 100 per cent by selfproduced electricity by 2030.

Goals adopted for 2025

Wibax will engage with a supply chain that shares our values regarding human rights, labour law, the environment, and anticorruption.

Share of renewable energy at the group's facilities

Share of trucks that are powered by electricity, based on the number of vehicles at the year-end

Tonnes CO2eq/tonne processed per year

Own employees - Working conditions

Own employees – Equal treatment and opportunity for all

Wibax will work preventively to ensure that no serious accidents occur in the workplace.

Wibax will be an attractive workplace to attract, retain, and develop employees.

Goals adopted for 2025

Share of self-produced kWh consumed by the vehicle fleet

Supplier assessments must be conducted for all active A+B product suppliers over a twoyear period

Annually conduct supplier audits on 20% of our suppliers. The selection is based on A+B suppliers, as well as suppliers with increased sustainability risk.

LTIFR below 5

50 Risk assessments at loading and unloading sites per year

100 Walk and talks

Engagement index in the employee survey should be higher than 78 (Benchmark)

Certifications and audits

ISO CERTIFICATIONS

The Wibax Group is certified under a combined certificate that includes the quality management system ISO 9001 and the environmental management system ISO 14001. These management systems help Wibax to organise, streamline and assure the quality of operations. In 2024, preparations began to certify the group for occupational health and safety according to ISO 45001.

SUSTAINABILITY STATEMENT

Wibax Sales AB and Wibax Logistics AB hold sustainability certificates from the Swedish Energy Agency. A sustainability declaration is needed for the biofuels we sell to be eligible for support such as tax reductions and electricity certificates, as well as to be counted as zero emissions within the emissions trading system.

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), which is necessary to enable trade with 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' Fair Transport certification means that we meet set quality criteria and that this is continuously followed up via an independent third-party review. The certification ensures that our transports are carried out responsibly, safely and sustainably.

ACHILLES

Achilles is an international platform enabling the creation of industry standards for collection and validation of supplier information within various 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 Ecovadis platform, which is a sustainability assessment conducted by a third party. 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 result for 2023 is the latest assessment made in the system, which resulted in a Gold ranking, where Wibax Group's result was in the 98th percentile. A new assessment is scheduled to be conducted in 2025.

RESPONSIBLE CARE

Wibax is affiliated with Responsible Care, a voluntary, global chemical industry initiative that, in addition to compliance with laws and regulations, requires chemical companies to;

– Continuously improve the knowledge of environment, health, safety, and performance of our technologies, processes, and products throughout 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 concerns and expectations

– Collaborate with governments and organisations in the development and implementation of effective regulations and standards, and to meet or exceed them.

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

Climate and Environment

This section describes Wibax' efforts to reduce climate impact in our value chain and energy consumption, as well as progress, plans, and goals regarding climate and the environment. Wibax is actively working to reduce climate impact from our own operations and we are working to survey and measure emissions in the supply chain. Through our code of conduct, we require our business partners to reduce the negative environmental impact of their operations and to actively work to reduce their carbon emissions.

GOALS

• Reduce our emissions in Scope 1 & 2 by at least 42 per cent by 2030 compared to the base year 2021.

• In normal operation, heating of facilities including cisterns must be renewable by 2030.

• From the year 2030, 100 per cent of the company's vehicle fleet will be electric.

• Wibax will measure emissions in Scope 3 and work to reduce emissions/distributed product.

• The group's vehicle fleet will be 100 per cent powered by self-produced electricity by 2030.

POLICY

• Environmental policy

• Code of Conduct for business partners

• Sustainability strategy

MATERIAL CLIMATE AND ENVIRONMENTAL IMPACT

CLIMATE LIMITATIONS

SCOPE 1 & 2

CLIMATE LIMITATIONS

Scope 1

Wibax' operations generate greenhouse gas emissions primarily from our transport and storage activities. Wibax Logistics annually transports nearly 1 million tonnes of chemical products on the roads in the Nordic region and has a storage capacity of >800,000 m3

The products that Wibax purchase and sell on to customers generate greenhouse gas emissions during production and transport to Wibax facilities. Emissions within Scope 3 constitute a large part of Wibax' total emissions profile (Scope 1, 2, and 3). Emissions per product vary greatly both between products and producers. The Green Deal within the EU is expected to influence all producers to reduce their emissions. Wibax has little ability to influence producers to change and sees certain risks with increased costs and lower margins related to the green transition.

By leading the transition in the transport industry for heavy ADR-approved transports, we see an opportunity for increased market share.

Wibax' sale of bio oil for technical applications and combustion contributes to reduced climate impact for our customers.

ENERGY CONSUMPTION

ENERGY PRODUCTION

Wibax' operations consume energy, primarily in transport and storage activities. Fuel consumption accounts for approximately half of the group's energy consumption measured in kWh. The price of energy is expected to increase in the future, which implies a potential financial impact.

The planned production of renewable energy presents an opportunity for Wibax to secure the energy supply for our electrified vehicle fleet while also contributing to reduced strain on the power grids. In 2024, no own energy production has taken place.

CLIMATE LIMITATIONS

ELECTRIFICATION OF THE VEHICLE FLEET

To reduce our climate impact and meet our climate goals, electrification of the vehicle fleet is our most important piece of the puzzle. Based on the life cycle analysis for first generation electric trucks from Scania, total life cycle emissions for a battery electric vehicle (BEV) powered by wind energy are 86% lower compared to a truck with an internal combustion engine (ICEV).

Electrification is a "perfect fit" as the transport we carry out involves really large volumes and often fixed routes between terminal and industry. To load or unload a truck with liquid chemicals takes approximately 45 minutes, and if there is charging infrastructure at the loading and unloading sites, the driver can charge the truck at the same time. This means that no time is lost to charging and the vehicle fleet can remain efficient – electrification does not cause us to lose productivity.

By the end of 2024, two more ADR-approved electric trucks have been delivered to Wibax; they are the first two in serial production at Scania. The new trucks have been partially financed through support from the Climate Premium for heavy trucks, via the Swedish Energy Agency. These two, together with the existing electric truck of the pre-series model from 2022, mean that Wibax now has three electric trucks in its vehicle fleet. In 2024, 3 charging stations have also been installed to accommodate future trucks, one station in Finland and two in Sweden. The charging stations in Sweden have been co-funded by the Swedish EPA through the Klimatklivet initiative.

1.) Burul D. Scania, Life cycle assessment of distribution vehicles. Battery electric vs diesel driven.

OTHER DEVELOPMENT OF THE VEHICLE FLEET

Wibax aims to have a vehicle fleet with a high load weight. Higher total weight and thus load weight yields lower CO 2 emissions per tonne transported. Higher load weight also means fewer transports and thus greater public utility.

Through short road transports to customers, and good planning, combinations of different types of transport as well as storage and return flows, we create efficient logistics with low environmental impact.

Efficient resource use is one of the ways to reach the target of reducing our fossil footprint and minimising our energy use. This is achieved by regularly coaching our drivers in resource-efficient driving. Resource-efficient driving means reduced fuel consumption, reduced tyre wear, fewer repairs and maintenance, which results in lower environmental impact. Wibax Logistics AB has a tyre care agreement with Michelin that reduces our fuel consumption and thus our total CO2 emissions. 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.

FOSSIL-FREE ROAD TRANSPORT WITH WIBAX

To succeed in the climate transition, we must work together to reduce our emissions and reduce our dependence on fossil fuels. As part of Wibax' efforts to reduce dependence on fossil fuels, Wibax offers fossilfree land transport by refuelling with HVO for customers who want to reduce their fossil footprint. In 2024, more customers have ordered fossil-free transport using HVO and electricity. This resulted in us, together with our transport customers, reducing emissions by 259 tonnes of CO2 eq during the year.

HEATING DURING CISTERN STORAGE

Wibax stocks a variety of products at our terminals, where certain products for various reasons require heating, stirring and other energy-consuming equipment.

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 using bio oil or renewable electricity, during normal operation. After further conversions in 2024 from fossil fuel to renewable electricity at terminals in Finland, Wibax terminals in Kaskinen, Kemi, Kokkola, and Turku are fossil-free. The terminals in Hamina and Rauma have partially been converted. There are ongoing plans for further conversions in Finland and Estonia to achieve the goal of renewable heating of facilities by 2030. The terminals in these countries still have a heat retention system based on, among other things, fossil fuel.

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 for storage in cisterns in several locations throughout Sweden and Finland.

70.21 t

1,177,000 tonnes

Transported

9,018,000 km Driven

10.86 kg CO2 eq/t

transport emissions

GREENHOUSE GAS INVENTORY

The greenhouse gas inventory of the Wibax Group's operations has been conducted in accordance with the Greenhouse Gas Protocol. The purpose of the inventory is to, based on an established method, survey and map the organisation's climate impact on an annual basis (1 Jan–31 Dec). A more detailed summary of the inventory can be found on Wibax' website.

The emission sources included in the inventory and presented here are grouped based on:

• Scope 1: Terminal - heat maintenance via combustion of fossil oil (biogenic emissions are reported separately in the GHG inventory report), transport of chemicals carried out by Wibax Logistics, as well as service vehicles (passenger cars for use in service) and work machines at terminals and production.

• Scope 2: Electricity consumption at terminals, offices, and production, as well as heating of premises via district heating. Emissions are reported both as location-based and market-based emissions.

For the emissions that Wibax can directly influence themselves (Scope 1 and 2), it is Wibax' own transport

CHANGE IN EMISSIONS OVER TIME

Reduced emissions from terminals are a direct result of converting combustion boilers to electric boilers.

Increased emissions for the category of truck transport in Sweden and Finland are due to increased fuel demand as a result of an increase in the amount of transport in tonnes, expansion of the tanker truck fleet, and lower use of external haulage companies.

that constitutes the largest part of the company's emissions, with emissions from the heating of our terminals coming in second place.

GREENHOUSE GAS EMISSIONS (tCO2eq/kSEK)

Service vehicles Truck transport Sweden

Truck Transport Finland Electricity and district heating

Delayed delivery of electric ADR-approved trucks has delayed the expected reduction in emissions from transport by electric trucks. Changes in the reduction percentage in fuels have also affected emissions per litre and mainly concern the Swedish logistics operations where the share of renewables in the transport sector in 2021 was around 30% for diesel in Sweden, by 2024 it had been reduced to 6%.

ACTIVITIES WITH REDUCED CLIMATE IMPACT

During the year, several activities and projects have been carried out that have already reduced or will reduce Wibax' climate impact. The effect of the activities will be fully visible in 2025.

The forecast for the reduction of emissions from activities carried out in 2024 is promising, where the conversion of boilers at terminals is expected to contribute to an emission reduction for Wibax Terminals of approximately 29% (based on the change in consumption at the terminal since the conversion and averaged over a year). The investment in two electric trucks is expected to reduce emissions from transport by approximately 3% (based on the average impact per vehicle in 2024) and our agreements with customers to carry out fossil-free transport with HVO have resulted in an emissions reduction of about 81% for those specific transports (compared to using Wibax' regular diesel mix).

In total, these activities represent a potential reduction of approximately 7.4% in the group's total greenhouse gas emissions (Scope 1 and 2).

ENERGY CONSUMPTION

The Wibax Group's energy consumption stems largely from truck transport, followed by the terminals' energy requirements, primarily to keep products warm. Since 2019, Wibax has used 100% renewable electricity for its entire Swedish operations, and since 2021, 100% renewable electricity in Finland as well, with the exception of certain shared offices. The increase in energy consumption from 2021 is due to the acquisition of a

Potential reduction in climate impact per year from activities 2024

Finnish haulage company that took place in 2022, as well as growth leading to more trucks within the group, which increased fuel requirements. Conversions of heating boilers at the terminals reduce emissions, and also improve energy efficiency. The energy consumption at our terminals varies significantly as it is strongly linked to the different heating needs of various chemicals and which of those are stored in a particular year.

CLIMATE AND ENVIRONMENT – OTHER TOPICS

CHEMICAL MANAGEMENT

Annually, Wibax handles large quantities of chemicals and works to manage chemicals in a way that is safe for humans and the environment , ensuring that the handling of the products we place on the market meets current regulations and requirements. Our terminals have the necessary operational permits and technical barriers to reduce the risk of environmental pollution. The majority of our cistern parks have bunding, and terminals are continuously monitored and risk assessed. Identified points of potential emission are addressed. We provide safety data sheets to our customers for all our chemicals and other necessary information to ensure the safe handling and use of our products downstream. Wibax products are used by industry and professional operations.

CLASSIFICATION OF CHEMICAL PRODUCTS

Wibax ensures that the chemicals we place on the market are correctly classified according to CLP and REACH. Wibax products are mostly unclassified or classed as corrosive to skin/eyes. A low proportion of the products (based on tonnes sold) are classified as substances of concern according to CSRD. In the previous materiality analysis, the aspect "Substances of concern" was included as material because the company handles such products.

Wibax monitors the development of the EU's Green Deal and changes in the classification of chemical products. Only a small amount of "Substances of Very High Concern" (SVHC) is used to some extent in our laboratory as analytical chemicals. This statistic contributes to the fact that "Subjects of concern" are not assessed as a significant sustainability area for Wibax.

PRODUCT QUALITY

The chemicals we sell meet the technical and qualitative parameters set out in our product data sheets. Our quality control programmes also ensure that any additional quality requirements imposed on the products are met, for use in applications such as water purification or as food additives. We also ensure that our bio oils meet the requirements of the Renewable Energy Directive (RED) and Swedish sustainability law, and can therefore be classified as sustainable bio oils.

POLLUTION AND EMISSIONS TO LAND, AIR AND WATER

During the year, 9 incidents have been recorded, which have resulted in emissions to the external environment. The extent of the emissions has varied in size and involved both unclassified products and, for example, diesel leakage in connection with a traffic accident. All emissions have been cleaned up and the incidents have been managed through root cause analysis, action plans, and follow-up of action effectiveness, a process that is carried out for all deviations, accidents, and incidents. This is to minimise the risk of a similar incident occurring again.

Wibax' chemical production operations do not result in any emissions to air. Water used in, for example, Wibax' production plant and for washing of tankers in Piteå is monitored and processed internally to ensure compliance with limit values, and then sent to the municipal treatment plant.

OTHER RESOURCE USAGE

The primary water usage within the group occurs in various production processes where water is an integral component, a coolant in exothermic reactions or for cleaning tankers and packaging. Other water consumption is linked to staff spaces at our offices and terminals.

Amount of chemicals handled > 3,000,000 t

Total storage capacity of tanks for liquid chemicals > 800,000 m3

Number of products

>150

Responsible business

Wibax seeks to build relationships with business partners that are mutually beneficial and based on shared values and how we act within these areas. This section describes Wibax' work for responsible business conduct.

GOALS

• Wibax will engage with a supply chain that shares our values regarding human rights, labour law, the environment, and anticorruption.

POLICY AND GUIDELINES

• Core values

• Code of Conduct

• Money laundering and sanctions

• Bribes, gifts and benefits

• Sustainable purchases

• Whistleblowers

MATERIAL IMPACT BUSINESS BEHAVIOUR

CORPORATE CULTURE

MANAGEMENT OF SUPPLIER RELATIONS

CORPORATE

CORE VALUES

Wibax has an established corporate culture with values well communicated to the organisation, where the company's core values are developed and discussed with the employees. Wibax also has a code of conduct established by management. This is included in all employee onboarding and available on our website.

Through a strong corporate culture, which we strive to convey in our business relationships, the opportunity is given to spread good business ethics and a focus on sustainability in our business relationships, with the potential to create more business and increased growth.

Good relationships with suppliers and a quality supplier base has ongoing, positive, economic impact for Wibax. We prioritise long-term relationships. There is also strategy and an approach for managing suppliers that includes risks and monitoring of both social and environmental performance.

CULTURE

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 employees have collectively defined Wibax' core values.

CUSTOMER FOCUS

We believe in a close and flexible collaboration where the entire customer's business guides the way to the right solution.

SUSTAINABILITY

AND QUALITY

We set standards and we care. About customers, colleagues, and the environment.

AMBITION

We are driven by curiosity and are not afraid to challenge ourselves and our customers to find new solutions.

PARTICIPATION

We always act as a team and share responsibility, understanding, and pride.

CODE OF CONDUCT

Wibax' code of conduct is a significant part of our commitment to sustainable development and one of our tools to ensure responsible business practices internally at Wibax as well as within our supply chain. The code has been approved by the management of the Wibax Group and is primarily based on the fundamental principles of the UN Global Compact, which cover issues related to human rights, labour law, the environment, and anti-corruption, as well as on the UN's Sustainable Development Goals.

Our code of conduct can be summarised into the following sections: general obligations, legal compliance, sanctions and risks in the value chain, human rights, labour rights, environment, business ethics and anti-corruption, health, safety and work environment, as well as monitoring and compliance (suppliers' control of their value chain). All these parts are included as focus areas during the supplier audits. The target group for the code of conduct is the employees of the Wibax group, our suppliers, subcontractors, and customers.

STATEMENT AGAINST 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 should be characterised by impartiality and adhere to good business practices. Through our code of conduct, we also require our business partners to have zero tolerance for corruption.

Wibax has an anonymised whistleblower channel for employees and external parties (accessible via our website) which enables anonymous reporting of any serious misconduct within the group.

MANAGEMENT OF SUPPLIER RELATIONSHIPS

Wibax works actively to ensure that our purchases are ethically sound and that the suppliers we hire comply with laws, conventions and good business practices.

To be a potential Wibax supplier, the supplier must follow and endorse our code of conduct or have a code

CONTROL PROGRAMME FOR PRODUCT SUPPLIERS

As a distributor, efficient purchases with good long-term supplier relationships are of the utmost importance. We have a large global purchasing network with around a hundred suppliers located in more than 10 different countries, where the majority of suppliers are within the EU. Wibax conducts a supplier analysis of our suppliers based on factors such as spend, product type, and the criticality of the product for the business, which results in the classification of product suppliers into A, B, and C levels. Different levels of control primarily apply based on supplier class but also based on sustainability risk. The risk is based on whether the supplier is located in countries with an increased risk of violations in sustainability areas such as human rights, corruption, environment, as well as labour rights and equality.

New suppliers must undergo supplier assessment before procurement begins, regardless of the expected supplier class. A+B suppliers must undergo continuous assessment, every other year. The assessment is based on a self-declaration where the supplier answers questions about compliance with Wibax' COC and describes their environmental goals. The self-declaration is supplemented with additional aspects.

Supplier audits are conducted for Wibax A+B suppliers as well as suppliers with an increased sustainability risk. The audits aim to ensure that Wibax' suppliers meet the requirements set in our code of conduct.

of conduct that is deemed to be of the same scope as, or more extensive than, Wibax' code of conduct. Furthermore, these requirements must, within the limits of our suppliers' influence, also apply to subcontractors and subcontracted suppliers.

Compliance with Wibax' Code of Conduct

Self-declaration

Environmental goals

Supplier deviations

Sustainability risk

Economic assessment

They are carried out by an internal audit team or thirdparty auditors as needed. In practice, supplier audits mean that the supplier, among other things, must describe and demonstrate their production process, how they work with environmental issues and impact, how they manage risks and deviations for workplace safety and product quality, and how they handle their own procurement and supply chain control. The audits result in a basic report describing what Wibax has noted as well as any deviations or areas for development.

The audit programme spans a 5-year period and is updated annually based on new input from supplier analysis and purchasing patterns. In 2024, four supplier audits were conducted, which is fewer than the target; the reason was, among other things, an internal resource shortage related to parental leave.

SUPPLIER ASSESSMENT

Social responsibility

Wibax' work with social sustainability focuses on always working for an equal and fair society with equity 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.

GOALS

Our aim is for employees to feel involved, important, motivated and safe. Wibax must be a partner that stands for Good Chemistry at every stage. In this section, we describe the responsibilities of our employees with a focus on how we work with human rights, diversity and inclusion, working conditions, and community support.

• Wibax shall work proactively to ensure that no serious accidents occur in the workplace.

• Wibax shall be an attractive workplace to attract, retain, and develop employees.

POLICY AND GUIDELINES

• Core values

• Code of Conduct

• Traffic safety policy

• Employee policy

• Work environment and safety policy

MATERIAL IMPACT SOCIAL RESPONSIBILITY

WORKING CONDITIONS

EQUAL TREATMENT AND OPPORTUNITY FOR ALL

Good working conditions positively affect employees and the company, providing favourable conditions to fulfil growth plans. Working conditions include points such as secure employment, working hours, adequate wages, social dialogue, freedom of association, right to information and consultation, collective agreements, work-life balance, and health and safety.

Ensuring equal treatment and opportunities for all employees at Wibax not only has a positive effect on individuals and society at large but also provides good opportunities for growth. Equal treatment and good working conditions regarding equality, education and competence, inclusion, and measures against violence and harassment in the workplace attract the right competence and increase competitiveness.

WORKING CONDITIONS AND COLLEAGUES

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. All employees must have equal conditions, rights and development opportunities, and Wibax must put the skills of all employees to good use, thereby increasing efficiency and productivity. A safeguard for Wibax employees is that we follow collective bargaining agreements relevant to the industry and that our 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 wishes from the surrounding community, a key element of a sustainable and value-generating business.

During Wibax' annual autumn conference, where all employees gather, Wibax Awards were once again given out. The awards aim to highlight ambassadors, spotlight teams working on improvements, and recognise dedicated working groups.

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. At the beginning of the year, we conduct an employee survey to gather information about our employees' experiences regarding team effectiveness, leadership, engagement, and organisational and social work environment. Each working group draws up an action plan to work with the results.

In order to evaluate whether our efforts produce results, a couple of 'pulse checks' are carried out during the year. These focus on engagement and areas of improvement. The results for engagement from the latest survey in 2024 are as follows (to the right), where Wibax has a large proportion of satisfied and engaged employees, also an improvement from the previous year.

EMPLOYEE DEVELOPMENT

All permanent employees in the Wibax Group are offered an annual development meeting. The meeting is a way for 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.

WORK CONDITIONS AND COLLECTIVE AGREEMENTS

All employees are covered by collective bargaining agreements, and Wibax thereby ensures that all our employees have adequate salaries in line with industry practice and collective agreements. Wibax supports freedom of association and the right to form and join trade unions as well as to bargain collectively. All employees at Wibax have the right to take parental leave in accordance with national regulations. How the parental leave is distributed is up to each employee. Wibax monitors the use of parental leave.

EMPLOYEES AND HEALTH

All permanent employees in Sweden are offered regular, free health check-ups. The purpose of the health examination is to help employees maintain good

41% COMMITTED Employees who love their job and do it very well.

Employees who know what to do and do it.

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 with permanent contracts who work partially or entirely during the night are offered a medical examination in place of a health check-up. Furthermore, permanent employees in Sweden are offered the opportunity to take out private health insurance, which enables quick access to healthcare and a 14day care guarantee. In Finland, there is a different arrangement where private healthcare and occupational health services are interconnected.

To promote health and well-being in the workplace, Wibax has an active wellness programme where we offer grants and carry out joint wellness activities with a focus on habits and lifestyle. A wellness allowance is offered to all employees, and the arrangement regarding the wellness allowance differs between Sweden and Finland. In 2024, 40% of employees in Sweden and 59% in Finland utilised the wellness allowance.

In 2024, the wellness programme consisted of activities where employees could try different forms of exercise and activity. The most popular activity of the year was Training for Charity, where employees collectively accumulated training sessions that were converted into donations to the Swedish Childhood Cancer Fund in Sweden and the Cancer Foundation in Finland.

WORK ENVIRONMENT AND SAFETY CULTURE

Wibax systematically develops the work environment within the group. Wibax personnel must always use the protective equipment prescribed in specific areas within our operations and during designated work tasks. The protective equipment is provided by Wibax and we monitor safety aspects and conduct ongoing risk assessments on new and current jobs. All employees are covered by Wibax' management system, which includes health and safety. In 2024, work began to certify the group according to ISO 45001 – management systems for occupational health and safety.

ACTIVITIES FOR INCREASED SAFETY

During the year, safety days were conducted throughout the entire group, where the focus of the year was to clarify that together we create a safe working environment, both for ourselves and for our colleagues. During the safety days, employees gathered for lectures that described the systematic work environment efforts and conducted workshops in smaller groups to discuss various risk scenarios and other activities to increase risk awareness.

In addition to the safety days, Wibax runs an ongoing safety campaign throughout the year, highlighting a safety theme each quarter. Themes are chosen based on the risks and accidents that are of greatest relevance to Wibax employees. The annual themes are: 30-second risk analysis, protective equipment, traffic safety, and good examples. Every quarter, a summary safety sheet is also sent to all employees to highlight the safety theme of the quarter, provide statistics regarding the work environment and safety, disseminate information about any accidents, and share lessons learned.

PREVENTIVE SAFETY WORK

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

HEALTH AND SAFETY

works actively to register risk observations where root cause analyses are conducted on all risk observations and necessary measures are implemented. The result is then followed up. The target of 200 risk observations was just reached.

During the year, we have continued to actively work with so-called Walk and Talks, where the aim is to have short conversations between supervisors and employees about the employee's work environment. We see it as part of our work to develop our safety culture. Furthermore, our drivers conduct risk assessments at our customers' unloading and loading sites to ensure that they maintain a good working environment and meet the safety criteria set by us.

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 CPC 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.

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 affiliation, religion or other belief, disability, sexual orientation or age.

Under the motto "Wi care", all employees in Sweden completed digital training on the subject of offensive discrimination at the beginning of the year with the aim of raising awareness about the issue.

Annually, a survey, analysis, action plan and follow-up 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, whether as a job seeker during recruitment or as an employee in promotion. Wibax encourages everyone to apply for our vacant positions, and they are filled in an objective manner. Equal treatment in recruitment is ensured through the use of recruitment groups, a reference group, structured interviews, and a work psychological test with the aim of creating a decision-making basis that is not based on an individual's perception.

SOCIAL RESPONSIBILITY – OTHER

SPONSORING

Through sponsorship, Wibax wants to contribute positively to society. A common thread in our sponsorship collaborations is that they must be characterised by Good Chemistry. We strive for a balanced gender distribution and collaborations that benefit children and young people regardless of economic status or cultural background.

In 2024, we have sponsored, among others, Wibax Piteå IBK, Kiekko-Espoo, Piteå Elit, PIF Dam, Young Enterprise Norrbotten, and the Children's Cancer Foundation. Wibax has also had sponsorship collaborations with events such as Samhällsvinsten and Piteå Summer Games. In addition to these, a number of children and youth teams in various sports have also been granted Wibax sponsorship.

PRIZE FOR ENABLER OF THE YEAR

In 2024, Wibax continued its collaboration with Piteå Business Awards and is responsible for and presenters of the Enabler of the Year award. The criteria for nomination are that the business must promote innovative thinking and actively work with efforts that lead to inclusion and non-discrimination. In addition, the business must be an enabler in diversity, in a way that leads to better skills supply. The 2024 prize was awarded to Café på bit, which was praised for its welcoming of diversity and for creating a meeting place across generational boundaries.

WIBAX AS A FUTURE EMPLOYER

Wibax' strategic growth plan until 2030 indicates continued significant growth in both products and services, and to manage this growth, many new employees will be needed. Therefore, Wibax actively engages in various activities to attract new employees and young people to the industry and to Wibax. This includes activities ranging from participating in recruitment fairs and homecoming events to student visits and collaboration with the student radio station where they talk about Good Chemistry. To prepare space for our future colleagues, an expansion of the Piteå headquarters began in the summer of 2024, to add 60 new office spaces.

WIBAX AB 556262-9674

The board of directors and the managing director hereby submit the annual report and consolidated financial statements for the financial year 2024-01-01--2024-12-31.

MANAGEMENT REPORT WIBAX GROUP

THE NATURE AND FOCUS OF THE BUSINESS

The core business of the Wibax Group 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 100 per cent owned by Jonas Wiklund, Andreas Wiklund, David Wiklund, and Bo Wiklund.

WIBAX GROUP AB

The parent company Wibax AB was registered in 1986 but changed its name to Wibax Group AB in 2021. The headquarters 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 management.

WIBAX ENERGY AB

Wibax Energy AB is a wholly owned subsidiary of Wibax Group AB. The company's operations consist of conducting electricity production, trading in energy, and services and products related to energy activities.

WIBAX PRODUCTION SKELLEFTEÅ AB

Wibax Production Skellefteå AB is a wholly owned subsidiary of Wibax Group AB. The company's business consists of manufacturing, storage, sales, and distribution of chemical-technical products and related activities.

WIBAX SWEDEN AB

Wibax Sweden AB is the parent company of the Swedish group and is owned by Wibax Group AB. The Swedish group provides country-wide functions such as finance HR, quality, safety and environmental management. The Swedish group includes the companies.:

Wibax Sales AB

Wibax Logistics AB

Wibax Production AB

Wibax Performance Chemicals AB

Wibax Recycling AB

WIBAX SALES 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 mission is to fulfill the group's needs for land transport 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 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 wholly owned by Wibax Group AB. The Finnish group provides country-wide functions such as finance, HR, quality, safety and environmental management.

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 on more specfic specialty chemistry where our own products enable us to offer our customers a wide range of specialty and functional chemicals.

WIBAX LOGISTICS OY

Wibax Logistics OY's primary mission is to fulfil the group's need for land transport in Finland, 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 Oy is also responsible for the operation and maintenance of the group's terminals in Finland. With strategically placed terminals as well as a comprehensive tanker fleet, 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.

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.

THE GROUP'S OPERATIONS

Wibax' environmental goals, launched in 2023, mean that by 2030 we will have a 100% electric vehicle fleet fully powered self-produced electricity. In 2024, Wibax Energy AB was commissioned to build the group's infrastructure and the electricity production it requires. We also invested in more electric trucks, two of which were delivered at the end of 2024 and more are on the way in 2025.

In 2024, the Swedish transport operations were expanded to an additional location, Malmö, where we already have an established terminal for storage. With our own tanker truck transports based in Malmö, we can offer a more cost-effective and integrated logistics solution for our customers in southern Sweden. At the end of 2024, another investment in the Malmö terminal was initiated, which, when completed by the end of 2025, will mean greater storage capacity in the Nordic region and improved delivery reliability for our customers. The investment includes, among other things, an increased storage capacity of 20,000 m3 through the construction of two new cisterns. This will enable us to accommodate larger ships and thereby increase delivery reliability for our customers.

In May 2024, Bo Wiklund and Jonas Wiklund had the honour of being awarded the Royal Patriotic Society's Business Medal for creating and developing a sustainable chemical company with an integrated logistics chain. The medal, which was awarded by Princess Christina, was established in 1982 to honour remarkable individual contributions to Swedish enterprise.

INVESTMENTS

Our strategic growth plan towards 2030 continues as planned. In 2024, Wibax has begun an expansion of the headquarters in Piteå, which will create 60 new offices. We have continued to invest primarily in terminals, production, and systems support. The investments have largely been a matter of preventive safety projects, but also building for planned growth. The first two seriesproduced electric ADR-approved trucks from Scania's factory for electric trucks were delivered to Wibax in December 2024. To prepare for the electrification of Wibax' vehicle fleet, two additional charging stations have been installed in Sweden and one charging station in Finland. Wibax Production has invested in a new storage hall in Piteå. The hall provides increased storage capacity and improved internal logistics flow as well as an improved working environment.

BUSINESS DEVELOPMENT

Wibax operates globally and is affected by several global events. The turbulent times of recent years with geopolitical tensions and looming trade barriers seem to continue. Even though geopolitical tensions and threats of trade wars persist, the price effects on our products seem to have normalised during 2024.

Several of Wibax' products experienced a price peak in 2023, and in 2024, new normal levels have been established, making it easier to predict future price developments. The interest rate situation and capital cost have unfortunately negatively affected growth in Europe and particularly in our region. Several new establishments within our customer segments have been paused or terminated in 2024.

We continue to gain greater trust from our customers and have developed new business models in 2024 together with our strategic partners. Wibax' product portfolio and geographical distribution create a balance and enable continued volume growth in 2024.

QUALITY, SAFETY AND ENVIRONMENT

Permit matters and communication with authorities has been an important and significant part of our work in 2024 for several of Wibax' facilities, just as in previous years. Throughout the year, we have actively worked on developing our safety efforts, and we have consolidated the activities in our annual "Safety Days" with lectures and group exercises. We have carried out the annual external and internal audits for ISO 9001, ISO 14001 and ISCC. Furthermore, we have conducted a greenhouse gas inventory according to the GHG Protocol and trained ourselves in CSRD to prepare for next year's sustainability reporting.

OPERATING PERMITS

In Sweden, Finland and Estonia, Wibax conducts production and storage of chemicals that require a permit. All our terminals and our production operations are covered by some form of environmental permit. Our permits are of the utmost importance in enabling us to conduct our business. In Sweden, environmental permits are granted under the Environmental Code. In Finland, operations are licensed by the Regional State Administrative Agency and TUKES, and in Estonia there is an operating license in accordance with Estonian legislation. The environmental impact of the storage operations derives mainly from the heating of cisterns, which now uses both renewable and fossil fuels. Projects are ongoing to convert the heating to renewable energy. Other emissions to air related to the operation mainly consist of normal emissions from loading/ unloading tankers and loading/unloading ships.

Wibax has set a 2030 target for 100 percent of the company's vehicle fleet to be electric – and also 100 percent powered by self-produced electricity.

WIBAX SALES AB

2024 was marked by the turbulence of recent years,

including the war in Ukraine and its impact on the market. Demand has been negatively affected, which has impacted our customers over the past year. Wibax Sales' focus on strategic collaborations with our customers has continued to bear fruit and becomes even more important in times when demand is lower and there is a need to review ongoing flows to remain competitive over time. Continued investments in our terminals, including Malmö, have led to new growth opportunities in both new and existing markets. A new CEO was appointed during the year.

WIBAX LOGISTICS AB

Despite a weakened economy and a business cycle that has affected many industries, we have managed to find new business opportunities and thus experienced growth during the year, as well as increased our results compared to the previous year. We have chosen to place great emphasis on building a stable organisation, particularly in the transport operations, with the aim of meeting future growth and development. We also continue to invest in our terminals, and a decision to expand the terminal in Malmö was made in the latter part of the year, with the project starting shortly thereafter. The expansion involves an increase in storage capacity, which enables the handling of larger volumes that will benefit the entire group in the long term. We have also started our own transport services from Malmö, which has led to new hires and investments in new vehicles. With respect to our electrification journey, suppliers of the new electric trucks have struggled with delayed deliveries of the first series-produced trucks, resulting in our electrification being put on hold during 2024. The first two series-produced electric trucks were delivered at the end of December 2024. Electrification is both environmentally and financially sustainable and an important part of our continued development.

Transport operations in 2024 were characterised by large price increases in maintenance contracts, spare parts and other costs linked to maintenance.

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 would like to highlight renovation work on several depot staff areas during the year, to provide a better working environment for many of our employees.

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

Wibax Production has made several investments in 2024 to improve the working environment and efficiency in the production facility. One example is the new warehouse that enables rational handling and storage of our raw materials and products.

In 2024, production of solid aluminium sulphate, WiALG, has gained significant momentum, we have added employees and adjusted the shift schedule to meet customer demand for the water purification product. We are satisfied with the new facility and the goal is to further increase the production rate.

The paper and pulp industry continues to be our main customer, and the product Wiplex-Free is an important part of the company's growth journey. A new CEO will take office at the beginning of 2025.

WIBAX SALES OY

Wibax Sales Oy primarily operates in the paper and pulp industry, with other focus areas being the mining, chemical, and metal industries, as well as energy production and road maintenance. Sales have continued to develop favourably, yielding increased turnover despite falling market prices for key products. In order to offer creative comprehensive solutions to the market and take advantage of the group's expertise in storage and logistics, development of the collaboration with Wibax Logistics Oy has continued.

WIBAX

LOGISTICS OY

Wibax Logistics Oy is a provider of storage, handling and transport services for chemicals and other liquid products through strategically located terminals for storage and a well-renowned transport operator in Finland. Furthermore, Wibax Tank AS in Estonia, a service provider in tank storage and handling, continues to be operated through Wibax Logistics Oy.

In 2024, Wibax Logistics Oy made significant progress in developing operational capacity and preparing for continued growth. Market presence was strengthened, particularly in the southeastern region of Finland, by expanding transport operations and introducing several new trucks in this region.

With a focus on sustainability and operational efficiency, we converted the heating to electricity on several storage tanks at the terminals in Kemi, Rauma, and Fredrikshamn. In addition, a charging station was established at the terminal in Fredrikshamn to support the planned growth of the electric truck fleet, reflecting Wibax' commitment to reducing environmental impact.

In terminal operations, several investment projects were carried out in order to further improve efficiency and safety. Transport operations achieved SQAS certification at the Valkeakoski terminal, which underscores compliance with strict safety and quality standards.

Organisational growth with several new colleagues joining the team, supports the ambition to maintain a high level of service while scaling operations. Optimisation in transport operations and better utilisation of the truck fleet improves value generation for customers. With ongoing investments in infrastructure, prioritisation of sustainability, and promotion of operational excellence, Wibax Logistics Oy continues to position itself for sustainable growth while delivering value to customers and stakeholders.

WIBAX AS

In 2024, Wibax AS has grown and added market share. We see great growth potential in the industries we operate in, and our products are appreciated by our customers. We will continue our growth journey in Norway and grow with our strategic partners. High quality and secure deliveries enable us to deliver Good Chemistry throughout Norway in 2025.

FINANCIAL

FINANCIAL OVERVIEW

MULTI-YEAR COMPARISON GROUP, K SEK

MULTI-YEAR COMPARISON PARENT COMPANY, K SEK

PROPOSED ALLOCATION OF RESULTS

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

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

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.

INCOME STATEMENT

BALANCE SHEET

CASH FLOW ANALYSIS

ACTIVITIES

CASH FLOW FROM CHANGES IN WORKING CAPITAL

INVESTMENT ACTIVITIES

ACTIVITIES

ADDITIONAL INFORMATION FOR CASH FLOW ANALYSIS

Adjustment for items that are not part of the cash flow, etc

and

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).

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 corporate tax rate of untaxed reserves)) / Total assets.

Leasing

The Accounting Standards Board's general guidance on leasing agreements applies.

In the group, assets that are leased through a financial leasing agreement are reported as tangible fixed assets, while future leasing fees 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, as well as operational leasing agreements are recognised.

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 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, is 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 under 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 that 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 book and tax values for 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.

Commitments

Commitments to third parties that pertain to the financial year or previous financial years and which on the balance sheet date are either certain or probable as to their occurrence but uncertain as to amount or as to the time when they are to be fulfilled have been reported as provisions.

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 defined-benefit pension plans. Defined contribution plans are classified as plans where fixed fees are paid and there are no obligations, whether legal or informal, to pay anything further, beyond these fees. Other plans are classified as defined benefit pension plans. The company offers no other long-term employee benefits.

Estimates and assessments

The preparation of financial statements and the 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.

Group contributions

Group contributions received and paid are recognised as appropriations.

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

2) Of the parent company's pension costs, 629 (previous year 571) relate to the company's board and CEO concerning 2 (2) people.

3) Of the group's pension costs, 3,470 (previous year 3,543) relate to the company's board and CEO concerning 10 (10) people.

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 7 DEPRECIATION OF TANGIBLE AND INTANGIBLE FIXED ASSETS

NOTE 8 OTHER OPERATING EXPENSES

NOTE 9 PURCHASES AND SALES BETWEEN GROUP COMPANIES

NOTE

NOTE 11 INTEREST EXPENSES AND SIMILAR ITEMS

NOTE 12 APPROPRIATIONS

NOTE 13 TAX ON PROFIT FOR THE YEAR

NOTE 16 BUILDINGS AND LAND

NOTE 17 MACHINERY AND OTHER TECHNICAL FACILITIES

NOTE 18 EQUIPMENT, TOOLS AND INSTALLATIONS

NOTE

19 CONSTRUCTION IN PROGRESS

NOTE 20 OTHER LONG-TERM SECURITIES HOLDINGS

COMPANY Accumulated acquisition values:

the beginning of the year

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.

Subsidiary /Corp. ID no. / HQ /No. of

Wibax Sweden AB, 556346-1747, Piteå, 1,000

Wibax Production Skellefteå AB, 559439-9825, Piteå, 1,000

Wibax Energy AB, 559353-8993, Piteå, 1,000 shares

Wibax AS, 913456300, Skien (NOR), 100 shares

Wibax Finland OY, 3150976-6, Turku (FIN), 100

NOTE 22 PREPAID COSTS AND ACCRUED INCOME

23 CASH AND BANK

The parent company is the holder of the Group's cash pool account, the subsidiaries' share of cash pool accounts reported as cash and bank in the group.

NOTE 24 EQUITY

SHARE CAPITAL

The share capital consists of 12,000 shares with a quota value of SEK 100

NOTE 26 PROVISION FOR DEFERRED TAX

NOTE 28 CREDIT GRANTED

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 of directors and the managing director propose that the available profit, 271,132 (KSEK), be appropriated as follows:

NOTE 33 CONTINGENT LIABILITIES

NOTE 34 NUMBER OF SHARES

Anders Snell Chairman of the Board

Lars-Erik Aaro, Board member

Our audit report was submitted on 2025-04-10

Ernst & Young AB

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 Reg. No. 556262-9674

REPORT ON THE ANNUAL ACCOUNTS AND THE CONSOLIDATED ACCOUNTS

Statements

We have conducted an audit of the annual report and the consolidated financial statements for Wibax Group AB for the financial year 2024. In our opinion, the annual report and the consolidated financial statements have been prepared in accordance with the Annual Accounts Act and provide a true and fair view, in all material respects, of the financial position of the parent company and the group as of 31 December 2024, and of their financial performance and cash flows for the year in accordance with 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 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. Additional information consists of the sustainability report and can be found on pages 7 – 34 in 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.

• Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding the financial information of companies or business units within the group as a basis for making a statement regarding the consolidated financial statements. We are responsible for the management, supervision, and review of the audit work carried out for the purpose 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, identified deficiencies in internal control.

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 2024 and the proposed appropriations of the company’s profit or loss.

We approve that the general meeting disposes of the profit according to the proposal in the management report and grants discharge from liability to the board members and the managing director 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 obtained is sufficient and appropriate to provide a basis for our statements.

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 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 7-34 and for ensuring its preparation in accordance with the Annual Accounts Act.

Our review has been conducted in accordance with FAR's recommendation RevR 12 The auditor's statement 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 2025-04-10 Ernst &

Young AB

Magnus Holmgren Chartered accountant

WIBAX GROUP BOARD OF DIRECTORS

ANDERS SNELL

Chairman of the Board since 2011.

Master of Science in Chemistry at KTH

Senior business consultant

Other board roles:

Board Member, ÅF Technology Consultants, 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 Billerud-Korsnäs AB, CEO Billerud Karlsborg AB.

LARS-ERIC AARO

Board member since 2016.

Mining engineer (M.Sc.) from Luleå University of Technology.

Previous employment:

Sales Director for the ÅF Group and part of the executive management, CEO and Group President of LKAB, leading positions within Secoroc, Boliden, and AssiDomän.

Member of the Academy of Engineering Sciences (IVA) and holder of an honourary doctorate at LTU.

JONAS WIKLUND

Board member and co-owner of the WIBAX Group.

DAVID WIKLUND

Board member and co-owner of the WIBAX Group.

ANDREAS WIKLUND

Board member and co-owner of the WIBAX Group.

THE MANAGEMENT TEAM

JONAS WIKLUND

CEO Wibax Group AB

MAGNUS SUNDSTRÖM

Chief Logistics Officer Wibax Group AB

TERO VÄYRYNEN

CEO Wibax Finland OY

ANNICA PETTERSSON

Chief of HR, Wibax Group AB

KRISTOFFER ÖVERHEM CFO, Wibax Group AB

DAVID WIKLUND Business Area Manager Wibax Group AB

ANDREAS WIKLUND

Chief of House Property Wibax Sweden AB

FREDRIK NYBERG CCO & CBO Wibax Group AB

ANNA BERGVALL Chief of QSE, Wibax Group AB

TORE JOHNSON CEO Wibax Sweden AB