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Interim report Q1 2022/2023

CEO SØREN MALLING STATES:

“We have been through a first quarter with significant challenges with continued rising prices for raw materials, packaging, transport and not least energy, which has put our earnings under pressure. We are pleased that, despite the market challenges, we have succeeded in creating new business and have implemented increases in our sales prices – however volatility in demand on the international markets in particular and challenged supply chains have resulted in unsatisfactory results for the quarter.

A large part of our business is based in the entry-level price segment, where the margins are low, and sensitivity is therefore also greater when markets develop as they are developing right now. The uncertainties for the remainder of the year remain significant – in terms of the continued development of input prices and the importance of rising inflation for consumer behaviour. We are working closely together with our customers to create partnership-based solutions to ensure continued supply and mutual value creation. And we are continuing to work purposefully to ensure continued efficiency and savings in our supply chain and internal organisation. We expect these measures, combined with continued development of our business activities, to gradually contribute to improved earnings in the remaining part of the financial year.

Therefore, we maintain the expectations for the whole year of an EBITDA in the range of 63-103 mDKK and profit before tax in the range of -30-+10 mDKK.”

FOR FURTHER INFORMATION

CEO Søren Malling

Tel.: +45 58 16 88 88

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