Wibax Annual and Sustainability report 2023

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 wholly owned family business

REVENUE 2023

3,474 MSEK

305

Average number of permanent employees in 2023

CONTROLS THE ENTIRE CHAIN

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

Wibax total storage capacity in the cistern parks > 800,000 m 3 EST. 1986

chemicals handled

1 week

CEO STATEMENT

2022 ended as Wibax' strongest year of all time and there was great concern about how 2023 would develop. We were worried about falling prices after major hikes, and were proven right. The year began with relatively major price drops on several of our products, and with large stocks, this is particularly challenging. Through deliberate and persistent work that had already begun in late 2022, we have managed to counteract the effect really well, despite price drops and general volume reduction among our customers. Our 2023 is really strong and we have also been able to strengthen our liquidity in recent years through, among other things, good results. Overall, we now have a strong economy, well prepared for future development and growth.

The Finnish market continues to grow and we see greater and greater trust from our customers, a trust we intend to strengthen further. The organisation is developing with more colleagues to enable and ensure continued growth.

During the year, we have established Finnish headquarters in Helsinki and in that a seat for the company, which through its position simplifies communication with the group and creates good conditions for finding more talented colleagues.

In March, we opened a new production line for aluminium sulphate granules and that work has progressed well. The product is used in various industries as an input chemical, but perhaps primarily in water management as a flocculant. Today, we have stable production with good product quality and a production rate on par with what we aimed for in design. More and more customers are noticing the product, which feels good, and we are well on our way to reaching our sales targets. We are especially proud to be an important cog in the Swedish waste water purification machinery, and perhaps most importantly, the delivery of clean drinking water.

Jonas Wiklund

Control over the supply chain from producer to end customer

–

with

the customer in focus!

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

CU STOMER

KEY EVENTS IN THE YEAR

SHARPER ENVIRONMENTAL GOALS

One of the strategic environmental objectives has been revised and now reads: By 2030, 100 percent of the company's vehicle fleet must be electric –and also 100 percent powered by self-produced electricity.

INVESTMENT IN CHARGING INFRASTRUCTURE

To prepare for the electrification of Wibax' vehicle fleet, four more charging stations have been installed, three at our own facilities and one at one of our customers. The project has been partially financed by the Swedish Environmental Protection Agency through Klimatklivet.

CONVERSION OF HEATING BOILERS IN FINLAND

Heating boilers in Kemi and in Kaskinen have been converted from fossil oil to renewable electricity.

SAFETY DAYS

In the spring, Wibax conducted "safety days" for all employees, in order to strengthen our safety culture. The days consisted of lectures and group work.

SAFETY CAMPAIGN

During the year, a safety campaign with quarterly themes was introduced, aiming to highlight and work more actively with the theme in that quarter. This will be happening again in 2024.

NEW AWARD – ENABLER OF THE YEAR

In 2023, the Piteå Business Awards instituted a new award, Enabler of the Year, juried and awarded by Wibax. The criteria for nomination are that the business must promote innovative thinking and actively work with efforts that lead to inclusion and nondiscrimination. In addition, the business must be an enabler in diversity, in a way that leads to better skills supply. The award was given to Miljörivning i Norr.

CORE VALUES WORK

In 2023, the results of the further development of Wibax' core values were presented. An inclusive way of working has characterised the process, completely in line with the value of Participation, where employees have been able to have group conversations on our core values and what they mean. The views from the group discussions resulted in the development of the new value framework. During the annual leadership development days, the group's managers worked in a similar way with our core values for leadership.

LAUNCH OF THE NEW PRODUCT WIALG

In-house production of aluminium sulphate in granular form was launched in the spring, and deliveries to customers have begun, for use in drinking water purification among other things.

PLANS FOR BILLION INVESTMENT IN SKELLEFTEHAMN

Wibax initiated the permit process for a new production facility in Skelleftehamn, to manufacture water treatment chemicals and sodium hydroxide.

WIBAX JOINS VATTENINDUSTRIN

Vattenindustrin is the Swedish industry organisation for consultants, contractors and product suppliers in water purification and water treatment.

MAIN PARTNER OF SAMHÄLLSVINSTEN

Wibax is one of the main sponsors of Piteå IF's new initiative for children and youth in Piteå.

NEW OFFICE IN ESPOO FINLAND

Wibax Finland OY has established a new office outside Helsinki.

FIRST SPONSORSHIP IN FINLAND

Wibax Finland has started a sponsorship partnership with the Kiekko-Espoo hockey team for the 2023–2024 season. With the new office in Espoo, we want to support a local team and be part of KiekkoEspoo's journey towards success.

WELL-BEING PROJECT FOR DRIVERS IN SWEDEN

In 2023, we implemented a well-being project which involved a number of actions and activities to increase well-being and sense of participation in the driver group. The year began with an in-person event where drivers and managers met to discuss opportunities for improvement. During the year, we have, among other things, introduced monthly meetings, organised a vehicle day where the drivers got to meet and, among other things, test drive different types of trucks, as well as a trucking conference with lectures and group discussions.

SWEDEN'S BEST MANAGED COMPANIES

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

THE SUSTAINABILITY REPORT

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

covers the period 2023-01-01 – 2023-12-31. Acquisitions that took place during the reporting year are included in the sustainability report and are represented in the data unless otherwise stated.

OUR SUSTAINABILITY STATISTICS

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

At Wibax, we will be guided in our sustainability work by the company motto and core values; forward thinking, participation, sustainability and quality in all stages as well as customer focus, which we summarise in the term Good chemistry.

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

AGENDA 2030

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

We must work for optimised resource utilisation and conscious choices in areas such as product development, purchasing and operations. Wibax' goal is to 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 categorised by the 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.

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

OUR SUSTAINABILITY PROCESS

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

Wibax' objective management model is based on our values, which must be a core part of both our daily operational work and our strategic objective management work.

Objective management is divided into six focus areas; branding, 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. These then lead to a number of key activities that show us in which direction we need to move to achieve objectives.

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

STRATEGIC ENVIRONMENTAL GOALS

Wibax supports the Fossil-Free Sweden declaration. Our long-term strategic environmental and sustainability goals in 2023 are to:

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

MI L JÖMÅ L

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

– Reduce our emissions in Scope 1 & 2 by >42% by 2030 compared to the base year 2021. In line with science and SBTi.

– Wibax must monitor and work to reduce emissions in Scope 3/distributed product.

MATERIALITY ANALYSIS

Wibax' latest materiality analysis was conducted in 2023. In line with the CSRD EU directive (Corporate Sustainability Reporting Directive) and drafts of ESRS (European Sustainability Reporting Standards) available at the time. The analysis is made from two perspectives, both the company's impact on the community and/or the environment and how the community and environment affect us as a company. The new methodology for dual materiality analysis will help us as a business to understand our impact, risks and opportunities throughout the value chain, take into account business relationships and geographical location as well as development over time.

The analysis is made on all aspects of sustainability that have been deemed relevant for Wibax. The relevant

RISKS

sustainability aspects are determined based on several criteria and in both perspectives. The result is categorised based on risks and opportunities that show the, for Wibax, essential aspects regarding both our impact and the impacts we face.

The essential aspects are those deemed to have greater impact and deal with risks regarding Energy consumption, Climate limitations in the value chain and Sales of certain classified chemicals, as well as opportunities within the aspects of Wibax' value base, energy production and internal working conditions, climate limitations and equal treatment.

OPPORTUNITIES

Work-related

*Aspect with mandatory reporting

In our objective management, Wibax sets onjectives at group, company and department levels. The targets that have a connection to the materiality analysis carried out are set at group level.

Wibax aims to monitor and work to reduce emissions in Scope 3/distributed product, which can be linked to the risk of climate limitations in the value chain. In the work carried out with supplier assessments and

supplier audits, this issue is relevant. With regard to the opportunities that Wibax has identified in the materiality analysis, the parts linked to the employee can be found in our target management, where Wibax specifically has "Employees" as one of six focus areas. Furthermore, Wibax aims for our energy consumption to be self-produced by 2030, which can clearly be linked to the Energy production field of opportunity.

CERTIFICATIONS AND AUDITS

ISO CERTIFICATIONS

The Wibax Group is certified in a combined certificate regarding 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.

SUSTAINABILITY STATEMENT

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

ISCC

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

FAIR TRANSPORT

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

ACHILLES

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

TAP WATER CERTIFIED

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

ECOVADIS

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

The 2023 assessment resulted in Gold ranking, where Wibax Group's results were in the 98th percentile.

RESPONSIBLE CARE

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

• Continually improve knowledge of the 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 problems 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.

Using Responsible Care's Self-Assessment Tool, Wibax received the score 3.29 compared to the benchmark of 2.58 (Europe).

ENVIRONMENTAL ANALYSIS AND RISK MANAGEMENT

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

RISKS RELATED TO ENVIRONMENTAL PERMITS

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

S W O T

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

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

Strong economic fluctuations and changing customer needs may increase the risk of reduced sales volumes.

POLITICAL RISKS

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

Business risks can arise as a result of political decisions, sanctions or changes in legislation and regulations that apply in the various countries where Wibax does business.

Furthermore, issues related to antagonistic threats and situations such as cyber attacks, have become more relevant.

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

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

Wibax conducts active external monitoring to manage political risks and collaborates with both national and international industry organisations to address these risks.

Wibax regularly checks all partners against sanctions lists and works actively with external monitoring and development of our IT security.

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

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

OPERATING RISKS

RISK OF ACCIDENTS AND ILL HEALTH

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

RISK MANAGEMENT

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

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

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

RISK OF ENVIRONMENTAL IMPACT DUE TO RELEASE OF CHEMICALS

Accidental emissions to air and water can negatively affect the land and environment where they occur, and consequently Wibax' trust. Remediation can also be costly.

RISK OF INSUFFICIENT SKILLS SUPPLY

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

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

In order to prevent spills at depots, the majority of cistern parks are now embanked.

The terminals are subject to continuous risk assessment and monitoring, and identified potential emission points are addressed.

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

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

RISK OF DEFICIENCIES IN THE SUPPLY CHAIN

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

RISK OF INSUFFICIENT TECHNICAL DEVELOPMENT

One of Wibax' strategic goals is to aim for a leading position in the transition to fossil-free heavy transport, with the target that by 2030, 100 percent of the company's vehicle fleet will be electric – and also 100 percent powered by self-produced electricity. Risks here are that the technology does not develop quickly enough in this area, meaning that there are no technical solutions on the market.

By working with several suppliers on the same product to avoid supply shortages.

Wibax conducts external monitoring both of fuel supply options as well as of technological development to find suitable alternatives to reduce our fossil footprint.

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

FINANCIAL SUSTAINABILITY

At Wibax, financial sustainability means being flexible at all times to meet customer needs and adapt quickly in an ever-changing world. When we focus on valuecreating solutions based on the customer's needs and requirements, we can actively work on adapting our operations for the development of an up-to-date and sustainable product portfolio and logistics. This is reflected in our financial sustainability strategy.

FINANCIAL SUSTAINABILITY STRATEGY

Wibax must reach set growth targets and be a competitive option on the market. The growth goals are achieved through continued development of the product portfolio while the Group remains customerfocused, with a particular focus on cost efficiency and valuegenerating customer solutions.

PRODUCT PORTFOLIO DEVELOPMENT

Part of the development of our product portfolio is new self-produced products by the company Wibax Production AB in Piteå. In 2023, two new products have entered production; WiALG and WiPLEX. WiALG is aluminium sulphate in granular form, complementary to our production of liquid aluminium sulphate. WiPLEX is a complexing agent that has the ability to bind interfering metal ions in industrial processes.

GOLD MEDAL

FROM EC O VAD I S

Sustainability e orts reviewed by a third party

RENEWABLE ENERGY AT OUR FACILITIES

Reducing emissions for stored products

%

of customers have received what they expect from Wibax, or more.

CUSTOMER SATISFACTION

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

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

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

In 2023, 120 interviews were conducted with customers in both Sweden and Finland. Wibax has continued to meet our customer satisfaction target where 98% of customers have received what they expect or more, in 2023.

SUPPLIER AUDITS AND ASSESSMENTS

With a focus on our code of conduct, we work for a sustainable supply chain

ACTIVITIES FOR INCREASED SAFETY

Risk inventories, safety dialogues, and recurring safety days

SUSTAINABILITY – LOADED WITH GOOD CHEMISTRY

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

Through, among other things, process optimisations, smart logistics solutions with environmentally efficient transport solutions and storage, more environmentally friendly products, conversions of combustion plants from fossil oil to bio oil and sale of bio oil for combustion, we actively contribute to reducing our and our customers' fossil footprint. We also adapt our product and service range to market needs.

ENVIRONMENTAL SUSTAINABILITY STRATEGY

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

Share of vehicles with alcohol interlock/key cabinet* 88 %

98 %

Share of vehicles monitoring driver behaviour

27,200

Number of transports conducted by Wibax

Share of the vehicle fleet that is Euro 6 rated 95 %

Wibax transports must combine maximum quality and minimum environmental impact.

TRAINING HOURS /DRIVER

DRIVERS

ENVIRONMENT-CENTRED LOGISTICS

Wibax has 19 sea terminals and depots strategically located along the Swedish and Finnish coasts, as well as a terminal in Estonia. Through short road transports to customers, as well as good planning, combinations of different types of transport as well as storage and return flows, we create efficient logistics with low environmental impact.

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

ECONOMCIAL DRIVING REDUCES ENVIRONMENTAL IMPACT

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

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

Resource-efficient driving means reduced fuel consumption, reduced tyre wear, fewer repairs and maintenance, which results in lower environmental impact. Wibax Logistics AB also has a tyre agreement with Michelin, leading to a decrease in fuel consumption and thus in our total CO 2 impact. 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 about 25% less rolling resistance.

ON THE ROAD TO A SUSTAINABLE VEHICLE FLEET

In Wibax' operations, transport constitutes a large part of the company's climate impact, and in order to reduce this impact and achieve the set climate targets, the electrification of heavy trucks is an important piece of the puzzle. In 2022, Wibax' first ADR-approved 64-tonne electric truck was put into operation. The electric truck has been in service over two shifts during weekdays in Piteå, Sweden, for most of the year.

The truck is the first electric 64-tonne truck to enter traffic. The truck is part of REEL, Regional Electrified Logistics. An initiative led by CLOSER and carried out with support from the Vehicle Strategic Research and Innovation (FFI) programme to promote the transition to an electrified freight transport system in the Swedish market.

UNLOADING, LOADING AND CHARGING

The electrification of Wibax' vehicle fleet is a "perfect fit" as the transports we carry out involve really large volumes and fixed distances from terminals to industries. It takes about 45 minutes to load or unload a truck with liquid chemicals, and during that time the driver can charge the truck. This avoids wasting time on charging and the vehicle fleet remains efficient –we do not lose productivity.

The concept involves a different kind of charging infrastructure and a close collaboration with our custo-

mers to install chargers and optimise the logistics chain. For installations at customer locations, the conditions can be different and it is important to carry out risk analyses and learn from various conditions.

In 2023, three charging stations have been installed at Wibax terminals in Haraholmen, Härösand and Skutskär in preparation for future electric transport from the terminals. The charging posts have been partially financed by the Swedish EPA through Klimatklivet.

WIBAX LOGISTICS AB & OY

Transported 1,039,000 tonnes

Driven 7,603,000 km

Maximum combined gross weight of Wibax trucks

PARTNERS OF ELREGION NORRLAND

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

OTHER DEVELOPMENT OF THE VEHICLE FLEET

Wibax works to have a vehicle fleet with a high load weight. Higher total weight and thus load weight gives a lower CO2 emissions per tonne transported. Higher load weight also means fewer transports and thus greater community benefits.

We are actively working to implement rail transport in our logistics range and already offer a large number of container transports by rail.

FOSSIL-FREE LAND TRANSPORT WITH WIBAX

69,75 tonnes

Average gross weight of Wibax trucks

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

FOSSIL-FREE HEATING FOR 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 during normal operation using bio oil or renewable electricity. In Rauma, Finland, a heating boiler was converted from fossil oil to electricity in 2022, and in 2023, heating boilers in Kemi and in Kaskinen have been converted from fossil oil to renewable electricity. There are continued plans for further conversions in Finland and Estonia as the terminals still have a heat retention system based on, among other things, fossil oil.

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

BIO OIL

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

A key element in marketing bio oils is to motivate customers who currently heat their plants with fossil fuels, to convert them to bio oil.

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

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

CONVERSION AND HEATING Fossil-free heating of plants and cisterns

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

ENERGY SUPPLY

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

Since 2019, Wibax has had 100% renewable electricity for the entire group in Sweden, and since 2021 Wibax has had 100% renewable electricity in Finland as well. This results in a high proportion of green/renewable energy. After the acquisition of the Finnish terminals, both total energy use and the share of fossil energy have increased. With conversions from fossil oil to electricity or bio oil, we have obtained a higher proportion of renewable energy.

CARBON IMPACT

The greenhouse gas inventory of the Wibax Group's operations in 2023 has been carried out in accordance with the Greenhouse Gas protocol. The purpose of the inventory is to assess and map the operations' climate impact based on an established procedure. A summary can be found on Wibax' website.

DISTRIBUTION OF CO2 EMISSIONS PER CATEGORY

Inner circle 2021 Middle 2022 Outer 2023

EMISSIONS

The emissions inventory is defined based on the business's control over the activities and includes emissions for all Wibax companies from the first of January to the end of December. The emission sources included in the 2023 inventory are grouped here based on: Wibax' outbound transports to customers divided between internal and external carriers (based on fuel consumption and information from external carriers), Piteå HQ (property emissions, production consumption, electricity, heat), terminals in Sweden and terminals in Finland + Estonia (electricity, district heating and combustion of fossil oil for heating), as well as business trips by car (company service vehicles and personal trips by car).

The greenhouse gas inventory shows that the direct emissions in Scope 1, from Wibax-owned transport and other other vehicles constitute the largest amount of greenhouse gas emissions expressed in CO2-equivalents. Emissions in Scope 2 and 3 have decreased from 2021 to 2023, while emissions in Scope 1 have increased. The increase in Scope 1 is due to a higher number of transports of our own carried out in 2023, as well as the fact that the reduction duty was removed in Sweden in 2023, which resulted in a lower share of renewables in fuel. Emissions in Scope 2 have decreased due to a lower use of fossil fuels in heating tanks at our Finnish terminals. The reduction in Scope 3 in 2023 is due to a lower use of external carriers.

All in all, Wibax' own transport makes up the largest share of our operative emissions, with the emissions from heating our terminals coming in second.

Wibax' calculation methodology for transport emissions is based entirely on emission and reduction information from fuel suppliers and is divided between the Swedish and Finnish logistics companies.

The total emissions for the business have decreased, while the turnover has increased, which gives a trend that shows lower emissions per SEK of turnover.

2020 – acquisition of 9 terminals in Finland

Wibax Logistic AB Wibax Logistic OY

GHG INVENTORY SCOPES AND CATEGORIES

EMISSIONS TO GROUND, AIR AND WATER

In 2023, 36 deviations and incidents related to chemical spills, overflows or leaks linked to Wibax' operations were reported. No lasting environmental damage is deemed to have occurred during these events.

The extent of chemical spills, overflows and leakage has varied but in most cases involved only a minor local release within mechanical barriers such as unloading or loading bays and embankments.

10 traffic incidents with a risk of environmental impact have occurred during the year where clean-up of or around the roadway was necessary. In these cases, emissions have occurred outside technical barriers. Clean-up took place immediately after discovery and resulted in no continued environmental impact after the traffic incidents. These emissions have only involved a small amount of product.

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

EMISSIONS TO AIR

No emissions to air from the operation have occurred in 2023, except for emissions linked to transport.

WATER USE AND DISCHARGE

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

No direct emissions to water recipients have been reported during the year. Water 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.

Wibax'

SOCIAL SUSTAINABILITY

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

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

Our aim is for employees to feel involved, important, motivated and safe. Wibax must be a partner that stands for good quality at all levels.

WIBAX' SOCIAL SUSTAINABILITY STRATEGY

Wibax must be an attractive employer. By actively working with sustainability, we contribute to a better society and become a more attractive supplier and employer. Through control of the supply chain, we must ensure quality and security of supply, with no negative impact on human rights.

RESPONSIBLE BUSINESS

Wibax' code of conduct is part of our responsibility for sustainable development and one of our tools to ensure responsible business at Wibax and within our supply chain. The code has been approved by Wibax Group management, and is mainly based on the basic principles of the UN Global Compact, which covers issues related to human rights, labour law, the environment and anti-corruption, as well as the UN SDGs. The target group for the code of conduct is Wibax Group employees, our suppliers, subcontractors and customers. Our code of conduct is available to all our employees and is also included in the induction program for new hires. The code is also available in its entirety on Wibax' website.

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

ANTI-CORRUPTION AND BRIBERY

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

SUSTAINABLE PURCHASES

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

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

SUPPLIER ASSESSMENTS AND AUDITS

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

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

An audit programme has been instated, with the objective that all strategic suppliers for our trading products and raw materials must be audited within a 5-year period, meaning approx. seven audits per year.

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

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

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

3. We expect all our business partners and suppliers that we engage to follow our code of conduct and support the ten basic principles of the UN Global Compact. In addition, these requirements shall, within the limits of our suppliers' influence, also apply to

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

SUPPLIER ASSESSMENT

Compliance with the Wibax Code of Conduct

Self-declaration

Environmental goals

Supplier deviations

Supplier risks based on risk countries

Economic assessment

Supplier assessments conducted in 2023 7

Supplier audits conducted in 2023

subcontractors and subcontracted suppliers, via control of the supply chain.

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

In 2023, seven supplier audits and a follow-up of previous audits were carried out. Wibax has its own audit team, but also uses third-party auditors as necessary.

SPONSORING

Through sponsorship, Wibax wants to contribute positively to society. We see sponsorship as a collaboration that will benefit both parties. Our sponsorships should consistently be characterised by Good Chemistry, we strive for gender equality and collaborations that benefit children and youth, regardless of their economic or cultural background.

Following the establishment of a Finland office in Espoo in 2023, Wibax Finland began a sponsorship of the ice hockey team Kiekko-Espoo, in order to support a local team and be part of their journey to success. In Sweden, Wibax continues to sponsor the floorball team Wibax Piteå IBK, which bears our name. In 2023, we have also sponsored Piteå Elit, PIF Dam, Young Achievement Norrbotten and the Childhood Cancer Fund. In addition to these, a number of children and youth teams in various sports have also been granted Wibax sponsorship.

We have also sponsored some local events such as Samhällsvinsten, Piteå Summer Games and Race of Champions.

WIBAX AS A FUTURE EMPLOYER

Wibax has participated in various recruitment fairs such as LARV (Luleå labour market week), the largest annual event at Luleå University of Technology (LTU).

In a lunchtime lecture in late 2023, business development manager, Simon Hedin, spoke to LTU students about business development in the chemicals industry, how different branches of engineering can work together and what career opportunities are available at Wibax.

Wibax was involved in developing a new "homecomer concept" which was launched over Christmas. Here, Wibax representatives had the opportunity to meet former Piteå locals who were home for Christmas, as well as other jobseekers in the region, and tell them about our operations and job opportunities in Piteå.

Wibax once again participated as main sponsor at PS. Miss you, a homecoming event at Skansen, Stockholm,

aimed at showcasing opportunities in jobs, housing, schools and leisure. Among those invited were former residents of Norrland, and others curious about what's going on up north.

During the year, high school students from the automotive programmes in Piteå and Skellefteå have been on study visits to learn more about what it's like to work as a mechanic or tanker driver, and what Wibax can offer in terms of internships and jobs in the future.

FOCUS ON DIVERSITY AND INCLUSION – ENABLER OF THE YEAR

In 2023, the Piteå Business Awards instituted a new award, Enabler of the Year, juried and awarded by Wibax. 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 award was given to Miljörivning i Norr.

EMPLOYEES

ATTRACTIVE EMPLOYER

Wibax' values are the force we need to develop a shared, strong and lasting culture that both supports the business and motivates our employees. Wibax wants to be a workplace where everyone feels a sense of belonging, appreciation and pride and where all employees are part of teams working towards a common goal. 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 safety 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.

In 2023, the Wibax Awards were launched. An award that aims to promote ambassadors, highlight teams working on improvement and draw attention to committed working groups.

EMPLOYEES AND HEALTH

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

WELLNESS

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

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

During 2023, the wellness program consisted of activities where the employees had the opportunity to try different forms of exercise and activities such as; step competition, weekly training challenges, gym training, mushroom course, digital lecture series on the theme of nutrition, health bingo and Wibaxjoggen, a 5 km run where everyone can get around at their own pace. The wellness programme is a blend of activities on site at the head office in Piteå and location-independent challenges.

Wellness allowance is offered to all employees, the structure of health care subsidies is different between Sweden and Finland. In 2023, 49% of employees in Sweden and 55% in Finland used the health care allowance.

Joakim Sandberg, Sweden Ambassador of the Year

Reija Tuomisto, Finland Ambassador of the Year

PARENTAL LEAVE

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

EMPLOYEE DEVELOPMENT

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

EMPLOYEE SURVEY

DISTRIBUTION BY GENDER

Drivers Managers

Group mgmt Board

Wibax group

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 learn more about employee experiences of team effectiveness, leadership, commitment, and the 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 of the latest survey in 2023 look as follows for commitment, where Wibax has a large proportion of satisfied and engaged employees. DISTRIBUTION

INCREASE IN THE SHARE OF WOMEN IN THE GROUP

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.

Annually, a survey, analysis, action plan and follow-up of equal treatment is done in collaboration with trade union parties and other employee representatives.

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

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

WORK ENVIRONMENT AND SAFETY CULTURE

Wibax works with systematic work environment efforts within the group, with a work environment policy and a safety policy. Wibax employees must always use the protective equipment recommended and provided by Wibax for specific work steps and at specific locations within our operations. Wibax follows up on safety aspects and performs continuous risk assessment of new and existing jobs.

In 2023, safety days were carried out within the entire group, with the aim of increasing Wibax employees' risk awareness and creating a safe working environment, together, both for ourselves and our employees. During the safety days, employees gathered for lectures and workshops in small groups to discuss various risk scenarios and other activities to increase risk awareness.

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.

In 2023, we have worked actively to register risk observations in our operations. We did not fully reach the goal, but we can see a significant increase in the number of reported risks.

In 2023, we have worked actively with so-called Walk and talks, focused on short conversations between supervisors and employees about the employees' work environment. We see it as part of our work to develop our safety culture.

Furthermore, our drivers carry out risk inventories at our customers' unloading and loading locations, to ensure that they maintain a good working environment.

LTIFR (LOST TIME INJURY FREQUENCY RATE)

The LTIFR is calculated based on the ratio between the number of accidents that have led to absence of at least one day, where a medical examination was required, during the accounting period and the total working time. The ratio is calculated relative to one million working hours. For the Wibax Group, the LTIFR is 9.6 for 2023 (bar), based on five (5) accidents (line).

LTI TREND OVER LAST 5 YEARS

Our goal Results

TRAINING IN HEALTH AND SAFETY

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

WIBAX AB 556262-9674

The Board of Directors and Chief Executive Officer hereby present the annual report and consolidated report for the financial year 2023-01-01--2023-12-31.

MANAGEMENT REPORT WIBAX GROUP

THE NATURE AND FOCUS OF THE BUSINESS

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

OWNERSHIP

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

WIBAX GROUP AB

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

WIBAX SWEDEN AB

In 2022, the company changed its name from Wibax Industrial AB to Wibax Sweden AB and the previous

operations were moved to the sister companies Wibax Sales AB and Wibax Production AB. Since 2022, Wibax Sweden AB is the parent company of the Swedish group and the company provides nationwide functions such as finance, property, HR, quality, safety and environmental management.

The Swedish group includes the subsidiaries:

Wibax Sales AB

Wibax Logistics AB

WIBAX Production AB

WIBAX Performance Chemicals AB

WIBAX Recycling AB

WIBAX SALES AB

In 2022, the company changed its name from Wibax Chemicals AB to Wibax Sales AB and merged with sister company Wibax Biofuels AB. Wibax Sales AB is responsible for all sales of chemicals, bio oils and salts. The company also focuses specifically on specialty chemistry, where our own products let us offer customers a wide range of specialty and functional chemicals. We also offer technical expertise for implementation and optimisation in bio oil plant conversions.

WIBAX LOGISTICS AB

Wibax Logistics AB's primary task is to cover the group's land transport needs in Sweden, but it also provides some external logistics services. The transport company sets a very high standard and quality for its vehicles, and also for 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 costeffective logistics solutions from production to the end customer and the best level of service.

WIBAX PRODUCTION AB

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

WIBAX PERFORMANCE CHEMICALS AB

Wibax Performance Chemicals AB is a wholly owned subsidiary of Wibax Group AB.

WIBAX RECYCLING AB

Wibax Recycling AB is a wholly owned subsidiary of Wibax Group AB.

WIBAX FINLAND OY

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

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

WIBAX TANK AS

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

WIBAX AS

Wibax Sales 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 on the Norwegian market.

THE GROUP'S OPERATIONS

In February 2023, we launched our new environmental goals at the Green Champions seminar in connection with the Race of Champions. Wibax' environmental goals mean that we will have a fully electrified vehicle fleet by 2030, 100 percent powered by self-produced electricity from new sources of sustainably produced electricity, which will be unique on the Swedish market. It is a goal not only for sustainability from an economic and environmental perspective, but also for social sustainability.

Because of the new environmental goals, we have started the company Wibax Energy, tasked with creating conditions for electricity production. The company, whose operations will start in 2024, will invest in and operate our charging infrastructure. With our growth, there will also be more colleagues. The organisational change we implemented in 2022 is now complete and provides good conditions for a growing organisation. In order to achieve the planned growth in the coming year, we need to continue strengthening our organisation and have set a goal of 500 employees in the Wibax group by 2030.

In 2023, for the second consecutive year, we received the award "Sweden's best managed company". It is an award that highlights successful, private Swedishowned companies based on perspectives of strategic focus, operational structure, corporate culture and economic development.

INVESTMENTS

In 2023, we have not made any major individual investments, but have continued to invest mainly in terminals, production and systems support. The investments have largely been a matter of preventive safety projects, but also building for planned growth.

EXPECTED FUTURE DEVELOPMENT

Given the global unrest, it is difficult to predict how prices and market conditions will be affected. We believe and hope that the market will recover after the 2023 downturn. We feel secure in our unique business model where we manage the entire supply chain with sales, storage and transport, which allows us to adapt and adjust quickly in a volatile market.

BUSINESS DEVELOPMENT

Global unease in the form of war, high inflation, rate hikes and the fact that the global economy entered a mild recession in 2023, has affected Wibax customers, resulting in reduced product use during the year. The weak Swedish krona gave the Swedish export companies a competitive advantage and they thus kept up production at the beginning of the year, while we saw a more rapid slow-down on the Finnish side. The reduced demand has resulted in longer maintenance stops for our customers in the basic industry and greatly reduced prices for many of Wibax' basic products.

Despite reduced withdrawals and falling prices, Wibax has managed to navigate the downturn successfully thanks to our local presence and control over our own logistics chains, which has given us the opportunity to quickly redirect deliveries and stock levels, which has been favourable for our customers. We have once again shown that Wibax' strong logistics network consisting of 19 terminals in Sweden, Finland, Estonia and its own truck fleet make Wibax a strong strategic partner for customers with high demands on delivery security and flexibility. The growth and profitability targets set for 2025 have once again been exceeded and we have shown that Wibax' business model is stable during both ups and downs in the business cycle.

During the autumn, the first version of Wibax' growth plan 2030 was produced in a collaboration between Wibax' various companies and support functions. During the month of December, it was presented to the board how Wibax, through ambitious growth areas, will reach our lofty goal to jointly create Wibax and our customers' sustainable future in 2030.

QUALITY, SAFETY AND ENVIRONMENT

Permit matters and communication with authorities has been an important and significant part of our work in 2023 for several of Wibax' facilities, just as in previous years. During the year, we have worked actively to develop our safety initiatives, where we have, among other things, introduced themed, quarterly safety campaigns; 30 second risk analyses, protective equipment, traffic safety and good examples. We also gathered for Safety Days centered on all those activities, including lectures and group exercises. We have carried out the annual external and internal audits for ISO 9001, ISO 14001 and ISCC. Furthermore, we performed a greenhouse gas inventory according to the GHG Protocol, and underwent training in science based targets, in order to propose a science based environmental target. This target was then adopted by group management. In the field of product quality, during the year we have implemented a lab system for better administration of the analysis results.

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 carried out with licenses from the Regional State Administrative Agency and TUKES, and in Estonia there is an operating license according to 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 air emissions 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

2023, just like the year before, has been marked by the war in Ukraine and its impact on the market. Unlike in 2022, prices of most of our products have fallen, and simultaneously demand has also fallen due to the current world economy.

Wibax Sales has been able to handle the situation in a good way, we were able to balance our stock and ensure that our customers received timely product deliveries.

We have continued to grow a lot thanks to an increased demand for locally produced products, WiPLEX-Free, in particular, has been a standout product. The product WiALG was well received by our customers as the previous competitive situation in combination with a growing demand for water purification products created challenges for customers.

WIBAX LOGISTICS AB

2023 has been a year of growth and development. Despite a globally weakened economy that has affected many industries, we have managed to find new business. We have chosen to put a lot of focus on vehicle development and preparations for the launch of an electrified vehicle fleet. Electrification is both environmentally and financially sustainable and an important part of our continued development. We also continue to invest in our terminals, which provide a stable foundation for continued growth.

Transport operations in 2023 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. We have also had successful customer projects on the terminal side, one of the larger ones will be put into use in early January 2024.

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 remarkable breadth,

skills, flexibility and strong security of supply. Strengths that, combined with the group's flows and return flows from customers yield sustainable logistics solutions.

WIBAX PRODUCTION AB

During the year, Wibax' production company has grown in terms of both turnover and staff. Two new strategic products were launched in 2023. The first is aluminium sulphate in solid form, WiALG, which has been delivered to our customers all over Sweden since the beginning of the year. An important area of use is purification of drinking water by municipal utility companies. The other product is WiPLEX-Free – used in the paper and pulp industry. During the year, plans have been made for continued growth and many interesting opportunities are being investigated to further strengthen Wibax' position as a supplier of water purification chemicals.

WIBAX SALES OY

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

WIBAX LOGISTICS OY

Wibax Logistics Oy offers storage, handling and transport of chemicals and other liquid products through strategically located tank storage infrastructure and reputable transport operations in Finland. Wibax Tank AS which handles storage and handling services in Estonia is also managed through Wibax Logistics Oy.

In 2023, organisational changes were made in Wibax Logistics Oy in order to prepare the company for upcoming business growth. Wibax Logistics is well positioned in the market and strives for sustainable growth. Global turmoil has affected some of our customers but we have been able to navigate the challenges with limited impact on our business. We have continued to improve our operations by maintaining and investing in our facilities throughout the terminal network. For example, we have installed electric heating in some of the storage tanks at our terminals in Kaskinen, Kemi and Hamina.

WIBAX AS

In 2023, Wibax AS has grown and taken additional market shares. We see great growth potential in the industries in which 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 safe deliveries enable us to deliver Good Chemistry throughout Norway.

FINANCIAL OVERVIEW

WIBAX SALES AB Sales – EBIT 2021–2023

WIBAX SALES OY Sales – EBIT 2013–2023

WIBAX LOGISTICS AB

WIBAX LOGISTICS OY

FINANCIAL OVERVIEW

MULTI-YEAR COMPARISON GROUP, KSEK

MULTI-YEAR COMPARISON PARENT COMPANY, KSEK

PROPOSED ALLOCATION OF PROFIT

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

FINANCING ACTIVITIES

ADDITIONAL INFORMATION TO 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. This method means that the acquisition of a subsidiary company is viewed as a transaction whereby the parent company indirectly acquires the subsidiary’s assets and assumes its debts. 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 receivables relating to loss deductions or other future tax deductions are reported to the extent that it is likely that they can be offset against future tax surpluses.

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

Provisions

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.

NOTE 5 LEASING AGREEMENTS

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

2) Of the parent company's pension costs, 571 (prev. yr: 552) relate to the company's board and CEO with respect to 2 (2) individuals.

3) Of the group's pension costs, 3,543 (prev. yr. 920) relate to the company's board and CEO with respect to 10 (3) individuals.

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

NOTE 7 DEPRECIATION OF TANGIBLE AND INTANGIBLE FIXED ASSETS

NOTE 8 OTHER OPERATING EXPENSES

NOTE 9 PURCHASES AND SALES BETWEEN GROUP COMPANIES

NOTE 10 OTHER INTEREST INCOME AND SIMILAR ITEMS

NOTE 11 INTEREST EXPENSES AND SIMILAR ITEMS

NOTE 12 APPROPRIATIONS

NOTE

13 TAX ON PROFIT FOR THE YEAR

Accumulated acquisition

NOTE 16 BUILDINGS AND LAND

NOTE 17 MACHINERY AND OTHER TECHNICAL FACILITIES

Accumulated

In 2023, the parent company received a grant of 0 (310) kSEK in climate investment support.

NOTE 18 EQUIPMENT, TOOLS AND INSTALLATIONS

NOTE 19 CONSTRUCTION IN PROGRESS

NOTE 20 OTHER LONG-TERM SECURITIES HOLDINGS

NOTE 21 SHARES IN GROUP COMPANIES

PARENT COMPANY

Accumulated acquisition values:

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 shares

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

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

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

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

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

NOTE 22 PREPAID COSTS AND ACCRUED INCOME

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

NOTE 28 CREDIT GRANTED

Overdraft facilities

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

NOTE 29 OTHER LIABILITIES TO CREDIT INSTITUTIONS

NOTE 30 ACCRUED EXPENSES AND PREPAID INCOME

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

The Board and CEO propose that available earnings, 229,300 (KSEK), be appropriated as follows:

NOTE 32 PLEDGED ASSETS

NOTE 33 CONTINGENT LIABILITIES

Anders

Chairman of the Board

Andreas Wiklund , Board member

Our audit report has been submitted on 2024–04–23 Ernst & Young AB

Magnus Holmgren Chartered Accountant

Jonas Wiklund CEO

Rolf Back, Board member

Lars-Erik Aaro, Board member

Bo Wikund, Board member

Snell

Stina Blombäck, Board member

David Wiklund , Board member

AUDIT REPORT

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

REPORT ON THE ANNUAL ACCOUNTS AND THE CONSOLIDATED ACCOUNTS

Statements

We have performed an audit of the annual accounts and consolidated accounts for Wibax Group AB for the financial year 2023. In our opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view in all material respects of the parent company's and the group's financial position as of 31 December and of their financial results and cash flows for the year according to the Annual Accounts Act. The management report is consistent with the other parts of the annual accounts and consolidated accounts.

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

Basis for opinions

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

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

Information not pertaining to the annual accounts and the consolidated accounts

The Board of Directors and the CEO are responsible for this information. This information consists of the Sustainability Report and is found on pages 7-30 of the annual report.

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

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

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

Responsibilities of the Board of Directors and the CEO

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

consolidated accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual 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 conso-

lidated accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern.

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

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

We are responsible for the management, supervision and execution of the group audit. We are solely responsible for our statements. We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified.

REPORTS ON OTHER STATUTORY AND REGULATORY REQUIREMENTS

Statements

In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Chief Executive Officer of Wibax Group AB for the financial year 2023 and the proposed appropriations of the company’s profit or loss.

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

Basis for opinions

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

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

Responsibilities of the Board of Directors and the CEO

The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable given 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 CEO shall manage the ongoing administration according to the Board of Directors’ guidelines and instruc-

tions and among other matters take measures necessary to fulfil the company’s accounting in accordance with law and handle the management of assets in a reassuring manner.

Auditor's responsibilities

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

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

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

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

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

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

Auditor's

opinion on the Statutory Sustainability Report

The board is responsible for the sustainability report on pages 7-30 and for ensuring its preparation in accordance with the Annual Accounts Act.

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

A sustainability report has been prepared.

Piteå 2024-04-23

Ernst & Young AB

Magnus Holmgren Chartered accountant

THE BOARD OF DIRECTORS OF THE WIBAX GROUP

BO WIKLUND

Board member

Engineer

Founder and partner in the WIBAX Group.

JONAS WIKLUND

Board member and partner in The WIBAX Group.

DAVID WIKLUND

Board member and partner in The WIBAX Group.

ANDREAS WIKLUND

Board member and partner in The WIBAX Group.

ANDERS SNELL

Chairman of the Board since 2011.

Master of Science in Chemistry at KTH

Senior business consultant

Other board roles: Board member ÅF, Executive member of the ÅForsk Foundation

Previous employment: Senior Vice President BillerudKorsnäs, Senior Vice President Assi Domän, CEO Grycksbo Finpappersbruk, CEO Norrsundet Bruks AB

STINA BLOMBÄCK

Board member since 2015.

Master of Science in Chemistry at KTH. CEO, Senior Consultant for Brännbacken Projekt AB.

Other board roles include Luleå Energi AB and Part Construction AB.

Previous employment: Sustainability and Energy Director BillerudKorsnäs AB, CEO Billerud Karlsborg AB.

ROLF BACK

Board member since 1995.

Doctor of Economics from the Stockholm School of Economics. Has held a number of CEO positions in companies of various sizes and in various industries, including a number of board assignments. Has been head of research at GI-IHR, Stockholm University and professor at Luleå University of Technology. Member of the Royal. Academy of Engineering Sciences (IVA) and the Norrbotten Academy.

LARS-ERIC AARO

Board member since 2016.

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

Previous employment:

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

THE MANAGEMENT TEAM

JONAS WIKLUND CEO Wibax Group AB

MAGNUS SUNDSTRÖM Operations Manager Group Logistics

TERO VÄYRYNEN CEO Wibax Finland OY

FREDRIK NYBERG CCO Wibax Group AB

DAVID WIKLUND CEO Wibax Sales AB

ANNICA PETTERSSON Chief of HR, WIBAX GROUP AB

MARKUS HOLMLUND CEO Wibax Production AB

KRISTOFFER ÖVERHEM CFO, Wibax Group AB

ANDREAS WIKLUND Chief of House Property Wibax Sweden AB

ANNA BERGVALL Chief of QSE, WIBAX GROUP AB

TORE JOHNSON CEO Wibax Sweden AB