Outlook and short-term risks

Last updated: March 3, 2026

Outlook for 2026

The Group’s trading conditions are expected to remain relatively stable during 2026. The good financial position will enable the Group to address profitable growth opportunities.

Short-term risks and uncertainties

Decline in consumer demand, inflation in key cost items (including raw materials, labor, distribution and energy), potential geopolitical escalation, movements in currency rates and trade tariffs are considered to be relevant short-term business risks and uncertainties in the Group's operations. Economic and financial market conditions, availability of raw materials
as well as a and natural disasters can also have an adverse effect on the implementation of the Group's strategy and on its business performance and earnings.