CSR2025-ElcowireGroup

SUSTAINABILITY & FINANCIAL REPORT

POWERING THE ENERGY TRANSITION WITH SUSTAINABLE COPPER

SHORT LINKS TO CONTENT

ABOUT THIS REPORT

Purpose of the report

This sustainability report describes how Elcowire works to create long-term value while reducing its environmental impact and making a positive contribution to society. It explains the policies, initiatives, and investments that integrate sustainability into our day-to-day operations and overall strategy. The report is aimed at Elcowire’s key stakeholders—employees, customers, suppliers, partners, and shareholders—as well as anyone interested in how we manage environmental, social, and governance (ESG) topics.

Scope and content

The report has been prepared for Elcowire as an individual company and covers sustainability data along with selected key financial figures for the 2025 financial year. Where relevant, it also addresses significant impacts, risks, and opportunities across Elcowire’s upstream and downstream value chains, based on our double materiality assessment.

Assurance and review

This sustainability report has been prepared on a voluntary basis and is inspired by the principles of the Corporate Sustainability Reporting Directive (CSRD). The report has not been subject to assurance procedures by the company’s auditors Deloitte.

Reporting period covers

January 1, 2025 – December 31, 2025

Data quality

The report is based on the most recent and accurate data available and considered relevant at the time of publication.

Organization

Elcowire Group

Headquarter

Helsingborg, Sweden

Operations

Elcowire AB, Helsingborg, Sweden

Elcowire Rail, Hettstedt, Germany

Elcowire GmbH, Hettstedt, Germany

Contact

For questions or further information regarding this report, please get in contact with:

Jonas Ciardi/Head of Sustainability jonas.ciardi@elcowire.com

Image: Our managment team gathered at a regular meeting in February 2026.

DELIVERING ON EXPECTATIONS AND ADVANCING TOWARD EUROPE’S MOST TRUSTED COPPER PARTNER

Paul Gustavsson, CEO Elcowire Group, looks back on a year when the Group has managed to deliver on stakeholder expectations, and are prepared to continue to do so.

How would you summarize the year 2025 for Elcowire?

I would say that 2025 has been a year where we have delivered on stakeholder expectations. The financial outcome has been good, and we have managed to combine it with a focus on capacity utilization and increasing production capacity, especially in the Business Units High Voltage and Rail. Market demand has been strong overall, and particularly for the Business Unit Wire & Strands.

With a couple of people changes in place in the Group management team, we are now focusing on executing on our strategy roadmap which we elaborated further on during the year. The essence of it is that we want to continuously increase our efficiency and reduce our use of water, energy and chemicals as well as our carbon emissions.

Any other achievements or challenges you would like to highlight, from a general as well as from a sustainability perspective?

We are currently in the phase of completing important deliveries of Low-carbon Copper and Recycled products to a couple of large offshore wind projects, and we are continuously adding new customers.

As for sustainability, we established an ambitious Group climate target for the year 2030. To achieve this, I believe we have taken a good direction with the decision to replace natural gas in Helsingborg with biogas. We are still in an early phase where

technical and financial feasibility are being assessed, however the conditions look favorable.

Furthermore, we have already for 2025 seen a much improved performance in our closed loop water treatment in Hettstedt. I also would like to highlight that we are currently implementing our corporate leadership training, supporting our people strategy as well as integrating a unified HR Management system, including performance review structure, succession planning and employee engagement measurements. Regarding people, we have an important generation shift to manage and we need to strengthen our capabilities in the key areas of project management and digitalization.

Looking at the years to come, can you outline some of the business strategy elements for Elcowire?

As I see it, our targeted markets are in growth mode for a long period to come, and with our strategy plan we are making ourselves ready to capture this market growth.

Elcowire Group has the aim to be Europe’s most trusted and sustainable copper supplier, contributing to the ongoing energy transition and electrification in our markets. I think we are well prepared for that position. Our customer satisfaction index is on an all time high, and with the strong strategy roadmap we have prepared, Elcowire and the management team are ready to continue to deliver on our stakeholders’ expectations.

Number of employees

Snapshots from 2025

Powering Sustainable Mobility

Elcowire has delivered over 600 tons of copper and copper alloy contact, messenger and dropper wires to Portugal for the refurbishment and electrification of three major lines: Linha da Beira Alta, Linha de Évora, and Linha de Sintra.

Business Star Award

The city of Helsingborg awarded us for being a ”clear Business Star” with the motivation: “With a focus on electrification and energy-efficient solutions, you strengthen both industry and the environment”. We were also nominated to ”Company of the year” in the Helsingborg region.

Exhaust Gas Filter installed

Investment of €600,000 in a new advanced exhaust gas filter, improving monitoring, filtration efficiency, and operational reliability. The upgrade delivers cleaner processes and reduced environmental impact by capturing harmful substances more effectively during copper smelting.

Water efficiency

Elcowire’s production facilities in Hettstedt and Helsingborg has achieved a significant milestone in sustainable water management. By investing and implementing an advanced water circulation system, the facilities has successfully reduced its water consumption by 380 000 cubic meters annually.

Water purification

Elcowire implemented advanced water purification technology in its production, enabling up to 95% of process water to be recycled. This significantly reduces waste, water consumption, and transport needs, while also creating future potential for copper recovery.

Creating real impact

OV Handboll och Skola is a community initiative that creates real value for the city, with a proven positive impact on children in vulnerable neighborhoods. Elcowire is proud to support and actively participate in OV Helsingborg’s mission and work.

THIS IS ELCOWIRE

Our business Elcowire develops and manufactures advanced copper-based wire solutions for customers operating in energy, infrastructure, transportation and industrial applications. Our portfolio is built on high-quality copper, low-carbon copper and recycled copper, engineered to meet stringent standards for safety, reliability and long-term performance.

BU Rod produces pure and silver, tin- and magnesium alloyed copper wire rod. Continuous cast and upcast rod in dimensions 8–30 mm.

Beyond our standard wire rod portfolio, we continuously advance new solutions in close collaboration with customers and strategic partners. Product development is guided by clearly defined customer requirements as well as our own innovation roadmap, with a systematic focus on reducing environmental impact across the value chain. New materials, production processes and product concepts are rigorously tested and validated in our facilities and, where appropriate, through joint trials with customers to ensure both technical excellence and measurable sustainability gains.

We engage closely with customers throughout the entire product lifecycle. Our teams provide technical guidance on

BU Wire & Strands manufactures drawn wire products and cover a diameter range between 4.6 mm and 0.05 mm that are made from continuous cast wire rod.

material selection, implementation support, and advisory services on how specific product choices can lower climate and environmental footprints without compromising operational integrity. Sustainability is therefore embedded not only in our product development processes, but also in our commercial dialogue and long-term partnerships.

Our organization

Since the end of 2022, Elcowire has operated through dedicated business units aligned with our principal markets and customer segments. This structure strengthens customer proximity and enables seamless collaboration between commercial, technical and sustainability functions.

BU Rail serves the worldwide market for overhead conductor material, including catenary and contact wires, feeder, stitch, jumper and earthing wires.

By assigning specialized teams with deep market insight and application expertise, Elcowire ensures rapid responsiveness to evolving customer requirements, accelerates innovation, and addresses performance and sustainability challenges with clarity, accountability and measurable impact.

BU High Voltage’s conductor materials are being used in cables for interconnections, offshore wind parks, underground power links and other applications.

BU Specials is a leading provider of drawn and extruded profiles used in various applications for energy transmission, automotive and medical equipment.

1909

start of the wire rod production

1928

Svenska Elektrosessionen

Hettstedt 1990 rail operations founded as Joint Venture between Walzwerk Hettstedt and Felten & Guillaume Cologne as HFB GmbH, later integrated in to NKT

1952 Independent company

Elektrokoppar: 75% ASEA, 25% Ericsson 1995

Privatisation, plant operating as MKM Mansfelder Kupfer- und Messing GmbH

2007

Elcowire acquired by Liljedahl Group

2019

NKT’s rail business acquired by Elcowire Group

2022

Elcowire acquired KME´s wire business

2022

Elcowire Group is structured into five business units operating across 3 sites in 2 countries

PRODUCTION SITE

HELSINGBORG, SWEDEN

Elcowire AB in Helsingborg serves the North European market with Rod and has an annual capacity of 150 000 MT. Helsingborg also specializes in production of Profiles (extrusion process) and with an annual capacity of more than 50 000 MT we serve the whole European market.

PRODUCTION SITES

HETTSTEDT, GERMANY

Elcowire GmbH in Hettstedt serves Central, East and South European market with Rod and has an annual capacity of 150 000 MT.

Hettstedt also specializes in production of drawn wire, bunches and strands and have an annual capacity of more than 30 000 MT which are delivered in Europe, Middle East and Africa.

OUR JOURNEY

Elcowire Rail GmbH serves the worldwide market for overhead contact lines, offering a wide range of standards and customized solutions. Contact wires, dropper wires, catenary wires from Hettstedt are in commercial service around the world.

Technologies with sustainable solutions, such as our contact and messenger wire “Valthermo” has a 70-year lifespan, (to compare with pure copper with a lifespan of 25 years).

We aspire to be Europe’s most trusted and sustainable copper supplier contributing to the energy transition and electrification. We achieve this by being an experienced, dedicated and passionated team committed to excellent operational performance and establishing long-term and respectful partnerships.

AT THE HEART OF ELCOWIRE’S MISSION AND BUSINESS ACTIVITIES

Elcowire’s sustainability efforts are focused on contributing to the agenda of the global society for the year 2030.

Since 2015, the most advanced framework to describe the global agenda is the UN Sustainable Development Goals (SDGs). These goals, symbolized by 17 well established and powerful icon illustrations, recognize that ending world poverty and other human challenges must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.

“The SDGs represent a shared commitment in society to sustainability,” says Elcowire’s CEO Paul Gustavsson. “For Elcowire, it is important to center our sustainability efforts around this global collaboration between the 193 member states of the UN.”

Clean Energy

While clean energy and electrification are clearly at the heart of Elcowire’s mission and business activities, this is just a start for what the company wants to achieve. Providing reliable energy and fighting global warming includes continuous reduction of the carbon footprint from Elcowire products and solutions, combined with improved energy efficiency and carbon footprint in the internal production processes as well as in the entire supply chain.

Responsible management

But the SDG-inspired agenda of Elcowire is much broader than that: “The obvious energy and climate improvement profile of our company is what you see from the outside. However, internally, a responsible management of resources and a strong culture rooted in a safe and positive work environment for all employees are the strongest basic elements of our sustainability focus,” says Paul Gustavsson.

SDGs and European legislation

While the company is maintaining a focus on the UN Sustainability Development Goals going forward, Elcowire’s formal Sustainability Report is from the reporting year 2024 gradually adapting to the European Union standard ESRS (European Sustainability Reporting Standard) in its forthcoming Omnibus version, streamlining several EU sustainability regulations into a more cohesive and simplified framework, see p. 34-36.

The UN Sustainability Development Goals from 2015 are 17 global objectives that together give a vision of what a sustainable society would look like in the year 2030. The objectives are based on underlying targets and indicators. The SDGs are valid for all parts of society, not only for companies.

SDG 4 Quality education

Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.

Elcowire focus: Read more in ”People” on page 29.

SDG 8 Decent work and economic growth

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.

Elcowire focus: Read more in the ”CEO interview” on page 4 and in ”Sustainable operations” on page 27.

SDG 9 Industry innovation and infrastructure

Build resilient infrastructure, promote sustainable industrialization and foster innovation.

Elcowire focus: Read more in each Business Unit’s description of ”The business unit today,” including solution and innovation focus, pages 16-25.

SDG 12 Responsible consumption and production

Ensure sustainable consumption and production patterns.

Elcowire focus: Read more about Sustainable operations on page 27, and in each Business Unit’s description on the left hand side, including solution and innovation focus, pages 16-25.

SDG 13 Climate action

Promote sustainable development. Elcowire focus: Read more about in ”Low-carbon Copper products” on page 13.

SDG 16 Peace, justice and strong institutions

Promote just, peaceful and inclusive societies.

Elcowire focus: Read more in ”People” on page 29 and in the Climate pages on page 45-51.

This is our Value Chain

Copper cathodes are sourced from responsible mines with electrified material handling and transportation, and from smelters powered by renewable energy and also from recycled copper.

Our lean manufacturing approach prioritizes renewable energy use, low waste generation, and minimized chemical use. Excess heat from the smelting process is transferred to the city’s district heating system.

Both inbound and outbound transportation are handled by logistics operators with high sustainability standards.

The cathodes are melted in our furnaces and cast into rod, which serves as input material for our customers or can be further processed into various profiles in our facilities.

With conductor material supplied by Elcowire, our customers manufacture products that support the electrification of society.

Electrification is affecting transportation and manufacturing worldwide.

LOW-CARBON COPPER AS A SCALABLE SOLUTION FOR THE ENERGY TRANSITION

Elcowire proudly offers Low-carbon Copper products made from either Recycled or Low-carbon Copper, both categories significantly lowering CO2 emissions. They will play an important role in the sustainability transition to achieve the goal of net-zero CO2 emissions by 2050 set by the European Union.

Copper is essential to electrification and the energy transition. Recycled copper delivers significant environmental benefits through lower energy use and reduced greenhouse gas emissions. However, future demand cannot be met by recycled material alone. Limited availability makes responsibly produced primary copper indispensable. The sustainability imperative is therefore clear: all copper—recycled or primary—must have the lowest possible carbon footprint.

ding wire rod made from 100% Recycled Copper, Low-carbon Copper, and Standard Copper where required. This flexibility allows customers to meet technical, supply, and sustainability requirements without compromise.

Measurable environmental impact

Low-carbon Copper significantly reduces environmental impact by lowering dependence on carbon-intensive mining and smelting. Both 100% Recycled and Low-carbon Copper contribute to reduced energy consumption and greenhouse gas emissions across the value chain. LOW-CARBON & RECYCLED COPPER

100% Recycled Copper: high impact, limited supply

This is one of the most energy-efficient industrial materials available, delivering a substantially lower carbon footprint than primary copper. While it is a cornerstone of sustainable materials management, supply constraints mean it cannot meet future demand on its own.

Low-carbon Copper: responsible sourcing at scale

We source copper exclusively from suppliers selected for their use of renewable energy, efficient logistics, and advanced, energy-efficient smelting technologies. Internally, streamlined production processes ensure high quality, reliable delivery, and minimal resource waste.

Commitment and collaboration

Low-carbon Copper reflects Elcowire’s long-term commitment to responsible resource management and climate action. By integrating recycled and primary Low-carbon Copper, we support environmental preservation while securing supply for critical infrastructure.

A complete Low-carbon Copper offering We offer a full portfolio of Low-carbon Copper products, inclu-

In 2025, we delivered to multiple projects involving leading players in the energy transition. Additional projects are underway for 2026 and beyond, reinforcing our role as a trusted partner in building a low-carbon future.

MASS BALANCE METHOD

Mass balance calculations ensure the correct allocation of sustainable materials in the final products without causing complex intrastructural production changes.

Elcowire uses Mass Balance calculations where output always must equal input, allowing us to manufacture products and enhance circularity without making complex and costly changes to our production infrastructure.

With this approach, copper with lower CO 2 emissions and 100 percent recycled content are mixed with other copper during production, making it challenging to trace them directly to their source. However, by monitoring the quantities of each input material and the resulting product output, we calculate the amount of each input material present in the final product.

Mass balance as shown in the furnace illustration below is a chain of custody approach that allows tracking the net amount of sustainable materials – in this illustration recycled copper and low-carbon primary copper – as they move through a system and ensures an appropriate allocation of these materials to the finished goods based on auditable bookkeeping where input must equal output. Industries such as energy, chemical, pulp & paper are implementing similar mass balance approaches.

Illustration above: Mass balance calculations ensures an appropriate allocation of the involved materials based on auditable bookkeeping in our melting processes.

Illustration on left: Mass balance calculations in our copper flow, ensure an appropriate allocation of each category of input materials (cathodes and recycled material) to the finished products and deliveries from each site, based on auditable bookkeeping.

Our Business Units

BUSINESS UNIT ROD

STRENGTHENING LEADERSHIP IN LOW-CARBON COPPER

Business Unit Rod strengthened its market position in 2025, delivering resilient growth despite continued geopolitical and trade uncertainties.

Sales increased by approximately 3 percent, and sustainable alternatives now account for nearly 15 percent of total sales — a clear sign that the transition toward low-carbon copper is accelerating.

Growth was supported by major high-voltage cable projects for offshore wind farms, reinforcing Rod’s role in enabling the green energy transition. The business unit continues to benefit from a stable, long-term customer base and has successfully retained major projects over several years, reflecting strong operational performance and trusted partnerships.

Fredrik Adlercreutz, Head of Business Unit Rod, says: “We also expanded our customer base in 2025. Being at the forefront of Low-carbon Copper and 100 % Recycled Copper gives us a clear competitive edge. Sustainability is no longer a niche offering — it is becoming a decisive factor.”

Accelerating demand for Low-carbon Copper

Market interest in sustainable copper alternatives is growing steadily across industries. As regulatory requirements tighten and climate ambitions rise, customers increasingly seek transparency and verified environmental performance.

“Our Low-carbon Copper and 100% Recycled Copper open doors to strategic discussions with customers” Delivered tons, 2025 238 000

Fredrik Adlercreutz, Head of Business Unit Rod

“There is still some confusion in the market regarding different accounting mass balance models and product declarations,” Fredrik explains. “But this also creates an opportunity for us to lead.”

Over the past five years, Elcowire has actively engaged with downstream stakeholders to increase understanding and transparency around sustainable copper solutions. By supporting customers in communicating the value and methodology behind low-carbon and recycled copper, the company strengthens both credibility and long-term relationships. “It is essential that we help our customers explain the benefits and technical framework to their own customers. Knowledge builds confidence,” Fredrik adds.

Ensuring capacity in a tightening market

As demand for sustainable copper rises — particularly from companies investing in electrification and renewable energy — competition for low-carbon raw materials is intensifying. Even so, Elcowire availability remained stable throughout 2025.

“When we receive large orders, we proactively secure deliveries from our suppliers,” Fredrik says. “The close cooperation between Helsingborg and Hettstedt enhances our flexibility and allows us to optimize production across sites.”

This operational integration strengthens supply security and enables Business Unit Rod to respond dynamically to shifting demand patterns.

While some customers remain cautious about paying a premium — especially in parts of the European manufacturing sector affected by macroeconomic pressures — the long-term trajectory is clear.

“Customers want to ensure a return on investment when paying a premium,” Fredrik notes. “At the same time, sustainability requirements are steadily becoming embedded in procurement processes.”

Driving measurable progress and long-term trust

Looking ahead, Business Unit Rod aims not only to meet demand but to shape the market for sustainable copper. Clear communication, verified data, and consistently high operational standards remain central to building trust.

“Our Low-carbon Copper and 100% Recycled Copper open doors to strategic discussions with customers,” Fredrik says. “But leadership also requires continuous improvement.” The business unit continues to collaborate with leading

suppliers to secure raw materials with verified properties while systematically reducing energy consumption, water use, chemical inputs, and CO2 emissions across the supply chain. By combining commercial performance with environmental progress, Business Unit Rod is positioning itself as a long-term partner in the global energy transition.

Business unit at a glance

• Elcowire Rod delivers copper rods for various electrical purposes.

• Diameters, continuous cast rod (8 – 22 mm) and oxygen free copper rod (8 – 30 mm).

• The position as a leading rod producer in Europe was further enhanced by the 2022 acquisition of operations in Hettstedt, Germany.

• Depending on customer needs, wire rods can be processed into drawn or stranded wire or extruded into various shapes and sizes.

• The customers include leading cable producers serving the automotive, construction, installtion and power transmission markets.

• Much of the production is sold to other business units within Elcowire or the Liljedahl Group.

For more information, go to elcowire.com/rod/

BUSINESS UNIT WIRE & STRANDS

LAYING THE FOUNDATION FOR FUTURE GROWTH

In 2025, Business Unit Wire & Strands consolidated its operations and sharpened its strategic direction, with a renewed focus on product offering, customer value and market needs. Sustainability and growth in selected key segments were established as central priorities for the coming years.

While market uncertainty made 2025 a demanding year, the business unit used the period to strengthen its organisation, improve capacity utilization and reinforce its position as a reliable supplier. The year was also important for implementing the strategic initiatives defined in 2024, including clarifying roles, responsibilities and ways of working across the organisation.

Customer dialogue driving future business

Wire & Strands serves a broad customer base across several industries, and customer dialogue around Low-carbon Copper and Recycled Copper intensified during the year. These discussions are expected to translate into new business opportunities already from 2026.

Delivered tons, 2025

Strengthening circular raw material flows

Demand for Low-carbon Copper and 100% Recycled Copper continues to grow, even in a volatile market environment. To secure access to sustainable raw materials, the business unit is working actively to increase the share of physical scrap in production and to develop more circular material flows. This includes encouraging customers to return copper scrap, creating circular solutions that benefit customers, Elcowire and the environment.

tin-coated wires for solar and charging cable applications are essential in meeting market demand for efficient, sustainable energy solutions that support global CO2 reduction targets.

“Sustainable copper is growing more than standard copper”

Well positioned for future growth

With a more streamlined organisation and several ongoing sustainability initiatives, Wire & Strands is well positioned for future growth, particularly within sustainable product segments. Ongoing customer projects, product trials and certification processes are expected to support new business opportunities and potential commercial breakthroughs in the coming years.

Overall, 2025 was a year of organisational strengthening, strategic alignment and customer engagement — creating a solid foundation for sustainable growth going forward.

Stefan Brauckmann, new Head of Business Unit

Wire & Strands from January 2026

We are pleased to announce that Stefan Brauckmann joined Elcowire in January 2026 as the new leader of our Business Unit Wire & Strands. He is part of the Group Management Team, succeeding Christoph Busch, who moves into a new role as Key Account Manager.

Stefan brings strong experience from his role as Vice President Sales at Feindrahtwerk Adolf Edelhoff, where he led Sales and Marketing, drove strategic growth, strengthened key customer partnerships, and focused on sustainability and supply chain resilience.

Business unit at a glance

• Elcowire Wire & Strands offers a broad spectrum of wire products, from single wire (diameters between 0.30 and 4.6 mm) to multiwire (from 0.05 mm) and variants where the wire is grouped or twisted into bunches and strands, adding flexibility to the finished product.

• The products are used in electrical, automotive, telecom, installation, and industrial applications.

• Typical use includes earthing, power engineering, heavy current engineering, solar & wind power, offshore and submarine cables, automotive/rail/aviation/space cables and the packaging industry (copper welding wire).

For more information, go to: elcowire.com/wire-strands/

BUSINESS UNIT RAIL

PROVIDING COPPER TO A THRIVING SECTOR

Rail remains a strong business sector for Elcowire. Ongoing rail network electrification continues to drive demand for our products, especially Low-carbon Copper and 100% Recycled Copper.

Rail’s capacity for mass passenger and freight transport ensures ongoing investment, particularly in the European Union, where there is a political commitment to connect member and preaccession countries.

In 2025, Business Unit Rail did not match the record levels of 2024, but maintained strong profitability. “We delivered on our promises,” says Jan Siebert, Head of Business Unit Rail, “but there is room to improve our deliveries and flexibility, especially as competition intensifies in the sector.”

Price is still crucial

According to the European Rail Supply Industry Association (UNIFE), sustainability remains secondary as public procurement continues to prioritize price. “So far, we have received one small low-carbon order from a Swiss customer,” Jan says. “Switzerland, Sweden, Norway, and the Netherlands are sustainability forerunners, and we expect others to follow in 2026.”

Delivered tons, 2025

When supplying low-carbon and recycled copper, BU Rail is limited by the absence of third-party verified Environmental Self Declarations (ESDs). Jan says, “We can only offer ESDs rather than verified environmental product declarations. So, it’s vital that we provide proper information to our downstream stakeholders, such as installers and infrastructure owners.”

While there are positive indicators, the outlook for low-carbon and recycled copper in the rail market remains uncertain. However, many rail networks are aging, prompting ongoing

Electrified railways boost sustainability

Elcowire’s overhead contact line solutions support sustainable railway operations and can significantly contribute to ambitious climate targets. By selecting the appropriate alloy and optimizing both electrical and mechanical performance, rail operators are preparing for the transition to the EU goal of net-zero CO2 emissions.

“We support reliable, safe, and attractive transportation by delivering what the market needs and enhancing conductivity, wear resistance, and longevity”

Jan Siebert, Head of Business Unit Rail

discussions about sustainable solutions to reduce CO2 emissions and achieve major infrastructure improvements.

A slowly turning market

Approximately 80 percent of BU Rail’s standard copper sales are in Western Europe. Increasingly, new projects are emerging globally, including in the Baltic countries, Mexico, Australia, and Asia. As rail-based transportation expands, these regions are expected to become more lucrative.

“We support reliable, safe, and attractive transportation by delivering what the market needs and enhancing conductivity, wear resistance, and longevity,” Jan emphasizes. “Railway is a slowly evolving market, and when it shifts toward more environmentally conscious solutions, we can provide them.”

Ready for a positive change

Jan stresses that low-carbon copper and recycled materials are essential for the future of rail and will eventually become mandatory. “For more sustainable copper solutions, we will need to adapt to increasing flexibility and variety, with efficiency and circularity as priorities.”

Although progress may be gradual, Jan notes, “I think we will see a positive trend in 2026. Sustainability and circularity will come, and we’re ready.”

Stephan Witte, new Head of Business Unit Rail from January 2026

We are pleased to announce that Stephan Witte joined Elcowire in January 2026 as the leader of our Business Unit Rail and as a member of the Group Management Team. He succeeds Dr. Jan Siebert, who moves into an advisory role.

Stephan brings over 20 years of technical and commercial experience from senior roles within the Deutsche Bahn Group, including responsibility for major infrastructure projects and railway system operations across Germany.

Business unit at a glance

• Elcowire BU Rail develops and produces products for contact lines of electrically powered rail and road-bound transportation systems, such as catenary wires, contact wires, dropper wires, and earthing wires in standard copper and copper-alloy materials, and sustainable low-carbon and recycled copper.

• The BU also markets innovative and customized solutions to support its customers in achieving their sustainability and efficiency goals, providing a wide range of product-related services, such as consulting, training and online support.

For more information , go to elcowire.com/railway/

BUSINESS UNIT HIGH VOLTAGE

STRONG PERFORMANCE, SUSTAINABLE PROGRESS

In 2025, Elcowire’s High Voltage business unit delivered a strong performance, surpassing financial forecasts and further strengthening its market position. Substantial investments across Europe reflect accelerating demand for reliable, sustainable energy infrastructure — a trend that clearly benefits BU High Voltage.

BU High Voltage primarily supplies copper for power cables that transport renewable energy from wind turbines to substations. The continued expansion of offshore and onshore wind power — particularly in the UK, alongside major investments in Germany, the Netherlands, and France — underscores the central role of sustainable copper in enabling the green energy transition.

A broader and deeper sustainability focus

Sustainability expectations are advancing rapidly across the value chain, with increasingly comprehensive requirements.

As Mikael Johansson, Head of BU High Voltage, explains: “Sustainability today extends well beyond CO2 footprint reporting. It encompasses the entire due diligence process and how we operate as a responsible supplier.”

Downstream stakeholders are placing greater emphasis on traceability and responsible sourcing, and the demand for transparency regarding the origin of copper continues to grow. This development strengthens the industry’s overall sustainability standards and drives constructive dialogue across the sector.

Driven by the underlaying demand for more and green power the high voltage cable producers have during 2025 executed on their respective plans to build production capacity for the future. Business Unit High Voltage, with its complete offering of copper and aluminum conductor materials for such cables, has strengthened its market position during the year. The production investments decided upon 2023 and 2024 commenced in full during 2025.

The further increased focus on sustainability is shaping the competitive landscape. For BU High Voltage, this means embedding sustainability even more firmly into internal priorities. Understanding is deepening throughout the organization, crossfunctional discussions are becoming more structured, and processes are continuously being refined to align with evolving expectations.

Securing responsible raw materials

In 2025, demand for Low-carbon Copper or 100% Recycled Copper was still limited. However, market interest is steadily increasing. A growing number of customers are proactively inquiring about low-carbon alternatives, recycled content, and long-term availability. This signals a clear shift toward more climate-conscious procurement strategies and creates opportunities for BU High Voltage to expand its sustainable offering.

“Sustainability is not a box to tick — it is an integral and non-negotiable part of how we operate.

Mikael Johansson, Head of Business Unit High Voltage

Building flexibility for a sustainable future

BU High Voltage continues to make steady progress toward a more sustainable and resilient business model. Ongoing improvement initiatives focus on strengthening processes, increasing flexibility, and identifying where recycled copper can create the greatest value across the supply chain.

The anticipated introduction of a standardized framework for mass balance calculations of Low-Carbon Copper will represent an important industry milestone. While it requires careful evaluation of operational implications, it also provides an

opportunity to further enhance transparency and comparability in sustainability reporting. As Mikael emphasizes: “Sustainability is not a box to tick — it is an integral and non-negotiable part of how we operate. As requirements continue to evolve across our value chain, it will only grow in importance.”

Through proactive adaptation, responsible sourcing, and close collaboration with customers and partners, BU High Voltage is well positioned to support Europe’s accelerating energy transition while strengthening its long-term sustainability performance.

Sustainable energy generation Elcowire plays a key role in meeting market demand for efficient and sustainable energy generation and transmission, supporting progress toward global CO2 targets.

Business unit at a glance

• Elcowire High Voltage’s conductor materials are used for advanced cables in interconnections, offshore wind parks, underground power links and other applications.

• Counts leading cable manufacturers as customers, building on its long experience of conductor materials for high-voltage applications in various shapes and sizes.

• In close collaboration with the customer, the business unit produces conductor solutions depending on external requirements, customer specifications, and the power installation environment.

For more information, go to: elcowire.com/high-voltage/

BUILDING MOMENTUM AND EXPANDING SUSTAINABLE OPPORTUNITIES

In 2025, Specials, Elcowire’s newest and smallest business unit, continued to build momentum. While activity levels remained measured, the unit made steady progress in defining its market position and identifying attractive business opportunities aligned with Elcowire’s long-term ambitions.

As BU Specials is still in a formative phase, its customer base and application areas are diverse and evolving. The team maintains a targeted approach, focusing on individual customers and selected segments where its technical capabilities can add clear value.

Active across multiple sectors, order volumes are typically specialized and tailored. “We typically deliver to the energy sector, where substations are a regular application for our products,” says BU head Mikael Johansson.

Growing engagement in low-carbon solutions

Across several sectors, including automotive and healthcare, customer dialogue continues to focus primarily on dimensions and quality. While demand for low-carbon or recycled copper remains limited in some segments, BU Specials consistently introduces and promotes these alternatives. “Of course, we try to pitch Low-carbon Copper and 100% Recycled Copper,” Mikael says. “Interest is strongest in the energy sector, but we see gradual awareness building in other industries as well.”

”We continue to widen the scope, investing in technical competence and our ability to meet tougher customer requirements” Delivered tons, 2025

Energy transition as a catalyst

As with Elcowire’s other business units, the green energy transition represents a clear long-term driver for low-carbon and recycled copper solutions within Specials. The energy sector continues to lead the way in sustainability-focused procurement, creating a strong foundation for future growth.

“We’re also anticipating an upturn in the automotive industry after some lean years,” Mikael says. “When this happens, it will be a major opportunity for us.” With increasing electrification and higher technical requirements, the automotive segment holds significant potential for advanced copper solutions. In standard copper sourcing, BU Specials navigated the same tightened European market conditions as the rest of the organization. Despite this, the unit has strengthened its supplier dialogue and market understanding to secure the right material specifications.

“We’ve learned that many of our customers have different requirements and don’t always request extruded wire,” Mikael explains. “Many are content with more affordable drawn wire and its associated material characteristics.” This insight enables the business unit to tailor its offering more precisely and enhance competitiveness.

Building a platform for future growth

BU Specials continues to invest in market intelligence, prospect identification, and deeper customer engagement. “We visit fairs and work closely with existing customers to learn more about their needs,” Mikael explains. “Building stronger relationships in the automotive industry is one way to strengthen our growth opportunities.”

Strategic discussions are ongoing regarding the optimal path for scaling the business unit. Mikael concludes: “We continue to widen the scope, investing in technical competence and our ability to meet tougher customer requirements.”

Renewable energy and electrification

Elcowire supports customers in building renewable energy transmission and electrification systems, including infrastructure related to Battery Electric Vehicles (BEVs), supporting the green transition.

Business unit at a glance

• Elcowire Specials develops and delivers extruded and drawn profiles in various shapes and sizes, often made to customer requirements.

• The profiles are used in energy transmission applications, primarily in the automotive, health & medical and energy industries.

• The business unit’s offering includes a standard range of products as well as custom-made designs, dimensions, and materials.

For more information, go to: elcowire.com/specials/

METAL MANAGEMENT ENSURING A SUSTAINABLE SUPPLY CHAIN

In 2025, Elcowire Metal Management furthered its efforts to safeguard a sustainable supply chain, for example, implementing a supplier audit strategy and initiating discussions with new suppliers.

Supplier audits initiated

In an uncertain market, the focus on building and maintaining a reliable supply chain of high-quality copper – both standard and sustainable variants – has become even more critical. In 2025, Elcowire began implementing its sustainability audit strategy for copper suppliers. Together with the supplier code of conduct, the audits are the primary metal management components of Elcowire’s sustainability roadmap, launched in 2024.

For audits, suppliers must first complete a self-assessment. After reviewing these assessments, Elcowire conducts on-site visits to verify compliance. “Although the plan was to conduct three or four audits, only one was performed due to time constraints,” says Stephan. “Nonetheless, the process to engage with suppliers and evaluate their approach to sustainability, not least the social aspect of ESG, is underway.”

CO2 footprint integral to discussions

Stephan notes that the CO2 footprint is now an integral part of discussions with suppliers, alongside price and quality. He explains that it is standard procedure to require a thorough understanding of this before signing contracts for larger quantities. In 2025, a main objective was to rearrange the supplier portfolio to improve the carbon footprint.

for low-carbon products,” Stephan notes. “This is achievable by sourcing well and applying the correct metrics.”

The copper scrap market is global and limited, and competition is strong to acquire scrap for use in cathodes or for direct use in products. Stephan notes, “Today, we are much better at understanding, analysing, and managing scrap content.”

However, footprint reduction costs money. “The price gap between standard and Low-carbon Copper is increasing,” he says. “Similarly, cathodes made from scrap are more expensive. To be commercially viable, we must raise our premium for sustainable copper products.”

An advantage of being big

Still, Stephan concludes: “Elcowire is committed to supplying low-carbon and 100-percent recycled copper to all customers who require these products.”

After 2024, which saw some logistics and supply chain challenges, 2025 was a smoother year for Elcowire’s metal management. This was despite the turmoil that started in March, where US trade policies caused major changes in global copper flows and significantly shortened the European market.

While this situation causes uncertainty going forward, it had a minor impact on 2025. “Our long-term orders for copper cathodes were not affected and got delivered without problems,” says Stephan Hanel, Head of Metal Management.

Helping secure deliveries of sustainable raw materials are two certifications: the London Metal Exchange’s so-called LMEpassport and, especially, the third party-verified Copper Mark, created by the trade organisation International Copper Association (ICA). “Some 91 percent of the copper that we sourced in 2025 carried the Copper Mark,” Stephan says.

Provider of Low-carbon and Recycled Copper

Low-carbon Copper made up 15 percent of Elcowire’s procurement in 2025. “The objective is to expand the market

To that end, Elcowire initiated discussions in 2025 with a major mining company that uses an alternative cathode process that reduces its CO2 footprint. “They are at the forefront of sustainable mining,” says Stephan. “Elcowire is big in the copper market, which gives us access to these large, sustainable mining companies.”

Supplier Code of Conduct compliance and Supplier Audits

The process of ensuring Supplier Code of Conduct compliance among recurring raw material suppliers proceeded in 2025 according to plan, see p. 61 for the outcome. The new process - led by Stephan Hanel - of implementing Supplier audits at raw material suppliers also has an established plan that was initiated in 2025 and will accelerate in 2026–2027.

SUSTAINABLE OPERATIONS THE CORE OF THE BUSINESS

Operations are central to Elcowire’s business. The facilities in Hettstedt, Germany, and Helsingborg, Sweden, supply both internal business units and external customers with standard and Low-carbon Copper.

Helsingborg operations continues to advance sustainability. In 2025, the plant achieved ISO 50001 certification for energy management. This certification enables better oversight and energy use. Three new extrusion lines were installed, notes Plant Manager Johan Skyllerstedt: “It’s a major investment that improves efficiency, increases output, and improves employee safety and well-being.”

Reducing water use and scrap

Prominent sustainability breakthroughs in Helsingborg in 2025 include new purification technology that enables contaminated process water to be reused, reducing transport for external treatment. Equipment for measurement of conductivity in the cooling water will control the bleeding of water and lowered water consumption by 25 percent compared to 2024, and scrap handling costs were reduced by 14 percent. Johan says: “We also halved the number of resource-intensive customer claims.”

Increased gas consumption in Helsingborg set back environmental goals. Johan explains, “The rolling mill is old, with an unstable production process that obstructs capacity utilization. We have taken several corrective actions.”

Ensuring efficiency essential Helsingborg reorganised its procurement department in 2025. This will strengthen the purchasing of copper cathodes and im-

prove compliance with the supplier code of conduct. Additional measures included digitalising and streamlining administrative processes and providing project management training.

Collaboration between Hettstedt and Helsingborg continued to expand. Johan says: “We support each other, synchronizing output and utilising any redundancy. In 2025, we held more meetings, conducted more benchmarking, and launched more joint initiatives. Common rules, KPIs, and structures are now in place.

Health and safety

Helsingborg’s yearly employee survey showed there is a need to improve the work environment and clarify processes, roles and responsibilities. Actions are already in place. Johan notes that while incident reporting has improved, implementing the Bradley Curve will further enhance worker safety.

A solid foundation for the future

Johan states that several initiatives in the new business strategy will significantly impact Helsingborg Operations. One is using recycled scrap from customers and the market, remelting “clean” scrap to enhance circularity. He says, “Another is to reach significant operational excellence in the next couple of years that includes automation, digitalisation, and extensive training. Linked to this, we’ll also focus on our core values and leadership.”

Hettstedt operations experienced positive development compared to last year. Nevertheless, cost reduction and productivity improvements remain our key priorities.

Numerous analyses were conducted to identify and address the improvement areas. These findings were subsequently incorporated into the strategy for the coming years, forming the roadmap for the future. Energy-efficient processes are a central focus, as are recycling and operational excellence.

Sustainability Report

Our commitment to environmental stewardship is reflected in our relentless pursuit of resource efficiency and consumption

reduction across all operations. By optimizing our supply chains and implementing energy-saving technologies, we will achieve measurable progress in lowering our ecological footprint. It is important to note that these objectives are not merely aspirations; they are firmly anchored in various strategic initiatives throughout Elcowire Group.

From our long-term decarbonization roadmap to our circular economy frameworks, sustainability is integrated into the core of our business strategy to ensure long-term value for both our shareholders and the environment.

HR-Human Resources

BUILDING A PEOPLE CULTURE FOR THE FUTURE

In 2025, Elcowire HR focused on laying the foundation for initiatives that will deliver results in the coming years, say Lisa Mattsson and Melissa Kommas from Human Resources.

LISA MATTSSON, HR MANAGER, HELSINGBORG

Social sustainability should ensure operations do not harm employees, supply chain workers, customers, or communities. The goal is to promote safety, well-being, and health, with HR playing a key role in these efforts.

Much of 2025 was spent completing ongoing HR projects and preparing for initiatives launching in 2026 and later.

Finalizing organisational changes

Hettstedt continued to unify and digitalise the separate HR systems of Elcowire Rail GmbH and Elcowire GmbH. Implementing shared time recording and payroll systems will ensure more efficient, harmonised processes.

Another task was finalizing the integration of KME’s Hettstedt operations, acquired in 2022, including digitalizing all employee files. Melissa says, “Both tasks required significant time and effort but were crucial steps toward a more streamlined organisation.”

Focusing on employee wellbeing

Several initiatives support employee health and well-being. Safety remains a top priority for Elcowire. Lisa says, “There is strong awareness of safety issues, and in Helsingborg, employees actively report incidents. This openness enables us to address and prevent risks more effectively.”

Quarterly meetings with local unions were introduced in Helsingborg in 2025. These meetings allow the company to share updates on performance and plans, while union representatives relay employee feedback. “This structured dialogue supports transparency and understanding,” Lisa comments.

Annual surveys monitor employee engagement. In 2024, survey questions were aligned to enable site comparisons. In 2025, key performance indicators (KPIs) were coordinated across Sweden and Germany for consistent measurement and follow-up.

Safeguarding the necessary skills

Attracting and retaining key skills is critical, especially as many Elcowire employees approach retirement. In Hettstedt, the apprenticeship programme continues, though with fewer recruits than planned. “We aim to expand the programme in 2026,” Melissa says.

“Promoting a company based on safety, well-being and health”

HR

Management

The ageing workforce and physically demanding work contribute to absenteeism. In Helsingborg, absenteeism increased mainly due to long-term sick leave, while in Hettstedt, it remained high but gradually declined. Both sites focus on dialogue and initiatives that support health and rehabilitation. For example, Hettstedt introduced a bonus system rewarding employees for taking no sick days.

Diversity and community engagement

The Helsingborg site is increasingly prioritizing diversity. The goal is to include at least one woman among the final candidates for each recruitment. Lisa says, “We use internal initiatives such as introducing an ‘Employee of the Month’ award to promote visibility and inclusion.”

Supporting the local community is a cornerstone of social sustainability. In 2025, Helsingborg partnered with a local sports club to provide homework support in a socioeconomically challenged area. In Hettstedt, sponsorship focused on initiatives for young children and families affected by children’s illness.

Towards “one Elcowire”

Looking ahead, Elcowire HR will work to unify the sites in Sweden and Germany. A newly appointed HR strategist will support both countries from 2026. A common human resources management system will integrate personnel processes, support competence management, and link skills to budgeting. “From 2026,” Lisa says, “employee surveys will be conducted quarterly to better monitor employee satisfaction.”

SUSTAINABILITY PERFORMANCE

ELCOWIRE’S SUSTAINABILITY ROADMAP: THE COPPER MARK CERTIFICATION ON THE HORIZON

Since last year, several important milestones have been added to Elcowire’s Sustainability Roadmap for the coming years.

Jonas Ciardi, Head of sustainability for Elcowire Group, is of course pleased to acknowledge the new climate target for Elcowire, set in 2025. ”For Elcowire, as an industry leader, it is important to set high ambitions for our emissions reduction. I believe our target shows exactly that,” says Jonas.

Elcowire aims to completely face out its Scope 1 & 2 emissions by the end of 2030, while the objective for Scope 3 emissions along the value chain is that they will be reduced by 19 percent compared to the base year 2024. In all, the target will reduce the Elcowire carbon footprint by 24 percent.

For Scope 1 emissions reduction, success is dependent on replacing natural gas, and the current option is biogas, see story on p. 47. Scope 2 emissions rely on continuing toward fossil-free or renewable energy sources. Major improvements in Scope 3 emissions will rely on expanding the current percentage of recycled raw materials. There will also be technical and process changes made to allow using customer scrap as raw material input.

Going for The Copper Mark

Another important decision for Elcowire taken in 2025 was to aim for company certification according to The Copper Mark guidelines. The very first step was a partnership agreement, a public commitment made by Elcowire to The Copper Mark practices. This partnership was signed in early 2026, with the fol-

lowing certification process to be completed by the end of 2026.

”The Copper Mark is a well recognized framework that assures responsible practices in metal businesses,” Jonas says.

”We know that our customers will value this further proof of Elcowire’s strong ambitions within the sustainability area.”

Significant water use decrease

All in all, there are many positive signs in the sustainability roadmap for Elcowire in store.

Looking at environmental achievements in 2025, Elcowire’s water use has decreased significantly following changes made at one of the Hettstedt sites. ”Yes, we have managed to reach an impressive reduction of water use last year, mainly in the site in Hettstedt but also to some extent in Helsingborg,” Jonas says.

Another achievement built on cooperation between the German sites and the Swedish site is the 2025 certification for the Helsingborg site according to ISO 50001, the international energy management standard. Here, the team at the Helsingborg site could benefit from the fact that the German sites had competence, and already had completed the same process.

”My colleague Ulrike from Germany was actually able to perform the necessary internal auditing,” Jonas says, ”I believe it is a very good sign of the how we support each other in our sustainability efforts.”

“The Copper Mark is a well recognized framework that assures responsible practices in metal businesses”

SUSTAINABILITY PERFORMANCE

INTRODUCTION TO ELCOWIRE’S PRODUCTION ENVIRONMENT

Reporting scope

The Group comprises three manufacturing facilities. All facts and data represent the companies Elcowire AB, Helsingborg, Sweden, Elcowire Rail GmbH, and Elcowire GmbH, both the latter situated in Hettstedt, Germany.

Site descriptions

Elcowire Group has two wire rod mills – one in Helsingborg and one in Hettstedt – and several casting machines for alloys. The wire rod mills have different casting technologies which means that the setup and hence the use of energy is different.

The wire rod product can be transformed into various products, such as drawn wire, stranded conductors, extruded strips and profiles. For railway purposes, contact wire is also manufactured. Within the group, also purchased wire rod made from aluminium can be processed into drawn wire and extruded profiles.

Water is used at all sites, mainly for cooling purposes and for on-site production of emulsions for lubrication and cooling.

Elcowire AB in Helsingborg, Sweden, consists of a wire rod mill with in-line casting and rolling. The shaft furnace and holding furnace in the rod mill are powered by natural gas. There are also two casting machines for alloyed copper where electricity is used to melt the copper.

The wire rod from the rod mill and the cast alloyed copper products are extruded into various other products.

The rod capacity in Helsingborg is approximately 150 000 tons per year. Extrusion capacity is approximately 50 000 tons per year.

Elcowire GmbH in Hettstedt, Germany, consists of a wire rod mill with in-line casting and rolling. The shaft furnace is powered by natural gas, and the holding furnace is powered by electricity. The capacity of the rod mill is 150 000 tons per year. The wire rod from the rod mill is drawn into wire. Drawn wire is also stranded. The capacity for drawing and stranding is 30 000 tons per year.

Elcowire Rail GmbH in Hettstedt, Germany, is specialized in products for the railway industry. This includes transformation of copper wire rod into contact wires and stranded conductors, used for catenary systems within the railway sector. The site has capacity to cast alloyed copper. In total approximately 8 500 tons per year are processed at Elcowire Rail.

Raw materials

The principal raw materials in Elcowire’s processes are metals: copper and aluminium. For copper solutions, the copper is supplied mainly as high purity copper cathodes. For aluminium solutions, aluminium wire rod is the raw material. Also metals used for alloying, such as silver, tin, and magnesium, are used in special products, but only in low concentrations (below 1 percent) to improve the products’ mechanical and electrical properties.

By reducing the energy use and extending the service time and product life, this improvement supports the idea of sustainable products with lower environmental footprint. Process chemicals are used for various purposes depending on process. In the rod mills, emulsions are used as lubricants in various rolling steps. In addition to lubricating substances, also gases, oils and alcohols are used. In wire drawing, emulsions are used as lubricants. Alcohol is used for reducing oxides on the surface of copper wire, mainly wire rod.

Environment

Elcowire’s environmental approach involves minimizing and reducing any impact on the environment, such as emissions to air, land, or water. The operations should not harm nature and any impact should be minimized. Consequently, environmental aspects are assessed in respect to a life-cycle perspective and associated risks. Risk assessments are a part of the daily work – as well as when changes to the processes are made, or when new investments are considered. Best available technology should always be the first choice.

Environmental management

Certified environmental management systems according to ISO 14001 are mandatory for sites in the Elcowire Group. Elcowire AB in Helsingborg and Elcowire Rail in Hettstedt are already certified according to ISO14001, whereas Elcowire GmbH, Hettstedt, acquired by Elcowire Group in 2022, has been certified during 2023.

ISO certifications

Helsingborg, Elcowire AB:

ISO9001

ISO14001

ISO50001

Hettstedt, Elcowire GmbH:

ISO9001

ISO14001

ISO45001

ISO50001

IATF16949

Elcowire Rail:

ISO9001

ISO14001

ISO45001

ISO50001

ELCOWIRE RECEIVES

ECOVADIS SILVER/ BRONZE RATINGS

Third party rating organization EcoVadis has made a new year rating of Elcowire AB in 2025, landing at the level of Bronze. Also Elcowire Rail GmbH has been rated for the first time in 2025, receiving a Silver rating. Silver rating corresponds to the level “Good” and will be a stable starting point for further improvements.

SUSTAINABILITY PERFORMANCE

ELCOWIRE PERFORMS DOUBLE MATERIALITY ASSESSMENT ANNUALLY

The new mandatory EU sustainability reporting, requires an annual assessment of impacts, risks, and opportunities.

While the company is maintaining a focus on the UN Sustainability Development Goals going forward, Elcowire’s formal Sustainability Report is from the reporting year 2024 gradually adapting to the European Union standard ESRS (European Sustainability Reporting Standard) in its forthcoming Omnibus version, see p. 34–36.

In the new era in sustainability reporting, represented by the forthcoming EU legislation on mandatory sustainability reporting called CSRD (Corporate Sustainability Reporting Directive), and its associated standard ESRS (European Sustainability Reporting Standard) all companies should report on their most important sustainability matters – impacts, risks, and opportunities (IROs).

This requires an assessment of which such matters that are:

a) material (significant) to the market, the environment, and people, and b) financially material in influencing the company’s business value.

In a broader sense, this concept of double materiality assessment ensures that sustainability reporting focuses onthe topics that are most relevant for the organization and its stakeholders.

In 2025, following a short benchmark of reports from relevant peers, the annual review from the management team did not generate any amendments to the double materiality assessment

outcome that was used for the 2024 Sustainability Report –impacts, risks and opportunities were unchanged.

In 2023, Elcowire started the process of completing a double materiality assessment. Some of the early results of this analysis were already considered in the 2023 Sustainability Report. In particular, this refers to impacts from Elcowire’s production and activities along the value chain.

“The work with the double materiality assessment has given us a great insight to the reporting to come, and will truly improve our sustainability achievements,” says Jonas Ciardi, Head of Sustainability, Elcowire Group.

Also, opportunities are important, and in this regard Elcowire of course benefits from being a company that contributes to the ongoing transition in society toward green energy sources, electrification and sustainable transports.

“We are happy to acknowledge that this analysis of Elcowire’s material topics helps to underpin the seriousness of our sustainable business strategy and the relevance of our sustainability reporting,” says Paul Gustavsson, Elcowire’s CEO.

Read more about how Elcowire reports its sustainability impacts, risks, and opportunities on p. 34–36, and about the value chain impact analysis and preparations in the interview with Stephan Hanel on p. 26.

Sustainability Performance 2025

ELCOWIRE’S SUSTAINABILITY REPORT 2025

This year’s report structure is inspired by the Corporate Sustainability Reporting Directive (CSRD), a key part of the European Union’s Green Deal. CSRD sets out clear and comprehensive requirements for how companies should report on environmental, social, and governance topics. Its aim is to improve transparency, comparability, and accountability in sustainability reporting across Europe.

What the Report Covers

Our 2025 report presents the results of our annual Double Materiality Assessment —an important concept in the CSRD framework. This means we look at both how sustainability issues impact our business, and how our business activities impact people and the environment. The topics we report on are those that are most material to Elcowire and our stakeholders.

The report is organized around the following main themes:

Environmental information

We present our efforts to reduce greenhouse gas emissions, improve energy efficiency, and support the transition to a low-carbon economy through sustainable copper solutions. We also address circularity, resource use, and environmental risk management.

Social information

This section includes our approach to employee wellbeing, diversity and inclusion, human rights, and responsible sourcing. We highlight how we foster a safe, fair, and inclusive workplace, and our expectations on suppliers and partners.

Governance information

Here we describe how sustainability is embedded in our corporate governance, including policies, risk management, and ethical conduct.

Our Commitment

This report represents more than a compliance procedure—it is a reflection of Elcowire’s values and strategic report direction. By reporting according to the CSRD, we are not only meeting regulatory expectations but also strengthening transparency and trust with our stakeholders. We remain committed to continuous improvement, and to playing an active role in shaping a more sustainable industry.

How to read a CSRD/ESRS inspired report

This short guide will help you to get to know and understand Elcowire’s new Sustainability Report. A few simple tips to get you acquainted with the new EU way of reporting sustainability according to CSRD and its associated standard ESRS (European Sustainability Reporting Standard) in the forthcoming Omnibus version.

1

2 3

Get the recent materiality overview! It tells you what the report covers. Which areas/topics have been considered most important by the company? Read about the Double Materiality Assessment.

Any reporting method changes made in this year’s report?

Scan the General Information in the introduction.

Are you interested in Environmental, Social, or Governance achievements or performance?

The Report has four sections: General, Environmental, Social and Governance information.

The structure under each topic in the sections is more or less the same. In each section, every topic has a simple structure:

• Materiality

• Policies

• Actions & Resources

• Outcome disclosures for the year (KPIs).

Direct links: Learn more about the overview > Take a glance at the General Info > Read more here >

SHORT LINKS TO SUSTAINABILITY

GENERAL INFORMATION (ESRS 2)

ABOUT ELCOWIRE’S SUSTAINABILITY REPORT 2025

For the year 2025, Elcowire’s sustainability report has been further adapted in the direction of the requirements in the European regulations CSRD (Corporate Sustainability Reporting Directive).

During the year, in line with this, a revised double materiality assessment was carried out. The double materiality assessment maps and assesses a company’s impacts on the environment and society (impact materiality) alongside with an assessment of how sustainability issues affect the company’s financial performance (financial materiality). See p. 42 for details.

General basis: Reporting principles (BP-1, BP-2)

Elcowire is part of the privately owned Liljedahl Group, but produces a standalone Sustainability Report, at the same time contributing data to the Liljedahl Group Report.

Climate. In 2025, Elcowire established a climate target for the year 2030, and a vision for the year 2050. Furthermore, Scope 3 GHG emissions were again analysed during the year. See p. 48 for the outcome 2025 of the Scope 3 emissions. This development enables the company to further elaborate on its transition plan toward a low-carbon society, see p. 63.

Note about customer-owned and supplied materials and Scope 3 emissions. It is however important to note that there is a distinction to be made regarding raw material input into Elcowire’s production processes. A considerable portion of the metal input (25–30 percent) is not owned by the company. Instead, it is owned by the respective customers. This means that in the Scope 3 category Purchased goods and services, only emissions from Elcowire-owned materials are included, as this is the only part of the input that the company purchases and fully controls. The remaining part is controlled by the customers. See p. 63

From the customer perspective, this practice is called toll manufacturing or tolling which means outsourcing all the production or part of it to a third-party company. The work of the third-party company, in this case Elcowire, is to process customer-owned raw materials to the required specification.

Biodiversity. Reporting on the area Biodiversity, although considered a relevant impact risk in the Materiality Assessment, has been postponed by Elcowire, being an area in need of initial basic analysis in the coming years.

Management organization and responsibilities (GOV-1)

The President and CEO is the overall responsible for sustainability issues within the Group. The President and CEO is the one who makes decisions on major initiatives and, together with the Board, approves the strategy, goals and the annual sustainability report.

The daily operational responsibility is delegated to the Group Head of Sustainability, who reports to the CEO.

The Group Management consists of 11 members, of whom 9 percent are women. Further information on the composition of the Group Management can be found on page 71. The Group Management’s sustainability expertise is based on practical experience and strategic work in relevant industries and markets, including sustainability-related risks and opportunities, in areas such as energy and climate issues, pollution prevention, health & safety and fair working conditions for employees, business ethics and legal compliance as well as the development and sales of sustainable products and

solutions. It is complemented by expert knowledge in relevant areas related to Elcowire’s assessed significant impact on the environment and people.

In 2025, sustainability issues have been integrated into the management agenda. The Group management team receives regular updates and information, mainly via the Group Head of Sustainability to ensure that the Group management team stays up to date on sustainability issues and regulations.

These circumstances combined means that the Group management team takes strategic leadership in the work on sustainability issues. Together, the Group management team drives this strategic sustainability work to develop sustainability-related business opportunities and reduce negative impacts on people and the environment.

The interests of employees in the value chain are primarily

Core elements of due diligence

a) How due diligence is embedded in governance, strategy and business model.

b) How engagement with affected stakeholders is conducted in all key steps of due diligence.

c) How negative impacts are identified and assessed.

d) How actions are taken to address those negative impacts.

e) How the effectiveness of these activities is followed up, and how this is communicated.

monitored via the Head of Metal Management who heads the sourcing.

Annually, the Group management will assess whether the Group’s sustainability competence is sufficient for the operations that is conducted, or whether any area needs strengthening.

The Group Head of Sustainability carries operational responsibility for implementing the annual materiality assessment as the basis for the sustainability report.

Sustainability Due Diligence (GOV-4)

How Elcowire practices Sustainability Due Diligence is shown in the following index table listing the core due diligence elements, and the relevant pages to learn more about each topic.

Pages in the report

Sustainability-related incentive schemes, page 37; Material impacts, risks and opportunities, pages 41

Stakeholder engagement, page 39; Description of the materiality assessment process, pages 41.

Description of the materiality assessment process, page 40.

Pages 45 (climate and energy); 52 (pollution); 58 (resource use and circularity); 61 (own workforce: health and safety);

62 (workers in the supply chain); 63 (affected communities); 65 (business conduct).

Pages 45 (climate and energy); 52 (pollution); 58 (resource use and circularity); 61 (own workforce: health and safety);

63 (workers in the supply chain); 65 (business conduct).

Sustainability Due Diligence Index

SUSTAINABILITY IN STRATEGY, BUSINESS MODEL, AND VALUE CHAIN (SBM-1)

Strategy

Business strategy

Elcowire’s objective is to be the most sustainable copper solutions partner in the market. In 2025, the company has established a strong strategy roadmap for the coming years.

Low-carbon copper solutions from Elcowire should have a highly competitive carbon footprint. These solutions are based on low-carbon/recycled copper to meet rapidly increasing market needs for climate change mitigation.

Copper and aluminium based solutions are key to the transition into a more sustainable and low-carbon society. Accordingly, Elcowire’s business model and strategy is to develop and offer customer solutions that support society’s ongoing climate change-related transition into electrification, renewable energy, and sustainable transports.

The scope of the Group’s sustainability policy is the entire value chain, upstream and downstream. Relating to Elcowire operations, the aim of the Group Sustainability Policy is to prevent, reduce, minimize and remediate all material sustainability impacts and risks, actual and potential, as well as to pursue material sustainability-related opportunities. In accordance with this, Elcowire places the same high demands on suppliers and other collaboration partners as on its own operations.

Value chain

Elcowire’s value chain can be described in three parts, upstream activities, own operations and downstream activities.

Upstream Activities

Mining, smelters and transports

The principal raw materials in Elcowire’s processes are metals: copper and aluminium. Ore is extracted from open pits and underground mines. In smelters, minerals are refined into pure metals.

For copper solutions, the copper is supplied to Elcowire mainly as high purity copper cathodes. In all, there are around 10 main suppliers to Elcowire of copper cathodes, of which a certain ratio may consist of recycled raw material.

For aluminium solutions, aluminium wire rod is raw material.

Furthermore, small amounts of metals for alloys, namely silver, tin, and magnesium, are used in special products, but only in low concentrations (below 1 percent), to improve the products’ mechanical and electrical properties.

Transports to Elcowire

Various transport methods are used, including sea transport, road transport and rail.

Own operations

Production

Elcowire Group has two wire rod mills – one in Helsingborg and one in Hettstedt North – and several casting machines for oxygen-free copper. The two wire rod mills have different casting technologies which leads to different types of energy used in each process step.

The wire rod product is transformed into various products, such as drawn wire, stranded conductors, extruded strips and

profiles. For railway purposes, also contact wire is manufactured.

Water is used at all sites, mainly for cooling purposes and for on-site production of lubricating emulsions.

Elcowire in Helsingborg, Sweden, consists of a wire rod mill with in-line casting and rolling. The shaft furnace and holding furnace in the rod mill are powered by natural gas. There are also two casting machines for oxygen-free copper where electricity is used to melt the copper.

The wire rod from the rod mill and the oxygen-free copper products are drawn into wire as well as extruded into various other products.

The rod capacity is approximately 150 000 tons per year. For extrusion, the capacity varies depending on labor planning but is approximately 40 000 tons per year.

Elcowire Rail in Hettstedt, Germany, is specialized in products for the railway sector. This includes transformation of copper wire rod into contact wires and stranded conductors, used for catenary systems. The site has capacity to cast oxygen-free copper. In total, approximately 8 500 tons per year is processed at Elcowire Rail.

Elcowire North in Hettstedt, Germany, consists of a wire rod mill with in-line casting and rolling. The shaft furnace is powered by natural gas, and the holding furnace is powered by electricity. The capacity of the rod mill is 150 000 tons per year. Wire rod from the rod mill as well as oxygen-free copper are drawn into wire. Drawn wire is also stranded. The capacity for drawing and stranding is 30 000 tons per year.

Downstream Activities

Transports to customers

Various transport methods are used, including sea transport, road transport and rail.

Customer production

For all Elcowire’s intermediate products, there will be a manufacturing process in the next step at the customer, where rod or wire products will be further processed into final products, such as cables of various kinds. Elcowire’s Rail products are examples of final products in themselves.

Product use

The product use phase (refers to final products) includes several sub-phases beyond the use itself, such as maintenance, repair replacement, refurbishment, operational energy use, and operational water use.

Product end-of-life

The product end-of-life phase (refers to final products) includes several sub-phases such as de-construction, demolition, transport, waste processing, and disposal.

OUR VALUE CHAIN

Upstream Activities

Mining, smelters and transports

The principal raw materials in Elcowire’s processes are metals: copper and aluminium. Ore is extracted from open pits and underground mines. In smelters, minerals are refined into pure metals.

Own operations

Production

Elcowire Group has two wire rod mills – one in Helsingborg and one in Hettstedt North – and several casting machines for oxygen-free copper. The two wire rod mills have different casting technologies which leads to different types of energy used in each process step.

Downstream Activities

Transports to customers

Various transport methods are used, including sea transport, road transport and rail.

GENERAL

GENERAL INFORMATION

INFORMATION (ESRS 2)

Stakeholder interests and viewpoints (SBM-2)

Main stakeholders

In connection with this year’s double materiality assessment, Elcowire has updated its views of the company’s main stakeholder groups:

• Shareholders/Investors being actual and potential owners of the company are one clear key group. Banks/Lenders is another important group for obvious financial reasons.

• From an upstream process perspective, Suppliers and Suppliers’ suppliers ranging from mines to smelters are key stakeholder groups.

• In Elcowire’s manufacturing and other Group operations, the Own workforce is a key group, of which Management groups and the Board of directors form a vital part.

• In the downstream tier, Customers form a key group.

• From the Society point of view, Neighbors, Media and NGOs are important stakeholder groups, as well as Authorities.

• A very central affected stakeholder group are Workers in the supply chain.

Creating real impact

Elcowire has renewed the support for OV Helsingborg for a new year. The organisation works under the motto: ”We contribute to a better Helsingborg”. 250 children train handball100 children receive homework help - six schools - every week.

The initiative started in 2016 and targeted four particularly vulnerable areas in Helsingborg:

Stakeholder dialog: purpose and results

Stakeholder group How dialog is organized

Fredriksdal, Dalhem, Drottninghög and Söder. We reach out to children aged 7-13 years and young people with disabilities. The project is run in consultation with schools, the police and administrations.

Together we can work for integration and against exclusion.

Employees Employee surveys; Staff and plant meetings; Performance reviews, working groups and committees.

Customers Trade shows/expositions, surveys and questionnaires, ongoing dialog at the local level.

Dialog purpose

Create engagement, share employee insights, increase understanding for sustainability.

Facilitate sales, create confidence in Elcowire’s sustainability work initiatives, understand customer expectations of sustainability initiatives, help customers in achieving sustainability targets, improve the customer offering.

How results are considered and impact materiality

Elcowire’ employees are one of the most important stakeholder groups with significant impact on sustainability activities.

Customers’ interests encompass a broad number of sustainability topics, with a particular focus on climate, energy, circularity, human rights and business conduct throughout the value chain.

Suppliers Supplier meetings, Supplier Code of Conduct dialog, ongoing dialog at local level. Read more on page 65.

Shareholders Conferences, meetings and surveys.

Society Local projects for community involvement, ongoing dialog at the local level.

Promote requirements for suppliers, deepen insights into suppliers’ sustainability performance with a focus on Supplier Code of Conduct main areas.

Increase transparency and trustworthiness with shareholders.

Create understanding of the impact on neighbors from production processes, strengthen employer branding.

Dialog with suppliers includes self-assessment according to Supplier Code of Conduct. Read more on page 65.

Topics deemed to be material for investors are taken into account in the double materiality assessment.

Elcowire is actively engaged in local communities wherever the Group operates. The focus is on physical activity among young people as well as other local projects. See more in the case story above and page 63.

This report describes the process for Elcowire Group’s double materiality assessment and consequently, which sustainability matters that are deemed to the business. Double materiality assessment according to the CSRD/ESRS legislation requires that companies have a process to assess which are the most essential sustainability issues of the business.

Impact materiality process

The process for assessing Elcowire Group’s impact on sustainability matters (impact materiality) was made with external support, and was pursued in four steps:

1. A list of all potentially relevant sustainability matters was prepared

2. Elcowire’s actual and potential impact on sustainability was described and compared to the list

3. Assessments were discussed and made of impacts

4. Material impacts were singled out through the process described below

Assessing impact materiality

Based on available information related to the relevant areas, their impact materiality was assessed based on the following indicators:

• Scale (how severe negative impact is or how advantageous the positive impact is)

• Scope (how widespread the consequence is)

• Irremediable character : Reversible within <1 year, 1–3 years, 3–5 years, 5–10 years, within >10 years, or irremedi able (not relevant for positive impact)

• Likelihood: 0–24%, 25–49%, 50–74%, 75–99% and 100% (definite)

A result for each impact was calculated by the following formula:

Impact result = (Scale + Scope + Irremediable character)

* likelihood.

Pre-work was made in the form of an external assessment, made by external consultants. This external assessment was then merged with an assessment conducted by Elcowire Group representatives.

The merged results of these two assessments were then discussed in-depth in a workshop format to find general consent for topics and sub-topics. The workshop included Sustainability manager, CFO, CEO and external consultants.

Impact materiality threshold

It was decided by Elcowire’s materiality assessment team (including Sustainability manager, CFO and CEO) that a result of ≥24 for positive impact or ≥25 for negative impact scores indicates that the area is significant from an impact perspective. For positive impact, irremediable character was not considered, and therefore the threshold for significance differs.

The assessment of Elcowire Group’s impact on sustainability resulted in 9 material sub-topics. During a subsequent workshop, participants provided new insights that led to six additional material sub-topics, and the assessment was therefore altered to include the following:

Initial list of risks and opportunities

Process for assessing Elcowire Group’s financial materiality.

A sustainability matter is material from a financial perspective if it represents a material risk or opportunity for Elcowire Group, in the short, medium, or long term.

“Financial” refers to the financial impact a sustainability related risk or opportunity may have on Elcowire Group, its operations, products and services, or business relationships (upstream and downstream). To assess Elcowire Group’s financial materiality, the above process was used.

Assessing financial materiality

The gross list of risks and opportunities was listed in a digital survey that was sent to twelve key individuals in Elcowire Group. The objective was to widen the scope of input to the assessment. For each risk and opportunity, respondents estimated the likelihood of the risk or opportunity occurring and the financial consequence of this. The time perspective for the survey assessment was medium-term (2–5 years).

The outcome of the survey was then discussed in depth by the core project team in Elcowire Group and, if deemed necessary, the assessment was updated. The survey data formed the basis for a workshop.

Survey Workshop Verify list

Workshop

Limitations on consequences

Selected respondents to the survey also participated in a workshop. During the workshop, assessed risks and opportunities were analyzed, and the result was adjusted based on the discussions. Since the survey was made individually, some decisions were adjusted based on discussions in the group.

Risks and opportunities were also discussed from different time perspectives and assessed based on short-term (within one year) and long-term (over five years) views, in addition to the medium-term view assessed in the survey. Special focus was placed on risks and opportunities expected to increase in the long term. No risks or opportunities were considered to increase in the short term.

Financial materiality threshold

It was decided that a result of ≥11 for risks and opportunities would indicate that a particular area should be deemed significant from a financial perspective.

E1 - Climate Change

S2 – Workers in the value chain

E1 – Climate Change

Risk of higher fees for climate emissions that directly or indirectly affect Elcowire Long-term

Risk of a supplier to Elcowire committing significant human rights violation Short-term.

Electrification of society as a demand opportunity* Short-, medium- and long-term

E5 – Circular economy Increased demand for recycled copper as raw material input* Long-term

E1 – Climate change

Higher demand for low-carbon products in the copper product industry.* Long-term

Risks and opportunities (*) identified in financial materiality assessment 2025.

Environmental information

ENVIRONMENTAL INFORMATION (E)

CLIMATE CHANGE (E1)

Elcowire is committed to being the best sustainability choice for its customers, including offering low-carbon solutions built on the lowest carbon footprint in the industry.

Climate change Materiality (ESRS-2, SBM-3)

Material impacts, risks and opportunities within Climate change (IROs)

Gross greenhouse gas emissions within scope 1, 2, 3 and total greenhouse gas emissions (E1-6)

Affected parts of value chain

Own operations and upstream suppliers.

Energy use and energy mix (E1-5)

Own operations and upstream suppliers.

Time frames

Short – medium – long term

Material opportunities within Climate change

High demand for low-carbon products in the copper product industry.

Own operations and downstream customers.

Increased demand for recycled copper as raw material input

Own operations and downstream customers.

Short – medium – long term

Relationship to strategy and business model

Elcowire’s total greenhouse gas emissions come from its own operations (Scope 1 & 2), but above all from upstream chain emissions (Scope 3) via especially purchased products and services, and the emissions have clear consequences for climate change in society.

Elcowire’s energy consumption levels as well as the energy mix have consequences for climate change in society.

Policies for Climate change (E1-2)

Group policies Policy content

Sustainability policy

Elcowire strives to minimize both its own and its products’ carbon footprint. Our ambition is to monitor, prioritize and manage climate change impacts and risks, in line with the Paris agreement that aims to keep global warming at below 1.5 degrees.

Short – medium – long term

The social transition provides business opportunities because it requires low-carbon solutions that can reduce CO2 emissions in various ways.

Medium – long term

The climate change issue also provides business opportunities as required emission reductions drive global demand for recycled copper products.

Affected stakeholders Level responsible for implementation

Full value chain Policy approved by the Board, implementation within Operations

ENVIRONMENTAL INFORMATION (E)

Climate change targets (E1-4)

In 2025, a new climate target for 2030 was established for Elcowire, with 2024 as base year. It is based on

• A zero emissions target 2030 for Scope 1 and 2 emissions, from 29.6 tons CO 2e in base year 2024.

• A reduction in Scope 3 emissions down to 400 tons in 2030, from 498.5 tons CO 2e in 2024, which equals a 19 percent reduction of Scope 3 emissions.

• The total emissions reduction for Scope 1, 2 and 3 emissions down to 400 tons CO 2e in 2030 equals a 24 percent reduction, from 528.1 tons in base year 2024.

The climate target for the year 2050 is to have zero emissions in Scope 1, 2 & 3. The roadmap seen in the graph shows the milestones of reaching 400 tons in 2030, 200 tons in 2040, and finally 0 tons in 2050.

Actions and resources:

Transition plan (E1-1)

Background: Decarbonization of Elcowire’s own operations already started some years back with a gradual transition into renewable/ fossil-free electricity at all production sites. This process will continue in the coming mid-term period and will include finding decarbonized solutions for processes that historically have required the use of fuels such as natural gas or diesel and Scope 1 and 2 emissions, see the biogas on p.47.

Beyond these measures, the next decisive step in decarbonization is about addressing key Scope 3 emissions and fully integrating recycled copper into the Group’s offering, since the low-carbon footprint of recycled copper will decrease the total footprint of Elcowire processes as well as its solutions. The transition plan to reach the new Climate target thus looks as follows:

Transition plan milestones

Scope 1 Milestones: Reducing the use of mainly natural gas in the operations

• Success of Hot gas project in Helsingborg (gasification of biomass), see case story on p. 47.

• Secure biogas supply as backup for current natural gas (Helsingborg & Hettstedt)

• Investigate alternative energy sources such as hydrogen

• Reduce consumption of media

Scope 2 Milestones: Replace use of fossil electricity

• Implement fossil free electricity supply

• Reduce consumption of media

Scope 3 milestones: Reduce indirect emissions (upstream/ downstream)

Scope 3 – Purchased goods & services

• Elcowire will only work with suppliers that have low emissions of CO 2 in Scope 1 & 2

• Use sustainable/low carbon input materials or scrap

• New scrap melting process (Initiative 1 in the picture)

• Clean scrap from customers: “Close the Loop” – 5 000 tons/year

Scope 3 Categories – Transport & Distribution

• Investigate options for fossil free transport

• Use fossil free transports for upstream and downstream activities

In line with the Sustainability Policy, Elcowire is committed to report about its actions to mitigate and adapt to climate change and the resources allocated to fulfil such actions and inform about its contribution to climate change improvements in society.

Transition plan 2024–2030

Scope 1 Action: Replace natural gas by other energy sources by 2030.

This equals a total impact of -21 kTon CO 2e (a -11 kTon and a -10 kTon respectively in the Helsingborg and Hettstedt sites.)

Scope 2 Action: Replace electricity source in Hettstedt by fossil free/renewable sources. This equals a total impact of -8 kTon.

Scope 3 Actions: In total, Scope 3 emissions will decrease by 99 kTon (19%) by 2030 from actions implemented as follows:

• “Full price input” actions: Increasing the amount of Elcowire owned raw materials will mean an increase of 78 kTon purchased goods. This equals an increase of ~150 kTon CO 2e.

• Low-carbon Copper/100% by 2030: Increase of 27 kTon Low-carbon Copper results in a decrease of ~30 kTon CO 2e

• Raw material: General decrease of CO 2 footprint from material suppliers by 30 percent in 2030 results in a decrease of 129 kTon CO 2e

• Recycled copper process: Sourcing of 40 kTon for new scrap melting process, to be in operation 2029 results in a decrease of 80 kTon CO 2e

• Transport & distribution: ~60% of transport to be fossil free results in a decrease of 10 kTon CO 2e

ENVIRONMENTAL INFORMATION (E)

Scope 1 emissions reduction:

PROGRESS 2025 OF THE BIOGAS PROJECT IN HELSINGBORG

In 2024, Elcowire entered into an agreement to develop a full-scale biogas solution that will supply hot gas directly to the company’s smelter in Helsingborg. The project represents an important step in reducing fossil fuel dependency and advancing more sustainable copper production.

The new energy solution will replace fossil fuels with renewable hot biogas produced from industrial biomass residues, enabling copper melting without the use of fossil-based fuels. Traditionally, the copper industry has relied on fossil fuels such as natural gas to reach the high temperatures required for melting, often exceeding 1 000°C.

By transitioning to renewable biogas, Elcowire is taking a significant step toward more energy-efficient and environmentally responsible production methods. With an investment value of approximately SEK 500 million, the project represents the first implementation of this type of biogas technology in the metal industry.

The agreement includes the construction of an on-site energy plant at Elcowire’s Helsingborg facility that will supply approximately 9 MW of renewable biogas over a 15-year period. The project builds on a successful feasibility study and is carried out in cooperation with Meva Energy.

During 2025, a digital twin of Elcowire’s melting furnace was also developed together with Swerim to technically verify the use of the hot-gas solution.

Wooden pellets will be used as source for the biogas production.

Renewable hot gas for smelting—full-scale biogas operation planned for mid-2027.

ENVIRONMENTAL INFORMATION (E)

Outcome 2025: Greenhouse gas (GHG) emissions Scope 1, 2 & 3 (E1-6)

The general scope of the calculations includes all the three sites within Elcowire Group: Elcowire Helsingborg, Elcowire North (Hettstedt) and Elcowire Rail (Hettstedt).

Scope 1 emissions are mainly due to the use of natural gas but also to the use of diesel in Operations, and Scope 2 emissions come from the use of electrical energy.

The table and the graphs to the right summarizes the outcome of Elcowire’s CO2e Scope 1, 2 and 3 emissions for 2025.

The 22 245.9 tons of Scope 1 emissions total (21 266.6) is a slight increase due to increases in production volume compared to 2024.

The reduction of the Scope 2 emissions total, 6 506.3 tons (8 254.9), is due to increased use of fossil-free or renewable electricity at all sites.

The emissions intensity of Scope 1 & 2 emissions show a considerable decrease, 0,0921 tons of CO2e per ton produced, compared to 0,0969 in 2024.

Scope 3 emissions are reported for the first time for 2025, following their first assessment in 2024. They show an increase, 506 369 tons (484 983), which at least partly is due to higher production volumes, while the emissions intensity is almost flat.

Elcowire's Scope 3 emissions footprint: an initial screening was made in 2024–2025 of the potential 15 Scope 3 emissions categories, see picture above.

Category 1, Purchased goods & services, turned out to be the by far most significant, representing more than 80 percent of the Scope 3 emissions.

The approximately 20 copper and aluminium suppliers worldwide are of course the most important emitters in this category. A number of the other of the Scope 3 categories represent carbon emissions that can be deemed either much less significant, negligible in the context, or close to zero.

ENVIRONMENTAL INFORMATION (E)

Outcome 2025: Energy consumption and efficiency programs (E1-5)

Energy consumption for production purposes is based on fuel combustion, mainly natural gas used for melting in shaft furnaces, but also on purchased electricity. Purchased electricity is used for melting in the oxygen-free copper production and for subsequent support processes such as rolling, drawing, stranding and extrusion. A relatively small amount of diesel is also used as forklift truck fuel, mainly in Hettstedt.

At the site in Helsingborg, Sweden, energy is recovered from flue gases in the shaft furnace used for copper rod production. The recovered energy is used in two ways: internally, for heating purposes, and externally, for distribution to the district heating network of the city of Helsingborg for heating of homes and industries, and for producing district cooling. After heat recovery, the flue gas is cleaned in a baghouse (textile filter).

The table below summarizes the outcome of Elcowire’s energy consumption and energy mix for 2025. The total energy consumption total is due changed routines for measuring electrical energy.

The energy intensity per produced ton which is visible in the graph is slightly higher, mainly due to a change in internal billing routines on the shared site in Germany..

4. Fuel consumption from other fossil sources (MWh)

5. Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh)

8. Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen etc (MWh)

9. Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (MWh)

10. The consumption of self-generated non-fuel renewable energy (MWh)

Scenario analysis to identify and assess significant climate-related impacts, risks and opportunities

(ESRS 2 IRO-1)

Elcowire has reviewed its operations to identify and assess actual greenhouse gas emissions. This of course includes the total greenhouse gas emissions that the operations currently cause, in its own activities (Scope 1 & 2) and along the value chain (Scope 3), see p. 48.

However, for a complete picture, future risks and opportunities must also be assessed. This section describes the expected climate-related risks and opportunities in the operations and along the value chain using two different climate scenarios regarding society’s adaptation to climate change, see below.

Background

The Paris Agreement is a legally binding international treaty on climate change. Its goal is to limit global warming to below +2ºC, and ideally to +1.5ºC, by 2100, compared to pre-industrial levels.

• However, progress towards the treaty has been slow, and there is a significant gap in 2026 between the consistent 1.5ºC trajectory and current pledges and targets.

• Delays in reducing global greenhouse gas emissions increase the risk of higher costs for climate change adaptation.

• Scientists estimate that global society is currently on track for a temperature increase of around +2.7ºC by 2100 compared to pre-industrial levels.

Scenario analysis

Elcowire’s scenario work considers both acute and chronic risks (see definitions below), within its own operations and in the value chain.

Physical risks: Risks arising from event-driven (acute) or longterm changes (chronic) in climate patterns that can either directly cause damage to assets and disruptions to operations,

or indirectly via disruptions in the supply chain. Direct physical climate risks are also evaluated as part of the insurance work for the properties where Elcowire operates.

Physical risks

• Consequences of various types of extreme weather

• Changes in water availability and water quality

• Extreme temperature changes that affect premises, operations, supply chain, transportation needs and employee safety.

• Catastrophic events that damage the business through business interruption, unexpected expenses/property repairs.

Transition risks

The transition to a low-carbon economy may entail changes that are considered necessary to address climate change:

• Political and legal

• Technological

• Market and brand

Transition risks may entail varying levels of financial risks and opportunities, directly for the business or indirectly via the value chain.

Two selected scenarios

In its assessment, Elcowire has mainly used two scenarios inspired by the Shared Socio-Economic Pathways (SSP) model. These scenarios provide a context for how societal choices around economic development, technology, energy use and environmental policy can affect greenhouse gas emissions and thus climate change. The high-carbon scenario is SSP3-7.0, and the low-carbon scenario is SSP 1-2.6, which is because researchers consider the 1.5-degree scenario already beyond what is possible going forward.

The SSP scenarios have been developed to provide a socio-economic focus, and are considered best suited to analyzing transition risks, which are the most significant risks for Elcowire’s operations, as they are focused on supporting society’s climate transition.

Scenario 1: Disorderly societal transition based on SSP 3-7.0.

SSP-3 is based on a fragmented world where countries prioritize self-sufficiency and security over international climate cooperation.

• Physical risks via extreme weather and temperature increases are becoming increasingly serious. Delayed climate action makes the economic impact of actual climate change considerable, especially in the long term.

• Low transition risk in terms of increased taxes and fees for emissions in the short and medium term as global society fails to transition to low-carbon operations

• The technological transition in society towards fossil-free electrification, which is essential for Elcowire’s sustainable copper products, is slower in this scenario. The reason is that political climate measures, such as regulations in this direction, are introduced at a slower pace due to a lack of cooperation between countries.

• For Elcowire’s value chain, risk increases due to its potential exposure in certain geographies to physical hazards such as wildfire/drought and other extreme weather events. Supply chains are also likely to be disrupted by an increasing national focus.

Scenario 2: Orderly societal transition based on SSP 1-2.6

SSP-1 is based on a world moving towards sustainability, with a focus on green energy sources.

• Higher transition risk in terms of increased taxes and fees for emissions in the short term in connection with the early introduction of various societal measures to reduce emissions.

• Changes in physical risks due to global warming become less severe.

• For Elcowire, this scenario means a strongly increasing demand for sustainable products for electrification because of the various regulations of the transition that make customers look for more sustainable solutions. Demand is driving further investments in such sustainable products and solutions.

ENVIRONMENTAL INFORMATION (E)

POLLUTION (E2)

Elcowire is committed to being the best sustainability choice for its customers, including acting in accordance with all applicable laws and regulations regarding emissions and substances included in its manufacturing activities.

Pollution Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Pollution (IROs)

From a value chain perspective, there are various emissions to air, water, and soil to consider and prevent or reduce.

Regarding substances of high concern and very high concern, they shall be prevented, and restricted.

Policies for Pollution (E2-1)

operations and suppliers upstream

Elcowire’s operations are in themselves material- and energy-demanding. The overall objective is to prevent and reduce all existing and potential pollution risks and impacts on people and the environment.

Elcowire’s operations are in themselves material- and energy demanding. From a value chain perspective, there are various emissions to air, water, and soil to consider and prevent or reduce. The overall objective for Elcowire is to prevent and reduce all such existing and potential pollution risks and impacts on people and the environment.

Policy approved by the Board, implementation within Operations

ENVIRONMENTAL INFORMATION (E)

Actions and resources (E2-2)

Regular environmental risk assessments of business value chain should be performed, as well as evaluations of the efficiency of preventive and mitigating actions. Elcowire’s assessment for 2025 is that the current permits are adapted to the capacity of the facilities. During the year, operations have been conducted in such a way that the current conditions have been met. There is no known soil contamination.

Regarding plans for reduction of substances of high concern and very high concern, please see this page, under Chemicals including substances of high or very high concern, and also case story on p. 54.

Targets related to pollution (E2-3)

Prevention and reduction. The overall objective for Elcowire is to continuously prevent and reduce all material existing and potential pollution risks and impacts on people and the environment.

With a view to continuous prevention and reduction, all material pollution shall be monitored and reported on relevant communication levels, and all relevant permits and conditions must be met. See below for chemicals, including substances of high and very high concern.

Zero legal non-compliance or violations of environmental

regulations. Elcowire is committed to acting in accordance with all applicable laws and regulations, so as a target all relevant permits and conditions must be met as well as international standards for environmental protection, such as those concerning emissions to air, soil, or water (including unplanned leakages or spills), including obtaining and complying with necessary permits, reporting and inspections by authorities and taking corrective actions. This is why the target is set at zero such non-compliance cases. If cases do occur, they shall be analysed and specified.

Chemicals including substances of high or very high concern (E2-5)

Process chemicals are used for various purposes depending on process.

In the rod mills, emulsions are used as lubricants in various rolling steps. In addition to lubricating substances such as acetylene, also gases, oils and alcohols are used. In wire drawing, emulsions are used as lubricants. Alcohol is used for reducing oxides on the surface of copper wire, mainly wire rod.

Regarding substances of high concern and very high concern, they shall be prevented, and restricted. Historically, this type of chemicals management has been managed on the local production site levels according to all applicable rules and permits. In the year 2025, however, an initial Group level aggregate inventory of such SVHC substances have been performed. This aggregate outcome is ranked after perceived danger levels and include quantity assessments. Actions will be integrated in the sustainability agenda from 2026.

Outcome 2025: Pollution

Cases of non-compliance leading to fines or violations of local environmental regulations in 2025: 0 (2024: 0)

ENVIRONMENTAL INFORMATION (E)

Collection of fluid emissions and emulsions

PURIFICATION TECHNOLOGY

During 2025, Elcowire took a major step forward in its sustainability work by implementing a new on-site water purification solution in its production process.

Previously, around one million liters of contaminated process water were sent away as hazardous waste each year. With the new purification system installed on-site, approximately 95% of the water can now be recycled back into the production process. By concentrating the contaminants, the solution also creates future opportunities to recover copper from the process water in collaboration with Stena Recycling. The long-term ambition is to recycle up to three tonnes of copper per year while simultaneously reducing overall water consumption.

The purification process is based on low-temperature evaporation at atmospheric pressure, allowing industrial process water and liquid hazardous waste to be concentrated step by step. This method is particularly well suited for process water containing high levels of organic material and heavy metals.

For Elcowire, the installation results in a twentyfold reduction in waste volumes, reducing the need for vacuum truck transports from twice a week to just once a month. The reduced water consumption corresponds to the daily water use of approximately 20 people. The project has been developed in cooperation with Helios Innovations.

The entire installation runs entirely on electricity, and thanks to its modular, plug-and-play design, installation and operation are fast, simple, and efficient.

ENVIRONMENTAL INFORMATION (E)

WATER RESOURCES (E3)

Elcowire is committed to being the best sustainability choice for its customers, including using water resources wisely in all processes.

Water resources Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Water resources

Water resource usage

Affected parts of value chain

Own operations and suppliers upstream

Policies for Water resources (E3-1)

Group policies

Sustainability policy

Time frames

Short – medium – long term

Relationship to strategy and business model

Water is needed mainly for cooling, but use intensity is continuously addressed and decreased.

Affected stakeholders

Level responsibility for implementation

Policy approved by the Board, implementation within Operations Policy content

Elcowire identifies all actual and potential impacts and risks regarding water and marine resources in its own activities as well as in the value chain. In particular, water use in water stressed areas is to be avoided or reduced.

Own operations as well as value chain

Actions and resources (E3-2)

Elcowire identifies all actual and potential impacts and risks regarding water and marine resources in its own activities as well as in the value chain. Water use in water stressed areas is to be avoided or reduced. Total water use, as well as water use in water stressed areas shall be reported in the years to come.

See case story (p. 57) for the actions completed in Hettstedt 2025.

Before, the cooling system at the wire drawing and stranding of Hettstedt North was based on an open system which resulted in an unnecessarily large water consumption figure.

Targets related to water (E3-3)

Elcowire wants to continuously decrease water use which will be reflected in a defined target in the coming two years, and further action planning.

Outcome 2025: Water resources

Water consumption is mainly for cooling and for make-up water. At the Helsingborg site, a water cleaning facility has earlier been installed, which makes it possible to clean the water and thus decrease water consumption since pollutants, such as soot and copper, are removed.

The cleaning facility also lowers emissions from discharged water to recipients.

Helsingborg uses drinking water from own wells which is treated by descaling of the water. Hettstedt Rail uses drinking water for its processes.

At Hettstedt, there are two types of water being used, drinking water and process water. Which type is used depends on the application. For demanding applications such as emulsions, drinking water is used to ensure high quality of the emulsions which enables a proper lubrication in the rolling and drawing processes.

The water consumption in 2025 was 187 347 m 3 (604 634).

Significant effects of the implemented plans and actions described last year have been visible in 2025.

The effect of the improvements is very clear on the water intensity per produced ton which is visible in the graph, 0.60 m³/ton produced, as compared to 1.99 last year.

Read more in the case story on the next page.

ENVIRONMENTAL INFORMATION (E)

Water use reduction:

WATER EFFICIENCY AT ELCOWIRE’S FACILITIES

Elcowire has achieved significant water savings through improved cooling water management, with the largest impact at the Hettstedt site in Germany and additional savings at the Helsingborg site in Sweden.

At the Hettstedt facility, a new cooling tower has been installed and taken into operation during beginning of 2025. Except for the cooling tower the piping system was also entirely changed to be able to use the water which is cooled in the new cooing tower. The result is a reduction in water consumption of approximately 380 000 m³ during 2025 compared to 2024.

At Elcowire’s Helsingborg site an advanced control equipment has been installed to optimize the operation of the cooling towers. By improving the control and optimization of the cooling water system, water consumption has been reduced by approximately 30 000 m³ per year. The system continuously monitors the salinity of the evaporated water using precise conductivity measurements, ensuring that water quality remains within optimal limits while maximizing water reuse. Softened groundwater is added when necessary to maintain the correct balance in the system. By operating based on real-time data instead of conservative safety margins, the plant has been able to significantly improve water efficiency.

Together, these initiatives demonstrate how targeted technical improvements and smarter process control can lead to substantial reductions in water consumption and contribute to more sustainable industrial operations.

The team responsible for water cooling towers

RESOURCE USE AND CIRCULARITY (E5)

Elcowire is committed to being the best sustainability choice for its customers, including low-carbon recycled or primary copper solutions for improved circularity

Resource use and Circularity Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Resources use and Circularity (IROs)

parts of value chain

Increased circularity Own operations, suppliers upstream and customers downstream

medium –long term

to strategy and business model

Actions and resources (E5-2)

Circularity has a long tradition in metal-based industry, and internal metal waste in Elcowire facilities is, to a very high degree, recycled. A new installation for internal copper recycling was made in Hettstedt in 2025, see fact box on p.59.

When the metal scrap cannot be recycled internally, it is taken care of by sub-suppliers to ensure that the metal is recycled back into new high-grade material.

Historically, Elcowire products have been dependent on primary copper. This is gradually changing toward recycled copper as a customer choice option in Elcowire’s Low-carbon Copper solutions.

Elcowire’s long-term view on circularity is reflected in the vision below, where opportunities to increase circularity and

minimize waste will continuously be identified and pursued in the upstream supply chain, in own operations and by recycling process scrap as well as end-of-life products from customers downstream. Plans for the medium term will be published in the years to come. For the use of recycled copper, see below targets and plans on p. 59.

Policies for Resource use and Circularity (E5-1)

Sustainability policy Elcowire’s view on circularity is reflected in the vision below, where opportunities to increase circularity and minimize waste are continuously identified and pursued

operations as well as value chain

approved by the Board, implementation within Operations

Elcowire’s waste management and processing of materials are focused on transitioning from linear flows to circular flows, supporting the vision above, and the idea of a circular economy.

Discussions are ongoing with customers to enable Elcowire processing of high-quality scrap coming from their facilities, and investigations are in place of such possibilities to use scrap from their end-of-life products, thus closing the loop. See also the Transition plan on p. 45.

Targets related to Resource use and Circularity (E5-3)

An important medium-term target for Elcowire is to fully integrate recycled copper as a customer choice option for low-carbon copper solutions.

Another future target is to prepare operations to enable receiving end-of-life products from customers to be recycled into new products.

Both these targets are currently under investigation regarding technical requirements, as they are parts of the Transition plan on p. 45.

To further increase the percentage from today’s levels of recycled copper, mainly based on using various types of scrap for the production will most probably include additional process steps such as pre-processing to clean input materials from impurities, and perhaps also other steps.

Outcome 2025:

Resource use and circularity

Percentage recycled copper: 21 percent (22).

The figure for copper above is largely based upon recycled copper content in the currently purchased raw material (cathodes), and to a smaller degree upon customer scrap returned to Elcowire.

Resource use and circularity:

CLOSING THE LOOP ON COPPER

At Elcowire’s Hettstedt facility, copper is not only shaped into high-quality rod profiles—it is also carefully managed throughout its entire lifecycle. During the production process, copper scrap is inevitably generated as profiles are cut and shaped. Instead of being treated as waste, this material is seen as a valuable resource.

All copper scrap from rod production is systematically collected and fed into a new compactor, where it is pressed into dense, uniform copper blocks. This compaction process serves a crucial purpose: by forming larger, stable pieces, the scrap becomes ideal for efficient handling, transport, and processing.

Once compacted, the copper is returned to the smelter, where it is introduced into the production cycle. This closed-loop approach ensures that the material retains its value.

By reintegrating production scrap directly back into the smelting process, it supports our commitment to circular manufacturing. The result is a more resource-efficient production system—where copper never truly goes to waste, but instead continues its journey in new, high-performance products.

Copper srcap from production that has been fed into a compactor creating a stable piece.

Social information

OWN WORKFORCE (S1)

Elcowire is committed to being the best sustainability choice in its industry, including offering all its employees a safe and secure working environment, and promoting diversity, equity and inclusion.

Own Workforce Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Own Workforce (IROs) Affected parts of value chain Time frames Relationship to strategy and business model

Health & Safety Own operations Short – medium – long term

Although the production environment in this industry does have its impacts and risks, Elcowire works to constantly improve health and safety in the workplace, as well as to offer employees a safe and secure working environment.

Policies for Own Workforce (S1-1)

Sustainability policy Elcowire strives to be an attractive and respected employer. The companies within the group must ensure a good working environment from a physical and social point of view, as well as be attractive employers regarding the employees’ personal development.

Actions and resources (S1-4)

Health & Safety: Health & Safety is a high-priority area for Elcowire: the inhouse program for safety management aims to offer employees a safe and secure working environment, prevent injuries at all units and avoid recurrence of a certain type of incident.

Elcowire works to constantly improve health and safety as well general well-being in the workplace. In general, progress

preventing incidents by continuously identifying, documenting, and analyzing risks. Safety is a collective effort, and each employee is involved with pinpointing at least one potential risk each year.

In line with its high-priority ambitions for safety, Elcowire has appointed a safety manager at Helsingborg site, and introduced the measurement standards used by most large industrials in their sustainability reporting, see Outcome on this page.

Despite the intense work on safety, there is still room for improvement and to reach the zero-accident vision within Elcowire Group – Safety First!

Targets related to Own Workforce (S1-5)

Fatalities: Work-related fatalities has a zero target. Accidents: A work-related accident is counted as leading to a Lost-time injury (LTI) case as soon as the injured person cannot work the following full working day. The Lost-time injury frequency rate (LTIFR) indicates how many such injury cases an organization has per 1 000 000 working hours, which corresponds to a work year for 500 full-time employees. An LTIFR target was elaborated in the year 2025 and will probably be set for a target level to be achieved by end of year 2027.

Own operations Policy approved by the Board, implementation within Operations

for occupational health and safety is tracked along three key parameters: risk alerts, accidents, and absence.

All sites have safety and risk evaluation initiatives according to local needs and conduct reporting monthly to establish common standards across the group.

Elcowire has a groupwide zero-accident vision that guides the risk assessment strategy. Since 2012, focus has been set on

Average absence days: Elcowire has also introduced the Lost Work Days (LWD) measurement on Group level, which is the average number of absence days for LTI cases. This measurement indicates the severity of the occurred cases.

Outcome 2025: Own Workforce

No work-related fatalities were recorded in 2025. (2024: 0)

In 2025, there were 14 LTI cases/accidents (15) reported as defined above. The LTIFR for 2025 was 20.17 (20.4).

The Lost Work Days (LWD) measurement on Group level is the average number of absence days for LTI cases. This measurement indicates the severity of the occurred cases.

The LWD for 2025 was 82.99 (90.3).

WORKERS IN THE SUPPLY CHAIN (S2)

Elcowire is committed to responsible and sustainable procurement throughout its value chain. Together with our suppliers we can create a more sustainable future.

Workers in the Supply Chain Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Workers in the supply chain (IROs) Affected parts of value chain Time frames Relationship to strategy and business model

Potential working conditions risks or other risks for workers in the supply chain Upstream supply chain Short – medium –long term See also Business Ethics on p. 65.

Policies for Workers in the Supply Chain (S2-1)

Sustainability policy Suppliers should have work-related rights and acceptable working conditions in place including all relevant human rights areas. They should also ensure a good working environment from a physical and social point of view. Upstream supply chain Policy approved by the Board, implementation within Operations

Supplier Code of Conduct Suppliers should work to constantly improve health and safety in the workplace, and must, as a minimum, comply with national laws and/or collective agreements.

Measures should include controlling risks and take the best reasonably possible precautionary measures against accidents and occupational diseases, including applying management systems and controls to identify and understand potential risks and prevent incidents and injuries. Upstream supply chain Policy approved by the Board, implementation within Operations

Actions and resources (S2-4)

Risks concerning Workers in the supply chain is something that is yet to be further mapped regarding working conditions risks as well as potential Human Rights infringements.

The main risk supplier group is perceived to be copper cathode suppliers. The number of significant such suppliers addressed is approximately 10 globally.

The main tool in general to address such risks is through getting these suppliers to sign Elcowire’s Supplier Code of Conduct, which is a statement that signifies that their company is fully compliant with the Supplier Code.

Implementation of Supplier Code of Conduct compliance signed by suppliers started in 2024 and continued in 2025, accompanied by the first round of Supplier auditing. One audit was completed in 2025 (0).

For Supplier audits, Elcowire has developed a questionnaire, which is sent to audited suppliers well before the audit takes place as a preparation letter and also works as a suggested agenda for the planned audit visit. The questionnaire includes sections on Management Systems, Workforce & Engagement, Health & Safety, Sustainability and Process Control.

Targets related to Workers in the supply chain (S2-3)

Supplier Code of Conduct implementation aims at full coverage for all suppliers that deliver over 50 000 Euros annually in purchasing spend value, in particular copper cathode suppliers, who represent 98 percent of the total purchasing spend. Elcowire also expects its suppliers to comply with and stay up to date with applicable laws and regulations (including obtaining valid permits) as well as internationally recognized standards, conventions and UN declarations.

Outcome 2025:

Workers in the supply chain

Implementation of the new Supplier Code of Conduct started in 2024. Coverage 2025 of the target group of recurring cathode suppliers is 100 percent (100).

AFFECTED COMMUNITIES (S3)

Elcowire is committed to responsible and sustainable procurement throughout its value chain. Any communities affected by material impacts or risks from the suppliers’ business or operations must be declared.

Affected communities Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Affected communities (IROs) Affected parts of value chain Time frames Relationship to strategy and business model

Impacts or risks for communities from suppliers’ business or operations

Policies for Affected communities (S3-1)

Group policies Policy content

Sustainability policy

Supplier Code of Conduct

See text below in Supplier Code of Conduct, the Group Sustainability Policy has the same statement. Upstream supply chain Policy approved by the Board, implementation within Operations

Any communities affected by material impacts or risks from the supplier’s business or operations, see below for examples, whether the impacts are continuous or linked to certain events, must be declared and the impacts described to Elcowire, as well as the work done to prevent or reduce them.

Upstream supply chain Policy approved by the Board, implementation within Operations

Actions and resources (S3-2)

Risks for affected communities is something that is yet to be further mapped and addressed with Elcowire’s Supplier Code of Conduct. Examples include:

• Affected communities where the inhabitants live or work for the supplier, and are affected by activities in supplier sites, factories or other infrastructure

• Affected communities in the supplier’s value chain affected by direct operations, or by own or sub-suppliers logistics or distribution.

• Affected communities in the beginning or end of the value chain, either where metals or minerals are extracted, alternatively affected by waste management or recycling activities

• Affected indigenous people

The main potential risk group is perceived to be copper cathode suppliers. The number of significant such suppliers is approximately 10 globally.

Implementation of Supplier Code of Conduct approvals signed by copper suppliers started in 2024. In 2025, Supplier audits were started as a complement, mainly for perceived risk suppliers. Supplier audits will continue in 2026. For Supplier audits, Elcowire has developed a questionnaire, which will be sent to audited suppliers well before the audit takes place, as a preparation letter and also as a suggested agenda for the planned audit visit. Read more on p. 62.

Targets related to Affected communities (S3-3)

Supplier Code of Conduct implementation aims at full coverage for all suppliers that deliver over 50 000 Euros annually in purchasing spend value, in particular recurring copper cathode suppliers.

Outcome 2025:

Affected communities

Implementation of the Supplier Code of Conduct started in 2024. Coverage in 2025 of the target group of recurring copper cathode suppliers who exceed 50 000 Euros in annual purchasing spend is 100 percent (100).

Governance information

GOVERNANCE INFORMATION (G)

BUSINESS ETHICS (G1)

Elcowire has a zero-tolerance objective for bribery or corruption in any form, promotes fair competition, and all employees shall take part in Code of Conduct training. For suppliers, similar behaviour is required.

Business ethics Materiality (ESRS 2 SBM-3)

Material impacts, risks and opportunities within Business ethics (IROs) Affected parts of value chain Time frames Relationship to strategy and business model

Risk of serious Code of Conduct breaches, including bribes and corruption.

Own operations Short – medium – long term Risks of breaches exist in most businesses, but are addressed by training efforts and strong culture.

Risk of serious Supplier Code of Conduct breaches Supply chain Short - medium - long term See also Workers in the Supply Chain and Affected communities on p. 63.

Policies for Business ethics (G1-1)

Group policies Policy content Affected stakeholders Level responsible for implementation

Sustainability policy Elcowire does not accept any bribery or corruption, and works to eliminate extortion, bribery, nepotism, fraud and money laundering. Regarding financial crime, Elcowire complies with all national and international guidelines that aim to prevent, discover and remedy it. Elcowire promotes fair competition.

Own operations Policy approved by the Board, implementation within Operations

Actions and resources (G1-2)

The revised Elcowire Code of Conduct (original language Swedish) was approved by Elcowire’s Board of Directors and introduced to the organization on Group Intranet, in Swedish and German.

The Code of Conduct document shall be available in English (Group original version) and also translated into the home language of every Elcowire company.

Since 2024, the current version of the Code of Conduct is available in the Group Management System site on the Elcowire Intranet, together with all other valid Group Policies and other Cross-Group steering documents.

An Anti-corruption and bribery course, aiming to give the participants a basic understanding of important anticorruption concepts and ability to proactively mitigating bribery risks, was introduced in 2024 in the Swedish part of Elcowire.

Targets related to Business ethics (G1-3)

The target going forward is that all employees should take part in Code of Conduct training. Code of Conduct training will start in 2025, possibly combined with an Acceptance letter where the employee confirms knowledge of and adherence to the Code.

Furthermore, Elcowire has a zero-tolerance objective for bribery or corruption in any form. All relevant employees should therefore also go through Anti-corruption and bribery training.

Outcome 2025: Business ethics

Serious Code of Conduct breaches, including bribes and corruption: 0

Code of Conduct training begun in 2025.

Anti-corruption and bribery training continued in 2025.

Supplier Code of Conduct implementation continued in 2025, see p. 62, and the interview on p. 26.

PLANNING FOR PERFORMANCE

Elcowire’s CFO Tomas Larsson comments on 2025 and the financial outlook for the coming years

How would you summarize the financial year 2025 for Elcowire?

The great challenge in 2025 was the steep copper price increase induced by US tariff policies, which for Elcowire meant both a generally higher capital tie-up, and since copper demand was so strong, also a need for larger buffer stock to avoid ruptures in the production. The high copper prices also of course put pressure on liquidity.

But overall, I must say we have managed to handle the situation really well. Our metal management succeeded in expanding the supplier base to secure our raw material supply and should have credit for that.

In your view, which are Elcowire’s financial priorities for 2026?

In general, we have to manage to deliver the volumes we are planning for. Having said that, my feeling is that we do have a satisfactory planning level – built on relevant KPIs – that allows us to stay efficient on factory level without any unnecessary ruptures. But all this will obviously depend on that we manage to keep sufficient and secure raw material stocks.

Furthermore I would say, as always, that we need to continue having good cost control as well as keeping an eye on the capital tie-up.

Which are Elcowire’s priorities currently and in the next three-year period regarding investments?

Looking back, we did well to strengthen our profile production capacity in Helsingborg and have gone from 8 000 tons production capacity to 11 000 tons in Elcowire Rail in Hettstedt, a 37 percent increase.

The new biogas plant we are planning for in Helsingborg (see p. 47), as well as the plan to adapt of our processes, including the furnace, to be able to expand the use of recycled copper input are two good examples. It is always nice to have investments in the pipeline that do have a financial payoff as well as being the right thing to do from an environmental perspective.

I also should mention our extensive digital project, the SAP system implementation ongoing in all sites. It will give us a common and stable platform for the ”order to cash” cycle and thereby support our deliveries. We have kept well to the implementation plan and expect to go live in late 2026.

Which are the connections between financial performance and sustainability performance for the future success of Elcowire?

Elcowire has an important role to play for electrification in our society, which is a strong sustainability trend globally that does generate a healthy demand. The investments I mentioned are getting us ready and prepared for the future, linked to the strategy roadmap we worked to establish in 2025. It was a good exercise for the management team, and maybe especially for those of us – including myself – that are new to the organization. With its 14 strategic initiatives, including detailed milestones and workstreams, I believe Elcowire is on the right track to take care of and develop staff, customers and new market opportunities.

ELCOWIRE GROUP’S

ELCOWIRE GROUP’S BALANCE SHEET

ELCOWIRE GROUP’S CASH FLOW

MANAGEMENT ELCOWIRE GROUP

STEPHAN WITTE* Head of BU Rail

* From Jan 1, 2026

JOHANSSON Head of BU High Voltage and Specials

Management roles and responsibilities (GOV-1)

The President & CEO is ultimately responsible for sustainability issues within the Elcowire Group.

The President & CEO is the one who makes decisions on major initiatives and, together with the Board, approves the strategy, goals and the annual sustainability report.

The daily operational responsibility is delegated to the Group’s Chief Sustainability Officer, who reports to the CEO.

The Group Management team consists of 11 members, of whom 9 percent are women. The Group Management’s sustainability expertise is based on practical experience and strategic work in relevant industries and markets, including areas such as sustainability-related risks and opportunities, energy and climate issues, pollution prevention, health & safety and fair working conditions for employees, business ethics and legal compliance as well as the development and sales of sustainable products and solutions. It is complemented by expert knowledge in relevant areas related to Elcowire’s assessed material impact on the environment and people.

In 2025, sustainability issues have been integrated into the management agenda. The Group Management receives regular updates and information, mainly via the Chief Sustainability Officer to ensure that they stay up to date on sustainability issues and regulations.

These circumstances combined means that the Group management team takes strategic leadership for the work on sustainability issues. Together, the Group Management drives this strategic work to develop sustainability-related business opportunities and reduce negative impacts on people and the environment.

The local HR Managers represents the interest of the own employees of each site while the interests of employees in the value chain are primarily monitored via the metal management function.

BOARD OF DIRECTORS

ANNA LILJEDAHL

Chairman of the Board of Directors, Elcowire Group President and CEO of Liljedahl Group

BENGT LILJEDAHL Board member of Elcowire Group Founder of Liljedahl Group

FREDRIK LILJEDAHL Board member of Elcowire Group Deputy CEO of Liljedahl Group

LARS HAGELBERG

Board member of Elcowire Group CFO of Liljedahl Group

DAN BROSTRÖM Board member of Elcowire Group CEO of Koncentra AB

SVANTE NILSSON Board member of Elcowire Group Board Director and Advisor

THOMAS WIDSTRAND Board member of Elcowire Group Board Director and Advisor

About Liljedahl Group:

Liljedahl Group is a committed owner that manages and supports its holdings via owner directives and active board work. Long-term vision, commitment and responsibility are the keywords that describe the business approach of Liljedahl Group.

Since its start in 1982, Liljedahl Group has seen profitable growth. Liljedahl Group today has seven whollyowned holdings with combined revenue of some SEK 25 billion.